财信证券晨会纪要-20250915

Market Overview - The overall market sentiment remains cautious, with the Shanghai Composite Index closing at 3870.60, down 0.12%, and the Shenzhen Component Index down 0.43% at 12924.13. The ChiNext Index saw a decline of 1.09%, closing at 3020.42, while the STAR Market 50 Index increased by 0.90% to 1338.02 [1][7]. Economic Indicators - As of the end of August 2025, the broad money supply (M2) stood at 331.98 trillion yuan, reflecting a year-on-year growth of 8.8%. The narrow money supply (M1) was 111.23 trillion yuan, up 6% year-on-year, and the cash in circulation (M0) reached 13.34 trillion yuan, growing by 11.7% [18][19]. - The total social financing increment for the first eight months of 2025 was 26.56 trillion yuan, which is an increase of 4.66 trillion yuan compared to the same period last year. Notably, the net financing from corporate bonds was 1.56 trillion yuan, a decrease of 221.4 billion yuan year-on-year [17]. Industry Dynamics - The State Council has approved the draft regulations for the management of clinical research and clinical application of new biomedical technologies, aiming to enhance the innovation and development of the biomedical industry [25]. - The National Development and Reform Commission and the National Energy Administration have issued a special action plan for the large-scale construction of new energy storage from 2025 to 2027, targeting a cumulative installed capacity of over 180 million kilowatts by 2027 [31]. - The electric power equipment industry is expected to maintain a good growth outlook, with traditional power equipment revenue projected to grow at an annual rate of around 6% from 2025 to 2026 [32]. Company Updates - Ji'an Medical (002432.SZ) has announced a shareholder return plan for the next three years (2025-2027), committing to distribute no less than 30% of its cumulative net profit as cash dividends, contingent on meeting certain conditions [34]. - CRRC Zhuzhou Electric Locomotive Co., Ltd. has won a bid for the Mexico City International Airport-Pachuca line project, providing 15 passenger trains with a total project cost of 5.846 billion pesos, significantly lower than competitors' bids [29].