Core Viewpoint - The Federal Reserve's interest rate cuts significantly impact the performance of equity, debt, and currency assets, while the relationship with commodity prices is less clear [1][2] Equity Market - Equity assets have a higher success rate during preemptive rate cuts, while they are likely to decline during crisis-driven cuts [1][2] - The success rate of equities improves one month after a preemptive rate cut, and the performance during crisis-driven cuts is closely related to the recovery of fundamentals [2] Debt Market - U.S. Treasury yields are more likely to decline during crisis-driven rate cuts, while the trend during preemptive cuts is uncertain [1][2] - After rate cuts, U.S. Treasury yields typically decrease, while the trend for Chinese bonds is generally downward, with no clear pattern for German and Japanese bonds [2] Currency Market - The strength of the U.S. dollar is inconsistent in the early stages of rate cuts, but after 2-3 months, the dollar tends to depreciate under recessionary cuts and appreciate under preemptive cuts, with the Chinese yuan showing relative independence [1][2] - The average appreciation of the euro and yen is noted during these periods [2] Commodity Market - The relationship between commodity prices and interest rate cuts is weak, with gold showing a higher average increase during crisis-driven cuts and greater elasticity in price increases [1][2] - Oil prices are less correlated with rate cuts and are more influenced by supply and demand dynamics [1]

Group 1 - The core point of the article is that Guotai Junan Securities has received approval from the China Securities Regulatory Commission to publicly issue subordinated bonds totaling up to 30 billion yuan [1] Group 2 - The approval allows the company to issue subordinated bonds specifically to professional investors [1] - The registered amount for the bond issuance is capped at a total face value of 30 billion yuan [1] - This move is part of the company's strategy to enhance its capital structure and support its business operations [1]

Core Viewpoint - Guotai Junan Securities has received approval from the China Securities Regulatory Commission (CSRC) to publicly issue subordinated bonds totaling up to 30 billion yuan [1] Summary by Sections Approval Details - The CSRC has granted approval for Guotai Junan to issue subordinated bonds with a total face value not exceeding 30 billion yuan [1] - The issuance must strictly follow the prospectus submitted to the Shanghai Stock Exchange [1] Issuance Timeline - The approval is valid for 24 months from the date of registration by the CSRC, allowing the company to issue the bonds in multiple tranches during this period [1] Reporting Obligations - The company is required to report any significant events that occur from the date of CSRC approval until the completion of the bond issuance, in accordance with relevant regulations [1]

Core Viewpoint - Cathay Securities has received approval from the China Securities Regulatory Commission (CSRC) to publicly issue subordinated bonds with a total face value of up to 30 billion yuan [1] Summary by Relevant Sections - **Approval Details** - The CSRC has granted approval for Cathay Securities to issue subordinated bonds with a total face value not exceeding 30 billion yuan [1] - The issuance must strictly follow the prospectus submitted to the Shanghai Stock Exchange [1] - The approval is valid for 24 months from the date of registration by the CSRC, allowing the company to issue the bonds in tranches within this period [1] - The company is required to report any significant events that occur from the date of registration until the completion of the bond issuance [1]

Group 1 - The core point of the article is that Guotai Junan Securities Co., Ltd. has received approval from the China Securities Regulatory Commission to publicly issue subordinated bonds with a total face value of up to 30 billion yuan [1] Group 2 - The approval is specifically for the issuance of subordinated bonds aimed at professional investors [1] - The registration application for the bonds has been officially approved under the document number 1942 [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部份內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 海外監管公告 本公告乃由國泰海通證券股份有限公司（「本公司」）根據香港聯合交易所有限公司 證券上市規則第13.10B條作出。 茲載列本公司於上海證券交易所網站發佈之《國泰海通證券股份有限公司關於向 專業投資者公開發行次級公司債券獲得中國證券監督管理委員會註冊批覆的公 告》，僅供參閱。 國泰海通證券股份有限公司 Guotai Haitong Securities Co., Ltd. （於中華人民共和國註冊成立的股份有限公司） （股份代號：02611） 截至本公告日期，本公司的執行董事為朱健先生、李俊傑先生以及聶小剛先生； 本公司的非執行董事為周杰先生、管蔚女士、鐘茂軍先生、陳航標先生、呂春芳 女士、哈爾曼女士、孫明輝先生以及陳一江先生；本公司的職工董事為吳紅偉先 生；及本公司的獨立非執行董事為李仁傑先生、王國剛先生、浦永灝先生、毛付 根先生、陳方若先生以及江憲先生。 证券代码：601211 证券简称：国泰海 ...

