Group 1 - Postal Savings Bank of China announced the resignation of its chairman of supervisors and shareholder representative supervisor, Chen Yuejun, due to reaching the statutory retirement age [1] - The resignation will take effect on September 23, 2025 [1]

（原标题：香港金管局通过贴现窗口向银行提供3.76亿港元流动性） 智通财经APP获悉，9月23日，香港金管局通过贴现窗口向银行提供3.76亿港元流动性。 ...

通报显示，朱灿璋接受可能影响公正执行公务的宴请和打高尔夫球活动，违规收受礼品礼金问题。2018 年至2023年，朱灿璋多次违规接受管理和服务对象安排的宴请，饮用高档酒水；多次接受私营企业主安 排的打高尔夫球活动，相关费用由对方支付；多次收受管理和服务对象所送高尔夫球包、手机等礼品。 朱灿璋还存在其他严重违纪违法问题，被开除党籍、开除公职，涉嫌犯罪问题被移送检察机关依法审查 起诉。 北京商报讯（记者 孟凡霞 周义力）9月23日，据中央纪委国家监委网站消息，中央纪委国家监委今日公 开通报八起违反中央八项规定精神典型问题。其中，中国进出口银行原公司客户部总经理朱灿璋被通 报。 ...

Market Overview - The market showed a divergence with the ChiNext index rising by 0.21%, while over 4,200 stocks were declining, indicating a disconnect between index performance and individual stock movements [1][4] - The Shanghai Composite Index fell by 0.18% and the Shenzhen Component Index dropped by 0.29%, highlighting a general trend of individual stock declines despite some sector gains [4] Sector Performance - The semiconductor sector demonstrated strong performance, with stocks like Changchuan Technology hitting the daily limit up of 20%, driven by recent industry recovery and reasonable valuations attracting funds back into the market [3] - Banking stocks, led by Nanjing Bank, also saw gains, with some banks rising over 3%, as investors sought safer investments amid market volatility [3] - The port and shipping sector performed well, with stocks like Nanjing Port and Ningbo Shipping reaching daily limits, likely due to recent improvements in freight data and supportive policies for the logistics industry [3] Underperforming Sectors - The tourism and hotel sectors faced significant declines, with leading companies like Huazhong Hotel and Tibet Tourism hitting the daily limit down, reflecting a correction after previous speculative gains based on travel recovery expectations [3] - The Huawei supply chain also experienced sharp declines, with stocks like Kaipu Cloud dropping over 10%, as profit-taking occurred after substantial prior gains [3] Investment Strategy - The current market environment emphasizes the importance of avoiding impulsive trading decisions, such as chasing high-performing sectors or attempting to bottom-fish in declining sectors without clear support [4] - Investors are advised to focus on stocks with strong earnings support and favorable policies, particularly within resilient sectors like semiconductors and undervalued banking stocks [4] - Maintaining a balanced portfolio and not fully committing to one direction is crucial to manage risks associated with market volatility [4]

美联储正着手降息，全球主要资产价格高歌猛进。 隔夜，英伟达对OpenAI的巨额投资再次引爆AI热潮，推动美国三大股指接连刷新高点。其中，标准普尔500指数今年第28次创下新高。 COMEX黄金价格在周一收盘在3775.10美元，创下年内第36个收盘历史新高，经通胀调整后的黄金价格已超过1980年1月的高点。今年以来，金价 累计涨幅已达约43%。 风险资产与避险资产同步攀升至历史高点，这种矛盾且罕见局面，让投资者怀疑市场"完美定价"了吗？是否已经充分反映所有利好，未来涨不动 了？ 01 市场远未"完美定价"，还要"涨涨涨"？ 美国银行策略师Michael Hartnett指出，关税削减、税收削减和利率削减共同构成了"高热运行"（run-it-hot）的政策环境，并为经济和股市提供了 隐性的"大到不能倒"担保。尽管泡沫迹象明显，但可能尚未见顶。 德意志银行9月22日发布的研报认为，市场远未达到"完美定价"的状态，认为"市场几乎没有进一步上涨空间的观点是错误的"。反而充斥着对未来 风险的担忧，但这也为市场潜在的上涨提供了空间。 比如，黄金价格创历史新高、持续的通胀和关税担忧、劳动力市场放缓以及央行降息预期，都反映出 ...

美联储正着手降息，全球主要资产价格高歌猛进。 隔夜，英伟达对OpenAI的巨额投资再次引爆AI热潮，推动美国三大股指接连刷新高点。其中，标准普尔500指数今年第28次创下新高。 COMEX黄金价格在周一收盘在3775.10美元，创下年内第36个收盘历史新高，经通胀调整后的黄金价格已超过1980年1月的高点。今年以来，金价 累计涨幅已达约43%。 比如，黄金价格创历史新高、持续的通胀和关税担忧、劳动力市场放缓以及央行降息预期，都反映出市场已计入大量潜在的下行风险。 换句话说，一旦这些被定价的风险未能成为现实，或者情况好于预期，市场反而可能迎来进一步的上行空间。 汇丰9月22日发布的《上涨，上涨，再上涨》研报指出，美国经济数据的重新加速迹象与美联储的降息构成了一个"强有力的催化剂"，将继续推动 风险资产走高。 各类资产价格正呈现普遍的上涨态势。我们认为，好戏还在后头。 高盛交易员Paolo Schiavone则从市场情绪角度补充，认为当前市场弥漫着一种"货币正在贬值，持有不如消费或投资"的感觉，这也在助推资金涌 入风险资产。这种情绪迫使表现落后的基金经理不得不追逐高风险、高贝塔值的投资标的，以求在年底奖金季前跟上 ...

