21世纪经济报道特约记者 庞华玮 "十四五"收官，中国资本市场交出了一份沉甸甸的开放"成绩单"。 "中国资本市场的'朋友圈'越来越大。"9月22日，在国务院新闻办公室"高质量完成'十四五'规划"系列主题新闻发布会上，中国证监会主席吴清介绍了在"十 四五"期间中国资本市场对外开放情况。 "'十四五'期间，新增核准13家外资控股证券基金期货机构来华展业兴业，外资持有A股市值3.4万亿元，269家企业境外上市。"吴清说。 此外，证监会持续拓展外商可投资期货期权特定品种范少围，拓展ETF互联互通机制，丰富跨境投资产品，持续为境外投资者提供良好监管环境。 度型开放"为核心的深层次变革，正推动中国资市场扩大开放、与全球市场实现"双向奔赴"。 从外资机构抢滩布局到中资企业扬帆出海，一场以"制 制度型开放 过去五年，"十四五"规划下的中国资本市场开放以制度型开放为核心，从市场准入到规则对接，对外开放的步伐不断加大。 "资本市场高水平制度型开放稳步扩大。统筹开放与安全，稳妥有序推进市场、产品和机构双向开放。"吴清指出。 吴清介绍，"十四五"期间全面取消行业机构外资持股比例限制，完善合格境外投资者制度，优化沪深港通、沪伦通、基金 ...

Group 1: Market Trends - Extreme short positions in the dollar suggest a potential short squeeze in the future, with speculative net short positions rising to 13,000 contracts, accounting for 33.5% of total positions, the highest since February 2021[4] - Japan's core CPI, excluding food and energy, has remained at 1.6% year-on-year for six consecutive months, indicating a cooling inflation pressure that may limit the Bank of Japan's rate hike space[7] - The 10-year Japanese government bond yield may trend down towards 1% as inflation levels continue to decline, flattening the yield curve[11] Group 2: Central Bank Actions - The Bank of Japan plans to gradually sell its ETF and real estate trust holdings, with an annual target of 330 billion yen for ETFs and 5 billion yen for real estate trusts, suggesting a selling timeline of over 100 years at the current pace[9] - The current equity risk premium (ERP) for the CSI 300 index is 4.5%, which is one standard deviation below the 16-year average, indicating potential for valuation uplift[17] Group 3: Economic Indicators - Since the beginning of the year, the U.S. labor supply has increasingly favored domestically born individuals, with 139 million domestic-born workers compared to 32.24 million foreign-born workers[15] - The forward arbitrage return on China's 10-year government bonds is currently at 23 basis points, which is 53 basis points higher than the level in December 2016[20] - The total return ratio of domestic stocks to bonds is 27.8, above the 16-year average, suggesting enhanced attractiveness of equity assets relative to fixed income[27]

Core Viewpoint - Huatai Securities (06886) has announced the issuance of corporate bonds aimed at professional investors, maintaining the same terms as existing bonds, with a total issuance scale of up to 6 billion yuan [1] Group 1: Bond Issuance Details - The sixth phase of corporate bonds (Type II) was completed on May 10, 2023, with a maturity period of 5 years from May 10, 2023, to May 10, 2028, and a coupon rate of 3.07% [1] - The issuance scale of the current bond is not to exceed 6 billion yuan, with a face value of 100 yuan per bond, and the issuance price determined through book-building [1] - The final issuance price for the current bond was set at 103.984 yuan after consultations between the issuer and the lead underwriter [1]

2025年9月22日，发行人和主承销商在网下向专业机构投资者进行了簿记建档。根据簿记建档结果，经 发行人和主承销商充分协商和审慎判断，最终确定本期续发行债券发行价格为103.984元。 华泰证券股份有限公司2023年面向专业投资者公开发行公司债券(第六期)(品种二)(续发行)(简称"本期续 发行债券")的债券期限、票面利率与存量债券保持不变。本期续发行债券发行规模不超过60亿元，债券 面值为人民币100元，发行价格通过簿记建档确定。 智通财经APP讯，华泰证券(06886)发布公告，存量债券华泰证券股份有限公司2023年面向专业投资者公 开发行公司债券(第六期)(品种二)于2023年5月10日完成发行，期限为5年(2023年5月10日至2028年5月10 日)，票面利率为3.07%。 ...

