每经评论员 杜恒峰 9月5日晚间，同花顺公告，董事长易峥计划减持68.4万股公司股份。上市公司减持公告众多，同花顺并 无特殊之处，但易峥的"坦诚"却引发了广泛讨论。在减持原因中，他如是表示："适度减持，旨在让渡 市场参与机会，释放流动性，激活市场活力，为后续市值管理创造更有利的空间。" 实控人、董事长等上市公司"内部人"的减持行为，一直被投资者视为重要风向标。通常情况下，他们的 减持原因包括以下三种：个人资金需要，包括应急所用、改善生活、分散财产风险；股价足够高，诱惑 足够强，此时变现有利可图；不看好公司未来发展，经营情况变坏之前先套现一部分。但不管是哪种原 因，由于"内部人"所持股份往往较多，且风向标意义很强，他们的减持会给股价带来较大压力，所以一 直是投资者排斥的利空消息，9月9日，同花顺以2.77%的跌幅开盘，跌幅一度超过6%。因此，当易峥说 减持是为市场好、为投资者好，就与投资者的感受形成了巨大反差。 易峥的说法完全是错的吗？显然不是。按照规则减持股份，这是他权利的一部分，公告中完整披露其减 持理由，也比"个人资金需求"这样简单的说辞更有实际价值。事实上，易峥所持股份来自于他之前的增 持，这和其他大股 ...

Market Overview - Major indices in the US and Europe experienced declines, with the Dow Jones Industrial Average down by 220.43 points (-0.48%) to 45400.86, and the S&P 500 down by 20.58 points (-0.32%) to 6481.5 [2] - In contrast, Asian markets showed positive performance, with the Shanghai Composite Index up by 46.63 points (1.24%) to 3812.51, and the Shenzhen Component Index up by 471.86 points (3.89%) to 12590.56 [2] Political Developments - US President Trump indicated readiness to enter the second phase of sanctions against Russia due to the Ukraine conflict, although he did not commit to specific actions [3] - Japanese Prime Minister Shigeru Ishiba announced his resignation, attributing it to the completion of his tasks and taking responsibility for previous electoral losses [4] Defense and Military Initiatives - India announced a 15-year defense plan focusing on military equipment procurement, including the construction of a nuclear-powered aircraft carrier and the use of domestically manufactured fighter jets [5][6] Economic Updates - China's foreign exchange reserves reached $332.22 billion at the end of August, marking a $29.9 billion increase from July, the highest level since January 2016 [11] - The People's Bank of China reported a continuous increase in gold reserves for the tenth consecutive month, reaching 74.02 million ounces by the end of August [12] Corporate Actions - Anutin Charnvirakul was appointed as Thailand's new Prime Minister, following a vote by the National Assembly [7] - The chairman of Tonghuashun plans to reduce his stake in the company, citing the completion of his investment goals and the intention to enhance market liquidity [17] Industry Developments - OPEC+ announced an increase in oil production by 137,000 barrels per day starting from October 2025, following a decision by eight member countries to adjust their output [8][9]

Group 1: Fund Market Developments - In September, the market is expected to see the launch of 97 new funds, with equity funds dominating, including 52 stock funds, primarily passive index or enhanced index products, indicating continued expansion of ETFs [1] - The China Securities Regulatory Commission reported that as of September 5, 12 institutions have applied for 17 ETF-FOFs, with 16 expected to be submitted by 2025, reflecting a growing interest in ETF-FOFs due to market recovery and rising ETF popularity [1] Group 2: Hong Kong Stock Market Financing - The Hong Kong stock market has seen active refinancing activities, with total placement financing exceeding 200 billion HKD this year, marking a 506.33% year-on-year increase [2] - As of September 5, there have been 281 placements completed, with many companies adopting discounted placements to attract investors, indicating a rapid pace of financing [2] Group 3: Robotics Industry Financing - In the robotics sector, financing in the first eight months of this year has surpassed the total for the entire previous year, reaching 1.8 times last year's total, driven by a surge in capital interest, particularly in embodied intelligence [3] - Companies like Meikaman and Beijing Xingdong have announced significant funding rounds, indicating robust investor confidence in the robotics industry [3] Group 4: Automotive Industry Insights - Changan Automobile's executive vice president stated that at least 35% of users will continue to choose fuel vehicles despite the rapid development of new energy vehicles, highlighting a dual focus on both fuel and new energy vehicles [4][5] - The current number of private charging piles in China is only 12.49 million, suggesting that for many households without charging facilities, fuel vehicles remain a practical choice [5] Group 5: Battery Technology Advancements - CATL introduced the NP3.0 technology platform, which can prevent fire and smoke during thermal runaway, enhancing safety in battery technology [5] Group 6: Stock Market Movements - The U.S. stock market experienced declines, with the S&P 500 down 0.32% and the Dow Jones down 0.48%, amid concerns over disappointing non-farm payroll data and rising recession fears [9] - The market anticipates potential interest rate cuts by the Federal Reserve, with increased speculation on a 50 basis point cut in September [9]

