北京商报讯(记者 马换换 实习记者 李佳雪)9月22日晚间，证监会官网发布中共中国证券监督管理委员会 委员会关于二十届中央第三轮巡视整改进展情况的通报。通报显示，下一步，证监会党委将落实落细全 面深化资本市场改革各项部署。聚焦服务新质生产力发展，深化科创板、创业板、北交所改革，完善发 行上市等制度机制，培育壮大耐心资本。加快多层次债券市场发展，推动完善中国特色期货监管制度和 业务模式。扩大高水平制度型开放，提升我国资本市场的吸引力竞争力。 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The spread of bond varieties is expected to narrow periodically. The 5 - year and 10 - year China Development Bank - Treasury bond spread may have convergence opportunities as the bond market sentiment stabilizes and institutional liability - side pressure eases [1][7]. - In the short term, be vigilant against the periodic impact caused by institutions cashing in floating profits at the end of the quarter [7]. - Next week, the supply pressure of Treasury bonds will decrease, but the central bank's reverse repurchase maturity amount is large, and the central bank may restart the 14 - day reverse repurchase to cope with the tight liquidity at the end of the quarter, and the capital interest rate center may rise [6]. 3. Summary by Relevant Catalogs 3.1 Bond Market Weekly Review - From September 15th to 19th, the bond market fluctuated under the influence of multiple factors such as weak fundamental data, tight liquidity, supply pressure, and policy expectations. The yield of the 10 - year Treasury active bond ranged from 1.76% to 1.81% [12]. - Treasury bond yields generally first declined and then rose. As of September 19th, the 1 - year Treasury bond yield closed at 1.3900%, down 1.00bp from the previous Friday; the 10 - year Treasury bond yield closed at 1.8789%, up 1.19bp; the 30 - year Treasury bond yield closed at 2.1996%, up 1.56bp [15]. - Most of the key term spreads of Treasury bonds widened. The 10Y - 1Y spread of Treasury bonds widened by 2.19bp to 48.89bp, and the 30Y - 10Y spread widened by 0.37bp to 32.07bp [21]. 3.2 Bond Market Data Tracking 3.2.1 Funding Situation - From September 15th to 19th, the central bank's open - market operations had a net investment of 5,923.00 billion yuan. The central bank conducted 18,268.00 billion yuan of open - market reverse repurchases, with 12,645.00 billion yuan maturing; and 1,500.00 billion yuan of treasury cash fixed - deposit tenders, with 1,200.00 billion yuan maturing. Next week, the reverse repurchase maturity amount is 18,268.00 billion yuan, larger than the previous week [24]. - Funding interest rates generally rose. DR001 rose 9.98bp to 1.4644% from the previous week, R007 rose 7.4bp to 1.5613%, and DR007 rose 7.53bp to 1.5566%. The SHIBOR interest rate also rose [25][37]. 3.2.2 Supply Side - From September 15th to 19th, the total issuance volume of interest - rate bonds decreased compared with the previous week, and the net financing amount increased. The total issuance scale of interest - rate bonds was 15,004.49 billion yuan, a decrease of 1,517.54 billion yuan from the previous week; the total repayment scale was 10,481.64 billion yuan, a decrease of 4,636.79 billion yuan; the net financing scale was 4,522.85 billion yuan, an increase of 3,119.26 billion yuan [39]. - The issuance scale of government bonds decreased month - on - month, and the net financing amount decreased month - on - month. Treasury bonds were issued at 3,275.20 billion yuan, a decrease of 2,388.50 billion yuan month - on - month; local government bonds were issued at 1,885.19 billion yuan, a decrease of 1,131.54 billion yuan [42]. - The issuance scale of inter - bank certificates of deposit increased, the net financing amount increased month - on - month, and the issuance interest rate rose. The total issuance volume of inter - bank certificates of deposit was 9,844.10 billion yuan, an increase of 2,002.50 billion yuan from the previous week; the total repayment volume was 8,500.50 billion yuan, a decrease of 4,021.20 billion yuan; the net financing amount was 1,343.60 billion yuan, an increase of 6,023.70 billion yuan [48]. 3.3 Next Week's Outlook and Strategy 3.3.1 Central Bank's Adjustment of 14 - day Reverse Repurchase Operation Mechanism - Since September 19, 2025, the central bank has adjusted the open - market 14 - day reverse repurchase operation to the "fixed quantity, interest - rate tender, multiple - price winning bid" method. The operation time and scale will be flexibly determined according to liquidity management needs [4]. - The adjustment has three main changes: fixed - quantity tendering to enhance market expectation stability; interest - rate tendering to promote market - oriented price discovery and clarify the core position of the 7 - day interest rate as the policy interest rate; and the introduction of a multiple - price winning bid mechanism to improve capital allocation efficiency and help the central bank observe the real pricing of medium - term liquidity [4]. - The adjustment timing has dual considerations: to meet seasonal liquidity needs and to deepen interest - rate marketization reform [5]. 3.3.2 Next Week's Outlook - The supply pressure of Treasury bonds will decrease next week. The planned issuance of Treasury bonds is 2,170.00 billion yuan, and the planned issuance of local government bonds is 1,960.51 billion yuan [6]. - The central bank's reverse repurchase maturity amount is large next week, and the capital interest rate center may rise. The probability of the central bank restarting the 14 - day reverse repurchase to cope with the tight liquidity at the end of the quarter is relatively high [6]. 3.3.3 Bond Market Strategy - Recently, the bond market has been under pressure, mainly disturbed by three factors: the strengthening of M1 year - on - year, the warming of market risk appetite and the diversion of funds by the A - share market, and the "anti - involution" policy expectation pushing up commodity prices and strengthening inflation expectations [7]. - In the short term, be vigilant against the periodic impact caused by institutions cashing in floating profits at the end of the quarter. The 5 - year and 10 - year China Development Bank - Treasury bond spread may converge [7]. 3.4 Global Major Asset Classes - The U.S. Treasury yield curve steepened. As of September 19, 2025, the yields of 1Y, 2Y, 3Y, 5Y, 10Y, and 30Y U.S. Treasuries changed by - 6bp, + 1bp, + 4bp, + 5bp, + 8bp, and + 7bp respectively compared with September 12th, and the 10Y - 2Y term spread widened by 7bp to 57bp [72]. - The U.S. dollar index rose slightly, and the central parity rate of the U.S. dollar against the RMB was raised. Gold and silver prices rose, and crude oil trends were divided [72][74].

