Core Viewpoint - The article discusses the launch and operational guidelines of the "Science and Technology Innovation Growth Layer" on the STAR Market, aimed at supporting unprofitable but promising technology companies [5][19]. Group 1: Introduction to the Growth Layer - The "Science and Technology Innovation Growth Layer" was officially established on July 13, 2025, by the Shanghai Stock Exchange to support the development of unprofitable technology enterprises with significant growth potential [5]. - This layer is designed to enhance the inclusivity for technology companies that are not yet profitable but have promising futures [9][17]. Group 2: Access and Participation - Investors who already have STAR Market trading permissions and a risk tolerance assessment of C4 (active) or above can trade stocks or depositary receipts listed after the new regulations on July 13, 2025, after signing a risk disclosure statement [7][11]. - For investors who have not yet opened STAR Market trading permissions, they must first meet the basic requirements and then sign the risk disclosure statement to participate in the Growth Layer [11][12]. Group 3: Requirements for Investors - Personal investors must have an average asset of no less than 500,000 RMB in their securities and funds accounts over the past 20 trading days, excluding funds and securities obtained through margin trading [12]. - Investors must have at least 24 months of trading experience and pass a knowledge test on STAR Market trading risks [12]. Group 4: Identification and Labeling - Stocks from the Growth Layer will have a "U" identifier to indicate their unprofitable status, with new registered stocks labeled as "成" and existing stocks labeled as "成1" to differentiate between new and existing listings [17].

Core Viewpoint - The article emphasizes the importance of macroeconomic analysis in investment decisions, highlighting ten essential readings that provide insights into current market trends and economic indicators [2] Group 1 - The macroeconomic environment is experiencing significant changes, with inflation rates and interest rates being key focus areas for investors [2] - The article discusses the impact of global supply chain disruptions on various industries, particularly manufacturing and logistics [2] - It highlights the role of government policies in shaping economic recovery and growth, especially in response to the COVID-19 pandemic [2] Group 2 - The analysis includes a review of recent economic data, such as GDP growth rates and employment statistics, which are crucial for understanding market dynamics [2] - The article points out the potential investment opportunities arising from technological advancements and shifts in consumer behavior [2] - It also addresses the risks associated with geopolitical tensions and their implications for global markets [2]

Group 1 - The article discusses the stock issuance of a company named "圆美森" with a subscription limit of 950,000 shares and an issuance price of 8.25 yuan [1] - The industry price-earnings ratio is noted as 12.99, while the company's price-earnings ratio is significantly higher at 36.54, indicating a potential overvaluation [1]

Group 1 - The Federal Reserve's recent interest rate cut of 25 basis points is expected to have a limited short-term impact on the domestic A-share market, which has already seen a period of continuous growth [1] - The Shanghai Composite Index has recently fallen below its 20-day moving average, indicating a need for technical consolidation, while the Shenzhen Component Index remains relatively strong [1] - Market focus has shifted towards growth sectors such as new energy and robotics, with technology stocks leading in gains and small-cap stocks showing resilience [1] Group 2 - The market is currently undergoing a technical adjustment after a period of upward movement, with the Shanghai Composite Index in a horizontal consolidation phase since late August [2] - Despite attempts to reach new highs, the market is facing increasing upward pressure, yet the current adjustment remains in a relatively strong state, with previous resistance levels now acting as support [2] - Structural opportunities continue to be a key characteristic of the market, as some sector indices maintain an upward trend [2]

| 联储降息，短期波动加大，长期影响几何？ | | | --- | --- | | 2025 2025年年99月月1515日日-2025 -2025年年99月月1919日基金投顾观点 日基金投顾观点 | | | 01 | 本周A股冲高回落，债市修复，COMEX黄金走平，美股创新高。具体来看，本周市场有以下几个重要方面 ： | | | 本周市场冲高回落，上证指数新高3899.96点，全周小幅下跌0.30%，沪深两市日均成交额2.49万 亿元，环比上周上升1960亿元，继续处于历史高位水平。上证指数日线虽然连续两日处于20日 | | | 线下，但周线仍呈多头排列。申万一级行业上，煤炭、电力设备、电子涨幅居前，银行、有色 | | | 金属、非银金融跌幅居前。恒生指数上涨，港股表现强于A股。 | | 02 | | | | 债市方面，本周资金面偏紧，债市上涨，利率债和信用债均走强，利率债更为强势，预计纯债 基金取得正收益。资金面方面，本周适逢税期，并存在超长债续发，资金面较为紧张，因而央 | | | 行净投放超千亿呵护流动性。基本面方面，社融数据仍偏弱，经济仍呈现弱复苏。海外方面， | | | 本周美联储如期降息25B ...

