Core Insights - Standard Chartered Group's latest report highlights that mainland China remains a preferred market for global companies to restructure their supply chains amid geopolitical changes [1] - The report indicates a shift in China's industry from labor-intensive manufacturing to higher value-added segments [1] - The survey covered 1,200 executives and decision-makers across 17 global markets, projecting trends in global trade and corporate strategic priorities over the next three to five years [1] Industry Trends - There is a growing demand from clients to reshape global trade and supply chain ecosystems, with an increased adoption of smart manufacturing and artificial intelligence to enhance efficiency and offset rising costs [1] - Despite short-term trade fragmentation potentially hindering global growth, the prosperity of emerging economies and advancements in new technologies present complex yet promising opportunities for global trade [1] Company Role - Chinese enterprises are increasingly acting as innovators and enablers in the deep restructuring of global supply chains [1] - There is a notable change in corporate financial needs, with a focus on flexible allocation of cross-border funds, localized settlement capabilities, multi-currency fund management efficiency, and global visibility and compliance requirements [1] - Standard Chartered aims to play the role of a "super connector" by closely monitoring client needs and providing innovative cross-border financial solutions to build localized, regionalized, and digital supply chain systems [1]

Core Viewpoint - The acceleration of fiscal and financial tools to resolve local government arrears to enterprises has significantly increased since the third quarter, with special bonds and loans playing a crucial role in alleviating cash flow pressures for businesses [1][4]. Group 1: Special Bonds - The issuance of special new bonds specifically for repaying local government debts has exceeded expectations, with a cumulative issuance scale surpassing 1.2 trillion yuan, significantly higher than market forecasts [3][4]. - These special bonds are designed for specific uses, ensuring that funds are directly allocated by local finance for repaying historical debts, thus minimizing the risk of fund misappropriation [3][5]. - Approximately 60% of the funds from these bonds are directed towards repaying debts owed to small and micro enterprises, effectively alleviating their cash flow challenges [3][5]. Group 2: Special Loans - Major national banks have introduced "special loans for clearing debts," providing low-interest, long-term credit support to enterprises with confirmed debts owed by local governments [5][6]. - These loans feature favorable interest rates, efficient approval processes, and flexible terms, with many enterprises receiving funds within seven working days [5][6]. - Over 5,000 enterprises have benefited from these special loans, with a cumulative loan amount exceeding 80 billion yuan [5][6]. Group 3: Impact on Cash Flow and Risk Prevention - The combination of special bonds and loans has led to positive changes in enterprise cash flow, with a reported decrease in the average collection period for accounts receivable among large industrial enterprises [7][8]. - The alleviation of cash flow pressures is expected to reduce the risk of debt defaults, which could have broader implications for supply chains and regional economies [7][8]. - The ongoing efforts to clear debts are seen as a stabilizing force for the market, with local governments implementing long-term mechanisms to prevent new arrears [7][8].

Market Performance - On September 22, 2025, all three major A-share indices rose, with the Shanghai Composite Index increasing by 0.22%, the Shenzhen Component Index by 0.67%, and the ChiNext Index by 0.55%[15] - The total market turnover was 21,424.56 billion yuan, a decrease of 2,069.49 billion yuan from the previous trading day[15] - A total of 2,175 stocks rose while 3,153 stocks fell across the market[15] Sector and Style Analysis - The top-performing sectors included Electronics (3.48%), Computers (2.26%), and Non-ferrous Metals (0.98%), while Consumer Services (-2.02%), Food and Beverage (-1.20%), and Construction (-1.09%) lagged behind[20] - In terms of investment style, the ranking was: Growth > Cyclical > Defensive > Financial > Consumer[20] Capital Flow - On September 22, 2025, the net outflow of main funds was 188.92 billion yuan, with large orders seeing a net outflow of 180.71 billion yuan and small orders experiencing a net inflow of 288.20 billion yuan[24] - Southbound funds recorded a net inflow of 127.37 billion HKD, with the Shanghai-Hong Kong Stock Connect contributing 81.54 billion HKD and the Shenzhen-Hong Kong Stock Connect contributing 45.83 billion HKD[26] ETF Trading Activity - Major ETFs such as the Huaxia SSE 50 ETF and the Huatai-PB CSI 300 ETF saw significant decreases in trading volume, with changes of -0.70 billion yuan and -4.73 billion yuan respectively[28] - The net inflow for the CSI 500 ETF was 8.87 billion yuan on September 19, indicating a preference for mid-cap stocks[28] Global Market Overview - On September 22, 2025, major Asia-Pacific indices showed mixed results, with the Hang Seng Index down 0.76% and the Nikkei 225 up 0.99%[31] - European indices generally declined, with the DAX down 0.15% and the FTSE 100 down 0.12%, while US indices saw gains, with the Dow Jones up 0.37%[32]

