券中社 × 券商中国 券 中 社 扫码下载券中社APP 扫码关注券商中国公众号 quanshangcn qzs.stcn.com 舞中 券中社APP 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 。 责编：刘珺宇 校 对：陶谦 百万用户都在看 见证历史！集体大涨！ 突发！A股公司董事长，被留置！ 突然！尾盘，多只牛股异动！发生了什么？ 大爆发！两大利好来袭！ 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 据参考消息援引美国《新闻周刊》网站9月24日报道，近日，美国在大西洋的一艘潜艇上试射了四枚不配备战 斗部的、可携带核弹头的导弹。 潜射弹道导弹及其发射平台弹道导弹潜艇，与陆基洲际弹道导弹和可携带核武器的轰炸机一样，是美国核力量 的一部分。五角大楼表示，这种"核三位一体"旨在威慑对手，并在威慑失败的情况下实现美国的目标。 来源：参考消息 看券商中国 知天下 ...

监控视频。依据《中华人民共和国未成年人保护 法》《公共安全视频图像信息系统管理条例》等 法律法规,学校监控视频涉未成年人隐私,依法 不予公开。 3. 关于批评、惩戒学生情况。9月1日至12 日在校期间,林某某多次违反班级管理要求,田 某某对其批评16次,其中,9月10日11时07分, 林某某听课时随意翻书,田某某将其书本扔在地 上,属于教育行为失当;罚站7次,其中,9月8日, 课间操时间将其拉出队伍罚站,9月11日,上课 时间2次罚站超出《中小学教育惩戒规则》时限 要求。同时,田某某对违反班级管理要求的其他 学生也有批评和罚站行为。 4. 关于网传让学生趴在地上捡姓名桌牌情况。 监控视频显示,9月2日13时27分36秒,田某某 发现林某某午休时存在说话、起立等行为,遂上 前手持其纸质姓名桌牌敲击课桌予以批评。其间, 田某某多次扔摔桌牌并要求林某某捡起,林某某 坐在椅子上弯腰捡起桌牌4次,田某某捡起2次, 不存在网传"趴在地上捡桌牌"情况。 5. 关于网传多次"扇耳光"情况。监控视频 显示,9月2日13时27分58秒,田某某在多次摔 姓名桌牌时,情绪激动,右手拍打林某某左上臂 外1次 据新黄河客户端消息，9月2 ...

金融安全是维护金融消费者权益的第一道防线，更是社会稳定发展的坚实基础。近年来，随着金融产品日趋复 杂、诈骗手段不断翻新，提升公众金融素养和风险防范能力已成为金融机构的重要社会责任。 2025年"金融消费者权益保护教育宣传周"期间，中国建设银行深圳市分行（以下简称"深圳建行"）以"保障金 融权益 助力美好生活"为核心主题，充分发挥金融机构专业优势，创新构建线上线下全覆盖、多场景深融合、 重点群体精准触达的"陆空一体"金融教育传播体系，将金融知识送进社区、企业、校园与交通枢纽，切实提升 广大群众的金融素养与风险防范能力，助力市民筑牢金融安全"防火墙"。 构建"陆空一体"传播网：线上线下全覆盖提升金融素养 传统的单向灌输式教育已难以适应当前金融知识普及的需求，为此，该行创新推出多种沉浸式教育活动，让金 融知识在互动体验中入脑入心。 举办"理财三适当原则"大讲堂是该行的宣传周的活动之一。活动邀请行业专家现场解读适当性原则，通过"知 识传导+案例情景模拟"的形式，帮助社会大众树立正确的投资理念。参与活动的市民纷纷表示，通过情景模 拟真正理解了风险匹配的重要性，对选择投资产品很有帮助。 针对老年群体，该行特别设计了"银龄 ...

Core Viewpoint - The Trump administration is considering a new semiconductor policy that requires domestic semiconductor production to match imports, with potential tariffs of up to 100% for non-compliance, highlighting ongoing trade tensions and the importance of domestic manufacturing [1][3][4]. Group 1: Semiconductor Policy - The proposed policy mandates that semiconductor companies maintain a 1:1 ratio of domestically produced chips to imported chips, with significant tariffs for those who fail to comply [3]. - Discussions between U.S. Commerce Secretary Howard Lutnick and semiconductor executives indicate a focus on reducing reliance on foreign chip production due to economic security concerns [3][4]. - Companies like Apple and Dell may face challenges in tracking chip sources and balancing production between the U.S. and overseas, while firms like TSMC and Micron Technology could benefit from increased domestic production [3][4]. Group 2: Tariff Implications - A new round of tariffs announced by Trump is set to take effect on October 1, with average tariff rates rising from approximately 2.5% at the beginning of the year to around 21% [5]. - The OECD predicts that the overall effective tariff rate on U.S. imports has increased from 15.4% in mid-May to 19.5% by the end of August, marking the highest level since 1933 [6]. - The impact of tariffs on economic activity is expected to grow, with potential further increases in tariffs posing risks to economic growth and stability [6].