Group 1 - The U.S. Federal Reserve is expected to cut interest rates by 25 basis points, acknowledging economic slowdown, job growth deceleration, a slight increase in unemployment, and persistent high inflation [1] - Precious metals are performing strongly due to the interest rate cut and risk aversion sentiment, with gold prices expected to continue a bullish trend in the early stages of the rate cut cycle [1] - The U.S. August non-farm payroll data and unemployment rate indicate a weakening job market, raising concerns about potential economic recession [1] Group 2 - Gold mining stocks are experiencing significant gains, with Lingbao Gold up 4.74%, Zhaojin Mining up 4.5%, and China Silver Group up 4% [2] - The overall market sentiment is positive for gold-related companies, reflecting the impact of the recent economic data and interest rate expectations [2]

"回望过去五年，大家一起交出了一份沉甸甸的答卷，可以说是硕果累累。展望未来五年，我们也是信心满满，更有着沉甸甸的责任"，9月22日，在介绍"十 四五"时期金融业发展成就时，证监会主席吴清在国新办新闻发布会上表示。当日，吴清在会上详细介绍了五年来资本市场发展的"成绩单"。近五年，交易 所市场股债融资合计达到57.5万亿元，直接融资比重稳中有升，较"十三五"末提升2.8个百分点，达到31.6%。资本市场服务科技创新跑出"加速度"，资本市 场含"科"量进一步提升。另外，五年来，上市公司通过分红、回购派发"红包"合计达到10.6万亿元，比"十三五"增长超过八成，相当于同期股票IPO和再融 资金额的2.07倍。"十四五"期间，新增核准13家外资控股证券基金期货机构来华展业兴业，外资持有A股市值3.4万亿元，269家企业境外上市。一系列数据 表明，"十四五"期间，我国资本市场实现了量的稳步增长和质的有效提升，我国资本市场的"朋友圈"越来越大，也为"十五五"高质量发展打下了坚实基础。 A股韧性和抗风险能力增强 吴清在会上表示，"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 ...

