尊敬的投资者： 东方证券股份有限公司（以下简称：东方证券）为优化分支机构网点布局，经公司研究决定撤销东方证 券上海闵行区苏虹路证券营业部。我公司将按照《中华人民共和国证券法》和《关于取消或调整证券公 司部分行政审批项目等事项的公告》的相关要求，妥善处理客户资产，结清证券业务并终止经营活动， 办理工商注销等相关手续，并向撤销分支机构所在地中国证监会派出机构备案。为保障您的证券交易、 资金划转的正常进行，现将相关事项公告如下： 一、2025年9月19日闭市后，东方证券上海闵行区苏虹路证券营业部客户将整体迁移至东方证券上海长 宁区长宁路证券营业部。整体平移后，您的资金账号、交易密码和资金密码、原交易方式、交易软件及 已有的各项服务均保持不变，您的证券交易和资金划转不受影响。 二、如果您不同意成为转入分支机构的客户，请自本公告公布之日起至2025年9月12日止，由您本人携 带有效身份证明文件，前往东方证券任意分支机构现场办理销户手续或通过东方赢家app线上办理（仅 支持个人普通账户）。逾期未办理销户手续，我公司将视同您同意整体迁移方案，并成为转入分支机构 的客户。 三、自本公告公布之日起，东方证券上海闵行区苏虹路证券 ...

Core Viewpoint - Fosun Pharma has transformed from a generic drug company to a high-level innovative enterprise, focusing on innovation and global expansion, reflecting the shift of China's pharmaceutical industry from a follower to a leader in innovation [2] Financial Performance - In the first half of 2025, Fosun Pharma achieved revenue of 19.514 billion yuan and a net profit attributable to shareholders of 1.702 billion yuan, representing a year-on-year growth of 38.96% [2] - Revenue from innovative drugs exceeded 4.3 billion yuan, with a year-on-year increase of 14.26%, driven by product structure optimization and sales growth [2] Innovation Strategy - The company has approved 4 innovative drugs (covering 5 indications) and 57 generic drugs during the reporting period, with 4 innovative drugs and 22 generic drugs submitted for market approval [3] - Fosun Pharma emphasizes the importance of innovation in drug development efficiency, speed to market, and commercialization [4] Global Expansion - In the first half of 2025, overseas revenue reached 5.478 billion yuan, accounting for approximately 28.07% of total revenue [5] - The company has established a clinical operations team in the U.S. for the commercialization of innovative products and has set up regional distribution centers in emerging markets [5][6] Business Development - Fosun Pharma's innovative pipeline quality has improved, leading to increased business development activities and global licensing cooperation [6] - The company has achieved significant international recognition for its PD-1 monoclonal antibody, with approvals in over 30 countries and regions [6] Strategic Focus - The company is implementing a new A+H share equity incentive plan, with core performance indicators focusing on net profit and innovative drug revenue [4] - Fosun Pharma aims for a compound annual growth rate of approximately 20% in innovative drug revenue from 2025 to 2027 [4] Long-term Vision - The company is committed to its 4IN strategy: Innovation, Internationalization, Intelligentization, and Integration, aiming to enhance innovation speed and quality, as well as global reach [8]

工作人员一边稳住客户，一边悄悄启动警银联动机制。反诈民警迅速赶到，可即便民警出面劝阻，客户 仍然坚称"没被骗"，甚至搬出姐姐来"圆场"。虽然表面上看像是家庭借款，但种种反常细节仍让银行工 作人员存疑，随即上报分行并反馈市公安反诈中心，对其账户进行保护性管控。不久后支行接到反诈中 心确认，该客户遭遇诈骗分子假扮军官，通过社交平台与其建立亲密关系，获取信任后，诱导其至虚假 投资平台进行"投资"，一步步套走巨额资金。 此类诈骗手法属于长流程诈骗，受害者通常处于"情感绑定"和"利益诱惑"的双重操控下，深信自己是在 为"共同未来"投资，或即将获得高额回报，抵触情绪极强，甚至将银行工作人员的劝阻误解为"阻碍其 发财"。 据悉，近年来电信诈骗手段不断翻新，尤其是"情感+投资"为诱饵的长线诈骗，令人防不胜防。交通银 行山东省分行持续加强内部风险防控培训，深化与公安机关的协作机制，真正把"金融为民"落到实处， 全力守护老百姓的钱袋子。 近日，交通银行潍坊科技支行内发生了惊心一幕：一位客户急着要取15万元，嘴里一会儿说是装修，一 会儿说是炒股，最后又变成"给孩子结婚用"。可工作人员一看，这位客户年龄较小，为孩子结婚明显与 实际不 ...

