Core Viewpoint - The news highlights the achievements and ongoing reforms in China's financial industry during the "14th Five-Year Plan" period, emphasizing the enhancement of regulatory frameworks and the promotion of financial stability. Group 1: Financial Regulatory Enhancements - The Financial Regulatory Administration has made significant progress in improving the modern financial enterprise system during the "14th Five-Year Plan" period, including the implementation of a mechanism linking preset interest rates to market rates and dynamic adjustments [3] - The revision of important financial laws, such as the Banking Supervision Law and the Insurance Law, is accelerating, with 171 regulatory documents issued over the past five years to enhance the regulatory framework [4] - Regulatory effectiveness has been significantly improved through a focus on substantial risks and practical issues, with a tiered regulatory approach applied to 41 key institutions while delegating regulatory authority to 112 small and medium-sized insurance institutions [4] Group 2: Financial Stability and Risk Management - The China Securities Regulatory Commission (CSRC) emphasizes maintaining market stability by implementing early warning systems and enhancing cross-market risk prevention mechanisms [6] - The bond default rate in the exchange market remains low at around 1%, with significant progress in the rectification of private equity funds, resulting in the clearance of approximately 7,000 zombie institutions [7] - A comprehensive deterrent system has been established to combat financial fraud, with over 700 cases and leads transferred to law enforcement agencies in the past five years [7] Group 3: Investor Protection Initiatives - The introduction of new regulations has improved investor protection, including measures for compensation in cases of fraud and the establishment of a structured investor protection system [7][8] - Landmark cases, such as the compensation of approximately 2.46 billion yuan for investors in the Kangmei Pharmaceutical case, demonstrate the effectiveness of investor rights protection efforts [8]

导言 9月22日下午，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。 截至今年6月末，我国银行业总资产近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。同时，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。 以下为部分要点： 1 潘功胜：中国特色现代货币政策框架已初步形成并不断完善 第三，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。稳步推动金融业高水平双 向开放，提升制度型开放水平，在国际金融治理合作中的参与度、影响力、话语权显著提高。 第四，防范化解金融风险取得重要成果。按照中央部署，有序处置金融领域一批突出风险点，有效防范化解外部风险对我国金融市场的外溢和冲击，有力 保护广大储户、中小投资者利益。目前我国金融体系总体稳健，金融机构整体健康， ...

近日，《每日经济新闻》记者获悉，英大证券迎来重大人事变动，马晓燕正式出任公司董事长，此前担 任该职务的段光明卸任。这一调整距段光明2022年8月上任已有3年，新任董事长马晓燕同样出自"国网 系"，8月27日被提名为国网英大（600517）非独立董事候选人，9月15日便通过股东会审议，履新节奏 紧凑。 作为国家电网旗下全牌照券商，英大证券近年高管更替频繁，2021年至今已有总经理、首席风险官等关 键岗位完成人事调整。业绩方面，该公司2025年上半年实现净利润1.07亿元，同比增长36.81%。 延续"内部选拔"传统 出生于1966年的段光明拥有深厚的"国网系"任职经历，曾先后担任国家电网公司驻香港办事处主任等， 以及国家电网海外投资有限公司(香港)董事、总经理、党组副书记，国网国际发展有限公司董事、党委 副书记、副总经理(二级单位正职级)等职，在境外业务与企业管理领域经验丰富。 此后，高管调整节奏并未放缓。2022年8月段光明出任董事长，同年12月黄树明担任首席风险官；2023 年10月张植正就任首席信息官；2024年2月崔大淼担任合规总监，7月，邵明山、吕忠东分别出任董事会 秘书和总经理助理，8月卜兆刚担任副 ...

