Core Viewpoints - The overall sentiment towards the capital market, especially the stock market, is optimistic, with an emphasis on taking advantage of favorable conditions as they arise [4]. Group 1: Five Key Judgments - The worst phase of the economic cycle is believed to be passing, with all leading economic indicators showing upward trends for the first time in three years [5]. - The period of the most accommodative monetary policy is also seen as coming to an end, with a stable funding environment expected to be negatively correlated with improving economic prospects [5]. - Preconditions for supply-demand balance have emerged, as investment growth in the upstream and midstream sectors has begun to decline [5]. - There is no simultaneous bull market in both stocks and bonds; instead, a rebalancing of stock and bond allocations is necessary, as the relative value of stocks compared to bonds has improved [5]. - The main logic for a trend of appreciation in the RMB has not yet been clearly triggered, with short-term appreciation likely needing further economic validation [5]. Group 2: Economic Cycle - The current economic situation is characterized by significant disparities in economic structure, making total data assessments somewhat misleading [10]. - The reliance on deposit indicators has increased, as the shift from precautionary savings to normal savings is crucial for understanding the economic cycle [10]. - Leading indicators such as old-caliber M1 and the difference in growth rates between corporate and household deposits are critical for predicting future economic performance [14][15]. Group 3: Monetary Policy - The shift from precautionary to normal savings among residents is expected to influence monetary policy and market stability [22]. - The relationship between old-caliber M1 and R007 indicates that as the economy improves, funding volatility is likely to increase, posing challenges for bonds [24]. Group 4: Supply-Demand Balance - Historical experiences suggest that a decline in supply is a crucial precondition for price stabilization [27]. - The current situation shows that upstream supply is outpacing demand, particularly in raw materials, which is exerting downward pressure on prices [29]. - The midstream sector is also experiencing an accumulation of production capacity, which has led to a downward price trend [30]. Group 5: Stock-Bond Dynamics - The analysis indicates that there is likely no simultaneous bull market in stocks and bonds, but rather a reversal in their relationship [32]. - The stock-bond Sharpe ratio difference has been declining, suggesting that bonds have had a comparative advantage over stocks [33]. - The anticipated reversal in asset allocation is expected to occur slightly ahead of the economic cycle, with policy interventions playing a significant role [39]. Group 6: Currency and Macro Trends - The main chain for a trend of appreciation in the RMB has not yet been triggered, with historical patterns indicating that PMI improvements are necessary for such a shift [44][45]. - The macroeconomic environment is expected to remain supportive for the next six months, with stable overseas demand and improved U.S.-China relations contributing to market stability [52].

Core Insights - Yunnan's equipment manufacturing industry saw a year-on-year increase of 15.4% in value added from January to August, accelerating by 2 percentage points compared to the previous period, contributing 27.1% to the growth of industrial value added above designated size [1][2] - The overall industrial value added in Yunnan increased by 4% year-on-year during the same period, with mining, manufacturing, and electricity sectors showing growth rates of 9.5%, 4.4%, and 1% respectively [1][2] - High-tech manufacturing value added grew by 12.5%, contributing 23.6% to the overall industrial growth, with aerospace and communication equipment manufacturing increasing by 51.9% and 29.6% respectively [1][2] Industry Performance - The coal industry reported a year-on-year increase of 12.4%, while the oil industry remained stable at 6.4% growth [2] - The non-ferrous metal industry continued its rapid growth with a 15.4% increase, leading in contribution to industrial growth at 34.9% [2] - The production of green industrial products saw significant increases, with new energy vehicles and solar batteries rising by 83% and 64.9% respectively [2] Economic Indicators - Yunnan's total retail sales of consumer goods reached 838.08 billion yuan, marking a 4% year-on-year growth [2] - Fixed asset investment in Yunnan grew by 0.3%, with the first industry increasing by 2.5%, the second by 1.3%, and the third declining by 0.5% [2] - The Consumer Price Index (CPI) in August showed a year-on-year decrease of 0.4%, remaining stable month-on-month [2][3] Policy and Outlook - The Yunnan Provincial Bureau of Statistics indicated that macroeconomic policies are effectively supporting stable economic performance, but challenges such as weak expectations and insufficient effective demand remain [3] - Future efforts will focus on ensuring the implementation of policies aimed at stabilizing employment, businesses, markets, and expectations to promote healthy economic development [3]