A-shares Market Overview - The A-share market experienced mixed results after a week of adjustments, with the ChiNext Index leading the gains, closing at 2958.18 points, up 2.35% [2][3] - The Shanghai Composite Index closed at 3812.51 points, down 1.18%, while the Shenzhen Component Index closed at 12590.56 points, down 0.83% [2][3] - Approximately 36% of stocks saw gains during the week, with 151 stocks rising over 15% and 74 stocks declining over 15% [2] Sector Performance - The top-performing sectors included power equipment, comprehensive, non-ferrous metals, and pharmaceutical biology, while defense, computer, non-bank financials, and electronics sectors showed significant pullbacks [2] International Market Overview - The U.S. stock market indices fell on September 5, with the Dow Jones down 220.43 points (0.48%) to 45400.86 points, the S&P 500 down 20.58 points (0.32%) to 6481.50 points, and the Nasdaq down 7.30 points (0.03%) to 21700.39 points [4][5] - European indices also declined, with the FTSE 100 down 8.66 points (0.09%), CAC 40 down 24.14 points (0.31%), and DAX down 173.35 points (0.73%) [4][5] Commodity Prices - International oil prices fell, with WTI crude oil down $1.61 to $61.87 per barrel (2.54% decline) and Brent crude down $1.49 to $65.50 per barrel (2.22% decline) [4][5] Real Estate Policy Changes - Shenzhen announced new real estate policies allowing residents to purchase unlimited numbers of homes in certain districts, effective September 6, and removed qualification checks for home purchases in specific areas [6] Market Insights - CITIC Securities noted that the current market adjustment is primarily due to profit-taking pressures, with a significant rebound observed on September 5 [13] - The report highlighted that the market is likely to experience increased volatility in the short term, with a focus on sectors such as power equipment, communication, and electronics [13] - The report from Everbright Securities indicated that the market's valuation is at a relatively high level, suggesting a rotation between growth and balanced styles in September [13] Fund Flow Analysis - The top sectors for net inflow included photovoltaic equipment (8.86% increase), batteries (12.75% increase), and energy metals (6.11% increase) [15] - Conversely, the sectors with the largest net outflows were semiconductors (-5.54%), software development (-5.64%), and internet services (-5.05%) [15] Individual Stock Performance - Major stocks with significant net inflows included Agricultural Bank of China, Ningde Times, and Ganfeng Lithium, while stocks like Dongfang Fortune and Northern Rare Earth saw substantial net outflows [16]

Group 1 - Japan's Prime Minister Shigeru Ishiba announced his resignation following a loss in the second national election, which may trigger leadership competition and raise investor concerns [1] - The first Deep Space Economy and Industry Development Conference was held in Hefei, Anhui, proposing a framework for the "Deep Space Economy" and outlining ten industry directions, with a projected global market size of $1 trillion by 2040 [1] - Tesla launched an official Weibo account named "TeslaAI" and showcased its humanoid robot, which is expected to be the previously revealed "Optimus 3" model [1] Group 2 - The A-share market showed a weak overall trend last week, with the ChiNext Index and North China 50 rising, while the Sci-Tech 50 fell over 5% [8] - The Hong Kong market saw the Hang Seng Index rise by 1.36%, with the best-performing sectors being retail, power equipment, and pharmaceuticals [8] - In the US market, the S&P 500 rose by 0.33%, while the Dow Jones fell by 0.32%, with media and entertainment sectors leading the gains [8] Group 3 - The OPEC+ members agreed to increase oil production by 137,000 barrels per day starting in October, reflecting a stable global economic outlook [12][14] - The price of gold jewelry in China has surpassed 1,060 yuan per gram, with brands like Chow Sang Sang and Lao Miao reporting increases [15] - Tesla's AI5 chip design review was completed, with production expected by the end of 2026, and the AI6 chip anticipated to be the best yet [17] Group 4 - China's central bank has increased its gold reserves for the tenth consecutive month, reaching 74.02 million ounces by the end of August [20] - The US Bank predicts the Federal Reserve will cut interest rates twice this year, while Barclays expects three cuts [21] - South Korea will implement a visa waiver for Chinese group tourists from September 29, allowing stays of up to 15 days [23]

3、公募基金销售费用管理新规出台，年降费约300亿元。 4、深圳出台楼市新政。 5、央行出手增持黄金，连续10个月买买买。 宏 观 新 闻 早 报 精 选 1、 易会满被查，证监会表态。 2、特朗普签署行政令，调整关税政策生效范围。 2、国家外汇管理局统计数据显示，截至2025年8月末，我国外汇储备规模为33222亿美元，较7月末上升299亿美元，升幅为 0.91%。我国经济运行稳中有进，展现出强大韧性和活力，为外汇储备规模保持基本稳定提供支撑。 3、中国8月末黄金储备7402万盎司，7月末黄金储备报7396万盎司，为连续第10个月增持黄金。 4、9月6日，中国证监会党委召开会议，传达中央纪委国家监委对易会满涉嫌严重违纪违法进行纪律审查和监察调查的决定。驻证监 会纪检监察组有关同志参加会议。与会同志一致表示，坚决拥护党中央决定，坚决拥护中央纪委国家监委决定。证监会党委书记、主 席吴清主持会议。 5、商务部9月5日公布对原产于欧盟的进口相关猪肉及猪副产品反倾销调查的初步裁定。调查机关初步认定，原产于欧盟的进口相关 猪肉及猪副产品存在倾销，国内产业受到实质损害，而且倾销与实质损害之间存在因果关系。 行 业 新 闻 ...

