中泰国际首席经济学家李迅雷发文表示，今年是二战结束80周年，80年来全球除了不断爆发一些局部战 争外，总体处于和平状态，这在人类历史上属于比较长久的"太平盛世"年代。故此全球的人口出现大幅 增长，从1945年的25亿人，扩大到如今的81亿人。经济体量的增长更大于人口扩张的倍数。但为经济增 长所付出代价也非常巨大。如贫富分化、环境污染、国与国之间的经济冲突加剧、国内债务危机等。目 前，全球主要经济体的经济增长，越来越依赖于举债，且债务的增长的速度快于经济增速，宏观杠杆率 水平不断提高。要充分认识到公共债务增长的不可逆性，需要做的是提高债务的透明度，隐债尽快显性 化，并多渠道降低地方隐债成本，如用更大规模的地方专项债来置换，通过地方政府通过获得政策性银 行和国有银行的长期低息贷款来置换隐债等，尽快清理拖欠债务。需要央行实行有力度的降息，修改有 关法律，允许央行认购国债，提高央行总资产中国债的占比。从而使得社保缺口能尽快补上。 ...

Core Viewpoint - The 2025 Qingdao Venture Capital and Private Equity Conference aims to enhance the financing channels for technology-based startups and promote high-quality economic development in Qingdao through various activities and discussions on financial innovation and trends [3][12]. Event Overview - The conference will be held on September 26 at the Qingdao International Conference Center, featuring both online and offline participation with approximately 1,000 attendees [4][5]. - The event will include opening speeches, project unveiling and signing, keynote speeches, roundtable discussions, thematic forums, and capital investment and technology project roadshows [4][10]. Historical Context - The Qingdao Venture Capital and Private Equity Conference has been successfully held six times since 2019, significantly enhancing its influence and support from national regulatory bodies and industry leaders [3][12]. - As of July 2025, the number of private fund managers and the scale of managed funds in Qingdao have increased to 1.5, 5.7, and 3.3 times their levels at the end of 2018, respectively [3]. Conference Highlights - The conference will transition from focusing solely on venture capital to encompassing the broader financial industry, emphasizing financial openness and technological empowerment [5]. - A strong lineup of influential guests, including former government officials and leaders from renowned financial institutions, will participate in discussions [6]. Key Discussion Topics - The conference will address current industry hot topics such as macroeconomics, industrial upgrades, mergers and acquisitions, artificial intelligence, and ESG financial reforms [7][8]. - Specific forums will focus on financial openness, green finance innovation, and the integration of technology and finance [8][9]. Expected Outcomes - The conference is expected to facilitate the establishment of quality projects in Qingdao and attract more investment institutions to set up branches or funds in the city [12]. - It aims to promote the transformation and upgrading of traditional industries and accelerate the conversion of technological innovations into practical applications [13][14]. - The event will enhance Qingdao's reputation in the venture capital and private equity sector, attracting talent, technology, and capital [14].

中泰证券研报称，展望未来，港股市场在中美元首通话等行程推进，以及 A 股情绪持续回暖的支撑 下，短期有望延续结构性上涨。伴随 AI 需求指引持续好转，港股科技将是最值得期待的方向。建议投 资者在配置上采取杠铃策略，将高股息资产作为底仓配置，同时关注盈利改善明显且具备成长性的科技 与消费行业。 ...

