Group 1 - Institutional investors have shown interest in 123 stocks this week, with 22 stocks receiving target prices [1] - XJ Electric (603416) received a "Buy Over Market" rating from Guosen Securities, with a target price range of 75.43 to 82.98 CNY, while the latest closing price was 63.49 CNY [1] - Kailaiying (002821) was rated "Recommended" by Huachuang Securities, with a target price of 136.15 CNY, and the latest closing price was 110.70 CNY [1] Group 2 - Youyou Green Energy (301590) received a "Buy" rating from Tianfeng Securities, with a target price of 285.70 CNY, and the latest closing price was 200.00 CNY [1] - Shede Liquor (600702), Fudan Microelectronics, and China Satellite (600118) also received initial attention from institutions this week [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - In the context of relatively high maturity pressure at the end of the quarter, the issuance of certificates of deposit (CDs) was relatively active this week, with an increase in long - term issuance leading to a slight lengthening of the term structure. After entering October, the maturity pressure is relatively small, and the renewal pressure may ease. - On the demand side, wealth management products remain the main support for allocation, while rural commercial banks are accelerating their reduction. With limited incremental allocation at the end of the quarter, the pricing of CDs has increased slightly. - In terms of funds, the 7D and 14D reverse repurchases at the end of the quarter may maintain relatively active placements, and the MLF may continue with a small net placement. It is expected that the risk of a tightened funds market is limited. - For CDs, with relatively active supply, constraints on funds, and limited support on the demand side, the pricing of 1 - year national and joint - stock bank CDs at the end of the quarter may fluctuate within a narrow range of 1.65 - 1.7%. After the quarter - end in October, the supply - demand pattern may ease. The key lies in the rhythm of wealth management product allocation. If there is early "grabbing for allocation" like in June and the growth of wealth management product scale in October is weaker than in April and July, the support for the CD market at the beginning of October may be relatively limited, and the 1 - year national and joint - stock bank CDs may slightly recover to around 1.6% [2][48]. 3. Summary According to the Table of Contents Supply: Net Financing Turns Positive, and the Term Structure Lengthens - This week (September 15 - 21), the CD issuance scale was 984.41 billion yuan, and the net financing amount was 134.36 billion yuan (compared with - 468.01 billion yuan from September 8 - 14). - In terms of supply structure, the issuance proportion of state - owned banks increased from 31% to 46%, while that of joint - stock banks decreased from 31% to 20%. - In terms of terms, the issuance proportion of 1 - year CDs increased from 15% to 23%. The weighted issuance term of CDs expanded to 6.40 months (previously 5.86 months). - Next week (September 22 - 28), the maturity scale will rise slightly to 968 billion yuan, a weekly increase of 117.95 billion yuan [2][5]. Demand: Wealth Management Products Are the Main Force in Secondary Allocation, and the Primary Market Subscription Rate Rises Slightly - In terms of secondary - market allocation institutions, state - owned banks and other product categories are the main forces in the secondary market, with weekly net purchases of 39.351 billion yuan and 50.213 billion yuan respectively. Money market funds changed from net selling of 21.016 billion yuan to net buying of 2.446 billion yuan. - In the primary market, the overall market subscription rate (15DMA) rose slightly to around 90%. By institution, the subscription rate of city commercial banks increased from 87% to 90%, that of joint - stock banks decreased from 94% to 93%, and that of state - owned banks increased from 82% to 85% [2][17]. Valuation: Primary - Market Pricing of CDs Increases Slightly, and Secondary - Market Yields Decline - In primary - market pricing, the central bank's supportive attitude continues. The issuance rate of 1 - year national and joint - stock bank CDs increased slightly to around 1.68%. Specifically, the rates of 3 - month and 6 - month varieties increased by 1bp compared with last week, the 1 - month variety increased by 3bp, the 9 - month variety increased by 2bp, and the 1 - year variety remained stable. - In terms of term spreads, the 1Y - 3M term spread of joint - stock banks fluctuated slightly, at the 23% historical quantile. - In terms of credit spreads, the spread between 1 - year city commercial banks and joint - stock banks narrowed from 10.27BP to 8.43BP, at around the 8% quantile, and the spread between rural commercial banks and joint - stock banks narrowed from 16.33BP to 7.19BP, close to the 11% quantile. - In the secondary market, the yields of AAA - rated CDs increased slightly. The 1 - month variety increased by 2bp compared with last week, the 3 - month, 6 - month, and 1 - year varieties increased by 1bp, and the 9 - month variety remained the same as last week. The 1Y - 3M term spread of AAA - rated CDs decreased slightly to the 24% historical quantile [2][21][29]. Comparison: The Spread between CDs and Funds Widens Slightly in Some Areas - The spread between the 1 - year AAA - rated CD yield and the 15 - day moving average of DR007 widened from 19.42BP to 19.87BP; the spread with the 15 - day moving average of R007 widened from 17.49BP to 18.63BP. - The yield of 1 - year treasury bonds decreased by 1bp, and the spread between CDs and treasury bonds widened from 27.00BP to 28.50BP, with the quantile rising to around 12%. - The spread between CDs and China Development Bank bonds narrowed from 9.20BP to 4.86BP, with the quantile dropping to 0%. - The spread between AAA - rated medium - and short - term commercial paper and CDs widened from 7.36BP to 8.54BP, with the quantile rising to 40% [35].

