Core Insights - Nanjing has introduced innovative services to enhance tourist experiences, allowing visitors to travel light during the National Day and Mid-Autumn Festival holidays [1][2] Group 1: Service Innovations - A total of 2,491 storage lockers have been installed across 110 key locations in Nanjing, including major tourist attractions, hotels, and transportation hubs, to facilitate luggage storage [2] - SF Express has partnered with all transportation hubs, 21 A-level tourist attractions, and 52 star-rated hotels in Nanjing to provide a "light travel" service, enabling luggage delivery directly to hotels [2][3] - The "luggage delivery" service aims to integrate postal and express delivery services with local economic development, enhancing the tourism experience [3] Group 2: Event-Specific Services - During the first day of the music festival at Tangshan Music Valley, over 800 items were shipped from the dedicated SF Express delivery point, with expectations to serve around 15,000 fans during the holiday [4][5] - The service at the music festival has been praised for its efficiency, with a complete delivery process taking less than five minutes [5] - At the Hongshan Forest Zoo, approximately 40 storage lockers were deployed to accommodate thousands of visitors, offering both local and express delivery options for luggage [6][7]

Core Insights - Stifel Financial Corp. reported record levels of total client and fee-based assets for August 2025, with total client assets reaching $532.7 million, an increase of 8.9% year over year and 1.9% sequentially, driven by strong financial advisor recruitment and favorable equity market conditions [1][8] - Fee-based client assets grew 14% year over year and 2.2% month over month, totaling $213.6 million, with the Private Client Group's fee-based assets reflecting a 13.9% year-over-year increase [2][8] - Bank loans, net, increased by 6.5% year over year to $21.6 million, while client money market and insured product balances decreased by 4% year over year, primarily due to lower Smart Rate balances [3][8] Growth Trends - The company has experienced steady growth in client assets and fee-based client assets, with a five-year compound annual growth rate (CAGR) of 8.8% for total client assets and 10.5% for fee-based client assets as of the end of 2024 [4] - Stifel is well-positioned for continued growth in the second half of 2025, supported by an expanding advisor base and ongoing gains in fee-based flows, assuming favorable market conditions persist [4] Industry Performance - Stifel's peers, including Charles Schwab Corp. and Interactive Brokers, have also reported strong client activity and asset growth, indicating a positive trend across the financial services industry [5] - Charles Schwab's total client assets reached $11.23 trillion in August 2025, up 15.3% year over year, while Interactive Brokers reported a 32% year-over-year increase in total customer accounts to 4.05 million [6][7]

Core Insights - Stifel Financial Corp. reported record highs in total client assets and fee-based client assets, increasing by 9% and 14% year-over-year respectively, attributed to strong recruiting and market gains [2] - The company experienced a 6% month-over-month growth in treasury deposits, which offset a 1% decline in client money market and insured product balances [2] - The Institutional Group is seeing improved momentum in capital raising and M&A activities, with expectations for a stronger second half of the year barring significant market downturns [2] Selected Operating Data - Total client assets reached $532,742 million as of August 31, 2025, up from $489,237 million a year earlier, reflecting a 9% increase [2] - Fee-based client assets amounted to $213,635 million, a 14% increase from $187,344 million in the previous year [2] - Private Client Group fee-based client assets also rose by 14%, reaching $186,679 million compared to $163,824 million a year ago [2] - Bank loans, net, increased by 7% to $21,646 million from $20,323 million year-over-year [2] - Client money market and insured product balances decreased by 4% to $25,436 million from $26,503 million year-over-year [2] - Treasury deposits surged by 79% to $7,647 million from $4,278 million year-over-year [2]

Core Viewpoint - PepGen Inc. experienced a significant surge in share price, rising 119.55% to $5.84 in after-hours trading following the announcement of an underwritten public offering of common stock and pre-funded warrants [1][2]. Group 1: Public Offering Details - The biotech company based in Cambridge, Massachusetts, has initiated an underwritten public offering, with Leerink Partners and Stifel SF serving as joint book-running managers. The underwriters have a 30-day option to purchase additional shares [2]. - The offering is conducted under a Form S-3 registration statement that was declared effective by the SEC on July 8, 2024 [3]. Group 2: Use of Proceeds - PepGen plans to utilize the net proceeds from the offering to fund ongoing research and clinical development, specifically for the FREEDOM-DM1 and FREEDOM2-DM1 trials targeting neuromuscular diseases. Additional funds will be allocated for working capital and general corporate purposes [4]. Group 3: Market Performance Context - Despite the recent surge, PepGen's stock has faced challenges over the past year, with a decline of 69.11%. The company currently holds a market capitalization of $87.25 million and has an average daily trading volume of 572,850 shares. The stock has fluctuated between a 52-week low of $0.89 and a high of $9.94 [5]. - In regular trading, PEPG closed at $2.66, reflecting a daily increase of 36.41% [5].

