过去一年，券商财富管理业务有哪些深刻变化？ 2024年"9·24"一揽子金融政策落地以来，A股市场回暖，日均成交额明显增长，且已站稳2万亿元关口。 多名受访券商人士表示，他们注意到新一代投资者带着更理性的配置思维入场，不再盲目追逐"龙头股"或"明 星基金经理"，更多借助ETF（交易型开放式指数基金）等工具参与市场。 过去一年的市场繁荣对券商财富管理业务而言，既是机遇也是挑战。如何在投资者需求升级迭代的变局中，找 到从"规模扩张"转向"价值创造"的第二增长曲线，成为券商财富管理业务的核心议题。 ETF投资崛起与配置觉醒 多位券商人士向券商中国记者表示，过去一年，伴随A股吸引力上升，投资者的投资习惯、配置需求、投资偏 好发生显著变化。 "投资者对权益资产的配置热情显著增强"是多名受访人士观察到的明显变化。中泰证券首席财富官胡增永谈 到，当前个人投资者的投资行为呈现"指数化""机构化""配置化"三条较为清晰的主线，"指数化"带来低成本的 β（贝塔）收益，"机构化"解决了产品选择与风险控制，"配置化"则实现收益增强与风险对冲，协同推动个人 投资者从"追涨杀跌"的1.0时代，迈入"资产配置"的2.0时代。 其中，ETF ...

来源：市场投研资讯 美联储降息是指美国联邦公开市场委员会（FOMC）下调联邦基金利率的行为。该利率是美国银行间互 相借贷的隔夜利率，其变动会传导至各类贷款利率和资产收益率，进而影响实体经济与金融市场。美联 储降息通常出于两类动机：一是"预防式降息"，即在经济尚未出现明显衰退但增长放缓、就业市场疲软 或通胀压力缓解时，提前采取宽松政策以防范风险；二是"危机式降息"，即在金融系统出现如金融危 机、疫情冲击等严重问题时，为缓解流动性紧张和经济衰退压力而快速大幅降息。 根据招商证券的研报分析，本次降息属于"预防式降息"。当前美国经济呈现明显的分化：一方面，与人 工智能、云计算等相关的科技领域投资保持强劲，企业资本开支计划积极；另一方面，传统制造业活动 持续处于收缩区间，衡量制造业景气程度的采购经理人指数PMI多月位于荣枯线下方，房地产市场在经 历前期利率高企后依然表现疲软。同时，最新的就业数据显示新增岗位数量放缓，失业率有所抬升。尽 管通胀水平相较于历史低点有所回升，当前支持降息的理由主要基于劳动力市场前景的恶化风险已经超 过了通胀可能持续超标的担忧。此次降息被视为一种微调，目的是在经济增长放缓迹象初现时提供支 持， ...

Group 1: Market Overview - The report highlights a decline in major market indices, with the Shanghai Composite Index closing at 3821.83 points, down by 0.17% [2] - The trading volume across various indices was significant, with a total transaction amount of 10716.97 billion yuan for the Shanghai Composite Index [2] Group 2: Wealth Management and Asset Allocation - The report discusses the trend of "deposit migration," where residents are reallocating their wealth from low-yield deposits to riskier assets, significantly impacting asset prices [5][6] - It notes that as of June 2025, deposit rates fell below 2.0%, prompting a shift in wealth allocation towards risk assets, which has been a driving force behind the current capital market rally [6] - The analysis identifies three key factors influencing changes in resident wealth: aging population, increased wealth concentration among high-net-worth individuals, and a shift towards asset management for wealth allocation [6] Group 3: Asset Management Products - The report emphasizes the expansion of asset management products in response to declining risk-free rates and the need for diversified investment solutions [7] - It highlights the importance of tailoring products to meet the varying risk appetites of investors, with a focus on stable and controlled return products for lower-risk tolerance investors [7] Group 4: Robotics and AI Infrastructure - The report notes significant investments in the robotics sector, particularly Figure's completion of over 1 billion USD in funding, indicating strong growth potential in humanoid robotics [9] - It also mentions Microsoft's commitment to invest 300 billion USD in AI infrastructure in the UK, reflecting the ongoing demand for AI-driven cloud solutions [10] Group 5: Real Estate Market Analysis - The report presents a stark contrast between the stock market, which has risen by 53% since September 2024, and the real estate market, which has seen a decline of 4.4% in housing prices [15][16] - It discusses the lack of new catalysts for the real estate market post-March 2025, leading to a divergence in performance between the stock and real estate markets [15] - The report suggests that short-term improvements in housing prices may rely on new narratives or policies rather than existing measures [16]

