Core Viewpoint - Morgan Stanley Fund Management (China) Co., Ltd. has signed a sales agreement with Guotai Junan Securities Co., Ltd. to include Guotai Junan as a sales institution for certain funds starting from September 22, 2025, offering fee rate discounts for subscription and regular investment activities [1][6]. Applicable Funds - The funds included in this agreement are: 1. Morgan Stanley Pure Bond Stable Growth 18-Month Regular Open Bond Fund A Class (Fund Code: 016745) 2. Morgan Stanley Abundant 63-Month Regular Open Bond Fund (Fund Code: 009816) 3. Morgan Stanley Minfeng Ying and One-Year Holding Period Mixed Fund (Fund Code: 010222) 4. Morgan Stanley Economic Intelligence Selected Mixed Fund (Fund Code: A Class 020231, C Class 020233) 5. Morgan Stanley Stable Abundant Rate Bond Fund (Fund Code: A Class 022786, C Class 022787) [1]. Business Operations - Starting from September 22, 2025, investors can handle account opening, subscription, regular investment, redemption, fund conversion, and other related business through Guotai Junan Securities for the specified funds [1]. Regular Investment Business - The minimum deduction amount and deduction date can be agreed upon with the sales institution, and if the deduction date is not a trading day, it will be postponed to the next trading day [3][4]. Fund Conversion Business - The rules, rates, and important matters regarding the conversion business are detailed in the relevant business announcements issued by the company [5]. Fee Rate Discount Activities - From September 22, 2025, investors who subscribe or invest regularly in the specified funds through the sales institution will enjoy specific discount rates, with the original subscription rates applicable if fixed fees are involved [6][8].

Group 1 - Securities firms have conducted a total of 3,845 research activities involving 644 listed companies since September 21, with a focus on industries such as industrial machinery and electronic components [1][2] - The most frequently researched company is Lanke Technology, which has been surveyed by 54 securities firms, followed by Juguang Technology with 40 surveys [1] - Leading securities firms include CITIC Securities and Guotai Junan, each conducting 175 surveys, while Changjiang Securities has conducted 135 surveys [1] Group 2 - Among the 644 listed companies, 76 are in the industrial machinery sector, and 42 are in the electronic components sector, indicating a preference for these industries [2] - As of September 19, 288 of the surveyed stocks have seen price increases this month, with 24 stocks rising over 30%, led by World with a 76.94% increase [2] Group 3 - Key issues of interest in the surveys include companies' overseas expansion strategies, with Juguang Technology actively integrating its acquisitions in Switzerland and Singapore [3] - Companies like Kaiying Network reported a 59.57% year-on-year increase in overseas revenue in the first half of the year, focusing on enhancing their product matrix for international markets [3] - Analysts predict that a number of Chinese companies will emerge as influential players in international markets, potentially leading to greater valuation premiums for leading domestic firms [3]

Core Insights - The issuance of bonds by securities firms has been active this year, with a total issuance scale reaching 1.23 trillion yuan as of September 21 [1] - Technology innovation bonds (referred to as "Sci-Tech Bonds") have played a crucial role in supporting the development of technology innovation enterprises due to their precise funding allocation and flexible financing models [1] - The issuance of Sci-Tech Bonds by securities firms has exceeded 57 billion yuan this year, driven by both policy guidance and market demand [1] Group 1: Issuance and Market Dynamics - As of September 21, 40 securities firms have issued Sci-Tech Bonds totaling 57.17 billion yuan since May 7, with both leading and mid-sized firms participating [1][2] - Leading securities firms dominate the issuance scale, with China Merchants Securities at the forefront, having issued 10 billion yuan, followed by CITIC Securities and Guotai Junan with 9.7 billion yuan and 5.9 billion yuan respectively [2] - The bonds exhibit flexible terms and lower interest rates, with rates ranging from 1.64% to 2.29%, significantly lower than ordinary corporate bonds [2] Group 2: Underwriting and Strategic Focus - In the first half of the year, 68 securities firms acted as lead underwriters for Sci-Tech Bonds, underwriting a total of 380 bonds, which represents a year-on-year increase of 82.69% [3] - The total underwriting amount reached 381.39 billion yuan, marking a 56.48% increase year-on-year [3] - Securities firms are focusing on providing comprehensive financial services throughout the lifecycle of technology enterprises, with firms like CITIC Securities and Zhongyin Securities emphasizing the integration of technology innovation and industrial innovation [3] Group 3: Future Outlook - The market for Sci-Tech Bonds is expected to see increased supply in the second half of the year, presenting further opportunities for investors [4]

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].

