1. 公开市场操作 央行公告称，8月25日以固定利率、数量招标方式开展了2884亿元7天期逆回购操作，操作利率1.40%，投标量2884亿元，中标量2884亿元。Wind数据显 示，当日2665亿元逆回购到期，据此计算，单日净投放219亿元。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 银行间市场周一资金面持续充裕。存款类机构隔夜回购加权利率下滑超6个bp，重回1.35%附近；七天期因可跨月上涨超5个bp。匿名点击（X-repo）系统 上，隔夜报价在1.3%低位供给超千亿元；非银机构质押存单和信用债融入隔夜报价在1.42%-1.43%附近，七天期报价约在1.55%上下。 | （*数据来源：Wind-成交统计BMW） | | --- | 海外方面，最新美国隔夜融资担保利率为4.32%。 （IMM） // 债市综述 // 3. 同业存单 全国和主要股份制银行一年期同业存单最新成交在1.67%附近，较上日基本持平。 （*数据来源：Wind-同业存单-发行结果） 4. 银行间主要利率债收益率 纷纷下行 （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） 5. 近期城投债（AAA）各期限利差走势及 ...

Core Viewpoint - The event "2025 Wind Star Financial Advisor Annual Selection | Star Investment Advisor Semi-Final" held in Shanghai highlighted the evolution of financial advisory services amidst advancing financial technology and diverse client needs, showcasing the importance of both technology and human touch in achieving personalized financial services [1][18]. Group 1: Debate Themes - The semi-final featured three main debate topics focusing on the essence and future of investment advisory services, assessing participants' professional understanding, logical expression, and practical abilities [3][18]. - The first debate questioned whether standardized configuration models can truly achieve personalized services for every client, with proponents arguing that technology enables personalized, cost-effective services for a broader audience, while opponents emphasized the limitations of models in addressing complex human needs [4][3]. Group 2: Core Responsibilities of Advisors - The second debate centered on whether the core responsibility of investment advisors should be client education or product sales. Proponents of client education argued that it is essential for building a solid financial understanding and avoiding irrational decisions, while opponents contended that product sales are necessary for practical implementation of investment strategies [6][8][7]. Group 3: Wealth Goals vs. Investment Strategies - The third debate discussed whether advisors should first help clients establish wealth goals or provide investment strategies directly. Supporters of goal-setting argued that clear objectives lead to better investment outcomes, while opponents highlighted the immediate need for actionable strategies to address clients' anxieties about returns [10][11][12]. Professional Evaluation - The event featured esteemed judges from the financial industry who provided constructive feedback to participants, enhancing their practical skills and deepening their understanding of the investment advisory field [14]. Showcase of Talent - Participants demonstrated profound insights into wealth management and a strong commitment to the future of the industry, reflecting the vibrant evolution towards professional, human-centered, and technology-driven advisory services [16][18].

Group 1: Real Estate Policies - Shanghai has introduced new real estate policies allowing eligible families to purchase unlimited properties outside the outer ring, and single adults will follow the same housing purchase restrictions as resident families. Additionally, the green building public housing loan limit has increased by 15% [2] - The property tax collection policy has been slightly adjusted to align local and non-local household policies [2] Group 2: Economic Planning and Development - The National Development and Reform Commission (NDRC) is hosting discussions on the formulation of the "14th Five-Year Plan," focusing on expanding domestic demand and stabilizing employment [3] - A joint notice from three departments outlines 15 specific measures to financially support the high-quality development of forestry [3] Group 3: Stock Market Performance - A-shares saw a significant rise, with the Shanghai Composite Index reaching 3883.56 points, up 1.51%, and market turnover nearing 3.2 trillion yuan, marking the second-highest in history [4] - The Hong Kong Hang Seng Index closed at 25829.91 points, up 1.94%, reaching a nearly four-year high, with a trading volume of 3696.98 million HKD [4] Group 4: Company Earnings Reports - Lixun Precision's net profit for the first half of the year was 6.644 billion yuan, a year-on-year increase of 23.13% [7] - Poly Developments reported a net profit of 2.711 billion yuan for the first half, a decrease of 63.47% year-on-year [7] - New Yi Sheng's net profit surged by 355.68% year-on-year to 3.942 billion yuan [7] Group 5: Market Developments - The satellite internet sector is set to receive operational licenses, marking a significant step towards commercial operations in China [8] - The Ministry of Natural Resources has initiated a new round of oil and gas exploration, indicating a resurgence in the sector [8] Group 6: Currency and Bond Market - The onshore RMB closed at 7.1517 against the USD, appreciating by 288 basis points, with the central parity rate rising by 160 basis points, the largest increase in seven months [20] - The People's Bank of China successfully issued 45 billion yuan in central bank bills in Hong Kong, with a 3-month bill yield of 1.6% [17] Group 7: Commodity Market Trends - International precious metals futures saw a general decline, with COMEX gold futures down 0.23% to 3410.70 USD per ounce [18] - Oil prices rose due to geopolitical tensions and declining inventories, with WTI crude oil up 1.70% to 64.74 USD per barrel [18]

