Group 1 - The event organized by the Shandong Securities Association aimed to enhance industry culture and discussed the understanding and practice of the Yellow River spirit, which emphasizes inclusiveness, resilience, and perseverance [1] - Representatives expressed that the Yellow River spirit provides strong motivation for the capital market to serve the real economy and promote high-quality regional development, urging securities professionals to integrate this spirit into daily operations [1] - The meeting highlighted the importance of supporting regional economic development and implementing key financial tasks, reflecting the commitment to take the lead in the industry [1] Group 2 - During the subsequent discussion, representatives shared challenges in building competitiveness amid the current economic and market environment, including balancing business innovation with compliance, talent development, and digital transformation [3] - Suggestions were made for the association to enhance its role as a bridge and platform, providing more support in policy transmission, experience sharing, training coordination, and dispute mediation to foster a more regulated and vibrant industry environment [3] Group 3 - The discussion also focused on leveraging the wisdom of "harmony and coexistence" and "inclusiveness" from Yellow River culture to align with the national strategy for building a unified market, aiming to create a healthy and orderly industry ecosystem [5] - The representatives emphasized the need for the securities industry to respect market rules while promoting open collaboration, resource sharing, and complementary advantages, advocating for differentiated and specialized development paths to enhance core competitiveness [5] - The event combined cultural visits with discussions, injecting new ideological momentum into the cultural construction and business practices of the securities industry in Shandong, with the association planning to continue guiding members in inheriting the Yellow River cultural legacy [5]

01. 宏观要闻 1、证券日报："一揽子"举措支持资本市场回稳向好 2024年9月24日，金融监管部门在国新办新闻发布会上宣布一系列维护资本市场稳定的支持举措。一年 来，"一揽子"举措落地见效，支持资本市场回稳向好。其中，两项支持资本市场的货币政策工具落地并 持续优化，在市场低估时有效发挥逆周期调节作用；"长钱长投"制度体系不断完善，以保险资金、养老 金为代表的中长期资金在A股净买入；公募基金改革方案落地，权益类基金规模大幅增长；多措并举提 高上市公司质量和投资价值，投资者"愿意来、留得住"的资本市场生态初步构建。 今年8月份，A股市场总市值首次突破100万亿元，充分说明了资本市场改革成效。下一步，随着资本市 场改革走深走实，市场生态优化，稳市机制不断完善，资本市场内在稳定性增强，A股也将逐步从"政 策驱动"迈向"内生动力驱动"，更好服务经济高质量发展。 征求意见稿聚焦平台收费、促销行为等重点问题，帮助外卖平台企业规范服务管理、提升服务质量，减 轻商户经营负担，引导平台企业公开有序竞争。征求意见稿设置诸多针对性条款，明确要求平台价格促 销成本不应变相或者直接要求商户进行分摊；也明确禁止平台强制或者变相强制商户 ...

本报（chinatimes.net.cn）记者杨燕 北京报道 面对日益严格的监管和市场需求，企业ESG实践已从"可选项"变为"必答题"，成为参与全球竞争的入场 券。 9月19日，2025华夏ESG管理体系大会在北京召开。本次大会由华夏时报社主办，SGS通标、中质协质 量保证中心、首都经济贸易大学中国ESG研究院等机构提供支持。大会以"理念与实践并行，发展同质 量共生"为主题，聚焦ESG如何驱动企业价值重构的核心议题。 在圆桌讨论环节，来自金融机构、咨询公司、企业和第三方认证机构的六位专家围绕"ESG驱动企业价 值重构的可实现路径"这一主题，从风险管控到价值创造，从合规约束到战略引领，从成本投入到创新 回报等多角度展开了深入讨论。 ESG如何成为企业价值护城河 圆桌论坛由东方财富证券上市公司咨询部ESG业务总监姜宏玲主持，她指出，当前企业最关心两个问 题：ESG对长期价值的影响，以及有哪些可行的实践路径。 作为金融机构代表，中国银河证券ESG创新研究负责人王新月从投资角度分析了ESG背后的逻 辑。"ESG本身就是一个风险缓释工具。"她表示，"对环境负责的公司转型风险更小，员工权益保障好 的公司劳动纠纷风险可能更 ...

