记者丨孙永乐 编辑丨巫燕玲 多位资本市场从业者在朋友圈发布缅怀信息，资本市场失去了一位"先行者"。 10月9日深夜11点，上海九颂山河股权投资基金管理有限公司（以下简称"九颂基金"）发布 公告称，公司实际控制人、执行董事管金生先生因 突发疾病抢救无效，不幸于2025年10月7日与世长辞。 公告中，九颂基金表示，管金生作为中国证券行业的先驱，毕生致力于金融事业的创新与发展。 1988年，管金生创办万国证券，开创了中国证券市场的多个先河，被誉为"中国证券教父"。 2016年，管金生创立上海九颂山河股权投资基金管理有限公司，继续投身于私募基金领域。 九颂基金进一步称，管金生的逝世不会影响公司的正常运作，目前公司各项生产经营活动均有序开展。公司将根据《中华人民共和国公司法》 《公司章程》等相关规定，妥善处理后续事宜。 九颂基金相关人士亦向21世纪经济报道记者表示，关于公司实际控制权的衔接事宜，具体安排尚未确定，暂时不便透露更多信息。 回顾中国资本市场激荡三十年，管金生是一个绕不开的名字，其一生颇具传奇色彩。 作为行业的拓荒者，他曾一手创办新中国首家证券公司万国证券，与原君安证券的张国庆、原申银证券的阚治东，并称为"中 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The Treasury bond futures showed a pattern of rising and then falling after the National Day holiday, with the market expected to fluctuate in the short - term, and trading - type investors are advised to conduct band operations [4][45][46]. - The official manufacturing PMI in September was 49.8%, still below the boom - bust line, with production expanding and demand slightly weak. The non - manufacturing business activity index decreased slightly, and different industries showed varying degrees of prosperity [10][27]. - During the National Day and Mid - Autumn Festival holiday, domestic tourism and consumption increased, while the year - on - year decline in commercial housing transactions in 30 large - and medium - sized cities in early October widened, and the agricultural product wholesale price was relatively low year - on - year [33][36]. 3. Summary by Related Catalogs Treasury Bond Market - **Treasury Bond Futures Performance**: After the National Day holiday, Treasury bond futures rose on Thursday and fell on Friday. The 30 - year Treasury bond fell 0.03% for the week, the 10 - year rose 0.09%, the 5 - year was flat, and the 2 - year fell 0.02% [4]. - **Treasury Bond Yield Curve**: Compared with September 30, the 2 - year and 30 - year Treasury bond yields rose slightly on October 10, while the 10 - year yield decreased slightly, and the 5 - year yield remained unchanged [7]. Manufacturing PMI - **Overall PMI**: In September, the official manufacturing PMI was 49.8%, remaining below the boom - bust line for six consecutive months. Large enterprises continued to expand slightly, medium - sized enterprises remained stable, and the decline in small - enterprise sentiment narrowed [10]. - **Production and Demand**: The production index was 51.9%, indicating accelerated expansion. The new order index was 49.7%, showing improved demand. Some industries such as automobile manufacturing had rapid production and demand release, while others were below the critical point. The procurement volume index rose to 51.6% [13]. - **Price Index**: The raw material purchase price index was 53.2%, and the ex - factory price index was 48.2%. The former was in the expansion range for three consecutive months, while the latter declined, which may suppress corporate profits. It is expected that the year - on - year decline of PPI in September will narrow [16]. - **Export and Inventory**: The new export order index was 47.8%, and the import index was 48.1%, both showing an increase. The raw material and finished - product inventory indexes increased. The cumulative year - on - year growth of manufacturing profits from January to August was 7.4% [19][22]. - **Business Expectation**: The employment index and the production and business activity expectation index increased slightly, indicating that enterprises' expectations for future prosperity improved slightly [25]. Non - manufacturing Business Activity Index - **Overall Index**: In September, the non - manufacturing business activity index was 50.0%, slightly lower than the previous value. The construction industry index was 49.3%, and the service industry index was 50.1% [27]. - **Construction Industry**: The new order index, employment index, and business activity expectation index all showed some changes, with the overall prosperity slightly rising but still weak [29]. - **Service Industry**: The new order index decreased, the employment index remained unchanged, and the business activity expectation index decreased slightly. The input price index and the sales price index both declined [31]. Other Economic Data - **Holiday Consumption**: During the National Day and Mid - Autumn Festival holiday, the number of domestic tourists and total tourism spending increased. The daily average sales revenue of national consumption - related industries increased by 4.5% year - on - year, with service consumption growing faster [33]. - **Commercial Housing Transactions**: The year - on - year decline in commercial housing transactions in 30 large - and medium - sized cities in early October widened, and it is expected that the decline in the fourth quarter may exceed that in the third quarter [36]. - **Agricultural Product Prices**: In early October, the agricultural product wholesale price fluctuated narrowly, and it is expected that the year - on - year decline will narrow significantly in the next two months [39]. - **Funding Rate**: After the National Day holiday, the overnight funding rate fell to a low level. The central bank carried out a 1100 - billion - yuan repurchase operation to maintain market liquidity [43].