记者 老盈盈 当地时间2025年9月17日，美联储宣布将联邦基金利率目标区间下调25个基点，从 4.25%—4.5%降至4.00%—4.25%。这是美联储2025年内的第一次降息，也 是其继2024年三次降息后的再次降息。 美联储重启降息之后，内地银行对美元定期存款利率的调整也已悄然拉开帷幕。此前，一些内地的地方性银行美元定存利率一直达4%以上，目前则普遍进 行了下调。 9月23日，华商银行中短期的美元定期存款利率统一下降25个基点，而就在此前一天，该行中短期的美元定存利率仍在4%以上。经济观察报记者从该行广州 分行的一位工作人员处了解到，调整前，该行1个月、3个月和6个月的美元定存利率分别为4.00%、4.10%和4.15%，调整后变为3.75%、3.85%和3.90%。 9月23日，西安银行的一位客户经理亦告诉经济观察报记者，9月28日前后，该行的美元定存利率也将迎来下调，1个月、3个月、6个月和1年存期的产品利率 分别从3.6%、4.1%、4.3%、4.3%下调至3.2%、3.6%、3.98%和3.98%。 同日，重庆三峡银行一位客户经理对经济观察报记者表示，该行的美元定期存款也可能很快下调。该行各个存 ...

A股市场今天（9月24日）上午整体上涨，其中创业板指数表现相对较好。科创50指数走势则更为强劲，涨幅逼 近5%，盘中再度创出最近三年多新高。 港股市场今天上午整体上行。 科创50指数续创最近三年多新高 A股市场今天上午整体上涨，其中创业板指数表现相对较好，盘中涨幅超过1%。 科创50指数走势则更为强劲，盘中再度创出最近三年多新高，盘中涨幅接近5%，芯片产业链集体爆发。 | 指标 叠加 事件 统计 画线 标记 自选 返回 | | G | 科创50 000688 | | 今日投资提示 | | --- | --- | --- | --- | --- | --- | | 1476.79 | | 1476.79 669.49 | | 4.94% | 1. 北证可申购新服 | | 1450 | | | | | 2. ETF基金上市14 | | 沪总市值 | | | | 613548亿 | 3. 可转债即将到其 | | 1400 | | | | | | | A股成交 | | | | 6273.78亿 | 4. ETF期权交割日 | | B 股成交 | 1350 | | | 1.08亿 | 5. 大小非解禁 6 家 | | ...

Market Overview - US stock market experienced a pullback after reaching highs, with all three major indices closing lower: Dow Jones down 0.19%, Nasdaq down 0.95%, and S&P 500 down 0.55% [1] Banking Sector - Mixed performance in bank stocks, with Goldman Sachs, JPMorgan Chase, Morgan Stanley, and Zions Bancorporation showing slight gains, while Bank of America, Citigroup, and US Bancorp recorded minor declines [3] Technology Sector - Technology stocks weakened, highlighted by Amazon's significant drop of 3.04%, Nvidia down 2.82%, and Tesla down 1.93%. Microsoft and META also saw declines exceeding 1%. Conversely, Intel rose by 2.02% and AMD increased by 0.69% [3] Chinese Concept Stocks - Chinese concept stocks continued to decline, marking a four-day losing streak with an overall drop of 2.22%. Notable declines included Baidu down 8.09%, Bilibili down 4.02%, and Tencent Music down 4.2%, while NIO and NetEase saw slight gains [3] Gold Market - COMEX gold experienced a pullback, closing up 0.42% at $3,796.9 per ounce, with intraday fluctuations showing a low of $3,772.4 and a high of $3,824.6. The market sentiment around gold remains conflicted, balancing fears of high prices against prevailing trends [3]

今日早参 2025 年 9 月 24 日 张继强 研究所所长、固收首席研究员 座机：13910012450 邮箱：zhangjiqiang@htsc.com 何康 策略首席研究员兼金融工程联席首席 研究员 座机：021-28972202 邮箱：hekang@htsc.com 今日热点 固定收益：大类资产胜率与赔率展望 近期市场波动有所加大，站在当前时点，我们尝试重新梳理各类资产的胜率 与赔率情况，以供投资者参考。其中资产胜率在于是否顺势，包括中长期的 宏观趋势与短期量价趋势；赔率更加依托资产价格潜在反转机会，包括中长 期均值回归的价值型反转以及短期交易情绪影响的拥挤性反转。操作上看， 建议以高胜率资产为主要关注资产，顺应宏观与产业趋势，如大盘科技股、 黄金、有色金属等；低仓位左侧博弈高赔率资产，保持交易活跃度，并分步 建仓，耐心等待赔率兑现的机会，如中债、美元、黑色系商品等。 风险提示：美国通胀超预期，全球经济放缓。 研报发布日期：2025-09-23 研究员 张继强 SAC:S0570518110002 SFC:AMB145 陶冶 SAC:S0570522040001 策略：资金透视：市场突破平台期的关键 ...

