近日，各地证监局披露多则罚单，涉及中信证券等3家券商。 浙江证监局决定对财通证券采取出具警示函的监督管理措施，并记入证券期货市场诚信档案。浙江证监局要 求，公司应当深刻吸取教训，采取有效措施做好整改工作，并对相关责任人员进行追责问责。同时，公司要强 化合规意识，切实提升合规管理水平。 其中， 中信证券（山东）有限责任公司济南分公司因经纪业务违规被罚。 财通证券因境外子公司存在多项合 规问题，被浙江证监局出具警示函，财通证券总经理助理、财通证券（香港）有限公司时任董事长钱斌也领 罚。中信建投证券也被福建证监局出具警示函。 中信证券（山东）济南分公司被罚：有员工违规开展基金销售 9月24日，山东证监局也披露了两则罚单，剑指中信证券（山东）有限责任公司济南分公司及其时任员工魏某 凡。 罚单显示，中信证券（山东）济南分公司存在不具备基金从业资格的营销人员开展基金销售活动的情形，个别 员工向客户宣传推介基金产品时未使用公司统一制作的基金宣传推介材料，反映出该分公司未能严格规范员工 执业行为、合规管理不到位。 山东证监局决定对该分公司采取出具警示函的行政监管措施。要求该分公司加强基金销售合规内控管理，认真 整改，于30日 ...

Global Asset Price Performance - Gold prices continue to rise, with London gold increasing by 2% this week [2] - European and Japanese stock markets saw gains, while US stock markets declined, with the S&P 500, Dow Jones, and Nasdaq dropping by 0.9%, 0.8%, and 0.7% respectively [2] - Global bond yields generally increased, with the 10-year US Treasury yield rising by 6 basis points [2] - Oil prices also saw an uptick, with WTI and Brent crude oil prices rising by 2.7% and 2.5% respectively [2] - The US dollar index strengthened by 0.6% [2] Major Central Bank Monetary Policies - Disagreements among Federal Reserve officials are evident, with Powell indicating economic growth is slowing and employment risks are increasing, yet maintaining a neutral stance on future policy [4] - Concerns about inflation were raised by two FOMC members, while others advocated for quicker rate cuts [4] US Economic Dynamics - New home sales in the US surged by 20.5% month-on-month in August, marking the largest monthly increase since August 2022, attributed to lower mortgage rates and increased sales incentives from builders [9] - The second quarter GDP growth rate was revised up to 3.8%, significantly higher than the initial estimate of 3% [9] - The PCE price index for August showed a year-on-year increase of 0.1 percentage points to 2.7%, indicating stable inflation pressures [9] - A potential government shutdown looms if Congress fails to reach an agreement by September 30, with significant partisan disagreements complicating negotiations [10] Other Regional Economic Dynamics - The Eurozone's manufacturing PMI fell to 49.5 in September, while the services PMI rose to 51.4, indicating a mixed economic outlook [17] - Japan's manufacturing PMI dropped to 48.4, the lowest since March, while the services PMI remained robust at 53 [17]

北京商报讯（记者郝彦）9月26日，浙江证监局发布公告表示，财通证券存在以下问题：未有效建立覆盖境外子公司的决策事项落实跟踪制度及决策效果评 估制度；未健全对境外子公司的风险管控机制；提名的境外子公司部分董事不符合相应任职条件。 上述情形违反规定，因此，浙江证监局决定对财通证券采取出具警示函的监督管理措施，并记入证券期货市场诚信档案。 钱斌作为财通证券总经理助理、财通证券（香港）有限公司时任董事长，对上述情形负有管理责任，也被出具警示函。 | 首页 | 证监局介绍 | 辖区监管动态 | 政务信息 | 办事服务 | 辖区数据 | 10 | | --- | --- | --- | --- | --- | --- | --- | | | ♥ 当前位置：首页 > 政务信息 > 主动公开目录 > 证监局文种体裁 > 行政监管措施 | | | | | | | 索 引 号 | bm56000001/2025-00010680 | | | | સ્ત્રે ਕੇੱਟ | 行政监管措施;证 | | 发布机构 | | | | | 发文日期 | 2025年09月26 | | ਸਮ 称 | 关于对财通证券股份有限公司采取出具警示函措施 ...

