Investment Rating - The industry rating is "Recommended" [5] Core Insights - The average daily trading volume of A-shares for the week (September 21-27, 2025) was 23,132 million yuan, a decrease of 8.1% week-on-week but an increase of 17.5% year-on-year. The average trading volume for the third quarter of 2025 to date is 21,062 million yuan, up 212.2% compared to the same period in 2024. Year-to-date average trading volume in 2025 is 16,423 million yuan, an increase of 89.0% compared to 2024 [1][16] - The People's Bank of China held its monetary policy committee meeting on September 23, 2025, emphasizing the need to maintain stability in the capital market and exploring regular institutional arrangements for stock repurchase and increase loans [3][14] - The insurance sector saw a significant increase in premium income, with life insurance premiums rising by 47.25% year-on-year in August 2025, driven by strong market demand and a reduction in the preset interest rate [4][15] Summary by Sections Market and Sector Performance - The non-bank financial Shenwan index decreased by 0.09%, underperforming the CSI 300 index by 1.16 percentage points, ranking 9th among all primary industries. The securities sector fell by 0.18%, while the insurance sector rose by 0.46% [2][13] Securities - The average daily trading volume of A-shares was 23,132 million yuan, with a total of 2 new stock issuances raising 370 million yuan during the week. Year-to-date, there have been 76 IPOs in A-shares, raising 749.58 billion yuan [1][16] Insurance - The insurance industry reported original premium income of 4.8 trillion yuan for the first eight months of 2025, with life insurance premiums at 3.8 trillion yuan, reflecting a year-on-year growth of 11.32% [4][15] Industry News - Major state-owned banks announced they would no longer establish supervisory boards, which is expected to enhance governance efficiency [38] - The total scale of public funds in China has surpassed 36 trillion yuan for the first time, marking a significant milestone in the industry [39]

专题：北京公募基金高质量发展系列活动 新时代、新基金、新价值 #公募基金高质量发展# #新时代新基金新价值# 家人们！你买的基金未来稳不稳？其实早有方向标！《推动公募基金高质量发展行动方案》里的 "五个 坚持"，就是行业发展的 "指南针"，每一条都跟咱们的钱袋子息息相关！ 第四，坚持以投资者为本。这是最实在的一条！基金公司得把咱们的利益放首位，不盲目追规模，就看 大家实际赚没赚到钱！ 第五，坚持市场化、法治化。学国外好经验，更贴合中国实际，三年左右政策落地，未来理财环境更规 范、更透明！ 这五个 "坚持"，就是公募基金高质量发展的支柱，跟着走，咱们理财更安心！ MACD金叉信号形成，这些股涨势不错！ 责任编辑：石秀珍 SF183 第一，坚持党对金融工作的全面领导。基金行业跟着国家大战略走，支持实体经济、服务民生，咱们投 的钱有 "主心骨"，行业根基更稳！ 第二，坚持强监管、防风险。不是跟行业 "作对"，而是帮它 "守规矩"，杜绝歪门邪道，咱们踩 "坑" 的 概率大大降低！ 第三，坚持问题导向。看不懂基金信息、理财成本高？这些大家关心的问题，方案都会出实招解决，不 搞 "空架子"！ ...

Core Viewpoint - The stock of Beijing Guiding Technology Development Co., Ltd. has shown significant growth this year, with a year-to-date increase of 132.12%, reflecting strong financial performance and investor interest [1][2]. Financial Performance - For the first half of 2025, the company reported a revenue of 935 million yuan, representing a year-on-year growth of 71.55% [2]. - The net profit attributable to shareholders for the same period was 143 million yuan, marking a substantial increase of 391.17% compared to the previous year [2]. Stock Market Activity - As of September 26, the stock price was 153.60 yuan per share, with a market capitalization of approximately 93.41 billion yuan [1]. - The stock has experienced a trading volume of 2.23 billion yuan on the same day, with a turnover rate of 2.40% [1]. - The stock has appeared on the "龙虎榜" (Dragon and Tiger List) three times this year, with the most recent occurrence on August 18 [1]. Shareholder Information - As of June 30, the number of shareholders increased to 93,200, a rise of 31.34% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 22.85% to 6,423 shares [2]. Dividend Distribution - Since its A-share listing, the company has distributed a total of 60.75 million yuan in dividends, with no dividends paid in the last three years [3]. Institutional Holdings - As of June 30, 2025, the second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 12.64 million shares, an increase of 7.58 million shares from the previous period [3]. - The fourth-largest circulating shareholder is E Fund's ChiNext ETF, holding 9.06 million shares, which decreased by 127,800 shares [3].

