Group 1 - The A-share market is experiencing a decline in stock trading software companies, with Yinzhijie falling over 7% [1] - Other companies such as Zhinan Zhen, Dazhihui, and Tonghuashun have also seen declines exceeding 5% [1] - Companies like Jincai Hulian, Changcheng Securities, Wealth Trend, Guosheng Jinkong, and Shouchuang Securities have dropped more than 4% [1]

Group 1 - The securities sector experienced a collective decline on September 18, with several companies reporting significant drops in their stock prices [1] - Changcheng Securities fell over 5%, while Shouchuang Securities and Guosheng Jinkong both dropped over 4% [1] - Other companies such as Guohai Securities and Xinda Securities also saw declines in their stock prices [1]

Group 1 - The three major indices opened lower on September 18, with brokerage stocks declining in early trading. The brokerage ETF (159842) fell by 1.41% with a trading volume exceeding 100 million yuan, while only CITIC Securities saw gains, and other stocks like Great Wall Securities, Shouchao Securities, and Pacific Securities led the declines [1] - The brokerage ETF (159842) has seen a net subscription of 19 million shares as of the report, indicating strong investor interest. It has experienced continuous net inflows for 16 consecutive trading days, accumulating nearly 2.2 billion yuan [1] - As of September 17, the latest scale of the brokerage ETF (159842) reached a historical high of 6.472 billion yuan, reflecting the increasing fund inflow and the growth of the fund's circulation scale [1] Group 2 - According to Industrial Securities, the price trends of brokerage stocks are influenced by market cycles and regulatory cycles, with market beta determining trends and regulatory policies affecting strength. Current supportive regulatory policies have led to a noticeable increase in market risk appetite, which is expected to enhance trading activity and improve the outlook for the brokerage sector [2] - According to China Merchants Securities, the core capital of the capital market remains stable, and multiple funding sources still have the motivation to invest, maintaining an optimistic outlook for the equity market. It is anticipated that brokerage revenue and net profit will see double-digit growth [2]

南方财经9月18日电，证券板块集体走低，首创证券、长城证券跌超5%，国盛金控跌超4%，国海证 券、信达证券多股下挫。 ...

证券代码：601136 证券简称：首创证券 公告编号：2025-040 首创证券股份有限公司 第二届董事会第十六次会议决议公告 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、准确性和完整性承担法律责任。 一、董事会会议召开情况 （二）审议通过《关于审议〈首创证券股份有限公司及下属子公司企业分类情况认定方案〉的议案》 表决情况：同意12票，反对0票，弃权0票。 首创证券股份有限公司 董 事 会 2025年9月18日 首创证券股份有限公司（以下简称公司）第二届董事会第十六次会议于2025年9月10日以书面方式发出 会议通知及会议材料，于2025年9月17日在公司总部会议室以现场结合通讯的方式召开。本次会议应出 席董事12名；实际出席董事12名，其中现场出席的董事4名，以视频方式出席的董事8名。 本次会议由公司董事长毕劲松主持，公司高级管理人员和其他相关人员列席会议。本次董事会会议的召 开和表决情况符合有关法律、行政法规、部门规章、规范性文件和《首创证券股份有限公司章程》等公 司规章制度的相关规定。 二、董事会会议审议情况 （一）审议通过《关于审议公司2025 ...

Group 1 - The stock of 首创证券 (601136) increased by 5.90% with a turnover rate of 34.17% and a trading volume of 3.962 billion yuan, showing a fluctuation of 11.76% [1] - The net inflow of funds for the stock was 192 million yuan, with a large single net inflow of 341 million yuan and a net outflow of 149 million yuan from large orders over the day [1] - The latest margin trading data shows a total margin balance of 1.182 billion yuan, with a financing balance of 1.181 billion yuan and a securities lending balance of 1.8807 million yuan [1] Group 2 - For the first half of the year, the company reported a revenue of 1.284 billion yuan, representing a year-on-year growth of 2.33%, and a net profit of 490 million yuan, with a year-on-year increase of 2.80% [2] - The top five buying and selling brokerage firms accounted for a total transaction volume of 714 million yuan, with a buying amount of 393 million yuan and a selling amount of 322 million yuan, resulting in a net buying of 71.34 million yuan [2] - The largest buying brokerage was the 沪股通专用 with a buying amount of 136.97 million yuan, while the largest selling brokerage was 爱建证券 with a selling amount of 106.19 million yuan [2]

