Core Viewpoint - The ChiNext index experienced a rebound, rising over 4% after initially dropping more than 1.3% in early trading on September 18, indicating a recovery in the market sentiment [1] Group 1: Market Performance - As of 10:14 AM, the ChiNext index turned positive, while the Shanghai Composite Index rose by 0.41% and the Shenzhen Component Index increased by 0.35% [1] - By 10:20 AM, the ChiNext index's gains expanded to over 4%, with notable performances from specific stocks [1] Group 2: Leading Stocks - Zhongwei Company led the gains in the ChiNext index, rising over 12% [1] - Haiguang Information also showed strong performance, increasing by over 8% [1]

Core Viewpoint - The Hong Kong Monetary Authority (HKMA) has lowered the base interest rate by 25 basis points to 4.50% in response to the U.S. Federal Reserve's recent rate cut [2][4]. Group 1: Interest Rate Adjustment - The base interest rate is used as the basis for calculating the discount rate applicable to repurchase transactions conducted through the discount window [4]. - The current base interest rate is set at the lower limit of the U.S. federal funds rate target range plus 50 basis points, or the average of the 5-day moving average of the overnight and 1-month Hong Kong Interbank Offered Rate (HIBOR), whichever is higher [4]. - Following the U.S. Federal Reserve's decision to lower the federal funds rate target range by 25 basis points on September 17, the current lower limit plus 50 basis points is 4.50%, while the average of the 5-day moving average of the overnight and 1-month HIBOR is 2.94% [4].

Group 1 - Tianpu Co., Ltd. resumed trading on September 18, achieving a 12-day consecutive limit-up, with a cumulative increase of over 200% [1] - The company announced that its stock had been suspended from trading due to significant deviations in short-term price increases compared to the Shanghai Composite Index and the automotive parts industry index [2][3] - Tianpu Co., Ltd. issued a warning to investors about the potential risk of a price drop following the substantial short-term increase [2] Group 2 - In response to market rumors regarding the asset injection by the acquirer Zhonghao Xinying, the company clarified that there are no plans for asset injection related to this acquisition [3] - The company conducted an internal review and found that four insiders had engaged in stock trading during the period from February 14 to August 14, but these transactions did not constitute insider trading [3] - For the first half of 2025, the company reported a revenue of 151 million yuan, a year-on-year decrease of 3.44%, and a net profit attributable to shareholders of 11.298 million yuan, down 16.08% year-on-year [3]

9月18日，天普股份复牌再度一字涨停，走出12连板。 消息面上，公司昨日晚间公告，经公司自查，截至公告日，收购方中昊芯英无资产注入计划，中昊芯英 自身现有资本证券化路径亦与本次收购公司无关。 ...

Group 1 - Cambricon's stock price opened 4% higher, surpassing 1500 yuan, again exceeding Kweichow Moutai [1] - Tianpu Co. resumed trading with a limit-up of 10%, achieving a transaction volume exceeding 24.2 million yuan [3][4] - The central bank conducted a 487 billion yuan 7-day reverse repurchase operation, maintaining the operation rate at 1.40% [5] Group 2 - The A-share market opened lower, with the Shanghai Composite Index at 3876.06 points, down 0.01%, and the Shenzhen Component Index at 13161.15 points, down 0.41% [2][3] - The Hang Seng Index fell by 0.17%, while Baidu Group opened 3% higher [6] - The RMB/USD central parity rate depreciated by 72 basis points, reported at 7.1085 [7]

编辑 | 格蕾丝 美股涨跌互现 周三美股涨跌互现，美联储宣布降息25个基点符合预期，暗示年内可能继续降息两次，市场权衡政策路 径前景。 截至收盘，道指涨260.42点，涨幅0.57%，报46018.32点，纳指跌0.33%，报22261.33点，标普500指数跌 0.10%，报6600.35点。行业表现方面，金融板块领涨，科技板块领跌。 明星科技股表现分化，英伟达跌2.6%，甲骨文跌1.7%，亚马逊跌1.0%，谷歌跌0.6%，Meta跌0.4%，微 软涨0.2%，苹果涨0.3%。 纳斯达克金龙中国金龙指数涨2.8%。百度涨超11%，哔哩哔哩、阿里巴巴涨超2%，京东、网易涨超 1%。 市场概述 美联储公开市场委员会会议落幕，宣布将基准利率下调25个基点至4.00%-4.25%，并表示就业领域的下 行风险已有所上升。新任美联储理事米兰（Stephen Miran）在周三会议上主张降息50个基点，是唯一 投反对票的委员。 美联储主席鲍威尔表示，决议体现了央行希望控制经济面临风险的意图。"在某种程度上，你可以将此 次降息视为一次风险管理性质的降息，" 鲍威尔称。他补充道，随着劳动力市场开始降温，当前经济面 临的风险格 ...

