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]

Market Overview - The Shanghai Composite Index closed at 3821.83, down 0.18%, while the Shenzhen Component Index fell by 0.29% to 13119.82. The ChiNext Index increased by 0.21% to 3114.55, and the STAR Market 50 Index decreased by 0.10% to 1407.30. The CSI 300 Index also saw a slight decline of 0.06%, closing at 4519.78 [1][7]. Industry Dynamics - In August 2025, China's domestic gaming market revenue was 29.263 billion yuan, a year-on-year decrease of 13.01%. The decline was attributed to the high revenue base from the previous year due to the success of the game "Black Myth: Wukong" [5][23]. - OpenAI and NVIDIA announced a strategic partnership to build and deploy AI data centers with a capacity of at least 10 gigawatts, with NVIDIA planning to invest up to 100 billion USD to support this initiative [5][24]. - In August 2025, China's engineering machinery exports increased by 15.4% year-on-year, with total exports amounting to 5.115 billion USD. The total trade volume for engineering machinery in the first eight months of 2025 reached 40.398 billion USD, reflecting an 11% year-on-year growth [5][26]. Company Updates - Bairen Medical (688198.SH) has entered the special review process for its radiofrequency ablation system, which is designed for treating atrial fibrillation [5][28]. - Xiangcai Co., Ltd. (600095.SH) announced that the audit and due diligence related to its major asset restructuring have been largely completed, with further steps to be taken in accordance with legal regulations [5][31].

| 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事件的日期相 | | --- | --- | --- | --- | --- | --- | | | | | 股份數目 | | (請參閱上述*註 有投票權股(日/月/年) 權 | | | | | | | 份百分比 | | CS20250923E00248 | 4.270,600(L) 易方达基金管理有限公司 | 1101(L) | | HKD 18.8667 | 172,323,200(L) 10.02(L) 18/09/2025 | 增持后，易方达基金管理有限公司最新持股数目为172,323,200股，持股比例由9.78%上升至10.02%。 | 股份代號: | 06886 | | --- | --- | | 上市法國名稱: | 華泰證券股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 24/08/2025 - 24/09/2025 | 格隆汇9月24日丨根据联交所最新权益披露资料显示，2025年9月18日，华泰证券(06886.HK)获易方 ...

近日，证券时报记者采访了多家券商财富管理业务分管高管及业务负责人。他们普遍认为，需进一步加 大制度与产品供给，尤其针对投顾业务，要不断完善考核、激励等基础制度。同时，业内人士还呼吁， 共建行业生态，避免低水平价格竞争，将更多资源投入投教、投研及客户服务中。 人民财讯9月24日电，站在"9.24"一揽子金融政策落地一周年的新起点，中国财富管理市场下一步如何 夯实制度根基、提升专业能力、构建健康生态，成为证券行业共同的议题。 ...

格隆汇9月24日丨根据联交所最新权益披露资料显示，2025年9月18日，中国银河(06881.HK)获易方达基金管理有限公司在场内以每股均价10.908港元增持 910.85万股，涉资约9935.55万港元。 | 震格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | 持有權益的股份數目 佔已發行的 有關事件的日期相關 | | | --- | --- | --- | --- | --- | --- | | | 股份數目 | | | (請參閱 拉 * 註 | 有投票權股(日/月/年) 權強 | | | | | | | 份自分比 | | CS20250923E00247 | 易方达基金管理有限公司 9,108,500(L | 1101(L) | HKD 10.9080 | 370,678,500(L) | 10.04(L)18/09/2025 | 增持后，易方达基金管理有限公司最新持股数目为370,678,500股，持股比例由9.80%上升至10.04%。 | 股份代號: | 06881 | | --- | --- | | 上市法國名稱: | 中國銀河証券股份有限 ...

本公告所附民生证券现有上交所、深交所、北交所、全国中小企业股份转让系统的股权类在审、已注册 尚未完成发行、已获同意未完成挂牌、持续督导项目清单中项目，以及所有其他在辅导、债券承销、受 托管理以及财务顾问等项目，自2025年9月23日起迁移并入国联民生承销保荐，民生证券签署的上述项 目相关协议均由国联民生承销保荐继续履行，原协议中民生证券的权利义务全部由国联民生承销保荐承 继，并由国联民生承销保荐按照原协议约定继续为客户提供服务。 格隆汇9月24日丨国联民生(01456.HK)发布公告，根据相关要求，公司已完成发行股份购买民生证券 99.26%股份并募集配套资金相关事项，并妥善有序推进整合工作。公司收购民生证券前通过全资子公 司国联民生证券承销保荐有限公司(以下简称"国联民生承销保荐"，曾用名：华英证券有限责任公司)开 展投资银行业务。本次收购后国联民生承销保荐与民生证券投资银行业务整合工作稳步推进，并将国联 民生承销保荐确定为公司投资银行业务整合后的业务开展主体，现就投资银行业务整合所涉客户与业务 迁移及合同承继相关事项公告如下： ...