Market Overview - The Shanghai Composite Index fell by 0.01% on September 25, with seven industries experiencing gains, led by Media and Communication, which rose by 2.23% and 1.99% respectively. The Computer industry also saw an increase of 1.55% [1] - The total net outflow of capital from the two markets was 28.778 billion yuan, with five industries recording net inflows. The Electric Equipment industry had the highest net inflow of 3.916 billion yuan, followed by the Computer industry with a net inflow of 2.545 billion yuan [1] Computer Industry Performance - The Computer industry experienced a rise of 1.55%, with a total net inflow of 2.545 billion yuan. Out of 335 stocks in this sector, 183 stocks increased in value, and four stocks hit the daily limit [2] - The top three stocks with the highest net inflow in the Computer industry were Inspur Information (19.48 billion yuan), Yonyou Network (1.011 billion yuan), and Nasda (382 million yuan) [2] Capital Inflow and Outflow - The top stocks in terms of capital inflow included: - Inspur Information: +9.99%, turnover rate 9.55%, net inflow 1.948 billion yuan - Yonyou Network: +6.61%, turnover rate 7.83%, net inflow 1.011 billion yuan - Nasda: +10.02%, turnover rate 4.39%, net inflow 382 million yuan [2] - The top stocks with the highest capital outflow included: - Yinzhijie: -2.34%, turnover rate 6.44%, net outflow 320 million yuan - Guiding Compass: -1.26%, turnover rate 5.57%, net outflow 305 million yuan - Donghua Software: -3.24%, turnover rate 8.88%, net outflow 217 million yuan [3]

| 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 300846 | 首都在线 | 3.90 | 25.65 | 16304.43 | | 002920 | 德赛西威 | 4.20 | 2.98 | 15434.51 | | 301269 | 华大九天 | 3.42 | 2.80 | 11423.22 | | 300768 | 迪普科技 | 1.74 | 5.94 | 6334.05 | | 603859 | 能科科技 | 3.55 | 7.37 | 5319.98 | | 688228 | 开普云 | -12.29 | 7.22 | 4354.75 | | 002373 | 千方科技 | 3.62 | 5.23 | 4090.47 | | 300379 | *ST东通 | 19.90 | 31.26 | 2644.03 | | 300248 | 新开普 | 4.57 | 4.75 | 2628.59 | | 688258 | 卓易信息 | -6.81 | 6.32 | 2607.87 | | 688 ...

Group 1 - The stock of Beijing Guiding Compass Technology Development Co., Ltd. fell by 5.09% on September 23, closing at 153.00 CNY per share, with a trading volume of 2.93 billion CNY and a turnover rate of 3.16%, resulting in a total market capitalization of 93.047 billion CNY [1] - The company, established on April 28, 2001, and listed on November 18, 2019, primarily provides financial data analysis and securities investment consulting services through a securities tool software terminal and an internet platform. Its main business revenue composition is 97.98% from financial information services, 1.99% from advertising, and 0.02% from leasing [1] Group 2 - According to data from the top ten heavy stocks of funds, one fund under Su Xin holds a significant position in Guiding Compass. The Su Xin CSI 500 Index Enhanced A (022790) held 14,700 shares in the second quarter, accounting for 0.73% of the fund's net value, ranking as the sixth-largest heavy stock. The estimated floating loss today is approximately 120,700 CNY [2] - The Su Xin CSI 500 Index Enhanced A (022790) was established on December 30, 2024, with a latest scale of 92.3823 million CNY. Year-to-date, it has achieved a return of 30.11%, ranking 1640 out of 4220 in its category, and a cumulative return of 29.91% since inception [2] Group 3 - The fund manager of Su Xin CSI 500 Index Enhanced A (022790) is Lin Maozheng, who has been in the position for 268 days. The total asset scale of the fund is 723 million CNY, with the best fund return during his tenure being 35.59% and the worst being 0.63% [3]

Group 1 - The stock of Beijing Guiding Compass Technology Development Co., Ltd. fell by 5.09% on September 23, closing at 153.00 CNY per share, with a trading volume of 2.887 billion CNY and a turnover rate of 3.12%, resulting in a total market capitalization of 93.047 billion CNY [1] - The company, established on April 28, 2001, and listed on November 18, 2019, primarily provides financial data analysis and securities investment consulting services through a securities tool software terminal and internet platform, with 97.98% of its revenue coming from financial information services [1] Group 2 - According to data from the top ten holdings of funds, Penghua Fund has one fund heavily invested in Guiding Compass, specifically the Penghua Research Selected Mixed Fund (005028), which held 195,200 shares in the second quarter, accounting for 3.25% of the fund's net value, ranking as the eighth largest holding [2] - The Penghua Research Selected Mixed Fund (005028) was established on October 9, 2017, with a latest scale of 484 million CNY, achieving a year-to-date return of 43.15% and a one-year return of 86.42%, ranking 1528 out of 8172 and 1015 out of 7995 in its category, respectively [2]

