Group 1: Report Industry Investment Rating - No information provided on the industry investment rating in the report Group 2: Core Views of the Report - The current self - adjustment of convertible bonds is not over, with weakened ability to follow the rise, and the valuation actively declines when the underlying stock pulls back. In the current market, the cost - performance of convertible bonds is low, but considering the slow - bull market of A - shares, there is no need to be overly worried. Now is a concentrated point for convertible bond realization, and high - price, low - premium equity - like varieties and defensive individual bonds are more worthy of consideration, such as some bottom - position varieties represented by banks [6][9]. - Backtesting on recent years' forced redemption cases shows that there are objective returns and a certain degree of certainty in gambling on forced redemption clauses. The number of subsequent forced redemptions and waived forced redemptions is still considerable and worthy of attention [6][9]. - The equity market showed a trend of rising first and then falling last week, with sector differentiation. The Shanghai Composite Index almost broke through the 3900 mark at the beginning of the week and then adjusted significantly. The short - term index needs to oscillate and adjust, but the view of a positive long - term index trend remains unchanged. Attention should be paid to the press conference of the State Council Information Office next Monday [6][9]. Group 3: Summary According to the Catalog 1. Convertible Bond Views: Valuation Continues to Compress, Waiting for the Entry Opportunity - The self - adjustment of convertible bonds is ongoing, with weakened follow - up ability and active valuation decline. The current cost - performance of convertible bonds is low, but there's no need for excessive worry. High - price, low - premium equity - like varieties and defensive individual bonds are recommended. The equity market had a volatile week, and the long - term trend of the index is still positive [6][9]. 2. Convertible Bond Review: Convertible Bonds Follow the Decline Again, Valuation Continues to Fall 2.1 Market Overall Performance: Equity Rises First and Then Falls, Technology Remains the Main Line - From September 15th to September 19th, market index performance was differentiated. The Shanghai Composite Index fell 1.30%, the Shenzhen Component Index rose 1.14%, the CSI 300 fell 0.44%, the CSI 1000 rose 0.21%, the ChiNext Index rose 2.34%, the STAR 50 rose 1.84%, and the Beijing Stock Exchange 50 fell 1.43%. In terms of industries, coal, power equipment, and electronics led the rise, while banks, non - ferrous metals, and non - bank finance led the decline. The average daily trading volume increased by 1922.4 billion yuan to 2.52 trillion yuan. The top ten rising convertible bonds last week were Jingxing, Hengshuai, Songsheng, etc., and Jingxing, Jing 23, Liyang, etc. were more active in trading [13]. 2.2 Valuation Actively Compresses, High - Price, Medium - and Low - Rated Convertible Bonds Perform Well - Last week, convertible bonds pulled back again, with active valuation compression. The average daily trading volume increased significantly to 818.02 billion yuan. The CSI Convertible Bond Index fell 1.55%, the parity center decreased by 1.1% to 111.1 yuan, and the conversion premium rate center decreased by 1.1% to 18.9%. In terms of style, high - price, medium - and low - rated convertible bonds performed well last week, while AA + rated and large - cap convertible bonds performed weakly [6][18]

9月23日，当事男子称，户口本共3代人，户主是他爸，"银行说这不能证明我跟孩子是父子关系"。 新京报记者 张建斌 制作 高晨曦 9月21日，陕西男子称"俩孩子莫名被办了金融社保卡，拿户口本销卡被要求证明是父子"。 涉事银行网点称，户口本只能证明他们一家人系亲属关系，目前已与客户沟通解决方案，尽快为客户办 理相关事宜。 责任编辑：秦艺 该男子质疑称，"当时不知情给娃开了卡，也没要父子关系证明"。 ...

核实后，孙大爷女儿回了一通电话："爸，您别信！我已经确认过了，孩子好好的没事，这肯定是骗 子，我赶紧给孩子爷爷奶奶说一声，别让他们也上当受骗！"这时孙大爷才意识到，原来自己真的差点 被骗了。 事件处理完毕不久，支行就接到片区反诈中心电话，得知反诈中心监测到片区内可能有居民正遭遇电信 诈骗，要求银行协助关注。 据了解，为防范电信网络诈骗，济南工行强化反诈知识培训，定期组织员工学习反诈案例和工作技巧， 提升员工识诈、反诈能力，确保在业务办理过程中及时发现和处置风险。 同时，通过网点LED屏、宣传海报、厅堂微沙龙、社区讲座等形式，向客户普及反诈知识，重点针对中 老年群体、青少年、新市民等易受骗群体开展精准宣传，揭露常见诈骗套路。 家住济钢片区的孙大爷（化名），因子女常年在外打拼，平日里独自生活，外孙女是他心中最深的牵 挂。可近日一通陌生来电，让这位独居老人瞬间乱了方寸，险些将攒下的部分养老钱拱手送给骗子。 当日孙大爷正在家中休息，突然接到一通电话，对方称是外孙女的朋友，语气急促："大爷，不好了！ 您外孙女在内蒙古出车祸了，现在急需4万块医药费，再不转钱就耽误治疗了！" 听闻外孙女出事，孙大爷的心一下子揪了起来，焦急 ...

