Core Viewpoint - The Federal Reserve's decision to cut interest rates by 25 basis points marks the beginning of a new preventive rate-cutting cycle, with expectations for further cuts in October and December [1][3][4]. Group 1: Market Reactions and Predictions - Over 15 brokerage firms have released reports interpreting the Fed's rate cut, with "in line with expectations" being the dominant sentiment [1]. - Most brokerages anticipate an additional 50 basis points of cuts within the year, but long-term cuts may be less than previously expected [1][4]. - The consensus among analysts is that the U.S. economy may achieve a soft landing, although some warn that excessive easing could lead to stagflation risks [1][11]. Group 2: Individual Brokerage Insights - **CITIC Securities**: Predicts further cuts in October and December, but the path for rates next year remains unclear [3]. - **China Merchants Securities**: Indicates that the Fed's dot plot suggests a lower rate cut than market expectations, with potential volatility in risk assets [6]. - **Guotai Junan Securities**: Believes the new rate-cutting cycle will support market liquidity and stock performance, despite a slower long-term pace [8][10]. Group 3: Economic Implications - **Zhejiang Merchants Securities**: Describes the rate cut as a "risk management" measure, indicating a hawkish tone and uncertainty about future cuts [4][13]. - **Huatai Securities**: Adjusts its forecast for rate cuts from two to three times this year, citing ongoing pressures in the job market [4][12]. - **CICC**: Warns that excessive monetary easing could exacerbate inflation and lead to a stagflation scenario [11]. Group 4: Sector-Specific Insights - **CITIC Jian Investment**: Highlights that real estate and manufacturing sectors are likely to benefit first from the rate cuts [7]. - **Guangdong Development Securities**: Suggests that the Fed's actions may create more room for China's monetary policy adjustments [2][6]. - **Dongwu Securities**: Notes that the Fed's guidance indicates an additional rate cut next year, which may support market sentiment [2].

Group 1 - The theme of the CITIC Securities 2025 Global Investor Conference was "Tide Surging in the Bay Area, Wind in the Sails" and it gathered 500 experts and institutional representatives from nearly 20 countries and regions to discuss global economic changes and new investment opportunities in the capital markets [1] - CITIC Securities Chairman Liu Cheng emphasized that Hong Kong's financial market has great potential and its position as a global financial center is being solidified and deepened under new circumstances [1] - Liu noted that Chinese securities firms have evolved from "participants" to "main players" in the Hong Kong market, contributing to the return of Chinese concept stocks, supporting Hong Kong IPOs, and aiding the globalization of Chinese enterprises [1] Group 2 - Hong Kong's Financial Secretary Paul Chan highlighted the strong vitality of the financial market and its enhanced ability to serve the real economy, while also noting a profound transformation in market structure with new economy becoming the core driving force [2] - CITIC Securities Chief Economist Huang Wentao identified four main lines to grasp in the new global situation: the return of gold's importance, the leading rise of A-shares and Hong Kong stocks driven by capital inflows and innovation, the empowerment of modern industries, and the opening of trade markets [2] - Huang pointed out that Hong Kong's international status as a trade center is being strengthened, and there is a rebound in capital inflows, solidifying its position as an international financial center [2] Group 3 - Aymen Triki, Acting Chief Capital Markets Officer of the Abu Dhabi Securities Exchange, stated that both Abu Dhabi and Hong Kong serve as regional financial centers with similar positioning, and this trend is expected to continue [3] - Triki emphasized that the capital markets in Asia and the Middle East are very active, with both exchanges playing a key role in these markets [3] - He expressed optimism about dual listings creating investment exchange opportunities between the two regions and highlighted the potential for providing diverse products to investors [3]

| | | 15家券商解读"美联储降息25个基点" | | --- | --- | --- | | 序号 | 券商 | 主题观点 | | 1 | 招商证券 | 降息指引低于预期 | | 2 | 华泰证券 | 上调降息预测,年内降息次数从2次上调至3次 | | 3 | 中金公司 | 美联储在供给症结下克制降息 | | র্ব | 中信建投 | 短期落地,中期延续 | | 5 | 中泰证券 | 全面看好非银板块 | | ୧ | 粤开证券 | 为中国货币政策打开操作空间 | | 7 | 财通证券 | 发布会发言偏鹰 | | 8 | 国盛证券 | 整体基调偏中性 | | ರಿ | 中信证券 | 如期落地,明年利率路径尚不清晰 | | 10 | 华西证券 | 矛盾纠结下的预防性降息 | | 11 | 浙商证券 | 风险管理式降息,宽松预期未必一帆风顺 | | 12 | 开源证券 | 美联储在分歧中寻找合适的降息路径 | | 13 | 湘财证券 | 降息25bp符合预期 | | 14 | 国泰海通 | 新- 轮预防式降息周期正式开启 | | 15 | | 东吴证券 基本符合预期,指引明年还有额外1次降息,相比预期偏鹰 | ...