上述情形违反规定，因此，浙江证监局决定对财通证券采取出具警示函的监督管理措施，并记入证券期货市场诚信档案。 钱斌作为财通证券总经理助理、财通证券（香港）有限公司时任董事长，对上述情形负有管理责任，也被出具警示函。 北京商报讯（记者 郝彦）9月26日，浙江证监局发布公告表示，财通证券存在以下问题：未有效建立覆盖境外子公司的决策事项落实跟踪制度及决策效果评 估制度；未健全对境外子公司的风险管控机制；提名的境外子公司部分董事不符合相应任职条件。 | 首页 | 证监局介绍 | 辖区监管动态 | 政务信息 | 办事服务 | | 辖区数据 | 트 | | --- | --- | --- | --- | --- | --- | --- | --- | | | ♀ 当前位置：首页 > 政务信息 > 主动公开目录 > 证监局文种体裁 > 行政监管措施 | | | | | | | | 索 引 号 | bm56000001/2025-00010680 常 | | | | સ્ત્રે | | 行政监管措施;证 | | 发布机构 | 发文日期 | | | | | | 2025年09月26E | | ਸਮ 称 | 关于对财通证券股份有 ...

Group 1 - The core point of the news is that Feirongda's stock price has dropped by 5%, currently trading at 32.48 CNY per share, with a total market capitalization of 18.899 billion CNY [1] - Feirongda Technology Co., Ltd. specializes in the research, design, production, and sales of electromagnetic shielding materials and thermal management materials, with its main business revenue composition being: thermal management materials and devices 39.94%, electromagnetic shielding materials and devices 28.83%, lightweight functional devices 27.97%, and others 3.26% [1] Group 2 - From the perspective of fund holdings, one fund under Caitong Securities Asset Management has a significant position in Feirongda, with the Caitong Asset Management CSI 1000 Index Enhanced A fund holding 17,300 shares, accounting for 3.3% of the fund's net value [2] - The Caitong Asset Management CSI 1000 Index Enhanced A fund has a total scale of 10.2815 million CNY and has achieved a year-to-date return of 20.96% [2]

智通财经APP获悉，财通证券发布研报称，预计地平线机器人-W(09660)2025-2027年营业收入同比各增 53%、70%和54%，分别为36亿元、62亿元和96亿元，当前股价对应2025~2027年PS分别为 36X/21X/14X。综合考虑公司在国产智能驾驶芯片领域的龙头地位及稀缺性，维持"增持"评级。 该行测算智能驾驶芯片SoC 2025~2030年市场规模CAGR达29%。从量来看，智能驾驶渗透率提升的底 层逻辑是技术平权。2024年中国乘用车销量约2300万辆，智驾渗透率55%(约1250万辆)，主要由 ADAS(L1/L2，约1000万辆)构成。基于盖世数据该行预测，2030年智能化渗透率近100%，其中AD渗透 率达96%(约2300万辆)。价格维度，当前智驾芯片定价与算力呈现显著正相关，主流高阶方案双 OrinX(508TOPS)算力已难支撑端到端+VLA模型部署，小鹏于6M2025CVPR的演讲验证了在自动驾驶 VLA模型的scaling持续生效，并提出本地部署VLA+VLM模型需有效算力大于2000TOPS，印证行业亟 需高算力芯片。该行认为大算力方案占比将逐步提升，从而支撑整体ASP ...

财通证券（601108）发布研报称，预计地平线机器人-W(09660)2025-2027年营业收入同比各增53%、 70%和54%，分别为36亿元、62亿元和96亿元，当前股价对应2025~2027年PS分别为36X/21X/14X。综 合考虑公司在国产智能驾驶芯片领域的龙头地位及稀缺性，维持"增持"评级。 报告中称，芯片行业格局多呈现寡头化，能够长期存活并实现良性发展的厂商或不超过2–3家。复盘手 机芯片行业演进和梳理竞对后的结论：1)整车厂自研：理想、小鹏、小米等均有可能自研成功。2)第三 方：核心竞争将收敛至与英伟达的对垒，其他厂商均有一定短板。公司和英伟达的竞争主要是技术范式 的不同，ASIC区别于GPU，针对特定任务定制，只保留最必要的数据通路和计算单元，算力利用率 高，具体体现在低成本。且考虑供应链安全，公司是智驾芯片算力国产化的首要受益标的。 该行测算智能驾驶芯片SoC2025~2030年市场规模CAGR达29%。从量来看，智能驾驶渗透率提升的底层 逻辑是技术平权。2024年中国乘用车销量约2300万辆，智驾渗透率55%(约1250万辆)，主要由 ADAS(L1/L2，约1000万辆)构成。基于 ...

