Group 1 - The core point of the news is that Changjiang Securities experienced a decline in stock price and trading volume, with a current price of 7.80 CNY per share and a market capitalization of 43.135 billion CNY [1] - As of June 30, 2025, Changjiang Securities reported a net profit of 1.737 billion CNY, representing a year-on-year growth of 120.76% [1] - The company has a history of dividend distribution, with a total of 13.677 billion CNY paid out since its A-share listing, and 2.157 billion CNY in the last three years [2] Group 2 - The stock has seen a year-to-date increase of 16.94%, but has declined by 5.22% in the last five trading days and 8.56% in the last twenty days [1] - The number of shareholders decreased by 7.33% to 163,200 as of June 30, 2025, while the average circulating shares per person increased by 7.92% to 33,888 shares [1] - The major shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 32.8918 million shares to 130 million shares [2]

Core Viewpoint - The collaboration between Haizheng Futures and Shanghai Securities aims to leverage their resources for community development and social responsibility, particularly in rural revitalization and urban governance [1][2] Group 1: Collaboration Details - The meeting focused on three main cooperation directions: providing industrial financial support for Yunnan's counterpart assistance counties, enhancing community financial services, and exploring public welfare collaboration [2] - Both parties emphasized the importance of establishing a long-term cooperative relationship centered around party building, aiming to modernize urban governance and improve the business environment [2] Group 2: Social Responsibility Initiatives - Shanghai Securities highlighted its social responsibility achievements, particularly its targeted assistance in six counties in Yunnan, focusing on finance, education, and livelihood [1] - Haizheng Futures shared its unique support model, "Insurance + Futures," which has been successfully implemented in the natural rubber sector in Yunnan, with plans to expand to other agricultural products [1]

Group 1 - The cryptocurrency sector is experiencing significant declines, with notable drops in share prices for companies such as OKC Cloud Chain (down 5.13% to HKD 0.37), Guotai Junan International (down 4.51% to HKD 4.87), and OSL Group (down 4.45% to HKD 15.25) [1] - The China Securities Regulatory Commission (CSRC) has informally requested certain brokerages to suspend their real-world asset (RWA) tokenization activities in Hong Kong to enhance risk management and ensure that issuances are backed by real assets [1] - Hong Kong is actively working to establish itself as a digital asset hub, while China has prohibited cryptocurrency trading and mining since 2021 and recently instructed major brokerages to halt research on stablecoins [1]

9月23日，A股三大指数盘中走势分化，证券板块再度调整。热门ETF中，券商ETF（159842）截至发稿 跌超1.3%，成交额超4400万元。 成分股中，仅湘财股份上涨，涨幅超1.7%，首创证券、国盛金控、太平洋、长城证券、国海证券、信 达证券跌幅居前。 资金流向方面，券商板块近期持续调整仍获资金持续布局。Wind数据显示，截至9月22日，券商ETF （159842）已连续19个交易日获资金净流入，累计"吸金"超24亿元。 券商ETF（159842）跟踪中证全指证券公司指数。该指数选取中证全指样本股中至多50只证券公司行业 股票组成，以反映该行业股票的整体表现。 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。 西部证券认为，证券行业景气上行趋势未改，仍是年内不可多得的相对低估+业绩同比高增的细分 ...

9月23日，券商板块重回震荡，截至发稿，顶流券商ETF（512000）场内价格一度跌逾1%，现跌0． 68%，开盘不足半小时实时成交额已超3亿元，交投活跃。 建议，也不代表管理人旗下任何基金的持仓信息和交易动向。基金管理人评估的本基金风险等级为R3- 中风险，适宜平衡型（C3）及以上的投资者。任何在本文出现的信息（包括但不限于个股、评论、预 测、图表、指标、理论、任何形式的表述等）均只作为参考，投资人须对任何自主决定的投资行为负 责。另，本文中的任何观点、分析及预测不构成对阅读者任何形式的投资建议，亦不对因使用本文内容 所引发的直接或间接损失负任何责任。基金投资有风险，基金的过往业绩并不代表其未来表现，基金管 理人管理的其他基金的业绩并不构成基金业绩表现的保证，基金投资须谨慎。 MACD金叉信号形成，这些股涨势不错！ | | 分时 多日 · F9 盘前盘后 叠加 九材 面线 工具 6 2 > | | | 券商ETF O | 37 | | --- | --- | --- | --- | --- | --- | | | 515000[分辨EIL] 0650 0 0 0282 家庭 0.004(-0.088) == ...

