Report Industry Investment Rating No relevant content provided. Core Viewpoints - Today, convertible bonds declined following the underlying stocks, while the valuation increased on a month - on - month basis [1] - The large - cap value style was relatively dominant, and the trading sentiment in the convertible bond market heated up [1] Summary by Directory 1. Market Main Index Performance - The CSI Convertible Bond Index decreased by 0.18% month - on - month, the Shanghai Composite Index decreased by 0.18%, the Shenzhen Component Index decreased by 0.29%, the ChiNext Index increased by 0.21%, the SSE 50 Index decreased by 0.09%, and the CSI 1000 Index decreased by 1.09% [1] - In terms of market style, large - cap growth rose by 0.42%, large - cap value rose by 0.64%, mid - cap growth decreased by 0.36%, mid - cap value decreased by 0.59%, small - cap growth decreased by 0.04%, and small - cap value decreased by 0.35% [1] 2. Market Fund Performance - The trading volume of the convertible bond market was 83.594 billion yuan, a month - on - month increase of 16.18%; the total trading volume of the Wind All - A was 2.518471 trillion yuan, a month - on - month increase of 17.55% [1] - The net outflow of the main funds in the Shanghai and Shenzhen stock markets was 76.167 billion yuan, and the yield of the 10 - year treasury bond increased by 1.23bp to 1.88% on a month - on - month basis [1] 3. Convertible Bond Valuation - The weighted average closing price of convertible bonds was 128.51 yuan, a month - on - month decrease of 0.17%. The closing price of equity - biased convertible bonds was 176.30 yuan, a month - on - month decrease of 0.40%; the closing price of bond - biased convertible bonds was 116.52 yuan, a month - on - month increase of 0.01%; the closing price of balanced convertible bonds was 124.70 yuan, a month - on - month decrease of 0.21% [2] - The proportion of high - price bonds above 130 yuan was 47.07%, a month - on - month decrease of 0.59pct; the proportion of the 120 - 130 (including 130) range increased by 0.31pct. There were 0 bonds with a closing price below 100 yuan. The median price was 128.34 yuan, a month - on - month decrease of 0.30% [2] - The fitted conversion premium rate of 100 - yuan par value was 27.55%, a month - on - month increase of 0.28pct; the overall weighted par value was 99.40 yuan, a month - on - month decrease of 0.39%. The premium rate of equity - biased convertible bonds was 8.02%, a month - on - month decrease of 0.59pct; the premium rate of bond - biased convertible bonds was 86.45%, a month - on - month increase of 2.88pct; the premium rate of balanced convertible bonds was 22.58%, a month - on - month increase of 0.27pct [2] 4. Industry Performance - In the A - share market, the top three industries with the largest declines were social services (-3.11%), commerce and retail (-2.90%), and computers (-2.39%); the top three industries with the largest increases were banks (+1.52%), coal (+1.11%), and power equipment (+0.43%) [3] - In the convertible bond market, 19 industries declined. The top three industries with the largest declines were machinery and equipment (-4.15%), communications (-2.74%), and household appliances (-1.66%); the top three industries with the largest increases were environmental protection (+2.37%), automobiles (+1.06%), and petroleum and petrochemicals (+0.29%) [3] - In terms of closing price, large - cycle increased by 0.04%, manufacturing decreased by 0.90%, technology decreased by 1.14%, large - consumption decreased by 0.34%, and large - finance decreased by 0.13% [3] - In terms of conversion premium rate, large - cycle increased by 1.1pct, manufacturing increased by 0.98pct, technology increased by 0.66pct, large - consumption increased by 1.3pct, and large - finance increased by 0.7pct [3] - In terms of conversion value, large - cycle decreased by 0.76%, manufacturing decreased by 1.48%, technology decreased by 1.23%, large - consumption decreased by 1.45%, and large - finance decreased by 0.52% [3] - In terms of pure bond premium rate, large - cycle increased by 0.035pct, manufacturing decreased by 1.3pct, technology decreased by 1.8pct, large - consumption decreased by 0.44pct, and large - finance decreased by 0.14pct [4] 5. Industry Rotation - The banking, coal, and power equipment industries led the gains. For example, the daily increase of the banking industry's underlying stocks was 1.52%, and the daily increase of convertible bonds was 0.06%; the daily increase of the coal industry's underlying stocks was 1.11%, and the daily increase of convertible bonds was -0.66%; the daily increase of the power equipment industry's underlying stocks was 0.43%, and the daily increase of convertible bonds was 0.16% [55]