Market Overview - The A-share market saw all three major indices rise today, with the Shanghai Composite Index up 0.22%, Shenzhen Component Index up 0.67%, and ChiNext Index up 0.55% [1] - The total trading volume was 21,425 billion yuan, a decrease of 2,069 billion yuan from the previous day, with over 2,100 stocks in the green [1] - Key sectors that performed well included precious metals, consumer electronics, semiconductors, and liquid-cooled servers, while sectors like film and television, tourism and hotels, paper, energy metals, liquor, and pesticides underperformed [1] Market Sentiment - Following the Federal Reserve's interest rate cut last Thursday, the market briefly reached a new high of 3,899.96 points, just shy of the 3,900-point mark, but faced a sharp decline due to weakness in the financial sector [1] - The market has shown signs of temporary stabilization over the past two days, despite the reduced trading volume [1] Trading Volume Analysis - The core observation indicator for market momentum is the trading volume, which is essential for sustaining a bull market [3] - Continuous high trading volume indicates strong market participation and bullish sentiment, while declining volume suggests a lack of interest and potential downward pressure [3] Reasons for Low Trading Volume - The "pre-holiday effect" is influencing market activity, as investors tend to reduce holdings before holidays to avoid systemic risks, leading to decreased trading volume [5] - There is a lack of new major news catalysts in the short term, which has contributed to the market's inability to rally [6] - Technical indicators suggest a potential top formation in the market, which may further dampen buying interest and reinforce a cautious sentiment among investors [7] Market Outlook - The market is expected to remain in a consolidation phase before the National Day holiday, with limited upward movement anticipated [9] - Investors are advised to lower positions and wait for clearer signals before increasing exposure, while those looking to trade can consider buying near the lower end of the trading range and selling near the upper end [10] - Long-term bullish sentiment remains intact, with significant policy signals expected from the upcoming 20th Central Committee meeting in October, which could provide new direction for the market [14]

要点速览 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 地方政府融资平台风险水平大幅收敛，高风险中小银行数量较峰值明显压降 中国的货币政策坚持以我为主，兼顾内外均衡 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，国家金融监督管理总局局长李云泽，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在发布会上回应了诸多市场关注的热点话题。 积极推进完善资本形成机制和中长期资金入市机制 截至今年8月底，各类中长期资金合计持有A股流通市值约21.4万亿元，较"十三五"末增长32% 相当部分省份已经实现高风险中小机构动态清零 保险法修订正在加快推进 7月末境外机构和个人持有境内股票、债券、存贷款超10万亿元 "十四五"以来我国外汇储备始终稳定在3万亿美元以上 潘功胜：货币政策坚持以我为主，兼顾内外均衡 潘功胜表示，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。 潘功胜介绍，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 ...

通报提出，一体推进防风险、强监管、促高质量发展工作。做好金融"五篇大文章"，更大力度推动中长 期资金入市，持续稳定和活跃资本市场，更好服务新质生产力发展和广大投资者。持续推进抓基本、打 基础、走基层，"开门办审核、开门办监管、开门办服务"工作。坚持从严监管、科学监管，既抓早抓小 抓苗头，更打大打恶打重点，努力做到严而有度、严而有方、严而有效。 通报提到，进一步全面深化改革。以深化资本市场投融资综合改革为牵引，以深入推进"提质增效重回 报"行动、加强指数化投资生态建设为抓手，健全市场内在稳定性长效机制。发挥好科创板改革"试验 田"作用，落实好进一步全面深化科创板改革各项改革措施；进一步推动"科创板八条""并购六条"创新 性示范性案例落地。稳步拓展互联互通，丰富跨境投融资产品，推进高水平对外开放。坚持守正创新、 至诚至公、全球融通，建设世界一流交易所。 更大力度推动中长期资金入市，持续稳定和活跃资本市场。 9月22日，中共上海证券交易所委员会关于二十届中央第三轮巡视整改进展情况的通报。下一步，上交 所党委将严格按照中央要求，在证监会党委领导和中央纪委国家监委驻证监会纪检监察组监督下，坚持 标准不变、力度不变、"一 ...

