Core Viewpoint - China Galaxy Securities has received a no-objection letter from the Shanghai Stock Exchange regarding its non-public issuance of corporate bonds, confirming compliance with listing transfer conditions for a total amount not exceeding 20 billion yuan [1] Group 1 - The no-objection letter (document number: 3079) allows China Galaxy to issue corporate bonds aimed at professional investors [1] - The total amount of the bond issuance is capped at 20 billion yuan, which can be organized in installments within the validity period of the no-objection letter [1] - The no-objection letter is valid for 12 months from the date of issuance, during which the company can proceed with the bond issuance and transfer procedures [1]

Core Viewpoint - China Galaxy Securities has received a no-objection letter from the Shanghai Stock Exchange regarding its non-public issuance of corporate bonds totaling up to 20 billion yuan, confirming compliance with listing transfer conditions [1] Group 1 - The company is authorized to issue corporate bonds not exceeding 20 billion yuan aimed at professional investors [1] - The no-objection letter is valid for 12 months from the date of issuance, allowing the company to organize the bond issuance in installments within this period [1] - The company is required to handle the bond listing transfer procedures in a timely manner [1]

Core Viewpoint - China Galaxy Securities has received a no-objection letter from the Shanghai Stock Exchange regarding its non-public issuance of corporate bonds, confirming compliance with listing conditions for the bonds [1] Summary by Relevant Sections - **Bond Issuance Details** - The company plans to issue corporate bonds totaling no more than 20 billion yuan, aimed at professional investors [1] - The no-objection letter is valid for 12 months from the date of issuance, allowing the company to organize the bond issuance in installments within this period [1] - **Regulatory Approval** - The Shanghai Stock Exchange has confirmed that the bond issuance meets the conditions for listing, indicating regulatory support for the company's financing activities [1] - The company is required to handle the bond listing procedures promptly following the issuance [1]

中国经济网北京9月22日讯 思科瑞(688053.SH)20日发布关于实施其他风险警示暨停牌的公告。因 思科瑞于2025年9月19日收到中国证券监督管理委员会(以下简称"中国证监会")四川监管局下发的《行 政处罚事先告知书》(川证监处罚字【2025】6号)(以下简称"《事先告知书》")。依据《事先告知书》载 明的内容，根据《上海证券交易所科创板股票上市规则(2025年4月修订)》(以下简称"《上市规则》")相 关规定，公司股票将被实施其他风险警示。 A股股票简称由"思科瑞"变更为"ST思科瑞"；扩位简称由"思科瑞微电子"变更为"ST思科瑞微电子"； 实施风险警示的起始日：2025年9月23日。停牌日期为2025年9月22日。 思科瑞20日发布关于公司及相关人员收到中国证券监督管理委员会四川监管局《行政处罚事先告 知书》的公告。公司于2025年9月19日收到中国证监会四川监管局下发的《事先告知书》。 经查明，思科瑞涉嫌违法的事实如下： 一、思科瑞涉嫌虚构销售业务 2022年12月，思科瑞虚构一笔与四川赛狄信息技术股份公司(以下简称赛狄信息)336.65万元的检 测业务，在未收到待检货物且未真实开展检测业务的情况 ...

Core Viewpoint - Cisco Ray (688053.SH) has been placed under risk warning and suspended trading due to receiving an administrative penalty notice from the China Securities Regulatory Commission (CSRC) regarding violations of securities laws [1][4]. Group 1: Company Violations - Cisco Ray is accused of fabricating sales transactions, including a fictitious testing service worth 3.3665 million yuan with Sichuan Saidi Information Technology Co., Ltd., leading to inflated sales revenue and profit by 3.3665 million yuan and 3.1881 million yuan respectively in 2022 [2]. - The company is also charged with prematurely recognizing revenue from a transaction with Jiayuan Technology Co., Ltd. before delivering goods, resulting in inflated revenue and profit by 2.4693 million yuan and 2.037 million yuan respectively [3]. - Additionally, Cisco Ray improperly recognized revenue from two settlement contracts with Jiayuan Technology, despite significant disputes over the contract amount of 4.1246 million yuan, inflating sales revenue and profit by 4.1246 million yuan and 1.7803 million yuan respectively [3]. Group 2: Financial Impact - The total inflated revenue for Cisco Ray in the 2022 annual report amounted to 9.9604 million yuan, with inflated profit totaling 7.0054 million yuan, representing 4.16% and 6.56% of the company's total revenue (242.8218 million yuan) and profit (106.7959 million yuan) for the same period [3]. - The company has acknowledged these discrepancies and issued a correction in April 2025 [3]. Group 3: Regulatory Actions - The Sichuan Regulatory Bureau plans to impose a warning and a fine of 2 million yuan on Cisco Ray, along with individual fines for responsible executives: 1.2 million yuan for Vice President Shu Xiaohui, and 800,000 yuan each for Chairman Zhang Ya, General Manager Ma Weidong, and CFO Tu Quanxin [6].

