Group 1 - The company, Shenwan Hongyuan, announced the completion of the issuance of subordinated bonds by its subsidiary, Shenwan Hongyuan Securities Co., Ltd., aimed at professional investors, on September 15, 2025 [1] - The total issuance scale of the bonds is RMB 3 billion, with the first type having an issuance scale of RMB 2 billion, a term of 3 years, and a coupon rate of 2.15% [1] - The second type has an issuance scale of RMB 1 billion, a term of 5 years, and a coupon rate of 2.24% [1] Group 2 - The bonds are scheduled to be listed on the Shenzhen Stock Exchange starting September 19, 2025, and will be traded among institutional investors [1] - The first type of bond is referred to as "25申证C1" with the bond code "524428", while the second type is referred to as "25申证C2" with the bond code "524429" [1]

Group 1 - The report highlights the significant achievements of China's financial system during the "14th Five-Year Plan" period, emphasizing the transformation from scale expansion to quality improvement in the financial sector [3][19][31] - The capital market has undergone a comprehensive restructuring of its foundational systems, with over 60 supporting regulations introduced, enhancing stability and development [12][13][31] - The report indicates that the A-share market's resilience and risk management capabilities have improved, with the annualized volatility of the Shanghai Composite Index decreasing to 15.9%, down 2.8 percentage points from the previous five-year period [13][19] Group 2 - The financial services to the real economy have significantly improved, with annual growth rates exceeding 20% for loans to technology-based SMEs, inclusive microloans, and green loans [20][25] - The internationalization of the Renminbi has made notable progress, becoming the largest settlement currency for China's foreign receipts and the third-largest trade financing currency globally [23][24] - The report states that the total assets of the banking and insurance sectors have surpassed 500 trillion yuan, with an average growth rate of over 9% in the past five years, indicating a robust financial foundation [29][30] Group 3 - The report emphasizes the acceleration of insurance funds entering the market, with over 5.4 trillion yuan invested in stocks and equity funds since the beginning of the "14th Five-Year Plan," marking an 85% increase from the end of the "13th Five-Year Plan" [29][30] - It notes that the financing channels for the real economy have been effectively utilized, with new funds amounting to 170 trillion yuan provided through various means over the past five years [29][30] - The report suggests that the regulatory environment has been continuously optimized, creating favorable conditions for insurance funds to enter the market, thereby enhancing market liquidity and stabilizing expectations [30][31]

公司于2025年9月11日完成了本次注销，合共注销438,495股A股股份。日前，公司完成了注册资本减少 的工商变更登记，并取得了江苏省市场监督管理局换发的《营业执照》，公司注册资本由人民币 902,730.2281万元变更为人民币902,686.3786万元。营业执照其他内容保持不变。 格隆汇9月22日丨华泰证券(06886.HK)公告，兹提述公司(i)日期分别为2025年4月29日及2025年9月8日的 公告；(ii)日期为2025年5月21日的通函；(iii)日期为2025年6月20日之2024年度股东大会、2025年第一次 A股类别股东会及2025年第一次H股类别股东会之投票表决结果公告；及(iv)日期为2025年9月11日之翌 日披露报表，内容有关(其中包括)公司回购注销部分A股限制性股票，并据此减少注册资本。 ...

“Considering where this move may ultimately extend, I prefer to keep it simple and anchor to the 161.8% Fibonacci extension. Using the defined move from the February high to the April low, this projects an SPX upside objective near 6,958. And while the third year of a bull market is historically more choppy than the first two years, I don’t think it’s unreasonable to believe we could reach that 6,958 milestone before year-end. A re-escalation in the Middle East, renewed tariff pressures, another round of st ...

Market Overview - The stock indices experienced narrow fluctuations today, with the total trading volume in the Shanghai, Shenzhen, and Beijing markets reaching 21,425 billion yuan, a decrease of 2,069 billion yuan compared to the previous day [1] - The LPR interest rate remained unchanged in September, and the central bank implemented a net injection in the open market, indicating a stable liquidity environment before the long holiday [1] Economic Indicators - August credit and inflation data showed poor performance, and consumer growth has slowed, reflecting weak demand in the real economy [1] - A significant policy meeting is scheduled for October, with strong expectations for the introduction of policies aimed at stabilizing demand, which is gradually generating positive sentiment [1] Investment Trends - There is a shift in wealth allocation among investors, with household deposits moving towards non-bank deposits [1] - The financing balance remains at a high level, indicating that the stock market continues to attract incremental capital inflows [1] Market Sentiment - Current market sentiment is divided, with a notable increase in valuations leading to profit-taking demands, while policy expectations and net capital inflow trends provide medium to long-term upward momentum for stock indices [1] - Short-term expectations suggest a wide range of fluctuations in stock indices, with an increase in implied volatility for options [1]