【导读】多位券商专家热议买方财富时代的变革与转型 中国基金报记者 孙越 买方财富时代浪潮已至，传统以 " 卖产品 " 为核心的财富管理模式正加速迭代，券商行业如 何找准转型方向、破解实践难题？ 9 月 17 日上午，由中国基金报主办的 2025 中国资本市场发展论坛暨证券行业论坛在上海 举行。在大会的圆桌论坛环节，东吴证券首席战略官、研究所联席所长孙婷，平安证券执行 委员会委员、副总经理姜学红，国元证券执行委员会委员、副总裁梁化彬，国联民生证券资 产配置部总经理程棵、中泰证券资管副总经理姜诚等重磅嘉宾，围绕《买方财富时代的变革 与转型》这一主题展开探讨，用一线实践经验为行业转型提供关键参考。 买方思维的核心评价标准是什么？ 作为本次圆桌论坛的主持人，东吴证券首席战略官、研究所联席所长孙婷率先抛出核心议 题： " 当前买方财富时代已正式到来，但从市场实践来看，不少机构和从业者仍停留在卖产 品的传统模式中。若要精准评价一家机构或一位投顾是否真正具备买方思维，其核心评价标 准应如何界定？ " 平安证券执行委员会委员、副总经理姜学红认为， " 挣什么钱 " 是检验买方投顾与传统模式 的核心标准。过往财富管理行业的主流 ...

截至发稿，浩洋股份市值为60亿元。 每经头条（nbdtoutiao）——5万亿ETF的370名基金经理薪酬大揭秘！他们的日常工作，就是跟着指数 买股票吗？ 2024年1至12月份，浩洋股份的营业收入构成为：演艺灯光设备占比100.0%。 （记者 王晓波） 每经AI快讯，浩洋股份（SZ 300833，收盘价：47.16元）发布公告称，2025年9月18日至2025年9月19 日，浩洋股份接受中泰证券等投资者调研，公司董事会秘书劳杰伟参与接待，并回答了投资者提出的问 题。 ...

Core Viewpoint - The company, StarNet Ruijie, is accelerating its AI transformation and expanding its overseas market presence, resulting in significant revenue and profit growth in the first half of 2025 compared to the same period last year [1]. Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 8.886 billion yuan, a year-on-year increase of 21.76% [1] - Operating profit reached 522 million yuan, up 268.13% year-on-year [1] - Total profit amounted to 528 million yuan, reflecting a 258.04% increase compared to the previous year [1] - Net profit attributable to shareholders was 212 million yuan, marking a 69.32% year-on-year growth [1] Group 2: Business Strategy and Outlook - The company is focusing on optical communication in its telecommunications segment and collaborating with major domestic operators, while its subsidiary, Deming Communications, is deepening its involvement in the U.S. vehicle networking market [2] - The financial innovation (FinTech) sector is progressing slowly, with a target to complete by 2028, and the market size for financial terminal equipment is significant with few competitors [2] - The network terminal business includes cloud terminals and thin clients, with organizational restructuring expected to positively impact cost control in 2024 and beyond [2] - The company operates three production parks within its industrial park [2] - There may be fluctuations in gross margins across various segments in the second half of the year, influenced by AI investments and product types [2]

Group 1 - Company Xingwang Ruijie (SZ 002396) announced it will accept a research visit from Zhongtai Securities on September 19, 2025, at 11:30, with the company secretary Li Huaiyu participating to answer investor questions [1] - For the first half of 2025, the revenue composition of Xingwang Ruijie was entirely from the communications equipment manufacturing industry, accounting for 100.0% [2] - As of the report date, the market capitalization of Xingwang Ruijie was 18.3 billion yuan [3]