Group 1 - The China Securities Regulatory Commission (CSRC) encourages long-term holding of investment funds by exempting sales service fees for investors holding stock, mixed, and bond funds for over one year [2] - China's foreign exchange reserves reached $33,221.54 million in August, reflecting a month-on-month increase of 0.91% [2] - The People's Bank of China has increased its gold reserves for the tenth consecutive month [4] Group 2 - The Chinese government is optimizing real estate policies in Shenzhen, adjusting policies for purchasing residential properties and personal housing credit [4] - Significant capital inflow into Chinese stocks, with southern funds heavily increasing positions in Alibaba, Meituan, and Horizon Robotics [4] - The A-share market saw the listing of Sanxie Electric today [4]

Group 1 - The core point of the announcement is that the controlling shareholder and a significant shareholder plan to reduce their stakes in the company, with a total reduction of up to 1.38 million shares, representing 0.26% of the total share capital [1][2] - The controlling shareholder, Yi Zheng, holds 36.13% of the company's shares and aims to optimize personal resource allocation while focusing on the company's strategic layout and main business development [1] - The shareholder, Hangzhou Kaishun Technology Co., Ltd., intends to reduce its stake for personal funding needs [1] Group 2 - Since September 24 of the previous year, the company's stock price has increased by over 260%, reaching a peak of 426.88 yuan per share, with the latest closing price at 361.5 yuan per share [2] - Yi Zheng's planned reduction of 684,000 shares comes from a previous purchase made in April 2022, where he spent approximately 50.1 million yuan to acquire these shares, resulting in a profit of nearly 200 million yuan [2] - The company's semi-annual report indicates that it achieved a revenue of 1.779 billion yuan in the first half of the year, a year-on-year increase of 28.07%, and a net profit attributable to shareholders of 502 million yuan, up 38.29% year-on-year [3]

而股东凯士顺的减持则是为了自身资金需要。 每经编辑｜金冥羽 9月5日晚间，同花顺（300033.SZ）发布关于控股股东、持股5%以上股东减持股份预披露的公告。 公告称，公司控股股东、实际控制人、持有公司36.13%股份的大股东、董事长易峥，持有公司8.96%股份的股东杭州凯士顺科技有限公司（下称"凯士 顺"），拟自本公告发布之日起15个交易日后的三个月内（2025年9月29日—2025年12月28日），以集中竞价交易方式或大宗交易方式合计减持本公司股份 合计不超过138.31万股（占公司总股本的0.26%）。 对于减持目的，公告表示，实际控制人易峥阶段性增持目标已圆满完成，此前通过低位增持有效稳定了股价，当前的减持是对既定目标的落实。实际控制 人将通过减持优化个人资源配置，从而将更多精力聚焦于公司战略布局和主营业务发展，助力公司价值的持续提升，以回报广大股东的长期信任。同时， 通过适度减持，旨在让渡市场参与机会，释放流动性，激活市场活力，为后续市值管理创造更有利的空间。 | 股东 | 拟减持股份数量 | 拟减持股份占股本比例 | | --- | --- | --- | | 易峥 | 684, 000 | 0. ...

帮主郑重锐评： 同花顺董事长这波"让渡市场参与机会"的操作，堪称A股年度温情故事——身家近600亿，减持0.13%套现2亿，竟是为了"释放流动性、激活市场活力"。这 格局，马斯克看了沉默，贝索斯看了流泪，仿佛他不是在卖股票，而是在撒慈善券。 建议下次上市公司大佬减持都按这个模板写理由： "我卖一点，是为了让散户也能买得起！" "我套现，是为了防止市场过于拥挤！" "我减持，是为了给A股腾出上涨空间！" 不就是"股价高位我先跑，韭菜留下撑场面"？ 说白了，套现不寒碜，寒碜的是硬给减持穿"道德底裤"。 咱建议监管层干脆出个《减持理由实话大全》： ✅ 真话版：股价偏高，我想卖点改善生活。 ❌ 虚伪版：让渡机会，释放流动性，共建活跃市场。 资本市场不缺套路，缺的是诚实。 我是帮主郑重，20年财经老炮，专拆虚伪剧本。 #同花顺减持神话 #帮主说财经 翻译翻译，什么叫"让渡机会"—— ...