Market Overview - The A-share market experienced fluctuations last week, with the overall index declining by 0.18%. The ChiNext index led the gains, while the Shanghai Composite Index fell nearly 2% [1] - The market showed a rebound in the first half of the week, but most broad indices retreated on Thursday following the Federal Reserve's interest rate decision [1] Style and Sector Performance - Small-cap stocks outperformed, with the CSI 1000 index rising by 0.21%, compared to a decline of 0.44% for the CSI 300 index. Growth style stocks also performed well, increasing by 1.45% [2] - Among sectors, coal, electric equipment, and electronics saw the highest gains, while the financial sector faced significant declines, particularly in banking, non-ferrous metals, and non-bank financials [3] Trading Activity - Trading activity in the A-share market increased, with an average daily turnover of 25,178 billion yuan, up by 1,914.31 billion yuan from the previous week. On Thursday, turnover exceeded 30 trillion yuan [4] Fund Flows - Last week, the ETF market saw a net inflow of 178.3 billion yuan, with stock ETFs attracting 206.02 billion yuan. However, money market ETFs experienced a slight outflow of 2.57 billion yuan [5] - Notable net inflows were observed in sectors such as securities companies (100.36 billion yuan), Hong Kong Stock Connect internet (53.73 billion yuan), and robotics industry (40.92 billion yuan) [7] - Conversely, significant net outflows were recorded in the STAR 50 index (67.97 billion yuan) and CSI 300 index (34.52 billion yuan) [5][11] ETF Performance - The median weekly return for stock ETFs was 0.03%, with the ChiNext ETFs showing the highest median return of 2.35%. Technology ETFs also performed well, with a median return of 2.17% [14] - The semiconductor ETFs had strong performances, with several funds showing returns above 7% for the week [16] - On the downside, ETFs related to Hong Kong non-bank financials and industrial non-ferrous metals saw declines of 6.70% and 5.38%, respectively [18][20] Upcoming Developments - A second batch of 14 STAR bond ETFs is set to be launched on September 24 [23]

Core Viewpoint - The article discusses the achievements and developments in China's financial sector during the "14th Five-Year Plan" period, highlighting the stability and growth of the financial system, as well as the advancements in various financial services and regulatory measures. Financial Sector Achievements - As of June 2023, China's banking sector total assets reached nearly 470 trillion yuan, ranking first globally, with stock and bond market sizes ranking second [4] - The average annual growth rate for loans to technology-based SMEs, inclusive microloans, and green loans exceeded 20% during the "14th Five-Year Plan" [4] - The participation and influence of China in international financial governance have significantly increased [4] Regulatory Developments - The financial regulatory authority has intensified efforts to combat financial corruption, with 20,000 institutions penalized and 36,000 individuals held accountable since the beginning of the "14th Five-Year Plan" [8] - The number of high-risk institutions and assets has been significantly reduced, ensuring that risks are manageable [10] - The financial regulatory authority has published 171 regulations over the past five years, enhancing the regulatory framework [10] Capital Market Reforms - The capital market's basic systems and regulatory logic have been comprehensively restructured, with the market's technology sector now accounting for over 25% of the A-share market capitalization [11] - The total market capitalization of the A-share market surpassed 100 trillion yuan for the first time in August 2023 [12] - The introduction of a registration-based IPO system has been fully implemented, with 230 major asset restructuring cases disclosed since the "Merger Six Guidelines" were released [12] Cross-Border Financial Activities - As of July 2023, foreign institutions and individuals held over 10 trillion yuan in domestic stocks, bonds, and deposits [15] - The scale of cross-border receipts and payments is projected to reach 14 trillion dollars in 2024, reflecting a 64% increase compared to 2020 [15] - The use of the renminbi in cross-border trade has risen to nearly 30%, indicating enhanced resilience in the foreign exchange market [15]

