Core Viewpoint - The recent movements in the Hong Kong dollar (HKD) and interbank rates signal potential investment opportunities and market dynamics, particularly influenced by increased demand from mainland investors and favorable market conditions [1][2][4]. Group 1: HKD and Interbank Rates - On September 23, the HKD interbank rates rose significantly, with the one-month HIBOR reaching 3.91107%, an increase of 29.797 basis points, marking a four-day consecutive rise and a four-month high [2]. - The three-month HIBOR reported at 3.73881%, up by 18.107 basis points, while the overnight rate increased to 4.4525%, up by 31.821 basis points [2]. - The HKD appreciated approximately 1% against the USD over the past 30 days, a notable increase not seen since 2003 [2]. Group 2: Investment Trends - As the quarter-end approaches, mainland investors have intensified their purchases of Hong Kong stocks, leading to a rise in demand for the HKD [4]. - The KraneShares CSI China Internet ETF (KWEB) has recorded inflows for six consecutive weeks, totaling $5.99 million, the longest streak since February [4]. - Despite recent adjustments in the Hong Kong and A-share markets, analysts suggest that the long-term trend remains positive, with short-term corrections providing better entry points for investments, particularly in technology and semiconductor sectors [6][8]. Group 3: Historical Performance and Future Outlook - The Hang Seng Index has experienced its worst performance over the past decade, with an annualized return of -3.1% from 2013 to 2023, while the 10-year U.S. Treasury return was 2.4% [7]. - Historical data indicates a correlation between U.S. monetary policy cycles and the performance of the Hang Seng Index, suggesting potential for future growth as the U.S. maintains low interest rates [7][8]. - Analysts predict that the current market environment, characterized by foreign capital inflows and supportive policies, enhances the investment value of core assets in the Hong Kong market [8].

随着A股的持续回暖，私募机构的仓位水平快速攀升。 私募排排网最新数据显示，股票私募整体仓位已飙升至年内新高，其中百亿私募大幅加仓，单周加仓幅度高达 11.11%，而50亿—100亿元规模私募仓位更是创下近三年来新高，凸显出头部机构对市场的信心。 多家私募机构一致表示，在资金与信心的双轮驱动下，A股市场整体有望延续强势行情。不过当前市场结构分 化严重，部分股票短期涨幅较大，在个股层面或有回调风险。 股票私募仓位升至年内新高 9月以来，上证指数在高位盘整，深成指和创业板指表现强势，市场情绪高涨，上周两市日均成交额升至2.5万 亿，汇聚诸多高手的私募机构选择再度加仓。 私募排排网数据显示，截至2025年9月12日，股票私募仓位指数达到78.04%，较前一周的75.08%大幅上升2.96 个百分点。这一水平不仅与年内高点持平，也反映出私募整体的配置积极性正在加速提升。 从仓位分布来看，中高仓位私募占据市场主导。具体而言，60.02%的股票私募保持满仓状态，23.34%的私募 维持中等仓位，而低仓与空仓的私募合计不足两成。这意味着，大多数私募机构已经选择积极参与市场，普遍 看好后市行情。 对于此次私募大幅加仓的核心原因 ...

Core Viewpoint - Dongfeng Motor and Huawei are deepening their strategic cooperation to address industry challenges and promote innovation in corporate governance and operations [1] Group 1: Strategic Cooperation - Dongfeng Motor's Chairman Yang Qing met with Huawei's founder Ren Zhengfei and Vice Chairman Xu Zhijun to discuss enhancing strategic trust and cooperation [1] - Both parties reviewed their long-term collaboration and exchanged views on industry competition and corporate mechanism innovation [1] - Yang Qing emphasized Dongfeng's commitment to advancing in new energy and intelligent technology, aiming for continued strategic alignment with Huawei [1] Group 2: Industry Challenges and Innovations - Ren Zhengfei highlighted the importance of vehicle safety as a fundamental aspect of the automotive industry [1] - Discussions with Xu Zhijun focused on comprehensive strategic cooperation, corporate management, and talent development [1] - Huawei expressed its full support for Dongfeng's transformation and development, indicating a collaborative approach to exploring new paths for industry upgrades [1] Group 3: Future Collaboration - Dongfeng and Huawei plan to work together in product definition, intelligent technology, and marketing [1] - The collaboration aims to explore new market-oriented operational paths for state-owned enterprises [1] - This partnership is set to lay a solid foundation for future comprehensive collaboration and innovative cooperation [1]

