Core Viewpoint - The A-share market has shown significant improvement since the implementation of a comprehensive financial policy package on September 24, 2024, with the Shanghai Composite Index reaching a ten-year high and demonstrating a clear upward trend [2]. Market Performance - As of September 20, 2025, 40 funds have doubled their net value this year, and 887 funds have increased by over 50%, with more than 12,000 funds achieving positive returns [3]. Investor Sentiment and Behavior - Over 92% of active equity fund investors reported positive returns in the past year, with 16.2% earning over 30% and 41% earning between 10% and 30% since investing [4]. - The majority of investors (72.6%) hold active equity funds, with over 80% having recouped their investments or made profits [6]. - More than 60% of investors believe that a mix of equity and bond investments is a more stable strategy, indicating an increased awareness of diversifying to mitigate return volatility [6]. Investment Strategies - Investors are shifting from passive holding to active management, with over 80% engaging in strategies like buying on dips, regular investments, or reallocating assets in response to market changes [8]. - Key strategies include: - "Buying on dips and regular investments" as a consensus for low-position accumulation, with 35.3% of investors opting for this approach and 41.7% adhering to a regular investment strategy [10]. - "Dynamic reallocation and timely profit/loss management" becoming a norm, with 31.1% of investors actively switching sectors and 21% establishing clear stop-loss/profit rules [10]. - A significant decrease in passive investors, with only 12.9% not adjusting their holdings, reflecting a new habit of dynamic portfolio optimization [11]. Market Outlook - Over 66.2% of investors are optimistic about the A-share market's performance in the next 1-2 years, with 28.8% being very optimistic [12]. - The recovery in investor confidence is attributed to favorable policies implemented since September 2024, which have injected substantial capital into the market and facilitated a shift from a financing market to an investment market [14]. - The investment goals of investors are shifting towards more stable returns, with 51% targeting a 3%-10% increase and 20.7% aiming for a 10%-20% growth [15].

Core Viewpoint - The public fund industry is experiencing a trend of fee reductions, with various funds announcing lower management and custody fees to enhance investor returns amid declining yields [2][5][6]. Fee Reductions - Tianhong Fund announced a reduction in the custody fee for its Tianhong Yu'ebao money market fund from 0.08% to 0.07% effective September 23 [1][3]. - Other funds, such as E Fund and Guoxin Guozheng, also reduced their management and custody fees, with E Fund lowering its management fee from 0.20% to 0.15% and custody fee from 0.08% to 0.05% [5]. - The overall trend in the public fund industry is towards lowering various fees, including management, sales service, and custody fees, to improve investor returns [2][5]. Market Context - Despite the fee reductions, a significant number of money market funds still maintain sales service fees at 0.25%, which could erode investor returns as yields decline [2][7]. - As of September 23, 271 out of 356 money market funds had sales service fees exceeding the regulatory cap of 0.15% [7]. - The average 7-day annualized yield for these funds is 1.12%, with 22% of the funds yielding below 1% [7]. Asset Allocation and Yield Trends - The decline in yields is attributed to the pressure on the underlying assets of money market funds, which primarily invest in bank deposits, bonds, and repurchase agreements [7]. - As of Q2 2025, the asset allocation of money market funds was 54% in bonds, 27% in bank deposits, and 18.6% in repurchase agreements, indicating a strong correlation between fund yields and market interest rates [7]. Growth in Money Market Funds - Despite declining yields, money market funds have seen consistent growth in scale, becoming a major contributor to the rise in public fund assets [8]. - Factors contributing to this growth include low entry barriers, low risk, high liquidity, and the integration of money market funds with shopping scenarios, appealing to younger investors [8].

外交部发言人郭嘉昆主持9月23日例行记者会。会上有外媒记者提问称：作为与美国关税谈判的一部分，中国 是否打算从美国增加购买大豆？ 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 F 校 对： 彭其华 百万用户都在看 炸裂！英伟达，超级大动作！ 紧急通知！停工、停业、停市、停运、停课！超强台风，即将登陆！ 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 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 , 郭嘉昆对此表示，具体问题建议向中方的主管部门进行了解。我要强调的是，关税战、贸易战不符合任何一方 的利益，双方应该在平等、尊重、互惠的基础之上 ...

Core Viewpoint - India is facing a dual blow in the stock and currency markets, with the Indian Rupee hitting a historic low against the US Dollar, primarily due to external pressures including increased H-1B visa fees and high tariffs on Indian goods [1][4][5]. Currency and Stock Market Summary - On September 23, the Indian Rupee depreciated significantly, dropping to 88.8025 against the US Dollar, marking a nearly 1% decline since the previous Thursday [1][4]. - The SENSEX30 index also experienced a downturn, with a drop of 0.47% and 0.56% on the preceding Friday and Monday, respectively [2][4]. Impact of H-1B Visa Fee Increase - The US government's decision to raise H-1B visa fees to $100,000 annually is expected to negatively impact the profitability of India's IT sector and reduce foreign exchange earnings, further pressuring the Rupee [3][4][5]. - Approximately 71% to 72% of H-1B visas are issued to Indian nationals, making this change particularly impactful for India's tech industry [3][6]. External Economic Pressures - The increase in H-1B visa fees coincides with the US imposing a 50% tariff on Indian goods, which is the highest in Asia, exacerbating the challenges faced by Indian exports [5]. - Foreign investors have withdrawn over $15 billion from the Indian stock market since 2025, indicating a lack of confidence in the Indian economy [5]. Government Response and Domestic Economic Strategy - Indian Prime Minister Modi emphasized the need for self-reliance and reducing dependence on foreign countries, particularly in technology and manufacturing sectors [7]. - The recent implementation of a new Goods and Services Tax (GST) reform aims to simplify tax rates and potentially boost domestic savings and economic activity [8].

