Core Viewpoint - The article emphasizes the role of the securities industry in supporting the real economy through innovative financial services, particularly focusing on technology finance as a key driver for high-quality development [2]. Group 1: Technology Finance as a Core Engine - Technology finance is identified as a crucial support for activating innovation and nurturing new productive forces, serving as a strategic high ground for companies like AVIC Securities [2]. - AVIC Securities aims to explore a unique financial service path for national defense construction by leveraging its military enterprise background and focusing on technology finance [2]. Group 2: Constructing a Technology Finance Service System - AVIC Securities is enhancing its service system to meet the diverse needs of technology enterprises throughout their lifecycle, emphasizing a research-driven service model [3]. - The company is deeply engaged in the military industry, focusing on advanced fields such as aviation equipment manufacturing and low-altitude economy, while enhancing its research team's capabilities [3]. - AVIC Securities promotes a collaborative service model that integrates research, investment, investment banking, and wealth management to create a comprehensive service system [3]. Group 3: Full-Chain Service Ecosystem - The company is innovating a new service model termed "1+4+3+N," which focuses on key scenarios such as technology innovation and weaponry equipment, providing customized solutions through cross-departmental expert teams [4]. - This model aims to create a financial service closed loop that covers the entire lifecycle of enterprises, ensuring precise financial support for technology finance [4]. Group 4: Empowering Manufacturing and Technology Innovation - AVIC Securities is committed to driving the upgrade of the aviation industry chain and facilitating the transformation of technological achievements, supporting the core needs of military enhancement and technological innovation [5]. - Since the 14th Five-Year Plan, the company has facilitated direct financing of 47.6 billion yuan for the China Aviation Industry Group, marking a 28.3% increase compared to the previous five-year period [5]. - The company is actively involved in enhancing the service capabilities for technological innovation and addressing key technological challenges [5]. Group 5: Enhancing Supply Chain Resilience - AVIC Securities is focusing on "hard technology" investments to enhance the resilience and security of the aviation industry supply chain, addressing upstream capacity bottlenecks [6]. - The company is also involved in market value management services to improve the investment value of listed companies, coordinating capital operations and industry collaboration [6]. Group 6: Promoting High-Tech Industry Clusters - Under the national strategy for regional coordinated development, AVIC Securities is leveraging its product innovation to empower high-tech industry clusters in regions like Chengdu and Zhengzhou [7]. - The company has successfully launched the first public REITs projects in clean energy and photovoltaic sectors, optimizing asset structures and enhancing financing channels for green projects [7]. - AVIC Securities is building a collaborative ecosystem involving industry, government, and finance to support the development of high-tech industry clusters [7]. Group 7: Regional Collaborations - In Chengdu, AVIC Securities has signed cooperation agreements with local governments and enterprises to attract quality projects in aviation technology and military electronics [8].

责编：刘珺宇 校 对：刘榕枝 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？ 巴西当地时间9月23日，北京大学建筑与景观设计学院俞孔坚教授不幸遭遇坠机身亡，终年62岁。澎湃新闻从 北京大学有关人士方面确认了这一噩耗。 与俞教授同机的还有巴西电影导演路易斯·费雷斯，纪录片导演鲁本斯·克里斯平，以及飞行员马塞洛·佩雷拉· 德·巴罗斯，他们乘坐的小型飞机在南马托格罗索州潘塔纳尔地区的阿基道阿纳市坠毁，无人生还。据悉，俞 孔坚教授此行是在潘塔纳尔地区拍摄纪录片《海绵星球》。 俞孔坚，1963年生，浙江金华人。1987年获北京林业大学园林专业硕士学位，1995年获哈佛大学设计学博 士学位，1997年回国后先后创办了北京大学建筑与景观设计学院并担任首任院长，创办了国际获奖期刊《景 观设计学》并任主编，并创办了国家甲级设计机构土人设计Turenscape。 2012年他当选美国景观设计师协会会士（ASLA Fellow）；2016年当选美国艺术与科学院院士；2020年获 世界风景园林联合会授予的最高荣誉——IFLA杰弗里･杰里科爵奖，表彰其"为改善社会和人居环境 ...

