【#中芯国际两融折算率调整为0#】10月9日，有投资者反馈，接东方财富证券短信告知，自当日起，信 用账户持有的中芯国际的两融折算率由0.7调整为0.00，佰维存储的两融折算率由0.5调整为0.00。 智通财经记者就此致电东方财富证券客服，对方确认了上述调整信息，并解释称，依据两交易所规定， 当个股静态市盈率超过300倍或为负数时，其融资融券折算率需调为0，而中芯国际、佰维存储当前静态 市盈率均超过300倍，这正是依规进行的正常调整。该规定自2016年起实施，并沿用至今。2025年7月虽 有部分股票调整，但核心规则未变，旨在加强风险控制，确保融资融券业务的平稳运行。 此外，中芯国际等半导体板块午后集体调整，是多方面因素共同作用的结果。从板块整体表现来看，半 导体板块年内已累计大涨57.19%，区间振幅达72.04%。（智通财经） 股票折算率调为0的情况并非单家券商行为，而是行业统一动作。同时，这一调整是券商依据交易所规 则开展的常态化操作，当前市场中折算率为0的股票数量已超千只。 ...

今日下午，有投资者反映称，接东方财富证券短信告知，自10月9日起，信用账户持有的中芯国际（688981）的折算率由0.70调整为0.00；佰维存储 （688525）的折算率由0.50调整为0.00。究竟是何原因？ 记者向东方财富证券致电，客服确认了上述信息，该客服指出，根据交易所规定，个股静态市盈率如果超过300倍，或者负数的情况下，融资融券折 算率就会被调为零，而上述两股票静态市盈率均超过300倍。 该规定自2016年起实施，并沿用至今。2025年7月虽有部分股票调整，但核心规则未变，旨在加强风险控制，确保融资融券业务的平稳运行。 ...

在股市变化走势中，如何把握住起点掌握利润，以及如何把握住卖点锁定利润，对于每一个投资者来说 都至关重要。实战操盘时，分析判断能力和决策把握能力缺一不可，分析判断能力能让投资者正确判断 出股市趋势的变化，决策把握能力能让投资者准确把握住股价走势的变化。 俗话说"没有不赚钱的股票，只有赚不到钱的操作"。也就是说，任何股票在投资者的手里都可以赚到 钱，但并不是随便地操作就会赚到钱。这就要求投资者对买卖点的把握要准确，只有把买点和卖点的位 置判断清楚，才能将股市当做自己的取款机。 4、主升浪一旦形成且没有明显放量，果断介入，缩量上涨持股，缩量下跌趋势未破持股，放量下跌趋 势破快速减仓。 5、当个股趋势向上时，除了成交量，什么指标都不要看，缩量、平量就持有，巨量天量你就跑，量价 是灵魂，量是水，价是船。 6、炒股要炒龙头，只干龙头，不干杂毛，因为涨的时候龙头股涨的最猛，跌的时候最抗跌，不要不敢 上车，炒股很多时候是反人性的，不要因为跌的多而去买，不因涨的多而不买，越不敢买的越涨，越敢 买的越跌，强者恒强，炒龙头短线最重要的是高位买，更高位卖！ 7、拥抱趋势，顺势而为，股票买入的价格并不是越低越好，而是越合适越好，你不会 ...

在纳斯达克IPO（首次公开募股）过程中，发行律师（通常指发行人律师，即代表拟上市公司的律师）扮演核心角色，负责确保 整个上市过程符合美国证券法规、纳斯达克交易所规则，并有效控制法律风险。其核心职责贯穿IPO全周期，从前期筹备到上市 后过渡，具体可归纳为以下六大方向： 一、法律尽职调查：全面排查风险 尽职调查是IPO的基础，律师需通过系统性核查，识别公司潜在法律问题并提出解决方案。具体包括： 二、法律文件起草与审核：构建合规框架 律师需主导或参与IPO核心法律文件的起草、修改与定稿，确保内容准确、风险披露充分： 三、监管沟通与反馈应对：推动注册生效 律师需作为公司与SEC、纳斯达克的直接沟通桥梁，处理监管反馈并推动上市进程： 四、协调中介与各方：整合上市资源 IPO涉及投行、会计师、承销商律师、公关等多方协作，发行人律师需承担"枢纽"角色： 与承销商律师配合：协调双方对招股书法律部分的表述一致（如风险因素披露口径），协商承销协议中的责任划分（如因 信息披露不实导致的索赔分担）。 主体与历史合规：审查公司设立、股权结构（如VIE架构、期权计划）、历次融资/并购的合法性（如是否符合中国外汇管 理、ODI规定）、是否 ...

