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 report discusses the impact of the Federal Reserve's interest rate cuts on A-shares and Hong Kong stocks, indicating that the current environment is favorable for these markets due to improved dollar liquidity [1][4] - The report categorizes the Federal Reserve's rate cuts into two types: preventive rate cuts and crisis rate cuts, with different implications for asset performance [1][6] - Historical data shows that A-shares and Hong Kong stocks tend to benefit from preventive rate cuts, with a 100% probability of A-shares rising in the three months following such cuts [3][28] Group 2 - The report highlights that during the preventive rate cut cycles, global stock markets, including the Nikkei 225 and Hang Seng Index, generally experience upward trends [3][21] - It notes that the current bull market phase for A-shares is driven by several factors, including low penetration rates in key sectors such as AI, humanoid robots, solid-state batteries, and semiconductors [4][1] - The report emphasizes that the upcoming phases of rate cuts may lead to repeated trading expectations, which could further enhance the liquidity environment for A-shares and Hong Kong stocks [4][1]

| | | 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 | ...

中国经济网北京9月18日讯朗坤科技（301305）(301305.SZ)今日股价下跌，截至收盘报21.09元，跌幅 5.17%。 朗坤科技于2023年5月23日在深交所创业板上市，发行数量为60,892,700股，发行价格为25.25元/股，保 荐人(主承销商)为招商证券股份有限公司，保荐代表人为李寿春、王玉亭。 朗坤科技首次公开发行股票募集资金总额为153,754.07万元，募集资金净额为142,499.56万元。公司最终 募集资金净额比原计划多30,269.62万元。朗坤科技于2023年5月17日发布的招股说明书显示，该公司拟 募集资金112,229.94万元，分别用于中山市南部组团垃圾综合处理基地有机垃圾资源化处理项目、研发 中心及信息化建设项目、补充流动资金。 朗坤科技首次公开发行股票的发行费用合计11,254.51万元，其中，保荐及承销费用8,630.54万元。 上市第三日，即2023年5月25日，朗坤科技盘中创下上市以来最高价29.57元。该股目前处于破发状态。 ...

Market Performance - The Shanghai Composite Index reached a new high of 3899.96 points on September 18, before retreating in the afternoon [1] - The brokerage sector declined alongside the market, with the 300 billion yuan leading brokerage ETF (512000) experiencing a price drop of over 2% at one point, currently down 1.82% with a real-time transaction volume of 1.76 billion yuan, surpassing the previous day's total [1] Fund Flows - The brokerage ETF (512000) saw a net inflow of 359 million yuan on the latest trading day, accumulating a total net inflow of 5.191 billion yuan over the past 15 trading days [2] - The latest scale of the brokerage ETF (512000) exceeded 34 billion yuan, setting a new historical high, with an average daily transaction volume of 957 million yuan this year [4] Valuation Metrics - As of September 15, the price-to-book (PB) ratio of the brokerage sector was 1.58 times, positioned at the 43.84 percentile over the past decade [4] - Institutional holdings in the sector were at 0.90%, which, while higher than the previous year's third quarter, remains below the benchmark of 4.26% [4] Market Outlook - Analysts from China Merchants Securities suggest that the brokerage sector, as a "flag bearer" of the bull market, deserves more attention and allocation in portfolios [4] - Yingda Securities indicates that the A-share market is likely to continue a trend of oscillating upward, with the brokerage sector benefiting from increased market activity and direct profits from brokerage and margin financing businesses [4]

公司此次更新的HLX43患者数据来自于Ia期与Ib期2.0 mg/kg剂量组及2.5 mg/kg剂量组。共计56例NSCLC 患者入组Ia期及Ib期2.0和2.5 mg/kg剂量组，其中29例(51.8%)为鳞状，27例(48.2%)为非鳞状。其中，非 鳞状NSCLC患者中位既往治疗线数为2，鳞状NSCLC患者中位既往治疗线数为3。在四线及以后的鳞状 NSCLC患者(n=28)中，HLX43的ORR为28.6%，DCR为82.1%，较标准治疗药物多西他赛(ORR=12.8%) 展现出显著的临床获益。值得关注的是，既往接受过多西他赛治疗的三线及后线NSCLC患者 (n=10)ORR达30.0%，DCR为80%;接受2 mg/kg剂量HLX43治疗患者(n=15)ORR达40.0%，DCR为73.3%， 提示HLX43在肺鳞癌后线治疗中的重要潜力。在三线及以后的非鳞状NSCLC人群中(n=26)，ORR达 46.2%，DCR为96.2%。 （原标题：招商证券：维持复宏汉霖(02696)"强烈推荐"评级 看好HLX43的成药潜力） 智通财经APP获悉，招商证券发布研报称，维持复宏汉霖(02696)"强烈推荐"评级。 ...