Core Viewpoint - The overall asset quality of the banking industry in China remained stable in the first half of 2025, with a slight decrease in the overall non-performing loan (NPL) ratio, but significant regional disparities in credit quality persist [1][2][3]. Summary by Sections National Overview - As of June 2025, the national commercial banks' NPL ratio was 1.49%, showing a minor decrease of 0.01 percentage points from the beginning of the year [4]. - Among 25 regions, 16 reported an increase in NPL ratios compared to the start of 2025, although most remained below the national average, indicating overall risk is manageable [2][3]. Regional Performance - Regions like Gansu, Shanghai, Heilongjiang, and Hebei saw improvements in their NPL ratios, with Gansu's ratio dropping from 2.56% at the end of 2024 to 2.31% by mid-2025, a decrease of 0.25 percentage points [7]. - In contrast, provinces such as Guangdong, Zhejiang, and Jiangsu experienced slight increases in their NPL ratios, highlighting a clear divergence in credit quality across regions [10][11]. Specific Regional Data - The NPL ratios for various regions as of June 2025 include: - Gansu: 2.31% (down 0.25) - Shanghai: 0.90% (down 0.12) - Guangdong: 1.62% (up 0.10) - Zhejiang: 0.82% (up 0.07) [4][5][10]. Banking Sector Insights - State-owned banks and joint-stock banks maintained low NPL ratios of 1.21% and 1.22%, respectively, with slight improvements noted [14][15]. - The pressure on asset quality is more pronounced in retail and small micro-enterprise loans, with analysts indicating that the overall risk in corporate loans remains manageable [13]. Trends in Non-Performing Loans - The transfer of non-performing loans has seen significant activity, with the total amount of non-performing loans listed for transfer reaching 667 billion yuan, a year-on-year increase of 108.8% [13]. - The increase in NPL ratios in economically developed regions is attributed to the large credit base and the gradual clearing of risks in certain industries [12].

Core Viewpoint - The Federal Reserve is experiencing deepening internal divisions regarding future interest rate adjustments, with contrasting views among officials on the necessity and timing of rate cuts [2][3][7]. Group 1: Divergent Views on Rate Cuts - Kansas City Fed President Jeffrey Schmid expressed concerns that excessive rate cuts could hinder inflation from returning to the Fed's 2% target, indicating that the current policy stance is only slightly restrictive [2][3]. - Chicago Fed President Austan Goolsbee voiced unease about aggressive rate cuts, fearing they could obstruct the return of inflation to target levels, and highlighted signs of stagflation risks [5][6]. - Fed Vice Chair Michelle Bowman and new board member Stephen Milan advocated for more aggressive rate cuts, with Milan suggesting a rapid adjustment to neutral rates through a series of 50 basis point cuts [7][8]. Group 2: Current Economic Indicators - Schmid noted that while inflation remains high, the labor market is cooling, and he emphasized a data-dependent approach to future rate decisions [4]. - Goolsbee pointed out that the current economic environment shows signs of stagflation, and he remains open to further rate cuts if data supports a stable employment outlook and inflation returning to 2% [5][6]. - Daly, the San Francisco Fed President, expressed support for the recent rate cut and anticipated further reductions, asserting that the economy is not heading towards recession [9].

9月25日晚间，浙江品控科技管理有限公司发布讣告，宣告公司及浙江电商检测有限公司董事长张飞南于2025年9月21日因意外离世，终年40岁。 据创业邦此前报道，浙江电商检测有限公司母公司浙江品控科技管理有限公司于2021年5月22日宣布完成A轮融资，该轮融资由杭州谦寻电子商务有限公司、上海聚 水潭网络科技有限公司、浙江从容喜乐科技发展有限公司、杭州遥望网络科技有限公司联合战略投资。 综合自： 浙江品控科技管理有限公司、创业邦 责编：罗晓霞 校 对：王锦程 百万用户都在看 大爆发！两大利好来袭！ 盘中，集体异动！刚刚，见证历史！ 见证历史！集体大涨！ 杀疯了！9万亿元！ 突然！尾盘，多只牛股异动！发生了什么？ 邮箱：bwb@stcn.com 违法和不良信息举报电话：0755-83514034 ...

