Core Points - The Shanghai Composite Index is currently at 3791.74 points, with a decline of 0.96%, and the total trading volume of A-shares is 20,625.52 billion yuan [1] - A total of 17 A-shares have surpassed their annual line today, with notable stocks showing significant deviation rates, including Jinfu Technology, Xinhua Jin, and Nanjing Bank, with deviation rates of 7.49%, 3.74%, and 3.17% respectively [1] Summary by Category Stock Performance - Jinfu Technology (300128) has increased by 8.01% with a turnover rate of 12.11%, latest price at 5.80 yuan, and a deviation rate of 7.49% [1] - Xinhua Jin (600735) has risen by 10.07% with a turnover rate of 10.26%, latest price at 6.23 yuan, and a deviation rate of 3.74% [1] - Nanjing Bank (601009) has seen a 4.78% increase with a turnover rate of 1.09%, latest price at 10.96 yuan, and a deviation rate of 3.17% [1] Other Notable Stocks - Tiancheng Automation (603085) has increased by 4.33% with a turnover rate of 8.71%, latest price at 11.08 yuan, and a deviation rate of 2.39% [1] - Shanghai Lingang (600848) has risen by 2.74% with a turnover rate of 0.98%, latest price at 9.74 yuan, and a deviation rate of 2.04% [1] - Qilu Bank (601665) has increased by 2.84% with a turnover rate of 2.25%, latest price at 5.80 yuan, and a deviation rate of 1.68% [1]

Core Viewpoint - The A-share market shows a mixed performance with the Shanghai Composite Index at 3788.76 points, down by 1.04%, while the total trading volume reached 1.262 trillion yuan, indicating a fluctuating market environment [1] Group 1: Market Performance - As of 10:29 AM today, the Shanghai Composite Index is at 3788.76 points, with a decline of 1.04% [1] - The total trading volume in the A-share market is 1.262 trillion yuan [1] Group 2: Stocks Breaking the Annual Line - Eight A-shares have surpassed the annual line today, with notable stocks including Jinfu Technology, Nanjing Bank, and Kexin Technology, showing significant deviation rates of 8.78%, 2.89%, and 2.50% respectively [1] - Stocks with smaller deviation rates that have just crossed the annual line include Industrial Bank, Bank of China, and Shaanxi Coal, indicating a more cautious market sentiment [1] Group 3: Individual Stock Performance - Jinfu Technology (300128) has the highest daily increase of 9.31% and a deviation rate of 8.78%, with a latest price of 5.87 yuan [1] - Nanjing Bank (601009) and Kexin Technology (300565) also performed well, with daily increases of 4.49% and 7.08%, and deviation rates of 2.89% and 2.50% respectively [1] - Other stocks like Tiancheng Automation (603085) and Qilu Bank (601665) showed daily increases of 3.48% and 2.66%, with deviation rates of 1.56% and 1.51% respectively [1]

Core Viewpoint - The banking sector is experiencing a positive trend, with the China Securities Bank Index rising by 1.69% and individual bank stocks showing significant gains, indicating a favorable market sentiment towards banks [1] Group 1: Market Performance - As of September 23, 2025, the China Securities Bank Index (399986) increased by 1.69%, with notable gains from Nanjing Bank (up 4.30%), Xiamen Bank (up 3.65%), Agricultural Bank of China (up 3.39%), and others [1] - The Bank ETF Index (512730) also rose by 1.62%, closing at 1.63 yuan [1] Group 2: Policy Changes - On September 19, the People's Bank of China announced adjustments to the 14-day reverse repurchase operations, shifting to fixed quantity, interest rate bidding, and multi-price bidding, with operation time and scale determined by liquidity management needs [1] - China Galaxy Securities noted that the adjustment of the 14-day reverse repurchase operation enhances the position of the 7-day reverse repurchase policy rate and improves liquidity management precision, with smaller banks expected to benefit less than larger banks [1] Group 3: Future Outlook - The ongoing consumer policy enhancements and the accumulation of positive factors in the banking fundamentals suggest potential mid-term performance improvements, with an inflection point anticipated [1] - Attention is drawn to the effectiveness of policy implementation, retail business demand, risk improvement, and upcoming significant events such as the 20th Central Committee's Fourth Plenary Session and the 15th Five-Year Plan reform measures [1] Group 4: Index Composition - As of August 29, 2025, the top ten weighted stocks in the China Securities Bank Index (399986) include China Merchants Bank, Industrial Bank, and others, collectively accounting for 65% of the index [2]