Market Overview - The market performance was weak during the week of September 15-19, with a lack of significant catalysts leading to profit-taking behavior and noticeable rotation among sectors [1] - The average daily trading volume of the entire A-share market was 2.52 trillion, up 8.23% week-on-week, indicating a relatively warming fund atmosphere as the bull market enters a consolidation phase [1] - The Federal Reserve's interest rate cut was in line with market expectations, but it did not significantly boost market sentiment due to prior price increases already factoring in the cut [1] Private Equity Strategies - The performance of various private equity strategies was generally average, with slight fluctuations in stock strategies, particularly stronger performance in mid-cap index strategies [2][3] Private Equity Strategy Performance - Macro strategy: -0.45% this week, 3.73% over the past month, and 12.39% year-to-date [3] - Subjective stock strategy: -0.18% this week, 6.09% over the past month, and 36.93% year-to-date [3] - CSI 500 index strategy: 0.39% this week, 3.62% over the past month, and 38.64% year-to-date [3] - CSI 1000 index strategy: 0.37% this week, 3.13% over the past month, and 46.18% year-to-date [3] - CSI 2000 index strategy: -0.36% this week, 1.71% over the past month, and 47.73% year-to-date [3] Sector Performance - The coal sector saw a weekly increase of 1.97%, while the power equipment sector decreased by 0.53% [6] - The electronics sector fell by 0.47%, and the automotive sector decreased by 1.94% [6] - The healthcare sector experienced a decline of 1.41%, while the food and beverage sector saw a slight decrease of 0.12% [6] Future Market Outlook - The current bull market is in a consolidation phase, which may lead to short-term corrections, increasing the demand for risk management capabilities among fund managers [4] - High-growth sectors, particularly in technology, are expected to remain market leaders, while sectors that have experienced significant declines may also present rotation opportunities [4] Bond Market - The bond market showed slight recovery, with the overall sentiment remaining weak, and long-term configurations are considered to have good value [9] - The bond market is expected to remain cautious in the short term due to strong profit-taking behavior in the equity market [9] Quantitative Strategies - The quantitative stock selection strategy showed mixed results, with the overall environment being average, and the growth-oriented sectors like the ChiNext and technology performing relatively well [8] - The quantitative CTA strategy reported an average loss of -1.21%, with trading volumes and volatility showing varied trends [12] Macro Hedge Strategy - The macro hedge strategy faced negative performance, with equity assets showing slight fluctuations and bond assets performing flat [15] - The coal and energy sectors showed strong performance, while gold prices fluctuated following the Federal Reserve's interest rate decision [15]

据第一财经，根据最新监管要求，近期，跨境互联网券商富途控股、老虎证券进一步关闭中国内地居民 的开户通道。 富途客服提供的信息显示，富途证券开户条件有所变更，目前富途证券（香港）的开户要求中，中国内 地客户开户需持有海外永居身份证明。富途客服表示，现在公司正在进行系统升级，目前仅支持有中国 香港或澳门身份证的客户开户；待系统升级完成后，客户可使用内地身份证+海外永居身份证明进行开 户。 老虎证券要求提供的信息与之前变化不大：根据监管合规要求，如果是居住在境外的大陆客户，需提供 境外工作/生活的有效证明文件，如当地工作签证、居留许可、纳税凭证等，经严格审核通过后方可办 理开户。老虎证券不再接受中国内地居民通过提供境外工作或生活相关证明文件开户，仅接受持有非中 国内地身份证件的客户申请开户。 此前，富途、老虎证券手机App已无法在境内手机应用商城搜索和下载。全球最大的互联网券商盈透证 券App同样也无法下载。 另据《每日经济新闻》，记者从盈透证券官方渠道获悉，中国内地居民通过盈透证券官方网页，仍可递 交开户申请文件。需一次性上传多达11项证明文件，除常规的身份证明外，还涵盖房产证明、近3个月 的水电气缴费账单、电话 ...