上海市住房城乡建设管理委、市房屋管理局、市财政局、市税务局、人民银行上海市分行、市公积金管 理中心等六部门8月25日联合印发《关于优化调整本市房地产政策措施的通知》，包括调减住房限购、 优化住房公积金、优化个人住房信贷以及完善个人住房房产税等政策。《通知》自2025年8月26日起施 行。 完善个人住房房产税政策，为衔接优化住房限购政策，《通知》规定对符合条件的非本市户籍居民家庭 购买的第一套住房暂免征收房产税；购买的第二套及以上住房在合并计算家庭全部住房面积后，给予人 均60平方米的免税面积扣除。由于个人住房房产税按年征收，因此2025年1月1日起符合条件的购房者可 享受本条政策。 为加大公积金支持住房消费力度，《通知》规定优化住房公积金政策。 一是提高个人住房公积金贷款额度。对缴存人购买二星级及以上新建绿色建筑住房的，住房公积金（含 补充公积金）最高贷款额度上浮15%。首套最高贷款额度从160万元提高至184万元，多子女家庭首套上 浮比例可叠加计算，从192万元提高至216万元；二套最高贷款额度从130万元提高至149.5万元。 二是支持提取住房公积金支付购房首付款。对缴存人购买我市新建预售商品住房的，可以 ...

// 一、 市场要闻 // 上海合作组织峰会将在天津举行 2025 年上海合作组织峰会将于 8 月 31 日至 9 月 1 日在天津举行。国家最高领导人将主持上海合作组织成员国元首理事会第二十五 次会议和 " 上海合作组织 +" 会议并发表主旨讲话。 中国 8 月官方 PMI 数据将发布 本周中国央行公开市场 20770 亿元逆回购到期 Wind 数据显示，本周央行公开市场将有 20770 亿元逆回购到期，其中周一至周五分别到期 2665 亿元、 5803 亿元、 6160 亿元、 2530 亿元、 3612 亿元。此外，周二将有 3000 亿元 MLF 到期，周五将有 5000 亿元 6 个月期买断式逆回购到期、 4000 亿元 3 个 月期买断式逆回购到期。 中国央行将开展 6000 亿元 MLF 操作 中国人民银行发布公告称，为保持银行体系流动性充裕， 8 月 25 日 ( 周一 ) ，将以固定数量、利率招标、多重价位中标方式开展 6000 亿元 MLF 操作，期限为 1 年期 8 月 31 日，中国国家统计局将发布采购经理指数月度报告。 7 月份，制造业采购经理指数 (PMI) 为 49.3% ，比上 ...