指数是最直观的市场表现。数据显示，去年9月24日以来，A股核心指数涨幅显著，多个指数实现超 100%的涨幅。按区间涨跌幅统计，2024年9月24日至2025年9月22日，上证指数累计上涨39.28%，深证 成指累计上涨62.78%，创业板指累计上涨103.06%，沪深300指数累计上涨40.77%，北证50指数累计上 涨164.97%，科创50指数累计上涨119.06%。 去年9月24日至今，A股从低位走出震荡上行行情，当前行情已持续一年时间。其间，上证指数经历了 底部回稳、震荡波动、再度回升的过程，一度创下近10年高点；A股成交额明显抬升，市场总市值历史 性地突破100万亿元大关；A股新开户投资者数量持续增长，海外资金也持续加码中国资产。 多个指数涨幅超100% 一年间，A股在市场层面实现了哪些令人振奋的变化？ A股总市值的增长同样亮眼，实现了百万亿元级别的突破——今年8月，A股市场总市值首次突破100万 亿元。数据显示，2024年9月23日，A股5324家上市公司合计总市值约为78.57万亿元；2025年9月22日， A股5430家上市公司合计总市值约为117.75万亿元。剔除上市的新股，一年间，A股总市 ...

Core Viewpoint - The securities industry is experiencing strong growth, with significant increases in revenue and net profit for brokerages, indicating a positive outlook for the sector's performance in the upcoming quarters [1]. Group 1: ETF Performance - The Broker ETF Fund (515010) has seen a net inflow of 400 million yuan over the past 18 trading days, with 17 days recording net subscriptions [1]. - As of September 23, the latest scale of the Broker ETF Fund reached 1.712 billion yuan [1]. - The Financial Technology ETF Huaxia (516100) has also shown a slight decline of 0.13%, reflecting mixed performance in the sector [1]. Group 2: Industry Financials - The China Securities Association reported that 150 brokerages achieved a year-on-year revenue growth of 23.47% and a net profit growth of 40.37% in the first half of the year [1]. - Analysts expect further increases in industry profitability in the third quarter due to sustained market activity and high margin trading balances [1]. Group 3: ETF Composition - The Broker ETF Fund (515010) tracks the securities company index, with the top ten constituent stocks accounting for 60.56% of the index weight, including major firms like CITIC Securities and Huatai Securities [2]. - The Financial Technology ETF Huaxia (516100) closely follows the CSI Financial Technology Theme Index, covering sectors such as software development and internet finance, benefiting from both market recovery and AI advancements [2].

人民财讯9月24日电，9月24日，由证券时报社主办的"2025中国证券业数字化实践高峰论坛"在北京隆重 举行。中信建投证券执委会委员、首席信息官肖钢作了《智能为引，标准强基，数据固本——中信建投 证券数字化转型实践与探索》的主题演讲。他介绍了中信建投数字化转型的一个案例——优问平台。优 问平台是中信建投于2016年推出的互联网金融服务平台，致力于为投资者提供7×24小时在线的金融咨 询服务，6000名顾问在线抢单及时解答，目前优问已成长为证券行业领先的在线咨询服务平台。据悉， 在优问平台上，客户的问题会发到全公司，然后员工进行抢答，模式类似于网约车平台的司机抢单。优 问平台每年服务量超百万级，累计已经一千多万次服务。 转自：证券时报 ...

【导读】 "9·24"新政一周年：市场获得感全面提升，A股生态重塑进行时 中国基金报记者 赵新亮 一石激起千层浪，从上市公司向"新"跨越到投资者信心回升，从政策增强市场韧性到中长期 资金加速入场，"9·24"新政实施一年来，中国资本市场完成了一次深刻的生态重塑。 2024年9月24日，一场由中国人民银行、金融监管总局、证监会联合举行的新闻发布会，成 为A股市场的重要转折点。涵盖中长期资金入市、并购重组改革、科技创新支持等在内的"政 策组合拳"被市场称为"9·24"新政。 一年后的今天，A股市场交出了一份亮眼答卷：总市值从约70万亿元增长至超100万亿元，增 幅超过30%；超过1400只个股股价翻倍，创业板指、科创50指数涨幅超过100%……这些数 字背后，是一场从政策端到市场端的全面共振，更是市场参与各方的获得感与信心的集体回 归。 "政策底"确认 "牛市"徐徐来 历史总是由关键节点塑造。2024年9月24日无疑是中国资本市场发展史上的重要坐标。 "那天下午，我盯着发布会的直播，感觉市场的风向要变了。"上海一位券商营业部经理回忆 道，"政策出台的力度和针对性都超出预期。" 政策发布后，市场"用手投票"。上证指 ...

