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。 智通财经APP获悉，中泰证券发布研报称，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。 ...

Core Viewpoint - The Federal Reserve's decision to cut interest rates by 25 basis points on September 18 marks the beginning of a new preventive rate-cutting cycle, with expectations for further cuts in October and December [1][2][4]. Summary by Relevant Categories Interest Rate Outlook - Most brokerages anticipate an additional 50 basis points of cuts within the year, but the long-term reduction may not meet prior market expectations [1][2][4]. - The Fed's internal decision-making shows significant divergence, leading to uncertainty in future rate paths [1][4][9]. Economic Projections - The prevailing view is a soft landing for the U.S. economy, although some brokerages warn that excessive monetary easing could lead to stagflation risks [1][4][9]. - The Fed's dot plot indicates a lower rate of future cuts than previously expected, with projections of 75 basis points this year and 25 basis points in the following two years [3][10]. Market Reactions - Short-term risk assets are expected to experience increased volatility, while mid-term outlooks remain positive for U.S. equities [3][6]. - The market had already priced in the rate cut, leading to initial gains in bonds and equities followed by corrections [6][10]. Sector Impacts - Sectors such as real estate and manufacturing are anticipated to benefit first from the rate cuts, with a favorable sentiment in A-shares and increased sensitivity in Hong Kong stocks due to improved overseas liquidity [7][8][12]. - The Fed's decision is expected to create more room for China's monetary policy adjustments, potentially leading to further easing domestically [2][12]. Divergence in Analyst Opinions - Analysts express mixed views on the Fed's approach, with some highlighting a hawkish tone in the risk management narrative, suggesting that continuous rate cuts may not be guaranteed [4][11]. - The Fed's focus on employment risks over inflation risks indicates a cautious approach to future monetary policy adjustments [9][12].

Core Viewpoint - The bond issuance by securities firms has significantly accelerated since July, with a total issuance of 1.14 trillion yuan in 2023, surpassing the previous year's total of 693.7 billion yuan, indicating strong capital replenishment needs in the industry [2][10]. Group 1: Bond Issuance Trends - In September alone, at least four securities firms announced new short-term financing bond issuances, totaling over 8 billion yuan, contributing to a cumulative issuance of over 110 billion yuan in the first half of September [1][9]. - The total bond issuance by securities firms from July 1 to September 17 reached approximately 543.8 billion yuan, accounting for about 47% of the annual total [2]. - As of September 17, 2023, 71 securities firms have issued bonds, with a total issuance of 1.14 trillion yuan, reflecting a year-on-year increase of approximately 64.7% [10]. Group 2: Types of Bonds and Their Purposes - Securities company bonds remain the mainstay, with 415 bonds issued totaling over 750 billion yuan, while short-term financing bonds accounted for nearly 370 billion yuan [11]. - The average coupon rate for the issued bonds is 1.89%, with a general downward trend in interest rates compared to the previous year [13][14]. - The primary purposes of the raised funds include liquidity support and refinancing existing debts, with some firms committing to limit the use of funds for capital-consuming businesses [21][24]. Group 3: Market Dynamics and Future Outlook - The increase in bond issuance is driven by a recovery in the A-share market, which has led to a rise in margin trading balances from approximately 1.85 trillion yuan at the end of June to about 2.26 trillion yuan at the end of August, marking a 22.2% increase [9]. - The current low-interest-rate environment makes bond financing more attractive compared to equity financing, providing larger funding support while avoiding equity dilution [25]. - If the A-share market remains active, the trend of bond issuance by securities firms is expected to continue in the near future [25].

（文章来源：证券日报） 证券日报网讯 9月18日晚间，中泰证券发布公告称，中泰证券股份有限公司2025年度第四期短期融资券 已于2025年9月17日发行完毕。 ...

Core Viewpoints - The report indicates an increase in interest rate cut expectations, contributing to a favorable macroeconomic environment [3] - The investment recommendation is to maintain an "overweight" rating for the industry, as the trend continues [3] Economic Overview - In August, China's export value increased by 4.4% year-on-year, while CPI decreased by 0.40% [5] - The U.S. CPI remained stable at 2.9% year-on-year, with core CPI also steady at 3.1% [5] - The Eurozone manufacturing PMI rose to 50.7, indicating a return to expansion [6] - The global manufacturing PMI increased to 50.9, marking the largest growth since June 2024 [6] Metal Market Insights Basic Metals - Industrial metal prices have generally risen, with the LME copper, aluminum, lead, and zinc showing weekly increases of 1.7%, 3.8%, 1.6%, and 3.4% respectively [3] - The domestic aluminum processing average operating rate increased by 0.4% to 62.1% [7] Aluminum - The electrolytic aluminum industry maintained a production capacity of 44.085 million tons, with a weekly output of 845,500 tons [6][8] - Aluminum prices have risen to 21,050 CNY/ton, with a profit margin of 3,765 CNY/ton [6][8] Alumina - The operating capacity ratio of alumina to electrolytic aluminum increased to 2.21, indicating an expanding surplus [8] - Alumina prices decreased to 3,073 CNY/ton, with a profit margin reduction of 28.58% [9] Copper - Domestic electrolytic copper weekly output reached 238,000 tons, with a year-on-year increase of 23,100 tons [10] - Global copper inventories rose to 681,400 tons, with a year-on-year increase of 45,800 tons [10] Zinc - The domestic refined zinc weekly output was 131,700 tons, with a year-on-year increase of 3.73% [11] - Domestic zinc ingot inventory reached 154,200 tons, continuing to rise and reaching a five-year high [11]

