来源丨国际财闻汇 因押中金价创纪录上涨而名声大噪的一位中国亿万富翁交易员，如今把目光投向了白银的急速飙升，并持有目前价值近3亿美元的空仓。 自2022年初以来，边锡明已通过做多上海期货交易所黄金合约，获利近30亿美元。根据彭博社对交易所数据的分析以及知情人士，他现已建起该交 易所的最大白银净空头头寸。边锡明其人行事低调，大部分时间都待在直布罗陀。 交易所数据显示，边锡明从1月最后一周开始，通过其经纪公司中财期货增持白银空头头寸。上海期货交易所并不披露经纪商账户背后的个人投资者 身份，但知情人士表示，边锡明本人的押注以及他直接为少数几位客户管理的产品，占到该公司贵金属头寸的大头。 边锡明和中财期货未回应寻求置评的电子邮件。 交易所数据显示，中财期货的白银空头头寸在1月28日飙升至约1.8万手。1月30日，随着上海市场银价创下历史新高，这一规模进一步攀升至约2.8 万手。 2026（第四届）长白山论坛暨中国旅游论坛即将启幕！ 本届论坛以"投资赋能·文旅共生"为主题，由吉林省白山市政府指导，凤凰网财经、中国旅游论坛组委会联合主办。论坛汇聚顶尖经济学家、行业 领袖与实战专家，深度解析"AI赋能新质生产力""资本驱动增 ...

来源丨凤凰网财经《IPO观察哨》 近日，钛和检测认证集团股份有限公司（下称 "钛和检测"）向香港联交所递交上市申请，拟通过 H 股融资扩张，光大证券国际担任独家保荐人。钛 和检测董事长潘晶及其一致行动人合计控制钛和检测52.2%股份。 从财务数据来看，2023年至 2024 年，公司营收从7.77亿元增长至8.02亿元，增长率仅 3.18%，远低于中国 TIC 行业 8.0% 的同期复合增长率。 细分业务板块，钛和检测核心业务的表现喜忧参半。作为公司重点布局的通信及汽车服务板块，尽管 2025 年前九个月收益同比增长 36.7%至2.28 亿元，但工业及设施服务板块却同比下滑8.3%，消费及健康服务板块同比下降7.4%。 值得注意的是，工业及设施服务板块曾是公司第一大收入来源，2023年占比达46.0%，如今不仅收入规模萎缩，其毛利率还因新能源设施服务收入 减少而收窄。 钛和检测认证集团股份有限公司董事长潘晶 | | 2023 財年 | | 2024財年 | | 2024年前九個月 | | 2025年前九個月 | | | --- | --- | --- | --- | --- | --- | --- | -- ...

"两个娃都是内向的性子，我娃回来后一直哭，说'妈妈，我们被怀疑偷东西，店里还有其他的同学在，别人会怎么看我们。'我听了后特别难过。"陕 西省咸阳市礼泉县的张女士说。 01 孩子被留到店里20多分钟，不被允许联系家长 张女士向华商报大风新闻反映，2月2日13时许，她上初中的女儿和亲戚家同龄的女孩前往位于礼泉县长富路上的"好想来"零食店购物。两人付款后 离开店，走到距离店门10～15米处，被这家"好想来"的店员叫住，怀疑她们偷了店内的商品。 张女士说，两个女孩被怀疑是因为门店收到总部的一段监控视频提醒。据女儿讲述，她和同伴被叫回店里后，店员一直在看监控核实，两人只能站在 一旁。其间，她因身体不舒服告诉店员想给母亲打电话，让母亲到店里陪伴，结果被对方制止。 "店员怀疑我亲戚家的孩子，偷了货架的东西塞进包里。两个女孩干站着被过往的人看来看去，最后只能自己打开包证明了清白。从被叫回到离开， 她们待了20～30分钟。" 张女士当时在上班，孩子直接找到她诉说了这件事。 "娃一直在哭，哭了4个小时。我下班后来到这家店看监控，监控上我亲戚家的孩子先用手摸了货架上的东西，随后又摸了自己的双肩包，包的拉链是 开着的。但没有孩子把东 ...

据彭博社报道，随着特朗普提名凯文·沃什为下一任美联储主席，金融市场的关注点已从利率走势迅速转向美联储高达 6.6 万亿美元的资产负债表。 沃什长期批评美联储资产规模过度膨胀，其回归可能意味着量化宽松（QE）时代的彻底终结。 受此影响，上周五长期美国国债收益率走高，美元汇率获得提振，而黄金和白银价格则出现大幅跳水。 01 政策核心：从利率管理转向"缩表换降息" 沃什被视为美联储职能扩张的坚定反对者。他曾多次公开抨击美联储的债券购买计划（QE）导致了"货币主导"现象，即金融市场和立法者过度依赖 央行的廉价资金，从而引发了资本市场的过度冒险和国家债务的无序堆积。 沃什主张减少美联储对市场的直接干预。他曾在去年7月表示，通过缩小资产负债表规模（减少印钞），可以为美联储提供更大的空间来降低基准利 率，从而在不扭曲市场机制的前提下实现实质性的低利率环境。 美联储理事、特朗普任命的斯蒂芬·米兰（Stephen Miran）对此分析称，理论上美联储可以调低短期利率，以抵消缩表带来的长期利率上升压力， 从而在保持金融环境稳定的同时缩减央行足迹。 02 6.6万亿美元的"后遗症"：潜在的市场冲突 尽管沃什的愿景明确，但要清理美联 ...