Core Viewpoint - The market is expected to experience intensified short-term speculation and continue a pattern of rotating hotspots, while the overall positive trend remains unchanged [1] Group 1: Policy Focused Sectors - Investors are focusing on sectors aligned with policy expectations, particularly those benefiting from supply-demand improvements and industry profit recovery due to the ongoing negative growth in PPI and pressure on industrial capacity utilization [1] - The "anti-involution" concept is gaining importance, with related industries likely to benefit as policies are further implemented [1] Group 2: Domestic Consumption - Recent joint policies from the Ministry of Commerce and nine other departments aim to boost consumption and expand domestic demand, making the consumption sector, especially service consumption, a key area of interest as the National Day holiday approaches [1] Group 3: Technology Independence - The robotics sector has seen a short-term adjustment following recent gains, indicating increased capital speculation, but ongoing developments in AI, robotics, and semiconductors are reinforcing the narrative of technological advancement benefiting from the rapid growth of domestic high-tech industries [1]

Core Insights - The bond financing activities of securities firms in China have significantly increased this year, with a total issuance exceeding 1 trillion yuan [4][2]. - As of September 19, 2023, 71 securities firms have issued 657 bonds, marking a year-on-year growth of 64.25% [4]. - The total bond issuance scale for the year has reached 1.18 trillion yuan, representing a year-on-year increase of 69.93% [4]. Group 1: Bond Issuance Data - The top 10 securities firms by bond issuance scale as of 2025 include China Galaxy (107.9 billion yuan), Huatai Securities (93.7 billion yuan), and Guotai Junan (75.8 billion yuan) [5]. - Other notable firms in the top 10 include GF Securities (68.52 billion yuan) and China Merchants Securities (62.7 billion yuan) [5][6]. Group 2: Bond Holding Data - As of September 19, 2023, the total bond holding scale of 76 securities firms is 2.96 trillion yuan [7]. - The top 10 firms by bond holding scale include Guotai Junan (252.6 billion yuan), China Galaxy (188.6 billion yuan), and Huatai Securities (188 billion yuan) [7][8]. Group 3: Recent Approvals for Bond Issuance - In September, several securities firms, including Guotai Junan and CITIC Securities, received approval to issue bonds to professional investors [9]. - CITIC Securities has been approved to issue bonds with a face value of up to 60 billion yuan [13].

Group 1 - The overall market performance shows mixed results with the Shanghai Composite Index down by 1.3%, while the Shenzhen Component and ChiNext Index increased by 1.14% and 2.34% respectively [1] - Citic Securities emphasizes the importance of the globalization of leading Chinese manufacturing companies, suggesting that this will enhance pricing power and profit margins, leading to market capitalization growth beyond domestic economic fundamentals [1] - The financing trends around the National Day holiday indicate a pattern of "pre-holiday contraction and post-holiday explosion," with historical data suggesting a high probability of A/H shares rising after preventive rate cuts by the Federal Reserve [1][2] Group 2 - Huajin Securities notes that historically, after high-level fluctuations in a bull market, A-shares tend to continue rising, with current policies and external events remaining positive [2] - Dongwu Securities identifies potential market directions for the fourth quarter, suggesting a structural shift may occur, with cyclical sectors and low-position technology branches being key areas to watch [3] - China Galaxy Securities recommends focusing on sectors benefiting from policy and industry support, such as AI, lithium batteries, and consumer services, especially with the upcoming holidays boosting travel-related stocks [4] Group 3 - Western Securities reports a contraction in A-share valuations, with the coal industry leading gains due to rising coal prices driven by winter supply concerns [5] - The market is expected to experience a period of consolidation, with support levels identified at previous lows, and recommendations to maintain current positions until adjustments are complete [7] - Kaisheng Securities highlights the ongoing dominance of technology sectors, driven by relative profitability and global semiconductor cycles, with AI emerging as a significant demand driver [8] Group 4 - Debon Securities indicates that the current market is at the beginning of a new dollar interest rate cut cycle, with a slow bull market expected to continue, particularly in sectors like AI and solid-state batteries [9] - Xiangcai Securities suggests that the A-share market is likely to operate in a "slow bull" manner, influenced by ongoing policies and the "14th Five-Year Plan," with a focus on technology, green initiatives, and consumer services [10]

