人民财讯9月24日电，9月24日，在由证券时报与南方基金联合主办的2025中国证券业财富经纪高峰论坛 上，东莞证券总裁杨阳认为，券商开展财富管理应回归自身本质优势，即围绕交易和风险管理能力进行 差异化竞争，走有券商特色的财富管理之路。以东莞证券为例，东莞证券目前对基金投顾模式尚在探索 中，其策略是优先聚焦交易环节，致力于打造对ETF最优的交易环境，加大ETF做市业务投入，吸引零 售和机构客户进行ETF交易。ETF流动性是生态繁荣的基础，这恰恰是券商的专业优势所在。他主张券 商应首先围绕ETF将交易流动性和生态做活，在此基础上再培育财富管理业务，使其逐步发展壮大。 ...

（编辑 任世碧） 证券日报网讯 9月24日晚间，西部证券发布公告称，公司于2025年4月24日发行了公司2025年度第三期 短期融资券，发行金额为人民币10亿元，票面利率为1.78%，发行期限为151天，兑付日为2025年9月23 日。2025年9月23日，公司兑付了2025年度第三期短期融资券本息共计人民币1，007，363，835.62元。 ...

Group 1 - Zhejiang Securities announced the convening of its 35th board meeting on September 23, 2025, via remote voting to review the executive compensation plan for 2024 [1] - For the first half of 2025, the revenue composition of Zhejiang Securities was as follows: futures business accounted for 44.83%, securities brokerage business for 34.81%, investment business for 15.1%, investment banking business for 4.44%, and asset management business for 3.28% [1] - As of the report date, the market capitalization of Zhejiang Securities was 52 billion yuan [1] Group 2 - On the anniversary of September 24, the total market capitalization of A-shares exceeded 116 trillion yuan, indicating significant changes in the Chinese capital market [1]

Group 1 - The Shandong Securities Regulatory Bureau announced that CITIC Securities (Shandong) Co., Ltd. Jinan Branch had marketing personnel without fund qualification engaging in fund sales activities, indicating a lack of compliance management [1] - The branch failed to use the company's standardized promotional materials when promoting fund products, reflecting inadequate employee conduct regulation [1] - As a result of these violations, the Shandong Securities Regulatory Bureau decided to issue a warning letter as an administrative regulatory measure against CITIC Securities (Shandong) Co., Ltd. Jinan Branch [1] Group 2 - Wei Yifan, during his tenure at CITIC Securities (Shandong) Co., Ltd. Jinan Branch, engaged in fund sales activities before obtaining the necessary qualifications and did not use the company's standardized promotional materials [1] - The Shandong Securities Regulatory Bureau also issued a warning letter as an administrative regulatory measure against Wei Yifan for these actions [1]

文/李悦 "9·24"行情一周年之际，A股再现强势，创业板指盘中再创3年多新高，科创50指数一度涨近5%， 全市场超4400只个股上涨。 过了"9·24"，国庆节假期就在眼前，A股市场将步入关键窗口期。国庆节前后A股市场有何"日历效 应"？ 从历史规律看，A股市场在国庆长假前后存在明显的"日历效应"。 根据过去10年数据统计，国庆节 前A股通常面临调整。过去10年国庆节前5个交易日上证指数中位数跌幅达1.45%，有8年在前5个交 易日下跌，下跌概率达80%。 国投证券认为， 历年国庆节前市场基本节奏为小幅调整，原因在于投资者担心持有证券过节会发生 预期外的风险，会选择变现、买入货基或逆回购过节，此外部分投资者也会将基金份额变现以支持国 庆期间消费 。 数据显示，从过去10年国庆节前5个交易日表现来看，A股通常面临调整，上证指数下跌概率80%， 而国庆节 后 5个交易日上涨概率达60%。 招商证券分析认为，国庆节前市场交投相对清淡，部分资金在避险需求下流出，导致市场表现不佳。 然而，国庆节后市场风险偏好改善，主要指数往往迎来反弹。 对于后市，在华西证券看来，唯有"慢牛"才是"长牛"，A股慢牛的逻辑并未改变：中国 ...

Market Overview - A-shares experienced a strong performance today, with major indices closing higher: Shanghai Composite Index up 0.83% at 3853.64 points, Shenzhen Component Index up 1.80% at 13356.14 points, ChiNext Index up 2.28% at 3185.57 points, and STAR Market 50 Index up 3.49% at 1456.47 points [3][4] - The total trading volume in the Shanghai and Shenzhen markets reached 23.268 billion, a decrease of 1.676 billion compared to the previous day [3][4] Market Dynamics - The market opened significantly lower, with the Shanghai Composite Index down 0.45%, Shenzhen Component down 0.67%, and ChiNext down 0.79%. At the opening, 3880 stocks were down while only 975 were up [4][5] - After 10:40 AM, the market reversed its trend, led by strong performances in the photolithography, chip, and semiconductor sectors, which were among the top gainers [5][6] Sector Performance - The electronic chemical sector, primarily focused on photolithography, rose by 5.50%, while the semiconductor sector increased by 4.39%. Other sectors like photovoltaic, energy metals, and batteries also performed well, with gains between 2.6% and 3% [5][6] - Notably, the real estate sector saw unusual activity due to companies with technology investment concepts, rather than a genuine rebound in the sector itself [6] Key Events - Alibaba's Cloud Summit coincided with the market's performance, where CEO Wu Yongming announced significant investments and collaborations, including a partnership with NVIDIA, which positively impacted Alibaba's stock and the broader tech sector [6][7][8] - The market reacted positively to news of potential price increases from TSMC, contributing to a bullish sentiment in the semiconductor sector [8] Conclusion - The day's market characteristics can be summarized as strong stocks leading the rebound, followed by micro-cap stocks catching up, with blue-chip stocks providing support [9]