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？ 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 同时还改善食堂的硬件条件，像保温、冷冻等硬件进行更新，推动中小学普遍成立了膳食监督家长委员会，严 肃查处了一批校园食品安全事件。可能大家也都关心，近期地方仍然出现校园食品安全问题，警示我们专项整 治任务仍然艰巨，我们将抓紧不放、持续用力，特别是压实各方责任，坚决守住孩子们"舌尖上的安全"。 来源：政事儿 责编：汪云鹏 校 对：许欣 国务院新闻办公室9月23日上午10时举行"高质量完成'十四五'规划"系列主题新闻发布会，介绍"十四五"时期加 快建设教育强国进展成效，并答记者问。 会上，教育部副部长王嘉毅表示，近几年，我们在中央纪委国家监委的直接领导下，会同有关部门开展了中小 学校园餐专项整治，制定校园食品安全指引，规范了食材采购、验收、加工、售卖等等关键环节，组织了从业 人员培训，对全国各级各类学校食堂从业人员进行培训。 券中社 × 券商中国 券 中 社 扫码下载券 ...

台风"桦加沙"逼近！ 据央视新闻，目前，今年第18号台风"桦加沙"超强台风级别已持续超40个小时，已经发展成为今年全球范围内的最强台风。"桦加沙"预计将于明日在广东深圳到徐 闻一带沿海登陆。受"桦加沙"影响，广东、广西、海南多地将会陆续下起大到暴雨，局地大暴雨。强风雨天气将持续至本周五。9月23日上午，广东防风应急响应提 升为Ⅰ级。 与此同时，广东省人民政府发布紧急动员令，要求全省迅速动员，全力投入防风防汛和抢险救灾工作。 此外，深圳市防汛防旱防风指挥部发布《深圳市防台风防汛紧急动员令（2025年1号）》，9月23日下午在全市范围内实行"五停"，其中14时起停工、停业、停市， 20时起停运，22日晚已开始停课。 深圳宣布全市停工、停业、停市、停运、停课 9月23日上午，深圳市防汛防旱防风指挥部发布《深圳市防台风防汛紧急动员令（2025年1号）》。 根据气象、水文、海洋部门预测，超强台风"桦加沙"将于23日夜间到24日非常靠近深圳市，预计9月23日夜间起对深圳市造成严重风雨浪潮洪影响。为做好超强台风 防御工作，坚持人民至上、生命至上，经市委、市政府研究决定，深圳市于2025年9月23日18时起在全市启动防台风和 ...

Core Viewpoint - The merger between Xiangcai Co. and Dazhihui is progressing, with the aim of enhancing both companies' market positions and overcoming operational challenges through strategic collaboration [1][2][3]. Group 1: Merger Details - On September 22, Xiangcai Co. announced plans to absorb Dazhihui through a share exchange, with the audit and due diligence processes nearly complete [1][2]. - The merger ratio is set at 1:1.27, meaning each share of Dazhihui will be exchanged for 1.27 shares of Xiangcai Co. [2]. - The merger will not change the control structure of Xiangcai Co., with New Lake Holdings remaining the controlling shareholder [2][3]. Group 2: Market Implications - Following the merger, Xiangcai Co.'s total share capital will increase to 5.153 billion shares, while New Lake Holdings' ownership will decrease from 40.37% to 22.4% [3]. - This merger positions Xiangcai Co. to become the third internet brokerage in the A-share market, following Dongfang Caifu and Zhina Zhen [3]. Group 3: Strategic Rationale - The merger is seen as a significant event in the ongoing consolidation trend among small and medium-sized brokerages, aiming to leverage synergies between Xiangcai Co. and Dazhihui [5]. - Dazhihui has approximately 10 million monthly active users, which could enhance customer acquisition for Xiangcai Co. post-merger [5]. - The integration aims to create an "AI advisory brokerage" by combining resources such as licenses, products, traffic, data, and technological capabilities [6]. Group 4: Leadership Insights - Xiangcai Securities' president emphasized the importance of balancing specialization, technology, and capitalization for survival in a competitive market [5]. - The merger is expected to enhance both companies' competitive advantages by integrating their business strengths and improving overall service capabilities [6].

自2024年9月24日"并购六条"政策启动实施，时间已悄然接近一年， 市场活跃度显著提升，并购重组作为资 本市场优化资源配置、服务实体经济的重要功能进一步凸显。 站在新的起点上，多家受访券商高管对未来并购重组市场发展充满信心，但也认为并购市场在审核效率、估值 包容性、投后整合、理性交易等方面仍有进一步优化空间。 在估值包容性方面，业内也有建言。徐春呼吁监管部门在估值包容性方面提供更多案例指引，特别是针对未盈 利的"硬科技"资产以及业绩承诺灵活性，以减少市场不确定性，提升项目预期。 杨雨松认为，对于非关联方之间的并购交易，建议在估值、对赌等方面更尊重买卖双方的商业谈判结果，若标 的估值方法合理、信息披露充分，不要过度干预估值高低；对于未设置业绩对赌的交易，若上市公司充分披露 风险，且标的具备核心竞争力，则应尊重市场谈判结果，无需强制要求对赌。 上市公司需避免短视行为 他们认为，需从监管、上市公司、投资机构三方协同发力，进一步优化政策环境、提升并购质量、防范市场风 险，推动并购市场实现健康可持续发展。 建言提升审核效率及包容性 并购重组审核的效率与包容性，直接关系到企业的并购意愿及市场活力。多名受访的券商人士向券 ...

