证券研究报告：区域经济|深度报告 研究所 分析师:曾凡喆 SAC 登记编号:S1340523100002 Email:zengfanzhe@cnpsec.com 区域经济研究专题 重庆城口：交通便利性跃升，西部矿都迎来新机遇 l 基本情况 地理特征：城口县位于重庆东北部，渝、川、陕三省（市）交界 处，历史悠久，于1998年2月20日划归重庆市直管，全县东西长100.4 公里，南北宽65.7公里，辖区面积 3289.04平方公里，下辖 2街道12 镇 11 乡。城口县山地居多，普遍海拔在 1000—1800 米，境内共有大 小河流 779 条，素有"九山半水半分田"之称，气候温和，雨量充沛， 四季分明。 人口及交通情况：城口县人口规模相对较小，2024 年末户籍人 口 24.64 万人，常住人口 19.66 万人，人口数量稳定，但老龄化趋势 明显，劳动力有所外流。交通方面，多山多水的地理条件使城口县经 济相对闭塞，但未来随着高速公路、铁路陆续贯通，城口县交通便利 性将迎来跃升。 产业升级方面，城口县第一产业大规模开发增量农牧业的空间或 相对有限，在现有农牧业的基础上做优产业链或更加契合重庆市的政 策方针，延长农 ...

编辑：何颖曦 盘面上，半导体板块大涨，神工股份、长川科技等涨停。存储芯片概念走强，江丰电子、通富微电 等涨停。光刻机概念震荡拉升，张江高科、华软科技等涨停。房地产板块走高，云南城投、渝开发等涨 停。固态电池概念活跃，恩捷股份、中国宝安等涨停。机器人概念走强，中创智领、上纬新材、豪能股 份等多股涨停。证券板块盘中异动拉升，湘财股份涨停。半导体、互联网、电气设备、软件服务等板块 涨幅居前；通信设备、旅游、酒店餐饮、银行等板块跌幅居前。 中国经济周刊-经济网讯 A股三大指数今日集体上涨，截至收盘，上证指数报3853.64点，涨幅 0.83%，成交额10157.08亿元；深证成指报13356.14点，涨幅1.80%，成交额13110.76亿元；创业板指报 3185.57点，涨幅2.28%，成交额6285.21亿元。 ...

Core Viewpoint - The Hong Kong stock market has been active this year, with total fundraising exceeding HKD 100 billion in the first half, surpassing Nasdaq to become the world's leading market for IPOs. However, many companies struggle with the complexities of the Hong Kong listing process, especially those new to it [1]. Pre-Listing Preparation Phase - The preparation phase includes five key tasks: organizing and reviewing necessary financial information, determining target capital structure, clarifying and standardizing the equity structure and corporate governance of the listing entity, establishing the composition and governance mechanism of the board of directors, and reviewing management compensation and employee incentive plans [2]. Listing Execution Phase - The execution phase consists of three main steps: holding a kick-off meeting, drafting the prospectus, and submitting the listing application. After the kick-off meeting and completion of the prospectus, the formal application process begins. The typical IPO process in Hong Kong includes: submission → hearing → roadshow → offering → announcement of allocation results → listing [4]. Submission - The company appoints sponsors and other intermediaries to conduct due diligence and draft the prospectus, then submits the listing application to the Stock Exchange of Hong Kong, pays relevant fees, and schedules a hearing date. Investors can access the initial version of the prospectus on the disclosure website to understand the company's profile, industry background, and historical development [5]. Hearing - The Stock Exchange conducts a comprehensive review of the application materials. Passing the hearing indicates that the company is about to enter the offering stage, and investors should prepare their accounts and funds. The company will also publish a revised prospectus on the disclosure website, supplementing any additional information required by the exchange [6]. Roadshow - After the listing application is approved, the company collaborates with sponsors and financial public relations to conduct a roadshow, typically lasting about one week. The roadshow includes non-public, analyst, and global presentations aimed at detailing the company's performance, products, and development strategy to attract cornerstone investors and enhance market confidence [7]. Offering - The IPO share allocation consists of international placement and public subscription, with an initial ratio of 90% to 10%, and a mechanism for adjusting this ratio based on demand [8]. Allocation Results Announcement - Approximately seven days after the offering ends, the company announces the allocation results, including final pricing, oversubscription multiples for public and international placements, and whether the greenshoe option is activated. Retail investors typically check their allocation status through brokers [10]. Dark Trading - Dark trading occurs off-exchange on the trading day before listing, from 16:15 to 18:30, and is conducted through certain brokers' internal systems rather than the Stock Exchange [11]. Listing - The company officially lists on the Stock Exchange, and its shares begin trading, allowing investors to buy and sell freely. The time frame for this process can vary from 1 to 6 months [12]. Post-Listing Support - After listing, the company enters a post-listing support phase, typically utilizing the greenshoe mechanism. Major shareholders lend up to 15% of the issuance size to underwriters, who can repurchase shares to support the stock price if it falls below the offering price. If the stock price rises significantly, underwriters can exercise the over-allotment option to request the company to issue up to an additional 15% of shares. This option is generally exercised within 30 days of the prospectus release, after which the stock price will fluctuate freely in the market [14].

