一、ETF行业快讯 1.三大指数集体上涨，多只电子板块ETF上涨 今日，三大指数集体上涨，上证综指上涨0.83%，深证成指上涨1.8%，创业板指上涨2.28%。多只电子 板块ETF上涨，其中，半导体设备ETF（159516.SZ）上涨9.55%，半导体设备ETF易方达（159558.SZ） 上涨9.44%，半导体设备ETF基金（159327.SZ）上涨9.40%。银行板块多只ETF下跌，银行ETF易方达 （516310.SH）下跌0.46%，银行ETF指数基金（516210.SH）下跌0.37%，银行ETF龙头（512820.SH） 下跌0.29%。 2.地方债ETF迎配置机遇 据上证报，近期，公募基金行业费率改革第三阶段正式启动，债基赎回费率调整受到市场高度关注。业 内人士表示，在各类债券ETF中，地方债ETF因其底层资产——地方债市场的快速扩张，展现出独特的 配置价值与增长潜力。截至9月18日，地方债存量规模已超53万亿元，在利率债中占比达44.15%，规模 远超国债和政策银行债，成为利率债中最大的品种。业内人士表示，随着费率改革深入推进与市场需求 的持续释放，地方债ETF有望在债券市场生态重塑中扮演越来 ...

格隆汇9月24日｜中国银行(3988.HK)港交所公告，我们认为蔡钊先生的任职资格、提名程序符合法律法 规和《公司章程》的相关规定，同意提名蔡钊先生为本行执行董事候选人并提交股东大会审议批准。 ...

Group 1: Market Surge - The Saudi stock market experienced a sudden surge, with the overall index rising by 5% and the banking sector index increasing by over 9% [1][2] - Major banks such as Al Rajhi Bank and Saudi National Bank reached their daily limit up [2] - The total market capitalization of Saudi listed companies is approximately 19 trillion RMB [1] Group 2: Foreign Investment Regulations - Saudi Arabia is considering relaxing the foreign ownership limit of 49% on local listed companies to revive its underperforming stock market [2][3] - The Capital Market Authority (CMA) is preparing to implement this change, which could take effect by the end of the year [2][3] - If foreign ownership exceeds 50%, it will increase Saudi Arabia's weight in the MSCI Emerging Markets Index, attracting more capital [2][3] Group 3: Economic Transformation - The Saudi economy is showing signs of transformation, with non-oil exports growing by 17.8% in Q2 2025, offsetting weak oil sales [5][6] - Non-oil revenue accounted for nearly half of the government's total revenue for the first time, driven by tax increases [6] - The non-oil sector's growth is attributed to private sector expansion and the development of emerging industries [7]

Group 1 - Dow futures fell by 0.01%, S&P 500 futures rose by 0.13%, and Nasdaq futures increased by 0.27% [1] - Chinese concept stocks saw a pre-market rally, with Alibaba rising by 8.98% after announcing a partnership with NVIDIA for Physical AI, and a three-year investment plan of 380 billion yuan in AI infrastructure [1] - Xiaoma Zhixing increased by 3%, nearing historical highs, with Goldman Sachs maintaining a "buy" rating and raising the target price from $26 to $27.7 [1] Group 2 - Micron Technology rose over 2% after reporting Q4 revenue of $11.32 billion, a 46% year-over-year increase, and adjusted EPS of $3.03, a 156.8% increase [2] - Lithium Americas surged by 68% amid reports that the Trump administration is seeking to acquire up to 10% of the company [2] - Citigroup raised Wells Fargo's target price from $85 to $90 while maintaining a "neutral" rating [2] Group 3 - UBS raised Tesla's Q3 delivery forecast from 431,000 to 475,000 units, suggesting a potential record quarter for the company [3] - Deutsche Bank indicated that AI spending may be supporting the overall U.S. economy, warning that without significant AI capital expenditures, the U.S. could face recession [3] Group 4 - U.S. new home sales data for August is set to be released on September 24 at 22:00 Beijing time [4]

