Group 1 - The U.S. federal government has shut down for the first time in nearly seven years due to the Senate's failure to pass bipartisan funding bills, affecting hundreds of thousands of federal employees who face furloughs or layoffs [2] - The White House's Office of Management and Budget has instructed government agencies to implement their "orderly shutdown" plans, with certain departments like the military and law enforcement remaining operational [2] - The Senate plans to vote again on temporary funding measures, with hopes from Republican leaders to gain support from Democratic senators, although no changes to the proposals are anticipated [4] Group 2 - The shutdown will impact approximately 800,000 federal employees, with immediate effects on low-income families and disruptions in transportation, travel, healthcare, and public health services [6] - Historically, the U.S. government has experienced over 20 shutdowns since the 1970s, with the longest occurring from late 2018 to early 2019, resulting in significant economic losses estimated at over $10 billion [8] - Wall Street analysts warn that ongoing interruptions in employment data and economic statistics could lead to increased volatility in the bond and stock markets, raising concerns about the U.S. governance and the credibility of the dollar [10]

2025年前三季度，中国A股股权融资市场延续活跃态势，呈现"结构分化明显、政策与创新双轮 驱动"的特征。据Wind数据统计，2025年前三季度，中国A股市场通过IPO、增发和可转债等多 种方式共完成全口径募资事件215起，较去年同期增加35起，合计募集资金为8540.44亿元，同 比增幅高达414.42%。 从融资方式来看，IPO融资规模稳健扩张，项目数量总计76起，同比增加7起，融资规模759.74 亿元，同比增长66.67%。前三季度，定增项目数量总计109起，同比增加28起，融资规模合计 7322.62亿元，较去年同期增长670.69%。分季度看，增发市场因财政部主导的特别国债资本补 充计划的政策支持实现超常规扩张，在今年二季度出现阶段性高峰，三季度回归常态节奏。若剔 除该政策性因素，2025年前三季度市场真实反映的股权融资规模仍达3340.44亿元，同比增长 101.21%；定增项目募资总规模达2122.62亿元，同比增长123.40%，A股股权融资市场仍展现 出稳健的内生增长动力。 从券商承销角度来看，中信证券以1864.47亿元的总承销金额位居承销金额榜榜首，承销数量48 起；中银证券以1315. ...

2025年前三季度， 中资企业 IPO 数量和规模较2024年同期均显著上升，募集资金总额为2215.31亿元。值得注意的是，港股市场已经成为中资企业IPO 主要融资渠道 。 中资企业全球市场IPO 1.1中资企业全球IPO数量 Wind数据显示，2025年前三季度，中资企业全球市场共完成IPO上市197起（A股按网上发行日期，港股及美股市场按首发上市日期，下同），数量较 2024年同期增加了46起 。 分季度来看，三个季度分别完成65起、65起和67起，较2024年同期不同程度上升。 1.2 中资企业全球IPO募资金额 2025年前三季度，中资企业全球IPO募资规模为2215.31亿元，较2024年前三季度上升95.86%。其中一季度募资规模358.45亿元，二季度募资规模 1075.75亿元，三季度募资规模781.11亿元 。 1.3 中资企业分市场IPO数量 2025年前三季度，具体到各市场来看，A股市场IPO上市76起，较2024年同期增加7起；港股市场IPO上市63起，较2024年同期增加21起；海外市场完成 IPO上市58起，较2024年同期增加18起 。 1.4 中资企业分市场IPO募资金额 2 ...

2025 年前三季度 A 股市场强势运行， 主要股指累计涨幅均超 10% ，创业板指、科创 50 指数双双领涨，累计涨幅均达 51.2% ，北证 50 指数累计上涨 47.29% 。 有色金属累计涨幅达 65.52% ，位居行业涨幅榜榜首， 硬件设备、半导体涨幅均超 50% 。此外， 人工智能、有 色稀土、机器人等概念持续活跃，成为 前三季度资本市场焦点。 市场篇 1.1 A 股主要股指表现 前三季度 A 股主要股指均呈上涨态势。创业板指、科创 50 指数双双领涨，累计涨幅均达 51.2% ，北证 50 指数累计上涨 47.29% ，深 证成指、中证 1000 、万得全 A 指数累计涨幅均超 20% ，分别为 29.88% 、 27.15% 、 26.43% ，沪深 300 、上证指数、上证 50 指数累计涨幅均超 10% 。 前三季度，人工智能、有色稀土、机器人等概念表现强势。光模块（ CPO ）指数走势最为强劲，前三季度累计涨幅达 116.20% ，覆铜 板、人工智能 + 指数、光芯片、光通信指数均涨幅居前，累计涨幅分别为 114.60% 、 98.89% 、 96.36% 、 91.82% ；稀土指数、 ...