Core Viewpoint - China Ping An is actively embracing change in response to a new market environment, focusing on reform and innovation while maintaining a steady approach to growth [1][2]. Group 1: Product Strategy - The company is implementing a product strategy centered around "transforming dividends, expanding annuities, and strengthening medical insurance," continuously enriching and upgrading its insurance product system [1][2]. - Following the adjustment of the preset interest rate in September, wealth and pension products will fully transition to dividend-type products, with a gradual increase in the supply of dividend-type protection products [2]. - By the first half of 2025, the proportion of dividend insurance in individual insurance new business is expected to rise to around 40% [2]. Group 2: Channel Development - China Ping An is promoting the collaborative development of various channels, including agent channels, bank insurance channels, and community financial services, emphasizing that both products and channels must adapt to market changes [2][3]. - The company aims to deepen the high-quality transformation of its agent workforce and expand the bank insurance channel, which has significant growth potential [3]. Group 3: AI Integration - The term "AI" has seen a significant increase in mentions in the company's mid-term reports, indicating a strong focus on integrating AI across its operations [4]. - The company believes that the digital and intelligent capabilities driven by AI will lead to disruptive changes in the financial industry, enhancing service coverage and operational efficiency [5]. - China Ping An has developed a comprehensive financial service system that integrates various financial products and services, leveraging AI to enhance customer experience and operational capabilities [5][6]. Group 4: Investment Strategy - As a major player managing 6.2 trillion yuan in insurance funds, China Ping An is actively increasing its equity investments, particularly in high-dividend stocks, while maintaining a balanced approach to risk and return [7][8]. - The proportion of equity and fund allocations in the capital market has increased from 9.9% at the end of 2024 to 12.6% by mid-2025, reflecting a positive market trend [7]. - The company is also focusing on investing in new productive sectors, such as renewable energy, AI, and biopharmaceuticals, through partnerships with leading investment institutions [8].

Core Viewpoint - NIO aims to achieve profitability in Q4 2025, with a target of over 50,000 monthly deliveries and a gross margin of 16% to 17% [1][2][5] Group 1: Sales and Delivery Targets - NIO's founder and CEO, Li Bin, expressed confidence in achieving over 50,000 monthly deliveries in Q4, despite skepticism from the market [1] - In August, NIO's delivery volume exceeded 31,000 units, marking a historical high, with the L90 model alone delivering 10,575 units in its first month [1] - Cumulative deliveries for the first eight months of 2025 reached 166,500 units, a 30% year-on-year increase, but still short of the annual target of 440,000 units [3] Group 2: Profitability Challenges - Li Bin acknowledged that achieving profitability hinges on meeting the sales target of 150,000 units in Q4, with significant challenges ahead [3] - The company has set strict cost controls, aiming to keep sales and management expenses at 10% of revenue and R&D expenses between 2 billion to 2.5 billion yuan [2] Group 3: Cost Control and Efficiency - NIO is implementing a Cost Mining project to optimize costs across the entire lifecycle, including a 10% reduction in component costs through platform sharing [4] - The company has reduced R&D expenses significantly, targeting 2 billion to 2.5 billion yuan per quarter, down from over 3 billion yuan [3][4] Group 4: Product Strategy and Market Positioning - NIO is focusing on product differentiation and user trust to navigate profitability challenges, emphasizing the importance of technology and product planning [6][7] - The L90 and new ES8 models are positioned to leverage high gross margins, with targets set at 20% for these new models [5] Group 5: User Trust and Market Confidence - NIO is working to rebuild market confidence by aligning user interests with business decisions, emphasizing the importance of fulfilling brand commitments [8] - The company is enhancing its service network, with over 3,400 battery swap stations, which provide a competitive edge and diversify revenue streams [8][9] Group 6: Future Outlook - NIO's multi-brand strategy aims to balance scale and brand differentiation, with each brand targeting different market segments while sharing core technology [8] - The success of NIO's strategy will depend on its ability to convert product advantages into consumer confidence and achieve profitability thresholds [9]

● 本报记者 万宇 近期市场热门主题快速上涨后，部分相关基金选择限购，其中不乏一些今年以来回报率超过100%的绩 优产品。与此同时，也有一些基金在此时"开门迎客"，恢复大额申购。 业内人士表示，绩优产品限购是管理人平衡"规模扩张"与"业绩稳定性"的举措，体现了精细化运营中 对"持有人长期利益"的优先考量。中长期来看，A股投资机会依然十分丰富，放开限购可能实现基金规 模与业绩的双赢。 部分绩优产品限购 9月4日永赢基金公告称，为保护基金份额持有人利益，自9月5日起，个人投资者办理永赢科技智选混合 发起（A类及C类份额合并计算）的申购（含定期定额投资）、转换转入业务时，如单日单个基金账户 单笔申请金额高于1万元（不含），基金管理人有权全部或部分确认该笔申请失败。机构投资者办理基 金的申购（含定期定额投资）、转换转入业务，不设限制金额。 事实上，近期采取限购措施的基金产品不在少数。8月以来，出于保证基金平稳运作，保护基金份额持 有人利益等原因，中欧基金、易方达基金、南方基金、华夏基金、华富基金等多家基金公司纷纷公告旗 下部分产品开启限购。不少限购的基金今年以来取得了较高的回报率，比如截至9月3日，中欧数字经济 今年 ...