Group 1 - The report highlights that the financial sector's role as a "ballast" is further solidified, with structural opportunities emerging from the recent press conference held by the State Council [2][7]. - The market is expected to experience a shift towards "value creation and technological innovation," with a stable environment conducive to a "slow bull" market anticipated [9]. - The total assets of the banking and insurance sectors have exceeded 500 trillion yuan, with an average annual growth of 9% over the past five years, reinforcing China's position as the largest global credit market and the second-largest insurance market [9][11]. Group 2 - The report indicates that the market's short-term sentiment may stabilize, with structural trends likely to persist, as the recent press conference focused on medium to long-term perspectives without immediate policy adjustments [9][11]. - The report notes that various types of long-term funds held approximately 21.4 trillion yuan of A-share circulating market value by the end of August 2025, reflecting a 32% increase compared to the end of the 13th Five-Year Plan [9]. - The financing in the exchange market for stocks and bonds reached 57.5 trillion yuan over the past five years, indicating improved efficiency in capital market services for the real economy [9].

Group 1 - The core point of the news is the performance and current status of the Hong Kong Dividend Low Volatility ETF (520890), which has seen a significant decrease in both shares and scale since the beginning of the year [1][2] - As of September 22, 2024, the fund's latest shares were 58.08 million, with a scale of 81.21 million yuan, reflecting a 52.84% decrease in shares and a 44.51% decrease in scale compared to December 31, 2024 [1] - The fund's management fee is 0.50% annually, and the custody fee is 0.10% annually, with its performance benchmark being the Hang Seng Hong Kong Stock Connect High Dividend Low Volatility Index [1] Group 2 - The current fund manager is Li Qian, who has managed the fund since its inception on September 4, 2024, achieving a return of 41.80% during her tenure [2] - The top holdings of the fund include Shougang Resources, Far East Horizon, Chongqing Rural Commercial Bank, and others, with the largest holding being Shougang Resources at 3.83% [2] - The fund has seen a total trading volume of 4.65 billion yuan over the last 20 trading days, with an average daily trading amount of 23.25 million yuan [1]

Report Summary 1. Market Overview - A-share market: Shanghai Composite Index fell 0.18% to 3821.83 points, Shenzhen Component Index dropped 0.29% to 13119.82 points, and ChiNext Index rose 0.21% to 3114.55 points. The total trading volume of A-shares was 2518.8 billion yuan [2][6]. - Industry performance: Top gainers were banking (1.52%), coal (1.11%), and power equipment (0.43%); top losers were social services (-3.11%), commerce and retail (-2.90%), and computer (-2.39%) [2][6]. 2. Stock ETFs - Top trading volume: E Fund ChiNext ETF rose 0.36% with a premium rate of 0.33%; Huaxia SSE STAR 50 ETF fell 0.27% with a premium rate of -0.28%; Harvest SSE STAR Market Chip ETF rose 0.42% with a premium rate of 0.51% [3][7]. 3. Bond ETFs - Top trading volume: Haifutong CSI Short - Term Financing Bond ETF had a 0.00% change with a premium rate of -0.01%; Bosera CSI Convertible and Exchangeable Bond ETF fell 0.22% with a premium rate of -0.27%; E Fund CSI AAA Sci - tech Innovation Corporate Bond ETF fell 0.04% with a premium rate of -0.11% [4][9]. 4. Gold ETFs - Gold prices: AU9999 rose 1.33% and Shanghai Gold rose 1.11%. Top trading volume: Huaan Gold ETF rose 1.18% with a premium rate of 1.34%; Bosera Gold ETF rose 1.17% with a premium rate of 1.35%; E Fund Gold ETF rose 1.13% with a premium rate of 1.30% [12]. 5. Commodity Futures ETFs - Performance: ChinaAMC Feed Soybean Meal Futures ETF fell 2.17% with a premium rate of -0.19%; Dacheng Non - Ferrous Metals Futures ETF fell 0.41% with a premium rate of -0.29%; Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF fell 0.31% with a premium rate of -0.81% [15]. 6. Cross - border ETFs - Index performance: Previous day, Dow Jones Industrial Average rose 0.14%, NASDAQ rose 0.70%, S&P 500 rose 0.44%, and German DAX fell 0.48%. Today, Hang Seng Index fell 0.70% and Hang Seng China Enterprises Index fell 0.86%. Top trading volume: E Fund CSI Hong Kong Securities Investment Theme ETF fell 2.96% with a premium rate of -3.20%; Huatai - Peregrine Hang Seng Tech ETF fell 1.80% with a premium rate of -1.68%; Huaxia Hang Seng Tech ETF fell 1.77% with a premium rate of -1.45% [17]. 7. Money ETFs - Top trading volume: Yin Hua Day - to - Day Profit ETF, Hua Bao Tian Yi ETF, and Jianxin Tian Yi Money ETF [19].