Core Viewpoint - The phenomenon of "deposit migration" among residents in China continues, with a notable decrease in household deposits and an increase in non-bank deposits, indicating a shift in asset allocation towards capital markets [1][2][6]. Group 1: Deposit Trends - In August, household deposits increased by 110 billion yuan, significantly lower than the 710 billion yuan increase in the same month last year [1]. - Non-bank deposits rose by 1.18 trillion yuan in August, surpassing the 630 billion yuan increase from the previous year, marking a new high for the same period since data collection began [1][2]. - The continuous decline in household deposits over the past two months reflects a shift in asset allocation, with a close relationship to capital market performance [1][6]. Group 2: Drivers of Deposit Migration - The sustained decline in deposit interest rates and the attractive returns from the capital markets are identified as primary drivers of the current deposit migration [2][6]. - The A-share market has shown significant profitability this year, further enhancing its appeal to depositors seeking higher returns [2][6]. Group 3: Asset Reallocation - The current trend of deposit migration is primarily towards asset reallocation, with a significant portion of funds likely flowing into the stock market [6][7]. - In August, over 2.65 million new A-share accounts were opened, representing a 48% increase compared to the same period last year, indicating strong investor interest [6][7]. - The margin trading balance in the A-share market reached a historical high of 2.3256 trillion yuan as of September 10, reflecting an increasing risk appetite among investors [6][7]. Group 4: Future Outlook - The deposit migration phenomenon is still in its early stages, with household deposit growth rates declining for two consecutive months [8]. - The ratio of household deposits to the total market capitalization of stocks continues to decrease but remains at historically high levels, suggesting that the impact of deposit migration on equity markets is just beginning [8]. - The low interest rate environment and various positive factors are expected to sustain the trend of deposit migration in the near future [8].

债券研究 证 券 研 究 报 告 【债券日报】 "风险管理式"降息落地 ——美联储 9 月议息会议点评 债券日报 2025 年 09 月 18 日 华创证券研究所 证券分析师：周冠南 邮箱：zhouguannan@hcyjs.com 执业编号：S0360517090002 联系人：李阳 邮箱：liyang3@hcyjs.com 相关研究报告 《【华创固收】转债市场日度跟踪 20250917》 2025-09-17 《【华创固收】转债市场日度跟踪 20250916》 2025-09-16 《【华创固收】债券发行新范式：福田投控 RWA 债券简析》 2025-09-16 《【华创固收】转债市场日度跟踪 20250915》 2025-09-15 《【华创固收】"稳增长"预期逐步升温——8 月 经济数据解读》 2025-09-15 证监会审核华创证券投资咨询业务资格批文号：证监许可（2009）1210 号 北京时间 9 月 18 日凌晨，美联储年内首次降息落地，将联邦基金利率目标区 间下调 25BP 至 4.0%-4.25%，储备余额利率、贴现利率下调至 4.15%、4.25%。 利率决议公布后，10 年期美债收益率 ...