综合多家上市券商的半年报来看，不少券商国际业务发展呈上升趋势。如，中国银河（601881）国际业 务上半年实现营业收入10.99亿元，同比增长4.71%；国元证券国际业务上半年实现营业收入1.78亿元， 同比增长65.05%。 ● 本报记者 林倩 随着中国资本市场对外开放稳步推进，叠加港股市场火热，证券行业正加速推进国际化战略布局。2025 年半年报显示，多家上市券商国际业务表现亮眼，成为公司整体业绩增长的新引擎。 在业内人士看来，国际业务在券商发展中的重要性逐渐提升，已成为券商突围的关键因素之一，推进跨 境一体化协同发展也成为越来越多券商的共识。 国际业务发展提速 券商子公司的数据则反映更为明显。2025年上半年，中信证券国际实现营业收入14.92亿美元，同比增 长52.87%；实现净利润3.87亿美元，同比增长65.38%。中金国际上半年实现收入总额68.77亿港元，同 比增长30.97%；实现净利润26.34亿港元，同比增长169.05%。 华泰国际上半年实现净利润11.45亿港元，同比增长25.55%；不过其营业收入为37.62亿港元，同比下降 61.21%。 具体到业务领域，各家券商国际业务更是多点 ...

9月4日，A股市场三大指数全线下跌，深证成指跌近3%，创业板指跌逾4%。整个A股市场超2200只股 票上涨，逾40只股票涨停，市场结构性行情明显，此前连续调整的微盘股逆势走强。消费、银行、光伏 逆变器等板块表现活跃，光模块、光芯片、半导体等板块明显调整。整个A股市场成交额为2.58万亿 元，为连续17个交易日成交额超2万亿元。 资金面上，资金情绪谨慎，沪深两市主力资金净流出超670亿元，沪深300主力资金净流出超160亿元。 分析人士认为，市场过热易滋生风险，适度回调有利于释放压力。在经济预期修复、资金持续流入及政 策红利释放的背景下，市场中期上行逻辑尚未发生改变。 大盘股与微盘股走势分化 9月4日，A股市场震荡下跌，三大指数全线调整。截至收盘，上证指数、深证成指、创业板指、科创50 指数、北证50指数分别下跌1.25%、2.83%、4.25%、6.09%、0.80%，创业板指、科创50指数均创近5个 月单日最大跌幅。盘中，深证成指一度跌逾4%，创业板指一度跌逾5%，科创50指数一度跌逾7%。 大盘股与微盘股走势分化，微盘股逆势上涨。大盘股集中的上证50指数、沪深300指数分别下跌 1.71%、2.12%，小 ...

经过一段时间的回调，公募REITs市场止跌回升。 有公募人士表示，若后续投资者风险偏好收缩，有利于支撑REITs市场进一步修复，可重点关注基本面 预期较强的板块以及基本面边际企稳且租户结构稳定的部分仓储和高速项目的配置机会。此外，投资者 应以长期配置的心态来投资公募REITs，通过长期持有与合理配置，获得较好的投资回报。 公募REITs止跌回升 9月4日，A股震荡调整，超半数公募REITs当日获得正收益。截至收盘，招商基金蛇口租赁住房REIT涨 幅最高，达3.1%；红土创新深圳安居REIT、华夏北京保障房REIT、中金厦门安居REIT涨幅均超2%。 整体来看，中证REITs全收益指数当日涨幅为0.42%。 事实上，经历了一段时间的震荡调整，公募REITs在上周就止跌回升。8月25日—8月29日期间，中证 REITs全收益指数涨幅1.06%，跑赢中证红利指数2.16个百分点。 与此同时，公募REITs产品内部产生了一定分化。分项目属性来看，上周产权类REITs上涨1.55%，特许 经营权类REITs上涨0.87%。分资产类型来看，消费、保障房、仓储物流、数据中心等板块表现相对占 优。分品种来看，上周共有65只R ...

一家优秀的基金管理公司，必须将卓越的投资能力与稳健的商业实践深度融合。拥有出色投资能力的同 时，不能有损害有限合伙人利益的糟糕商业实践；同样，仅有良好的商业实践，却没有出色的投资能力 也不行。这一原则至关重要。 基金是我国资产管理行业的重要组成部分，也是资本市场重要的机构投资者。中国证券投资基金业协会 日前发布的数据显示，截至2025年7月末，我国境内公募基金资产净值合计35.08万亿元，存续私募基金 规模20.68万亿元，均创出历史新高。 在基金发展壮大的历程中，"基金赚钱基民不赚钱"问题表现比较突出。如何处理好规模扩张与投资者实 际收益之间的关系？如何建立规模增长与长期发展之间的平衡机制？对此，作为一家长期专注港股市场 研究和投资的私募基金，上海开思私募基金管理有限公司表示，一家优秀的基金管理公司，必须将卓越 的投资能力与稳健的商业实践深度融合，这一原则至关重要。 开思基金认为，"基金赚钱基民不赚钱"现象的本质在于收益折损，即基金产品的时间加权收益率与资本 加权收益率之间出现显著差距。基金管理公司最核心的文化价值观与经营宗旨，是从根本上消除这一折 损的关键。基金管理公司必须始终将"为投资者创造可持续的长期 ...