自5月新政出台，券商正成为发行科技创新债券的活跃力量。 近日，中金公司公告称，获得证监会批复，向专业投资者公开发行面值总额不超过100亿元科技创新公司债券。这是中金公司年内第二次获批发行科创债。就在同 日，金融街证券成功发行首单科技创新次级债券，发行规模期限3年，票面利率2.39%，全场认购倍数为2.44倍。 截至目前，已有6家上市券商公告获批发行科创债额度合计1148亿元，有43家券商已发行598.7亿元科创债。 整体看，呈现头部券商规模高、中短期品种居多、票面 利率较低等特征。 年内券商已发行5 98 .7亿元科创债 | 公告时间 | 证券简称 | 获批规模 | 批复主体 | | --- | --- | --- | --- | | 2025-10-17 | 中金公司 | 不超过100亿元 | 证监会 | | 2025-08-21 | 东方财富 | 不超过10亿元 | 证监会 | | 2025-06-25 | 华泰证券 | 不超过100亿元 | CU央行 | | 2025-06-19 | 圆泰海道 | 一不超过150亿元 | 证监会 | | 2025-06-17 1 | 中信建投 | 不超过60亿元 | 央 ...

Core Viewpoint - The article highlights significant earnings growth reported by several A-share companies in their Q3 financial disclosures, indicating a positive trend in various sectors, particularly in technology and manufacturing [1][2]. Group 1: Earnings Growth - Dazhu CNC reported a 142.19% year-on-year increase in net profit for the first three quarters, with revenue reaching 3.902 billion yuan, a 66.53% increase [3][4]. - Yonghe Co. achieved a net profit growth of 220.39% year-on-year, with Q3 revenue of 1.34 billion yuan, up 11.42% [4]. - Jinli Permanent Magnet's net profit surged by 161.81% year-on-year, with total revenue of 5.373 billion yuan, a 7.16% increase [3][4]. - Keda Xunfei reported a Q3 net profit increase of 202.4%, with total revenue for the first three quarters at 16.989 billion yuan, a 14.41% increase [5][6]. Group 2: Sector Performance - Jinli Permanent Magnet's sales in the new energy vehicle sector reached 2.615 billion yuan, a 23.46% increase, while sales in energy-saving variable frequency air conditioning also grew by 18.48% [3]. - Dazhu CNC capitalized on the growing demand for high-tech PCB equipment, particularly in AI applications, leading to a significant increase in sales and customer recognition [4]. - Yonghe Co. attributed its performance to rising product prices due to third-generation refrigerant quotas and improved production efficiency [4]. Group 3: Strategic Developments - Ningde Times reported a revenue of 283.072 billion yuan for the first three quarters, a 9.28% increase, with a net profit of 49.034 billion yuan, up 36.20% [8]. - The company has engaged in strategic partnerships with JD Group and Dongfeng Commercial Vehicle to enhance its market position and expand its electric vehicle offerings [9].

Core Insights - The Chinese futures market has reached a significant milestone, with total funds exceeding 2 trillion yuan, marking a 24% increase from the end of 2024 [2] - The growth in the futures market reflects high-quality development, with improved product systems and broader participation from various clients [2] - The increase in funds is attributed to enhanced hedging demand from the real economy, diversification of capital market tools, and a rise in international clients [2] Market Growth - As of September 2025, the number of effective clients in the futures market surpassed 2.7 million, a 14% year-on-year increase [3] - In the first three quarters of 2025, the market added 650,000 new clients, indicating a steady growth in the client base [3] - Institutional clients grew by 3%, while overseas clients saw a more significant increase of 11%, with traders from 40 countries and regions [3] Trading Volume and Financial Derivatives - In September 2025, the national futures market recorded a trading volume of 770 million contracts and a turnover of 71.5 trillion yuan, with a year-on-year decrease in volume but an increase in turnover by 33.16% [3] - The financial derivatives market showed remarkable growth, with the China Financial Futures Exchange achieving a trading volume of 35.15 million contracts and a turnover of 29.62 trillion yuan in the previous month, marking increases of 54.59% and 89.74% respectively [4] - For the first nine months of 2025, the cumulative trading volume at the China Financial Futures Exchange was 227 million contracts, with a turnover of 18.857 trillion yuan, reflecting year-on-year growth of 31.8% and 53.26% [4] Company Performance - As of August 2025, there were 150 futures companies operating across 29 jurisdictions, with total agency trading volume reaching 65.23 trillion yuan and net profits of 12.34 billion yuan [4] - The net profit for futures companies in the first eight months of 2025 reached 7.65 billion yuan, marking a new high in recent years [4] - However, profit growth is uneven across the industry, with a concentration of growth in a few companies [4]