Core Viewpoint - The Chinese pharmaceutical industry is experiencing a significant transformation driven by technological breakthroughs and demographic changes, leading to a shift from a reliance on license-in to license-out strategies, positioning Chinese companies as key players in the global market [2][4][11]. Group 1: Industry Trends - The Hong Kong pharmaceutical sector is witnessing a surge, with ETFs tracking the Hang Seng Biotechnology Index showing strong performance, indicating a structural change in the industry [1][3]. - Innovation drugs are becoming a major investment theme for 2025, with significant year-to-date gains in related indices, highlighting the leading role of companies like WuXi Biologics and BeiGene [4][5]. - The Chinese pharmaceutical industry now ranks second globally, with approximately 30% of innovative drugs under development worldwide, and a notable increase in the approval rate of new drugs [8][9]. Group 2: Technological Advancements - The advent of CRISPR gene editing and AI technologies is revolutionizing drug development, significantly reducing research and development cycles and enhancing the capabilities of Chinese pharmaceutical companies [2][7]. - The emergence of platform technologies such as ADCs, bispecific antibodies, and cell therapies is opening new avenues for drug development, contributing to the increased competitiveness of domestic biotech products [7]. Group 3: Market Dynamics - The market is currently experiencing a revaluation of innovative drug companies, with many leading firms turning profitable and their valuations being reassessed positively [7][11]. - The increase in license-out transactions indicates a shift in the global innovation chain, with Chinese companies now accounting for over 51% of the total transaction value in the BD market [11]. Group 4: Policy and Financial Environment - Supportive policies, including stable medical insurance negotiations and expedited drug approval processes, are fostering an environment conducive to innovation [8]. - The easing of monetary policy, including interest rate cuts by the Federal Reserve, is providing a favorable financing environment for biotech companies, further enhancing their growth prospects [8]. Group 5: Investment Opportunities - The Hang Seng Medical ETF and the Hong Kong Stock Connect Medical ETF are emerging as attractive investment vehicles, providing exposure to core assets in the Hong Kong pharmaceutical sector [3][15]. - The recent restructuring of the Hang Seng Biotechnology Index has improved its focus on leading companies in the biotech field, enhancing its investment appeal [14][15].

Core Viewpoint - The article discusses the escalating tensions between Russia and Ukraine, highlighting recent military actions and political statements that indicate a deteriorating relationship between the two nations and their interactions with the United States [1][2][12]. Group 1: Military Actions - Ukrainian forces conducted a drone attack on the Russian port city of Novorossiysk, resulting in 2 deaths and multiple injuries, with damage to residential buildings and a hotel [4][6]. - The Russian military retaliated against Ukrainian training units, using two Iskander missiles, which led to casualties among Ukrainian personnel [8]. - Russia's defense ministry reported strikes against Ukrainian special forces and military facilities in response to attacks on Crimea, including drone storage sites and military enterprises [10][9]. Group 2: Political Statements - Russian presidential spokesperson Peskov stated that attempts to normalize U.S.-Russia relations have yielded minimal results, with significant issues remaining unresolved [12]. - U.S. President Trump expressed a belief that Ukraine could regain its territory with EU and NATO support, while also indicating continued U.S. military assistance to NATO allies [12]. - Ukrainian President Zelensky expressed willingness to meet with President Putin in various locations, excluding Moscow, which he views as a tactic to delay discussions [13]. Group 3: Economic Implications - The European Union is considering raising import tariffs on Russian oil, although no specific timeline has been provided [16][17]. - Hungary and Slovakia continue to import significant amounts of Russian oil, despite pressure from the U.S. to halt such purchases [18]. - The EU is also planning to provide compensation loans to Ukraine, potentially amounting to €130 billion [19].

Core Viewpoint - The semiconductor industry is experiencing a significant rally, driven by strong market sentiment and positive developments in the sector, indicating a shift towards more certain investment directions [1][6][8]. Market Performance - On September 24, major A-share indices rose, with the Shanghai Composite Index up 0.83% and the Shenzhen Component Index up 1.8%. The ChiNext Index reached a three-year high, and over 4,400 stocks in the market saw gains [3]. - The semiconductor sector led the market surge, with over 20 stocks hitting the daily limit, including Jiangfeng Electronics and Changchuan Technology, both up 20% [3][5]. Fund Activity - Jiangfeng Electronics was favored by public funds, with a holding ratio of 16.56% among 308 fund products as of the end of Q2 [3][5]. - Several ETFs related to semiconductors saw significant gains, with the GT Fund's semiconductor ETF achieving a record daily trading volume of 1.987 billion yuan [5]. Positive Industry Developments - Goldman Sachs raised the 12-month target price for SMIC's H-shares from 73.1 HKD to 83.5 HKD, citing strong long-term demand for AI chips in China [6]. - Alibaba's CEO announced plans to invest 380 billion yuan in cloud computing and AI infrastructure over the next three years, indicating a substantial increase in demand for semiconductor-related products [7]. Industry Trends - The semiconductor equipment and materials sector is expected to see a long-term increase in domestic production rates, benefiting companies in this space [8]. - The current semiconductor industry is entering a "second upcycle," with a focus on identifying high-quality companies that can sustain growth through market fluctuations [8].

