近日，一年一度的券商理财盛宴——818理财节拉开序幕。 券商中国记者注意到，包括国泰海通、上海证券、长城证券、中泰证券、万联证券、恒泰证券、光大证券、湘财证券、广发证券等券商已率先上线了818理财节活 动。 券商中国记者观察到，在近期火热A股行情的加持下，今年818理财节各券商的玩法再次创新，包括各式游戏式互动体验、直播及短视频投教服务，还有大量现金 红包、AI投顾及交易工具体验券、理财体验券、潮玩等礼品。值得一提的是，今年不少券商秀出AI"肌肉"，借机让投资者更好地了解最新的AI工具或产品。 20余家券商举办理财节 券商中国记者近期在业内调研获悉，今年确定开展818理财节活动的券商不少于25家。除了前述券商以外，还包括粤开证券、国金证券、国新证券、华福证券、东 吴证券、华兴证券、财通证券、国元证券、兴业证券、东莞证券、华金证券、国联民生证券、民生证券、红塔证券、中国银河证券、第一创业证券等。 一些券商明确向记者表示今年818理财节将加大资源投入，还有不少券商拉长了理财节的活动周期，让投资者更好地参与到这场一年一度的理财及投教盛宴中。 例如，光大证券今年对818活动增加了投入力度，于8月7日至21日推出12场 ...

Core Viewpoint - The article highlights the significant increase in margin trading activity in the A-share market, indicating improved investor sentiment and a more stable financial environment compared to previous years [2][3]. Summary by Sections Investor Participation - As of August 13, the number of investors participating in margin trading reached 523,400, marking a new high for the year and an increase of 46,100 from the previous trading day, representing a 9.67% growth [1]. Margin Trading Statistics - By August 13, the total number of individual margin trading investors was 7,556,800, while institutional investors numbered 50,004. The number of investors with margin trading liabilities stood at 1,721,800 [2]. - The total margin balance was 2,032.045 billion yuan, remaining above 2 trillion yuan. This current level of margin financing is characterized by lower leverage compared to 2015, with a minimum margin requirement of 80% and a maximum leverage of 1.25 times [2]. Market Dynamics - Analysts from Huaxi Securities attribute the resurgence of margin trading to improved policy expectations and a rebound in market risk appetite, supported by regulatory signals aimed at stabilizing the capital market [2]. - The flow of financing has primarily targeted sectors such as information technology, industrials, and materials, reflecting investor confidence in structural economic upgrades and high-quality development [2]. Historical Context and Market Sentiment - Compared to ten years ago, the current market environment for margin trading has undergone profound changes, with more robust policies and a shift towards value investing [3]. - The margin trading balance has risen above 2 trillion yuan for the first time since July 2015, although it remains below the peak levels seen in 2015 in terms of its proportion to A-share market capitalization [3]. - The continuous increase in margin trading reflects a rise in market risk appetite and a generally loose liquidity environment in the A-share market [3].

Core Viewpoint - The expectation for a Federal Reserve interest rate cut has diminished due to unexpectedly high Producer Price Index (PPI) data, which has raised inflation concerns and affected market sentiment [1][5][9]. Economic Data Summary - The U.S. July PPI increased by 0.9% month-on-month, significantly exceeding the market expectation of 0.2%, marking the largest increase since June 2022 [3][5]. - Year-on-year, the July PPI rose by 3.3%, also above the expected 2.5% [3][5]. - Excluding volatile food and energy prices, the core PPI rose by 0.9% month-on-month and 3.7% year-on-year, both figures surpassing market expectations [5][6]. Market Reaction - Following the PPI data release, traders reduced their bets on a September interest rate cut, with the probability of a cut now at 90% [5][6]. - The Philadelphia Semiconductor Index fell over 1%, with notable declines in several semiconductor stocks, including Coherent, which dropped over 20% [3][4]. Federal Reserve Officials' Statements - San Francisco Fed President Mary Daly expressed opposition to a 50 basis point cut in September, suggesting a gradual approach to policy adjustments [9][10]. - Atlanta Fed President Raphael Bostic indicated that a single rate cut in 2025 would be appropriate, contingent on a stable job market [10][11]. - Treasury Secretary Scott Bessenet noted that achieving a neutral interest rate would require a reduction of approximately 150 basis points [11][12].