来源丨凤凰网财经《IPO观察哨》 作为2026年A股首单获受理的IPO项目，上海燧原科技股份有限公司（下称"燧原科技"）于1月22日正式向上交所科创板提交上市申请，拟募资60亿 元，保荐机构为中信证券。这笔募集资金将重点投向第五代、第六代AI芯片研发及产业化、先进人工智能软硬件协同创新等项目，为公司核心技术迭 代与供应链安全保障注入动力。 然而，这笔大额募资背后，难掩公司对腾讯的深度依赖——作为"国产GPU四小龙"中最后冲刺资本市场的玩家，燧原科技自成立起便与腾讯形成"资 本+订单"的强绑定关系，关联交易已成为其营收的绝对支柱，独立经营能力缺失、客户结构失衡等隐忧凸显，而这些问题也在其披露的财务数据中暴 露无遗，为此次IPO闯关蒙上阴影。 01 拟募60亿募资背后，与腾讯关联交易主导营收命脉 资料显示，燧原科技成立于2018年3月，在"国产GPU四小龙"中起步最早，但IPO进程却最为滞后。公司创始团队堪称芯片行业"老兵"，具备深厚的 技术积淀与管理经验：创始人、董事长兼CEO赵立东曾任职AMD计算事业部高级总监、紫光集团副总裁，拥有超过20年芯片研发与管理经验，主导 过多款核心芯片的研发落地；另一位创始人、总 ...

Core Insights - The number of new margin trading accounts in September 2025 reached 205,400, marking a month-on-month increase of 12.24% and a year-on-year increase of 288%, setting a new high for the year [1][2] - As of the end of September, the total number of margin trading accounts in A-shares was approximately 15.29 million [1] Account Growth - Monthly new margin trading accounts showed significant growth, with January seeing only 74,075 new accounts, which surged to 144,542 in March, and further increased to 205,395 in September [2] - The increase in new accounts indicates a heightened enthusiasm among investors, particularly in the last two months [2] Margin Requirements and Broker Adjustments - Huayin Securities announced an adjustment to the margin requirement for margin trading, increasing it to 100% for certain securities, effective from October 13, 2025 [3] - Guojin Securities also adjusted its margin requirements for new contracts, raising the margin to 100% for most securities [3][4] - Despite these adjustments, most brokers still maintain an 80% margin requirement [4] Margin Trading Balance - The margin trading balance has surpassed 2.4 trillion yuan since August, but it remains at a low level compared to historical data, with only 2.56% of A-share market capitalization as of October 16 [5][7] - The proportion of active margin trading investors has slightly decreased from 6.17% on September 30 to 5.64% by mid-October [7] Financing Rates and Broker Capital - Margin financing rates have decreased significantly, dropping below 3% in October, with some brokers offering rates as low as 2.6% for large amounts [8][9] - The competitive financing rates are approaching the cost of capital for most brokers, leading to concerns about profitability [9] - Brokers have been actively issuing bonds to replenish capital, with a total issuance of 1.26 trillion yuan in 2025, a year-on-year increase of 75.42% [9]

Core Insights - The financing and securities lending market in A-shares is experiencing a significant surge, with new accounts reaching a record high in September 2025, indicating increased investor enthusiasm [1][3]. Group 1: Account Growth - In September 2025, 205,395 new financing and securities lending accounts were opened, marking a month-on-month increase of 12.24% and a year-on-year increase of 288% [1][2]. - The total number of financing and securities lending accounts in A-shares reached approximately 15.29 million by the end of September 2025 [1][2]. Group 2: Market Activity - Monthly data shows a steady increase in new accounts, with a notable spike in August and September, reflecting heightened investor participation [3]. - Despite the increase in account numbers, the overall financing balance remains at a decade-low level relative to A-share market capitalization [5][6]. Group 3: Financing Rates and Broker Responses - Financing rates have dropped below 3%, with major brokers offering competitive rates to attract clients, indicating a shift in market dynamics [7][8]. - Brokers are actively raising capital through bond issuance, with a total of 1.26 trillion yuan raised by the end of September 2025, a 75.42% increase year-on-year, to support their financing activities [9].