Group 1 - The chip industry chain is experiencing significant growth, with the Tianhong Chip ETF (159310) rising by 4.16% as of the report, reaching a circulating scale of 960 million yuan, making it the largest in the Shenzhen market [1] - The Tianhong Chip ETF tracks the CSI Chip Industry Index, with top holdings including leading companies such as SMIC, Northern Huachuang, and Cambrian [2] - The Tianhong Sci-Tech Innovation ETF (589860) has also seen an increase of 2.71%, with a trading volume exceeding 75 million yuan, indicating active trading [2] Group 2 - Huawei's rotating chairman emphasized the importance of computing power for artificial intelligence at the Huawei Connect 2025 conference, sharing future plans for Ascend chips, including the launch of Ascend 950PR in Q1 2026 and Ascend 970 in Q4 2028 [2] - The Ministry of Commerce has initiated an anti-dumping investigation on imported analog chips from the United States, reflecting a shift towards domestic capabilities in the chip sector [3] - Analysts predict a significant expansion in the PCB industry driven by AI demand, with expectations of unprecedented growth in equipment and production capacity [3]

Group 1 - Wind power stocks are mostly active, with Jin Feng Technology rising by 4% to HKD 12.47, Datang New Energy increasing by 3.95% to HKD 2.63, and Longyuan Power up by 3.11% to HKD 7.96 [1] - GF Securities indicates significant results from the wind power industry chain's internal competition, with profits from the complete machine and cable segments expected to continue rising in the first half of 2025, and leading companies seeing a year-on-year doubling of net profit excluding non-recurring items [1] - The industry's return on equity (ROE) is stabilizing and recovering, with the wind turbine and gearbox segments having reached the industry's bottom, likely to see the first signs of profit recovery [1] Group 2 - According to Huachuang Securities, the wind power industry saw a double increase in installation bidding in the first half of this year, with continued optimism for the second half [1] - Benefiting from strong demand for cumulative winning orders, the newly installed wind power capacity in the first half reached 51.4 GW, a year-on-year increase of 98.9%, with offshore and onshore installations contributing 2.5 GW and 48.9 GW respectively, marking increases of 200% and 95.5% year-on-year [1]

Group 1 - Higher education stocks showed strong performance, with China Education Holdings (00839) rising by 14.29% to HKD 3.84, Yuhua Education (06169) increasing by 7.35% to HKD 0.73, and New Higher Education Group (02001) up by 7.26% to HKD 1.33 [1] - Yuhua Education announced that its university, Hunan International Economics University, received approval from relevant government authorities to proceed with the classification registration for profit-making private schools, indicating progress in the transition to a profit-making model [1] - Huachuang Securities noted that the recent developments in Hunan's private higher education sector could serve as a demonstration effect, signaling a positive shift in policy direction that may lead to valuation recovery for Hong Kong-listed education companies [1] Group 2 - Guoyuan International stated that profit-making schools would benefit listed companies by facilitating dividend distribution and alleviating debt burdens, despite the short-term increase in costs due to asset transfer and tax payments [1] - The announcement highlighted that the approval is not a confirmation of successful registration as a profit-making school, emphasizing the complexity and uncertainty of the process [1] - The long-term outlook suggests that the transition to profit-making status could lead to a market revaluation of assets [1]

Core Viewpoint - The recent announcement from Yuhua Education regarding its university's approval for profit-oriented registration has positively impacted the stock performance of several higher education companies in Hong Kong, indicating a potential shift in the sector's regulatory landscape [1] Group 1: Stock Performance - Several higher education stocks saw significant gains, with China Education Holdings (00839) up 14.29% to HKD 3.84, Yuhua Education (06169) up 7.35% to HKD 0.73, and New Higher Education Group (02001) up 7.26% to HKD 1.33 [1] Group 2: Regulatory Developments - Yuhua Education announced that its university, Hunan International Economics University, received approval from relevant government authorities to proceed with the classification registration for profit-oriented private schools [1] - The announcement clarified that the approval is for initiating the registration process and does not guarantee immediate success in becoming a profit-oriented school due to the complex and time-consuming nature of the required procedures [1] Group 3: Market Implications - Huachuang Securities noted that the recent progress in Hunan's transition to profit-oriented private education could serve as a demonstration effect, signaling a more proactive policy direction [1] - Guoyuan International highlighted that profit-oriented schools would benefit listed companies through dividends and profit distribution, which could alleviate debt burdens [1] - Although the registration process may incur short-term costs due to asset transfers and tax payments, it is expected to lead to long-term market revaluation of assets [1]