Company Overview - Full Name: Hunan Xiangtou Jintian Titanium Industry Technology Co., Ltd [1] - Abbreviation: Jintian Titanium [1] - Stock Code: 688750.SH [1] - IPO Application Date: June 29, 2023 [1] - Listing Date: November 20, 2024 [1] - Listing Board: Shanghai Stock Exchange Sci-Tech Innovation Board [1] - Industry: Non-ferrous Metal Smelting and Rolling Processing Industry [1] - IPO Sponsoring Institutions: AVIC Securities, Zhongtai Securities [1] - IPO Legal Advisor: Hunan Qiyuan Law Firm [1] - IPO Audit Institution: Zhongxinghua Accounting Firm (Special General Partnership) [1] Disclosure and Evaluation - Disclosure Issues: Required to clarify the objectivity and accuracy of the prospectus regarding the main business of Jintian Group; required to accurately disclose trademark authorization periods; required to ensure consistency in the prospectus content; required to delete certain risk-related statements and provide objective evidence for claims of being "advanced," "leading," etc. [1] - Regulatory Penalties: No penalties [2] - Public Supervision: No penalties [2] - Listing Cycle: Jintian Titanium's listing cycle is 510 days, shorter than the average of 629.45 days for A-share companies in 2024 [2] - Multiple Applications: Not applicable, no penalties [3] Financial Metrics - Issuance Costs: Underwriting and sponsorship fees amount to 56.9627 million yuan, with a commission rate of 8.60%, higher than the average of 7.71% [3] - Initial Listing Performance: Stock price increased by 320.39% on the first day of listing [4] - Three-Month Performance: Stock price increased by 192.18% within three months post-listing [5] - Issuance Price-Earnings Ratio: The issuance P/E ratio is 24.72 times, significantly higher than the industry average of 17.54 times, representing 140.94% of the industry average [6] - Actual Fundraising: Expected fundraising of 1.12 billion yuan, with actual fundraising of 662 million yuan, a decrease of 40.84% [7] Short-term Performance - Revenue Growth: In 2024, the company's operating income increased by 0.91% year-on-year, while net profit attributable to shareholders grew by 3.04%, and non-recurring net profit increased by 2.13% year-on-year [8] - Subscription Rate: Abandonment rate is 0.11% [9] Overall Assessment - Total Score: Jintian Titanium's IPO project received a total score of 79 points, classified as Grade C. Negative factors affecting the score include the need for improved disclosure quality, high issuance cost ratio, high issuance P/E ratio, significant reduction in actual fundraising, and a 0.11% abandonment rate [9]

9月19日，信立泰跌5.14%，截至发稿，报51.70元/股，成交3.01亿元，换手率0.51%，总市值576.36亿 元。 资料显示，深圳信立泰药业股份有限公司位于广东省深圳市福田区深南大道6009号车公庙绿景广场主楼 (B座)37层，成立日期1998年11月3日，上市日期2009年9月10日，公司主营业务涉及药品、医疗器械产 品的研发、生产、销售。主营业务收入构成为：制剂81.69%，器械8.54%，原料7.17%，其他2.59%。 从基金十大重仓股角度 数据显示，中泰证券资管旗下1只基金重仓信立泰。中泰星锐景气成长混合A（018372）二季度减持2.48 万股，持有股数7.03万股，占基金净值比例为3.07%，位居第四大重仓股。根据测算，今日浮亏损失约 19.68万元。 中泰星锐景气成长混合A（018372）成立日期2023年7月18日，最新规模4101.79万。今年以来收益 36.03%，同类排名2102/8172；近一年收益50.34%，同类排名3198/7980；成立以来收益15.76%。 中泰星锐景气成长混合A（018372）基金经理为高兰君。 截至发稿，高兰君累计任职时间6年93天，现任基金资 ...

该行表示，联邦制药作为中国领先的全产业链制药集团，目前正以创新管线为增长引擎，在传统业务优 势赋能下，加速向代谢疾病创新药企转型。传统业务方面，作为青霉素中间体、原料药龙头，联邦垂直 一体化布局打通产业链，依托成熟的发酵工艺和规模优势，持续巩固成本竞争力。动保、胰岛素制剂业 务稳健成长，为业绩增长注入持续动能。创新业务，实现UBT251(GLP-1/GIP/GCG三靶点激动剂)重磅 授权，彰显研发实力。 中泰证券（600918）发布研报称，预计联邦制药(03933)2025-2027年收入150.88、146.51、160.36亿元， 同比增长9.7%、-2.9%、9.5%，归母净利润27.58、26.38、29.56亿元，25-27年同比增长3.7%、-4.3%、 12.1%，对应PE分别为11、12、10倍，考虑到公司创新管线空间广阔;传统业务竞争格局稳固，胰岛素制 剂、动保业务不断夯实，首次覆盖联邦制药，给予"买入"评级。 ...