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，世纪证券副总经理谭显荣表示，公募基金销售费用改革对行业震动巨大，短期直接冲击基金销售机 构收入和利润，尤其对重固收类产品影响显著，但长期看是利好，将倒逼销售机构向买方模式转型。作 为中小券商，本轮调降销售环节费率的冲击相对较小，应追求差异化业务发展，包括推进券结业务、与 公募基金合作定制化产品、打造ETF生态圈以及加强投顾团队建设等。 ...

编 者 按 当前，中国金融市场正步入产品规模快速增长的加速阶段。从银行理财到公募基金，均呈现爆发式增长态势 ——公募基金数量从早年的数百支跃升至数千支，如今总量已接近1.3万支；与此同时，证券、保险等市场亦同步驶 入发展快车道。金融正深度渗透社会经济肌理，更走进寻常百姓家，从日常支付到财富管理，从风险保障到消费规 划，其身影无处不在，已成为连接经济运行与民生生活的核心纽带。 文 /光大证券财富管理总部总经理李喜 光之所至，挑战亦会伴随。金融产品本身的复杂化，不再是以往的简单的存、取，各类结构性、跨期 限的金融产品，对消费者的受教育程度提出更高的要求。同时，越来越多披着金融外衣的犯罪行为渗 透进百姓的生活：非法荐股、股市黑嘴、非法集资、虚假理财等形式不断翻新，从"高收益保本"的虚 假承诺，到"区块链"包装下的欺诈陷阱，不仅威胁着公众的财产安全，更对金融市场的稳定运行构成 挑战。在此背景下，广泛、深入、有效的金融普及教育已不再是行业发展的"附加题"，而是守护金融 安全、推动金融高质量发展的"必答题"。 在这个过程中，金融行业的各类机构开展了大量的普及教育工作，特别是在校园开展金融普及教育这 一方面，2015年，国 ...

Core Viewpoint - The company, China International Capital Corporation (CICC), is experiencing a positive outlook with projected significant profit growth for the first quarter of 2025, driven by its core business segments and market positioning [2]. Group 1: Company Overview - CICC is a state-owned enterprise controlled by Central Huijin Investment Ltd, with a registered capital of RMB 350 million for its wholly-owned subsidiary, CICC Futures Co., Ltd [2]. - The company operates in various segments including investment banking, equity sales and trading, fixed income, wealth management, and asset management, with wealth management contributing 32.73% to its revenue [6]. - As of June 30, 2023, CICC reported a net profit of RMB 4.33 billion, marking a year-on-year increase of 94.35% [7]. Group 2: Financial Performance - CICC expects a net profit for the period from January 1, 2025, to March 31, 2025, to be between RMB 1.858 billion and RMB 2.106 billion, representing a growth of 50% to 70% compared to the previous year [2]. - The company has distributed a total of RMB 4.924 billion in dividends since its A-share listing, with RMB 2.607 billion distributed over the last three years [8]. Group 3: Market Activity - On September 24, 2023, CICC's stock price increased by 0.70%, with a trading volume of RMB 688 million and a market capitalization of RMB 173.009 billion [1]. - The stock has seen a net outflow of RMB 4.024 million from major investors today, indicating a lack of strong buying interest [3][4].