2025年三季度市值500强企业平均市值、中位数市值和最低市值分别为1878亿元、861亿元和450亿元，较2025 年上半年分别增长277亿元、169亿元和95亿元。 2025年三季度共有55家新面孔跻身市值500强，其中，紫金黄金国际、华电新能、奇瑞汽车、屹唐股份、联合 动力为新上市公司，上纬新材、药捷安康-B、东芯股份、海博思创等公司市值排名增幅居前。 1. 500强上市地分布 从2025年三季度入围市值500强公司上市地来看，上海（247家，+4家），深圳（151家，+1家），香港（188 家，-2家）、纽约（35家，-1家）、伦敦（3家，-1家）、 新加坡（1家）。2025年三季度以来，在科技板块的 带动下，A股和港股均大幅上涨，上海、深圳、香港、纽约总市值均录得双位数增长。 Wind最新发布2025年三季度"中国上市企业市值500强"榜单，腾讯控股、阿里巴巴、工商银行位列市值榜前三 名。市值超1万亿元的企业有14家，与2025年上半年持平。市值超万亿企业中，阿里巴巴、宁德时代、工业富 联排名分别提升3位、7位和19位。 | 上市地 | 入围公司数(家) | 总市值(亿元) | | --- | -- ...

Core Insights - The ABS market in China saw a total of 1,777 new issuance projects in the first three quarters of 2025, with an issuance scale of 16,336 billion yuan, representing a 17% increase from 14,007 billion yuan in the previous year [6][2]. Market Overview - As of the end of the first three quarters of 2025, the cumulative market size reached approximately 33,810 billion yuan, with credit ABS at 4,017 billion yuan, enterprise ABS at 21,405 billion yuan, ABN at 6,348 billion yuan, and public REITs at 2,040 billion yuan [4]. Credit ABS - In the credit ABS segment, 172 new projects were issued, totaling 1,866 billion yuan, a 2% decrease year-on-year. The largest issuance came from non-performing loans, with 134 projects totaling 634 billion yuan, followed by personal auto loans with 17 projects totaling 536 billion yuan [8][6]. Enterprise ABS - The enterprise ABS market saw 1,127 new projects issued, totaling 9,951 billion yuan, which is a 22% increase compared to the previous year. The largest issuance was in financing lease receivables, with 214 projects totaling 2,163 billion yuan, followed by corporate receivables with 160 projects totaling 1,497 billion yuan [10][6]. ABN - The ABN market had 460 new projects issued, totaling 4,157 billion yuan, marking an 18% increase year-on-year. The largest issuances were in bank/internet consumer loans, with 159 projects totaling 1,415 billion yuan, followed by general small loan receivables with 114 projects totaling 1,038 billion yuan [11][6]. Underwriting Rankings - In the underwriting rankings for the first three quarters of 2025, CITIC Securities led with 390 projects and a total underwriting amount of 1,851 billion yuan, followed by Guotai Junan with 328 projects totaling 1,449.9 billion yuan, and Ping An Securities with 208 projects totaling 1,231.2 billion yuan [15][14]. Detailed Underwriting Performance - In the credit ABS market, China Merchants Securities ranked first with 86 projects totaling 314.4 billion yuan, followed by CITIC Securities with 81 projects totaling 295.2 billion yuan [21][23]. - In the enterprise ABS market, CITIC Securities topped the rankings with 222 projects totaling 1,239.8 billion yuan, followed by Ping An Securities with 182 projects totaling 1,177.4 billion yuan [25][26]. ABN Market Rankings - In the ABN market, China Merchants Securities led with 80 projects totaling 413 billion yuan, followed by Bank of China with 90 projects totaling 356.1 billion yuan [29][30]. Asset Class Rankings - The top three asset classes by issuance scale are bank/internet consumer loans, financing leases, and general small loans, with detailed underwriting statistics available for these categories [33].

1 、 10 月起，一批新的法律法规和制度将开始施行，其中，新修订的反不正当竞争法将规制 " 全网最低价 " 等网络不正当竞争行为， 铁路、民航 10 月 1 日起全面使用电子发票，永久基本农田保护红线管理办法明确禁止擅自调整保护红线，互联网平台企业将首次正式报送平台内经营者和从业人员的身份信 息、收入信息。 2 、 证监会、财政部就《证券期货违法行为吹哨人奖励工作规定（征求意见稿）》公开征求意见。 征求意见稿较大幅度提高奖励标准，奖励金额由案件 罚没款金额 1% 提升为 3% ，提供重大违法行为线索的奖金上限从 10 万元提升为 50 万元，案件线索有重大影响等情况的每案奖金上限统一提升至 100 万 元，可奖励案件条件从罚没款金额 10 万元提升为 100 万元。 1 、 国家统计局公布， 9 月中国制造业 PMI 为 49.8% ，环比上升 0.4 个百分点； 非制造业 PMI 为 50.0% ，下降 0.3 个百分点；综合 PMI 产出指数为 50.6% ，上升 0.1 个百分点，我国经济总体产出扩张略有加快。 2 、消费领域迎来利好政策。 财政部、商务部宣布，开展消费新业态新模式新场景试点和国际化消 ...