A股市场今天（9月24日）上午整体上涨，其中创业板指数表现相对较好。科创50指数走势则更为强劲，涨幅逼近5%，盘中再度创出最近三年多新高。 港股市场今天上午整体上行。 科创50指数续创最近三年多新高 A股市场今天上午整体上涨，其中创业板指数表现相对较好，盘中涨幅超过1%。 科创50指数走势则更为强劲，盘中再度创出最近三年多新高，盘中涨幅接近5%，芯片产业链集体爆发。 科创50指数成份股中，华海清科大涨，盘中涨幅一度超过19%。盛美上海也大涨，盘中涨幅一度超过15%。拓荆科技盘中涨幅一度超过13%。 具体行业板块和赛道方面，若按照申万一级行业划分，电子板块涨幅居前，板块盘中涨幅超过3%。神工股份、长川科技、江丰电子、京仪装备等多股盘 中"20cm"涨停。房地产板块领涨，板块盘中涨幅超过2%，云南城投、渝开发、张江高科、上海临港等多股盘中触及涨停。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 ▼ | 成交额 | | --- | --- | --- | --- | --- | --- | | 688233 | 神工股份 | 44.51 | 7.42 | 20.01% | 8.611Z | | 300604 ...

9月22日，这位Universa Investments的掌门人近日在接受《华尔街日报》采访时表示，他预见美股在短期内可能继续走高， 标普500指数或将"相当快地"触及 8000点 ，这意味着较当前水平有约20%的上涨空间。Spitznagel指出，美联储降息等因素为市场进一步上行创造了理想条件。 美国"黑天鹅"基金经理Mark Spitznagel认为，当前美国的市场环境类似于"咆哮的二十年代"即将终结时的狂热，美股将迎来一轮大幅上涨，但一场剧烈的调整 也正在酝酿，随后可能迎来自1929年以来最严重的一次崩盘。 然而，他警告称，这轮上涨将是灾难的前奏。 Spitznagel将当前的市场状况与1929年进行了比较，认为多年来联邦政府对市场和经济的反复干预，导致风险像 干燥的引火物一样不断累积，最终可能引发一场猛烈的"火焰风暴"。 Spitznagel是《黑天鹅》作者Nassim Nicholas Taleb的得意门生，他的对冲基金以其独特的尾部风险对冲策略而著称，该策略并非预测市场时点，而是在市场 乐观、对冲成本低廉时买入保护。这种策略使其在雷曼兄弟破产、2015年"闪电崩盘"以及新冠疫情引发的市场熔断中为客 ...

Market Overview - The Hang Seng Index closed down 185 points, marking a cumulative decline of 385 points over two days, with a final closing value of 26,159 points [3] - The total market turnover was 29.46 billion HKD, with a net outflow of 4.069 billion HKD from northbound trading [3] Stock Performance - Among 88 blue-chip stocks, 67 experienced declines, with notable drops including: - CSPC Pharmaceutical Group down 4.7% to 9.47 HKD - China Biologic Products down 4.5% to 8.14 HKD - WuXi AppTec down 3.3% to 109.7 HKD - BYD down 3.1% to 106.3 HKD - New Oriental Education saw an increase of 1.9% to 40.64 HKD, and CITIC Limited rebounded by 1.5% to 11.5 HKD, being the strongest blue chips [4] Debt Issuance - Bank of China assisted the Shenzhen Municipal Government in issuing offshore RMB local government bonds in Hong Kong, raising a total of 4 billion RMB. The bonds include 2-year, 5-year, and 10-year maturities with interest rates of 1.61%, 1.8%, and 2.08% respectively [7] - The issuance attracted significant interest, with a peak order book size of 18.67 billion RMB and an order multiple of 4.7 times [7] Green Finance Initiatives - The Hong Kong Stock Exchange signed a memorandum of cooperation with carbon trading centers in Guangzhou, Shenzhen, and Macau to enhance knowledge sharing and cooperation in the green finance ecosystem within the Greater Bay Area [8] E-commerce Regulation - The State Administration for Market Regulation reported that the online retail sales in China reached 7.43 trillion RMB in the first half of the year, growing by 8.5% year-on-year, with live e-commerce playing a significant role. However, issues of false marketing and counterfeit products were highlighted as prominent problems in the sector [9] Corporate Developments - Fantasia Holdings announced that 84% of its existing bondholders have supported the restructuring agreement, extending the deadline for creditors to join the plan [12] - Postal Savings Bank of China will absorb its wholly-owned subsidiary, Postal Huinong Bank, to optimize management and business structure, with no significant impact on its financial status [13] - China Resources Land announced the resignation of its CFO and the appointment of new executives [14] - Jiufang Zhitu Holdings is investing in EX.IO to expand its digital asset business, leveraging the resources of the virtual asset trading platform [15]