Core Viewpoint - The Federal Reserve's "preventive" interest rate cuts are beneficial for the healthy operation of the U.S. economy and enhance global macro liquidity [1][2] Group 1: U.S. Equity Market - The U.S. economy shows resilience despite marginal convergence, and the AI industry has vast development potential, supporting a positive outlook for U.S. equities [2] - The Federal Reserve's preventive monetary policy adjustments help maintain a healthy economic trend and avoid inflation and employment risks, ensuring liquidity stability in the U.S. stock market [2] - The U.S. stock market is considered to have a high risk-return ratio and tactical allocation value in the current phase [2] Group 2: U.S. Treasury Bonds - The internal inflation stickiness and the potential for a mild decline in real interest rates lead to a neutral stance on U.S. Treasury bonds [2] - The Federal Reserve's preventive rate cuts are expected to improve global macro liquidity, which may help suppress internal inflation stickiness and real interest rates [2] - U.S. Treasury bonds are viewed as having a moderate risk-return ratio and tactical allocation value [2] Group 3: Commodities - The improvement in global macro liquidity and the decline in real interest rates are expected to support gold performance [2] - The Federal Reserve's rate cuts will lower the holding costs of gold, positively impacting gold prices [2] - Gold is considered to have a moderate risk-return ratio and tactical allocation value [2] Group 4: Currency Market - The resilience of the Chinese economy and the decrease in extreme geopolitical conflict risks support the stability of the RMB exchange rate [3] - The Chinese economy is showing stable growth, with strong growth momentum compared to other major economies, which is expected to support the RMB's appreciation [3] - The RMB exchange rate is anticipated to exhibit a two-way fluctuation trend, with a central tendency of gradual appreciation [3]

Market Overview - During the past week (September 15-19), A-share market indices showed mixed performance, with the Shanghai Composite Index declining by 1.30% and the CSI 300 Index down by 0.44%. In contrast, the Shenzhen Component Index and the ChiNext Index increased by 1.14% and 2.34%, respectively, while the STAR 50 Index rose by 1.84% [1] - Market trading activity improved compared to the previous week, with an average daily trading volume of approximately 2.52 trillion yuan. On Thursday, the single-day trading volume peaked at 3.17 trillion yuan but dropped significantly to 2.35 trillion yuan on Friday [1] - Small-cap indices slightly outperformed large-cap indices, with a preference for growth styles. The market exhibited a structural trend influenced by the Federal Reserve's interest rate cuts and technological catalysts, with funds shifting from traditional finance to technology growth and low-cycle sectors [1] Sector Performance - The consumer services, automotive, electronics, coal, and home appliance sectors saw the highest gains, while the semiconductor, lithography machine, and humanoid robot sectors continued to attract capital. Conversely, non-ferrous metals, banking, and non-bank sectors experienced the largest declines [1] Convertible Bond Market - The convertible bond market showed an overall adjustment trend, with the CSI Convertible Bond Index declining by 1.55%. The equal-weighted convertible bond index fell by 1.29%, with a greater decline than the equal-weighted index of convertible bond underlying stocks [1] - The median price of convertible bonds decreased from 132.30 yuan to 129.51 yuan, and the median conversion premium rate contracted to 23.77%. The weighted average conversion premium rates for equity, balanced, and bond-oriented convertible bonds also saw compression [1] Future Outlook - For the remainder of September, the convertible bond market is expected to continue its oscillating pattern, with potential risk aversion as the National Day holiday approaches, leading to a possible decline in market trading sentiment [2] - Following the holiday, a return of funds and increased policy expectations regarding the "14th Five-Year Plan" from the upcoming Fourth Plenary Session in October may boost risk appetite. The convertible bond market is anticipated to receive support and repair opportunities, with a focus on solid underlying stocks with compressed conversion premiums in technology growth and cyclical sectors [2]