Group 1 - The Central Political Bureau of the Communist Party of China emphasized the need for high-quality development during the 15th Five-Year Plan period, focusing on new development concepts and effective market-government collaboration [2] - The National Development and Reform Commission announced a new policy financial tool with a scale of 500 billion yuan, aimed at leveraging investments of approximately 6 trillion yuan [2] Group 2 - The U.S. Department of Commerce issued new export control rules affecting subsidiaries of companies on the "Entity List," which China firmly opposes [3] - Japan updated its export control list, adding several Chinese companies, which China also condemned [3] - The tourism industry in China showed rapid recovery post-pandemic, with domestic travel reaching 3.285 billion trips and total spending of 3.15 trillion yuan in the first half of the year [3] Group 3 - The State Taxation Administration will strictly investigate illegal charges by internet platform companies starting October 1 [4] - From January to August, state-owned enterprises reported total operating revenue of 5.396 trillion yuan, a year-on-year increase of 0.2%, while total profits decreased by 2.7% [4] - The total social logistics volume in China reached 229.4 trillion yuan from January to August, with a year-on-year growth of 5.2% [4] Group 4 - The A-share market experienced fluctuations, with significant gains in brokerage stocks and sectors like lithium battery materials and solar energy [5] - The Hong Kong Hang Seng Index rose by 1.89%, with notable increases in Chinese brokerage stocks and the non-ferrous metals sector [5] - Over 60% of private equity institutions plan to maintain high positions in the market, indicating positive expectations for the post-holiday market [5] Group 5 - The capital market is taking a "zero tolerance" approach towards financial fraud, with penalties reaching 41.4 billion yuan during the 14th Five-Year Plan period [6] - The launch of stock-bond constant ETFs is anticipated by the end of the year, with several fund companies preparing for this [6] Group 6 - The mechanical industry aims for an average annual revenue growth rate of around 3.5% from 2025 to 2026, targeting a revenue surpassing 10 trillion yuan [9] - Real estate companies in Beijing are accelerating project launches, with 25 pre-sale permits issued since September, providing nearly 6,000 housing units [9] - The China Household Electrical Appliances Association has issued a call to oppose unfair competition practices [9] Group 7 - The U.S. Federal Reserve officials expressed concerns about inflation remaining above target levels, impacting monetary policy decisions [14][15] - The U.S. housing market showed signs of recovery, with a 4% month-on-month increase in the existing home sales index for August [15] Group 8 - The international precious metals market saw a general increase, with COMEX gold futures rising by 1.42% [21] - U.S. oil prices fell, with the main contract down 3.86% due to rising global supply expectations [21] Group 9 - The onshore RMB appreciated against the USD, closing at 7.1202, reflecting a 143 basis points increase [22] - The National Foreign Exchange Administration reported that China's banking sector had a net foreign asset of 2.344 trillion USD as of June [22]

1. 公开市场操作 央行 9 月 29 日以固定利率、数量招标方式开展了 2886 亿元 7 天期逆回购操作，操作利率 1.40% ，投标量 2886 亿元，中标量 2886 亿 元。 Wind 数据显示，当日 2405 亿元 逆回购到期 ，据此计算，单日净投放 481 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整体平稳均衡，季末结构性矛盾凸显，月内隔夜资金充沛，跨季资金价格仍居高；存款类机构隔夜回购加权利率回到逼近 1.3% 一 线，为逾两年低点。 （IMM） 海外方面，最新美国隔夜融资担保利率为 4.18% 。 // 债市综述 // （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） 3. 同业存单 全国和主要股份制银行一年期同业存单二级市场上最新成交在 1.685% 附近。 （*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 | | 1 Y | 2Y | ЗУ | 54 | 7Y | 10Y | | | --- | --- | --- | --- | --- | --- | --- | --- | | 国債 | 1.3550 0 ...

股东名册是确认股东合法权益的重要依据。通过本次合作，托管企业可选择是否授权公示股东名册，一 旦授权，相关信息将通过万得企业库GEL（ 登录Wind金融终端-全球企业库-快捷命令 G E L ，或浏览器 访问独立Web版：gel.wind.com.cn）实时、透明地展示，包括股东姓名（名称）、持股数量及持股比例 等内容。这一机 制不 仅实现了信息的及时更新，也使得股东名册 " 对内具备资格认定效力，对外具 备公示对抗效力 " ，切实解决了中小企业在股权转让、融资增信等场景下的信息不对称问题。 | 金 球 发 家 8.71 11 | 上海复旦科技园设份有限公司 | 0 | | | | | | 企业数据浏览器 全部功能 | VIP服务 | 用户中心 202 English | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 上海复日科技园股份有限公司 企业详情 | | | | | | | | 、七, 报告 | 合收藏 | 反语 -- All 企业 | | | 搜索引擎 | V = 股东信息 | | | | | ...