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - In September 2025, the treasury bond futures market showed a differentiated and volatile pattern. Short - term (2 - year) and medium - term (5 - year, 10 - year) contracts had slight increases, while long - term (30 - year) contracts were significantly under pressure. - The market's expectation of long - term monetary policy easing increased due to insufficient domestic demand, but the probability of a short - term comprehensive interest rate cut decreased, resulting in insufficient upward momentum in the bond market. - The rise of A - share major indices in September increased risk appetite and suppressed the demand for treasury bonds. The traditional "stock - bond seesaw" effect weakened, and the bond market oscillated independently. - The Fed's interest rate cut in September alleviated the pressure on the RMB exchange rate, providing support for short - and medium - term contracts, but long - term contracts were significantly affected by interest rate sensitivity and institutional portfolio adjustments. - In October, it is expected that the market will maintain a low - level oscillation, with more significant fluctuations in long - term contracts. Attention should be paid to the synergistic effect of economic data and policies. [13] 3. Summary by Directory 3.1 Futures Market - **Contract Price**: The ten - year treasury bond futures 2512 (T2512) main contract had 8阴线 and 14阳线 in 22 trading days in September. The highest price of 108.320 yuan was reached on September 4, and the lowest price of 107.345 yuan was on September 25. The overall trend in September was an oscillation around the 5 - month moving average, and it closed with a positive K - line with upper and lower shadows. [2] - **Variety Price**: Among the 16 treasury bond futures contracts, different contracts had different price changes. For example, the two - year treasury bond (TS2509) contract rose by 0.004 yuan, while the two - year treasury bond (TS2512) contract fell by 0.046 yuan. The thirty - year treasury bond futures contracts generally showed a leading decline. [4][5] 3.2 Spot Market - In September 2025, the People's Bank of China carried out a series of 7 - day and 14 - day reverse repurchase operations at a fixed interest rate of 1.4%. For example, on September 1, it carried out 1827 billion yuan of 7 - day reverse repurchase operations, and on September 26, it carried out 1658 billion yuan of 7 - day reverse repurchase operations and 6000 billion yuan of 14 - day reverse repurchase operations. [6][7] 3.3 Influencing Factors - **Important Events**: In September 2025, there were several important events. On September 3, a grand ceremony commemorating the 80th anniversary of the victory of the Chinese People's War of Resistance against Japanese Aggression and the World Anti - Fascist War was held in Beijing. On September 12, the Ministry of Finance announced the second re - issuance of the 2025 ultra - long - term special treasury bonds with a scale of 82 billion yuan and a term of 30 years. On September 19, the Ministry of Finance issued the 2025 ultra - long - term special treasury bonds (sixth issue) with a 30 - year fixed - rate coupon - bearing bond and a coupon rate of 2.15%. On September 22, the State Council Information Office held a press conference on the development of the financial industry during the "14th Five - Year Plan" period. [8][9] - **Technical Analysis**: From the trend of the ten - year treasury bond (T2512) contract in September, it rose rapidly at the beginning of the month, reaching the monthly high of 108.320 yuan on September 4, then fell and rebounded after breaking the early - September price, but did not break through the September 4 high and then fell again to a new low. On the last trading day of September, it closed with a long positive line and a long upper shadow, indicating active trading and some profit - taking. After the National Day holiday, attention should be paid to investment opportunities on the first trading day. [10] 3.4 Market Outlook - In September, treasury bond futures showed a differentiated and volatile pattern. Short - and medium - term contracts had slight increases, while long - term contracts were under significant pressure. In October, it is expected to maintain a low - level oscillation, with more significant fluctuations in long - term contracts. Attention should be paid to the synergistic effect of economic data and policies. [13]