Group 1 - The core point of the article is that Guotai Junan Securities Co., Ltd. has received approval from the China Securities Regulatory Commission to publicly issue subordinated bonds with a total face value of up to 30 billion yuan [1] - The approval is specifically for the issuance of subordinated bonds aimed at professional investors [1] - The registration number for the approval is 1942, issued in 2025 [1]

证券代码：601211 证券简称：国泰海通 公告编号：2025-093 国泰海通证券股份有限公司 关于向专业投资者公开发行次级公司债券 获得中国证券监督管理委员会注册批复的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 日前，国泰海通证券股份有限公司（以下简称公司）收到中国证券监督管理委员会 （以下简称中国证监会）《关于同意国泰海通证券股份有限公司向专业投资者公开发行 次级公司债券注册的批复》（证监许可〔2025〕1942 号），批复内容如下： 一、同意公司向专业投资者公开发行面值总额不超过 300 亿元次级公司债券的注册 申请。 二、本次发行次级公司债券应严格按照报送上海证券交易所的募集说明书进行。 三、本批复自中国证监会同意注册之日起 24 个月内有效,公司在注册有效期内可以 分期发行次级公司债券。 公司将按照有关法律法规和上述批复文件的要求办理本次次级公司债券发行的相 关事宜，并及时履行信息披露义务。 特此公告。 2025 年 9 月 11 日 四、自中国证监会同意注册之日起至本次次级公司债券发行结束前，公司如发生 ...

Core Points - The company received approval from the China Securities Regulatory Commission (CSRC) for the public issuance of subordinated bonds to professional investors [1] - The total face value of the subordinated bonds to be issued is not to exceed 30 billion yuan [1] - The approval is valid for 24 months from the date of registration by the CSRC, allowing the company to issue the bonds in tranches during this period [1] - The company will comply with relevant laws and regulations regarding the issuance of these subordinated bonds and will fulfill its information disclosure obligations in a timely manner [1]

Core Viewpoint - Daya Co., Ltd. experienced a 5.13% decline in stock price, closing at 33.81 yuan per share, with a total market capitalization of 6.843 billion yuan as of September 5 [1] Company Overview - Daya Co., Ltd. is located in Yuyao City, Zhejiang Province, and was established on February 17, 2006. The company was listed on September 1, 2020. Its main business includes the research, design, production, and sales of lawn mowers, brush cutters, and other power machinery and accessories [1] Fund Holdings - According to data, one fund under Guotai Haitong Asset Management holds a significant position in Daya Co., Ltd. The Guotai Junan Quantitative Stock Mixed Fund A (016466) held 139,200 shares in the second quarter, accounting for 0.58% of the fund's net value, ranking as the tenth largest holding. The estimated floating loss today is approximately 254,700 yuan [2] - The Guotai Junan Quantitative Stock Mixed Fund A was established on August 18, 2022, with a latest scale of 458 million yuan. Year-to-date returns are 24.67%, ranking 2335 out of 8178 in its category. Over the past year, returns are 57.27%, ranking 1528 out of 7978. Since inception, the fund has achieved a return of 37.83% [2] - The fund manager, Hu Chonghai, has been in position for 3 years and 266 days, with total assets under management of 8.512 billion yuan. The best fund return during his tenure is 59.32%, while the worst is -4.39% [2]