人民财讯9月24日电，今日三大指数低开高走，截至收盘，沪指涨0.83%，深证成指涨1.8%，创业板指 涨2.28%。盘面上，半导体板块大涨，神工股份、长川科技等涨停。存储芯片概念走强，江丰电子、通 富微电等涨停。光刻机概念震荡拉升，张江高科、华软科技等涨停。房地产板块走高，云南城投、渝开 发等涨停。固态电池概念活跃，恩捷股份、中国宝安等涨停。机器人概念走强，中创智领、上纬新材、 豪能股份等多股涨停。证券板块盘中异动拉升，湘财股份涨停。半导体、互联网、电气设备、软件服务 等板块涨幅居前；通信设备、旅游、酒店餐饮、银行等板块跌幅居前。沪深北三市超4400股飘红，成交 额2.34万亿元。 转自：证券时报 ...

Core Viewpoint - The transformation of wealth management in China requires significant improvements in various areas, particularly in buyer investment advisory services, which are currently insufficiently developed [1] Group 1: Wealth Management Transformation - The depth of buyer investment advisory services is far from adequate [1] - The concept of "long money, long investment" has not been fully realized [1] - There is a relative lack of excellent client managers, leading to insufficient trust from clients [1] Group 2: Future of Wealth Management - Buyer investment advisory services are considered the foundation of wealth management transformation [1] - Buyer investment advisory, represented by "fund advisory," has established a new legal relationship similar to full discretionary management [1] - This new relationship is expected to become the cornerstone of future wealth management [1]

Group 1 - The core mission of wealth management institutions is to help investors achieve sustainable returns through professional asset allocation and service capabilities [1] - Major factors influencing clients' long-term investment mindset include significant drawdowns and unrealistic expectations [1] - The key lies in bridging the gap between allocation capabilities and client service, with technology empowerment expected to optimize and accelerate this process [1]

Core Viewpoint - The article discusses the shift of household savings from bank deposits to financial assets such as stocks and funds due to a low interest rate environment, highlighting a significant increase in non-bank financial institution deposits in August 2025 [4][18][22]. Group 1: Economic Context - In August 2025, household deposits increased by 1.1 billion yuan, which is considered a low level for the year, while deposits in non-bank financial institutions, including securities, insurance, and funds, rose by 1.18 trillion yuan [18]. - The low interest rates on bank deposits are prompting individuals to seek alternative investment opportunities, as the returns are not keeping pace with inflation [8][22]. Group 2: Market Behavior - The stock market has become more active, attracting funds as many individuals are moving their savings into financial assets due to the low returns from bank deposits and stagnant real estate market conditions [15][16]. - The metaphor of "ants moving house" is used to describe the gradual transfer of funds from traditional savings to more lucrative investment options [17][22]. Group 3: Investment Sentiment - There is a growing enthusiasm for investing in stocks and funds among individuals, with some considering reactivating their stock accounts [12][20]. - The article emphasizes the need for caution, as the stock market can be volatile and the ability to generate consistent returns will depend on broader economic conditions and market opportunities [19][22].