Group 1: Federal Reserve Rate Cut Expectations - The market anticipates the Federal Reserve will initiate a rate cut in September, with discussions focusing on the magnitude of the cut, speculated to be between 25 to 75 basis points, with a 74% probability for a 75 basis point cut as of September 14, 2025[2][11] - Historical data indicates that Hong Kong stocks are more sensitive to changes in U.S. monetary policy due to the linked exchange rate system between the Hong Kong dollar and the U.S. dollar[10] Group 2: Historical Performance of Hong Kong Indices - In previous rate cut cycles, the three major Hong Kong indices (Hang Seng Index, Hang Seng Tech Index, Hang Seng China Enterprises Index) typically exhibit a volatile pattern in the 30 trading days leading up to the cut, followed by a period of adjustment post-cut[22][29] - The Hang Seng Tech Index tends to show smaller declines immediately after a rate cut and greater gains in the subsequent period compared to the other indices[29][31] Group 3: Market Reactions Post Rate Cut - On average, the three indices tend to decline in the two trading days before the cut, rise on the day before, and then drop on the day of the cut and the following two days[33][39] - After a rate cut, the Hang Seng Tech Index has historically shown a stronger recovery, with average returns of 1.03% in the four weeks following the cut, compared to 0.08% for the Hang Seng Index[19][24] Group 4: Comparison with Previous Rate Cut Cycles - The current environment is more complex than previous rate cut cycles in 2019 and 2024, with persistent inflation and economic slowdown concerns[49][51] - Historical examples of "recessionary rate cuts" show that the performance of the indices can vary significantly based on economic fundamentals and corporate earnings, indicating that a recessionary context does not guarantee a decline in stock prices[56][62] Group 5: Risk Factors - Potential risks include historical data bias, extrapolation risks, and the possibility that the magnitude and frequency of rate cuts may be lower than expected[61]

二、董事会会议审议情况 （一）审议通过《关于审议公司 2025 年度社会责任帮扶捐赠资金投入计划 的议案》 表决情况：同意 12 票，反对 0 票，弃权 0 票。 证券代码：601136 证券简称：首创证券 公告编号：2025-040 首创证券股份有限公司 第二届董事会第十六次会议决议公告 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、准确性和完整性承担法律责任。 一、董事会会议召开情况 首创证券股份有限公司（以下简称公司）第二届董事会第十六次会议于 2025 年 9 月 10 日以书面方式发出会议通知及会议材料，于 2025 年 9 月 17 日在公司 总部会议室以现场结合通讯的方式召开。本次会议应出席董事 12 名；实际出席 董事 12 名，其中现场出席的董事 4 名，以视频方式出席的董事 8 名。 本次会议由公司董事长毕劲松主持，公司高级管理人员和其他相关人员列席 会议。本次董事会会议的召开和表决情况符合有关法律、行政法规、部门规章、 规范性文件和《首创证券股份有限公司章程》等公司规章制度的相关规定。 （二）审议通过《关于审议<首创证券股份有限公司 ...

每经头条（nbdtoutiao）——海拔4306米现"秦始皇密令"，获官方"身份认定"！古文字学家刘钊：秦人 寻仙采药足迹确至青藏高原 2025年1至6月份，首创证券的营业收入构成为：投资类业务占比63.78%，资产管理业务占比19.74%， 零售与财富管理类业务占比17.15%，投行业务占比6.89%，其他业务占比-7.56%。 截至发稿，首创证券市值为653亿元。 每经AI快讯，首创证券（SH 601136，收盘价：23.88元）9月17日晚间发布公告称，公司第二届第十六 次董事会会议于2025年9月17日在公司总部会议室以现场结合通讯的方式召开。会议审议了《关于审议 公司2025年度社会责任帮扶捐赠资金投入计划的议案》等文件。 （记者 曾健辉） ...

Core Viewpoint - The securities sector experienced a slight increase of 0.52% on September 17, with a notable performance from Chuangxin Securities leading the gains [1] Market Performance - The Shanghai Composite Index closed at 3876.34, up by 0.37% - The Shenzhen Component Index closed at 13215.46, up by 1.16% [1] Individual Stock Performance - Major stocks in the securities sector showed mixed results, with the following notable performances: - Tuhai Haitong (601211) closed at 18.98, down by 0.99% - CITIC Securities (600030) closed at 28.99, down by 0.99% - China Merchants Securities (6660009) closed at 17.46, down by 0.96% - Guoxin Securities (002736) closed at 13.57, down by 0.95% - Bank of China Securities (601696) closed at 15.25, down by 0.52% - Huatai Securities (601688) closed at 20.27, down by 0.10% - Guosheng Financial Holdings (002670) closed at 20.30, up by 0.25% - Huaxi Securities (002926) closed at 10.08, up by 0.30% - Hongta Securities (601236) closed at 9.04, up by 0.33% [1] Capital Flow - The securities sector saw a net outflow of 4.784 billion yuan from major funds, while retail investors contributed a net inflow of 2.083 billion yuan [1]