Group 1 - The A500ETF by Jiashi has shown a turnover rate of 7.18% with a transaction volume of 8.35 billion yuan, and the average daily transaction volume over the past year is 22.91 billion yuan as of September 22, 2025 [2] - The net value of A500ETF has increased by 17.69% over the past year, with the highest monthly return since inception being 11.71% and the longest consecutive monthly increase being 4 months, with a maximum increase of 22.93% [2] - Recent inflows into the Chinese stock market have been significant, with domestic investors contributing 31.03 billion USD and foreign investors adding 25.70 billion USD in the past week [2] Group 2 - The top ten weighted stocks in the CSI A500 index as of August 29, 2025, include Kweichow Moutai, CATL, Ping An Insurance, and others, accounting for a total weight of 19.11% [3] - The individual weights of the top stocks are as follows: Kweichow Moutai at 3.87%, CATL at 2.89%, and Ping An Insurance at 2.60%, among others [5] - Investors without stock accounts can access the A500ETF Jiashi linked fund (022454) for exposure to the top 500 A-share companies [5] Group 3 - The current market outlook is positive due to strong macroeconomic resilience, improving corporate earnings, attractive global valuations, and enhanced liquidity, establishing a long-term upward trend [2] - The market's capital structure has significantly improved, with margin trading balances reaching historical highs while maintaining better health compared to the past [2] - Focus areas for long-term investment include technological innovation, overseas advantages, and high-quality dividends [2]

兴业银行9月22日大宗交易平台出现一笔成交，成交量30.00万股，成交金额549.00万元，大宗交易成交 价为18.30元，相对今日收盘价折价9.09%。该笔交易的买方营业部为中信证券股份有限公司上海溧阳路 证券营业部，卖方营业部为中信证券股份有限公司上海溧阳路证券营业部。 进一步统计，近3个月内该股累计发生4笔大宗交易，合计成交金额为7333.02万元。 证券时报·数据宝统计显示，兴业银行今日收盘价为20.13元，下跌0.79%，日换手率为0.25%，成交额为 10.56亿元，全天主力资金净流出2435.58万元，近5日该股累计下跌4.46%，近5日资金合计净流出14.78 亿元。 两融数据显示，该股最新融资余额为84.41亿元，近5日增加4.27亿元，增幅为5.33%。（数据宝） 9月22日兴业银行大宗交易一览 | 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | | （元） | | | | | 30.00 | 549 ...

Core Points - The second batch of Sci-Tech Innovation Bond ETFs is set to be listed on September 24, with 14 ETFs collectively raising 69.773 billion yuan [1] - The first and second batches of Sci-Tech Innovation Bond ETFs experienced strong demand, with fundraising completed in one day [1] - Industrial banks, particularly Industrial Bank, have emerged as the largest custodians for these ETFs, managing eight of the funds [1][2] Fundraising and Custodian Details - A total of 24 Sci-Tech Innovation Bond ETFs have raised 69.773 billion yuan, with significant participation from institutional investors [1] - Industrial Bank is the custodian for eight ETFs, while China Merchants Bank, CITIC Bank, and CITIC Securities are custodians for three ETFs each [1][2] - Some custodians have made substantial investments, with one institution holding nearly 50% of certain ETFs [1][2] Investment Dynamics - The competition among custodians and shareholders is intensifying, with a focus on securing substantial institutional investments to achieve high fundraising targets [4] - The presence of strong custodians is crucial for the success of new ETFs, as they are expected to contribute significant capital [4] - Major fund companies are reducing management fees to attract more investments, with some lowering fees to the industry’s lowest levels [4][5] Cost Considerations - Fund companies face various costs beyond promotional expenses, including sales channel fees and operational costs, which impact profitability [5] - The need for ETFs to reach a scale of at least 10 billion yuan is emphasized to cover costs effectively under the current fee structure [5] - The liquidity of larger ETFs is expected to attract more capital, highlighting the importance of effective management strategies [5]

此次活动是兴业银行济南分行践行"以人民为中心"服务理念的具体实践，进一步深化了金融教育普及实 效。未来，该分行将持续完善服务机制、创新宣教模式，推出更多元化的金融教育活动，让金融知识真 正成为守护群众幸福生活的"金钥匙"。（赵福英） 编辑：穆皓 转自：新华财经 近日，兴业银行济南分行开展"保障金融权益 助力美好生活"主题金融教育活动，创新构建集知识性、 互动性、趣味性于一体的金融知识传播场景，通过寓教于乐的形式，让专业金融知识真正贴近群众、扎 根人心。 活动围绕三大核心板块设计，精准匹配不同群体需求。"兴福龙"知识宣讲区以生动图文为载体，聚焦金 融消费者权益保护核心要点，直观传递理性借贷、科学投资、合理消费理念，既夯实公众金融认知基 础，也引导其树立风险防范意识；沉浸式互动体验区推出"金融消费者八大权益守护赛"，参与者在趣味 挑战中深化知识记忆，获胜者可领取"兴福龙"主题定制文创礼品，实现"学知识、得实惠"双重收获，有 效提升民众金融素养与自我保护能力；特色氛围营造区专属设置"小丑花样气球工坊"，以欢乐互动打破 传统宣教的距离感，进一步扩大市民参与度，让金融知识传播更具温度与吸引力。 ...