国债期货日报 2025/10/10 徐晨曦（投资咨询证号：Z0001908） 投资咨询业务资格：证监许可【2011】1290 周五期债震荡走弱，全线收跌。现券收益率多数上行。资金面宽松，DR001在1.32%左右。公开市场逆回购 4090亿，净回笼1910亿。 观点：关注央行态度 盘面点评： 日内消息： 1.国家发展改革委和市场监管总局发文，治理价格无序竞争，维护良好市场价格秩序。 行情研判： 期债早盘震荡，午后走弱。在节后资金面宽松的环境下，近两个交易日短债表现较弱，而长债表现偏强，这 一走势未必能够持续。消息方面，传昨日进行的11000亿买断式逆回购边际利率有所下降，这意味着央行定 向降低银行负债成本，也意味着央行暂时更倾向于使用结构性工具进行调控，而降准降息将继续延后。短期 仍以震荡观点看待市场，交易不宜追高，多单逢低布局。 | 国债期货日度数据 | | --- | | | 2025-10-10 | 2025-10-09 | 今日涨跌 | | 2025-10-10 | 2025-10-09 | 今日变动 | | --- | --- | --- | --- | --- | --- | --- | --- ...

被誉为"中国证券教父"的管金生逝世，享年7 8岁 。 创办万国证券、被誉为"中国证券教父"的管金生逝世，享年78岁。 10月9日深夜，上海九颂山河股权投资基金管理有限公司（以下简称"九颂基金"）发布公告称，公司近日收到 公司实际控制人、执行董事管金生家属的通知，管金生因突发疾病抢救无效，不幸于2025年10月7日与世长 辞。 1995年4月，管金生因为" 327国债事件"辞职。1 995年5月19日，管金生以贪污和挪用公款罪，在海南被捕。 同月，国债期货市场被关闭。经此一役，万国证券元气大伤。199 6年7月16日，申银证券与万国证券合并为申 银万国证券公司。 1997年2月3日，上海第一中级人民法院判处管金生1 7年有期徒刑。20 03年，管金生获准保外就医，此后淡出 公众视野。 在中国A股激荡三十几年的历史中，管金生是一个绕不开的名字。他曾经是上海滩上叱咤风云的"证券教父"， 一手创办了新中国第一家证券公司——万国证券，却又因" 327国债事件"一夜之间从巅峰跌落谷底。 公开资料显示，管金生出生于194 7年，198 8年2月，管金生负责筹建上海第一家证券公司——万国证券，由上 海国际信托投资公司等10家 ...

1 0月9日深夜，九颂基金通过微信公众号发布公告，公司实际控制人、执行董事管金生先生因 突发疾病抢救无效，不幸于2 0 2 5年1 0月7日与世长辞。 业内将管金生与原君安证券的张国庆、原申银证券的阚治东，并称为中国证券市场的 " 中国证 券教父 " 。 1 9 9 2年1 2月，上海证券交易所（上证所）率先在中国启动国债期货交易。1 9 9 5年，因" 3 2 7 "国 债期货重大违规操作事件，国债期货于同年5月暂停交易。管金生也因该事件从万国证券辞 职，1 9 9 7年被判处有期徒刑1 7年。1 9 9 6年7月，申银与万国合并为申银万国证券公司。 2 0 1 5年6月，管金生在参加某论坛时直面" 3 2 7 "国债风波，他表示："我这一生吃亏，吃很大的 亏，就是没有放下自己内心的骄傲和清高。我如果当初可以克服自我，做自己不愿意做的事 情，不断的向交易所上级部门、再上一级部门奔走呼号，说不定真的能改变现实，能够扭转乾 坤。"管金生称，互联网时代改变了信息不对称，类似" 3 2 7 "国债风波的历史悲剧现在完全可以 避免。 2 0 1 6年， 6 9岁的管金生再次创业——成立上海九颂山河股权投资基金管理有限 ...