值得关注的是，EGFR野生型非鳞状NSCLC患者(n=15)的经确认客观缓解率(cORR)为46.7%，DCR达 93.3%。接受2.5mg/kg剂量HLX43治疗的患者(n=5)cORR高达60.0%，DCR为80%，彰显HLX43在非鳞状 NSCLC患者人群中更为显著的疗效优势。安全性方面，最常见的≥3级治疗相关不良事件(TRAEs)为贫血 (19.6%)、白细胞计数减少(19.6%)、中性粒细胞计数减少(16.1%)及淋巴细胞计数减少(12.5%)，血小板计 数减少仅3.6%。与此前在2025ASCO上披露的安全性一致，HLX43血液学毒性较低，延续了良好的安全 性，支持未来扩展至一线疗法及联合治疗方案。 该行指，目前复宏汉霖正全力推进HLX43的临床开发进程，已在全球入组超过300例患者，并在中国、 美国、日本等多国顺利推进患者入组。同时公司正在积极探索HLX43在多种实体瘤中的治疗潜力，包 括宫颈癌、肝细胞癌、食管鳞癌、头颈鳞癌、鼻咽癌、结直肠癌、胃癌/胃食管交界部癌等，持续挖掘 治疗潜力。单药之外，HLX43联用其他产品的临床试验也正在进行中，进一步探索"ADC+IO"的协同抗 肿瘤疗效。 公司此 ...

（文章来源：证券时报网） 数据宝统计，截至14:21，XD招商证成交额18.79亿元，创2024年12月11日以来新高。最新股价下跌 1.56%，换手率1.47%。上一交易日该股全天成交额为18.78亿元。 据天眼查APP显示，招商证券股份有限公司成立于1993年08月01日。注册资本869652.6806万人民币。 （数据宝） ...

Group 1 - The "Zhaocai Cup" ETF live competition series aims to enhance investors' asset allocation and risk management skills, promoting the healthy development of the ETF market [1] - The recent probability of a Federal Reserve rate cut has increased, which may lead to a more favorable liquidity environment for the Hong Kong stock market, particularly benefiting the Hang Seng Technology Index [1][19] - Investors with limited time for industry and company analysis are encouraged to consider index products, especially those interested in both technology and pharmaceutical sectors [1][28] Group 2 - The Hong Kong technology sector experienced two significant market rallies this year, driven by factors such as valuation attractiveness and the emergence of DeepSeek technology [2][3] - DeepSeek's R2 model has positioned China as a core competitor in the AI field, leading to a revaluation of Chinese tech assets and increased investor confidence [2] - The first rally in Q1 was primarily driven by valuation and the success of DeepSeek, while the second rally from late April to early June was fueled by liquidity conditions and significant inflows from southbound funds [3][21] Group 3 - The domestic AI industry has advantages in application, with a growing number of companies and a market size nearing 600 billion yuan, indicating a robust ecosystem for AI applications [5][6] - China has a unique market advantage due to its large population and demand for AI applications, which supports rapid innovation and commercialization [5] - The AI chip sector, while lagging, is seeing the emergence of strong domestic players, with companies like Alibaba preparing for future developments in AI chips [7][12] Group 4 - AI applications are entering a phase of accelerated commercialization, with companies like Kuaishou and Meitu reporting rapid revenue growth from AI products [8][9] - The government has set ambitious goals for AI integration across various sectors by 2035, indicating a strong push for AI adoption [8] - AI programming is expected to be one of the first core applications to achieve widespread adoption, driven by advancements in large models [9] Group 5 - The Hong Kong stock market's technology sector is currently undervalued compared to global peers, with the Hang Seng Technology Index trading at a PE-TTM of less than 22 times, indicating potential for upward movement [24][26] - The anticipated Federal Reserve rate cuts are expected to improve liquidity conditions, benefiting the technology sector in Hong Kong [25][26] - Southbound funds have significantly increased their investments in Hong Kong stocks, particularly in technology and high-dividend assets, reflecting strong demand from mainland investors [21][23] Group 6 - The performance of major companies like Alibaba and Tencent in the AI sector has exceeded market expectations, with significant growth in cloud services and AI-related revenues [16][17] - Alibaba's cloud business reported a 26% year-on-year revenue increase, while Tencent's AI investments have become a core driver of its business growth [16][17] - The overall positive performance of these companies is likely to enhance the valuation sentiment for Chinese assets in the global market [18]

该行认为，公司中间体原料药具有龙头地位、竞争格局稳定，短期受需求减弱而承压；又认为行业竞争 格局稳固，联邦为青霉素绝对龙头，随着需求趋稳，有望企稳回升。该行预计公司2025至2027年分别实 现收入133.5亿、127.7亿、139.3亿元，实现归母净利润分别为25.9亿、23.4亿、25.2亿元。 招商证券发表研究报告指，首予联邦制药"强烈推荐"评级，认为公司主业抗生素有望逐步企稳，胰岛 素、动保持续开拓增长新曲线，创新加速发展，成长空间广阔。创新药方面，公司三靶点GLP-1激动剂 UBT251海外权益成功授权诺和诺德，有望持续贡献催化，后续减重管线中长效PYY类似物、口服GLP- 1小分子早期数据优异，有出海潜力，建议关注。 ...