业内专家普遍认为，为平衡支持实体经济与保持银行体系自身健康性的关系，商业银行仍需从资负两端 协同发力，着力优结构、稳定价，确保净息差的相对平稳。综合考虑资金、风险、运营、资本、税收等 成本的相对刚性，在政策利率未降的情况下，LPR报价单独下调的空间和动力不足。 9月22日，中国人民银行授权全国银行间同业拆借中心公布，贷款市场报价利率(LPR)为：1年期LPR为 3.0%，5年期以上LPR为3.5%。两个期限LPR均与上月持平。 "继5月LPR跟随逆回购利率下10个基点后，截至当下9月逆回购利率再无调整。"中信证券固定收益分析 师赵诣解释，这也与市场预期保持一致。 招联首席研究员董希淼表示，"尽管9月18日美联储开启2024年12月以来首次降息，但国内LPR保持不 变，符合预期。"他进一步解释，一方面受银行息差方面的约束。如果LPR下降过快，银行息差加快收 窄，不利于保持银行体系稳健性和服务实体经济持续性。另一方面，从当前新发放贷款看，无论是新发 放的企业贷款还是个人住房贷款，利率都在上年同期较低的水平上继续下降，且都处于历史低位。在这 种情况下，本月LPR维持不变，在意料之中。 此外，在新的货币政策框架下，7 ...

Core Points - The second batch of Sci-Tech Innovation Bond ETFs is set to be listed on September 24, with 14 ETFs collectively raising 69.773 billion yuan [1] - The first and second batches of Sci-Tech Innovation Bond ETFs experienced strong demand, with fundraising completed in one day [1] - Industrial banks, particularly Industrial Bank, have emerged as the largest custodians for these ETFs, managing eight of the funds [1][2] Fundraising and Custodian Details - A total of 24 Sci-Tech Innovation Bond ETFs have raised 69.773 billion yuan, with significant participation from institutional investors [1] - Industrial Bank is the custodian for eight ETFs, while China Merchants Bank, CITIC Bank, and CITIC Securities are custodians for three ETFs each [1][2] - Some custodians have made substantial investments, with one institution holding nearly 50% of certain ETFs [1][2] Investment Dynamics - The competition among custodians and shareholders is intensifying, with a focus on securing substantial institutional investments to achieve high fundraising targets [4] - The presence of strong custodians is crucial for the success of new ETFs, as they are expected to contribute significant capital [4] - Major fund companies are reducing management fees to attract more investments, with some lowering fees to the industry’s lowest levels [4][5] Cost Considerations - Fund companies face various costs beyond promotional expenses, including sales channel fees and operational costs, which impact profitability [5] - The need for ETFs to reach a scale of at least 10 billion yuan is emphasized to cover costs effectively under the current fee structure [5] - The liquidity of larger ETFs is expected to attract more capital, highlighting the importance of effective management strategies [5]

Core Insights - The "14th Five-Year Plan" emphasizes the deepening of financial system reforms and the construction of a financial powerhouse, with a focus on stable development in capital markets and high-level openness in the foreign exchange sector [1] Financial System Reform - A scientific and robust monetary policy framework is being established, alongside a macro-prudential policy framework and mechanisms for systemic financial risk prevention and resolution [2] - Significant progress has been made in risk prevention and resolution, with over 3,600 illegal shareholders being cleared out and more than 200 companies smoothly delisted during the "14th Five-Year" period [4][8] Support for the Real Economy - Financial support for the real economy has been strengthened, with a reduction in the number of financing platforms by over 60% and a decrease in financial debt scale by over 5% compared to the beginning of 2023 [6] - Infrastructure loan balances reached 54.5 trillion yuan, a 62% increase from the end of the "13th Five-Year Plan" [14] Capital Market Development - By the end of August 2023, various long-term funds held approximately 21.4 trillion yuan in A-share market value, a 32% increase from the end of the "13th Five-Year Plan" [8] - The introduction of policies such as "Science and Technology Innovation Board" and "M&A regulations" aims to enhance marketization and internationalization [8] Foreign Exchange Market - The foreign exchange market has shown stable operation, with cross-border receipts and payments expected to reach 14 trillion USD in 2024, a 64% increase from 2020 [10] - The proportion of the renminbi in cross-border trade has risen from 16% to nearly 30% [10] Financial Regulation - The bond default rate in the exchange market remains low at around 1%, and about 7,000 zombie institutions have been rectified [12] - A comprehensive regulatory system is being established to prevent fraud and improve rules related to share reduction and quantitative trading [12] High-Level Financial Openness - By the end of July, foreign institutions and individuals held over 10 trillion yuan in domestic stocks, bonds, and deposits [20] - The renminbi has become the largest settlement currency for China's external receipts and payments, ranking among the top three trade financing and payment currencies globally [20]