截至2025年9月23日 09:38，上证180指数(000010)下跌0.03%。成分股方面涨跌互现，传音控股(688036)领涨4.00%，工业富联(601138)上涨3.70%，宁波港 (601018)上涨2.97%；首创证券(601136)领跌3.20%，华勤技术(603296)下跌2.41%，信达证券(601059)下跌2.29%。上证180ETF指数基金(530280)下跌0.25%， 最新报价1.2元。拉长时间看，截至2025年9月22日，上证180ETF指数基金近2周累计上涨1.44%，涨幅排名可比基金1/9。 | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 600519 | 贵州茅台 | -0.52% | 4.92% | | 201899 | 紫金矿业 | 1.97% | 2.96% | | 601318 | 中国平安 | -0.40% | 2.75% | | 600276 | 恒瑞医药 | 0.07% | 2.62% | | 600036 | 招商银行 | -0.29% | 2.62% | | 600900 | 长江电力 | - ...

Investment Rating - The report maintains an "Outperform" rating for the non-bank financial sector [5] Core Insights - The phenomenon of "deposit migration" has become a new consensus in the market, serving as a core engine for the current capital market rally since the 924 anniversary [2][14] - The report emphasizes the significant impact of low deposit interest rates and the emergence of various risk assets, which have led to a notable shift in residents' wealth allocation [2][14] - The analysis framework constructed in the report focuses on the relationship between changes in residents' wealth behavior, the acceptance of asset management products, and the impact on asset prices [14][21] Summary by Sections 1. Changes in Resident Wealth - The aging population is leading to a more balanced asset allocation approach, with a less aggressive risk appetite compared to previous cycles [3][19] - Wealth concentration is increasing, with high-net-worth individuals having more information and product advantages, driving a stronger demand for long-term wealth preservation [3][37] - The trend of wealth allocation through asset management products is emerging, with a shift from direct leverage in bull markets to participation via public funds and private asset management [3][48] 2. Asset Management Products - The decline in risk-free interest rates is prompting asset management institutions to explore diversified investment strategies, including "fixed income plus" solutions [3][54] - Various asset management products are being developed to meet the differentiated risk-return profiles of investors, such as ETFs, FOFs, and multi-asset bank wealth management products [3][64][63] 3. Changes in Asset Prices - The rapid expansion of asset management products is expected to significantly influence the pricing mechanisms of assets, enhancing market efficiency and liquidity [4][12] - The influx of long-term, low-volatility capital into the market is likely to create a more balanced market style and provide more room for product innovation [4][12]