Core Insights - China Ping An has completed its 2025 long-term service plan by purchasing 74.615 million H-shares, totaling 3.875 billion RMB, with participation from approximately 83,024 employees [2][3] - The long-term service plan has been in place for seven years, with a total of 486,800 participants and nearly 28.8 billion RMB invested, acquiring 351 million A-shares and 182 million H-shares [2][3][4] Summary by Category Long-term Service Plan - The 2025 long-term service plan involved purchasing H-shares at an average price of approximately 51.87 RMB per share, representing 0.412% of the total share capital [3] - The funds for the stock purchase came from employees' payable salary amounts, with a holding ratio of 2.52% for directors and senior management, while other employees held 97.48% [3] Employee Participation - The long-term service plan has a broader coverage compared to the previous core personnel stockholding plan, with 83,024 participants in the current plan versus 2,263 in the core personnel plan [5] - The plan aims to strengthen the long-term alignment of interests between the company and its employees, ensuring shared benefits and risks [5][6] Dividend Distribution - Dividend amounts received by employees vary based on their contributions to the company, reflecting a value-oriented approach [6] - The number of participants in the long-term service plan surged from around 30,000 in its early years to approximately 90,000 in recent years, stabilizing around 80,000 [6]

当地时间9月17日，美联储宣布将联邦基金利率目标区间下调25个基点，至4.00%-4.25%，暗示年内可能 继续降息两次。 一图速览>> ■ 关于就业: 劳动力市场正在走软,我们不需 要它继续进一步走软,(而目) 也不希望它走软。 新任美联储理事斯蒂芬·米兰如何主张？ 最新点阵图透露哪些信息？ 关于 风险管理式降息、 反对票、通胀情况，鲍威尔如何表态？ 机构如何解读本次降息？ 25 25 2024 50 2025 有记录来美联储利率走势 *图中数据为目标利率最 2008/1: 2020/03 美联储最新点阵图 点阵图显示,美联储 内部分歧巨大。 在此次降息后,赞成 | : : 年内按兵不动或再降 : + + = = ... 息2次的委员分别有6 :: 位和9位。外界预测, 有1位主张年内激进降 息150个基点的委员 可能是刚进入美联储 理事会的米兰。 2027 2025 2024 相比之下,2026年的预测分布更为分散,利率区间中值集中在 3.25%-3.75%,与目前的利率水平相比,有75个基点的降息空间。 美联储主席鲍威尔 机构解读 ■ 关于风险管理式降息: ■ 摩根士丹利首席美国经济学家 在某种程度上, ...

转向高成长板块轮动？ 当地时间周三，美联储宣布去年12月以来首次降息，此举标志着一段漫长的货币政策停滞期的结束。 对投资者而言，最大的疑问在于：一旦宽松周期重启，市场将如何反应？ 押注进一步上涨？ 法国兴业银行周三表示，他们看好风险资产，同时也建议扩大投资组合范围。两大主要调整方向为：增 加股票配置、减少现金持有。他们将全球资产配置中股票的推荐比例从44%上调至50%，现金比例则从 10%下调至5%。 法兴银行称，当私人部门杠杆率处于较低水平时，美联储降息往往会推动股市估值上调，即实现更高的 市盈率。随着全球财政支出增加以及供应链布局多元化，每股收益（EPS）应会继续增长。他们表 示："在名义每股收益走高，且美联储有望将利率降至'新常态'的背景下，标普500指数的任何回调幅度 都可能有限，且该指数有望创下新高。" 历史数据显示，美国股市往往在首次降息后立即会有强劲回报，且在随后12至24个月内也表现不俗。但 由于当前股市已徘徊在历史高位，常规策略可能无法准确预判本轮周期的影响。 投资机构NEPC合伙人兼资产配置主管尼尔森（Phillip Nelson）表示："至少在过去一个月里，股市显然 一直在'买预期'。因 ...

Core Viewpoint - The World Gold Council has proposed a revolutionary plan to launch a physical gold-backed digital token in London, aiming to transform the trading, settlement, and collateralization of gold [2][4]. Group 1: Digital Gold Initiative - The initiative, named "Upstream Digital Gold," is designed to create a next-generation digital ecosystem for gold trading, holding, and collateral functions, initially focusing on the over-the-counter market [5][6]. - The "Gold Bar Integrity" program aims to establish a blockchain-based, tamper-proof database for compliant gold, enhancing transparency and trust in gold investments [5][4]. - The World Gold Council's CEO emphasized that the digital gold initiative seeks to address issues of integrity, accessibility, and tradability in the gold market [4][6]. Group 2: Market Context and Timing - The proposal comes at a time when global central banks have purchased over 1,000 tons of gold annually in recent years, reflecting a significant increase in demand for gold as a safe-haven asset amid rising interest rates and geopolitical risks [7][8]. - The initiative aims to make gold more liquid and usable in financial markets, transitioning it from a "solid gold" asset to a "liquid gold" financial instrument [7][8]. - The current market environment and regulatory changes have created a favorable backdrop for the integration of blockchain technology with physical assets like gold [8]. Group 3: Challenges and Considerations - The digitization of physical assets like gold faces challenges such as standardization issues and high cross-border transfer costs, which could hinder the development of a secondary trading market [9][11]. - Concerns about the authenticity of on-chain assets remain, as the physical nature of gold leads to apprehensions regarding custody risks and the potential for misrepresentation [9][10]. - Unlike stablecoins backed by cash or government bonds, gold's non-standardized nature complicates its tokenization, necessitating the establishment of unified standards and enhanced transparency in custody and delivery systems [11][10].