汽车股，集体异动！ 今日，汽车产业链大幅异动，迪生力、万向钱潮、天汽模等多股盘中直线拉升至涨停。赛力斯也一度触及涨 停，总市值突破2600亿元，股价再创历史新高。 有券商指出，下半年，随着市场价格战缓和，乘用车企盈利空间有望修复。而在零部件端，下半年强势新品密 集，有望拉动对应供应商业绩。 汽车产业链走强，多股直线涨停 在高位盘整多日之后，汽车产业链今日集体异动，跃岭股份、迪生力、万向钱潮、天汽模、曙光股份、成飞集 成等盘中直线拉升至涨停。美晨科技、英利汽车、凯众股份、浙江世宝等纷纷跟涨。 9月24日，中国汽车流通协会披露的数据显示，9月1—21日，全国乘用车市场零售119.1万辆，同比增长1%， 较上月同期增长8%，今年以来累计零售1595.5万辆，同比增长9%。9月1—21日，全国乘用车新能源市场零售 69.7万辆，同比增长10%，较上月同期增长11%，全国乘用车新能源市场零售渗透率58.5%，今年以来累计零售 826.7万辆，同比增长24%。 机构看好板块投资机会 乘联分会秘书长崔东树日前发文透露，2025年8月中国汽车实现出口76.4万辆，同比增长25%，环比增长12%； 1—8月中国汽车实现出口49 ...

湘财股份吸收合并大智慧进展迅速。 继宣告尽调完成3天后，9月25日晚间，湘财股份发布换股吸收合并大智慧并募集配套资金暨关联交易报告书（草案）。具体而言，湘财股份拟换股吸收合并大智 慧，湘财股份的A股换股价格为7.51元/股，大智慧的A股换股价格为9.53元/股。换股吸收合并中，按照换股比例1:1.27计算，湘财股份拟发行的股份数量合计为22.82 股权变动方面，在不考虑募集配套资金的情况下，此次交易后，大智慧注销，原大智慧实控人张长虹及其一致行动人从未持有湘财股份到持有湘财股份总股本 17.32%，而湘财股份实控人黄伟及其新湖控股一致行动人，持有比例从此前的40.37%降低至22.45%，黄伟仍为实控人。 今日开盘，湘财股份一度大涨超7% ，截至券商中国发稿，报12.86元/股，总市值超366亿元；大智慧一度涨超4%，截至券商中国发稿，报15.91元/股。 吸收合并草案出炉 湘财股份吸收合并大智慧正在加速。 9月22日，湘财股份宣告相关审计尽调工作基本完成，9月25日晚间，吸收合并草案即出炉。 草案详细披露，湘财股份拟换股吸收合并大智慧。湘财股份的A股换股价格为7.51元/股，大智慧的A股换股价格为9.53元 ...

Core Viewpoint - Since September, local small and medium-sized banks have been continuously lowering deposit interest rates to alleviate net interest margin pressure and follow the lead of larger banks [1][3]. Group 1: Deposit Rate Adjustments - On September 25, several banks in Henan, including Luoyang Rural Commercial Bank, announced reductions in RMB deposit rates, with the highest cut reaching 35 basis points [2][3]. - The new rates for fixed-term deposits at Luoyang Rural Commercial Bank are now 0.75% for three months, 1.00% for six months, 1.30% for one year, and 1.35% for two years, reflecting a reduction of 15 basis points [3]. - Other banks, such as Jieyang Rural Commercial Bank and Shanghai Huarui Bank, have also lowered rates across various deposit products, indicating a broader trend among local banks to adjust rates following national banks [3]. Group 2: Retail Deposit Trends - There is a noticeable outflow of retail deposits as customers shift to investment products with higher returns, such as cash management and fixed-income bank wealth management products, which offer annual yields of 2% to 3% [2][5]. - Retail deposit growth has significantly slowed, with banks facing challenges in attracting new customers and retaining existing deposits [5][6]. - Data shows that major banks like China Merchants Bank and Ping An Bank experienced a decline in retail deposit growth rates in the first half of 2025 compared to the same period in 2024, with decreases of 3.43 and 3.73 percentage points, respectively [8]. Group 3: Wealth Management Strategies - In response to declining retail deposits, banks are focusing on expanding their wealth management services, leveraging the recent bullish trends in capital markets [9][10]. - Wealth management products, particularly those linked to equity funds, are becoming key revenue drivers for banks as they seek to retain customer assets [9]. - The "fixed income plus" product category is seen as a new pathway for banks to attract deposits in a low-interest-rate environment, highlighting the need for diversified investment options [10].