来源：环球市场播报 自年初市场从回调中反弹以来，卖方策略师不断地上调股票市场目标，但却总是低估了这轮涨势的力 度。 创纪录的上涨使标普500指数目前高出策略师平均年末预测近3%，该预测值现为6，486点。过去在每年 的现在这个时点，策略师预期与市场实际回报相差如此之大，仅在2024年和1999年出现过。 这一差距凸显出华尔街预言家们正在经历的尴尬处境：股价一路走高，无视总统唐纳德·特朗普发起的 贸易战以及美国经济降温的迹象所引发的担忧。 推动因素包括出乎意料的强劲盈利增长、抓住人工智能突破机遇的科技巨头所激发的热情，以及最近一 段时间里对美联储进一步降息的预期。 Evercore ISI首席股票与量化策略师Julian Emanuel表示："真正令我们感到意外的是，这轮上行几乎毫无 停歇，几乎没有出现任何像样的回调。" 在上调后，他对标普500的年末目标为6，250点。他最近还表 示，预计该指数到2026年底前升至7，750点。相比之下，标普500指数周一收于略低于6，700点。 美联储上周在暂停九个月后重启降息，也成为最新一波看多理由，令市场对这轮涨势的延续更抱希望。 巴克莱的数据显示，过去半个世纪里，美联 ...

Core Viewpoint - The launch of the "Bank of China - UnionPay" Jinxiu China debit card in Frankfurt marks a significant step in enhancing cross-border payment convenience for key demographics, promoting the internationalization of the Renminbi, and spreading Chinese culture and image in Europe [1][2]. Group 1: Product Launch and Features - The "Bank of China - UnionPay" Jinxiu China debit card is designed to cater to business travelers, tourists, local residents, overseas Chinese, Chinese-funded enterprises, and students, providing convenient, safe, and cost-effective cross-border payment services [1]. - This product is the first of its kind to be introduced in Europe, aiming to improve payment convenience for those traveling to China [2]. Group 2: Market Trends and Demand - There is a growing trend among German consumers to use debit cards for high-value and frequent transactions, driven by the increase in cross-border payments and e-commerce demand [1]. - The expansion of China's visa-free travel policies is leading to a stronger willingness among foreign nationals to visit China and a rising demand for Renminbi payments [1]. Group 3: Strategic Importance - The Bank of China Frankfurt branch is the only Chinese bank in Germany authorized to conduct both corporate and personal business, as well as being a local Renminbi clearing bank, which positions it uniquely to enhance cross-border financial services [2]. - The collaboration with UnionPay leverages the global network advantages of UnionPay, further facilitating overseas consumption and travel for customers [1].

Market Performance - On September 23, 2025, the A-share market showed signs of recovery in the afternoon, with the Shanghai Composite Index closing down by 0.18% at 3,821.83 points[2][13] - The Shenzhen Component Index fell by 0.29% to 13,119.82 points, while the ChiNext Index rose by 0.21% to 3,114.55 points[2][13] - The total market turnover reached 25,184.66 billion yuan, an increase of 3,760.10 billion yuan compared to the previous trading day[2][13] Sector and Style Analysis - Among the 30 CITIC first-level industries, the banking sector performed relatively well with a gain of 1.55%, while consumer services saw a decline of 3.86%[2][18] - The performance ranking of market styles showed that large-cap value stocks outperformed large-cap growth stocks, with the overall performance of the CSI All Share Index exceeding that of fund-heavy stocks[2][18] Capital Flow - On September 23, 2025, the net outflow of main funds was 996.85 billion yuan, with large orders contributing to a net outflow of 625.67 billion yuan[3][22] - Small orders continued to see a net inflow of 965.31 billion yuan, indicating a shift in investor sentiment towards smaller stocks[3][22] ETF Activity - Major ETFs such as the Huaxia SSE 50 ETF and the Huatai-PB CSI 300 ETF saw significant increases in trading volume, with changes of +14.45 billion yuan and +19.63 billion yuan respectively[3][27] - The trading volume for the SSE 50 ETF reached 33.74 billion yuan, while the CSI 300 ETF reached 48.60 billion yuan on the same day[3][27] Global Market Overview - On September 23, 2025, the Hang Seng Index fell by 0.70% to 26,344.14 points, while the S&P/ASX 200 Index in Australia rose by 0.40% to 8,845.90 points[4][30] - The US stock market saw the Dow Jones Industrial Average increase by 0.14% to 46,381.54 points, and the Nasdaq Composite Index rose by 0.70% to 22,788.98 points[5][30]

