来源： 央视新闻、 国家疾控局网站 央视新闻消息，9月7日，辽宁省沈阳市疾病预防控制局发布通报： 8月31日，沈阳师范大学校医院陆续接诊了一批出现呕吐、腹泻等症状的学生，辽宁省、沈阳市相关部 门及学校随即开辟医疗救治绿色通道，组建医疗队进驻学校开展巡诊服务，对患者进行分类救治。 截至9月7日17时，累计报告有胃肠炎症状者2087人，已痊愈1817人，现有胃肠炎症状者270人，均为轻 症。 诺如病毒感染潜伏期为12~72小时，通常为24~48小时。常见症状主要为恶心、呕吐、发热、腹痛和腹 泻，部分患者有头痛、畏寒和肌肉酸痛等。儿童以呕吐为主，成人则以腹泻居多，粪便为稀水便或水样 便。 如何做好预防？健康提示明确需做好以下五点，包括保持手卫生，饭前、便后、加工食物前应按照六步 洗手法正确洗手；注意饮食饮水卫生，不饮用生水，烹饪食物要煮熟；病例应尽量居家隔离，避免传染 他人；做好环境清洁和消毒工作；保持规律作息、合理膳食、适量运动等健康生活方式，增强身体对病 毒的抵抗能力。 les & FR 点击下载中国基金报客户端 ■ 中国基金报内容矩阵 ■ 巅峰对话 投资热点说 ETF风向标 IPO情报站 fe o 1 ■ a ...

来源：央视新闻微信公众号 今天（7日）白天，台风"塔巴"影响广东沿海和海南岛等地。目前，台风"塔巴"已由热带风暴级加强为 强热带风暴级。 台风" 塔巴"将于8日在广东登陆 局地有特大暴雨 7日18时，中央气象台继续发布 台 风黄色预警 ， 预 计"塔巴"将于8日凌晨到上午在广东台山至电 白一带沿海登陆（强热带风暴级或台风级），登陆后强度逐渐减弱。 大风预报： 9月7日20时至8日20时，南海大部、北部湾、琼州海峡、西沙群岛部分海域、中沙群岛 附近海域、广东沿海、珠江口区、海南岛东部和北部沿海、广西沿海将有6—8级大风，其中南海北部 的部分海域和广东中西部沿海风力可达9—10级，台风中心经过的海域或地区风力可达11 — 12级， 阵风13—14级。 降水预报： 9月7日20时至8日20时，广东中南部、广西东南部有暴雨到大暴雨，其中，广东西南部 局地有特大暴雨。 7日18时， 中央气象台 发布 暴雨黄色预警 ，预计7日20时至8日20时，广东中南部、广西东南部有暴雨 到大暴雨，其中—— 上述部分地区伴有短时强降水（最大小时降雨量20～50毫米，局地可超过80毫米），局地有雷暴大风等 强对流天气。 广东西南部局地有 ...

Key Points - The article summarizes significant events over the weekend and the latest assessments from major securities firms regarding the market outlook and investment strategies [1][13]. Group 1: Major Events - Yi Huiman, Vice Chairman of the Economic Committee of the 14th National Committee of the Chinese People's Political Consultative Conference, is under investigation for serious violations of discipline and law [3]. - The People's Bank of China has increased its gold holdings for the 10th consecutive month, with foreign exchange reserves exceeding $3.3 trillion as of the end of August [4]. - New regulations on public fund sales fees are expected to reduce annual sales expenses by approximately 30 billion yuan, a decrease of 34% [5][6]. - The U.S. non-farm payrolls for August recorded only 22,000 jobs, leading traders to increase bets on the Federal Reserve's interest rate cuts [7]. - Japan's Prime Minister Shigeru Ishiba announced his resignation, citing a desire to avoid party division [9]. - Shenzhen has relaxed housing purchase restrictions in eight districts to better meet residents' housing needs [10]. Group 2: Securities Firms' Assessments - CITIC Securities notes three liquidity characteristics in the market, including a shift in ETF fund flows and a potential return to core asset investments as the market stabilizes [14]. - Shenwan Hongyuan emphasizes the ongoing bull market atmosphere, suggesting that the market will continue to see structural opportunities, particularly in technology and energy sectors [15]. - Guojin Securities indicates that the market is likely to remain in a sideways trend, with a focus on power equipment and non-ferrous metals for future opportunities [16]. - China Merchants Securities believes the recent market adjustment is part of an upward trend, recommending investments in AI computing, solid-state batteries, and high-quality growth sectors [18]. - Zhongxin Jian Investment highlights that the current market is in a consolidation phase, with a focus on sectors like new energy and innovative pharmaceuticals [19]. - Dongfang Caifu suggests that A-shares may experience a period of volatility, while Hong Kong stocks could see increased attractiveness due to U.S. interest rate expectations [20]. - Huaxi Securities maintains that the "slow bull" market remains intact, supported by long-term capital inflows and favorable policies [21]. - Zhongtai Securities sees the recent A-share adjustments as temporary, with potential catalysts on the horizon that could boost market sentiment [22]. - Xinda Securities believes that despite increased volatility, the main upward trend of the bull market remains unchanged [23]. - Industrial Securities emphasizes the importance of structural adjustments in the market, advocating for a diversified investment approach [24].

