人民财讯9月29日电，中信证券研报认为，相比于上一轮存储上行周期是"强预期弱现实"，本轮存储周 期上行是"保守预期→北美CSP上调CAPEX+HDD需求外溢"，叠加NAND在过去约3个季度的时间里保 持相对较低的产能利用率水平以及海外原厂谨慎的CAPEX预期，存储景气度上行至少将延续到2026年 下半年。建议重视企业级SSD需求景气度，建议重点关注企业级产品进展快、涨价受益逻辑强的存储模 组公司。 ...

中国基金报记者 莫琳 伴随着证券行业数智化转型、财富管理转型进入"深水区"，证券行业人才需求旺盛。9月以来，各大券 商纷纷启动2026届校园招聘，以最大诚意吸引人才。 截至目前，包括中信证券、中金公司、中国银河证券在内的超20家国内券商发布了2026校园招聘公告， 还有高盛、摩根士丹利、野村证券、Point72、Jane Street等知名国际金融机构也在国内各大高校开启"抢 人模式"。 "缺乏相关工作经验" 成应届生软肋 金融科技岗仍然是重中之重。中信证券的招聘海报上排列首位的就是AI、QUANT和FinTech，其次是产 品销售、投行等一线业务岗位。 据了解，相比于往年，中信证券今年对金融科技类岗位的要求提高不少。例如，AI岗要跟踪最新AI技 术，并根据业务做相关场景的研发；QUANT岗要用数据模型预测量化投资，FinTech岗负责业务系统的 开发和平稳运行。虽然以计算机为代表的理工类专业都能投，但有技术经验和实践项目经历的学生更受 青睐。 广发证券则采用"以赛代选"的创新机制，已正式启动"2026届Fintech校园招聘暨Quant & AI挑战赛"，从 中选拔"技术大神"。虽然报名时间截至10月24日 ...

Core Viewpoint - The surge in bond issuance by securities firms in China reflects a strong demand for capital, driven by increased market activity, expansion of capital-intensive businesses, and favorable financing conditions in a low-interest-rate environment [1][4]. Group 1: Bond Issuance Scale - As of September 28, 2023, the total bond issuance by securities firms has exceeded 1.18 trillion yuan, marking an 83.27% year-on-year increase, with 616 bonds issued compared to 366 in the same period last year [2]. - Monthly issuance saw a significant increase, with July reaching 142.99 billion yuan and August further rising to 275.5 billion yuan, setting new records for both volume and scale [2]. - Leading firms dominate the issuance, with seven firms surpassing 50 billion yuan in bond issuance, including China Galaxy, which issued over 100 billion yuan [2]. Group 2: Use of Funds - The bond issuance is characterized by a diverse allocation of funds, including debt repayment, liquidity support, and targeted investments, particularly in margin trading and derivatives [3]. - A significant portion of the funds is used for refinancing high-interest debt, optimizing debt structures, and enhancing operational capital for business expansion [3]. Group 3: Factors Driving Demand - The increase in bond issuance is attributed to multiple factors, including a strong A-share market, lower financing costs, and a supportive regulatory environment [4]. - The A-share market's performance, particularly the Shanghai Composite Index surpassing key thresholds, has led to a surge in trading activity, boosting demand for capital [4]. Group 4: Issuance Costs - The average interest rates for bond issuance have decreased compared to the previous year, with company bonds averaging 1.89%, subordinate bonds at 2.25%, and short-term financing bonds at 1.77% [5]. - Debt financing is favored over equity financing due to its larger funding capacity, lower costs in the current environment, and flexibility in meeting different business funding cycles without diluting equity [5]. Group 5: Future Outlook - The demand for capital among securities firms is expected to remain strong, with projections indicating continued high bond issuance in the fourth quarter [6]. - Leading firms are likely to strengthen their competitive positions due to capital and cost advantages, potentially intensifying the "Matthew Effect" in the industry [6].