2025年9月23日，浙江棒杰控股集团股份有限公司公告，因兴业银行苏州分行诉棒杰新能源等金融借款 合同纠纷一案（案号：(2025)苏0591民初10545号），申请财产保全，公司持有的棒杰针织股权及棒杰 新能源持有的江山棒杰股权被司法轮候冻结，财产保全金额4880万元。此前公司相关股权已因多起纠纷 被司法冻结及轮候冻结。截至公告日，案件未开庭审理，暂时不影响公司及子公司日常经营，但若未能 协商和解或偿还债务，被冻结股权对应4880万元部分可能被司法拍卖。公司正积极协调，争取解除冻 结。 ...

Core Insights - The report highlights the steady growth of trade finance in the banking sector, driven by strong policy support and a solid development foundation [2][4] - Trade finance plays a crucial role in facilitating supply chain financing and empowering the real economy [2][4] Group 1: Trade Finance Development - In 2024, the international settlement volume reached $12.75 trillion, and domestic letter of credit settlement volume was ¥3.62 trillion, marking year-on-year growth of 10.35% and 17.89% respectively, both hitting historical highs [2] - International trade financing volume was $488.475 billion, showing a slight decline, while domestic trade financing volume was ¥4.66 trillion, with a year-on-year increase of 16.35% [2] - International factoring volume was $13.318 billion, experiencing a year-on-year decline for the first time in three years, while domestic factoring volume exceeded ¥4 trillion, growing by 17.03% [2] Group 2: Innovation and Risk Management - The banking sector is encouraged to innovate continuously, focusing on digital finance, supply chain financial platforms, and utilizing technologies like big data and AI for intelligent document review [3] - There is a need to strengthen risk prevention measures, including multi-level assessment mechanisms for country and sovereign credit risks, and enhancing compliance management for cross-border capital flows [3] - The report emphasizes the importance of trade finance in supporting national development strategies, stabilizing foreign trade, and promoting integrated domestic and foreign trade [4] Group 3: Future Outlook - The future of trade finance is expected to evolve along the path of "industry deepening + technology empowerment," enhancing specialized service systems and international cooperation [4] - The banking industry aims to inject lasting momentum into the construction of a strong trade nation and the establishment of an open economic system [4]

智通财经APP获悉，瑞银(UBS.US)就协助法国公民逃税的长期法律纠纷达成和解，同意支付8.35亿欧元 罚款及赔偿金，金额不足最初处罚额的五分之一，至此该案正式落幕。 此前，瑞银已被认定存在违法违规行为：其曾秘密派遣银行工作人员赴法国，游说潜在客户将资金转移 至境外以逃避税收。此类操作与该集团此前在美国及其他地区的违规行为如出一辙。目前，瑞银仍在处 理一系列法律问题，其中包括2023年收购瑞信时遗留的相关案件。该集团表示，已为此次罚款足额计提 准备金。 在另一宗关联案件中，瑞银原法国子公司于今年3月被判定有罪。该子公司被指对两名举报者实施骚 扰，而这两名举报者此前揭露了瑞银协助法国富裕人群逃税的相关行为。 此外，今年8月，瑞银还与美国司法部达成和解，同意就瑞信涉及抵押贷款支持证券的相关案件支付3亿 美元赔偿金。值得一提的是，2023年，瑞银曾为解决自身涉及同类抵押贷款支持证券的长期法律纠纷， 向美方支付了14.4亿美元和解金。 这家瑞士银行于周二宣布，将向法国政府支付7.3亿欧元罚款及1.05亿欧元民事赔偿，以了结2004年至 2012年期间的相关指控。相较于2019年最初裁定的45亿欧元天价罚单——当时创 ...

传统产业技改升级、向新攀高的背后，离不开资金的有力支持。"在发展过程中，公司在设备升级、原 材料采购、技术突破等方面都需要大量资金投入。比如，升级窑炉设备，一次需要投入300万元的资 金。在产业贷的支持下，公司顺利完成了设备升级。邮储银行为支持陶瓷企业的发展提供了专项服务和 快速通道，为企业发展带来助力。"潮州市玉隆陶瓷制作有限公司总经理吴千驹在接受《证券日报》记 者采访时表示。 本报记者丁蓉 金融是实体经济的血脉。近年来，中国邮政储蓄银行潮州市分行（以下简称"潮州市分行"）积极探索用 金融赋能产业升级，为产业集群提供定制化服务方案，创新金融服务模式，给当地陶瓷、文旅等产业转 型升级注入金融活水。 9月22日，"邮你相伴、暖企释能"媒体采风活动举行。《证券日报》记者来到享有"中国瓷都"美誉的潮 州市。在潮州市玉隆陶瓷制作有限公司，记者看到，先进设备组成的智能生产线取代了过去"家家捶 泥、户户拉坯"的手工作坊，一件件精美的陶瓷产品在生产线诞生，出口到欧美。 《证券日报》记者了解到，这家成立于2001年的陶瓷企业，依托当地完整的产业链和深厚的工艺底蕴快 速发展。从2012年开始，该公司与潮州市分行合作小企业流动资 ...