【导读】 定增募资规模激增超6倍，私募积极布局 中国基金报记者 吴君 任子青 今年以来，A股定增市场显著回暖，募资规模同比激增超6倍。私募机构成为重要参与力量， 年内41家私募获配金额近40亿元，整体浮盈比例超35%。 受访机构表示，私募积极参与定增，既受政策与市场环境的推动，也源于自身产业视角、灵 活策略与资源整合的独特优势。在当前市场环境下，定增仍具吸引力，未来市场仍以结构性 机会为主。 私募积极参与定增 Wind数据显示，截至9月6日，年内已有81家上市公司完成定增，合计募资6875.05亿元，同 比增长673.81%；即便剔除中国银行、邮储银行、交通银行、建设银行合计5200亿元的巨额 定增，其余项目募资额较去年同期仍增长近89%。 私募机构积极参与定增。私募排排网数据显示，截至9月4日，按定增上市日统计，今年以来 共有41家私募机构参与40多只个股定增，获配金额合计39.60亿元；以当日收盘价计算，整 体浮盈达13.90亿元。 "2023年、2024年市场整体低迷，定增市场冷清，公司转为谨慎出手、精选项目，去年仅参 与个位数项目。但2025年5月以来市场热度回升，公司择机参与2只定增，聚焦低估值、高 ...

【 导读 】近七成银行理财子公司净利润增速为正，管理规模持续提升 中国基金报记者 嘉合 | 发行机构 | 2025年年中规模(亿元) | 较年初变化 | | --- | --- | --- | | | | 7.67% | | 兴银理财 | 20, 644. 86 | | | 信银理财 | 18, 632. 92 | 7.86% | | 招银理财 | 22, 165. 05 | 1.34% | | 平安理财 | 10, 971. 86 | -0.14% | | 光大理财 | 15, 153. 53 | 15.27% | | 浦银理财 | 12, 533. 96 | 25.24% | | 交银理财 | 16, 577. 02 | 7.82% | | 华夏理财 | 10, 467. 73 | 36.31% | | 民生理财 | 11, 298. 04 | 11.23% | | 中银理财 | 14, 338. 32 | -7.06% | | 中邮理财 | 8, 916. 58 | 28.77% | | 工银理财 | 18, 188. 05 | -3.67% | | 农银理财 | 15, 295. 06 | -16.1 ...