Market Overview - A-shares and Hong Kong stocks experienced a sudden adjustment, with the ChiNext index initially rising nearly 1.6% before turning negative, and the Shanghai Composite Index dipping below 3800 points [1][3] - The market saw a significant number of stocks declining, with nearly 5000 stocks in the Shanghai and Shenzhen markets falling [3] Market Drivers - Analysts suggest that the upcoming holiday may lead to risk-averse behavior among leveraged funds, resulting in profit-taking [1][3] - The recent strong performance of major markets in the US, Japan, and Europe may attract some capital back, as these markets remain open during the National Day holiday [4] Sector Performance - The hotel, tourism, real estate, and healthcare sectors faced significant declines, while the banking sector showed resilience, with several banks like Nanjing Bank and Qilu Bank seeing gains of nearly 5% and over 3% respectively [3] - In the Hong Kong market, the Hang Seng Index and the Hang Seng Tech Index both experienced notable declines, with stocks like NIO and Baidu dropping over 6% [3] Market Sentiment - Despite the index strength, the number of stocks in a bullish trend has decreased to below 1100, indicating a decline in the overall market's profit-making capacity [6] - The bond market showed signs of rising yields, with the 30-year and 10-year government bond futures experiencing declines [6] Future Outlook - Analysts believe that the market may still have a favorable window post-National Day, with expectations of continued interest in AI-related hardware and applications [6] - The current market dynamics suggest a potential shift from technology-driven growth to opportunities in overseas markets as liquidity conditions improve [7]

各地级以上市人民政府，各县（市、区）人民政府，省直各单位，中直驻粤各单位： 据气象、海洋、水文部门预报，今年第1 8号台风"桦加沙"正快速趋向我省海面，将以强台风甚至 超强台风级正面登陆我省。受其影响，9月2 3日至2 5日，我省沿海海面将出现1 0—1 6级大风、阵 风1 7级以上，中南部市县将有暴雨到大暴雨、局部特大暴雨。 台风"桦加沙"具有强度强、移速快、影响范围广、破坏力大等特点，尤其是我省刚刚遭受台 风"米娜"袭击，部分地区土壤含水量饱和，承灾能力减弱，再次遭受超强台风袭击，灾害的风险 性、危害性将大幅增加，防御形势十分严峻紧迫。为切实做好防御工作，省人民政府紧急决定， 全省进入防风Ⅰ级应急响应状态，并提出以下要求。 一、全省迅速动员，全力投入防风防汛和抢险救灾工作 全省各级党委政府，驻粤部队、省军区、各有关单位，全省广大干部群众要立即紧急动员起来， 坚决贯彻落实习近平总书记关于防灾减灾救灾重要指示批示精神，落实省委、省政府工作部署， 坚持人民至上、生命至上，发扬连续作战精神，进一步加强隐患排查，摸清风险底数，立足"防 大汛、抗强台、抢大险、救大灾"，全力做好防御抗击超强台风"桦加沙"各项工作，确保 ...

美联储官员们似乎有意给降息预期降温。 面对市场愈发激进的降息预期，多位美联储官员突然释放"鹰派"信号。其中，美国亚特兰大联储主席博斯蒂克表示，目前没有太多理由进一步降息，预计2025年仅 会降息一次。美国圣路易斯联储主席穆萨莱姆也对进一步降息表示怀疑。 有华尔街机构指出，目前美联储内部正沿着"2025年是否降息75个基点"这条线，分裂为两大观点鲜明的阵营。美联储主席鲍威尔此前也公开承认，联邦公开市场委 员会内部对后续的降息路径存在较大分歧。 美东时间9月22日，美联储理事斯蒂芬·米兰（Stephen Miran）在纽约经济俱乐部活动上的书面发言中表示，当前利率过高，美联储需要在未来数月大幅降息以保护 美国劳动力市场。米兰对中性利率的预估值约为2.5%，明显低于美联储官员3%的中位预测。他还补充说，可能会在未来的美联储会议上继续投下反对票。 "不支持进一步降息" 美东时间9月22日，美国亚特兰大联储主席博斯蒂克在采访中表示，目前没有太多理由进一步降息，预计2025年仅会降息一次。 这意味着，博斯蒂克认为，美联储在今年剩余的两次议息会议上（10月、12月）均无需再降息。这大幅低于市场预期的降息幅度，交易员的押注显 ...