Group 1: Market Overview - The A-share market has experienced a surge in new account openings since the initiation of the "924 market" trend, with 28.746 million new accounts opened from October 2024 to August 2025, and projections suggest that the total will exceed 30 million by September 2025 [1][2] - The trend shows a fluctuating increase in new accounts, peaking at 3.0655 million in March 2025, followed by a recovery in June to August after a dip in April and May [2][3] Group 2: Investor Composition - Individual investors are the primary contributors to the new account openings, while institutional accounts have also seen a rebound, with 65,100 new institutional accounts opened in the first eight months of 2025, marking a nearly 33% year-on-year increase [3][4] Group 3: Reasons for Account Opening Surge - The surge in new accounts is attributed to a combination of "asset scarcity" and the significant profit potential in the stock market, leading to a shift of funds from traditional savings to equities [4][5] - The decline in yields from traditional investment channels, such as ten-year government bonds and bank wealth management products, has diminished their attractiveness, while the Shanghai Composite Index has risen approximately 40% since the "924 market" began [4][5] Group 4: Shift to ETF Investments - There has been a notable shift in how residents are entering the market, with ETFs becoming a preferred investment vehicle over actively managed funds due to their product diversity, lower costs, and ease of access [6][7] - As of September 19, 2025, the total market size of ETFs reached approximately 5.31 trillion yuan, reflecting a growth of 2.45 trillion yuan and an increase of 85.36% since the "924 market" began [7] Group 5: Brokerage Firms' Performance - Leading brokerage firms have capitalized on the influx of new accounts, with several firms reporting significant increases in new account openings, such as Guotai Junan with approximately 1.55 million new accounts and CITIC Securities with over 700,000 [8][9] - The influx of new clients has also led to substantial asset growth, with firms like Dongfang Securities reporting a 90% increase in new clients and a 45% increase in assets brought in [8][9] Group 6: Competitive Advantage of Leading Brokerages - The competitive edge of top brokerage firms lies in their multi-channel customer acquisition strategies and comprehensive financial service capabilities, which enhance client retention and stability during market fluctuations [10]

9月18日凌晨两点，美联储议息会议落下帷幕，联邦基金利率目标区间下调25个BP，这一决策与市场预期高度契合。 展望后续，年内还剩十月、十二月两次议息会议，市场普遍预计，这两次会议大概率各降25个BP，累计实现50个BP的降息规模。 此次降息在预期之内，波澜不惊，却对全球经济格局有着深远影响。 美联储身负"双重使命"，一方面要将通胀稳定在2%左右，另一方面需保障就业最大化，维持低失业率。 本次降息，就业压力成为核心驱动因素。自2021年起，美国失业率在3%-3.8%区间徘徊，然而八月却攀升至4.3%，创下阶段性新高；非农新增就业人数从年 初的12万锐减至八月的2.2万左右。 美联储声明中，对就业的描述从"稳定（solid）"转变为"放缓（slow）"，还新增"失业率上升"表述，就业形势的严峻可见一斑。 尽管通胀压力犹存，八月核心CPI达3.1%，较五月低点高出0.3个百分点，核心PCE超2.9%，略高于2%的目标，但美联储权衡之下，选择"两害相权取其 轻"，淡化通胀上行风险。 对比七月与九月声明措辞，美联储虽认可经济增长势头未改，但对就业问题的关注显著增加，宽松倾向愈发明显。 | 声明内容 | 9 月份议息会议 ...

重要的消息有哪些 1．国务院新闻办公室于2025年9月22日（星期一）下午3时举行"高质量完成'十四五'规划"系列主题新 闻发布会。 中国人民银行行长潘功胜表示，此次新闻发布会的主题是介绍"十四五"时期金融业的发展情况，主要是 从中长期的视角回顾和总结"十四五"，不涉及短期政策的调整，关于"十五五"以及下一步金融改革的内 容，将在中央统一部署后做进一步沟通。 8．国家体育总局印发《关于推动运动促进健康事业高质量发展的指导意见》，聚焦"十五五"体育事业 发展规划，到2030年基本建成政府主导、社会协同、全民共享的运动促进健康服务体系，运动促进健康 工作在全国各省（区、市）普遍开展；实现科学理念更加普及、政策体系更加健全、服务内容更加多 样、机构载体更加完善、人才队伍更加充实、科技支撑更加充分、组织保障更加有力；人民群众健康水 平和科学健身素养明显提升，科学运动逐渐成为群众自觉践行的健康生活方式，运动促进健康事业实现 高质量、可持续发展。 金融监管总局局长李云泽表示，目前银行业保险业总资产超过500万亿元，五年来平均增长近9%，全球 最大信贷市场和第二大保险市场地位更加稳固。 中国证监会主席吴清表示，"十四五"期 ...