Core Viewpoint - The article discusses the political dynamics in Poland regarding the representation at a remote meeting on Ukraine, highlighting the tension between Prime Minister Tusk and President Nawrocki, who are political rivals. The involvement of U.S. President Trump in this matter adds complexity to Poland's international political image [1]. Group 1 - Polish Prime Minister Tusk was initially expected to represent Poland at a remote meeting on Ukraine, but U.S. President Trump requested that President Nawrocki attend instead [1]. - President Nawrocki, a conservative nationalist and ally of Trump's populist movement, recently defeated Tusk's pro-European centrist party candidate in the elections [1]. - Tusk stated that he received the request from the U.S. just before the meeting, indicating a last-minute change in representation [1]. Group 2 - Tusk conducted two calls with European leaders on behalf of Poland but did not communicate with Trump [1]. - The political rivalry between Tusk and Nawrocki raises concerns about potential mixed messages being conveyed during the meeting, which could undermine Poland's efforts to shape its international political image [1].

Macro Dynamics - The People's Bank of China announced a 500 billion yuan reverse repurchase operation with a term of 6 months to maintain ample liquidity in the banking system [2] Industry Insights - A total of 152 energy storage companies have responded to an initiative by the China Chemical and Physical Power Industry Association to promote fair competition and healthy development in the energy storage sector, indicating strong support for industry self-regulation [3] Company Dynamics - Longcheng Securities reported no significant changes in its operational environment despite a stock price fluctuation exceeding 20% [6] - Southwest Securities announced a 24.36% year-on-year increase in net profit for the first half of the year, with revenue reaching 1.504 billion yuan [7] - China Telecom's half-year report showed a 1.3% increase in revenue to 269.422 billion yuan and a 5.5% rise in net profit [11] - China Yangtze Power has established a five-year dividend plan, committing to distribute at least 70% of its annual net profit as cash dividends [12] - NetEase reported a second-quarter revenue of 27.9 billion yuan, with significant investments in R&D [13] - JD Group's second-quarter revenue reached 356.7 billion yuan, reflecting a year-on-year increase of 22.4% [14] - China Shipbuilding Industry has submitted an application for voluntary delisting from the A-share market due to a merger with China Heavy Industry [15]

据最新统计，今年香港市场已有56只新股上市（包括即将上市的天岳先进），其中实现A+H股上市的包括宁德时代、恒 瑞医药、海天味业等共11家公司，数量占比接近20%，融资额贡献更大。 一家头部投资银行负责人告诉记者，目前香港市场IPO融资额已经超过去年，重返全球第一的宝座，IPO家数预计全年达 到100家，相比去年70家实现较大增长。 近期，A+H股的上市趋势加速，香港市场传言监管可能设置最低市值门槛。 一家头部中资投行表示，200亿市值以上且已公告赴港上市的A股企业占多数，港股IPO火爆的趋势将延续，存量储备项 目丰厚，大概需要2年时间消化。 券商中国记者不完全统计，截至8月13日，目前已公告筹划发行H股的A股上市公司，一共有87家。其中，总市值超过 1000亿元人民币的就有10家，500亿—1000亿元的有8家；200亿—500亿元有33家；100亿—200亿元的有24家；100亿以下 的只有11家。 A+H股上市火热趋势持续 今年以来，香港IPO融资火热的趋势持续至今，国际资金回归参与新股配售，尤其大型项目A+H股成为一大亮点和热点。 自去年以来，中国证监会支持内地优质企业赴港上市，港交所和香港证监会也推出 ...

