秋分时节，五谷丰登。在第八个中国农民丰收节到来之际，广发银行积极践行金融服务乡村振兴的使命 担当，通过创新金融产品与服务模式，持续为乡村经济发展注入强劲动力，以金融之力绘就农业强、农 村美、农民富新图景。 普及金融知识，筑牢乡村风险防线 聚焦产业振兴，"贷"动特色农业发展 在提供融资支持的同时，广发银行各分行积极组织金融宣讲小分队深入田间地头，围绕防范电信诈骗、 识别非法集资、安全使用电子支付工具、存款保险制度等热点话题开展专题宣传，用通俗易懂的语言普 及金融知识，切实提升农民群体的风险防范意识和金融素养，让金融服务更加"接地气、暖人心"。 面对河南省某食用油有限公司在转型升级中遇到的融资难题，广发银行郑州分行打破传统授信模式，创 新采用知识产权质押融资方式，成功为其批复500万元授信额度，并联动当地知识产权局提供贴息支 持，以"科技+金融"双轮驱动，有效缓解了小微企业"融资难、融资贵"问题，为企业技术成果转化与产 业升级提供了有力支撑。 科技赋能金融，提升普惠服务效能 广发银行长春分行依托吉林省作为全国农村金融改革试点的优势，联合当地政府平台企业推出全流程线 上化的农户贷款产品。该产品借助大数据分析实现了农 ...

公告称，本期债券募集资金将依据适用法律和主管部门的批准，通过贷款、债券等多种途径，专项支持 科技创新领域业务。 2025年中期，青岛银行实现营业收入76.58亿元，同比增长8.97%；归母净利润30.65亿元，同比增长 16.05%。 中证智能财讯青岛银行（03866）9月24日晚间公告，经中国人民银行批准，公司于近日在全国银行间债 券市场成功发行"青岛银行股份有限公司2025年科技创新债券"。 本期债券于2025年9月19日簿记建档，并于9月23日发行完毕。发行规模为人民币10亿元，品种为5年期 固定利率债券，票面利率为1.87%。 （文章来源：中国证券报·中证网） ...

2025 年 09 月 24 日 投资策略 估值与盈利周观察——9 月第 3 期：分化 ◼ 上证综合指数走势（近三年） 0% 8% 16% 24% 32% 40% 24/9/24 24/12/5 25/2/15 25/4/28 25/7/9 25/9/19 证券分析师：张冬冬 E-MAIL：zhangdd@tpyzq.com 分析师登记编号：S1190522040001 证券分析师：吴步升 E-MAIL：wubs@tpyzq.com 分析师登记编号：S1190524110002 大类行业估值：金融地产估值高于 50%历史分位，原材料、设备制造、 工业服务、交通运输、消费、科技历史估值处于 50%左右及以下水平。 一级行业估值：各行业估值涨跌分化，非银金融、农林牧渔、家电估 值处于近一年低位。 热门概念：半导体、科技板块中细分行业、机器人、中字头央企等概 念估值处于三年历史较高分位。 盈利预期：各行业盈利预期整体微幅变动，传媒上调幅度最大；美容 护理下调幅度最大。 市场估值分化，创业板指与科创 50 居前。上周宽基指数估值分化， 创业板指表现最优，金融指数表现最弱。从 PE、PB 偏离度的角度看，食 品饮料、农 ...

9月24日，沙特基准股指TASI飙升5%，创2020年以来最大涨幅。 彭博社指出，CMA是否批准外资控股尚非既定事实，即便获批，外资最终能在沙特上市公司中持有多大比例仍不明确。但任何超过50%的持股比例调整 都将意义重大——这将是国际投资者首次能够持有沙特上市公司的大部分股权。 富兰克林邓普顿中东和北非股票投资主管萨拉·沙姆马表示，完全取消限制可能释放逾100亿美元的被动资金流入，推动明晟和富时指数进行重大权重调 整，并将沙特在新兴市场指数中的权重提升近100个基点。 目前，沙特市值2.3万亿美元的主板交易所约占MSCI新兴市场指数的3.3%。 据彭博社报道，沙特可能很快会放宽上市公司外资持股比例限制，这将使股市在未来获得近百亿美元的新投资。 受此消息影响，全球最大的伊斯兰银行阿尔拉吉银行股价飙升10%，创下近二十年来最大百分比涨幅，并触及每日允许的最大交易限额。沙特国家银行亦 暴涨10%，创下自2014年上市以来最大涨幅。 两只在国内交易所的上市的沙特ETF，南方基金南方东英沙特ETF和华泰柏瑞南方东英沙特ETF涨幅超过6%。 沙特资本市场管理局（CMA）目前规定外国投资者对任何上市公司持股比例不得超过49 ...