Core Viewpoint - After September 22, the market is no longer trading on the "illusion of easing," but is instead "realizing" a logic of certainty in the market [2][20]. Group 1: Market Reactions and Signals - The press conference on September 22, featuring top financial management officials, did not announce any short-term policy adjustments, which led to a positive response in the A-share market [2][3]. - Despite the unchanged LPR (Loan Prime Rate), the market exhibited a sense of "easing," attributed to coordinated fiscal and monetary efforts, structural tools, and the global interest rate environment [7][20]. Group 2: Economic Indicators and Financial Environment - Recent economic data shows a mixed picture: CPI decreased by 0.4%, PMI at 49.4%, and industrial value-added growth at 5.2%, indicating a cooling economy [6][13]. - The 10-year government bond yield rose from 1.60% to 1.87%, reflecting a shift in market expectations towards "structural policies" rather than broad monetary easing [6][7]. Group 3: Investment Trends and Market Dynamics - A-share market capitalization increased from 68 trillion to 104 trillion, with over 3,000 stocks rising more than 50%, indicating a significant market expansion [9][10]. - High-growth sectors like semiconductor equipment and new energy batteries are benefiting from favorable policies and market conditions, while stable dividend-paying assets are attracting long-term investments [10][11]. Group 4: Financial System Resilience - The financial system's scale and global standing have improved, with bank assets nearing 470 trillion and direct financing's share rising to 31.6% [13][14]. - Structural risks are being managed effectively, with a significant reduction in local government financing platforms and financial debt, indicating a controlled risk environment [14][17]. Group 5: Future Outlook and Certainty - The market is focusing on sustainable profitability, with loans in technology, green, and inclusive sectors growing at over 20% annually, providing visibility for related companies [20][22]. - The expectation of stable policies and regulatory frameworks is reducing concerns about extreme market volatility, suggesting a shift towards a more predictable investment landscape [23].

从"卖石头"到"卖风景" 位于浙江省湖州市安吉县天荒坪镇的余村，因天目山余脉余岭而得名。这里原本是一座默默无闻的 小山村，没有壮丽山河，也没有名胜古迹，却因践行"绿水青山就是金山银山"的生动实践而远近闻名。 从"卖石头"到"卖风景"，这条生态文明之路，余村走得很扎实。 "上世纪90年代，为了解决温饱，当地的村民靠山吃山，炸山开矿、办水泥厂，一跃成为全县有名 的富裕村，集体经济收入最高时接近300万元。"沿着余村绿道一路前行，工作人员对《金融时报》记者 说，"然而，随着村里的'石头经济'风生水起，村民腰包鼓了，山却变成了'秃头山'，水变成了'酱油 汤'。" "以前推开窗是灰蒙蒙的矿场，现在睁开眼就是满山竹海。"在浙江安吉余村，村民们指着门前苍翠 的青山感慨道。如今，曾经的"石头村"已成为年迎百万游客的"网红村"。这一转型的背后，离不开金融 活水的精准滴灌。 作为绿色金融的"先行者"，近年来，兴业银行的创新服务为当地加快绿色转型提供了诸多鲜活案例 和生动注解。 "去年11月，我行给予德清县莫干山国际旅游度假区发展有限公司主体授信敞口2.5亿元，专项用于 莫干山旅游文化提升工程项目建设。"兴业银行德清支行副行长高镇 ...

Core Insights - The Hong Kong stock market experienced a collective decline on September 23, 2025, with the Hang Seng Index down by 0.70% to 26,159.12, the Hang Seng Tech Index down by 1.45% to 6,167.06, and the Hang Seng China Enterprises Index down by 0.86% to 9,290.34 [3][6][10] - The market's total trading volume reached HKD 294.56 billion, with southbound funds recording a net sell of HKD 4.069 billion [3][10] - The industrial sector saw a notable shift, with the Hong Kong banking sector (+0.77%) and public utilities (+0.25%) gaining favor, while hardware equipment (-1.84%) and food and beverage (-1.94%) sectors faced declines [6][10] Industry Analysis - The Minister of Industry and Information Technology highlighted new industrial opportunities at the 25th China International Industry Fair, which positively impacted the Hong Kong machinery sector, leading to a strong performance [10] - A significant rotation in market preferences was observed, with defensive sectors like banking and public utilities attracting investment, while previously high-performing sectors like hardware equipment faced profit-taking [10] - Future growth in the Hong Kong market may be driven by AI technology and new consumption trends, with expectations of continued inflows from southbound funds and improved liquidity from potential U.S. interest rate cuts [10]