Market Overview - The A-share market performed strongly from August 18 to August 22, with major indices generally rising. The ChiNext 50 Index surged by 6.31%, and the Sci-Tech 50 Index increased by over 13%, indicating a focus on growth stocks in this market rally [2][4] - The Shanghai Composite Index rose by 3.49%, closing above 3800 points, while the Shenzhen Index and ChiNext Index increased by 4.57% and 5.85%, respectively [2][4] Industry Performance - The average increase of Wind's first-level industry indices was over 3%, with the information technology sector leading at 8.68%. Other sectors such as telecommunications, consumer discretionary, industrials, and materials also performed well [12][14] - All sectors recorded positive returns, with telecommunications, electronics, and comprehensive sectors showing strong performance, increasing by 10.84%, 8.95%, and 8.25%, respectively. Conversely, the pharmaceutical, coal, and real estate sectors lagged behind with increases of 1.05%, 0.92%, and 0.50% [2][12] Fund Issuance and Performance - A total of 38 funds were issued last week, including 26 equity funds, 6 mixed funds, 5 bond funds, and 1 QDII fund, with a total issuance of 23.314 billion units [2][19] - The Wind All Fund Index rose by 1.98%, with the ordinary equity fund index increasing by 3.60% and the mixed equity fund index rising by 3.52% [8][19] Global Asset Review - Global asset performance showed a "rise in the East and fall in the West." U.S. indices rebounded strongly after a dovish speech by Fed Chair Powell, while European markets displayed mixed results due to economic slowdown concerns [4][5] - The Hang Seng Tech Index rose due to policy support from China and inflows of southbound capital [4] Bond Market Review - The bond market saw a decline in 30-year and 10-year government bond futures, indicating a significant "stock-bond seesaw" effect, reflecting high sensitivity of investors to long-term interest rates [15][16]

1 、 为保持银行体系流动性充裕， 8 月 25 日，中国人民银行将以固定数量、利率招标、多重价位中标方式开展 6000 亿元中期借贷便 利 MLF 操作，期限为 1 年期。考虑到本月有 3000 亿元 MLF 到期，这意味着 8 月 MLF 净投放达到 3000 亿元，为连续第六个月加 量续作，符合市场预期。 2 、 个人消费贷款贴息政策将于 9 月 1 日正式开闸，这是中央财政首次在个人消费贷款领域实施贴息政策。 本次个人贷款贴息政策主 要是对消费贷款中真正"用于消费的部分"予以精准支持。消费金融行业人士预计，贴息政策对行业影响很大，会加速各机构向各类消费 场景拓展，通过与商户的直接合作，更好把控资金流向。 1 、据中国证券报， 近日召开的国务院常务会议和全国消费品以旧换新工作推进电视电话会议对下阶段消费品以旧换新作出部署，释放 出政策支持加力信号。 专家表示，从当前各地对以旧换新政策优化调整的路径看，后续以旧换新政策有可能在上调资金支持规模、扩大 品类范围等方面发力，同时将进一步强化政策协同与技术赋能，确保政策红利直达消费者，有效扩大内需、提振消费。 2 、 陕西省印发《进一步促进民营经济高质量发展"七 ...

1. 公开市场操作 （*数据来源：Wind-央行动态PBOC） 2. 资金面 随着 央行 公开市场的连续资金注入，银行间市场资金面呈现常态宽松。存款类机构隔夜和七天回购加权利率均回落，均下行 5 个 bp 左右， D R001 目前 在 1.41% 附近， D R007 在 1.46% 附近。匿名点击（ X-repo ）系统上，隔夜报价也集中在 1.4% 附近，供给数百亿。 Wind 数据显示， 8 月 25 日 -29 日当周央行公开市场将有 20770 亿元逆回购到期，还将有 3000 亿元 MLF 到期、 5000 亿元 6 个月期买断式逆回购到 期、 4000 亿元 3 个月期买断式逆回购到期。 海外方面，最新美国隔夜融资担保利率为 4.31% 。 （IMM） // 债市综述 // 3. 同业存单 全国和主要股份制银行一年期同业存单最新成交在 1.67% 附近，较上日基本持平。 （*数据来源：Wind-同业存单-发行结果） 4. 银行间主要利率债收益率 （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） | （*数据来源：Wind-成交统计BMW） | | --- | 5. 近期城投债（AAA ...