Core Viewpoint - In August, the expectation of a Federal Reserve interest rate cut strengthened, leading to a depreciation of the US dollar and an increase in the appreciation momentum of the Chinese yuan, while market expectations remained generally stable [1][2]. Group 1: Currency Market Dynamics - The US dollar index fell from above 100 to 97.8, a cumulative decline of 2.2%, influenced by weaker employment data and concerns over the independence of the Federal Reserve [1]. - The yuan's central parity rate appreciated for the fourth consecutive month, with an average daily appreciation of 8 basis points from August 1 to 20, and an accelerated average daily appreciation of 51 basis points in late August [2]. - By the end of August, the central parity rate and onshore and offshore yuan exchange rates reached 7.1030, 7.1330, and 7.1221 respectively, appreciating by 0.7%, 0.8%, and 1.2% compared to the end of the previous month [2]. Group 2: Cross-Border Capital Flows - In August, banks recorded a surplus of $3.2 billion in foreign exchange payments, reversing a deficit of $7.7 billion from the previous month, with foreign currency payments contributing significantly to this surplus [10]. - Foreign investment in Chinese stocks reached a net inflow of $10.8 billion, the highest since February, indicating increased foreign interest in Chinese equity assets [11]. - The overall net purchase of domestic stocks and bonds by foreign investors amounted to approximately $39 billion, dominating the inflow into emerging market investment portfolios [11]. Group 3: Foreign Exchange Supply and Demand - The bank's foreign exchange settlement and sales surplus narrowed to $16.8 billion, the lowest in four months, indicating a decrease in the willingness of market participants to settle foreign exchange [16]. - The ratio of foreign exchange receipts to payments fell to 52.6%, the lowest in five months, while the payment-to-purchase ratio rose to 62.0%, the highest in seven months, suggesting a lack of accumulated expectations for yuan appreciation [16][18]. Group 4: Trade and Investment Trends - The surplus in goods trade payments decreased by $16.5 billion to $72.9 billion, reflecting a slowdown in export revenue collection [15]. - Direct investment payments recorded a deficit of $7.5 billion, with foreign income dropping to $50.2 billion, the lowest in five years, indicating a slowdown in capital inflows [12].

9月21日，第三届中国上市公司产业发展论坛在上海国际会议中心隆重召开。该论坛 是以产业发展为视角的上市公司高端峰会。本届论坛在上海市投资促进服务中心、 中国（上海）自由贸易试验区管理委员会陆家嘴管理局、长三角资本市场服务基地 指导下，由华民投联合中国上市公司产业发展论坛组委会、中国科技发展基金会、 上海天使会、上海市国资国企改革发展研究中心、上海国研未来产业研究院等机构 联合主办，申万宏源证券有限公司参与协办。来自全国各地的300家上市公司与250 余家国资代表共同与会。 在本届论坛上，申万宏源证券聚焦国资改革和市值管理与华民投、上海市国资国企改 革发展研究中心、上海市浦东新区投资促进服务中心一起联合主办了"国有资本赋能上市 公司"分论坛会议。分论坛会议由申万宏源研究所副总经理董樑主持，申万宏源研究总经 理王胜出席分论坛致辞。王胜表示，全球产业变革加速演进，我国经济正处于从量的扩张 转向质的跃升的关键阶段。党的二十大报告明确提出"深化国资国企改革，加快国有经济 布局优化和结构调整"、"健全资本市场功能，提高直接融资比重"。这一背景下，国有资 本被赋予了国之重器的战略定位，它不仅是国民经济的主导力量，更是服务国 ...

Core Viewpoint - The article provides information on the holiday trading schedule for the 2025 National Day and Mid-Autumn Festival, emphasizing the opportunities for investors to utilize idle funds through government bond reverse repos during the holiday period [5][9]. Trading Schedule - The A-shares market will be closed from October 1 (Wednesday) to October 8 (Wednesday), reopening on October 9 (Thursday) [5]. - The Hong Kong Stock Connect will also be unavailable from October 1 to October 8, resuming on October 9 [5]. Government Bond Reverse Repo - Government bond reverse repos are described as short-term loans where individuals lend their funds to earn fixed interest, with government bonds used as collateral [9]. - The safety and yield of government bond reverse repos are highlighted, especially during month-end, quarter-end, year-end, and pre-holiday periods when rates tend to rise [9]. - The minimum investment threshold for participating in government bond reverse repos is set at 1,000 yuan [13]. Interest Calculation - The interest calculation period is defined as the actual number of days the funds are occupied, from the first settlement date to the maturity date [10]. - Specific interest calculation days for various terms are provided, indicating the potential earnings during the holiday [11][14]. Participation Pathways - Investors can participate in government bond reverse repos through the Shenwan Hongyuan Securities APP, with clear instructions on accessing the relevant sections for trading [12][16]. - The article encourages investors to consider different term products based on their yield and personal financial needs [13]. Investment Tips - Investors are advised to operate a one-day reverse repo two trading days before the holiday to maximize holiday earnings without affecting other trading activities [13]. - The article suggests selecting higher-yielding products when different term products have the same interest calculation days [13].