Core Insights - Stifel Financial Corp. is expanding its Venture Banking team by hiring senior bankers from Silicon Valley Bank, enhancing its expertise in the life sciences and healthcare sectors [1][2] - The new team members have extensive backgrounds in venture banking, corporate finance, and strategic advisory, collectively supporting hundreds of early- and growth-stage companies [2] - Stifel Bank has seen significant growth in its Venture & Fund Banking division, with over 100 bankers, more than $10 billion in loan commitments, and a doubling of venture client deposits in the past year [3] Company Strategy - The addition of the new team is part of Stifel's strategy to strengthen its capabilities in healthcare and life sciences, providing more resources to founders and investors [4] - The life sciences and healthcare sectors are experiencing transformative changes driven by AI, positioning Stifel to offer unique solutions for scaling companies [4] Recent Achievements - Stifel has acted as joint bookrunner on four biopharma financings since early September, raising a total of $1.1 billion, including the first biopharma IPO in seven months [4]

Core Viewpoint - The innovative "Logistics + Bus" model in Xi'an is enhancing the logistics industry by utilizing surplus public transport resources for package delivery, thereby reducing costs and improving efficiency [1][3][4]. Group 1: Model Implementation - Xi'an Public Transport Group has partnered with a logistics company to implement the "Logistics + Bus" model, addressing the surplus of personnel and vehicles [3]. - Eight buses have been repurposed for logistics, connecting over 20 logistics points and operating two shifts daily [3][4]. Group 2: Operational Efficiency - The modified buses, which have had their seats removed, can carry up to 3,500 packages per trip, tripling the capacity compared to traditional logistics methods [4]. - The logistics company has seen a significant increase in package volume, with over 2.5 billion packages expected in Shaanxi by 2024, marking a leading growth rate nationally [4]. Group 3: Future Plans - The logistics company plans to expand the "Logistics + Bus" model to community levels, aiming to create a comprehensive logistics network that emphasizes low cost, high efficiency, and sustainability [4].

Core Viewpoint - Keefe, Bruyette & Woods, Inc. announces the upcoming index rebalancing for the KBW Regional Banking Index, effective September 22, 2025, indicating changes in its constituent components [1][2]. Group 1: Index Rebalancing Details - The rebalancing will affect the KBW Regional Banking Index (Ticker: KRX; ETF Ticker: KBWR) [2]. - Renasant Corporation (NYSE: RNST) and WesBanco, Inc. (NYSE: WSBC) are among the companies involved in the changes [2][3]. Group 2: KBW Overview - KBW is a leading independent authority in the financial services sector, including banking, insurance, and asset management, and is a wholly owned subsidiary of Stifel Financial Corp. [5]. - Established in 1962, KBW has a strong reputation in research, corporate finance, mergers and acquisitions, and trading of equity securities [5].

Company Overview - Recludix Pharma is a leader in discovering inhibitors for challenging targets related to inflammatory diseases [1][3] - The management team consists of industry veterans with experience from companies like Seagen, Blueprint Medicines, and Lilly [3] - The company has developed a unique drug discovery platform that includes custom DNA-encoded libraries and proprietary screening tools [3] Key Programs - The most advanced program focuses on STAT6 inhibitors, which are relevant for diseases such as atopic dermatitis, asthma, rheumatoid arthritis, and chronic spontaneous urticaria [3] - Recludix has a strategic collaboration with Sanofi for the development and commercialization of a STAT6 inhibitor [3] - The company plans to submit an Investigational New Drug application for its STAT6 inhibitor REX-8756 in 2025 [3] - Recludix is also advancing a potential first-in-class BTK SH2 domain inhibitor targeting B cell or mast cell-driven inflammatory and immune diseases [3] Upcoming Events - Key executives will participate in the Stifel 2025 Virtual Immunology and Inflammation Forum on September 16, 2025 [1] - An overview of the company will be presented during the forum at 3:00 p.m. Eastern Time [1]

Economic Outlook - The Federal Reserve is at a critical juncture, balancing inflation concerns with labor market data indicating a cooling momentum [2][4][10] - A benign inflation report is anticipated, with only a slight increase expected, which may justify a near-term reduction in interest rates [3][13] Labor Market Insights - Recent job data revisions indicate a worse-than-expected jobs picture, with only 75,000 jobs added monthly over the past year [14] - Despite the cooling labor market, the unemployment rate remains low at around 4%, and initial jobless claims are stable [16][18] Consumer Behavior - Consumers are still relying on "buy now, pay later" options, indicating ongoing borrowing and spending despite economic slowdowns [7][18] - Retail sales have remained steady at about 4%, suggesting that consumption is holding up, albeit with a dichotomy between different income levels [17][18] Inflation and Monetary Policy - The Fed faces a potential stagflation scenario, where elevated inflation persists alongside a stagnant economy, complicating their policy decisions [10][11] - The market is anticipating a 25 basis point rate cut, but significant inflationary pressures could hinder further cuts [12][20][21] Market Reactions - Stock market averages reached highs, reflecting expectations for easier monetary policy, despite concerns about economic slowdown [5][6] - There is a disconnect between strong corporate earnings and the economic challenges faced by consumers, leading to mixed signals in the market [7][10]

Core Insights - Stifel Financial Corp. has appointed Launny Steffens as Vice Chairman of Asset Management to enhance its financial advisor network and asset management capabilities [1][4] - Steffens has a notable 38-year career at Merrill Lynch, where he held various leadership roles and significantly increased assets under management from $200 billion in 1985 to approximately $1.6 trillion in 2000 [2] - Stifel will acquire over $1 billion in assets under management from Spring Mountain Capital, co-founded by Steffens, along with key investment professionals [3] Company Overview - Stifel Financial Corp. is a financial services holding company based in St. Louis, Missouri, providing banking, securities, and financial services through several subsidiaries [6] - The company serves broker-dealer clients in the U.S. through various divisions, offering services such as securities brokerage, investment banking, and investment advisory [6]