Core Viewpoint - The announcement from Zhongyin International Securities indicates an adjustment in the large subscription limits for the Zhongyin Securities Cash Manager Money Market Fund, effective from September 23, 2025, to better meet investor demand and enhance fund asset management [1] Fund Adjustment Details - The following sub-funds will have their large subscription limits adjusted: - Cash Manager Money Market Fund Class A (Code: 003316) will have a subscription limit of 300 million yuan, with the same limit for transfer and regular investment [1] - Cash Manager Money Market Fund Class B (Code: 003317) will also have a subscription limit of 300 million yuan, with identical limits for transfer and regular investment [1] - Cash Manager Money Market Fund Class C (Code: 020852) will maintain a subscription limit of 300 million yuan, along with the same limits for transfer and regular investment [1] - Cash Manager Money Market Fund Class D (Code: 022048) will have a subscription limit of 300 million yuan, with the same limits for transfer and regular investment [1] - Cash Manager Money Market Fund Class E (Code: 020201) will also have a subscription limit of 300 million yuan, with identical limits for transfer and regular investment [1]

Core Viewpoint - The 2025 China ESG Management System Conference highlighted the growing importance of ESG as a core strategic pillar for companies, transitioning from a niche compliance issue to a significant driver of value creation [1][2]. Summary by Sections Conference Overview - The conference took place on September 19, 2023, in Beijing, focusing on the theme "Coexistence of Ideas and Practices, Development and Quality" [1]. - The event was organized by the China Times and supported by various organizations, including SGS and the China ESG Research Institute [1]. ESG Report Findings - The "2025 Corporate ESG Practice Observation Report" was released, marking the third consecutive year of publication by the China ESG Observation Alliance [1]. - The report indicates that the number of sustainable development reports published by A-share listed companies increased over 12 times from 2014 to 2024, with a disclosure rate improvement of nearly 40 percentage points [1]. - As of April 30, 2025, only 46% of A-share companies had published sustainable development reports, with less than 10% receiving third-party verification, indicating a need for improved ESG information quality and credibility [1]. Excellent ESG Practice Cases - A total of 53 companies were selected as "2025 ESG Practice Excellent Cases," evaluated by a panel of experts from various fields [2]. - The selected companies exemplify the integration of ESG into core business practices rather than superficial compliance [2]. Categories of ESG Cases - The excellent cases were categorized into nine types, including: - **Green Opportunity Cases**: Companies like NIO and China Bank that seized sustainable development opportunities [3]. - **Low Carbon Leading Cases**: Companies such as JD Logistics and Siemens that reduced carbon emissions in their operations [3]. - **Energy Saving and Consumption Reduction Cases**: Companies like TCL Technology and Mengniu that significantly lowered resource consumption [3]. - **Environmentally Friendly Cases**: Companies such as JinkoSolar and China Merchants Shekou that reduced pollution [3]. - **Quality Selection Cases**: Companies like Fosun Pharma and Haier that provided reliable products or services [3]. - **Human Resources and Public Welfare Benchmark Cases**: Companies like Ping An and Xpeng that managed employment relations and contributed to public welfare [4]. - **Supply Chain Responsibility Cases**: Companies such as Li Auto and Lenovo that actively fulfilled supply chain responsibilities [4]. - **Outstanding Governance Cases**: Companies like GCL-Poly and China Minsheng Bank that improved governance structures [4]. - **Compliance Model Cases**: Companies like Tigermed and JD Group that adhered to legal norms [4]. Top Ten ESG Practices - Among the excellent cases, ten companies were recognized as "Top Ten ESG Practices" for their innovation and effectiveness, including: - Ping An, TCL Technology, Mengniu, JD Logistics, JinkoSolar, China Merchants Shekou, Tongwei, Fosun Pharma, Siemens, and Schaeffler [5]. - These companies serve as industry benchmarks for sustainable practices [5]. Recognition of Individuals - The event also recognized eight individuals as "2025 China ESG Observation Alliance Recommended Officials" for their contributions to the development of the ESG ecosystem in Chinese enterprises [5].