眼下的中美关系，能用"山雨欲来风满楼"来形容。当地时间9月17日，美联储宣布降息25个基点，这是2025年以来的首次降息动作，消息传出后全球市场立 刻炸了锅。 几乎在同一时间，关于特朗普10月底可能访华的消息也在持续发酵。这两个重磅消息碰到一起，绝不是简单的巧合。 回顾2025年以来的中美经贸较量，用"激烈"二字都不足以形容。 从2月份特朗普以芬太尼问题为由对中国商品加征10%关税开始，到3月份关税翻倍至20%，再到4月份飙升至145%的高位，双方已经进行了四轮正式谈判。 每一次交锋，都伴随着全球股市的剧烈震荡。5月份的日内瓦会谈虽然让关税暂时回落至30%和10%，但90天的缓冲期眼看就要到期。 4月中旬开始，中方的反制措施让美国企业切实感受到了疼痛。 中国民航局要求国内航空公司暂停接收波音飞机，并停止采购相关设备零部件。根据波音公司的计划，本应在2025年向中国客户交付约50架飞机，这些订单 占波音积压订单的约10%。 波音CEO奥特伯格在4月23日公开证实，已有至少三架完成定制的飞机被中国客户拒收，两架已经飞回美国。结果就是波音2025年二季度净亏损6.12亿美 元，虽然比去年同期的14.39亿美元有所收 ...

恒生银行回购明细 | 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.09.23 | 20.00 | 118.800 | 116.800 | 2357.00 | | 2025.09.22 | 20.00 | 118.300 | 116.800 | 2349.06 | | 2025.09.18 | 20.00 | 119.600 | 118.500 | 2379.52 | | 2025.09.17 | 20.00 | 119.300 | 118.400 | 2380.14 | | 2025.09.16 | 20.00 | 119.700 | 118.400 | 2379.92 | | 2025.09.15 | 20.00 | 119.600 | 118.700 | 2384.98 | | 2025.09.12 | 21.00 | 119.800 | 119.100 | 2509.09 | | 2025.09.11 | 21.00 | 119.200 | 117.900 | 248 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 9.61 CNY per share, corresponding to a PB of 0.70 for 2025 [4][7]. Core Views - The company's revenue growth has shown marginal improvement, with a cumulative year-on-year growth of -3.4% for revenue, +0.6% for net profit attributable to the parent company, and a decrease in net interest income by 5.5% [11]. - The loan portfolio has expanded steadily, with a year-on-year growth of 5.2%, primarily driven by corporate loans, which increased by 7.8% [11]. - The net interest margin remains under pressure at 1.39%, but there is significant potential for improvement in funding costs as high-interest deposits are re-priced [11]. - Asset quality remains stable, with a non-performing loan ratio holding steady, while the attention ratio has increased slightly to 1.77% [11]. Financial Summary - The company's projected net profit attributable to the parent company for 2025 is 12,415 million CNY, reflecting a year-on-year growth of 1.0% [6]. - The earnings per share (EPS) for 2025 is estimated at 1.29 CNY, with a book value per share (BVPS) of 13.81 CNY [4][6]. - The total assets are projected to reach 1,583,350 million CNY by 2025, with a capital adequacy ratio of 17.73% [14].