第1笔成交价格为18.30元，成交30.00万股，成交金额549.00万元，溢价率为-9.09%，买方营业部为中信 证券股份有限公司上海溧阳路证券营业部，卖方营业部为中信证券股份有限公司上海溧阳路证券营业 部。 进一步统计，近3个月内该股累计发生4笔大宗交易，合计成交金额为7333.02万元。该股近5个交易日累 计下跌4.46%，主力资金合计净流出13.97亿元。 责任编辑：小浪快报 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 9月22日，兴业银行收跌0.79%，收盘价为20.13元，发生1笔大宗交易，合计成交量30万股，成交金额 549万元。 ...

Market Performance - On September 22, the share price of the joint-stock bank sector fell by 0.63%, with Pudong Development Bank leading the decline [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Individual Bank Performance - Citic Bank closed at 7.39, down 0.14% with a trading volume of 358,600 shares and a transaction value of 266 million yuan [1] - China Merchants Bank closed at 40.92, down 0.20% with a trading volume of 656,100 shares and a transaction value of 2.688 billion yuan [1] - Minsheng Bank closed at 4.04, down 0.25% with a trading volume of 2.3409 million shares and a transaction value of 946 million yuan [1] - Everbright Bank closed at 3.45, down 0.29% with a trading volume of 1.7881 million shares and a transaction value of 617 million yuan [1] - Huaxia Bank closed at 6.77, down 0.59% with a trading volume of 492,100 shares and a transaction value of 334 million yuan [1] - Ping An Bank closed at 11.38, down 0.61% with a trading volume of 596,400 shares and a transaction value of 680 million yuan [1] - Zhejiang Commercial Bank closed at 3.01, down 0.66% with a trading volume of 1.0164 million shares and a transaction value of 307 million yuan [1] - Industrial Bank closed at 20.13, down 0.79% with a trading volume of 522,200 shares and a transaction value of 1.056 billion yuan [1] - Pudong Development Bank closed at 12.54, down 2.11% with a trading volume of 491,800 shares and a transaction value of 620 million yuan [1] Capital Flow Analysis - The joint-stock bank sector experienced a net inflow of 164 million yuan from institutional investors, while retail investors saw a net inflow of 118 million yuan [1] - However, speculative funds had a net outflow of 282 million yuan [1] Detailed Capital Flow for Individual Banks - China Merchants Bank had a net inflow of 324 million yuan from institutional investors, but a net outflow of 214 million yuan from speculative funds [2] - Huaxia Bank saw a net outflow of 1.172 million yuan from institutional investors, but a net inflow of 385,400 yuan from speculative funds [2] - Citic Bank experienced a net outflow of 639,310 yuan from institutional investors and a net outflow of 176,290 yuan from speculative funds [2] - Industrial Bank had a net outflow of 1.297 million yuan from institutional investors and a net outflow of 36.539 million yuan from speculative funds [2] - Ping An Bank faced a net outflow of 1.862 million yuan from institutional investors, while retail investors contributed a net inflow of 1.607 million yuan [2] - Zhejiang Commercial Bank had a net outflow of 1.953 million yuan from institutional investors, but a net inflow of 1.398 million yuan from retail investors [2] - Everbright Bank saw a net outflow of 2.857 million yuan from institutional investors, with a net inflow of 4.665 million yuan from retail investors [2] - Pudong Development Bank had a net outflow of 3.323 million yuan from institutional investors, but a net inflow of 5.201 million yuan from retail investors [2] - Minsheng Bank experienced a net outflow of 4.007 million yuan from institutional investors, while retail investors contributed a net inflow of 4.548 million yuan [2]

Group 1 - The core idea of the news is the launch of the "Silu Cultural Tourism Card" by Industrial Bank during the 8th Silk Road (Dunhuang) International Cultural Expo, aimed at promoting high-quality development of Gansu's cultural tourism industry and supporting the Belt and Road Initiative [1][2] - The card embodies the concept of "culture as the soul, finance as the wings," serving as a significant measure to innovate financial support for the cultural tourism industry and promote regional economic integration [1][2] - The card features three main characteristics: cultural design reflecting Gansu's heritage, comprehensive consumer benefits across various scenarios, and digital technology enabling industry upgrades [2][3] Group 2 - The launch event was attended by key figures including the Deputy Director of Gansu Provincial Culture and Tourism Department and executives from Industrial Bank, highlighting the collaborative effort to transform Gansu's rich Silk Road civilization into a modern cultural tourism consumption model [3] - The issuance of the "Silu Cultural Tourism Card" represents Industrial Bank's commitment to supporting local economic development and enhancing consumer experiences, showcasing the role of financial institutions in advancing high-quality development of the Belt and Road Initiative [3] - Industrial Bank plans to continuously optimize product functions and deepen its focus on cultural tourism finance, aiming to establish Gansu as a cultural tourism hub along the Silk Road [3]