中国人民银行行长潘功胜，国家金融监督管理总局局长李云泽，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在发布会上回应了诸多市场关注的热点话题。 要 点 速 览 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 地方政府融资平台风险水平大幅收敛，高风险中小银行数量较峰值明显压降 中国的货币政策坚持以我为主，兼顾内外均衡 积极推进完善资本形成机制和中长期资金入市机制 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。 截至今年8月底，各类中长期资金合计持有A股流通市值约21.4万亿元，较"十三五"末增长32% 相当部分省份已经实现高风险中小机构动态清零 保险法修订正在加快推进 7月末境外机构和个人持有境内股票、债券、存贷款超10万亿元 "十四五"以来我国外汇储备始终稳定在3万亿美元以上 潘功胜：货币政策 坚持以我为主，兼顾内外均衡 潘功胜表示，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。 潘功胜介绍，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 ...

Group 1: Overall Performance - The overall performance of Hong Kong stocks in H1 2025 shows positive profit growth, with leading companies showing a stronger willingness to expand production. The revenue growth rates for major indices are as follows: Hang Seng Index at 1.98%, Hang Seng Tech at 15.98%, and China Enterprises Index at 2.42%, all showing improvements compared to H2 2024 [6][10] - The return on equity (ROE) for the Hang Seng Index slightly decreased to 7.9%, while net profit margin and leverage levels increased, indicating overall stable operational efficiency [8][9] Group 2: Industry Comparison - The AI and innovative pharmaceuticals sectors continue to lead in high prosperity, while real estate and certain cyclical industries remain under pressure. The healthcare and technology sectors show strong profit growth, with healthcare at 51.7% and technology at 31.5% [12][14] - Non-essential consumption saw a decline in profit growth, primarily due to negative performance in the automotive sector, while essential consumption profits increased, particularly in non-alcoholic beverages, which grew by 75.4% [17][18] Group 3: Performance Outlook - Profitability in Hong Kong stocks is expected to rebound in H2 2025, with most industries likely to see marginal improvements. Bloomberg consensus forecasts indicate a recovery in profit growth for the Hang Seng Index and Hang Seng China Enterprises Index [3][12] - High-prosperity industries such as healthcare, technology, and new consumption are anticipated to continue delivering strong performance, supported by favorable domestic policies and increased foreign capital inflows [3][12]

Core Insights - The core viewpoint of the articles highlights the financial performance of 42 listed securities firms in the first half of 2025, with a significant increase in total revenue and net profit, while also focusing on the challenges faced by Guohai Securities, particularly in its investment banking segment [1][5][12]. Financial Performance Overview - In the first half of 2025, the 42 listed securities firms achieved a total operating revenue of 251.9 billion yuan, representing a year-on-year growth of 31% [1]. - The net profit attributable to shareholders reached 104 billion yuan, marking a 65% increase compared to the previous year [1]. Business Segment Analysis - The total net income from investment banking services for the 42 firms was 15.53 billion yuan, reflecting an 18.11% year-on-year growth [1]. - Guohai Securities reported a total operating revenue of 1.586 billion yuan, up 15.48% year-on-year, and a net profit of 370 million yuan, which is a remarkable increase of 159.26% [2]. - Guohai Securities' wealth management, corporate financial services, and investment management businesses saw revenue growth rates of 35.55%, 106.53%, and 17.71%, respectively [2]. Challenges in Investment Banking - Despite the growth in investment banking revenue for Guohai Securities, the profit from its corporate financial services segment was negative, indicating ongoing challenges [5][6]. - Guohai Securities has not generated any income from IPO underwriting for 28 consecutive months since May 16, 2023, which has contributed to the negative profit in its investment banking division [7]. Market Conditions - The stock market indices showed an upward trend in the first half of 2025, with the Wind All A Index increasing by 5.83% and the Shanghai Composite Index rising by 2.76% [4]. - The overall self-operated investment income for the 42 firms was 112.35 billion yuan, a year-on-year increase of 53.53%, while Guohai Securities reported a decline of 8.64% in self-operated income [4]. Risk Management Indicators - As of June 30, 2025, Guohai Securities' net capital was 16.109 billion yuan, a decrease of 0.71% from the beginning of the year [12]. - Key risk indicators showed a decline, with the risk coverage ratio falling to 361.18%, down 50.24 percentage points from the beginning of the year, and the liquidity coverage ratio decreasing to 165.44%, down 29.81 percentage points [12].