中国特色现代货币政策框架逐步形成，政策传导更为有效 潘功胜指出，今年是"十四五"规划的收官之年，金融服务实体经济质效大幅提升。坚持支持 性的货币政策立场，中国特色现代货币政策框架初步形成，实施和传导更为有效，助力"十 四五"经济社会发展主要目标顺利完成。 "中国央行在货币政策的确定上，宏观层面的原则非常清晰。"他强调，中国货币政策坚持以 我为主，兼顾内外均衡。就当前中国货币政策立场，已多次与市场进行沟通，市场也非常清 楚，当前中国货币政策立场是支持性的，实施适度宽松的货币政策，此政策立场为我国经济 的持续回升向好和金融市场的稳定运行创造了良好的货币金融环境。 此外，潘功胜表示："'十四五'时期，科技型中小企业贷款、普惠小微、绿色贷款年均增速 超过20%。特别是2024年9月中央政治局会议以来，人民银行按照中央部署，出台了一系列 货币金融政策举措，有效稳定市场预期、提振信心，推动经济持续回升向好和高质量发 展。" "过去五年我国金融事业取得的重大成就，有很多经验值得认真总结并长期坚持。"潘功胜表 示，首先，根本在于习近平新时代中国特色社会主义思想的科学指引；第二，立足中国实 际，走中国特色金融发展之路；第三，深 ...

Market Overview - The major indices in the equity market showed mixed performance, with the ChiNext Index rising by 2.34% and the Shanghai 50 Index declining by 1.98% [2] - Among the 31 first-level industries, 13 experienced gains, with the top five performing industries being coal, electrical equipment, electronics, automobiles, and machinery [2] - The five industries with the largest declines were banking, non-ferrous metals, non-bank financials, steel, and agriculture [2] Public Fund Market - The scale of the Shanghai and Shenzhen ETF exceeded 5.1 trillion yuan [2] - In the past month, 14 actively managed equity funds were closed early [2] - Among equity funds, the average increase for equity-oriented funds was 0.63%, while fixed income plus funds saw an average decline of 0.08% with a positive return ratio of 41.65% [2] - Pure bond funds had an average increase of 0.03%, and pension target FOFs rose by an average of 0.54% [2] - QDII funds averaged an increase of 1.37%, with a positive return ratio of 81.14% [2] Fund Positioning - The industries with the highest increases in active equity fund positions were media, coal, and electrical equipment, while the largest decreases were in electronics, pharmaceuticals, and comprehensive sectors [3] - The overall positioning of active equity funds was measured at 77.69% as of September 19, 2025, a decrease of 0.51 percentage points from the previous period [3] ETF Market - The ETF market saw a net inflow of 13.612 billion yuan last week, with cross-border ETFs contributing a net inflow of 16.079 billion yuan [3] - Stock ETFs experienced a net inflow of 4.856 billion yuan [3] - The average daily trading volume in the ETF market reached 469.267 billion yuan, with an average daily turnover rate of 10.34% [3] - Major inflow themes included brokerages, robotics, and gold ETFs, while broad-based funds continued to see outflows, particularly from the Shanghai Stock Exchange STAR 50, CSI 300, and CSI A500 indices [3] Fund Issuance - A total of 31 new funds were issued last week, a decrease of 24 from the previous period, while 56 new funds were established, an increase of 17 [3] - The total amount raised by new funds was 70.735 billion yuan, an increase of 48.941 billion yuan from the previous period [3]

IPO市场正掀起募资"瘦身潮" 审核标准更趋严格 IPO市场正掀起募资"瘦身潮"。9月17日，百奥赛图递交上会申请材料，计划以11.85亿元募集资金投入 募投项目，显著低于2023年6月首次申报时的18.93亿元计划。自去年IPO审核常态化以来，企业募资规 模压缩的迹象明显。据统计，超过四成企业募资规模较最初申报稿明显缩减，平均压降幅度超过20%。 其中"补充流动资金"项目成为缩水最多的部分，不少企业要么直接取消补流计划，要么大幅下调补流额 度。这一现象背后，离不开监管政策的深化引导。新"国九条"落地，发行上市审核规则和募集资金监管 规则相继修订，使得IPO募资审核标准更趋严格，尤其是对"超募""补流占比过高"等此前存在的问题形 成精准约束。（人民财讯） 公募配置型产品"搭桥" 铺就中长期资金入市新路径 股票私募仓位指数单周大幅上涨2.96%。据私募排排网最新数据显示，截至2025年9月12日（因信息披 露合规等原因，私募净值及仓位测算数据相对滞后），股票私募仓位指数达到78.04%，相较于前一周 的75.08%，单周大幅上涨2.96%，且当前仓位指数已与年内最高位持平，整体配置积极性明显提升。满 仓百亿私募 ...