除潘功胜外，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也先后在发布会上发言，四大金融主管部门谈 到了金融体制改革、金融服务实体经济质效、金融业对外开放、防范化解金融风险、资本市场制度建设等多方面取得的重要成果。 业内认为，透视过去取得的成绩，发布会所释放内容更加着眼于金融市场的长远稳健发展，从长期来看，这对市场生态的优化和稳定更具积极意义。 金融支持实体经济的"力度"与"精度"同步提升。 "今天新闻发布会的主题是介绍'十四五'时期金融业发展成就，主要是从中长期视角回顾和总结，不涉及短期政策的调整。关于'十五五'及下一步金融改革内 容，将在中央统一部署后与大家进一步沟通。"9月22日，中国人民银行行长潘功胜在"高质量完成'十四五'规划"系列主题新闻发布会一开始，就直接回应了 市场对于此次发布会的期待。 回顾去年，9月17日美联储宣布降息后，9月24日发布会推出的一系列利好政策，催生了A股的"9·24行情"。今年9月18日，美联储宣布降息25个基点，让大家 对此次发布会充满遐想。 准 | " | Q Pa 8 1 e may a pay and in - 11:5 THE ...

2025.09. 22 本文字数：4245，阅读时长大约6分钟 市场的修复不仅体现在K线图上，更渗透到每个投资者的决策逻辑里，即使近来市场面临短期压力， 部分机构人士也不改长期看好态度。 金鹰基金首席经济学家杨刚对第一财经表示，短期调整压力丝毫未改变至少在中期层面对股市持续修 复前景的预期，无论是资产荒之下流动性向A股方向的传导（增量资金继续流入），还是政策端对股 市的友好态度，都将继续成为重要的正面催化和强驱动力。 数据里的业绩逆袭 9月22日，在国新办举办的"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 表示，今年8月，A股市场总市值首次突破100万亿元。在"十四五"期间，A股市场韧性和抗风险能力 明显增强，上证综指年化波动率15.9％，较"十三五"下降2.8个百分点。 回顾去年9月24日，国新办一场以"金融支持经济高质量发展"为主题的新闻发布会，成为A股市场的 重要转折点。央行、金融监管总局、证监会联合推出的一系列"政策组合拳"，迅速提振市场情绪。 当日，A股就迅速结束持续多日的"2700点保卫战"，强势突破2800点，成交量也显著放大。 作者 | 第一财经 曹璐 "去年这时候还在 ...

Core Viewpoint - Gold prices have surged to a new historical high, driven by expectations of further interest rate cuts by the Federal Reserve and increased demand from central banks and investors [1][4][8]. Group 1: Gold Price Movement - As of September 22, spot gold reached $3720 per ounce, marking a daily increase of over 1% and a cumulative rise of over 12% since August 20 [1][4]. - Year-to-date, gold prices have increased by more than 42%, with COMEX gold futures also reflecting similar gains [6][10]. Group 2: Market Reactions - Gold-related stocks in the U.S. and A-share markets saw significant gains, with companies like Barrick Gold and Newmont Mining rising over 2.5%, and in A-shares, Shengda Resources hitting the daily limit [4][6]. - Analysts suggest that the trend of monetary policy easing by the Federal Reserve is likely to continue, which may further elevate gold prices [11][12]. Group 3: Future Projections - Major investment banks, including JPMorgan and UBS, have raised their gold price forecasts, predicting spot gold could reach $3800 per ounce by Q4 2025 and potentially exceed $4000 per ounce in 2026 [8][9]. - The potential for gold prices to reach $5000 per ounce exists if there is a significant shift in investor behavior, particularly if individual investors diversify into gold as central banks do [9][10]. Group 4: Economic Indicators and Influences - The Federal Reserve's recent decision to cut interest rates by 25 basis points aligns with market expectations and is seen as a catalyst for gold's price increase [10][11]. - Ongoing geopolitical tensions and concerns over U.S. trade policies are contributing to heightened demand for gold as a safe-haven asset [10][12].