Core Viewpoint - The liquidity in the A-share market is a crucial factor influencing market trends, with a current situation where "inflow" exceeds "outflow" [1][24]. Inflow Analysis - Major sources of inflow in the A-share market include long-term funds such as social security, state-owned financial assets, and insurance, which play a stabilizing role during market downturns [2][4]. - The stock allocation of insurance funds has reached its highest level since 2022, with a year-on-year increase of 47.57% in equity allocation balance as of the second quarter [5]. - The stock positions of private equity and actively managed public funds have also significantly increased, indicating a growing risk appetite among investors [5][9]. - New account openings by individual investors have been increasing since June, although they have not yet reached the levels seen in October of the previous year [7]. - Foreign investment is showing signs of recovery, with a notable increase in interest from U.S. investors in the Chinese stock market, suggesting potential for further inflow [11]. Outflow Analysis - Current outflow factors, such as IPOs, refinancing, and major shareholder reductions, are at relatively low levels, which supports market liquidity [16][24]. - The IPO scale in 2025 has been historically low, with no significant increase in monthly IPO volumes despite market growth [16]. - The refinancing scale has also been low, with only 280 billion yuan raised in 2025, significantly below the average of 1.1 trillion yuan in previous years [19]. - Major shareholders have shown restraint in reducing their holdings, with net reductions around 160 billion yuan, much lower than the average of 450 billion yuan from 2019 to 2023 [21]. Overall Liquidity Status - The current liquidity in the A-share market remains ample, with inflows primarily from institutional investors and existing investors, while foreign and individual investors have not fully engaged [24][25]. - The overall market is characterized by a situation where inflow continues to exceed outflow, providing a solid foundation for sustained market performance [25].

Core Viewpoint - The company successfully held a "Financial Education Promotion Week" from September 15 to September 21, 2025, themed "Safeguarding Financial Rights and Supporting a Better Life," to enhance public financial literacy and awareness of investment risks [1]. Group 1: Online and Offline Activities - The company created 21 original educational materials during the event, including long images and brochures, focusing on themes like the "Three Appropriateness" principle and anti-fraud warnings [1]. - The online campaign reached over 108,100 clicks, with content shared across various platforms, including the company's educational base website and social media [1]. - A total of 68 online events were conducted through the "Langke Live" platform, reaching 995,200 participants, covering topics such as the Science and Technology Innovation Board, bonds, and funds [2]. Group 2: Community Engagement - The company organized 160 outdoor promotional events, reaching nearly 10,000 people, with tailored strategies for different demographics, including elderly individuals and students [2][5]. - 29 specialized lectures were held in communities and rural areas, focusing on fraud prevention and rights protection, effectively enhancing the public's risk awareness [5]. Group 3: Innovative Educational Approaches - The "Investment Education Market" event on September 19 featured interactive projects like "Anti-Fraud Gashapon" and "East Finance Running," attracting over 300 participants to learn about fraud prevention in a fun way [7]. - The "First Class of the New Semester" initiative was launched in collaboration with 36 universities, conducting 46 sessions and reaching 5,886 students to improve their financial literacy [11]. - The "Anti-Fraud Healthy Run" event combined physical activity with financial education, featuring various fun activities and competitions to promote anti-fraud knowledge [15]. Group 4: Future Plans - The company aims to continue innovating financial education methods, establishing a regular, engaging, and targeted financial education promotion mechanism to enhance public financial literacy [18].

人民财讯9月24日电，9月24日，在由证券时报与南方基金联合主办的2025中国证券业财富经纪高峰论坛 上，华源证券总经理助理、财富委副主任陈洁谈及如何完善财富管理生态时表示，销售渠道不应是销售 通道，而应创造专业价值，其核心在于扮演买方投顾角色，通过资产配置为客户获取超额收益，并成为 连接客户与管理人的信息桥梁。陈洁指出，构建完善的财富管理生态需坚持长期主义，避免零和博弈。 她观察到，客户并非不能接受收费，关键取决于机构能否为其创造价值、赚取超额收益。 ...

9月24日，财达证券大宗交易成交560万股，成交额3578.4万元，占当日总成交额的17.47%，成交价6.39 元，较市场收盘价7.2元折价11.25%。 | 交易日期 | 证券简称 | 证券代码 | 成交价(元) | | 成交金额(万元) 成交量(*) 买入营业部 | | 卖出营业部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-09-24 | 财达证券 | 600906 | 6.39 | 3195 | 500 | 机构专用 | 2017年10月16 | Ka | | 2025-09-24 | 财达证券 | 906009 | 6.39 | 191.7 | 30 | 公司需要求您留 | 最后最高速 | KI | | 2025-09-24 | 财达证券 | 600906 | 6.39 | 191.7 | 30 | 投昌高委聚发有屋 | 图片 2018年 | Ka | ...