统计显示，5年来，银行业保险业通过信贷、债券、股权等多种方式，为实体经济提供新增资金170万亿 元，科研技术贷款、制造业中长期贷款、基础设施贷款年均增长27.2%、21.7%、10.1%。普惠型小微企 业贷款余额36万亿元，是"十三五"末的2.3倍。 我国金融体系着眼于支持科技创新的能力、强度和水平，积极满足科技型企业不同生命周期阶段的融资 需求。近年来，新上市企业中九成以上都是科技企业或者科技含量比较高的企业。目前A股科技板块市 值占比超过1/4，明显高于银行、非银金融、房地产行业市值合计占比。培育壮大耐心资本，保险资金 投资股票和权益类基金超5.4万亿元，余额较"十三五"末增长85%，同时强化科技保险保障，提供风险保 障超过10万亿元。对我国创新发展事业提供了有力的金融支撑。 原标题：21社论丨金融服务实体经济质效齐升，积极助力高质量发展 9月22日，在国务院新闻办公室举行的新闻发布会上，中国金融各部门负责人介绍"十四五"时期金融业 发展成就，并答记者问，总结我国在此期间金融事业取得的重大成就。 "十四五"时期，金融部门围绕为经济社会发展提供高质量服务，全面深化金融体制改革，提升金融治理 能力，健全金融机 ...

潘功胜、李云泽、吴清、朱鹤新 "齐发声" i 图划重点 9月22日,国新办举行"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,金融监管总局 局长李云泽,中国证监会主席吴清,中国 人民银行副行长、国家外汇局局长朱鹤新 介绍"十四五"时期金融业发展成就,并 答记者问。 FJ , TTX = MANE L 只 TAN 小微、绿色贷款年均增速超过20%。 ◆ 金融业改革开放持续推进 持续推动金融供给侧结构性改革,深 化金融机构改革,发展多层次金融市场, 优化金融结构。 中国人民银行行长潘功胜 介绍"十四五"时期 我国会融事业的重大成就 截至今年6月末,中国银行业总资产近 470万亿元,位居世界第一;股票、债券 市场规模位居世界第二;外汇储备规模连 续20年位居世界第一。我国在绿色金融、 普惠金融、数字金融等方面走在世界前 列,基本建成多渠道、广覆盖、安全高效 的人民币跨境支付清算网络,移动支付处 于国际领先水平。 ◆ 金融体制改革进一步深化 设立中央金融委员会、中央金融工作 委员会,加强党中央对金融工作的集中统 一领导,将中国特色社会主义制度的政治 优势和制度优势转化为金融治理效能。 ◆ ...

Group 1 - The report highlights significant achievements in the financial industry during the "14th Five-Year Plan" period, emphasizing both scale and quality improvements in financial services [1][9][10] - By June 2025, China's banking sector total assets reached nearly 470 trillion yuan, ranking first globally, while the stock and bond markets ranked second [11][10] - The report indicates that the direct financing ratio increased to 31.6%, up by 2.8 percentage points from the end of the "13th Five-Year Plan" [11][16] Group 2 - The report suggests five key investment areas based on the achievements of the "14th Five-Year Plan" and trends for the "15th Five-Year Plan": financial technology, capital market services, green finance, technology finance, and cross-border finance [2][25][26] - Financial technology is highlighted as a leading area, with mobile payments at an international forefront and steady progress in digital currency development [2][25] - Green loans grew at an average annual rate exceeding 20% during the "14th Five-Year Plan," with expectations for continued rapid growth in the "15th Five-Year Plan" [2][26] Group 3 - The report emphasizes the significant enhancement of financial services to the real economy, with loans to high-tech enterprises reaching nearly 19 trillion yuan, growing at an annual rate exceeding 20% [14][15] - The capital market's role in supporting technological innovation has accelerated, with over 90% of newly listed companies being technology-related [15][16] - The financial risk prevention and regulatory system has evolved, with a notable reduction in high-risk institutions and assets, ensuring that risks remain controllable [16][19] Group 4 - The report outlines a new pattern of institutional opening in the financial sector, with the removal of foreign ownership limits and an increase in foreign investment in A-shares [20][21] - By July 2025, foreign institutions and individuals held over 10 trillion yuan in domestic stocks and bonds, indicating a growing international presence in China's financial markets [20][21] - The report also notes the deepening of foreign exchange management reforms, facilitating cross-border investment and financing needs [21][24]