Core Viewpoint - The article discusses the current state of the A-share market, highlighting the phenomenon of style rotation and the emergence of terms like "old Deng stocks" to describe underperforming stocks in a market characterized by structural bull runs [1][32]. Market Overview - The overall market showed slight gains, maintaining a rating of 4.2 stars [2]. - Both large-cap and small-cap stocks experienced minor increases, with similar growth rates [3]. - There is a noticeable divergence in market performance, with growth styles like the ChiNext showing more significant gains compared to value styles, which are generally declining [5][6]. Style Rotation - The article introduces the term "old Deng stocks," referring to stocks that have seen minimal price increases over the past two years [8][27]. - Examples of "old Deng stocks" include sectors like liquor, home appliances, and coal, which have not performed as well as the recent strong growth sectors such as technology and chips [29][30]. - The discussion of "old Deng stocks" reflects a broader trend of style rotation within the A-share market, where certain categories of stocks outperform while others lag behind [32][34]. Historical Context - The article references past market trends, such as the "big rotten stinky" label for large-cap stocks during the small-cap bull market of 2015, and the "three fools" term for underperforming bank and insurance stocks during the growth bull market of 2020-2021 [10][16][22]. - It notes that the definitions of these terms have evolved over time, with new categories emerging as market dynamics shift [25][26]. Investment Implications - The article suggests that when certain assets are ridiculed, it may present buying opportunities due to potential undervaluation [41][42]. - Conversely, when assets are highly favored, it may indicate a selling opportunity due to potential overvaluation [43][44]. - The cyclical nature of the market is emphasized, indicating that strong-performing stocks may eventually face valuation corrections, while currently underperforming stocks may rise in prominence [38][39].

Group 1 - The core viewpoint of the article revolves around Ye Fei's release from prison and his reflections on past actions in the context of China's capital market reforms [1][2][4] - Ye Fei expresses regret for his past involvement in stock price manipulation and emphasizes his commitment to lawful practices in the future [2][7] - The article highlights the transformation of the capital market during Ye Fei's imprisonment, with a shift from "pseudo market value management" to more transparent practices such as mergers, acquisitions, and equity incentives [1][6][7] Group 2 - Ye Fei's past actions led to significant legal consequences, including a four-year prison sentence and a fine of 500,000 yuan for market manipulation [2][3] - The article notes that during Ye Fei's absence, the regulatory environment for market value management has become stricter, with new guidelines and evaluations being introduced for listed companies [6][7] - The narrative includes the impact of Ye Fei's whistleblowing on various companies, some of which have shown substantial growth while others faced severe repercussions [4][6]

财达证券9月22日大宗交易平台共发生11笔成交，合计成交量846.30万股，成交金额5484.02万元。成交 价格均为6.48元，相对今日收盘价折价10.62%。从参与大宗交易营业部来看，机构专用席位共出现在5 笔成交的买方或卖方营业部中，合计成交金额为4082.40万元，净买入4082.40万元。 进一步统计，近3个月内该股累计发生91笔大宗交易，合计成交金额为3.90亿元。 据天眼查APP显示，财达证券股份有限公司成立于2002年04月25日。注册资本324500万人民币。（数据 宝） 9月22日财达证券大宗交易一览 | 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | | （元） | | | | | 500.00 | 3240.00 | 6.48 | -10.62 | 机构专用 | 财达证券股份有限公司石 | | | | | | | 家庄中华大街证券营业部 | | 46.30 | 300.02 | 6.48 | -1 ...

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1.08亿元， 其中，买入成交额为6812.16 万元，卖出成交额为3981.68万元，合计净买入2830.49万元。具体来看，今日上榜营业部中，第一大买 入营业部为中信证券股份有限公司上海分公司，买入金额为1830.84万元，其次是中信证券股份有限公 司深圳滨海大道证券营业部，买入金额1578.25万元。卖出营业部中，有1家机构专用席位现身，即卖 一，卖出金额分别为1824.76万元，营业部合计卖出2156.92万元。买卖金额相抵，机构专用席位今日净 卖出该股1824.76万元。 9月22日通源环境(688679)收盘价19.95元，收盘上涨16.19%，全天换手率7.51%，振幅17.45%，成交额 1.88亿元。科创板交易公开信息显示，当日该股因日收盘价涨幅达15%等上榜。 资金流向方面，该股今日全天主力资金净流入1101.17万元。（数据宝） 通源环境9月22日龙虎榜 | 买入营业部名称 | 买入金额(万元) | | --- | --- | | 中信证券股份有限公司上海分公司 | 1830.84 | | 中信证券股份有限公司深圳滨海大道证券营业部 ...