协会表示，一直致力于动物保护事业，坚决反对任何伤害动物、破坏其生存环境的行为，主张尊重所有生命，维护动物生存与免受虐待的权利。此次事件凸显出在 追求艺术与商业利益时，对动物权益和生态环境缺乏足够考量。 近日，蔡国强、始祖鸟在青藏高原江孜热龙地区举办烟花活动一事，持续引发热议。 9月21日，蔡国强工作室与始祖鸟先后发布致歉声明。 9月23日，"中国小动物保护协会"微信公众号发文称，协会密切关注着此次事件的后续动态，此次事件，不仅引发了对艺术、商业与生态平衡的讨论，更让"普通人 如何参与动物与生态保护"成为大众关注的焦点。 文章指出，为何高原烟花争议巨大？原因在于青藏高原是藏羚羊、雪豹等珍稀物种的家园，生态系统极度脆弱。烟花产生的巨响、强光与烟雾，会导致野生动物应 激失常，可能引发逃离栖息地、母兽与幼崽失散等问题，对其生存繁衍构成直接威胁，此次活动已对当地生物多样性造成潜在冲击。 中国小动物保护协会称，坚决反对此类破坏动物生存环境的行为，强调道歉仅是开端，关键在于后续切实行动：期待第三方评估能兼顾土壤、水源等环境因素，更 要重点聚焦对动物生存繁衍的直接与间接影响；同时呼吁针对鼠兔等小型动物可能坍塌的栖息地，开展精 ...

Core Viewpoint - The article discusses the recent actions taken by the National Cyberspace Administration of China against the platforms Toutiao and UC for failing to manage harmful content, emphasizing the importance of maintaining a healthy online ecosystem [1][3]. Group 1: Actions Against Platforms - Toutiao was summoned for not fulfilling its responsibility in managing information content, leading to the display of harmful information on its trending list and related topics [1]. - UC platform faced similar scrutiny for presenting extreme and sensitive content related to violent incidents and issues concerning minors, which disrupted the online ecosystem [3]. - Both platforms were subjected to measures including warnings, deadlines for correction, and strict handling of responsible individuals, as guided by the National Cyberspace Administration [1][3]. Group 2: Regulatory Focus - The regulatory bodies are committed to addressing prominent issues that disrupt the online ecosystem, aiming to ensure platforms fulfill their social responsibilities [1][3]. - The emphasis is placed on maintaining a clear and healthy online space that aligns with the interests of the public [1][3].

Group 1 - The market regulatory authority has interviewed Huolala, emphasizing the need for strict compliance with the Anti-Monopoly Law of the People's Republic of China [1] - The company is required to implement antitrust compliance responsibilities and standardize its business practices to ensure fair market competition [1] - The regulatory body aims to protect the legitimate rights and interests of truck drivers and consumers, promoting fairness and transparency in platform rules and algorithms [1]

主流券商、机构全覆盖！科学量化，专业机构VS专业研究。由证券时报社主办、新财富杂志社承办 的2025证券时报最佳分析师投票通道开启。 2 0 2 5证券时报最佳分析师活动，严格按照相关规定和要求有序推进。活动启动以来，共有来 自近5 0家证券公司的研究及销售机构积极报名参与，并收到来自海内外超1 0 0 0家机构的投票 资格申请信息，根据活动规则，最终获得投票资格的机构名单将陆续定向通知。机构指定联 系人，可登录此前的投票资格申请系统查看具体申请结果。 3、 投票截止日： 将定向通知。 证券分析师工作成果展示 本年度将首次创新推出"证券分析师工作成果展示"平台，供市场更加全面了解券商研究综合 实 力 ， 该 平 台 将 于 投 票 启 动 前 重 磅 呈 现 。 若 您 希 望 了 解 券 商 更 多 研 究 成 果 ， 请 点 击 链 接 h tt p s://ssr. x c fmg z . c om 至成果展示系统，自行完成实名注册后查阅（不限身份类别，但须 实 名 注 册 。 展 示 系 统 非 投 票 系 统 ， 页 面 展 示 信 息 仅 供 参 考 。 年 度 候 选 人 名 单 ， 即 " 选 ...

据中国吉林网消息，吉林省人民政府近日任免工作人员。其中，里约奥运会冠军宫金杰，出任吉林省体育局副 局长。 2024年4月，宫金杰履新共青团吉林省委副书记，成为副厅级干部。直至此番重返省体育局。 看券商中国 知天下财经 来源：长安街知事 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 宫金杰出生于1986年11月，吉林省辽源市东丰县人，曾任吉林省体育局田径自行车运动管理中心主任。 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 , 她曾获仁川亚运会金牌、伦敦奥运会银牌。2016年8月，在里约奥运会上，她搭档钟天使摘得场地自行车女子 团体竞速赛桂冠，这也是中国自行车项目奥运首金。 未 经 授 权 禁 止 转 载 ， 否 则 将 追 究 相 应 法 律 责 任 。 责编：汪云鹏 校 对：许欣 百万用 ...

在9月23日举行的中国外交部例行记者会上，有外媒记者提问称：白宫周一表示，美国甲骨文公司将在TikTok 算法协议中担任安全担保人。外交部对此有何评论？ 来源：环球网 未 经 授 权 禁 止 转 载 ， 否 则 将 追 究 相 应 法 律 责 任 。 责编：罗晓霞 排版：汪云鹏 校 对：许欣 看券商中国 知天下财经 百万用户都在看 刚刚！美联储，降息大消息！ 炸裂！英伟达，超级大动作！ 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？ F 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 对此，外交部发言人郭嘉昆表示，中方此前已经阐明了关于TikTok问题的有关立场，你可以查阅。 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 , ...