Core Viewpoint - Beijing Compass Technology Development Co., Ltd. has shown a significant increase in stock price, indicating positive market sentiment and potential investment interest [1] Group 1: Company Overview - Beijing Compass Technology Development Co., Ltd. is located in Changping District, Beijing, and was established on April 28, 2001, with its listing date on November 18, 2019 [1] - The company primarily provides financial data analysis and securities investment consulting services through its securities tool software and internet platform, with 97.98% of its revenue coming from financial information services [1] Group 2: Stock Performance - On September 22, the stock price of Compass rose by 5.02%, reaching 161.10 CNY per share, with a trading volume of 6.115 billion CNY and a turnover rate of 6.46%, resulting in a total market capitalization of 97.973 billion CNY [1] Group 3: Fund Holdings - In the second quarter, Invesco Great Wall Fund's ETF, which focuses on the CSI 500 Enhanced Strategy, held 79,600 shares of Compass, accounting for 1.52% of the fund's net value, making it the fourth-largest holding [2] - The fund has a total size of 422 million CNY and has achieved a year-to-date return of 27.27%, ranking 1778 out of 4222 in its category [2] Group 4: Fund Manager Performance - The fund manager Zhang Xiaonan has a tenure of 10 years and 30 days, with a total asset size of 32.605 billion CNY and a best return of 134.78% during his tenure [3] - Co-manager Guo Lin has been in the role for 3 years and 74 days, managing assets of 543 million CNY, with a best return of 45.54% during his tenure [3]

Core Viewpoint - The company, Beijing Guiding Compass Technology Development Co., Ltd., has shown significant stock price growth and strong financial performance in recent periods, indicating a positive investment outlook. Financial Performance - As of June 30, 2025, the company achieved a revenue of 935 million yuan, representing a year-on-year growth of 71.55% [2] - The net profit attributable to shareholders reached 143 million yuan, with a remarkable year-on-year increase of 391.17% [2] Stock Performance - The stock price increased by 136.49% year-to-date, with a 5.40% rise in the last five trading days and a 94.01% increase over the past 60 days [1] - The stock was trading at 156.49 yuan per share with a market capitalization of 95.169 billion yuan as of September 22 [1] Shareholder Information - The number of shareholders increased to 93,200, up by 31.34% compared to the previous period [2] - The average number of circulating shares per shareholder decreased by 22.85% to 6,423 shares [2] Dividend Information - The company has distributed a total of 60.75 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [3] Institutional Holdings - As of June 30, 2025, the second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 12.6449 million shares, an increase of 7.5771 million shares from the previous period [3] - The fourth-largest circulating shareholder, E Fund's ChiNext ETF, holds 9.0562 million shares, a decrease of 127,800 shares [3]

Market Overview - The Shanghai Composite Index fell by 0.30% on September 19, with 16 industries experiencing gains, led by coal and non-ferrous metals, which rose by 1.97% and 1.19% respectively. Conversely, the automotive and pharmaceutical industries saw declines of 1.94% and 1.41% [2] - The computer industry ranked third in terms of decline today [2] Capital Flow Analysis - The main capital outflow from the two markets totaled 58.733 billion yuan, with 8 industries seeing net inflows. The non-ferrous metals industry led with a net inflow of 872 million yuan, followed by the media industry with a 0.49% increase and a net inflow of 692 million yuan [2] - A total of 23 industries experienced net capital outflows, with the computer industry leading at 10.723 billion yuan, followed by the automotive industry with an outflow of 7.929 billion yuan. Other industries with significant outflows included machinery, power equipment, and pharmaceuticals [2] Computer Industry Performance - The computer industry declined by 1.26% today, with a total net outflow of 10.723 billion yuan. Out of 335 stocks in this sector, 67 rose, including 1 hitting the daily limit, while 262 fell [3] - Among the stocks with net inflows, 76 saw capital inflows, with 10 exceeding 50 million yuan. The top inflow was for Capital Online, with 182 million yuan, followed by Neusoft Group and Xuanji Information with inflows of 180 million yuan and 152 million yuan respectively [3] - The stocks with the highest net outflows included Zhongke Shuguang, Huasheng Tiancheng, and Guiding Compass, with outflows of 939 million yuan, 822 million yuan, and 569 million yuan respectively [5] Top Gainers in Computer Industry - The top gainers in the computer industry included: - Capital Online: +3.82%, 1.8202 million yuan inflow - Neusoft Group: +10.03%, 1.7953 million yuan inflow - Xuanji Information: +3.31%, 1.5204 million yuan inflow [4] Top Losers in Computer Industry - The top losers in the computer industry included: - Zhongke Shuguang: -2.81%, -9389.736 million yuan outflow - Huasheng Tiancheng: -6.51%, -8221.509 million yuan outflow - Guiding Compass: -3.51%, -5686.831 million yuan outflow [5]