Group 1: Investment Rating - No information about the industry investment rating is provided in the report. Group 2: Core Views - Convertible bond rights subscription and placement still have significant allocation value, but the profit margin shows a structural narrowing. From 2020 to 2025 (as of September 19), the increasing number of participants in convertible bond rights subscription and placement led to a decline in profits. There is an obvious differentiation in the industry dimension: traditional industries such as banking and textile and apparel have high placement attention but low average per - share placement profits; while growth sectors such as automobiles, electronics, and machinery and equipment have more prominent profit performance due to low institutional allocation and less competition. The strategy also shows stable seasonal characteristics, with the win - rate and profit level in the second half of the year being significantly better than those in the first half [7]. - The performance of the underlying stock constitutes the core profit source and risk exposure of the rights subscription and placement strategy. Analyzed from three key dimensions: volume change, dilution ratio, and historical stock price quantile. In 2025, the pattern of "stock price rising before placement and falling after placement" has changed, indicating that the game on the underlying stock level is becoming more difficult [7]. - The optimal strategy should adopt the combination idea of "early layout and moderate holding". Back - testing shows that the combination of early establishment of the underlying stock position and timely liquidation near the placement date shows the best risk - return characteristics in all market environments. Investors should comprehensively consider industry characteristics, volume change, dilution ratio, and stock price quantile for multi - dimensional bond selection, focusing on undervalued targets with moderate volume increase in growth sectors such as automobiles, electronics, and machinery and equipment [7]. Group 3: Summary by Directory 1. Quick Overview of Rights Subscription and Placement - Rights subscription and placement is an investment strategy to obtain the price difference between the primary and secondary markets of convertible bonds by holding stocks in advance. Its core logic is to take advantage of the significant price difference between the issue price (usually 100 yuan) and the post - listing price of new convertible bonds. The operation is to buy the underlying stock before the record date, sell the stock after obtaining the rights to avoid stock price risks, pay the subscription funds on the record date, and sell the convertible bonds after listing to realize the price difference profit [10]. - Since 2020, the profit - making difficulty of the rights subscription and placement strategy has increased. The average per - share profit has shown a narrowing trend, while the average volume increase multiple has gradually risen, and the average valuation center of new bonds on the listing day has continued to move up. There is an obvious "deviation" between the placement attractiveness and the average per - share profit. Traditional industries have high placement attention but low profits, while growth industries have lower attention but higher profits [14][16]. - The typical feature of the underlying stock "rising before placement and falling after placement" has changed in 2025. The strategy shows stable seasonal characteristics, with the second half of the year generally performing better than the first half [21][24]. 2. Discussion on the Strategy Combination of Rights Subscription and Placement - For different underlying stock buying and selling time - point strategies: the rights subscription and placement strategy shows a significant "timing sensitivity" feature. The early entry strategy is generally better than the delayed exit strategy. The strategy should adapt to the market trend. In a bull market, it can be moderately aggressive; in a volatile market, it is necessary to balance risks and returns; in a bear market, it should maintain a defensive stance [36][37][40]. - For different convertible bond selling time - point strategies: moderately extending the holding period can increase the profit, but the marginal effect of profit improvement gradually weakens over time. The profit - enhancing effect of extending the convertible bond holding period shows significant differentiation in different market environments [42][44][45]. - For different combinations of underlying stock buying and convertible bond selling time - points: the "early layout and moderate holding" strategy is continuously effective. Generally, the strategy of buying the underlying stock 10 days in advance and holding the convertible bond for 10 days before selling often has a relatively high cost - performance [48][51]. 3. Practical Application of Rights Subscription and Placement - In actual operation, the unpredictability of convertible bond issuance brings multiple risks, including underlying stock price adjustment, increased liquidity pressure and opportunity cost, and double suppression of strategy profits. In the future, in the context of an expected bull market and possible acceleration of convertible bond supply, the rights subscription and placement strategy has significant allocation value. It is recommended to focus on growth sectors such as automobiles, electronics, and machinery and equipment, and select targets with low stock prices, moderate dilution ratios, and moderate volume increases [52].

Core Insights - The second batch of 14 sci-tech bond ETFs was launched on September 24, with significant trading volumes on the first day, indicating strong market interest [1][2] Group 1: Trading Activity - The Huatai-PineBridge CSI AAA Sci-Tech Bond ETF achieved a trading volume exceeding 15 billion yuan on its first day, while the Guotai CSI AAA Sci-Tech Innovation Corporate Bond ETF followed closely with over 11 billion yuan [1][2] - The first-day net subscription amounts for the Industrial Bank CSI AAA Sci-Tech Innovation Corporate Bond ETF and the Yinhua CSI AAA Sci-Tech Innovation Corporate Bond ETF were estimated at over 8.5 billion yuan and 7.2 billion yuan, respectively [2] Group 2: Institutional Participation - The second batch of ETFs saw increased participation from banks, insurance, and wealth management institutions compared to the first batch, with banks' share in the top ten holders rising significantly [3] - Major banks such as Industrial Bank and China Merchants Bank were key participants in the subscription of these ETFs, with Industrial Bank subscribing over 3.2 billion units across four ETFs [3][4] Group 3: Market Growth Potential - The domestic bond ETF market has rapidly expanded, surpassing 600 billion yuan in size, with institutional investors becoming a crucial part of the bond ETF landscape [5] - The potential for further growth in the bond ETF market is supported by regulatory changes and the increasing demand for trading tools among institutional investors [6]