近日，《金融时报》记者注意到券商分析师数量一度超过6100人，创下新高。根据中国证券业协会最新 公布的数据，截至9月24日，协会登记券商分析师数量达5972人。此前的9月19日，协会登记证券公司分 析师数量一度超过6100人。 在廖博看来，未来券商行业将主要呈现显著马太化和精品化两大特征，研究所的功能定位表现为品牌效 应与赋能杠杆双轮驱动。"比如说，研究所发布的每一份有影响力的研究报告、媒体公布的每一次最佳 分析师评选，对券商而言都是无形资产。再比如说赋能杠杆，券商各条业务线要做强做大，研究所对各 条业务线的赋能作用，将成为未来券商转型发展的核心竞争力。"廖博表示。 对于分析师数量增长的原因，业内人士表示，可能是此前券商研究所扩招的新入职研究员在近期陆续注 册成为分析师。"由于申请注册证券分析师原则上需要有从事证券业务2年以上的经历，我们认为证券公 司分析师数量突破6000人与前期券商研究所建设专业人才队伍有关。"浙商证券宏观联系首席廖博对 《金融时报》记者表示。此外，也有券商研究所人士对记者表示，人员变动主要是受到各家券商的业务 发展需求影响。 据《金融时报》记者不完全梳理，近期头部券商研究所分析师变更记录 ...

Market Overview - The Shanghai and Shenzhen stock markets saw a total trading volume of 2.33 trillion yuan, a decrease of 167.6 billion yuan compared to the previous trading day [1] - All three major indices closed higher, with the Shanghai Composite Index rising by 0.83% to 3853.64 points, the Shenzhen Component Index increasing by 1.8% to 13356.14 points, and the ChiNext Index gaining 2.28% to 3185.57 points [1][2] Sector Performance - The semiconductor sector experienced significant gains, with a rise of 4.60% and a net inflow of 156.7 billion yuan [5] - Other sectors that performed well included photovoltaic equipment, gaming, and BC batteries, while the tourism sector showed slight weakness [4] - Notable stocks in the semiconductor industry included ShenGong Co., Jiangfeng Electronics, and Changchuan Technology, all reaching the daily limit of 20% increase [6] Individual Stock Highlights - Lixun Precision saw its stock price rise over 6%, reaching a historical high with a trading volume of nearly 30 billion yuan [6] - Major inflows were noted for stocks such as Yangguang Electric, SMIC, and Tongfu Microelectronics, with net inflows of 1.342 billion yuan, 1.155 billion yuan, and 1.152 billion yuan respectively [8] - Conversely, stocks like Heertai, Industrial Fulian, and Shenghong Technology faced significant sell-offs, with net outflows of 1.6 billion yuan, 1.386 billion yuan, and 1.151 billion yuan respectively [9] Institutional Insights - Dexun Securities noted strong support for the Shanghai Composite Index around the 3800-point level, with the semiconductor sector continuing to show activity, indicating a bullish market sentiment [10] - Dongfang Securities highlighted potential volatility in global assets due to changes in overseas interest rates, while domestic liquidity remains ample, suggesting a focus on technology sectors for potential gains [10]

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the non-bank financial industry [1]. Core Viewpoints - The non-bank financial industry has shown significant improvement in market activity, with a notable increase in trading volume and a positive outlook for brokerages as capital market reforms continue to progress [3][10]. - The report highlights a substantial rise in securities transaction stamp duty, reaching 118.7 billion yuan for the first eight months of 2025, a year-on-year increase of 81.7% [10][28]. - The average daily trading volume in August 2025 exceeded 2 trillion yuan, indicating a robust market sentiment and active trading environment [10][28]. Summary by Relevant Sections Investment Suggestions - The report emphasizes the ongoing improvement in market trading activity, with a significant increase in securities transaction stamp duty and average daily trading volume, suggesting a stable recovery in the capital market [10]. - Brokerages are expected to benefit from the deepening of capital market reforms, with opportunities for both external and internal growth, particularly in overseas markets [10]. Market Review - The major indices displayed mixed performance, with the Shanghai Composite Index declining by 1.30% and the ChiNext Index increasing by 2.34% during the week [11]. - The total A-share trading amount reached 12.59 trillion yuan, with an average daily trading volume of 2.52 trillion yuan, reflecting an 8.23% increase week-on-week [11][16]. Industry Key Data Tracking 1) Market Performance and Scale: - The report notes a decline in the Shanghai Composite Index by 1.30% and a slight decrease in the CSI 300 by 0.44%, while the ChiNext Index rose by 2.34% [11]. - The total A-share trading amount for the week was 12.59 trillion yuan, with an average daily trading volume of 2.52 trillion yuan, marking an 8.23% week-on-week increase [11][16]. 2) Credit Business: - As of September 19, 2025, the market had 300.71 billion pledged shares, accounting for 3.68% of the total share capital, with a margin balance of 2.40 trillion yuan, reflecting a 1.98% increase [16][23]. 3) Fund Issuance: - In August 2025, new fund issuance reached 102.02 billion units, with 140 funds launched, representing a 6.62% increase from the previous month [16][24]. 4) Investment Banking Business: - The report indicates that the equity underwriting scale in August 2025 was 23.48 billion yuan, with IPO amounts at 4.09 billion yuan and refinancing amounts at 19.38 billion yuan [16]. 5) Bond Market: - The report notes a 1.96% decline in the total price index of bonds since the beginning of the year, with the 10-year government bond yield at 1.88%, up 27.12 basis points year-to-date [16][18]. Regulatory Policies and Industry Dynamics - The report highlights that the number of active users of securities applications reached a record high in August 2025, with a total of 173 million users, reflecting a 4% month-on-month increase and a 27.26% year-on-year increase [28]. - The significant increase in securities transaction stamp duty in August 2025, reaching 25.1 billion yuan, indicates a strong market activity [28].