申万宏源宏观 数据点评|财政支出趋弱，关注加码可能（申万宏观·赵伟团队） 原创 阅读全文 ...

申万宏源宏观 政策高频 | 金砖国家领导人线上峰会召开（申万宏观·赵伟团队） 原创 阅读全文 ...

Group 1 - The article emphasizes the importance of being cautious about "high commission" part-time job traps, which can lead to potential money laundering activities [2] - It advises against lending or selling bank cards, highlighting the risks associated with such actions [2] - The article warns about large transfers and the need to avoid suspicious transactions that could be linked to money laundering [4] Group 2 - It points out the hidden money laundering schemes associated with "virtual currencies," urging individuals to be vigilant [4]

Core Viewpoint - The recent fluctuations in indices are primarily attributed to the Federal Reserve's latest dot plot, which indicates fewer rate cuts than previously anticipated, leading to a short-term impact on A-shares [1] Market Outlook - A slowdown in the market is expected to be more beneficial for the mid-term trend of A-shares, with potential profit-taking pressures and a need for re-evaluation of leading sectors [2] - The Shanghai Composite Index has surpassed its previous high of 3731 points from 2021, indicating a bullish trend, while other indices like CSI 300 and ChiNext still have room for catch-up [2] Hot Sectors - The technology sector may experience internal differentiation in September, with lagging sectors such as robotics, new energy, and military industries poised for a rebound [3] - Key trends include: 1. The ongoing domestic production and integration of robots into daily life, with potential catalysts from updates in Tesla's humanoid robot [3] 2. The trend towards semiconductor localization, focusing on equipment, wafer manufacturing, materials, and IC design [3] 3. Expectations of order recovery in the military sector by 2025, with signs of bottoming out in mid-term performance [3] 4. The innovative pharmaceutical sector is anticipated to reach a turning point in fundamentals by 2025 after a prolonged adjustment period [3] 5. The banking sector is seeing a recovery in mid-term performance growth, attracting interest from long-term institutional investors due to appealing dividend yields [3] Market Review - The market experienced a volatile pullback, with most sectors declining, yet the technology sector still showed some excess returns [4] - A significant number of stocks fell, with over 4300 stocks declining, while only a few sectors like electronics and communication showed gains [4]

申万宏源积极调动境内外资源，发挥综合金融服务优势，助力客户圆满完成香港上市。充分体现了申万宏源在港股IPO及医疗健康领域的实力与资源整合 能力，也印证了以客户为中心的服务理念及申万宏源"投资+投行+研究"三位一体协同优势。 注：相关服务由申万宏源香港的全资持牌子公司申万宏源融资 (香港) 有限公司及申万宏源证券 (香港) 有限公司提供。 2025年9月17日，健康160国际有限公司（以下简称"健康160"）成功于香港联交所主板上市， 股份代号为2656.HK，最终定价为每股11.89港元，融资规模为4亿港币。 申万宏源香港担任本次发行的联席保荐人、整体协调人、联席全球协调人、联席账簿管理人 及联席牵头经办人。 健康160专注数字医疗健康综合服务，致力于构筑中国领先的线上线下一体化医疗健康服务入口，成为每个人最贴心的健康守护者。健康160是数字医疗领 域首批通过备案的VIE架构企业之一。 本项目市场反应火热，香港公开发售认购倍数达751.8倍，是港股IPO定价及分配新规生效后数字医疗领域"第一股"。 来源：申万宏源香港 ...