Core Insights - The event titled "Financial Empowerment of Cultural and Tourism Industry" was held in Chengdu, focusing on the integration of financial capital with the cultural and tourism industry in Sichuan [1][4] - The meeting attracted over 220 participants from various sectors, including major enterprises, financial institutions, and industry associations, aiming to facilitate precise connections between industry resources and financial capital [3][7] Group 1: Event Overview - The event was organized by the provincial government and aimed to promote high-quality development in the cultural and tourism sector through financial collaboration [1][4] - It served as a key activity within the "2025 Well-Known Enterprises in Sichuan" initiative, emphasizing the theme of "Building Circles and Strengthening Chains" [1][4] Group 2: Participation and Engagement - The event featured representatives from 19 central enterprises, 10 industry associations, 104 cultural and tourism companies, and 37 financial institutions, with over one-third of attendees being top executives [7] - Notable speakers included leaders from the China Cultural Entertainment Industry Association and Agricultural Bank of China, who discussed the importance of customized financial support for industry development [3][7] Group 3: Key Features of the Event - The event highlighted five main characteristics: strong growth potential, high attraction, effective linkage, high innovation content, and significant investment value [6][8] - It emphasized the integration of technology within the cultural and tourism sectors, showcasing digital technology companies and promoting cross-industry collaborations [8] Group 4: Policy and Investment Opportunities - The event provided a platform for policy interpretation, project announcements, and resource connections, aimed at maximizing investment advantages in Sichuan's cultural and tourism sectors [8] - A strategic cooperation agreement was signed between the provincial economic cooperation center and the China Cultural Entertainment Industry Association to enhance collaboration on emerging industries [8]

Core Viewpoint - The company has approved the use of idle self-owned funds to purchase bank wealth management products, with a limit of up to RMB 1 billion, to enhance fund utilization efficiency and overall performance [1][2]. Group 1: Investment Decision - The company held board meetings on August 14, 2025, and a temporary shareholders' meeting on September 4, 2025, to approve the investment plan [1]. - The company plans to use RMB 1 billion of its own funds for wealth management investments within one year from the approval date [1][2]. - The investment will be conducted through the Shenzhen State-owned Assets Management Platform [1]. Group 2: Investment Details - The company has signed an agreement with Huaxia Bank Shenzhen Branch to purchase structured deposits with an investment amount of RMB 1 billion [2]. - The investment will have varying annualized interest rates of 0.1%, 2.2%, or 2.35% [2]. - The investment period is from September 22, 2025, to September 22, 2026 [2]. Group 3: Impact and Risk Management - The investment is expected to improve fund utilization efficiency and enhance overall company performance while ensuring that daily operations are not affected [2]. - The company will implement a risk control framework, including separating decision-making, execution, and supervision functions [3]. - Continuous monitoring of product risk and regular audits by the internal audit department will be conducted to ensure fund safety [3].

深圳中科云信息技术有限公司(以下简称"中科云")创始人龚文斌对公司第一笔海外订单至今记忆犹新： 一位加拿大学生花了两倍于产品本身的费用——其中快递费和报关费已超过产品价格，只为将中科云的 国产迷你主机带回学校研究。"我当时特别开心，感觉迎来了产品走向海外的起点。" 这份希冀和喜悦的背后，却隐藏着小微企业出海的共同难题：兵马未动粮草先行，出海资金筹集问题首 当其冲。这类企业往往缺乏可作为有效抵押物的海外资产，难以从传统渠道获得融资支持。 当"走出去"的渴望遇上"融不到"的困境，如何打破融资难的"玻璃门"，成为影响小微企业出海成败的关 键因素之一。 出海：是刻在名字里的使命 转机，出现在富融银行"出海贷"的落地。2024年5月，深港跨境数据验证平台上线，该平台基于微众银 行提出的分布式数据传输协议理念及牵头研发的国产开源区块链底层平台FISCO BCOS进行开发，为深 港两地机构提供数据凭证的可信验证服务。富融银行通过该平台对中科云自主授权的信用信息进行跨境 验证，为其香港关联企业提供了无需抵押、无需财务报表、无手续费的约270万港币贷款支持。 "从没想过香港银行会给我们贷款。以前100万的资金只能做100万的生 ...