Core Viewpoint - The surge in bond issuance by securities firms in China reflects a strong demand for capital, driven by increased market activity, expansion of capital-intensive businesses, and favorable financing conditions in a low-interest-rate environment [1][4]. Group 1: Bond Issuance Scale - As of September 28, 2023, the total bond issuance by securities firms has exceeded 1.18 trillion yuan, marking an 83.27% year-on-year increase, with 616 bonds issued compared to 366 in the same period last year [2]. - Monthly issuance saw a significant increase, with July reaching 142.99 billion yuan and August further rising to 275.5 billion yuan, setting new records for both volume and scale [2]. - Leading firms dominate the issuance, with seven firms surpassing 50 billion yuan in bond issuance, including China Galaxy, which issued over 100 billion yuan [2]. Group 2: Use of Funds - The bond issuance is characterized by a diverse allocation of funds, including debt repayment, liquidity support, and targeted investments, particularly in margin trading and derivatives [3]. - A significant portion of the funds is used for refinancing high-interest debt, optimizing debt structures, and enhancing operational capital for business expansion [3]. Group 3: Factors Driving Demand - The increase in bond issuance is attributed to multiple factors, including a strong A-share market, lower financing costs, and a supportive regulatory environment [4]. - The A-share market's performance, particularly the Shanghai Composite Index surpassing key thresholds, has led to a surge in trading activity, boosting demand for capital [4]. Group 4: Issuance Costs - The average interest rates for bond issuance have decreased compared to the previous year, with company bonds averaging 1.89%, subordinate bonds at 2.25%, and short-term financing bonds at 1.77% [5]. - Debt financing is favored over equity financing due to its larger funding capacity, lower costs in the current environment, and flexibility in meeting different business funding cycles without diluting equity [5]. Group 5: Future Outlook - The demand for capital among securities firms is expected to remain strong, with projections indicating continued high bond issuance in the fourth quarter [6]. - Leading firms are likely to strengthen their competitive positions due to capital and cost advantages, potentially intensifying the "Matthew Effect" in the industry [6].

Group 1: Market Performance - The CSI All Share Securities Company Index (399975) increased by 0.05% as of September 15, 2025, with notable gains from Guosheng Jin控 (4.75%), Dongfang Caifu (1.45%), and Xinda Securities (1.15%) [1] - The broker ETF (512000) experienced a turnover of 2.25% during the trading session, with a total transaction volume of 759 million yuan [1] - Over the past month, the broker ETF has seen an average daily transaction volume of 1.923 billion yuan, ranking it among the top two comparable funds [1] Group 2: Fund Growth and Performance - The broker ETF's scale increased by 1.787 billion yuan in the past week, marking significant growth and ranking second among comparable funds [1] - The latest share count for the broker ETF reached 55.503 billion, a new high for the past year, making it the top fund in its category [1] - The broker ETF has recorded continuous net inflows over the past 12 days, with a peak single-day net inflow of 768 million yuan, totaling 4.183 billion yuan in net inflows [1] Group 3: Bond Issuance and Market Sentiment - In September, securities firms completed the issuance of 19 bonds totaling 45.2 billion yuan, with an additional 32 bonds in the issuance phase aiming to raise 77.9 billion yuan [2] - The total bond issuance by securities firms this year has reached 1.06 trillion yuan, a significant increase from 673.63 billion yuan in the same period last year [2] - The active bond issuance reflects a positive outlook for the industry and strong capital replenishment needs, particularly among leading firms like CITIC and Guotai Junan [2][3] Group 4: Industry Dynamics - Securities firms are increasingly issuing bonds to match their operational needs, as traditional commission-based revenue declines and capital-driven growth becomes more prominent [3] - The issuance of bonds is also a response to the growing market financing needs, as firms require additional capital to support their financing and proprietary trading activities [3] - The overall improvement in the funding environment for the securities sector is expected to facilitate the expansion of investment banking and asset management businesses [2]

Core Viewpoint - The A-share market is experiencing a favorable trend, leading to a surge in bond issuance by securities firms to replenish capital needs [1][2]. Group 1: Bond Issuance Trends - In August, securities firms issued a total of 141 bonds, raising 293.5 billion yuan, marking a peak for the year [2][3]. - As of September 12, 2023, the total bond issuance by securities firms for the year reached 1.06 trillion yuan, a significant increase from 673.6 billion yuan in the same period last year [3][4]. - Six securities firms have issued over 50 billion yuan in bonds this year, with Galaxy Securities leading at 102.5 billion yuan [4]. Group 2: Market Conditions and Financing Needs - The surge in bond issuance is attributed to active market trading, low interest rates, and regulatory encouragement, alongside the firms' business development and debt structure adjustment needs [2][5]. - The A-share market has seen significant increases in the Shanghai Composite Index, which has crossed several key thresholds, enhancing trading activity [5][6]. Group 3: Use of Raised Funds - The primary purposes for the raised funds include refinancing existing debts at lower costs and supplementing operational capital to support business expansion [5][6]. - Analysts indicate that the shift in the securities industry towards capital-driven growth necessitates increased capital reserves through bond issuance [5][6]. Group 4: Margin Financing and Competitive Landscape - The balance of margin financing has exceeded 2 trillion yuan, indicating a growing demand for leveraged funds among high-net-worth clients [7]. - The average bond issuance interest rate for securities firms this year is 1.89%, with larger firms enjoying lower rates, enhancing their competitive edge in margin financing [7][8]. - Some smaller firms face higher financing costs, which may pressure them in the competitive landscape of margin financing [8].