中泰证券（600918）认为，无人物流行业迈向全面商业化阶段。历经2010—2016的探索时期、2016— 2023的商业化突破阶段、2024年以来，无人驾驶物流车正在向全面商业化迈进。无人配送车的应用场景 从特定区域扩展到完全开放道路，头部科技公司/物流公司开始大规模量产。 国信证券认为，今年无人物流车开始进入规模化商用阶段，快递"最后一公里"成为其最先落地的应用场 景。通过无人物流车替代司机人力，快递公司进一步打开降本空间。预计顺丰和中通作为快递市场的领 头羊，其今年有望各引进几千辆的无人物流车，相比去年几百辆的量级，无人物流车呈现放量趋势。 末端配送成本占到物流总成本超30%，且随着人力成本持续上升，无人配送需求日益迫切。日前举行的 2025全球智慧物流峰会无人车论坛上透露了一组数据：截至2025年9月，中国3600个区县中，超1900个 已支持无人车上路，占比过半，政策支持范围仍在持续扩大。 ...

Core Viewpoint - Guolian Minsheng (01456.HK) has announced the integration of Minsheng Securities' investment banking projects into Guolian Minsheng's underwriting and sponsorship business, following the acquisition of 99.26% of Minsheng Securities' shares [1] Group 1: Acquisition and Integration - Guolian Minsheng has completed the acquisition of 99.26% of Minsheng Securities and is progressing with the related fundraising activities [1] - All existing projects of Minsheng Securities, including those in various stages of approval and advisory roles, will now be managed by Guolian Minsheng [1] - The integration of investment banking operations between Guolian Minsheng and Minsheng Securities is being carried out in an orderly manner, with Guolian Minsheng designated as the primary entity for these operations [1]

Key Points Summary Core Insights - The report highlights the ongoing recovery in various sectors, particularly in the automotive and semiconductor industries, driven by supportive government policies and increasing consumer demand [5][19][33]. Domestic Market Performance - The A-share market has shown a wide fluctuation, with the Shanghai Composite Index closing at 3,821.83, down 0.18%, and the Shenzhen Component Index at 13,119.82, down 0.29% [3]. - The average P/E ratios for the Shanghai Composite and ChiNext are 15.61 and 49.58, respectively, indicating a suitable environment for medium to long-term investments [9][13]. Economic Indicators - In August, the national industrial added value increased by 5.2% year-on-year, while retail sales rose by 3.4% [10][11]. - The fixed asset investment saw a slight increase of 0.5%, but real estate development investment dropped by 12.9% [10]. Industry Analysis - The automotive industry is experiencing a resurgence, with production and sales in August reaching 2.81 million and 2.86 million units, respectively, marking year-on-year increases of 12.96% and 16.44% [17][18]. - The semiconductor sector has shown robust growth, with the industry revenue for Q2 2025 reaching 188.43 billion yuan, a year-on-year increase of 13.87% [33]. Investment Recommendations - The report maintains a "stronger than the market" rating for the automotive sector, emphasizing the positive impact of government policies and the ongoing transition to electric vehicles [19][32]. - For the semiconductor industry, the report suggests focusing on domestic AI computing chip manufacturers, which are expected to gain market share due to increasing demand and supportive policies [36][37]. Sector-Specific Developments - The communication industry index outperformed the broader market, with an increase of 33.78% in August, driven by growth in 5G services and digital transformation initiatives [26][29]. - The lithium battery sector is also highlighted, with a significant year-on-year sales increase of 26.82% in August, supported by favorable policies and improved product competitiveness [32][20].