Core Insights - The Hong Kong IPO market has shown strong activity since Q3, with a significant increase in financing driven by a surge in new listings and overseas capital inflow [1][2] - Deloitte's report predicts that the Hong Kong IPO market will maintain its position as the world's leading market for new stock financing in the first three quarters of 2025, with total financing expected to reach between HKD 250 billion and HKD 280 billion for the entire year [1][3] Financing Growth - In the first three quarters of 2025, the Hong Kong IPO market is expected to see 66 new listings raising HKD 182.3 billion, representing a 47% increase in the number of new stocks and a 228% increase in financing compared to the same period last year [2] - Major companies such as CATL, Hansoh Pharmaceutical, and Sanhua Intelligent Control have raised over HKD 10 billion each, contributing significantly to the overall financing growth [2] Market Dynamics - The influx of overseas capital and regulatory support for mainland companies to list in Hong Kong are key factors driving the market's robust performance [2][4] - The Hong Kong Stock Exchange is currently processing over 230 listing applications, including several large IPOs, indicating a strong pipeline for future listings [3] Future Outlook - The anticipated interest rate cuts by the Federal Reserve are expected to inject additional liquidity into the global market, benefiting the Hong Kong IPO market in Q4 2025 [3][4] - Deloitte's revised forecast for the entire year suggests that the market will see 80 new listings, with a financing range of HKD 250 billion to HKD 280 billion, reflecting a significant upward adjustment from previous estimates [3]

Group 1 - The Hong Kong IPO market has shown strong activity since the third quarter, with a significant increase in financing driven by a surge in companies filing for listings [1][2] - Deloitte's report predicts that the Hong Kong IPO market will maintain its position as the world's largest in terms of financing for the first three quarters of 2025, with total financing expected to reach between HKD 250 billion and HKD 280 billion [1][4] - The influx of overseas capital and regulatory encouragement for mainland companies to list in Hong Kong are key factors contributing to the growth of the IPO market [3][5] Group 2 - In the first three quarters of 2025, the Hong Kong IPO market is expected to see 66 new listings, raising HKD 182.3 billion, representing a 228% year-on-year increase in financing [2][4] - Notable companies such as CATL, Hengrui Medicine, and Sanhua Intelligent Control have raised over HKD 10 billion each through the "A+H" listing model, significantly boosting overall market financing [3] - The performance of these stocks in the secondary market has been strong, with cumulative price increases exceeding 70% since their listings [3] Group 3 - The fourth quarter of 2025 is anticipated to continue the strong momentum of the Hong Kong IPO market, supported by the Federal Reserve's potential interest rate cuts, which may lead to increased liquidity [4][5] - Deloitte estimates that there will be 80 new listings in the Hong Kong IPO market for the entire year of 2025, with total financing projected to be between HKD 250 billion and HKD 280 billion, a significant increase from previous forecasts [4] - The market is expected to see a diverse range of new listings, including those from pharmaceutical, specialized technology, and consumer sectors [4][5]

● 本报记者 葛瑶 日前，银河证券联合北京市晓更助残基金会、融爱融乐心智障碍者家长支持中心等慈善机构，成功在京 举办筹款慈善音乐会。鸣石基金、念空科技、艮岳投资、巨量边界、量子金服、阳泽投资、无隅资产、 启林投资和简文投资等多家知名私募管理人积极参与并捐款。 这场音乐会的主角是一群特殊的"心青年"——心智障碍者群体。他们用音乐展现了生命的坚韧，也让在 场的金融从业者进一步加深了对企业社会责任的理解。作为本次活动的公益支持方，银河证券以实际行 动践行"政治性"和"人民性"的企业使命，体现国有金融企业服务人民的责任担当，诠释资本向善的时代 价值。 聚焦民生关切 奏响公益乐章 以资本之能，解社会之需。此次慈善音乐会旨在为心智障碍者群体筹集就业支持资金，促进社会各界对 这一特殊群体的了解与关注。银河证券表示，作为国企券商始终把"政治性"和"人民性"放在首位，本次 参与组织活动正体现其"人民性"的一面。 融爱融乐目前和多家酒店、餐饮企业合作设立就业实习基地，让心智障碍青年尝试布草整理、物品分拣 等基础岗位，但类似的机会仍属稀缺。这些青年需要经过漫长的转型期才能真正融入职场，而这一过程 离不开就业辅导员的陪伴与指导。音乐 ...