Core Viewpoint - Global institutional investors are increasingly optimistic about the growth prospects of emerging markets, particularly in Asia, as indicated by HSBC's latest "Emerging Market Investment Intentions Survey" [1] Group 1: Investor Sentiment - Over 60% of surveyed institutional investors believe that emerging market stocks will outperform developed markets, an increase from 49% in June [3] - The proportion of investors holding a bullish view on emerging markets has risen from 44% in June to 62%, while bearish sentiment has halved to 7% [3] - More than half of the respondents are optimistic about the prospects of the Chinese stock market, significantly up from about one-third in June [3][4] Group 2: Market Risks and Catalysts - 28% of respondents view "tariffs and trade tensions" as the biggest downside risk for emerging markets, followed by concerns about potential recessions in major economies [5] - 33% of respondents believe that "capital flowing out of the U.S. and being reallocated" is the main catalyst for positive emerging market performance, while 19% cite the recent rebound of the Chinese stock market as a positive factor [5] Group 3: Sustainable Development - The growth momentum of the Chinese economy is seen as a crucial factor influencing the overall direction of emerging markets [6] - 81% of respondents are considering incorporating sustainable development factors into their investment strategies, indicating a long-term trend towards ESG risk management and innovation [6] - The survey collected insights from 100 investors across 100 institutions, managing a total of $423 billion in emerging market assets [6]

Group 1 - The core viewpoint of the article highlights the implementation of a trade agreement between the United States and the European Union, which includes a 15% tariff on EU imported cars and automotive products starting from August 1 [1] - The announcement was made by the Trump administration on September 24, confirming the details of the trade agreement [1] - EU Commission President Ursula von der Leyen stated that the 15% tariff rate was the best outcome achievable by the European Commission [1]

一揽子金融支持经济高质量发展的改革举措出台以来，A股市场企稳回升，基金业绩回暖，赚钱效应显 著。 一位券商营业部负责人告诉记者："政策落地后，市场交易活跃度显著提升，我所在的营业部单月新增资金量 一度超过2023年全年，不仅新增开户数攀升，还有不少休眠账户被激活。近期，A股每日交易金额维持在2万 亿元以上，经纪业务好于往年。" 在市场经历大幅回升后，个人投资者的感受变得复杂。具备一定投资经验的投资者在解套后，有的选择止盈落 袋为安，有的根据市场变化重新调整投资策略买入一些热门股，也有一些曾遭受煎熬的投资者选择在专业基金 投顾指导下定投基金。 受益于行情回升，赚钱效应显著提升，其中权益基金业绩反弹最为直观，业绩翻倍的基金批量涌现。 截至9月 23日，近一年有783只基金业绩翻倍，亏损的A股基金数量不足10只。 沉寂多时的权益基金经理迎来一场久违的"翻身仗"。一位公募基金老将告诉券商中国记者："置身百年未有之 大变局中，以新经济为代表的领域已展现出显著的产业竞争优势，其长期投资价值不断凸显。"记者注意到， 他管理超10年的基金净值在上周创下历史新高。 主动权益基金成为业绩领头羊，重回投资者视野。对于在市场高点入场 ...

券商中国 X 券中社 扫码下载 券 中 社 A P P 扫码关注券商中国公众号 quanshangcn qzs.stcn.com 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 。 来源：商务部 责编：刘珺宇 校 对：刘榕枝 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？ 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 看券商中国 知天下财经 弊中社 9月23日，商务部部长王文涛在美国纽约召开部分在美中资企业圆桌会。金融、物流、跨境电商、石化、电信、轨道交通、汽车零部件、新能源、医药等领域的十 多家在美中资企业及美国中国总商会负责人参加会议，介绍在美业务情况，并就维护企业利益、拓展务实合作等提出具体诉求和建议。 王文涛表示，两国元首战略引领为中美经贸关系发展指明了原则和方向，前期双方经 ...

中国资产集体爆发。 今晚，美股开盘后，中国资产全线走强，纳斯达克中国金龙指数大涨近4%，两倍做多中国互联网股票ETF暴 涨超6%。热门中概股普涨，阿里巴巴暴涨超10%。 目前外资机构对中国资产的关注度持续升温。其中，华尔街明星基金经理凯茜·伍德近日豪掷2100万美元买入 阿里巴巴等中概股。摩根士丹利在最新发布的报告中指出，持续看好阿里巴巴作为中国最佳AI赋能者的地 位。 与此同时，美国财长贝森特的最新讲话也引发市场关注。他表示，对美联储主席鲍威尔尚未暗示利率目标感到 惊讶，鲍威尔本应释放降息100～150个基点的信号。 中国资产大涨 北京时间9月24日晚间，美股开盘后，中国资产集体大涨，截至22:30，纳斯达克中国金龙指数大涨3.74%，两 倍做多中国互联网股票ETF暴涨超6%，三倍做多富时中国ETF大涨超4%，中国海外互联网ETF涨超3%，中国 科技ETF涨超2%。 其中，阿里巴巴暴涨超10%，创2021年10月以来的最高水平，此前公司宣布资本开支会在3800亿元基础上增加 更多投入，并与英伟达开展Physical AI合作。受此消息刺激，今日亚洲交易时段，阿里巴巴港股大幅收涨 9.16%。 另外，美国矿业 ...