Market Performance - The Hong Kong stock market showed a strong performance from September 15 to September 19, with the Hang Seng Index rising by 0.59% to 26,545.10 points, the Hang Seng Tech Index increasing by 5.09%, and the Hang Seng China Enterprises Index up by 1.15% [1] - Among the sectors, four industries rose while seven declined, with notable gains in industrials (up 6.08%), consumer discretionary (up 3.57%), and information technology (up 1.90%), while financials, utilities, and materials saw the largest declines [1] Liquidity Analysis - The average daily turnover on the Hong Kong Stock Exchange was HKD 347.12 billion, an increase of HKD 44.09 billion from the previous week, while the average short-selling amount decreased by HKD 1.91 billion to HKD 32.48 billion, representing 9.35% of the turnover [2] - Cumulative net purchases from southbound funds totaled HKD 36.85 billion, a decrease of HKD 23.97 billion from the previous week [2] Valuation and Risk Appetite - As of September 19, the Hang Seng Index had a PE ratio of 12.04 and a PB ratio of 1.23, both at the 86% and 89% historical percentiles since 2019, respectively [3] - The risk premium for the Hang Seng Index was 4.17%, which is -2.18 standard deviations from the 3-year rolling mean, placing it at the 4% historical percentile since 2010 [3] - The AH share premium index decreased to 117.11, at the 9% historical percentile since 2014 [3] Investment Outlook - The Federal Reserve announced a 25 basis point cut in the federal funds rate, marking the first rate cut of the year, which is expected to enhance market risk appetite [4] - Domestic economic indicators showed a year-on-year increase in industrial output of 5.2% and a retail sales growth of 3.4% in August, indicating a mixed economic environment [4] - Future investment recommendations include focusing on sectors with favorable policies such as AI, lithium batteries, and consumer services, as well as tourism-related sectors due to upcoming holidays [4]

Core Viewpoint - The Federal Reserve's decision in September aligns with market expectations, impacting risk preferences in the A-share market and indicating potential short-term volatility and long-term benefits for A-shares due to anticipated interest rate cuts [1] Group 1: Short-term Impact on A-share Market - Short-term, risk premiums are expected to narrow as the market has already priced in rate cuts, leading to potential volatility after expectations are met [1] - Global equity markets may face short-term fluctuations due to the partial realization of rate cut expectations [1] Group 2: Medium to Long-term Analysis - Long-term, the anticipated rate cuts by the Federal Reserve are likely to benefit A-share performance, with the renminbi expected to strengthen passively, improving risk appetite [1] - The appreciation of the renminbi may alleviate foreign investors' concerns regarding exchange rate fluctuations, enhancing the attractiveness of the A-share market [1] Group 3: Structural Changes in A-share Market - In terms of sector performance, technology growth, high dividend, and interest rate-sensitive sectors are expected to be the main beneficiaries of the current market conditions [1] Group 4: Impact on Hong Kong Market - Liquidity in the Hong Kong market is expected to improve due to declining Hong Kong dollar interest rates and the return of foreign capital [1] - A structural shift in fund allocation is noted, with foreign investments focusing on technology, finance, and certain consumer and manufacturing sectors, particularly in technology and pharmaceuticals [1]