Core Viewpoint - The growth of asset management scale in securities firms is accompanied by a decline in income, indicating a structural challenge in the industry. The transition to public fund management remains a significant task ahead [2][4]. Group 1: Asset Management Scale and Income Trends - As of the end of Q2 2025, the scale of private asset management products by securities companies reached 6.14 trillion yuan, an increase of 0.21 trillion yuan from the end of Q1 2025 [4]. - Despite the increase in asset management scale, the net income of listed securities firms' asset management business totaled 21.2 billion yuan in H1 2025, reflecting a year-on-year decline of 3% [4][5]. - The contrasting trends of scale growth and income decline are attributed to multiple factors, including the contraction of channel business, decreasing management fees for public products, and slow progress in active management transformation [2][4]. Group 2: Performance Disparities Among Firms - In H1 2025, there was a significant disparity in income among securities firms. CITIC Securities led with a net income of 5.444 billion yuan, a year-on-year increase of 10.77% [5]. - Other firms like GF Securities and Guotai Junan followed with net incomes of 3.669 billion yuan and 2.578 billion yuan, showing growth rates of 8.44% and 34.20%, respectively [5]. - Conversely, some firms experienced substantial declines in net income, such as Huatai Securities, which reported 893 million yuan, down 59.8% year-on-year, primarily due to the sale of AssetMark [5]. Group 3: Challenges in Public Fund Transition - The transition to public fund management is a crucial direction for the development of securities firms' asset management, with many firms applying for public fund qualifications [7]. - However, the transition faces significant bottlenecks, particularly due to licensing barriers that hinder product layout and overall industry transformation [7]. - As of September 5, 2025, there were 108 public fund products undergoing transformation, including 50 bond funds, 28 mixed funds, and 27 money market funds [7]. Group 4: Strategic Directions for Future Development - The competition in the securities asset management industry is shifting from scale expansion to a comprehensive contest involving research capabilities, technological empowerment, and product ecosystems [9]. - Firms are encouraged to focus on four areas: specialization in research, deepening product innovation, enhancing technological capabilities, and fostering business collaboration [9]. - Future strategies for equity business will focus on relative return products represented by public active equity and quantitative funds, as well as absolute return products through private active equity and quantitative strategies [9].

Core Viewpoint - The Hong Kong stock market is experiencing a "capital feast," driven by a significant increase in IPO fundraising and a shift in foreign investment interest towards Chinese assets, particularly after policy changes in September 2024 [2][6][10]. Group 1: Market Performance and Trends - In the first eight months of 2025, Hong Kong's IPO fundraising reached HKD 134.5 billion, a staggering increase of 579% year-on-year, with total fundraising amounting to HKD 368.8 billion, up 322% year-on-year [2]. - The turning point for the Hong Kong stock market from bearish to bullish occurred after the Chinese government implemented a series of supportive policies on September 24, 2024, leading to record trading volumes [6][10]. - Foreign investors have shifted from a cautious stance to actively researching and investing in the Chinese market, recognizing the potential of high-quality Chinese enterprises [6][7]. Group 2: IPO Market Dynamics - The demand for IPOs is robust, driven by global investors reallocating assets amidst geopolitical uncertainties and seeking opportunities in Hong Kong's high-growth companies [10][11]. - There are currently over 200 IPO applications being processed, with nearly half from technology companies, indicating a strong supply side for the IPO market [11]. - Foreign investment in IPOs is significant, especially in high-tech sectors, where foreign participation can reach 70-80% [11]. Group 3: Market Inclusivity and Future Outlook - The Hong Kong Stock Exchange emphasizes its inclusivity, welcoming a diverse range of companies, including startups and established firms, to list [12][14]. - The exchange has undergone reforms to allow companies without a history of profitability to go public, enhancing its appeal to innovative firms [14]. - The exchange is also focused on expanding its product offerings in fixed income and commodities to compete more effectively with other global markets [15][17]. Group 4: Innovations and Challenges - The Hong Kong Stock Exchange is exploring the establishment of LME-approved warehouses to facilitate commodity trading, capitalizing on China's position as a major industrial metal producer [17]. - There are ongoing discussions about enhancing the connectivity of financial products, including the potential for a "new stock connect" to facilitate IPO participation [18]. - The exchange is cautious about implementing 24-hour trading due to operational challenges and the need to maintain system integrity [19].