Group 1 - Saudi stock market experienced a sudden surge, with the overall index rising by 5% and bank stocks increasing by over 9% [1][2] - The total market capitalization of Saudi listed companies is approximately 19 trillion RMB [1] - The Saudi Capital Market Authority plans to relax the foreign ownership limit of 49% in local companies, potentially allowing foreign investors to hold majority stakes [4][5] Group 2 - The relaxation of foreign ownership limits is expected to increase Saudi's weight in the MSCI Emerging Markets Index, attracting more capital into the market [4][5] - Currently, Saudi's main board companies have a market value of $2.3 trillion, accounting for 3.3% of the MSCI index [5] - The Saudi stock market has seen a decline of 9.6% this year, making it the worst performer in the region, while the MSCI Emerging Markets Index has risen by 25% [5] Group 3 - Saudi's non-oil exports grew by 17.8% in Q2 2025, offsetting weak oil sales, with oil exports down by 15.8% [7] - Non-oil revenue reached 1,498.61 billion Riyals in Q2, accounting for nearly half of the government's total revenue [8] - The growth in non-oil revenue is primarily driven by tax increases, with VAT revenue at 749.50 billion Riyals [8]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The negative impact of US tariff policies is gradually emerging, international trade activities are slowing down, and the global economy will still face downward pressure. The Fed's monetary policy has returned to the interest rate cut cycle, but the reduction of the balance sheet continues, which may lead to a shortage of US dollar liquidity and financial de - leveraging. The stock markets of major developed countries such as Europe and the United States are at historical highs, and asset prices are at risk of being re - evaluated. - China's economic recovery foundation is not solid, with fixed - asset investment growth continuing to decline and consumption growth slowing marginally. Only industrial production remains at a high level. Macroeconomic policies need to strengthen counter - cyclical adjustment, and the proactive fiscal policy is being accelerated, while the monetary policy will remain moderately loose. - In the fourth quarter, the valuation of stock indices will be supported by risk appetite at the denominator end, but stock indices should still be treated with a wide - range oscillation mindset before corporate profits improve significantly. The restart of the Fed's interest rate cut cycle will narrow the Sino - US interest rate spread, giving more room for China's monetary policy, and the yield of 10 - year treasury bonds is expected to decline. The uncertainty of US tariff policies is gradually fading, and the international geopolitical situation is expected to ease. Gold is at risk of a deep adjustment [2]. Summary According to Relevant Catalogs Overseas Macroeconomic Outlook - **Market Performance in Q3 2025**: Global stock markets rose in resonance, with the Dow Jones, S&P 500, and Nasdaq reaching new highs. Commodities such as coal, steel, and non - ferrous metals rebounded. Gold broke through upwards after 4 months of consolidation, with London spot gold approaching $3,800 per ounce, up more than 40% for the year [4]. - **Outlook for Q4**: The negative impact of US tariff policies will further appear, the Fed is expected to cut interest rates twice in Q4, and the global economy will face downward pressure. If the US job market weakens further, the Fed may shift from "preventive" to "relief" interest rate cuts. Global stock markets may face asset value re - evaluation risks [5]. - **US Situation**: Employment pressure is increasing, and the Fed's monetary policy has returned to the interest rate cut cycle. In August, the ISM manufacturing PMI was 48.7, the consumer confidence index dropped to 58.2, new non - farm employment was 22,000, and the unemployment rate rose to 4.3%. The Fed cut the federal funds rate by 25 basis points in September, and the dot - plot shows two more cuts this year [7][9]. - **European Situation**: The European Central Bank suspended interest rate cuts in September, and the benchmark interest rate is approaching the neutral level. The eurozone economy has warmed up, with the manufacturing PMI returning to the expansion range, low unemployment, and stable inflation [11][14]. - **Japanese Situation**: The Japanese economy maintains a moderate recovery, and the central bank maintains a slow interest rate hike rhythm. In August, the manufacturing PMI rose to 49.9, the consumer confidence index reached a new high, the unemployment rate dropped to 2.3%, and inflation remained above 2% [16][19]. Domestic Economic Situation Analysis - **Overall Situation in Q3 2025**: Affected by US tariff policies, China's economic downward pressure has emerged again, with fixed - asset investment declining, consumption growth slowing, and only industrial production remaining high. The foundation of economic recovery is not solid, and demand is insufficient [21]. - **Negative Impact of US Tariff Policies**: In August, the official manufacturing PMI was 49.4, still in the contraction range. From January to August, fixed - asset investment growth slowed, industrial production slowed slightly but remained high, consumption growth slowed, CPI turned negative, PPI decline narrowed, and foreign trade growth slowed [23][25]. - **Fiscal and Monetary Policies**: The proactive fiscal policy is being accelerated, with super - long - term special treasury bonds and local special bonds mostly issued. The monetary policy will remain loose, and there is more room for operation with the Fed's interest rate cuts. Deposit rates are expected to be cut, and there may be a 0.5 - percentage - point reserve requirement ratio cut in Q4 [31][33]. Asset Allocation - **Stock Indices**: Corporate profits are still declining, and the inventory cycle is in the active de - stocking stage. There is still room for the risk - free rate to decline, and there are many positive factors affecting risk appetite. In Q4, stock indices are likely to oscillate widely, and the key is whether corporate profits can improve significantly [38][39]. - **Bonds**: The negative impact of US tariff policies is emerging, and the Fed is expected to cut interest rates twice. The Sino - US interest rate spread will narrow, and China's monetary policy has more room. The yield of 10 - year treasury bonds may decline [40]. - **Gold**: In the medium - to - long - term, gold prices depend on the US dollar and real interest rates. In Q4, as trade policy uncertainty decreases and geopolitical tensions ease, gold may face a deep adjustment due to factors such as the strengthening of the US dollar and high real interest rates [41][42].