Core Insights - Recent adjustments in the investment strategies of A-share listed companies have led to a reduction in the allocation to structured deposits and bank wealth management products, while subscriptions to securities company wealth management and fund accounts have increased [2] Group 1: Investment Trends - As of September 24, 2025, 1,094 listed companies held a total of 12,268 wealth management products with a subscription amount of 7,733.56 billion yuan, reflecting a year-on-year decline of over 15.2% [4] - The subscription amount for structured deposits has decreased to 4,708.9 billion yuan, down 18.8% year-on-year, while bank wealth management products saw a decline to 801.7 billion yuan, a drop of 5.6% [4] - The overall wealth management scale of listed companies has been declining for two consecutive years, with a projected subscription amount of 12,152 billion yuan in 2024, representing a year-on-year decrease of 6.20% [4] Group 2: Factors Influencing Changes - The decline in wealth management scale is primarily due to strict controls on fund idling, leading to regulatory constraints on bank structured deposit quotas [4] - The average yield of bank wealth management products has dropped to 2.12% in the first half of 2025, with one-year deposit rates falling to around 1%, making high-yield deposits increasingly rare [5] - Listed companies are showing increased interest in securities company wealth management and fund accounts, with subscriptions amounting to 512.26 billion yuan and 331.43 billion yuan respectively, marking year-on-year increases of 4.1% and 101.2% [5] Group 3: Future Outlook - Despite a preference for short-term, low-risk products, listed companies are gradually increasing their allocation to diversified products from securities firms and public funds [5] - It is anticipated that the scale of deposits transitioning to wealth management could reach several hundred billion yuan in the coming year [5] - Offshore wealth management through QDII and southbound channels is becoming an important direction for corporate asset allocation [5]

Core Viewpoint - The report from CITIC Securities emphasizes that resource security, Chinese enterprises going global, and technological competition will be key drivers of market structural trends in the foreseeable future. These themes correspond to an industry allocation framework of resources, globalization, and new productive forces [1]. Group 1: Resource Security - Traditional resource industries are facing frequent supply shocks due to insufficient investment in a high-interest-rate environment, particularly in developed countries where private sector investment remains weak [1]. - The capital expenditure of traditional industrial enterprises in Europe and the U.S. has been low, with Japan's machine tool orders to Europe and the U.S. showing 28 consecutive months of negative growth [1]. - Predictions for major copper mining companies indicate a downward adjustment in production forecasts from 14.89 million tons to 14.21 million tons for 2025, with growth rates dropping from 6.4% to 0.6% [1]. Group 2: Supply Chain and Geopolitical Factors - Geopolitical tensions and national security policies are leading to more frequent supply shocks, as seen in the Democratic Republic of Congo's new cobalt export policies and Indonesia's tightening of nickel exports [2]. - Countries rich in strategic resources are increasingly recognizing the unsustainability of long-term low pricing and are controlling supply to maintain favorable price levels [2]. Group 3: Enterprises Going Global - The globalization of Chinese enterprises is a core fundamental driver of the current market, with companies generating over 20% of their revenue from overseas contributing 40% of profits and 37% of market capitalization [3]. - The return on equity (ROE) for non-financial A-share companies with significant overseas revenue has increased from around 7% in early 2022 to about 10%, while other companies' ROE has declined from 9% to around 6% [3]. - A stable trade environment is crucial for the sustainability of Chinese enterprises' globalization efforts, with the recent A-share market rally linked to improved trade relations following negotiations [4]. Group 4: Technological Competition - Chinese tech giants are increasingly clarifying their AI strategies, with significant investments announced by companies like Alibaba and Tencent, indicating a shift towards aggressive AI infrastructure development [6]. - The global AI investment market is projected to grow significantly, with a compound annual growth rate (CAGR) of 31.9% from 2025 to 2029, highlighting the competitive landscape [6]. - The potential shift of AI focus from cloud to edge computing presents significant opportunities for domestic applications, allowing for a resurgence in the Chinese mobile internet sector [7].