筹谋半年，湘财股份吸收大智慧有新进展。 9月22日，湘财股份公告，筹划由湘财股份通过向大智慧全体换股股东发行A股股票的方式换股吸收合 并大智慧并发行A股股票募集配套资金事宜，截至目前，此次交易相关的审计、尽职调查等工作已基本 完成，待公司与中介机构进一步完善本次交易的相关工作后，将再次召开董事会审议本次交易的相关议 案，并按照相关法律法规的规定履行后续有关程序及信息披露义务。 业内人士分析认为，湘财股份和大智慧此前已有较强的长期合作基础，但各自经营上仍然面临不小的挑 战，并购成为双方突破发展瓶颈的重要抓手，结合当前主业发展的情况，积极推动本次并购落地的动力 足。 第三家互联网券商呼之欲出 今年3月28日，湘财股份、大智慧同步发布公告，合并预案正式出炉，根据合并协议的约定，本次合并 中每股大智慧股票能换取湘财股份股票的比例确定为1:1.27，即大智慧股东持有的每1股大智慧股票可 以换取1.27股湘财股份股票。此外，湘财股份拟向不超过35名特定投资者发行股份募集配套资金。 9月22日晚间，湘财股份公告，正在筹划由湘财股份通过向大智慧全体换股股东发行A股股票的方式换 股吸收合并大智慧并发行A股股票募集配套资金。截至 ...

筹谋半年，湘财股份吸收大智慧有新进展。 9月22日，湘财股份公告，筹划由湘财股份通过向大智慧全体换股股东发行A股股票的方式换股吸收合并大智 慧并发行A股股票募集配套资金事宜，截至目前，此次交易相关的审计、尽职调查等工作已基本完成，待公司 与中介机构进一步完善本次交易的相关工作后，将再次召开董事会审议本次交易的相关议案，并按照相关法律 法规的规定履行后续有关程序及信息披露义务。 业内人士分析认为，湘财股份和大智慧此前已有较强的长期合作基础，但各自经营上仍然面临不小的挑战，并 购成为双方突破发展瓶颈的重要抓手，结合当前主业发展的情况，积极推动本次并购落地的动力足。 第三家互联网券商呼之欲出 今年3月28日，湘财股份、大智慧同步发布公告，合并预案正式出炉，根据合并协议的约定，本次合并中每股 大智慧股票能换取湘财股份股票的比例确定为1:1.27，即大智慧股东持有的每1股大智慧股票可以换取1.27股湘 财股份股票。此外，湘财股份拟向不超过35名特定投资者发行股份募集配套资金。 9月22日晚间，湘财股份公告，正在筹划由湘财股份通过向大智慧全体换股股东发行A股股票的方式换股吸收 合并大智慧并发行A股股票募集配套资金。截至本 ...

自2024年9月24日"并购六条"政策启动实施，时间已悄然接近一年， 市场活跃度显著提升，并购重组作为资 本市场优化资源配置、服务实体经济的重要功能进一步凸显。 站在新的起点上，多家受访券商高管对未来并购重组市场发展充满信心，但也认为并购市场在审核效率、估值 包容性、投后整合、理性交易等方面仍有进一步优化空间。 在估值包容性方面，业内也有建言。徐春呼吁监管部门在估值包容性方面提供更多案例指引，特别是针对未盈 利的"硬科技"资产以及业绩承诺灵活性，以减少市场不确定性，提升项目预期。 杨雨松认为，对于非关联方之间的并购交易，建议在估值、对赌等方面更尊重买卖双方的商业谈判结果，若标 的估值方法合理、信息披露充分，不要过度干预估值高低；对于未设置业绩对赌的交易，若上市公司充分披露 风险，且标的具备核心竞争力，则应尊重市场谈判结果，无需强制要求对赌。 上市公司需避免短视行为 他们认为，需从监管、上市公司、投资机构三方协同发力，进一步优化政策环境、提升并购质量、防范市场风 险，推动并购市场实现健康可持续发展。 建言提升审核效率及包容性 并购重组审核的效率与包容性，直接关系到企业的并购意愿及市场活力。多名受访的券商人士向券 ...

Group 1 - The core viewpoint of the article highlights the launch of the CSI A500 Index, which provides a new investment tool for investors by gathering leading companies across various industries [1] - The A500 ETF (512050) has shown a cumulative increase of 16.50% since its launch on November 15, 2023, outperforming the CSI 300 Index by over 4.5%, indicating the growth potential of the index [1] - The CSI A500 Index employs a strategy of balanced industry allocation and selection of leading companies, covering all 35 sub-industries, and is particularly overweight in sectors such as AI, pharmaceuticals, and renewable energy compared to the CSI 300 [1] Group 2 - As of September 22, 2024, the A500 ETF (515050) has reached a scale of nearly 16 billion yuan, making it an attractive investment option in the current market [1] - The article suggests that the A-share market is likely to maintain an upward trend, supported by stable capital inflows and active trading [1] - Huatai Securities indicates that the current market's sustainability is driven by positive capital feedback, with ongoing improvements in overseas liquidity and domestic fundamentals [1]