Report Industry Investment Rating - Not provided in the given content Report's Core View - On September 18, 2025, the Fed cut the federal funds rate by 25BP to 4%-4.25%, the first rate cut in 2025. The 9 - month rate cut was "expected", with market expectations of a rate cut in September remaining high. The Fed showed restraint, and Powell's stance was "neutral - hawkish". The rate cut was a "risk - management" one, denying an economic recession. The Fed is expected to cut rates by another 50BP this year. Overseas asset volatility will decline in the short - term, and the stock - bond trajectory remains unchanged. For the domestic market, overseas rate cuts do not affect domestic policy rhythms, and equities may see an emotional boost while the bond market is unlikely to follow [5][6]. Summary by Related Catalog Fed's Policy Adjustment and Outlook - The Fed's monetary policy framework adjustment focuses more on employment in the short - term. Powell pointed out that employment growth has slowed and the risk of employment decline has increased, putting employment issues before "recent inflation increases" [3]. - Although economic activity has slowed, the Fed is still optimistic and raised its economic growth forecast. The forecast for the annual real GDP growth rate in 2025 was raised from 1.4% to 1.6% [3]. - The Fed is more tolerant of inflation, believing that current inflation may be temporary. It raised the inflation forecast for 2026 while lowering the forecast for the federal funds rate in 2026. The 2026 PCE and core PCE were both raised by 0.2pct to 2.6%, and the 2026 federal funds rate forecast was lowered from 3.6% to 3.4% [4]. - Most Fed officials think there will be another 50BP rate cut this year. According to the dot plot, 9 out of 19 voting members believe the year - end benchmark interest rate should be in the 3.5% - 3.75% range, and 1 member thinks it should be in the 2.75% - 3% range [4]. Impact on Overseas and Domestic Markets - For overseas markets, US stocks and bonds have priced in the rate cut. The 25BP rate cut will not cause market fluctuations. The subsequent rate - cut rhythm is likely to be neutral and stable, and it is expected to cut rates by another 50BP this year. Commodities such as gold, silver, and copper may experience short - term shock and correction after the rate cut [6]. - For the domestic market, overseas rate cuts do not affect domestic policy rhythms. The scenario where overseas rate cuts open up domestic policy space will not happen. Under the current risk preference and liquidity environment, there is not much need for further rate cuts. Overseas rate cuts will not change the "stock - strong, bond - weak" trend. Equities may receive an emotional boost, while the bond market is unlikely to follow [6].

Group 1 - Meirui New Materials announced that it will accept a research visit from Zhongtai Securities on September 18, 2025, from 10:00 to 11:00 [1] - The company's Secretary of the Board and Chief Financial Officer, Du Yingtao, along with Securities Affairs Representative Wang Yue, will participate in the meeting and respond to investor inquiries [1] Group 2 - The article discusses the Federal Reserve's interest rate decisions, highlighting the debate over whether a 25 basis point cut is too small and a 50 basis point cut is too large [1] - The article mentions that a representative of Trump cast the only dissenting vote regarding the Federal Reserve's decisions [1]

中泰证券股份有限公司 2025 年度第四期短期融资券已于 2025 年 9 月 17 日 发行完毕，现将发行结果公告如下： | 名称 | | | | 中泰证券股份有限公司 | 2025 | 年度第四期短期融资券 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 简称 | | | | 25 | 中泰证券 CP004 | | | | | | | 代码 | | 072510226 | | | 期限 | | 82 | 天 | | | | 起息日 | 2025 | 年 9 | 月 | 日 18 | 兑付日 | 2025 | 年 | 12 | 月 | 日 9 | | 计划发行 总额 | | 26 | 亿元 | | 实际发行总额 | | 26 | 亿元 | | | | 发行利率 | | 1.64% | | | 发行价格 | 100 | | | 元/百元面值 | | 证券代码：600918 证券简称：中泰证券 公告编号：2025-053 中泰证券股份有限公司 2025年度第四期短期融资券发行结果公告 本公司董事会及全 ...

（责任编辑：徐自立） 中泰证券股份有限公司研究员孙行臻9月1日发布研报《同花顺(300033)：行情回暖+AI赋能共筑高 景气度 合同负债增长强劲》称，维持"买入"评级。 中国经济网北京9月18日讯 同花顺(300033.SZ)今日收报366.91元，跌幅6.02%。 ...

Group 1 - The stock price of Zhongtai Securities fell by 2.27% on September 18, closing at 6.88 CNY per share, with a total market capitalization of 47.621 billion CNY [1] - Year-to-date, Zhongtai Securities' stock price has increased by 5.12%, but it has decreased by 2.55% over the last five trading days and 4.18% over the last twenty days [1] - The company reported a net outflow of 12.5079 million CNY in principal funds, with significant selling pressure observed [1] Group 2 - Zhongtai Securities, established on May 15, 2001, and listed on June 3, 2020, is based in Jinan, Shandong Province, and its main business includes securities brokerage, investment consulting, and financial advisory services [2] - The revenue composition of Zhongtai Securities includes wealth management (37.46%), asset management (22.53%), investment (12.50%), credit (11.08%), futures (7.91%), investment banking (4.97%), and other businesses (3.78%) [2] - As of June 30, 2025, Zhongtai Securities had 106,200 shareholders, a decrease of 5.11% from the previous period, with an average of 37,422 circulating shares per shareholder, an increase of 5.39% [2] Group 3 - Since its A-share listing, Zhongtai Securities has distributed a total of 1.833 billion CNY in dividends, with 634 million CNY distributed over the past three years [3] - As of June 30, 2025, Hong Kong Central Clearing Limited is the seventh-largest circulating shareholder, increasing its holdings by 19.1761 million shares [3]