Christine, what do we know about this. It seems to be a really major development. Yeah, Jamal, this is really a big step.So we had an opportunity to sit down exclusively with the CMA and we asked them point blank, when will regulators lift this majority foreign ownership rule that has been in place for years. And as you said, limits foreign investors to owning just 49% of Saudi equities. And what the CMA said was that a review is currently underway.And while there are many stakeholders that need to approve ...

·凯投宏观：受美国关税冲击，预计印度央行将开启降息周期至5.0% ·凯投宏观经济学家表示，受美国加征关税冲击经济增长影响，预计印度央行将在10月1日的货币政策会 议上下调回购利率25个基点至5.25%，并将在2025年底前进一步降息25个基点，使利率降至5.00%。美 国关税政策已对印度出口造成显著压力，迫使机构将印度2026年GDP增长预期从此前的7%大幅下调至 6.5%。尽管经济增长放缓，通胀预计将保持温和，到2026年下半年逐步回升至印度央行4%的中期目标 水平。 ·J Safra Sarasin银行经济学家表示，瑞士通胀正温和回升，瑞士央行没有理由急于行动。市场普遍认 为，瑞士央行将选择保留政策空间，待未来经济数据进一步恶化时再考虑启动负利率。 ·巴克莱银行经济学家指出，尽管泰国经济在2025年上半年录得3.0%的强劲增长，但预计在2025年下半 年及2026年将面临显著阻力。增长放缓归因于多重不利因素：出口增长前景疲软、国内政治不确定性上 升，以及旅游业复苏乏力。今年游客到访量持续疲软。泰国通胀水平保持温和，预计2025年和2026年整 体通胀及核心通胀均将低于泰国央行1%—3%的目标区间，反映出内 ...

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，中信建投证券执委会委员张昕帆表示，通过向买方财富管理转型，财富管理机构可以实现能力的再 次跃迁——不再仅仅是金融产品的"搬运工"和"销售员"，而是为客户提供健康的财富生态系统，一种穿 越周期的安心和能力。 ...

Core Points - The company, Western Securities Co., Ltd., announced the completion of the principal and interest payment for the third short-term financing bond of 2025 on September 23, 2025 [1] - The short-term financing bond was issued on April 24, 2025, with a total amount of 1 billion yuan and a coupon rate of 1.78%, with a maturity of 151 days [1] - The total amount of principal and interest paid was 1,007,363,835.62 yuan [1] - The company and its board members ensure that the information disclosed is true, accurate, complete, and free from false records, misleading statements, or significant omissions [1]