九颂基金进一步表示，公司全体员工向其致以崇高的敬意和衷心的感谢，对其逝世表示沉痛哀悼。此外，管金生逝世不会影响公司的正常运 作，目前公司各项生产经营活动均有序开展。 回顾中国资本市场激荡三十年，管金生是绕不开的名字，他曾一手创办新中国首家证券公司万国证券，与原君安证券的张国庆、原申银证券 的阚治东，并称为"中国证券教父"，却也因轰动一时的"327国债事件"辞职，被判处17年有期徒刑。在69岁再次创业，投身一级市场。 从寒门弟子到"中国证券教父" 公开资料显示，管金生1947年5月19日出生于江西省清江县一个偏僻的小山村，家境贫寒。 大佬归去，往事似像昨天。又一位中国证券市场的标志性人物离开。对于中国证券市场，他既是拓荒者，也是牺牲者。 10月9日深夜，上海九颂山河股权投资基金管理有限公司发布公告称，近日收到公司实际控制人、执行董事管金生先生家属的通知，管金生 先生因突发疾病抢救无效，不幸于2025年10月7日与世长辞。 公告中，九颂基金称，管金生作为中国证券行业的先驱，毕生致力于金融事业的创新与发展。 1988年，他创办万国证券，开创了中国证券市场的多个先河，被誉为"中国证券教父"。其深厚的专业素养与前瞻性视 ...

管金生逝世。 10月9日晚间，上海九颂山河股权投资基金管理有限公司公告，近日收到实际控制人、执行董事管金生 家属的通知，管金生因突发疾病抢救无效，不幸于2025年10月7日与世长辞。 公告称，管金生作为中国证券行业的先驱，毕生致力于金融事业的创新与发展。 1988年，他创办万国证券，开创了中国证券市场的多个先河，被誉为"中国证券教父"。其深厚的专业素 养与前瞻性视野，为行业培养了大批人才，对中国资本市场的规范化、国际化进程作出了不可磨灭的贡 献。2016年，管金生创立上海九颂山河股权投资基金管理有限公司，继续投身于私募基金领域，为推动 科技创新与产业升级倾注心血，为公司的发展做出了巨大的贡献。公司全体员工向其致以崇高的敬意和 衷心的感谢，对其逝世表示沉痛哀悼。 管金生的逝世不会影响公司的正常运作，日前公司各项生产经营活动均有序开展。公司将根据 《中华 人民共和国公司法》《公司章程》 等相关规定，妥善处理后续事宜。 从寒门学子到"中国证券业教父" 1947年5月19日，管金生生于江西省清江县一个偏僻的小山村，家境贫寒。 1982年，凭借优异的学业成绩，管金生考入上海外国语学院法语系，后因找不到对口工作，他从公安 ...

研究报告 股指周报 先抑后扬，9 月股指期货市场震荡上行 | 华龙期货投资咨询部 | | | | | | --- | --- | --- | --- | --- | | 投资咨询业务资格： | | | | | | 号 证监许可【2012】1087 | | | | | | 金融板块研究员：邓夏羽 | | | | | | 期货从业资格证号：F0246320 | | | | | | 投资咨询资格证号：Z0003212 | | | | | | 电话：13519655433 | | | | | | 邮箱：383566967@qq.com | | | | | | 报告日期：2025 年 | 月 | 10 | 9 | 日星期四 | 本报告中所有观点仅供参 考，请投资者务必阅读正文之后 的免责声明。 摘要： 【行情复盘】 9 月股票市场走出先扬后抑走势，总体呈现震荡上行态势， 三大指数月线均收涨，其中创业板指本月累计涨超 12%创三年 多新高，科创 50 指数涨超 11%创近四年新高。 9 月国内股指期货市场整体震荡上行。IC 走势较强，具体 主力期货合约数据如下： | | 品种 | | 合约代码 | 9 月 | 30 | ...

投资咨询业务资格：证监许可【2011】1778 号 宝城期货国债期货早报（2025 年 10 月 9 日） ◼ 品种观点参考—金融期货股指板块 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | TL2512 | 震荡 | 震荡 | 震荡偏弱 | 震荡 | 中长期降息预期仍存，短期全面 降息可能性较低 | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—金融期货股指板块 品种：TL、T、TF、TS 日内观点：震荡偏弱 中期观点：震荡 观点参考 观点参考 获 取 每 日 期 货 观 点 推 送 服 务 国 家 走向世界 知行合一 专业敬业 参考观点：震荡 核心逻辑：9 月 30 日，国债期货均震荡整 ...