"外汇市场是一个全天候的市场。即使你下午5点下班，它也不会睡觉。市场整晚都在运转，而且会波动！"——比尔·利普舒茨 比尔·利普舒茨（Bill Lipschutz）是一位在外汇市场享有盛誉的成功交易员，以其外汇交易专长闻名。他在康奈尔大学读书期间便开始了交易之路，随后加 入所罗门兄弟公司（Salomon Brothers），并迅速成为外汇部门主管。之后，他创立了Hathersage资本管理公司，这是一家非常成功的全球宏观基金公司。 他因在财经作家、美国金融专家杰克·施瓦格（Jack Schwager）的《金融怪杰》（Market Wizards）一书中亮相而声名鹊起——该书汇集了部分最杰出的交 易思维。 以下是比尔·利普舒茨的早年生平事迹、交易策略解析以及他一些经久不衰的市场智慧。 比尔·利普舒茨的早年生活和职业生涯 比尔·利普舒茨出生并成长于纽约州法明代尔（Farmingdale），在高中时期一直是成绩优异的学生，同时也擅长数学。他还是一名网球爱好者，球技不 俗。 在大学期间，比尔花时间研究和学习市场——同一时期，他从已故祖母那里继承了价值12,000美元的股票持仓。之后，他将继承的股票组合全部变现，用 以开 ...

Group 1: Market Overview - The stock market is not a cash machine but a reflection of corporate value, with 90% of retail investors failing to profit during bull markets due to incorrect mindsets [3] - In 2025, the Nasdaq index surpassed 20,000 points, and the Shanghai Composite Index returned to 4,000 points, indicating a significant market recovery [3] Group 2: Stock Selection Principles - Emphasis on buying familiar and strong companies, avoiding speculative "concept stocks" [4] - The semiconductor market is valued at $800 billion, with only leading firms like TSMC likely to benefit long-term [4] - Recommended metrics for stock selection include ROE above 15%, stable gross margins, and ample cash flow [4] Group 3: Risk Management and Positioning - Avoid full investment; maintain 20%-30% cash reserves to manage risk effectively [6] - Historical data shows leveraged investors faced an average loss rate of 50% during market volatility [6] - Implement strict stop-loss rules, selling stocks that decline by 10% [6] Group 4: Technical and Fundamental Analysis - Basic analysis should take precedence over technical indicators, with a focus on company financials and industry trends [7] - Long-term holding strategies are favored over frequent trading, as 90% of returns come from 10% of the time invested [7] Group 5: Common Pitfalls and Continuous Learning - Common pitfalls include following unreliable trading strategies and neglecting macroeconomic factors [9] - Continuous learning and humility are essential, with a focus on reputable sources for market information [9]

Group 1 - The 19th National Futures (Options) Live Trading Competition and the 12th Global Derivatives Live Trading Competition are reaching a decisive moment, with increased volatility in the commodity market influenced by factors such as the Federal Reserve's interest rate cuts and geopolitical conflicts [1] - Gold and silver prices have reached historical highs, leading to intense long-short battles among participants, resulting in significant fluctuations in account returns [1] - As the National Day and Mid-Autumn Festival holidays approach, most participants are reducing their positions to avoid uncertainties, making short-term trading more challenging and demanding higher execution capabilities from competitors [1] Group 2 - Risk control is emphasized as a critical aspect of trading, with leading participants advised to focus on stability and manage drawdowns, while those chasing rankings should remain patient and avoid impulsive trading [1][2] - The total number of participating accounts in the competition reached 167,500, with total funds amounting to 50.137 billion [3] - The "Futures Star Competition" reported the "Weekly Maximum Principal Yield Rate" leaderboard, with "Golden Avenue" leading the subjective group and "cscq3_1" leading the quantitative group as of September 22 [3] Group 3 - Various awards were announced, including the Zhengzhou Commodity Exchange Options Special Award, with 48,606 participating accounts, and the top trading firms being Huishang Futures, Hua'an Futures, and CITIC Futures [3] - The Guangxi Futures Exchange's polysilicon special award had 55,848 participating accounts, with Huishang Futures ranking first [4] - The "Wenhua Finance" third National Futures (Options) Simulation Trading Competition had 20,473 participating accounts, with "Unbeaten" leading the futures group and "Complete Profit Options" leading the options group [4]