Domestic Market Overview - The domestic market experienced wide fluctuations and a slight decline on September 23, with the Shanghai Composite Index closing at 3821.83 points, down 0.18%, and the Shenzhen Component Index at 13119.82 points, down 0.29% [1][4][8] - Among the 30 CITIC first-level industries, 5 sectors saw an increase, with banking, coal, and electric equipment & new energy leading the gains, while consumer services, comprehensive finance, and retail experienced significant declines [1][4][8] Overseas Market Overview - On the same day, all three major U.S. stock indices closed lower, with the Dow Jones down 0.19%, S&P 500 down 0.55%, and Nasdaq down 0.95%. Amazon fell over 3%, and Nvidia dropped nearly 3%, leading the declines [2][4] Key News Highlights - The first batch of pilot platforms in Shanghai was announced, covering new energy storage and humanoid robots, indicating a push towards innovation in these sectors [3][13][14] - In August, the total electricity consumption in China grew by 5% year-on-year, with the first and second industries maintaining rapid growth, while the third industry and residential electricity consumption saw a decline [15][16] Driving Factors - The Ministry of Industry and Information Technology emphasized the need to cultivate emerging industries and accelerate the development of new pillar industries, including humanoid robots and quantum information [9] - A total of 1108 stocks rose while 4266 fell in the A-share market, reflecting a mixed sentiment among investors [9]

股指早报 外围地缘政治不确定性上升，股指维持震荡整固 2025 年 9 月 24 日 股指期货早报 2025.9.24 报告摘要： 海外方面，美 9 月标普全球制造业 PMI 初值录得 52，符合预期 但低于前值 53；9 月标普全球服务业 PMI 录得 53.9，低于预期 54 和 前值 54.5；美 9 月里奇蒙德联储制造业指数录得-17，大幅低于预期 -5 和前值-7。数据指向美经济边际回落但保持韧性。另外美联储主 席鲍威尔演讲表示对美经济放缓，失业率上升，通胀回升保持忧虑， 为应对经济变化，美联储在最近的会议上将联邦基金利率下调 25BP， 但鲍威尔并未承诺在下次议息会议上继续降息，表示其利率立场"依 然适度限制"。同时在回答问题时，鲍威尔表示股市价格目前相对偏 高。左右摇摆且不明确的后续货币政策路径削弱了近期降息逻辑。另 外美地缘政治方面策略有所改变，美国总统特朗普首次表态称乌克兰 有望收复全部领土，并鼓励盟国在俄罗斯军机闯入北约领空时将其击 落。这指向后续地缘政治不确定性增加。隔夜资产走势来看，美元指 数收跌，美债收益率 2 年 10 年期回落，黄金创新高，美三大股指齐 下跌，VIX 波动率上升， ...

Core Viewpoint - The launch of the UnionPay "Jinxiu Zhonghua" debit card in Frankfurt marks a significant step in enhancing cross-border payment services for individuals traveling to China, reflecting the growing economic and cultural ties between China and Germany [1][3]. Group 1: Product Launch and Features - The "Jinxiu Zhonghua" debit card is the first of its kind to be issued in Europe, providing seamless payment experiences for both local and cross-border transactions [1]. - The card offers substantial benefits for users, including cashback of 1% on everyday purchases, with special promotional periods allowing cashback to reach up to 10% [1]. - Holders of the card can enjoy various privileges, including discounts at airports, cultural and artistic events, popular tourist attractions, and Chinese cuisine, enhancing the overall user experience [1]. Group 2: Strategic Importance and Future Plans - As the only Chinese bank in Germany offering personal banking services, the Bank of China Frankfurt branch aims to provide high-quality, convenient, and secure financial services to overseas clients [3]. - The bank is committed to supporting major national strategies and enhancing financial cooperation between China and Germany, contributing to the facilitation of cross-border payments and the internationalization of the Renminbi [3].

Market Overview - The A-share market is expected to continue its short-term震荡休整态势 due to the upcoming National Day holiday, which may lead to a "pre-holiday effect" as short-term funds choose to take profits [1][10] - Recent adjustments in the market, following the failure to break through the 3900-point level, are seen as beneficial for digesting profit-taking and setting a foundation for future trends, especially in the context of a favorable dollar interest rate cut cycle for emerging markets [2][10] Sector Analysis Banking Sector - The banking sector has shown strong performance, providing support to the market. High dividend yield stocks have been recommended as stable investment opportunities, particularly in a low-interest-rate environment [6][10] - The sector has been favored for over two years, but there are indications that the attractiveness of high dividend stocks may decrease as more funds flow into these assets, leading to potential valuation volatility [6][10] Precious Metals - The precious metals sector has been active, driven by the Federal Reserve's recent interest rate cut, which has led to a surge in gold prices, surpassing the $3700 mark [8] - Factors contributing to the rise in gold prices include the onset of a rate cut cycle, increased geopolitical tensions, and strong demand from global central banks [8] Semiconductor Sector - The semiconductor sector remains a long-term investment opportunity, supported by national policy and increasing global demand for AI and high-performance computing [9] - The sector is expected to benefit from domestic substitution trends and increased policy support, with a focus on companies that can adapt quickly to industry changes [9] Investment Strategy - Investors are advised to be cautious, particularly those with a conservative approach, and to wait for clear market stabilization signals before re-entering [2][11] - Low-valuation stocks may present better investment opportunities during market corrections, while high-flying stocks may face significant adjustment pressures [11]