9月23日，A股全天宽幅震荡，创业板指盘中跌超2%后尾盘强势翻红。 截至收盘，上证指数跌0.18%，深证成指跌0.29%，创业板指涨0.21%，A股全天成交2.52万亿元，上日成交2.14万亿 元。 | | | 各板块最近五个交易日主力资金净流入数据 (亿元) | | | --- | --- | --- | --- | | 日期 | 沪深300 | 创业板 | 科创板 | | 2025-9-23 | -195.08 | -249.03 | -6.85 | | 2025-9-22 | -26.00 | -99.42 | -20.83 | | 2025-9-19 | -63.64 | -189.81 | -22.65 | | 2025-9-18 | -215.14 | -396.70 | -35.40 | | 2025-9-17 | -97.05 | -45.70 | -15.56 | | | | 尾盘资金净流入数据(亿元) | | | 2025-9-23 | 9.67 | 38.29 | -0.51 | | 2025-9-22 | 7.18 | 25.48 | 2.27 | | 2025-9-19 | -15. ...

Group 1 - The report highlights a significant decline in the stock market, with the Wind All A Index dropping by 0.63% and a trading volume of 2.52 trillion yuan, an increase of 376 billion yuan from the previous day [1][2] - There was a net outflow of 10.2 billion yuan from stock ETFs, with the major outflows occurring in chip-related ETFs, indicating a cautious outlook on the index market [2][3] - The semiconductor equipment ETF saw a net inflow of 200 million yuan, suggesting a targeted investment strategy within the semiconductor sector [2][3] Group 2 - The Hong Kong stock market experienced larger declines than the A-share market, with the Hang Seng Index and Hang Seng Tech Index falling by 0.70% and 1.45% respectively, influenced by hawkish signals from multiple Federal Reserve officials [3] - Despite the overall market pressure, Alibaba continued to attract significant net inflows, indicating investor confidence in its AI narrative and business expansion [3][4] - The report suggests that while there is pressure on thematic investments, there remains resilience as funds seek new consensus, indicating potential opportunities in sectors like semiconductor equipment and energy storage [3][4] Group 3 - The bond market is experiencing upward pressure on yields, primarily driven by concerns over the potential impact of new redemption fee regulations for bond funds [4][5] - Institutions are reportedly accelerating the redemption of bond funds, which may lead to a preemptive release of market risks [5][6] - The report emphasizes that leveraging and coupon strategies remain the best safe havens in the current bond market environment [6] Group 4 - The commodity market is showing signs of weakness, with precious metals like gold and silver continuing to rise, while basic metals are underperforming [7][8] - The report notes a significant outflow of funds from the new energy sector, particularly in polysilicon, reflecting pressure on previously high-valued commodities [7][8] - The overall sentiment in the commodity market is shifting from policy-driven narratives to a focus on actual supply and demand conditions, indicating a need for careful monitoring of inventory and demand recovery [8]

AI播客：换个方式听新闻 下载mp3 音频由扣子空间生成 美国利率波动率骤降，正让华尔街一种热门的金融市场动荡对冲策略陷入困境。 近年来，各大银行一直在开发并销售"保护性量化投资策略（QIS）"，这类策略与市场对利率波动的长期预期挂 钩。此类产品本质是"系统性交易组合"，以互换合约形式售予对冲基金、养老金等机构，为其抵御重大经济风险提 供"保险"。 多数QIS策略围绕"10年/20年期互换期权"（10-year/20-year swaptions）构建——这类10年期期权允许投资者签订20 年期利率互换合约。它们既是应对利率波动的保护工具，也能反映市场对未来波动率的预期。 彭博汇编数据显示，当前各类资产的波动幅度普遍收窄，上述互换期权所隐含的波动率正迎来2023年11月以来的最 大单月跌幅。LumRisk的数据显示，这意味着大量旨在从合约波动率飙升中获利的QIS策略，本月已录得2.6%的平 均亏损。 长端利率波动率近期暴跌 表面看这一亏损幅度不大，但在利率交易与QIS领域已是显著。巴克莱集团策略师表示，波动率骤降正将原本的防 御性头寸转化为亏损来源，并将这种"预期波动率暴跌"现象描述为"波动性末日（volma ...