Core Viewpoint - Dongshan Precision has experienced a significant decline in stock price, with a 5.12% drop on September 26, leading to a cumulative decline of 7.36% over three consecutive days [1] Company Overview - Dongshan Precision Manufacturing Co., Ltd. is located in Suzhou, Jiangsu Province, and was established on October 28, 1998, with its IPO on April 9, 2010 [1] - The company specializes in manufacturing and servicing precision sheet metal parts, precision castings, and electronic manufacturing, as well as flexible circuit board design, production, and sales [1] - The revenue composition of the company includes: 65.23% from electronic circuit products, 17.98% from touch panels and LCD modules, 13.93% from precision components, 1.69% from LED display devices, and 1.17% from other sources [1] Fund Holdings - According to data, one fund under Caitong Securities Asset Management holds a significant position in Dongshan Precision, specifically the Caitong Asset Consumer Selection Mixed A Fund (005682), which held 292,300 shares as of the second quarter, accounting for 4.34% of the fund's net value [2] - The fund has incurred a floating loss of approximately 1.1078 million yuan today, with a total floating loss of 1.7216 million yuan during the three-day decline [2] - The Caitong Asset Consumer Selection Mixed A Fund was established on April 2, 2018, with a current scale of 241 million yuan and has achieved a year-to-date return of 63.16%, ranking 543 out of 8,171 in its category [2]

9月26日，长春高新涨5.09%，截至发稿，报128.80元/股，成交8.42亿元，换手率1.65%，总市值525.42 亿元。 资料显示，长春高新技术产业(集团)股份有限公司位于吉林省长春市高新海容广场B座27层(震宇街与东 蔚山路交汇)，成立日期1993年6月10日，上市日期1996年12月18日，公司主营业务涉及生物制药及中成 药的研发、生产和销售,辅以房地产开发、物业管理和服务等业务。主营业务收入构成为：制药业 92.83%，房地产6.81%，服务业0.36%。 从基金十大重仓股角度 数据显示，财通证券资管旗下1只基金重仓长春高新。财通资管创新医药混合A（019740）二季度持有 股数1万股，占基金净值比例为5.06%，位居第八大重仓股。根据测算，今日浮盈赚取约6.24万元。 财通资管创新医药混合A（019740）成立日期2024年1月23日，最新规模594.63万。今年以来收益 51.93%，同类排名1099/8171；近一年收益63.87%，同类排名1904/8004；成立以来收益48.42%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、 ...

Group 1 - The core business of Zhangyuan Tungsten Industry revolves around the development and utilization of tungsten mining resources, with a complete integrated production system covering upstream exploration, midstream smelting and powdering, and downstream deep processing [1] - The company has completed the filing and review of reports related to the Taoxikeng tungsten mine and Dongfeng exploration rights, and is progressing with exploration work at Huangzhulang tungsten mine [2] - In the first half of 2025, the production of tungsten concentrate (WO3 65%) was 1,849.93 tons, a year-on-year increase of 3.24%, while tin concentrate and copper concentrate also saw slight increases in production [2] Group 2 - In the first half of 2025, the company actively expanded its market and optimized its product structure, with tungsten powder sales increasing by 43.68% year-on-year [3] - The sales revenue of tools from Ganzhou Aoketai reached 30,679.61 million yuan, a year-on-year increase of 2.26%, and the company achieved profitability with a net profit of 138.79 million yuan [3][4] - Ganzhou Aoketai positions itself as an expert in cutting difficult-to-process materials, aiming to replace similar imported products in the domestic market [4]