行业报告 | 行业专题研究 银行 证券研究报告 从银行视角看国债买卖重启 在 9 月初财政部与央行联合工作组第二次组长会议召开后，加之市场进一步震荡下跌，投资者对于 重启国债买卖的预期不断升温。在当前阶段，是否已具备相应的条件？ 一般分析央行重启买卖国债的逻辑线索，主要基于 2025Q1 货币政策执行报告中的相关表述。即从 宏观审慎的角度观察、评估债市运行情况，关注国债收益率的变化，视市场供求状况等维度分析： （1）仅以四季度看，重启国债买卖工具，尽管有一定必要性，但并未达到非常紧迫的状态，该工具 重启与不重启在两可之间。（2）上述触发因素，在今年 Q3 同样也具备，甚至紧迫性更强，尤其在 市场调整压力较大的 8-9 月份，但央行并未落地。（3）市场之所以对于该工具期待程度较高：一方 面是财政与央行两部门会议提及了"对国债买卖操作进行了研讨"；另一方面是市场大跌，市场会基 于既有逻辑进行推演，例如继续下跌会引发负反馈，发债成本提升等。 尽管央行并未明确提及国债买卖重启有基于银行维度的考虑，但我们也可从这一视角探讨该工具的 价值。从实际情况看，国债买卖工具的重启，对于增强银行资产负债管理的"稳健性"，有较大助益 ...

Group 1 - Chinese brokerage stocks collectively declined, with Zhongzhou Securities down 4.81% to HKD 2.57, China Merchants Securities down 4.47% to HKD 15.82, Everbright Securities down 3.91% to HKD 10.33, and CITIC Securities down 3.75% to HKD 12.85 [1] - According to Zhongtai Securities, the market has fully priced in the Federal Reserve's interest rate cut expectations, leading to a decline in investor sentiment and a temporary cooling of risk appetite [1] - Guotai Junan Securities noted that the non-bank sector has underperformed the index in the past month, but this is mainly due to trading factors, with the non-bank fundamentals continuing to improve [1] Group 2 - Morgan Stanley reported that the average daily trading volume (ADT) in the A-share market remains high, increasing confidence in the annual ADT forecast, raising the 2025 ADT prediction by 53% to RMB 1.53 trillion [1] - The forecast for ADT growth for 2026 and 2027 is expected to maintain an annual increase of 5% to 6% [1] - As a result, the average earnings forecast for covered Chinese brokerages for 2025, 2026, and 2027 has been raised by 25%, 23%, and 20% respectively [1]

Group 1 - The core point of the news is the decline in the stock price of Zhongyin Securities, which fell by 5.02% to 14.19 CNY per share, with a trading volume of 844 million CNY and a turnover rate of 2.11%, resulting in a total market capitalization of 39.42 billion CNY [1] - Zhongyin Securities was established on February 28, 2002, and listed on February 26, 2020. Its main business includes investment banking, securities brokerage, asset management, proprietary trading, private equity investment, futures, and other services [1] - The revenue composition of Zhongyin Securities is as follows: securities brokerage accounts for 60.05%, asset management 17.58%, proprietary trading 8.83%, futures 7.48%, investment banking 4.21%, other services 1.17%, and private equity investment 0.69% [1] Group 2 - From the perspective of the top ten circulating shareholders, Guotai Fund's ETF reduced its holdings by 2.6508 million shares, now holding 25.7171 million shares, which is 0.93% of the circulating shares, resulting in an estimated floating loss of approximately 19.2878 million CNY [2] - The Guotai CSI All-Share Securities Company ETF was established on July 26, 2016, with a latest scale of 29.795 billion CNY. Its year-to-date return is 5.53%, ranking 3750 out of 4220 in its category, while the one-year return is 51.28%, ranking 1957 out of 3814 [2] - The fund manager of the Guotai CSI All-Share Securities Company ETF is Ai Xiaojun, who has a total tenure of 11 years and 257 days, with the fund's total asset size at 141.859 billion CNY. The best return during his tenure is 219.18%, while the worst return is -46.54% [3]