（原标题：三维装备龙虎榜：营业部净卖出7509.79万元） 三维装备（831834）今日涨停，全天换手率30.93%，成交额3.73亿元，振幅28.62%。龙虎榜数据显示，营业部席位合计净卖出7509.79万元。 北交所公开信息显示，当日该股因日涨跌幅达到29.95%、日换手率达30.93%上榜，营业部席位合计净卖出7509.79万元。 证券时报•数据宝统计显示，上榜的前五大买卖营业部合计成交1.47亿元，其中，买入成交额为3610.48万元，卖出成交额为1.11亿元，合计净卖出 7509.79万元。 具体来看，今日上榜营业部中，第一大买入营业部为国泰海通证券股份有限公司上海江苏路营业部，买入金额为819.64万元，第一大卖出营业部 为中信建投证券股份有限公司南京王府大街证券营业部，卖出金额为4200.00万元。（数据宝） 三维装备9月17日交易公开信息 | 买/卖 | 会员营业部名称 | 买入金额（万元） | 卖出金额（万元） | | --- | --- | --- | --- | | 买一 | 国泰海通证券股份有限公司上海江苏路营业部 | 819.64 | 0.00 | | 买二 | 光大证券股份有限公司 ...

每经AI快讯，金辰股份（SH 603396，收盘价：28.93元）9月17日晚间发布公告称，公司本次接受全资 子公司金辰新加坡委托，使用公司的银行授信，作为申请人向银行申请开立分离式保函，保函额度不超 过940.00万美元，（以2025年9月17日中国人民银行授权中国外汇交易中心公布的人民币汇率中间价折 算，约人民币6,675.22万元），构成公司对金辰新加坡的担保义务。截至本公告日，公司对金辰新加坡 的担保余额为人民币0.00万元。截至本公告日，公司及其控股子公司对外担保总额为人民币9000万元 （不含本次），为公司对控股子公司的担保，占上市公司最近一期经审计净资产的3.52%。 2024年1至12月份，金辰股份的营业收入构成为：装备制造占比99.8%，其他业务占比0.2%。 截至发稿，金辰股份市值为40亿元。 每经头条（nbdtoutiao）——海拔4306米现"秦始皇密令"，获官方"身份认定"！古文字学家刘钊：秦人 寻仙采药足迹确至青藏高原。 （记者 曾健辉） ...

截至发稿，金辰股份市值为40亿元。 （记者 王晓波） 每经AI快讯，金辰股份（SH 603396，收盘价：28.93元）9月17日晚间发布公告称，公司第五届第十六 次董事会会议于2025年9月17日在营口市西市区新港大街95号公司三楼大会议室以现场结合通讯的形式 召开。会议审议了《关于修订公司部分治理制度的议案》等文件。 每经头条（nbdtoutiao）——海拔4306米现"秦始皇密令"，获官方"身份认定"！古文字学家刘钊：秦人 寻仙采药足迹确至青藏高原 2024年1至12月份，金辰股份的营业收入构成为：装备制造占比99.8%，其他业务占比0.2%。 ...

截至发稿，长荣股份市值为35亿元。 每经头条（nbdtoutiao）——海拔4306米现"秦始皇密令"，获官方"身份认定"！古文字学家刘钊：秦人 寻仙采药足迹确至青藏高原 （记者 曾健辉） 每经AI快讯，长荣股份（SZ 300195，收盘价：8.27元）9月17日晚间发布公告称，公司第六届第十五次 董事会会议于2025年9月17日在公司会议室以现场结合通讯表决方式召开。会议审议了《关于收购金昌 恩驰新能源科技有限公司并增资的议案》等文件。 2024年1至12月份，长荣股份的营业收入构成为：装备制造占比89.04%，经营租赁占比4.86%，融资租 赁占比4.68%，健康产业占比1.3%，其他业务收入占比0.12%。 ...

