牛市来了还没上车？上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限 量发放！先到先得！ 国务院新闻办公室于2025年9月22日（星期一）下午3时举行"高质量完成'十四五'规划"系列 主题新闻发布会，请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。 潘功胜： 今日发布会主要介绍十四五时期金融业发展情况 不涉及短期政策调整 9月22日，在介绍"十四五"时期金融业发展成就时，中国人民银行行长潘功胜在国新办新闻发 布会上表示，今天的新闻发布会的主题是介绍十四五时期金融业的发展情况，主要是从中长 期的视角回顾和总结"十四五"，不涉及短期政策的调整，关于"十五五"以及下一步金融改革 的内容，将在中央统一部署后给做进一步沟通。 "十四五"期间我国金融事业取得新的重大成就 央行行长潘功胜9月22日在国新办举行的"高质量完成'十四五'规划"系列主题新闻发布会上介 绍，"十四五"期间，我国金融事业取得新的重大成就。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 ...

Key Insights - The Federal Reserve has lowered interest rates by 25 basis points, aligning with market expectations, indicating potential for further rate cuts within the year [7][5] - The Producer Price Index (PPI) has shown a narrowing year-on-year decline, which may impact industrial enterprise profits, while consumer retail sales have increased by 3.4% year-on-year in August [7][10] - The technology sector remains a focal point for investment, particularly in AI applications and infrastructure improvements [7][5] Economic Overview - Global stock markets exhibited mixed performance, with A-shares showing strength, particularly in the technology sector, while major commodities like oil and aluminum saw declines [5][6] - The domestic equity market saw a daily average trading volume of 24,948 billion yuan, with 13 sectors rising and 18 falling, highlighting a preference for growth over cyclical and financial sectors [6][20] Consumer Market Analysis - In August, the total retail sales of consumer goods reached 39,668 billion yuan, reflecting a year-on-year growth of 3.4%, which was below market expectations [10][11] - Online retail continues to accelerate, with significant growth in new consumption formats such as live streaming and instant retail, indicating a shift in consumer behavior [10][11] Inflation and Price Trends - The Consumer Price Index (CPI) fell by 0.4% year-on-year in August, while the PPI decreased by 2.9%, marking the first narrowing of the decline since March [12][12] - The disparity between PPI and CPI has decreased, suggesting potential pressure on profit margins for manufacturers [12] Investment Recommendations - There is a growing potential in the service consumption sector, particularly in cultural tourism and hospitality, as travel and leisure activities are expected to increase during upcoming holidays [13][14] - The cosmetics sector has shown resilience with a year-on-year growth of 5.1%, indicating strong demand for domestic brands [14]

Core Viewpoint - China Galaxy Securities Co., Ltd. has received a no-objection letter from the Shanghai Stock Exchange regarding its non-public issuance of corporate bonds totaling up to 20 billion yuan [1] Group 1 - The company is authorized to issue corporate bonds not exceeding 20 billion yuan aimed at professional investors [1] - The no-objection letter confirms that the bond issuance meets the listing transfer conditions on the Shanghai Stock Exchange [1] - The validity of the no-objection letter is 12 months from the date of issuance, allowing the company to organize the bond issuance in installments within this period [1]

Group 1 - The core viewpoint of the news is the significant achievements in the development of China's financial industry during the "14th Five-Year Plan" period, as highlighted by the Chairman of the China Securities Regulatory Commission (CSRC), Wu Qing [1][3] Group 2 - Major breakthroughs in investment-side reforms have been achieved, focusing on investor interests, implementing high-quality public fund development action plans, and establishing a comprehensive evaluation system centered on investment returns. By the end of August, various long-term funds held approximately 21.4 trillion yuan in A-share market value, a 32% increase compared to the end of the "13th Five-Year Plan" [3] - Continuous deepening of financing-side reforms has been noted, with the stock issuance registration system fully rolled out and various measures introduced to support new productive forces, including the "16 Articles for Sci-Tech Innovation" and "6 Articles for Mergers and Acquisitions" [3][4] - The institutional mechanisms for promoting high-quality development of listed companies have been continuously improved, with two revisions of information disclosure management measures and support for significant asset restructuring, resulting in 230 major asset restructuring disclosures since the release of the "6 Articles for Mergers and Acquisitions" [4] - The high-level institutional opening of the capital market has steadily expanded, with the complete removal of foreign ownership limits in various sectors and the establishment of a comprehensive overseas listing filing system. During the "14th Five-Year Plan" period, foreign investment in A-shares reached 3.4 trillion yuan, with 269 companies listed overseas [4]