为深入贯彻落实党中央、国务院决策部署，进一步推动新"国九条"和资本市场"1+N"政策文件的落地实 施，9月19日，由中国证券监督管理委员会上海监管局指导，上海上市公司协会、全景网主办，上海证 券交易所、深圳证券交易所、中证中小投资者服务中心支持的"2025年上海辖区上市公司集体接待日暨 中报业绩说明会"在上海圆满举行。 国泰海通证券投教基地作为本次集体接待日暨中报业绩说明会的投教支持机构，充分调动各分支机构力 量，广泛组织投资者参与活动并对上市公司提问，切实维护中小投资者的合法权益，并有效推动上市公 司优化投资者关系管理。本次活动中，国泰海通证券投教基地向辖区内39家上市公司提问共103条，收 到上市公司回复101条。 唯万密封董事会秘书刘正山回复：尊敬的投资者您好，2025年上半年度，公司主要业务板块的营业收入 均有所增长，工程机械领域依旧为公司最大的业务板块，由于不断深化与核心客户的合作及持续推进国 产化进程，营业收入依旧呈现增长趋势；值得一提的是，石油天然气、通用机械、气动及工业自动化等 领域营业收入增长显著，随着行业的进一步发展，预计将进一步拉低工程机械行业的营收占比。公司将 持续关注相关行业及市场动 ...

此外，摩根士丹利发表研报称，A股市场日均成交额(ADT)持续高企，目前对全年ADT预测更具信心， 将2025年ADT预测上调53%至1.53万亿元人民币，并预测2026及2027年ADT将保持每年5%至6%的按年 增长。相应将所覆盖中资券商2025至2027年各年盈利预测平均上调25%、23%及20%， 智通财经APP获悉，中资券商股集体下跌，截至发稿，中州证券(01375)跌4.81%，报2.57港元；招商证 券(06099)跌4.47%，报15.82港元；光大证券(06178)跌3.91%，报10.33港元；中信建投证券(06066)跌 3.75%，报12.85港元。 中泰证券发布研报称，美联储降息预期已被市场充分交易，此次结果并未超预期，因而在落地后引发投 资者情绪的回落，风险偏好短期有所降温。国泰海通证券则表示，最近一个月非银板块跑输指数。但该 行认为这一现象主要是交易因素影响，非银基本面持续向好。随着三季度市场上涨叠加成交量放大，权 益投资及证券经纪业务持续改善，三季度业绩有望实现同比和环比高增。 ...

Core Insights - Dongxing Securities has made a significant move in the AI sector by signing a strategic cooperation agreement with Hang Seng Electronics to explore intelligent upgrades in the securities industry [1] Group 1: Strategic Partnership - The partnership will focus on the research and application of core technologies related to large models over a three-year period [1] - Dongxing Securities aims to leverage Hang Seng Electronics' experience in financial vertical large model technology, particularly the "Photon Series" full-stack solutions [1] Group 2: Areas of Collaboration - The collaboration will establish joint research and long-term synergy mechanisms in areas such as intelligent investment research, intelligent investment advisory, intelligent risk control, and intelligent Q&A [1] - This strategic cooperation signifies a solid step for Dongxing Securities in advancing financial technology and promoting business intelligence transformation [1]

9月23日午后，指数走弱。 证券ETF（159841）密切跟踪中证全指证券公司指数，该指数聚焦了A股的大市值证券龙头，而且既有 传统证券龙头，也有金融科技龙头。证券ETF（159841）同时配置场外证券ETF联接基金（A： 008590，C：008591）。 消息面上，据证券日报，券商三季度业绩预期乐观，有望支撑估值修复。9月份以来，券商板块有所回 调，呈现出较为明显的波动特征，截至9月22日，券商板块本月累计下跌5.5%。不过，在宏观经济修复 预期强化、资本市场改革深化等长期利好支撑下，分析师普遍认为，证券行业景气度上行趋势未发生根 本性转变，三季度业绩增速有望进一步提升，当前调整或为投资者中长期布局提供战略性窗口期。 中航证券表示，年初以来，权益市场整体表现向好，但券商板块指数修复力度仍落后于大盘，大型券商 估值目前仍处于历史中低位水平。展望全年，资本市场预计将保持稳步向上趋势，业绩增长的可持续性 有望增强，板块具备估值修复潜力。在中长期资本市场向好趋势明确的背景下，券商业务的深度与广度 预计将进一步拓展，业务结构和估值均具备中长期增长空间。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平 ...