Core Viewpoint - The recent surge in gold prices, driven by global economic uncertainties and geopolitical risks, has attracted significant investor interest in gold as a safe-haven asset [4]. Group 1: Market Dynamics - Gold prices increased by 2.03% in the night trading session on September 22, 2025, breaking key resistance levels, leading to a strong opening for gold-related stocks, with many rising over 7% [1]. - The decline of the US dollar, which has fallen approximately 5% in recent months, has made gold cheaper for investors using other currencies, further boosting demand [4]. - Central banks globally have significantly increased gold purchases, with net purchases exceeding 800 tons in 2024, marking a historical high, primarily driven by emerging market central banks [4]. Group 2: Investment Strategies - Various methods for investing in gold exist, each with unique advantages and risks, including physical gold, gold ETFs, paper gold, and gold mining stocks [4]. - Convertible bonds linked to gold stocks are highlighted as a favorable option, allowing investors to benefit from stock price increases while enjoying T+0 trading mechanisms [5]. - Gold ETFs, such as the one tracking Shanghai gold spot prices, have shown a cumulative increase of 34.61% since the beginning of the year, with low management fees [5]. Group 3: Risk Management - The market is currently showing overbought signals, indicating potential for price corrections, and investors are advised to remain cautious and avoid chasing prices [6]. - A survey indicates that 71% of central banks plan to maintain or reduce their gold holdings, which could weaken demand and impact gold prices [6]. - Investors are encouraged to set clear stop-loss points and target profit levels, maintaining discipline in their investment strategies [7]. Group 4: Market Sentiment - The early trading session showed a strong market sentiment with gold-related stocks initially rising over 7% but later retracting to around 4%, signaling caution against blind chasing of prices [8]. - The market is experiencing increased differentiation, and investors are advised to focus on high liquidity products while controlling their positions [8].

Group 1 - The Shanghai Gold Exchange will be closed from October 1 to October 8 for the National Day holiday, with trading resuming on October 9 [1] - To mitigate risks associated with potential fluctuations in international gold and silver prices during the holiday, the Exchange is adjusting margin levels and price limits for gold and silver deferred contracts [1] - Starting from the close of trading on September 26, the margin ratio for various gold contracts will increase from 14% to 16%, and the price limit will change from 13% to 15%. For silver contracts, the margin will rise from 17% to 19%, and the price limit will adjust from 16% to 18% [1] Group 2 - Members are advised to enhance risk awareness and develop detailed emergency response plans to ensure market stability and healthy operation [2]

Core Viewpoint - The article discusses the investment strategy and performance of Zhang Ronghe, a fund manager at Guotai Fund, highlighting his unique approach to portfolio management and market analysis [4][48]. Group 1: Investment Strategy - Zhang Ronghe emphasizes a macroeconomic and expectation gap approach, prioritizing macro factors such as economic trends and liquidity conditions in his investment decisions [15][16]. - He focuses on identifying "mispriced" stocks, particularly those with poor price performance but strong fundamentals, diverging from traditional value or trend investing [21][22]. - The portfolio management is characterized by a multi-constraint optimization approach, where various factors such as product settings, client risk tolerance, and performance metrics are considered [28][30]. Group 2: Portfolio Performance - Since Zhang Ronghe took over the Guotai Blue Chip Select Fund, it has shown a return of 48.52% with an excess return of 18.55%, demonstrating strong downside protection [8][20]. - The fund maintains a relatively high equity position, around 60%-95%, and has shown resilience during market downturns, with a notable recovery after significant market drops [5][6][4]. - The top holdings in the portfolio consist of established blue-chip stocks, with each accounting for only about 2% of the total net value, indicating a diversified approach [7][8]. Group 3: Market Analysis - Zhang Ronghe's market outlook is characterized by a contrarian perspective, often identifying positive factors when the market sentiment is negative and vice versa [18][19]. - He believes that the market's consensus can often lead to mispricing, and he actively seeks to exploit these discrepancies [20][19]. - His analysis includes a focus on the cyclical nature of market expectations, adjusting his strategy based on prevailing sentiment and macroeconomic indicators [20][21]. Group 4: Client Management - Zhang Ronghe prioritizes client experience in his portfolio management, ensuring that clients are well-informed and comfortable with the investment strategy [34][36]. - He acknowledges the importance of communication and transparency, especially when the fund underperforms or misses market opportunities [35][36]. - His approach to risk management involves understanding client psychology and ensuring that they can tolerate market fluctuations [36][37].