Group 1: New Floating Rate Funds Performance - The first batch of new floating rate funds established in June has shown impressive results, with 23 out of 26 funds achieving positive returns as of September 22, and 3 funds exceeding a 40% return since inception [1] - The performance variation among these funds is attributed to differences in performance benchmarks, timing of investments, and the active management capabilities of fund managers [1] - Market outlook remains optimistic, with opportunities for investment in China's industrial upgrade, despite short-term volatility [1] Group 2: A-Share Market Trends - The A-share market has shown strong performance over the past year, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rising by 39.03%, 62.31%, and 103.50% respectively [1] - The technology sector has led the valuation increase, with over 1400 stocks gaining more than 100% in the past year, and significant gains observed in communication, electronics, and comprehensive industries [1] - Analysts suggest that while the market is currently in a phase of adjustment, the medium-term trend remains positive [1] Group 3: Hong Kong IPO Market Activity - The Hong Kong IPO market has remained active in the third quarter, with a significant increase in financing driven by a surge in companies filing for listings [2] - Deloitte forecasts that the Hong Kong IPO market will maintain its position as the global leader in financing for the first three quarters of 2025, with total financing expected to reach between HKD 250 billion and 280 billion [2] - The growth in the IPO market is supported by continued inflow of foreign capital and regulatory encouragement for companies to list in Hong Kong [2] Group 4: Shanghai Top Enterprises and AI Developments - The Shanghai Top 100 Enterprises conference highlighted the expansion of the rankings from three to eight categories, reflecting the dynamic nature of the economy [3] - The upcoming 2025 Yunqi Conference will showcase advancements in AI technologies, including high-density AI servers and various AI applications [3] Group 5: Automotive Parts Industry Growth - Over 20 A-share automotive parts companies have reported significant "designated orders" from major manufacturers, indicating robust industry growth and competitiveness in the global supply chain [4] - The localization of key components in electric vehicles is increasing, which lowers costs and enhances the resilience of the supply chain [4] - Companies are also investing in humanoid robots as a future industry, aiming to capitalize on the next technological revolution [4] Group 6: Electricity Market Trends - The trend of declining electricity prices in the domestic market is becoming more pronounced, impacting profit margins for power generation companies [6] - The introduction of financial policies has led to a significant increase in market participation from patient capital, stabilizing the market and supporting a robust ecosystem [6] Group 7: Gold Market Dynamics - Gold prices have reached new highs, with COMEX gold exceeding USD 3824.6 per ounce and SHFE gold touching CNY 856.30 per gram [7] - The increase in gold prices has also been reflected in retail prices, with significant year-to-date increases noted for various jewelry brands [7] - The performance of equity assets has positively influenced the overall performance of related funds, with a high percentage of equity funds achieving net value growth [7] Group 8: Humanoid Robot Market Growth - There has been a significant increase in orders for humanoid robots from leading companies, indicating a potential for large-scale commercialization [8] - The humanoid robot industry is at a critical stage, balancing demonstration applications with technological advancements, although challenges remain in terms of cost and supply chain [8]

Group 1 - The core viewpoint is that the combination of anti-involution and de-real estate is expected to boost China's overall investment return rate (ROIC) by 20 basis points annually and long-term interest rates by 10 basis points annually [1] - It is projected that over the next three years, the central tendency of China's long-term interest rates will gradually rise to above 2.0%, with a bottom-up increase of 30 basis points [1] - The market adjustment may initially show insufficient response, followed by an accelerated reaction, with significant changes in macroeconomic expectations and monetary policy being key observation points for the eventual changes [1]

Group 1 - The report from Huatai Securities indicates that the market stabilization mechanism is continuously improving, and the positive policy tone remains unchanged, suggesting to seize structural financial opportunities [1] - In the securities sector, there is optimism about medium to long-term value reassessment opportunities, particularly for brokers with more cost-effective valuations [1] - In the banking sector, recent trends show a weaker dividend style, prompting attention to rebound opportunities under the shift of funds [1]

Group 1 - A total of 41 A-share companies are scheduled for equity registration today [1] - Among these, 41 companies plan to distribute dividends, with Jinbo Biological, Zhejiang Huaye, and Shengyi Technology offering the highest dividends of 10.00 yuan, 4.00 yuan, and 4.00 yuan per 10 shares respectively [1]