智通财经APP讯，恒生银行(00011)公布，2025年9月23日耗资约2357万港元回购20万股股份。 ...

当地时间9月22日，美国三大股指接连刷新历史高位，市场情绪高涨。同时，作为避险资产的黄金仍强 势上行，现货金价站上每盎司3750美元，市场似乎步入了押注美联储大幅降息的模式。 德意志分析师亨利·艾伦（Henry Allen）在最新发布的报告中表示，近期风险资产与黄金价格同时创下 历史新高，反映出市场已计入大量潜在下行风险，市场情绪并非完全乐观，存在一定的谨慎情绪，如果 已被定价的风险未成为现实，市场仍有进一步的上行空间。 但需要注意的是，艾伦的判断建立在美联储降息符合预期且美国企业盈利得以兑现的假设上，如若美联 储超预期"鹰派"或美股第三季度营收增速不及预期，很可能将放大美股的下行压力。 华尔街知名投资人、投资咨询公司亚德尼研究公司（Yardeni Research）创始人爱德华·亚德尼（Ed Yardeni）分析表示，最近的美股涨势与20世纪90年代末的科技泡沫有些相似。他警告称，即使美股企 业的盈利继续改善，当前的估值也已过高。 多位美联储官员给降息预期"泼冷水" 面对市场愈发激进的降息预期，一日之内多位美联储官员均释放"鹰派"信号。据芝商所"美联储观察"工 具，市场预计美联储将分别在10月、12月各降息 ...

Group 1 - Deutsche Bank analysts indicate that the recent surge in gold prices to historical highs suggests underlying panic in the stock market, as gold is typically viewed as a safe-haven asset during economic uncertainty [1] - The market is increasingly concerned about potential government shutdowns in the U.S. and slowing job growth, which are contributing to the fear reflected in rising gold prices [1] - Credit Suisse notes that comments from Fed Governor Milan regarding a potential 150 basis point rate cut have had minimal impact on market expectations, as evidenced by the continued rise in two-year Treasury yields [1] Group 2 - ING maintains a neutral stance on U.S. Treasuries in the short term, while looking for opportunities to short 10-year Treasuries, anticipating a rise in yields to 4.5% by 2026 [2] - Morgan Stanley suggests that the likelihood of the Bank of England cutting rates in December is low, despite potential economic weakness, with expected rate cuts in February and April [2] - CICC reports a continued trend of deposit migration, primarily driven by a shift towards equity markets, although the pace of this migration has slowed [2] Group 3 - Huatai Securities predicts an acceleration of the "East rises, West declines" trend in the semiconductor equipment market in China, with global equipment company revenues expected to grow by 24% year-on-year by Q2 2025 [3] - CITIC Securities highlights that the Democratic Republic of Congo's new cobalt export quotas may lead to a significant increase in cobalt prices due to supply constraints [4] - CITIC JianTou expresses optimism about the robotics sector, driven by advancements in Tesla's Optimus and other companies, indicating a return to technology growth as a key investment theme [5] Group 4 - CITIC Securities notes that solid-state battery trials are beginning, with a focus on improving interface and pressure conditions to address key challenges [6] - CITIC JianTou forecasts that global investment in power grids will exceed $400 billion by 2025, driven by rising electricity demand and increased capital expenditures from major companies [7] - Galaxy Securities reports that positive factors for banks are accumulating, suggesting a potential turning point for mid-term performance improvements [8] Group 5 - Galaxy Securities continues to favor sectors related to computing power, including PCB, domestic computing, IP licensing, and chip inductors, anticipating a recovery in the foldable screen market by 2026 [9] - Everbright Securities indicates that domestic engineering machinery sales are performing well despite seasonal trends, with significant growth in non-excavator categories [10]

盘面上，科网股跌多涨少，百度跌幅超过5%，京东跌幅超过4%，美团、哔哩哔哩、联想跌幅超过2%， 小米跌幅超过1%，网易涨幅超过1%；黄金股午后拉升，潼关黄金涨幅超过5%；银行股活跃，汇丰控股 涨幅超过1%；苹果概念走弱，蓝思科技跌幅超过7%；中资券商股普跌，中州证券跌幅超过4%；不同集 团上市首日涨幅超过43%。 来源：青岛财经日报 9月23日，港股三大指数高开低走。截至收盘，恒生指数跌0.70%，报26159.12点，恒生科技指数跌 1.45%，国企指数跌0.86%。 ...