你敢信吗？曾被视作野路子的加密货币，正靠着这四样东西，拆解美国金融的老规矩！曾经的双寡头格 局被打破，银行、巨头纷纷下场分蛋糕。连上市公司都把财库变币库，这操作真的稳吗？ 你敢信吗？现在连楼下咖啡店的老板都在念叨稳定币，隔壁工位的同事盯着加密公司的股价狂喜。加密 货币这股浪潮，早已不是极客圈的小打小闹，它正带着雷霆之势，狠狠撞进了美国金融市场的心脏！ 谁能想到，曾经被视作野路子的加密货币，居然能迎来立法的正名时刻！今年7月，特朗普签署的那部 稳定币法案，就像给这个躁动的市场投下了一颗定心丸，这可是加密领域头一回拿到国家层面的通行证 啊！ 要知道，稳定币这东西可不简单，它跟美元一对一挂钩，靠着现金和美债撑场面，说是区块链上的货币 基金也不为过。这下好了，银行、支付巨头们全都闻风而动，毕竟谁不想借着它降低交易成本、提速增 效呢？ 在那些通胀猛如虎的新兴市场，它更是成了老百姓对冲风险的宝贝。可转念一想，这热闹背后藏着多少 门道？银行的存款要是都流去了稳定币，放贷能力不就打了折扣？ 更别提加密平台想给稳定币付息的事儿，银行和加密圈各执一词，这监管的拉锯战，才刚刚开始！ 今年已有130多家美国上市公司筹了1370多亿美 ...

