（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]

Group 1 - The company successfully issued the fifth phase of short-term financing bonds for the year 2024, with a total issuance scale of RMB 2 billion and a coupon rate of 1.93% [1] - The maturity period of the short-term financing bonds is 301 days, with a repayment date set for September 17, 2025 [1] - On September 17, 2025, the company repaid the principal and interest of the short-term financing bonds, totaling RMB 2,031,831,780.82 [2]

Group 1 - The core viewpoint of the news is that Kaiying Network has experienced a significant stock price increase, with a 5.13% rise on September 18, reaching a price of 29.50 yuan per share, and a total market capitalization of 63.025 billion yuan [1] - Kaiying Network's stock has risen for three consecutive days, accumulating a total increase of 16.48% during this period [1] - The company, founded on January 3, 2000, and listed on December 7, 2010, primarily engages in game development and operation, with mobile games accounting for 73.03% of its revenue [1] Group 2 - From the perspective of fund holdings, a fund under Zhongtai Securities Asset Management has a significant position in Kaiying Network, with 126,500 shares held, representing 2.26% of the fund's net value [2] - The fund, Zhongtai Xingrui Prosperity Growth Mixed A, has achieved a year-to-date return of 35.85% and a one-year return of 50.61%, ranking 2193 out of 8172 and 3310 out of 7980 respectively [2] - The fund manager, Gao Lanjun, has a tenure of over six years, with the best fund return during this period being 126.62% [2]

Group 1 - The core viewpoint indicates that steel demand has increased week-on-week, with construction material demand being weak while plate demand remains resilient [1] - Steel inventory has risen week-on-week, with hot-rolled and cold-rolled inventories remaining stable, while other steel inventories have accumulated [1] - The production of molten iron has significantly rebounded this week, supported by resilient demand in the manufacturing sector, suggesting potential profit improvements for steel companies [1] Group 2 - The Shanghai Composite Index rose by 1.52% this week, while the steel sector outperformed the CSI 300 Index by 2.34 percentage points, with the steel sector increasing by 3.72% [2] - The main contract for rebar closed at 3127 yuan/ton, down 16 yuan/ton (0.51%), while hot-rolled coil increased by 24 yuan/ton (0.72%) to 3364 yuan/ton [2] - Apparent consumption of the five major steel products decreased year-on-year, totaling 8.4411 million tons, but increased by 111,000 tons week-on-week [2] Group 3 - The iron output from 247 steel enterprises reached 2.4055 million tons, an increase of 117,200 tons week-on-week and 171,700 tons year-on-year [3] - The overall steel price index remained stable week-on-week, with slight fluctuations in specific steel prices [3] - The profit margins for various steel products have weakened, with the profit ratio for 247 steel mills decreasing by 0.87 percentage points to 60.17% [3] Group 4 - The apparent demand for downstream products such as cement and PVC has shown mixed results, with cement output decreasing significantly year-on-year while PVC production increased slightly [4] - The capacity utilization rates for semi-steel and full-steel tires have varied, with semi-steel tires decreasing and full-steel tires increasing year-on-year [4]