Market Overview - A-shares saw a slight increase with the Shanghai Composite Index up 0.04% to 3861.87 points, Shenzhen Component Index up 0.45% to 13063.97 points, and the ChiNext Index up 0.68% to 3087.04 points, while the STAR 50 Index rose 1.32% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 236.73 billion yuan, an increase of 63.9 billion yuan from the previous day [1] Sector Performance - The logistics sector experienced significant gains, with stocks like New Ning Logistics, Jushen Co., and Yiyaton hitting the daily limit [1] - The automotive supply chain stocks were active, with Hengshuai Co. and Junsheng Electronics also reaching the daily limit, and Haoen Automotive Electric surpassing 200 yuan per share [1] - The robotics sector saw a notable surge, with stocks like Anpeilong and Hanwei Technology hitting the daily limit and achieving new highs [1] Robotics Sector Insights - The robotics concept sector collectively rose by 2.2%, with humanoid robots increasing by 3.58%, ranking second among industry concepts [2] - Key stocks in the humanoid robotics sector, such as Hengshuai Co., Hanwei Technology, and Meilixin, achieved a 20% limit increase, while over ten other stocks recorded a 10% limit increase [2] - Yushu Technology announced the open-source UnifoLM-WMA-0 architecture, aimed at advancing the global embodied intelligence industry [2] Tesla's Developments - Elon Musk mentioned at the All-In Summit that Tesla is finalizing the design of Optimus Gen3, which will feature human-like dexterity and advanced AI capabilities [3] - The supply chain for the new generation of humanoid robots is expected to be a focus, with partnerships forming for the procurement of 2000 humanoid robots over the next three years [3] OpenAI's Robotics Strategy - OpenAI is accelerating its investment in robotics, focusing on humanoid robots as a key area for achieving general artificial intelligence (AGI) [4] - The company is actively recruiting experts in humanoid robot control algorithms, indicating a strategic push in this domain [4] - The robotics sector is poised for significant growth, particularly in industrial applications, with a focus on cost reduction and lightweight technologies [5] Brokerage Sector Activity - The brokerage sector saw a rise, with the overall sector increasing by 0.57%, led by stocks like Shichuang Securities hitting the daily limit [6] - The performance of 42 A-share listed brokerages in the first half of 2025 showed a total revenue of 251.87 billion yuan, a year-on-year increase of 11.37%, and a net profit of 104.02 billion yuan, up 65.08% [6] - The brokerage industry is expected to continue its upward trend, with a focus on firms with high capital efficiency and strong institutional client bases [6]

Group 1: ETF Performance - The liquidity of the Robot ETF managed by Jiashi has a turnover rate of 3.22% with a transaction volume of 21.67 million yuan [2] - Over the past month, the average daily transaction volume of the Robot ETF is 56.23 million yuan [2] - As of September 15, the net value of the Robot ETF has increased by 86.90% over the past year [2] Group 2: Fund Flows - The latest fund inflow and outflow for the Robot ETF managed by Jiashi are balanced, with a total of 26.74 million yuan "absorbed" over the last five trading days [2] Group 3: Index Composition - As of August 29, 2025, the top ten weighted stocks in the CSI Robot Index account for 50.36% of the index, including companies like Huichuan Technology and Keda Xunfei [2] Group 4: Stock Performance - The performance of the top ten stocks in the CSI Robot Index shows varied changes, with Huichuan Technology at -0.14% and Shitou Technology at -0.39%, while Shuanghuan Transmission increased by 6.76% [4] Group 5: Industry Trends - Huachuang Securities highlights three core logic points for humanoid robots: new technology directions focusing on cost reduction and lightweight design, the importance of application scenarios for market potential, and the two major segments of robots from 1 to 10: equipment and data/vision [5] Group 6: Technological Developments - On September 15, Yushu Technology announced the open-source UnifoLM-WMA-0, a world model-action framework designed for general robot learning [4]