Market Performance - The three major A-share indices rose today, with the Shanghai Composite Index up 0.83%, the Shenzhen Component Index up 1.8%, and the ChiNext Index up 2.28%, reaching a three-year high [2] - Since the "924 market" last year, the Shanghai Composite Index has increased by over 40%, the Shenzhen Component Index by over 65%, and the ChiNext Index by over 100% [2] - The total trading volume in the Shanghai and Shenzhen markets was 23,471 billion yuan, a decrease of 1,713 billion yuan compared to the previous day [2] Sector Performance - Over 4,400 stocks in the market rose, with semiconductor, photovoltaic equipment, gaming, state-owned cloud, and real estate sectors leading the gains [2] - The semiconductor sector saw a collective surge, with many stocks hitting the daily limit, including Jiangfeng Electronics, Northern Huachuang, and Shenkong Co [2] - The silicon material and photovoltaic energy storage sectors also rose significantly in the afternoon, with TCL Zhonghuan and Tongrun Equipment hitting the daily limit, and Sunshine Power reaching a new high during trading [2] - The real estate sector was also active, with stocks like Yucheng Development, Shanghai Lingang, and Shenzhen Zhenye A hitting the daily limit [2] - Conversely, the tourism and hotel sector underperformed, with Yunnan Tourism hitting the daily limit down, and Qujiang Cultural Tourism, Xiyu Tourism, and Guilin Tourism showing significant declines [2] - The banking sector experienced localized declines, with stocks such as Pudong Development Bank, Xiamen Bank, and Agricultural Bank of China falling [2]

惊喜不止这些！江苏大剧院匠心巨制舞剧《红楼梦》即将上映，价值680元的观剧票免费送！还有苏超 主题盲盒公仔持续在线，13款萌趣造型等你收集，更有神秘隐藏款惊喜掉落！ 即刻登录江苏银行App，在首页顶部点击【跟着苏超去狂欢】或足球联赛专区底部点击【千万消费券等 您来抽】进入活动，解锁博物馆精美文创、苏超主题盲盒、吃喝玩乐全场景福利消费券，还有一大波奖 品无需抽奖，领券专区直接送！让"苏超"热情与消费活力继续给你的生活添彩！（资讯） 编辑：林森 第十一期"跟着苏超去狂欢"带你去见林俊杰、张艺兴啦！由江苏银行独家呈现的南京DNA音乐节门票 免费送！还有苏超主题盲盒、文博专场持续热力放送！9月22日晚19点起，锁定江苏银行App，开启你 的欢乐之旅！ 林俊杰、张艺兴、林宥嘉、颜人中、R.E.D、GALI……由江苏银行独家呈现的南京DNA音乐节阵容豪 华，精彩纷呈。 10月2日，南京DNA音乐节在鼓楼幕燕滨江上元门音乐草坪火热开唱！流行、嘻哈与电子音乐无缝衔 接，豪华阵容接力登台。大麦上抢不到的南京DNA音乐节门票，江苏银行App免费送！ ...

证券研究报告：固定收益报告 研究所 上周债市情绪反复，利率全周呈现 V 型震荡，信用债同样涨跌互 现，其中二永超跌有所修复，超长信用债表现继续低迷。上周多空力 量交织，资金面边际收敛，利率债整体走势震荡，10 年国债活跃券在 1.76%-1.81%的区间反复，但空头力量略强，全周震荡走弱；而信用债 不同期限的品种表现分化。超长期限信用债行情继续走弱，10Y 品种 跌幅基本都超过同期限利率债，超长二永债的表现也较为一般。 二永债行情在大上周超调后部分期限有所修复，1Y-5Y 收益率有 所下行，超长期限部分跌幅跟超长信用债接近。1-5 年、7 年、10 年 AAA-银行二级资本债收益率分别下行了 1.19BP、1.21BP、2.58BP、 0.53BP、1.51BP、上行了 1.63BP、3.53BP。3 年及以上的部分离 2025 年以来收益率最低点位的差距还有 30BP-46BP。与上一轮急跌 7 月底 的情况对比，2 年以上的收益率点位已突破新高，调整幅度高于 7 月 底的急跌行情，4 年以上的甚至收益率突破了今年 2 月底的熊平位置。 从二永债活跃成交的情况来看，前半周修复情绪较高，后半周则 较为悲观。9 ...