Group 1 - The core point of the article is that China Galaxy Securities has received a no-objection letter from the Shanghai Stock Exchange regarding its non-public issuance of corporate bonds, allowing for a total issuance amount of up to 20 billion yuan [1] - The no-objection letter confirms that the bond issuance meets the conditions for listing and transfer on the Shanghai Stock Exchange [1] - The company can organize the bond issuance in installments within the validity period of the no-objection letter, which is effective for 12 months from the date of issuance [1] Group 2 - The non-public issuance of corporate bonds has been confirmed for both China Galaxy Securities listed on the Hong Kong Stock Exchange and the Shanghai Stock Exchange [2]

Group 1 - The report emphasizes the importance of identifying the current market state, either "trend" or "oscillation," to aid in timing and stock selection strategies [2][6][48] - A two-phase, layered diagnostic algorithm is employed to define the index state, utilizing a "zig-zag" algorithm combined with breakpoint correction for historical performance analysis [2][9][10] - The study constructs six feature variables from price, volume, and volatility dimensions to capture market trend changes and emotional fluctuations, achieving over 80% accuracy in predicting future market states with various machine learning models [2][26][27] Group 2 - The report outlines a dynamic position management strategy based on model predictions, switching between "momentum" logic in trend states and "mean reversion" logic in oscillation states [2][46] - The decision tree model-driven strategy yielded a total return of 77.26% and a Sharpe ratio of 1.12 during the backtesting period from 2020 to 2025, significantly outperforming the buy-and-hold benchmark [2][49][70] - The report highlights the effectiveness of the decision tree model in accurately signaling market states, leading to robust returns and risk management during market downturns [2][46][70]

作者：孙璐璐 贺觉渊 程丹 秦燕玲 国务院新闻办公室于今日下午3时，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。 潘功胜 潘功胜：中国特色现代货币政策框架逐步形成 潘功胜在国新办新闻发布会上表示，"十四五"以来，我国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，中国特色的现代货币政策框架逐步形成，政策传导更为有效。 潘功胜："十四五"时期科技型中小企业贷款、普惠小微贷款、绿色贷款年均增速超过20% 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，中国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。 潘功胜：目前我国金融体系总体稳健 潘功胜表示，目前我国金融体系总体稳健，金融机构总体健康，金融市场运行平稳。 潘功胜在国新办新闻发布会上表示，下一步人民银行将以进一步深化改革为动力，加快完善中央 ...

智通财经APP讯，中国银河(06881)发布公告，近日，中国银河证券股份有限公司(以下简称"公司")收到 上海证券交易所(以下简称"上交所")出具的《关于对中国银河证券股份有限公司非公开发行公司债券挂 牌转让无异议的函》(上证函[2025]3079号)(以下简称"无异议函")。 根据该无异议函，上交所确认公司面向专业投资者非公开发行总额不超过200亿元的公司债券(以下简 称"本次债券")符合其挂牌转让条件，对本次债券在上交所挂牌转让无异议。该无异议函自出具之日起 12个月内有效，公司可在无异议函有效期及上述额度内采取分期发行方式组织发行本次债券，并及时办 理债券挂牌转让手续。 ...

中国银河（601881）(601881.SH)发布公告，近日，公司收到上海证券交易所(简称"上交所")出具的《关 于对中国银河证券股份有限公司非公开发行公司债券挂牌转让无异议的函》(上证函[2025]3079号)(简 称"无异议函")。根据该无异议函，上交所确认公司面向专业投资者非公开发行总额不超过200亿元的公 司债券符合其挂牌转让条件，对本次债券在上交所挂牌转让无异议。该无异议函自出具之日起12个月内 有效，公司可在无异议函有效期及上述额度内采取分期发行方式组织发行本次债券，并及时办理债券挂 牌转让手续。 ...

国务院新闻办公室于2025年9月22日（星期一）下午3时举行"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。 潘功胜：今日发布会主要介绍十四五时期金融业发展情况， 不涉及短期政策调整 潘功胜表示，今天的新闻发布会的主题是介绍十四五时期金融业的发展情况，主要是从中长期的视角回 顾和总结"十四五"，不涉及短期政策的调整，关于"十五五"以及下一步金融改革的内容，将在中央统一 部署后给做进一步沟通。 潘功胜：目前我国金融体系总体稳健 潘功胜表示，目前我国金融体系总体稳健，金融机构总体健康，金融市场运行平稳。 潘功胜："十四五"时期科技型中小企业贷款、普惠小微贷款、绿色贷款年均增速超过20% 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。 潘功胜：中国特色现代货币政策框 ...