非银行业周报 20250928 季度切换在即，积极布局回调后的非银板块 2025 年 09 月 28 日 ➢ 8 月寿险保费受预定利率切换高增，车险保费维持稳健增长。国家金融监督 管理总局披露保险行业 2025 年 1-8 月保险行业保费收入 47,998 亿元，同比 +9.6%；8 月单月保险行业保费收入 5,913 亿元，同比+35.6%。其中 1 至 8 月 人身险保费收入 35,797 亿元，同比+11.4%，财产险保费收入 12,201 亿元，同 比+4.7%；8 月单月人身险保费收入 4,644 亿元，同比+49.7%，财产险保费收 入 1,268 亿元，同比+0.9%。8 月保费在预定利率切换的背景下保费较快增长， 利率下行背景下，分红险占比有望持续提升，产品结构不断改善，潜在利差损压 力有望缓解。 ➢ 国新办会议回顾"十四五"时期国内金融业发展成就，关注后续政策部署。 9 月 22 日周一，国务院新闻办公室举行"高质量完成'十四五'规划"系列主 题新闻发布会，中国人民银行、国家金融监管总局、证监会主要领导介绍"十四 五"时期金融业发展成就，并答记者问。本次新闻发布会不涉及短期政策调整， "十五 ...

Company Overview - Full Name: Guangzhou HuanTou Yongxing Group Co., Ltd [1] - Abbreviation: Yongxing Co., Ltd [1] - Stock Code: 601033.SH [1] - IPO Application Date: September 30, 2022 [1] - Listing Date: January 18, 2024 [1] - Listing Board: Shanghai Stock Exchange Main Board [1] - Industry: Ecological Protection and Environmental Governance [1] - IPO Sponsoring Institution: CITIC Securities [1] - IPO Underwriters: Guotai Junan Securities, CITIC Securities [1] - IPO Legal Advisor: Beijing Zhonglun Law Firm [1] - IPO Audit Institution: Dahua Certified Public Accountants (Special General Partnership) [1] IPO Performance - Average Days from Application to Listing: 629.45 days for 2024 A-share companies; Yongxing's listing cycle is 475 days, which is below the overall average [2] - Underwriting and Sponsorship Fees: 84.66 million yuan, with a commission rate of 3.48%, lower than the overall average of 7.71% [3] - First Day Stock Performance: Stock price increased by 37.10% compared to the issue price [3] - Stock Performance in Three Months: Stock price decreased by 2.84% compared to the issue price [4] Financial Metrics - Issuance Price-Earnings Ratio: Yongxing's issuance P/E ratio is 21.76 times, which is 120.62% of the industry average of 18.04 times [5] - Actual Fundraising: Expected fundraising of 4.599 billion yuan, with actual fundraising of 2.430 billion yuan, representing a decrease of 47.16% [6] - Short-term Performance Post-Listing: In 2024, the company's operating income increased by 6.45% year-on-year, net profit attributable to shareholders increased by 11.67% year-on-year, and net profit excluding non-recurring gains and losses increased by 15.57% year-on-year [7] Evaluation and Scoring - Abandonment Rate: 0.47% [8] - Total Score for IPO Project: 89.5 points, classified as B-level [8] - Negative Factors Affecting Score: Disclosure quality needs improvement, stock price decline in three months, significant reduction in actual fundraising amount, and abandonment rate of 0.47% [8]