据央视财经报道，当地时间9月23日，美联储主席鲍威尔出席公开活动并发表讲话。鲍威尔表示，美联 储将持续面对就业疲软与通胀反弹的挑战，因而将继续保持谨慎的货币政策立场来对待降息，鲍威尔还 认为美股的估值"相当高"。讲话后，美国三大股指跌至日内新低，科技和非必需消费品等类别股票领 跌，三大股指集体收跌。截至23日收盘，道指跌0.19%，标普500指数跌0.55%，纳指跌0.95%。 美联储在九月议息会议上宣布降息25个基点，将联邦基金利率目标区间下调至4%至4.25%。这是自去年 12月以来的首次降息，也意味着美国货币政策在经历数月观望后，终于选择了新的方向。 市场的核心疑问在于：这仅仅是一场"风险管理式"调整，还是新一轮宽松周期的开端？未来六到十二个 月，美国经济将走向何方？美元走弱与利率下行又会如何影响全球资本流动，尤其是新兴市场？针对这 些问题，南方财经记者专访了纳斯达克首席经济学家 Phil Mackintosh。 在他看来，美联储的降息动作既是对经济数据的反映，也在一定程度上回应了外部压力。预计美联储未 来可能继续降息，利率或逐步回落至3.5%左右。如果利率进一步走低，那可能意味着经济出现衰退的 风险。 ...

Group 1 - The Guozheng Securities Leading Index (399437) increased by 0.91% as of September 24, 2025, with notable gains from constituent stocks such as Guotai Junan Securities (600061) up 3.73% and Changjiang Securities (000783) up 2.31% [1] - Despite a decline of over 8% in the Securities ETF Leader (159993) in September, there was a net inflow of 5.67 million units by September 23, indicating continued investor interest [1] - China Galaxy Securities believes that the government's policies aimed at "stabilizing growth and the stock market" will continue to shape the sector's future, supported by a moderately loose liquidity environment and improved investor confidence [1] Group 2 - As of August 29, 2025, the top ten weighted stocks in the Guozheng Securities Leading Index accounted for 79.16% of the index, with major players including Dongfang Caifu (300059) and CITIC Securities (600030) [2]

Core Viewpoint - The securities ETF (159841) has shown strong performance with significant net inflows and is positioned as a leading fund in the Shenzhen market, reflecting positive investor sentiment towards the securities sector [1][2]. Group 1: ETF Performance - The securities ETF (159841) experienced a 1.09% increase in value, with a trading volume of 4.92 billion yuan, making it the top performer among similar funds in the Shenzhen market [1]. - The ETF has seen over 770 million yuan in net inflows recently and has recorded net inflows for 22 consecutive trading days, accumulating over 3.5 billion yuan [2]. - As of September 23, the total fund size of the securities ETF (159841) reached 9.115 billion yuan, making it the largest in its category in the Shenzhen market [2]. Group 2: Company Developments - Xiangcai Co. announced plans to merge with Dazhihui through a share exchange, which is expected to enhance its position in the market as a potential third internet brokerage in A-shares [3]. - The merger process is nearing completion, with audits and due diligence largely finished, pending further actions from the company and its intermediaries [3]. Group 3: Industry Outlook - Analysts predict a positive outlook for the brokerage sector in Q3, despite a 5.5% decline in the sector this month, driven by macroeconomic recovery and capital market reforms [3]. - A report from招商证券 forecasts that by the first half of 2025, the brokerage industry will achieve total revenue of 557.2 billion yuan, a 24% increase year-on-year, and a net profit of 228.5 billion yuan, a 37% increase [4]. - The expected return on equity (ROE) is projected to rise to 7.01%, indicating a favorable environment for brokerage firms [4].