Group 1 - The project "Research and Application of Key Technologies for Reliability of High-Speed Fully Automatic Edge Banding Machines" was launched on September 16, 2025, at the Guangdong Academy of Sciences Intelligent Manufacturing Research Institute [1] - The project is initiated by Nanxing Equipment Co., Ltd. and aims to break through key technologies for the reliability of high-speed fully automatic edge banding machines, providing a dual-driven solution for reliability enhancement in equipment enterprises [3] - The East Guangdong Science and Technology Bureau supports major technology projects to promote the integration of technology and industry, facilitating the transformation of traditional equipment manufacturing to high-end intelligent manufacturing [3] Group 2 - A tripartite cooperation agreement was signed among Nanxing Equipment, the Intelligent Manufacturing Research Institute, and the Guangdong Mechanical Industry Quality Management Association, focusing on project needs, construction ideas, and collaboration in talent cultivation [5] - The collaboration aims to establish an effective reliability management system and address key technical issues related to equipment reliability, with the expectation of setting a benchmark for reliability enhancement in Dongguan's equipment manufacturing sector [3][5]

2025 年 9 月 17 日 招银国际环球市场 | 市场策略 | 招财日报 每日投资策略 全球市场观察 全球市场观察 全球市场观察 招银国际研究部 邮件：research@cmbi.com.hk 港股分类指数上日表现 | | 收市价 | | 升/跌（%） | | --- | --- | --- | --- | | | | 单日 | 年内 | | 恒生金融 | 45,675 | -0.85 | 29.99 | | 恒生工商业 | 15,108 | 0.84 | 34.29 | | 恒生地产 | 18,991 | -1.46 | 27.35 | | 恒生公用事业 | 36,666 | 0.02 | 2.81 | | 资料来源：彭博 | | | | 敬请参阅尾页之免责声明 请到彭博 (搜索代码: RESP CMBR )或 http://www.cmbi.com.hk 下载更多研究报告 1 环球主要股市上日表现 收市价 升跌（%） 单日 年内 恒生指数 26,439 0.19 31.80 恒生国企 9,386 0.23 28.76 恒生科技 6,078 1.48 36.02 上证综指 3,862 -0.23 15. ...

西南证券近日发布2025年半年报点评：2025年上半年实现营业收入19.1亿元，同 比-6.4%；实现归母净利润4.1亿元，同比+1.8%。 司主动退出利润率较低的专用汽车改装与销售业务，该板块收入同比-68.5%。2）结构调整 成效初显，高附加值业务实现高速增长。轨道交通及专用汽车零部件业务实现收入0.5亿 元，同比大幅增长97.0%，反映了公司聚焦核心零部件、提升产品竞争力的战略初见成效。 3）此外，公司在机器人检测领域持续布局，旗下凯瑞机器人公司获批筹建重庆市无人机系 统产品质量检验检测中心，有望受益于低空经济及机器人产业发展，或成新增长点。 投资要点 业绩总结：2025年上半年实现营业收入19.1亿元，同比-6.4%；实现归母净利润4.1亿 元，同比+1.8%。 经营分析：25H1，公司整体营收结构优化，核心的汽车技术服务业务收入17.2亿元，同 比+2.9%，收入占比提升至90.0%；装备制造业务收入2.0亿元，同比-47.8%，收入占比下 降。 经营分析：25H1，公司整体营收结构优化，核心的汽车技术服务业务收入17.2亿元，同 比+2.9%，收入占比提升至90.0%；装备制造业务收入2.0亿元， ...

Economic Overview - The economy of Shaanxi Province has shown a stable and positive trend from January to August, with effective investment and a good growth momentum in the consumer market [3] Industrial Production - The industrial production in Shaanxi has remained stable, with a year-on-year increase of 8.4% in the added value of industrial enterprises above a designated size [1] - Key product outputs include: - Raw coal production increased by 2.2% - Natural gas production increased by 3.4% - Automobile production increased by 16.6%, with new energy vehicles up by 17.6% - Solar cell production surged by 40.5% - Engine production rose by 35.4% [1] Fixed Asset Investment - Fixed asset investment in Shaanxi grew by 4.1% year-on-year, with notable increases in different sectors: - Primary industry investment rose by 12.8% - Secondary industry investment increased by 18.3% - Tertiary industry investment decreased by 2.9% [1] Consumer Market - The consumer market has shown good growth, with retail sales of consumer goods above a designated size increasing by 7.9% year-on-year [1] - Breakdown of consumer spending includes: - Catering revenue increased by 2.5% - Retail sales of goods grew by 8.4% - Retail sales of communication equipment surged by 55.2%, with smartphones doubling in sales - Retail sales of household appliances and audio-visual equipment increased by 33.7% [1] Foreign Trade - Foreign trade in Shaanxi has experienced rapid growth, with total import and export value reaching 332.597 billion yuan, a year-on-year increase of 10.5% [2] - Exports amounted to 230.434 billion yuan, up by 13.2%, while imports were 102.163 billion yuan, increasing by 4.8% - The trade surplus stood at 128.270 billion yuan [2]