Truist将摩根大通的目标价从290美元上调至319美元，将2025年和2026年每股收益预期分别上调至19.55 美元和20.20美元，反映出投资银行、交易和财富/资产管理的资本市场环境有所改善。(格隆汇) ...

本文字数：2188，阅读时长大约4分钟 2025.09.24 作者 |第一财经亓宁 去年"9·24"行情启动以来，银行板块整体先升后降，但银行间表现分化明显。近一年A股42只银行股全部飘红，股价涨幅最高接近59%，最低在8%左右。 具体来看，最近一年，银行股涨幅超过20%的有36只，涨幅超过30%的有23只，涨幅超过40%的有5只，涨幅超过50%的有2只。其中，青岛银行 （58.87%）、厦门银行（50%）、农业银行（48.6%）位列涨幅TOP3；对比来看，南京银行（13.42%）、华夏银行（11.20%）、交通银行（8.38%）涨幅 较同业落后。 分银行类型来看，国有大行涨幅中位数约为29%，农业银行、工商银行、邮储银行分别以48.6%、36.08%、33.57%涨幅居前；股份行涨幅中位数约为 26%，浦发银行、招商银行、中信银行分别以45.89%、37.33%、28.33%涨幅居前；城商行涨幅中位数在36%左右，青岛银行、厦门银行、江苏银行分别以 58.87%、50%、40.28%涨幅居前；农商行涨幅中位数在32%左右，渝农商行、江阴银行、青农商行分别以39.32%、36.46%、35.17%涨幅居前。 ...

在供暖季来临之际，"光大云缴费"推出"暖心早缴 惠享冬日"优惠活动，为客户送上暖心福利。活动特 别设置"早鸟优惠"和"阶梯立减"机制，客户可通过云缴费App或官方微信小程序缴纳供暖费，早缴费 享"早鸟优惠"，单笔缴费金额满1000元、2000元、3000元即有机会享18.8至888元随机立减优惠。 江南时报讯 9月起，我国北方部分地区将陆续进入供暖季。冬季供暖涉及千家万户，事关百姓冷 暖。中国光大银行积极打造"光大云缴费"数字便民缴费平台，为百姓提供便捷、高效、安全的线上供暖 费代收服务，以数字技术保障供暖温度。 供暖费是北方地区冬季重要民生缴费服务项目，具有覆盖面广、缴费期集中等特点。目前，"光大云缴 费"供暖缴费代收服务已实现北方供暖区域全覆盖，同时供暖缴费代收服务已输出至微信、支付宝等多 个主流平台，方便用户通过多种渠道轻松缴费。 (宁光宣) 此外，云缴费App和官方小程序均已上线北京市供暖费电子发票功能，并已推广至微信生活缴费服务。 用户完成缴费后，填写发票抬头、税号、电子邮箱等信息，即可在线申请电子发票，有效提升用户体 验。 ...

2025.09. 24 本文字数：2188，阅读时长大约4分钟 作者 | 第一财经 亓宁 自2024年"9·24"行情启动以来，银行股无疑是A股市场上表现最亮眼的板块之一。 Wind数据显示，截至今年9月24日收盘，中证银行指数近一年累计涨幅约为24%。在此轮回 调前，中证银行指数节节攀升，一度触及8570.76点新高，较去年9月24日涨超43%。 其间，银行板块发生了多个标志性事件，其一是银行板块A股市值首次突破10万亿元，其二是 农业银行A股市值、总市值先后超过工商银行，登顶"市值之王"，此后工商银行重回"宇宙 行"之位。不过，7月以来，市场交易风格变换，银行股逐渐进入震荡回调阶段，板块自高点跌 近13%，同期上证指数涨超10%。 半数涨幅超30%，"市值之王"完成一轮更迭 去年"9·24"行情启动以来，银行板块整体先升后降，但银行间表现分化明显。近一年A股42 只银行股全部飘红，股价涨幅最高接近59%，最低在8%左右。 哪些银行市值增长最多？Wind数据显示，去年9月24日至今，共有8家银行A股市值增量超过 千亿元，其中前四位均为国有大行，农业银行、工商银行A股市值分别增长约5651亿元、 3963亿元 ...