每经AI快讯，海能实业发布公告称，2025年9月18日上午09:30-11:30，海能实业接受参加中信建投证券 组织的"理性投资伴我行走进上市公司活动"的个人投资者11人，中信建投证券专员5人调研，公司董 事、董事会秘书韩双、证券事务专员殷倩雯参与接待，并回答了投资者提出的问题。 （记者 曾健辉） 每经头条（nbdtoutiao）——"25基点太少，50基点太多"：美联储降息"走钢丝"，"特朗普代言人"投下唯 一反对票 ...

中信建投期货发布报告表示，美联储降息25BP符合市场预期。本次会议，美联储主要透露以下信息： 决策依据方面，虽然放宽了对通胀的要求以支持当下的降息动作，但后续降息幅度仍取决于长期通胀水 平与就业市场的脆弱程度；对经济的判断上，美国经济的滞胀周期会继续延长；对长期利率的判断上， 美联储的分歧进一步加剧。 上证报中国证券网讯（记者 费天元）北京时间9月18日凌晨，美联储宣布将联邦基金利率目标区间下调 25个基点到4.00%至4.25%之间，符合市场预期。这也是美联储自去年12月以来，时隔9个月再度降息。 北京时间9月18日凌晨，美联储宣布将联邦基金利率目标区间下调25个基点到4.00%至4.25%之间，符合 市场预期。这也是美联储自去年12月以来，时隔9个月再度降息。中信建投期货发布报告表示，美联储 降息25BP符合市场预期。本次会议，美联储主要透露以下信息：决策依据方面，虽然放宽了对通胀的 要求以支持当下的降息动作，但后续降息幅度仍取决于长期通胀水平与就业市场的脆弱程度；对经济的 判断上，美国经济的滞胀周期会继续延长；对长期利率的判断上，美联储的分歧进一步加剧。 在大宗商品的演绎上，中信建投期货表示，此前市场抢 ...

Group 1: Brokerage Stocks - Significant selling pressure observed in major brokerage stocks, with total selling orders exceeding 4 billion yuan, particularly in CITIC Securities, which experienced a notable drop in trading volume and price fluctuations [1] - Other leading brokerages like Guotai Junan and China Merchants Securities also showed similar patterns, indicating a potential market divergence and pressure on investor sentiment towards the brokerage sector [1] - The overall sentiment in the financial sector remains constrained, but the resilience of the A-share market is still present, necessitating attention to future capital flows and policy changes [1] Group 2: Chinese Brokerage Firms in Hong Kong - Liu Cheng, Chairman of CITIC Securities, highlighted the transformation of Chinese brokerages from "participants" to "main players" in the Hong Kong market, emphasizing their growing influence and potential [2] - The unique advantage of Chinese brokerages, leveraging their connection to the mainland and global markets, is expected to enhance their competitiveness in international business [2] - This trend is beneficial for the entire securities industry, particularly for leading brokerages with a strong presence in the Hong Kong market, potentially increasing the influx of international capital into the A-share market [2] Group 3: Private Equity Fund Distributions - In August, private equity funds accelerated their distribution, with a total of 21.90 billion yuan distributed among 199 products, reflecting a vibrant equity market [3] - The top-tier private equity firms accounted for a significant portion of the distributions, with the largest firm, JQData, distributing approximately 93.55 million yuan across five products [3] - The increase in distributions is likely to boost investor confidence and improve market liquidity, supporting equity assets [3] Group 4: Bond Funds Redemption - Bond funds are facing significant redemption pressures, with over 1,200 funds reporting negative returns this year, indicating a loss of confidence in fixed-income products [4][5] - Major bond funds have announced adjustments to their net asset values in response to large redemptions, highlighting increasing liquidity risks [4][5] - This trend may lead investors to reassess risks in the bond market and potentially shift funds towards more stable assets, affecting overall market risk appetite [4][5]