免去王灵桂的国务院港澳事务办公室副主任职务；免去刘小南的国家粮食和物资储备局副局长职 务。 据 人力资源和社会保障部网站1 0月 2 0日消息，国务院任免国家工作人员： 任命陈军生为国家粮食和物资储备局副局长。 券商中国 × 券 中 社 扫码关注券商中国公众号 扫码下载 券 中 社 A P P quanshangcn 舞#t 券中社APP qzs.stcn.com 券 商 中 国 是 证 券 市 场 权 威 媒 体 《 证 券 时 报 》 旗 下 新 媒 体 , 券 商 中 国 对 该 平 台 所 刊 载 的 原 创 内 容 享 有 著 作 权 , 未 经 授 权 禁 止 转 载 ， 否 则 将 追 究 相 应 法 律 责 任 。 看券商中国 知天下财经 用 券中社 12 来源：人社部网站 责编： 汪云鹏 校 对：彭其华 百万用户都在看 集体大涨！芯片，一则传闻突袭！ 突发！"华尔街一哥"，重大警告！ 刚刚，两大巨头直线拉升！人工智能，突传重磅！ 大涨167%！A股、港股，盘中异动！ 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com ...

日本股市再创新高！ 今日（10月20日），日本股市高开高走，日经225指数大涨超1600点，史上首次突破49000点，日内涨幅超过3%。 据媒体报道，日本自民党与维新会今日将签署联合执政协议，这意味着高市早苗已基本确定将在21日的首相指名选举中胜出。分析人士指出，政治不确定性的消 退，提振了日本股市。市场预计，高市早苗将推动实施低利率和增加政府支出等市场支持政策。 日本股市暴涨超16 00点 今日，亚太股市集体上涨。其中，日本股市走势强劲，日经225指数上涨超1600点并首次突破49000点关口，再创历史新高。 截至下午收盘，日经225指数报49185.5点，较前一交易日上涨1603点，涨幅达到3.37%。个股方面，软银集团大涨超8%，股价再创历史新高，总市值突破36万亿日 元。 | 日经225 L | | --- | | N225 | | んO1QE EO 今井 48332.71 最高 49185.50 最低 48254.83 | | 金额 振幅 1.96% 337% 160335 芯里 | | 昨收 47582.15 52周高 49185.50 52周低 30792.74 | | 相关基金 日经225ET ...

Core Viewpoint - The pig farming industry is experiencing a prolonged downturn, with prices continuing to decline and the entire sector facing significant losses [2][3][4]. Price Decline and Industry Losses - After the National Day holiday, pig prices have accelerated their decline, leading to widespread losses across the industry. Despite multiple government interventions, including the storage of frozen pork, the market remains unresponsive [2][3]. - On October 9, the first trading day after the holiday, the main pig futures contract closed at 11,595 yuan/ton, a single-day drop of 6.15%. By October 17, the price fell to 11,020 yuan/ton, although there was a slight rebound by October 20, remaining below 11,500 yuan/ton [3]. - The average purchase price for pigs was reported at 13.45 yuan/kg, down 3.0% week-on-week and 29.2% year-on-year, while the average ex-factory price for pork was 17.58 yuan/kg, down 2.7% week-on-week and 28.5% year-on-year [3]. - The price of pigs has dropped to 11.18 yuan/kg, a year-on-year decrease of 35.41%, which is below the cost line for most farmers [3][4]. Impact on Farmers - The continuous decline in pig prices has resulted in significant losses for pig farming operations. For instance, the largest pig farming company, Muyuan Foods, reported a sales average of 12.88 yuan/kg in September, a year-on-year decrease of 30.94% [4]. - Small and medium-sized farmers are facing increasing risks of cash flow issues, with losses per pig reaching over 50 yuan for self-bred pigs and around 150 yuan for those purchasing piglets for fattening [4]. "Luohe Sample" Support - The "Luohe Sample," a project combining insurance and futures, has been instrumental in providing financial support to farmers during this downturn. This initiative has been in place since 2021 and has helped local farmers manage their financial risks [5][6]. - The project has been successful in mitigating losses for farmers, with one farm receiving over 180,000 yuan in compensation due to price declines, demonstrating a compensation rate of nearly 364% [6][7]. - Over the past five years, the project has served approximately 239 farmers, covering 22,580 pigs, with total premiums exceeding 25.7 million yuan and project amounts nearing 400 million yuan [7][8]. Evolution of the Insurance and Futures Model - The "insurance + futures" model has evolved significantly since its introduction, becoming a crucial tool for agricultural risk management. It has expanded from pilot projects to nationwide implementation, benefiting various agricultural sectors [8][9]. - The Luohe project has not only protected local farmers' interests but has also filled gaps in traditional agricultural insurance, promoting a more integrated approach to risk management in the pig farming industry [8][9].