Core Viewpoint - ST Pava is under investigation for violations related to information disclosure, marking the first case in the Sci-Tech Innovation Board to be flagged due to internal control issues, with one of its actual controllers arrested [2]. Group 1: Investigation and Legal Issues - On September 7, ST Pava announced that it and its director Zhang Bao received a notice from the China Securities Regulatory Commission (CSRC) regarding an investigation for suspected violations of information disclosure laws [3]. - On the same day, ST Pava disclosed that it received a decision from the public security authority on August 1, indicating that Zhang Bao, one of the company's actual controllers, is under investigation for embezzlement and has been arrested by the local procuratorate [5]. - Earlier, on March 25, ST Pava received a warning letter from the Zhejiang Securities Regulatory Bureau for issues including inflated revenue and improper management of seals, which led to inaccurate disclosures in multiple financial reports [7]. Group 2: Financial Performance - In the first half of 2025, ST Pava reported revenue of 239 million yuan, a year-on-year decrease of 58.99%, and a net loss attributable to shareholders of 158 million yuan, an increase of 52.61% compared to the previous year [15]. - The company stated that it actively streamlined and optimized its sales order structure, contributing to the decline in revenue [15]. - Since its listing in September 2022, ST Pava's stock price has significantly declined, from a peak of 45.92 yuan per share to 10.83 yuan per share as of September 5, resulting in a market capitalization of 1.722 billion yuan [15]. Group 3: Company Background - ST Pava primarily engages in the research, production, and sales of new energy battery materials, focusing on lithium-ion and sodium-ion battery cathode materials, and is also involved in semi-solid and solid-state battery sectors [14]. - Zhang Bao, who was born in October 1971 and has a PhD from Central South University, served as the chairman of ST Pava from October 2022 until he resigned due to personal health reasons shortly before the investigation [12].

Core Viewpoint - The explosive growth of index-enhanced funds in China is attributed to policy support, market demand, and product innovation, with new issuance exceeding 570 billion yuan this year, marking a historical high [2][4][6]. Fund Issuance and Performance - As of September 6, 2023, 113 new index-enhanced funds have been established, with a total issuance of 575.67 billion yuan, which is 2.77 times last year's total [4]. - The proportion of index-enhanced funds in new equity funds reached 20.42% and 7.63% in total new fund issuance, both at historical highs [4]. - Currently, 17 index-enhanced funds are in issuance, accounting for 24% of total new fund issuance, also a high level historically [5]. Investment Performance - The average excess return of index-enhanced funds this year is 3.76%, with the strongest performing product achieving nearly 20% excess return [10]. - Over the past three and five years, the average excess return rates for index-enhanced funds are 4.36% and 14.62%, respectively, indicating strong long-term performance [11]. Market Dynamics and Investor Sentiment - The growth in index-enhanced funds is driven by a favorable A-share market performance, increasing investor interest in equity assets, and a growing recognition of index products among investors [5][6]. - Institutional investors are increasingly recognizing the benefits of index-enhanced funds due to their longer investment horizons and clearer performance benchmarks [6]. Strategic Development - Mid-sized public funds are focusing on index-enhanced funds as a strategic choice to differentiate themselves and establish competitive advantages in a crowded market [7][8]. - The future enthusiasm for public fund layouts is expected to continue, with a focus on differentiated strategies and innovative quantitative models [12].

Core Viewpoint - *ST Bosen plans to sell 35% equity of Shaanxi Bosen to Nantong Erfangji, aiming to improve liquidity and focus on core business [2][4]. Group 1: Transaction Details - The transaction involves selling 35% of Shaanxi Bosen, with the final price to be determined by a qualified assessment agency [2][4]. - As of the 2025 semi-annual report, Shaanxi Bosen's book value is 69.13 million yuan [2][3]. Group 2: Company Strategy - The sale is part of a strategy to enhance the company's core competitiveness by focusing on its own clothing and apparel business [4]. - Nantong Erfangji, the buyer, is a textile machinery manufacturer looking to expand capacity in the western region [4]. Group 3: Financial Performance and Risks - In the first half of 2025, *ST Bosen reported revenue of only 51.95 million yuan and a net loss of 10.46 million yuan [4]. - The company faces delisting risks due to negative net profits and insufficient revenue, with stock being under risk warning since April 2025 [4][5]. Group 4: Market Context - As of September 5, 2023, *ST Bosen's market capitalization is 1.323 billion yuan [6]. - The company has experienced frequent changes in control, with the latest being in June 2024 when Baoji Fangwei acquired a 14.81% stake [5].