登录新浪财经APP 搜索【信披】查看更多考评等级 （一）公司基本情况 全称：上海合晶硅材料股份有限公司 简称：上海合晶 代码：688584.SH IPO申报日期：2022年12月29日 上市日期：2024年2月8日 上市板块：上证科创板 所属行业：计算机、通信和其他电子设备制造业 IPO保荐机构：中信证券 保荐代表人：谢雯、张俊晖 IPO承销商：中信证券、中金公司 IPO律师：北京市金杜律师事务所 IPO审计机构：立信会计师事务所（特殊普通合伙） （二）执业评价情况 2024年度已上市A股企业从申报到上市的平均天数为629.45天，上海合晶的上市周期是406天，低于整体 均值。 （5）是否多次申报：属于，扣分。 （6）发行费用及发行费用率 上海合晶的承销及保荐费用为8726.73万元，承销保荐佣金率5.82%，低于整体平均数7.71% 。 （7）上市首日表现 （1）信披情况： 被要求说明公司2019年前五大客户与前次披露不一致的原因；被要求完善信息披露豁免申请文件，充分 说明对申请豁免披露的依据和理由；被要求完善招股说明书信息披露，突出重大性和针对性；被要求准 确披露招股说明书中对科创属性指标的部分内容；被要 ...

Core Viewpoint - Recent adjustments in the investment strategies of A-share listed companies have led to a reduction in the allocation of structured deposits and bank wealth management products, while subscriptions for securities company wealth management and fund special accounts have increased [1] Summary by Sections Investment Trends - As of September 24, 2025, 1,094 listed companies held a total of 12,268 wealth management products with a subscription amount of 7,733.56 billion yuan, reflecting a year-on-year decline of over 15.2% [3] - The subscription amount for structured deposits decreased to 4,708.9 billion yuan, down 18.8% year-on-year, while bank wealth management products fell to 801.7 billion yuan, a decline of 5.6% [3] Market Analysis - According to CITIC Securities, the scale of wealth management for listed companies has been declining for two consecutive years, with a projected subscription amount of 12,152 billion yuan in 2024, down 6.20% year-on-year, and a further 31% decline in the first half of 2025 [3] - The decline is attributed to strict controls on fund idling and regulatory requirements on bank structured deposit quotas, leading to reduced attractiveness for corporate clients [3] Product Performance - The average weighted yield of bank wealth management products dropped to 2.12% in the first half of 2025, with one-year deposit rates falling to around 1%, making yields above 1.6% considered high [4] - In contrast, securities company wealth management and fund special accounts saw increased subscription amounts of 512.26 billion yuan and 331.43 billion yuan respectively, with year-on-year growth rates of 4.1% and 101.2% [4] Future Outlook - Companies are gradually increasing their allocation to diversified products such as those from securities firms and public funds, despite a preference for short-term, low-risk investments [4] - It is anticipated that the scale of funds shifting from deposits to wealth management could reach several hundred billion yuan in the coming year, with overseas wealth management becoming an important asset allocation direction through QDII and southbound channels [4]

日前，地方证监局披露了多则行政监管措施公告，内容指向了三家券商：中信证券、中信建投证券、财 通证券。 具体来看，中信证券（山东）有限责任公司济南分公司开展基金销售活动存在违规问题；中信建投证券 在企业督导过程中存在问题；财通证券则是境外子公司管理方面存在多项合规问题。 中信证券济南分公司基金销售违规 日前，山东证监局披露了两则行政监管措施公告，指向中信证券（山东）有限责任公司济南分公司（以 下简称"中信证券济南分公司"）及其时任员工魏某凡。 中信建投企业督导存在问题 山东证监局指出，中信证券济南分公司存在不具备基金从业资格的营销人员开展基金销售活动的情形， 个别员工向客户宣传推介基金产品时未使用公司统一制作的基金宣传推介材料。上述问题，反映出该分 公司未能严格规范员工执业行为、合规管理不到位。 为此，山东证监局局决定对该分公司采取出具警示函的行政监管措施。涉事员工魏某凡同样被山东证监 局采取出具警示函的行政监管措施。 阳光中科一期182车间、二期166车间分别于2023年11月、2023年9月起停工停产；三期182车间于2024年 1月至4月停工停产。上述车间产品销售为阳光中科主要收入来源，停工停产事项对阳光 ...