Focus Events - GreeMe has submitted listing materials to the Hong Kong Stock Exchange, focusing on key metal resource recycling, power lithium battery recycling, and new energy battery materials, with a net asset of 20.128 billion yuan and a market value of 38.23 billion yuan in A-shares [1] Company News - Nvidia plans to invest up to $100 billion in OpenAI and provide data center chips, with deliveries expected to start by the end of 2026 [3] - Meikailong announced the release of the detention measures against its former general manager, Che Jianxing, who had been under investigation since May [10] - Yunnan Tourism stated it currently lacks the capability for robot design or production, and the strategic cooperation with Zhejiang Humanoid Robot Innovation Center is not expected to significantly impact its financials [10] - Demingli reported that its controlling shareholders have completed their stock reduction plan, decreasing their combined shareholding from 36.91% to 35% [11] - Hangdian shares indicated that its optical communication business is currently in a loss state, while its copper foil business is still in the early stages [11] - Dayang Electric has submitted an application for H-share issuance and listing on the Hong Kong Stock Exchange [12] - JD Industrials has received approval from the China Securities Regulatory Commission for its overseas listing, planning to issue up to 253.31 million shares [13] - Baiwei Storage intends to issue H-shares to enhance its global strategy and brand image [13] - Shengxin Lithium Energy plans to acquire a 21% stake in Qicheng Mining for 1.456 billion yuan, increasing its ownership to 70% [13] - Zhongjing Electronics plans to raise up to 700 million yuan through a private placement for projects in Thailand and Huizhou [13] - Jinzi Ham announced plans to invest up to 300 million yuan to acquire a 20% stake in Zhongsheng Microelectronics, focusing on AI and optical communication [14] - Longi Green Energy reported that its HPBC 2.0 battery production line has a stable yield of over 97% [14] Industry Dynamics - The Ministry of Industry and Information Technology and the National Development and Reform Commission emphasized the development of renewable energy infrastructure, including rooftop photovoltaics and charging stations, as part of the high-quality development guidelines for industrial parks [7] - The National Sports Administration released guidelines to promote a health service system through sports by 2030, aiming for widespread implementation across provinces [7] Macro News - The Chairman of the China Securities Regulatory Commission, Wu Qing, reported that 207 companies have been smoothly delisted during the 14th Five-Year Plan period, with a focus on eliminating "bad apples" and "zombie companies" [4]

Group 1 - Hongta Securities is publicly recruiting four senior executives, indicating an intensifying competition for talent in the securities industry [2] - The recruitment includes positions such as Vice President, Chief Information Officer, and Secretary of the Board, with specific requirements for candidates [2] - This trend of market-oriented talent selection among securities firms is expected to enhance corporate governance and decision-making efficiency, injecting new momentum into stock prices [2] Group 2 - Zhejiang Securities has established a new equity investment fund with a capital contribution of 2 billion yuan, reflecting a strategic move into the private equity sector [3] - This initiative aims to diversify Zhejiang Securities' profitability and strengthen its competitiveness in investment management [3] - The establishment of such funds may encourage more institutions to engage in equity investment, promoting industry transformation and supporting the real economy [3] Group 3 - Frequent turnover of fund managers is observed, with several managers resigning from their positions, indicating accelerated talent mobility within the industry [4] - The new fund managers generally have less experience, which may impact the stability of the funds they manage [4] - Changes in management of underperforming funds in sectors like pharmaceuticals and Hong Kong stocks could increase volatility in these markets [4] Group 4 - The stock private equity position index has risen to 78.04%, marking a significant increase in investor confidence among professional investors [5] - Billion-yuan private equity firms are showing the largest increase in positions, suggesting a positive outlook for the market [5] - This rise in positions is likely to enhance market risk appetite and support heavyweight stocks, potentially attracting more incremental capital into the market [5]