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、准确性和完整性依法承担法律责任。 思瑞浦微电子科技（苏州）股份有限公司（以下简称"公司"）于近日收到保荐机构国泰海通证券股份有 限公司（以下简称"国泰海通证券"）《关于更换思瑞浦微电子科技（苏州）股份有限公司持续督导保荐 代表人的函》。国泰海通证券为公司向特定对象发行股票项目的保荐机构，原指定邓欣女士、何可人先 生为保荐代表人，履行持续督导职责，持续督导期限至2025年12月31日。 鉴于邓欣女士工作变动，无法继续从事对公司的持续督导工作，其后续工作由国泰海通证券指定保荐代 表人陈启明先生（简历详见附件）接替，继续履行持续督导职责。 本次保荐代表人更换后，公司向特定对象发行股票项目持续督导保荐代表人为陈启明先生、何可人先 生。 特此公告。 思瑞浦微电子科技（苏州）股份有限公司董事会 2025年9月20日 陈启明，现任职于国泰海通证券股份有限公司，保荐代表人。现任投资银行部TMT行业一部董事，曾 主持或参与芯原股份再融资、华虹公司科创板IPO、裕太微科创板IPO、创耀科技科创板IPO、思瑞浦科 创板IPO、永冠 ...

Group 1 - The core viewpoint emphasizes the dual opportunities of macro and micro drivers, focusing on both beta and alpha in investment strategies [4][7]. - The report titled "Decoding Corporate Life Cycle: Exploring a New Paradigm for Stock Investment" was authored by Zheng Yabin and published on June 9, 2025 [7]. - The research framework aims to provide insights into value creation and future collaboration [6]. Group 2 - The analysis is based on quantifying corporate life cycle stages using data such as cash flow and listing time, which serves as a reference for investment decisions [7]. - The quantitative model is constructed from historical data, acknowledging potential risks related to the failure of historical statistical patterns and model mis-specification [7].

Group 1 - The core viewpoint is that the current wave of AI development is transitioning from "computing power-driven" to "application-driven," with a focus on both short-term opportunities and long-term value in technology self-reliance [3][4] - AI applications expected to emerge first include creative generation, digital marketing, coding, and customer service, with existing successful applications like Nano Banana [4] - The competition in AI infrastructure is intensifying, and industries with high automation levels, such as overseas automotive factories, still have areas for AI application, particularly in repetitive tasks [4] Group 2 - The concept of embodied intelligence is highlighted, with the goal of integrating intelligent robots into households, requiring a long-term development cycle [5] - The current challenges in embodied intelligence include a lack of high-quality data for training, which is crucial for the technology's advancement and commercialization [7][8] - The establishment of heterogeneous training grounds across various regions aims to provide high-quality data and promote data standardization and sharing among companies [7] Group 3 - Investment opportunities are identified in data production, processing, and trading, as local governments are beginning to support data-related enterprises [8] - The market is advised to focus on three main areas: AI, technology self-reliance, and financial IT, with significant growth expected in domestic computing power chip replacement and AI applications across various sectors [9][10] - The financial IT sector is seen as a leading indicator for the computer sector, with historical trends showing that each bull market begins with increased activity in this area [10]

证券日报网讯 9月19日晚间，开开实业发布公告称，公司于近日收到持续督导保荐机构国泰海通证券股 份有限公司（简称"国泰海通"）《关于更换上海开开实业股份有限公司持续督导保荐代表人的函》。国 泰海通作为公司向特定对象发行A股股票项目的保荐机构，指定阚泽超先生、倪晓伟先生为公司向特定 对象发行A股股票项目保荐代表人，负责保荐工作及持续督导工作，持续督导期至2026年12月31日。原 保荐代表人阚泽超先生因工作变动原因，无法继续从事对公司的持续督导工作。为保证持续督导工作的 有序进行，国泰海通现委派保荐代表人毛正晔女士接替阚泽超先生继续履行持续督导工作。 （文章来源：证券日报） ...