国务院总理李强日前签署国务院令，公布《国务院关于修改〈中华人民共和国外国人入境出境管理条例〉的决定》（以 下简称《决定》），自2025年10月1日起施行。 《决定》共2条，规定了以下内容。 与现有签证类型相比，K字签证有何特点？司法部、外交部、公安部、国家移民局负责人表示，相较于现有的12类普通签 证，K字签证将在入境次数、有效期、停留期方面为持证人提供更多便利。持证人入境后可从事教育、科技、文化等领域 交流及创业、商务等活动。K字签证仅对年龄和教育背景或工作经历有特定要求，不要求国内有聘用或邀请单位，申办流 程也将更为便利。 来源：央视新闻微信公众号 责编： 汪云鹏 校对： 冉燕青 百万用户都在看 突发！超10万人爆仓，发生了什么？ DeepSeek，突传重磅！盘中，"A股标杆"大爆发！ 最新！中美再次暂停实施24%关税90天 沸腾！暴涨近170%！中国，创造历史！ 解散！马斯克，突发！ 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 规定在普通签证类别中新增K字签证，发给入境的外国青年科技人才。 规定申请K字签证，应当符合中国政府有关主管部门规定的外国青年科技人才的条件 ...

香港证监会与香港金管局呼吁公众应保持谨慎，深入分析相关资讯，避免只基于市场炒作或价格势头作出非理性投资决策。公众应谨 记在波动环境中作出深思熟虑及有根据的决定，对于减低风险至为重要。 8月14日，香港证监会及香港金管局就稳定币相关市场波动发表联合声明：香港证监会和香港金管局留意到近期出现与稳定币概念相关 的市场波动。这些波动看似源于拟在香港申请稳定币发行人牌照、从事相关活动或探讨此类计划可行性等相关的公告、新闻、社交媒 体帖文或市场揣测。部分声称亦提及近期曾与香港金融监管当局接触。 香港金管局重申，在考虑稳定币发行人牌照申请时将采取稳健及审慎方式，并设立较高的门槛。金管局强调，表达意向或提交稳定币 牌照申请，以及金管局与相关机构的沟通，只是申请牌照的过程，最终获发牌照与否将视乎申请是否符合发牌条件。鉴于这些计划或 申请结果存在重大不确定性，上述由市场情绪或投机驱动的波动突显了在市场狂热时保持警惕的必要性。股价剧烈波动可能导致非理 性决策，使投资者面临不必要的风险。 来源：香港金融管理局官网 责编： 汪云鹏 校对： 冉燕青 百万用户都在看 突发！超10万人爆仓，发生了什么？ DeepSeek，突传重磅！盘中，" ...

美股财报季再传利空。 | 114.010+ 最高 = | | 123.250 今 开 | 120.360 | | --- | --- | --- | --- | | -2.550 -2.19% | 最低 | 112.140 昨 收 | 116.560 | | 成交额 12.13亿 市盈率TTM | | 亏损 总市值 · 177.22亿 | | | 盘前 ( 93.100 -20.910 -18.34% | | | 08:20 (美东) ^ | | 最 高 | 95.000 | | 2452.84万 | | 最 低 | 91.000 | | 26.54万股 | 在财报披露后，美国光模块巨头Coherent股价在周四美股盘前大幅跳水，一度暴跌超20%。Coherent预计，下一财季的营收在14.6亿—16亿美元之 间，低于市场预期。另外，Coherent还宣布以4亿美元出售国防激光业务，所得资金将用于偿还债务。这一系列信号引发了投资者的担忧。 从Coherent披露的财报来看，AI数据中心的需求仍然非常强劲。受此影响，2025财年第四财季，Coherent的收入达9.45亿美元，同比大幅增长 39%，超出预期。 ...

当地时间14日，俄罗斯总统助理乌沙科夫通报称，俄罗斯总统普京与美国总统特朗普的会晤将于 莫斯 科时间15日22时30分（北京时间16日凌晨3时30分）开始， 在翻译的陪同下以"一对一"形式进行。 百万用户都在看 突发！超10万人爆仓，发生了什么？ 重磅发布！刚刚，利好来袭！ 最新！中美再次暂停实施24%关税90天 沸腾！暴涨近170%！中国，创造历史！ 解散！马斯克，突发！ 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 , 乌沙科夫还表示，俄美元首将在会谈后举行联合新闻发布会。 美国总统特朗普与俄罗斯总统普京将于15日在美国阿拉斯加州最大城市安克雷奇举行会晤。 来源：央视新闻 责编： 汪云鹏 校对： 冉燕青 未 经 授 权 禁 止 转 载 ， ...