金融的本质是服务人民。做好普惠金融，正是财富管理突破服务边界、拓展广度与深度的核心新方向。 比如，针对中小投资者交易异常、系统操作障碍、产品了解不足等问题，中信建投证券自主研发全流程 人机协同金融服务平台。依托人工智能、大数据行为分析技术，该平台可主动挖掘投资者理财难题，同 时搭建基于智能外呼的多层级服务方案与"事前—事中—事后"全流程智能坐席辅助模块，还将短信、电 话、在线客服整合成"一键触达"，构建"感知发现—触达跟进—分析提升"的闭环。 截至目前，中信建投证券普惠数智经营服务中心依托精细化的客群分群实现了需求上的精准感知，已服 务超500万中小投资者，累计通过人工外呼为89万人提供个性化金融辅导。 中信建投证券相关负责人在接受证券时报记者采访时表示，基于上述认知，该公司财富委以做好普惠金 融大文章为目标，深刻践行"以人民为中心"的发展理念，用精准服务回应不同群体的差异化需求，以技 术创新推动专业服务普惠化，并把金融需求对接与民生关怀深度融合，切实打通普惠金融"最后一公 里"。 以精准服务延伸金融触角 织密"全场景覆盖网" 传统金融服务常因触达效率低、精准度不足、专业门槛高，难以充分满足中小投资者的差异化 ...

近期钴原料价格继续上行，高价钴中间品的压力下，钴冶炼厂仅按需采购，部分企业转而选用钴盐替 代，钴盐现货资源相对紧张。 中信建投（601066）证券指出，刚果(金)政府自6月22日起延长3个月出口禁令，至今市场钴原料已显著 消化，7月我国进口钴湿法冶炼中间品量1.38万吨，预计后续月份继续下降，冶炼厂原料库存进一步压 降。刚果(金)禁令三个月延长期即将到期，后续或调整政策，继续延长或配额出口，钴供给问题进一步 强化，消费旺季下需求相对较好，供给紧张，价格有望保持强势。 ...

Core Viewpoint - The essence of finance is to serve the people, with a focus on inclusive finance as a core direction for wealth management, aiming to meet diverse needs through precise services and technological innovation [2][3]. Group 1: Inclusive Finance Initiatives - The company aims to address the low efficiency and precision of traditional financial services by establishing a comprehensive service system that covers small and medium investors, transitioning from broad coverage to precise reach [3]. - The company has launched several inclusive services, including providing free intelligent investment advisory tools to 67,000 eligible small and medium investors and conducting investor education activities for 95,000 participants [4]. - The company has developed the "Xinditing AI Smart Data Platform," which democratizes access to professional financial services, allowing users to interact in natural language without needing technical knowledge [5][6]. Group 2: Technological Innovation - The "Xinditing AI Smart Data Platform" supports various functions such as strategy backtesting and market trend warnings, previously available only to institutional clients, now accessible to a broader audience [6]. - The platform is backed by 20TB of comprehensive financial data, providing nearly 20 years of financial data assets for investors to validate their investment strategies [6]. - The platform includes modules for strategy construction, portfolio optimization, performance backtesting, and return attribution, catering to the entire investment process [6]. Group 3: Community Engagement and Support - The company has established a network of 317 branches nationwide to enhance financial literacy and service accessibility in rural areas, addressing the lack of financial knowledge among villagers [7][8]. - Initiatives include organizing educational events and providing customized financial services to meet the specific needs of rural communities, thereby reinforcing the foundation of inclusive finance [7][8]. - The company emphasizes the integration of professional financial services with community care, ensuring that financial knowledge is accessible and relevant to local populations [8].

中信建投证券相关负责人在接受证券时报记者采访时表示，基于上述认知，该公司财富委以做好普惠金融大文章 为目标，深刻践行"以人民为中心"的发展理念，用精准服务回应不同群体的差异化需求，以技术创新推动专业服 务普惠化，并把金融需求对接与民生关怀深度融合，切实打通普惠金融"最后一公里"。 以精准服务延伸金融触角 织密"全场景覆盖网" 传统金融服务常因触达效率低、精准度不足、专业门槛高，难以充分满足中小投资者的差异化需求。而普惠金融 的核心，是让金融服务突破"地域与人群"的限制，触达每一个有需求的角落。 证券时报记者 马静 金融的本质是服务人民。做好普惠金融，正是财富管理突破服务边界、拓展广度与深度的核心新方向。 据证券时报记者了解，"信谛听AI智数平台"由中信建投财富委高净值客群发展中心总牵头，联合八个部门组建专 项团队协同攻坚，仅用52个日夜便高效完成了系统搭建。 作为国内证券行业首家运用大模型辅助投资者的人工智能策略投研平台，"信谛听AI智数平台"将原本仅面向机构 客户的策略回测、市场趋势预警、组合归因分析等功能向更多投资者开放。投资者无需学习代码或专业术语，只 需通过自然语言交互，AI就能快速生成精准结果，让" ...