Group 1: Market Overview - The A-share market is currently experiencing a period of volatility, with liquidity and market sentiment being key factors influencing its performance [2][4] - Recent data indicates that financing activity is approaching historical highs, with private equity fund registrations returning to mid-July levels and new public fund issuance maintaining around 20 billion [2][4] - The market's ability to break through its current plateau will depend on the continued inflow of public and foreign investment funds [2][4] Group 2: Fixed Income Insights - Since 2024, the structure of credit floating rate bonds has adjusted, with a notable increase in corporate issuances and a contraction in asset-backed securities (ABS) [3] - Floating rate bonds are characterized by their interest rates that follow benchmark rates, providing a defensive advantage, especially during periods of rising rates [3] - The performance of floating rate bonds has lagged behind fixed rate bonds in recent years, suggesting that better investment opportunities may arise when the funding environment tightens [3] Group 3: Real Estate and Construction - In the third week of September, both new and second-hand housing markets showed signs of recovery, particularly in first-tier cities following policy relaxations [4][16] - The construction sector is witnessing an increase in industrial activity, with freight volumes remaining high and coal consumption showing a downward trend [4] - The demand for cement remains stable, while supply is at low levels, indicating a potential for price recovery in the construction materials market [4] Group 4: Energy and New Energy Equipment - In August 2025, China's inverter exports reached 6.29 billion, with a notable demand driven by energy transitions in India and subsidy plans in Australia [7] - The long-term demand for inverters is expected to be supported by rising electricity prices and increased installations of renewable energy sources [7] - The report recommends leading companies in the sector, such as Sungrow Power Supply and DeYe Shares, as having strong performance support [7] Group 5: Transportation and Logistics - Despite August being a traditional off-peak season for e-commerce and express delivery, the industry is experiencing a rebound in demand due to competitive pressures [8] - The report highlights a marginal slowdown in package volumes, but anticipates a price increase as the peak season approaches, which could enhance profitability [8] - Recommended companies in the logistics sector include Shentong Express and YTO Express, with a focus on those benefiting from price increases and strong overseas growth [8] Group 6: Consumer Goods and Retail - The snack retail sector is evolving from rapid expansion to consolidation, with new retail formats emerging in response to changing consumer preferences [13] - The report discusses the competitive landscape of various retail formats, including discount stores and community shops, and their impact on traditional retail channels [13] - Companies like Youyou Foods are highlighted for their strategic positioning in the market, aiming for significant revenue growth through innovative product offerings [13] Group 7: Construction Materials - The report discusses the outlook for specialty electronic fabrics, driven by trends in AI and high-end PCB materials [14] - The demand for low thermal expansion and high-performance materials is expected to grow, with recommendations for companies like China Jushi and China National Materials [14] - The report emphasizes the importance of product upgrades in meeting the evolving needs of the electronics industry [14] Group 8: Company Ratings and Recommendations - New Hongji Real Estate has been rated "Buy" with a target price of 111.51 HKD, supported by its significant land reserves and upcoming project deliveries [17] - Youyou Foods has also received a "Buy" rating with a target price of 15.60 CNY, reflecting its strong market position in the snack sector [19] - The report indicates a positive outlook for companies with robust growth strategies and market adaptability [19]

截至2025年9月23日 09:33，中证全指证券公司指数(399975)下跌1.22%。成分股国盛金控(002670)领跌，首创证券(601136)、长城证券(002939)、太平洋 (601099)、信达证券(601059)跟跌。券商ETF(512000)下修调整，最新报价0.58元。 流动性方面，券商ETF盘中换手0.28%，成交9767.03万元。拉长时间看，截至9月22日，券商ETF近1月日均成交17.98亿元，排名可比基金前2。 规模方面，券商ETF最新规模达349.98亿元，创近1年新高，位居可比基金第二。份额方面，券商ETF最新份额达593.38亿份，创近1年新高，位居可比基金 第一。资金净流入方面，券商ETF近18天获得连续资金净流入，最高单日获得12.62亿元净流入，合计"吸金"64.82亿元，日均净流入达3.60亿元。 截至9月22日，券商ETF近1年净值上涨50.75%。从收益能力看，截至2025年9月22日，券商ETF自成立以来，最高单月回报为38.02%，最长连涨月数为4个 月，最长连涨涨幅为28.47%。 消息面上，截至9月22日收盘，9月以来的16个交易日中，沪深两市成交额有1 ...

国金证券：真正的牛市还未开始 国金证券认为中国盈利基本面回升的牛市行情可能正在孕育。 目前， 降息后正在开启新的场景转换， 两类机会可以关注：一方面是流动性压制解除后， 6-8 月滞涨的港股或有补涨行情;另一方面，成长投 资会逐步从科技驱动走向出口出海。 制造业顺周期(有色，机械，化工)的机会将成为中期主线，准备好 换挡后进入真正的牛市。 A股三大股指集体高开，沪指涨0.04%，创业板指涨1.02%。盘面上，贵金属、CPO、消费电子等板块涨 幅居前。 机构看后市 中信证券：下一波的线索 目前整体的行业选择框架依然是围绕资源+新质生产力+出海。资源股在供给受限以及全球地缘动荡的 预期推动下，从周期属性转向偏红利属性会带来估值体系重构，博弈美联储降息的资金退潮带来的波动 可以忽略。更大的中期线索还是中国制造业龙头的全球化，将份额优势转化为定价权和利润率提升，带 来超越本国经济基本面的市值增长，从而逐步打破行情与基本面背离且全靠流动性驱动的错误认知。 配置结构上，保持定力，右侧趋势品种继续聚焦资源、消费电子、创新药和游戏;左侧配置关注化工和 军工;产业趋势层面，近期重点关注AI从云侧逻辑开始向端侧逻辑扩散。 中期维 ...