Macro Dynamics - Dalian Commodity Exchange will expand the range of products available for qualified foreign institutional investors starting from October 28, 2025, adding linear low-density polyethylene, polyvinyl chloride, and polypropylene average monthly price futures contracts [2] - As of October 9, 2025, the total funds in China's futures market exceeded 2 trillion yuan, reaching approximately 2.02 trillion yuan, a 24% increase from the end of 2024 [3] Company Dynamics - China Chemical reported a cumulative contract amount of 284.56 billion yuan for the first three quarters of 2025, with domestic contracts accounting for 230.91 billion yuan and overseas contracts for 53.65 billion yuan [13] - Chow Tai Fook plans to increase the retail prices of its "fixed price" gold products by approximately 12% to 18% by the end of October 2025, due to the continuous rise in gold prices [14] - Yushutech announced the release of the H2 bionic humanoid robot, which stands 180 cm tall and weighs 70 kg, showcasing its agility and elegance [15] Financial Institutions - Goldman Sachs reported that China's exports have evolved, with the overseas revenue share of listed companies increasing from 14% in 2018 to 16% currently, driven mainly by the automotive, retail, and capital goods sectors [7] Market Data - On October 20, 2025, the A-share market saw all three major indices rise, with the ChiNext Index increasing by 1.98%, and significant gains in sectors such as superhard materials and coal mining [8][9] - As of October 17, 2025, the total margin balance in the two markets decreased by 27.19 billion yuan, with the Shanghai Stock Exchange reporting a margin balance of 1.22 trillion yuan [10] - The Hang Seng Index closed up 2.42% on October 20, 2025, with notable movements in stocks such as China Eastern Airlines and Shandong Gold [11]

Group 1 - The core viewpoint of the article is that Nanchang University acknowledges a recent incident involving inappropriate recruitment materials displayed by a company at a job fair, leading to public discussion and the university's commitment to improve its recruitment oversight processes [1][2]. Group 2 - On October 16, a job fair at Nanchang University was disrupted by a company's recruitment poster that sparked online controversy, prompting immediate action from the university [1]. - The university confirmed that the company had registered on the Jiangxi Province University Student Employment Service Platform and that the job positions offered were in line with campus recruitment requirements, although the poster was not pre-approved [1]. - The university expressed regret over the oversight during the event, citing a high number of participating companies and attendees, and committed to enhancing the review of companies' qualifications and on-site inspections in the future [1].

Core Viewpoint - The aviation sector is experiencing a significant rally, with major airlines seeing substantial stock price increases due to improved operational metrics and favorable market conditions [1][3][6]. Group 1: Market Performance - Hong Kong aviation stocks rose collectively, with China Eastern Airlines up over 10%, China Southern Airlines up over 7%, and Air China up over 5% [1][3]. - The overall aviation sector in the Hong Kong market saw a 3.5% increase, with notable gains in A-shares as well [3][4]. Group 2: Operational Metrics - The Civil Aviation Administration of China reported a reduction in domestic flight slots for the upcoming winter-spring season, with decreases of 1.0% and 1.8% for 2024 and 2025 respectively [6]. - Domestic average ticket prices increased by 5.9%, and the average passenger load factor rose to 87.9%, an increase of 3.5 percentage points compared to the previous year [6]. Group 3: Industry Drivers - The recent price hikes by global shipping giants are attributed to a combination of factors, including reduced port capacity in Europe and North America, adjustments in the Red Sea and African routes, and global manufacturing restocking [6]. - The recovery in business travel demand has led to improved revenue levels, with domestic ticket prices turning positive, increasing by 3.0% compared to a decline of 6.5% in the previous months [8]. Group 4: Currency Impact - The appreciation of the Renminbi against the US dollar, reaching a new high in over 11 months, is expected to benefit the aviation sector, supported by expectations of US Federal Reserve interest rate cuts and stable domestic economic policies [9].

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