Core Viewpoints - The current market is characterized by a systematic "slow bull" trend, with a "slow but steady short-term offensive" showing no clear signs of stopping [1][6] - The next phase of investment strategy should focus on long positions in cyclical sectors [1][23] Market Performance - The Shanghai Composite Index surpassed 3800 points, with the STAR Market Index rising by 8% on August 22, indicating strong bullish sentiment [3] - The A-share market saw a total trading volume of 2.58 trillion yuan, with the Shanghai Composite Index gaining 3.49% for the week, marking its best weekly performance of the year [3][9] Sector Analysis - Citic Securities suggests focusing on sectors with strong earnings support as the market enters a high-level consolidation phase, with an emphasis on technology and defense industries [5][6] - Zheshang Securities recommends a balanced allocation in "big finance + broad technology," including banking, military, computing, media, and electronic sectors, while also paying attention to the real estate sector [6] - Fangzheng Securities advocates for increasing exposure to technology growth assets, particularly in AI, consumer electronics, and military sectors, as these areas show improving performance [7] Economic Indicators - The DeepSeek-V3.1 model's release has accelerated the domestic chip development process, attracting significant capital attention to related companies [3] - Morgan Stanley estimates that potential asset rotation could inject an additional 14 trillion yuan into the stock market, equivalent to 16% of the circulating market value [3] Investment Recommendations - Huatai Securities suggests shifting aggressive positions towards cyclical sectors, prioritizing U.S. small caps and emerging markets, while also considering inflation-hedging assets like gold and TIPS [23] - The robotics industry is expected to see continued growth driven by policy support, technological advancements, and successful commercial applications [11] - The innovative drug sector is experiencing a dual boost from fundamental improvements and favorable policies, with domestic biotech firms expected to capture a significant share of the global market [12]

Core Viewpoint - The article provides a comprehensive overview of the financing events in the primary market, highlighting trends in investment amounts, industry focus, and regional distribution, indicating a shift in investment dynamics and opportunities in various sectors [4][11][18]. Financing Overview - As of August 22, 2025, there were 141 financing events this week, an increase of 4 from the previous week, with a total financing amount of approximately 9.523 billion RMB, a decrease of 7.999 billion RMB from last week [4]. - There were 20 financing events with amounts of 100 million RMB or more, an increase of 7 from the previous week [4]. - 173 institutions participated in primary market investments this week, a decrease of 6 from last week [4]. Financing Amount Distribution - This week, 48 financing events disclosed amounts, a decrease of 13 from last week. The distribution of financing amounts showed significant changes compared to the previous week [5]. - Notably, there were 2 events under 5 million RMB, 17 events between 5 million and 10 million RMB, 5 events between 10 million and 50 million RMB, 14 events between 50 million and 100 million RMB, 6 events between 100 million and 500 million RMB, and 2 events over 1 billion RMB [5]. Key Investment Events - Zhongke Synthetic Oil completed a multi-billion RMB equity financing to support management buyout and business development [7]. - Chipmaker Xinqing Technology raised over 1 billion RMB in Series B financing to enhance product development and market expansion [7]. - Yixi Biotechnology secured nearly 200 million RMB in Series A financing to boost technology research and market outreach [8]. - Zunyu Chain Group raised 3.8 billion RMB in Series B financing to enhance AI retail technology and expand market share [8]. Industry Distribution - The financing events this week spanned 14 industries, with the top five being healthcare, electronics, equipment manufacturing, information technology, and electric power equipment and new energy, accounting for 73.76% of total events [11]. - The healthcare sector regained the top position with 26 financing events, while electronics and equipment manufacturing followed closely [11]. Financing Amount by Industry - The top five industries by financing amount were consumer goods and services, electronics, electric power equipment and new energy, materials, and healthcare, collectively accounting for 85.26% of the total financing amount [13]. - The consumer goods and services sector led significantly due to Zunyu Chain Group's financing, while electronics and electric power equipment followed [13]. Regional Distribution - The top five regions for financing events were Jiangsu, Shanghai, Guangdong, Beijing, and Zhejiang, accounting for 75.18% of total events [18]. - In terms of financing amount, Hainan, Sichuan, Beijing, Hubei, and Jiangsu led, together accounting for 85.03% of the total financing amount [18]. Financing Round Distribution - Angel and Series A rounds remained the most active, totaling 95 events, while Series B and strategic financing tied for third place with 17 events [22]. - Series B financing accounted for over 50% of the total financing amount, influenced by significant investments in Zunyu Chain Group and Xinqing Technology [22]. Exit Situation - There were 18 public exit cases this week, a decrease of 6 from last week, with the top three industries for exits being materials, electronics, and electric power equipment and new energy [29]. - The exit methods included 9 equity transfers, 2 mergers, and 4 new three-board listings [28]. IPO Events - Notable IPOs included Tianyue Advanced Technology on the Hong Kong Stock Exchange, raising 2.35 billion HKD, and Hongyuan Electromagnetic Wire on the Beijing Stock Exchange, raising 281 million RMB [31][32].