历史数据显示，长期债券可能正面临危险的九月行情。据数据显示，过去十年间，全球10年期以上政府 债券在九月份的跌幅中位数达2%，这一表现堪称年度最差月度纪录。当前市场环境下，多重因素叠加 令长期债券承压，投资者需警惕收益率曲线进一步倒挂的风险。 市场情绪已现谨慎迹象。五星资产管理公司高级投资组合经理下村秀夫指出，九月通常是货币政策转折 的关键窗口，也是市场预期重塑的敏感期。 当前机构投资者普遍采取防御姿态，关注焦点集中于两大风险事件：周五即将公布的美国非农就业数据 将验证美联储降息预期的合理性，而欧元区通胀数据若出现意外波动，可能打破欧洲央行维持利率不变 的共识。 季节性供给规律亦被策略师重点关注。佩珀斯通集团研究主管Chris Weston与杰富瑞国际首席欧洲策略 师Mohit Kumar均认为，九月长期债券的弱势表现与发行节奏密切相关。通常七、八月债券发行量较 低，而十一月中旬后供给再次趋缓，九月恰处于供给回升的周期性节点，这从供需层面解释了季节性下 跌现象。 瑞穗国际多资产策略师Evelyne Gomez-Liechti则强调，本月债券市场还需克服多重挑战：美国经济数据 若持续超预期可能延缓美联储降息步伐 ...

Core Viewpoint - The expansion of the Guotai Junan Lingang Innovation Industrial Park REIT marks a significant milestone as the first public REIT expansion project by a state-owned enterprise in Shanghai, showcasing strong market recognition and investor interest [2]. Group 1: REIT Performance and Expansion - The Guotai Junan Lingang Innovation Industrial Park REIT has maintained a rental rate above 94% since its initial public offering, demonstrating operational resilience and providing stable returns to investors, with cumulative dividends reaching 72.84 million yuan [1]. - The recent expansion involves acquiring the Caohejing Technology Oasis Kangqiao Park, which has shown strong operational performance with an average rental rate of 95% or higher over the past three years [1][2]. - The expansion project raised approximately 1.723 billion yuan by issuing around 389 million fund shares, indicating robust investor demand and confidence in the REIT's value [2]. Group 2: Strategic Implications for the Company - The Lingang Group is shifting its focus from real estate development to enhancing its industrial and technological attributes, utilizing public REITs as a financial tool to optimize asset structure and activate existing assets [2]. - The dual strategy of "listed companies + public REITs" aims to inject mature R&D assets into the REIT, thereby expanding market size and improving liquidity, which is crucial for the Lingang Group's asset operation [2]. - Guotai Haitong aims to deepen its engagement in the public REITs sector, supporting national strategies related to urban renewal and technological innovation by revitalizing quality existing assets and broadening financing channels for enterprises [3].

峰会前夕，欧盟对俄冻结资产下手，金融战场风云突变 今日清晨，俄罗斯总统普京专机优雅地降落在天津，预示着2025年度上海合作组织峰会的隆重召开。此次随访的俄方代表团阵容可谓星光熠熠，三位副总 理、十余位部长以及众多俄罗斯重量级企业代表的出席，无疑为此次峰会增添了更多关注的目光。然而，就在普京总统专机抵达之际，远在欧洲的欧盟却传 来了一则令人震惊的消息，其触角直指被冻结的俄罗斯资产。 欧元区的"烫手山芋"：2100亿欧元激发的焦虑与分歧 眼下，欧盟共冻结了约2100亿欧元的俄罗斯中央银行资产，其中大部分由设在比利时的欧洲清算银行（Euroclear）托管。这笔巨额资产，对于深陷资金困境 的欧盟而言，无疑是一块诱人的"救命稻草"。为此，欧盟委员会大胆提出一项激进的计划：将这些被冻结的俄罗斯资产转移至一个"特殊目的工具"（Special Purpose Vehicle, SPV），以便未来能直接用于乌克兰的防务及战后重建。更为激进的是，欧盟甚至在考虑将这笔资金进行更高风险的投资，以期获得更高的 回报。然而，一旦投资失利，其潜在的损失将不得不由欧洲纳税人来承担。 俄乌冲突至今已逾两年，战火的绵延不仅给乌克兰带来了深重灾 ...

目前，摩根士丹利已助力中国企业在全球股票资本市场融资5085亿美元，债权融资7346亿美元，参与中 国相关的并购项目交易总额超7085亿美元。 摩根士丹利投资管理大中华区主管黄敏表示，中国的股票市场和固定收益市场蓬勃发展，已成为全球第 二大资本市场，"我们坚持'全球智慧，全心为你'的品牌理念，继续协同摩根士丹利全球优质资源，助 力国内外投资者把握中国市场的投资机遇，捕捉中国科技创新产业的成长机会"。 加强全球资源协同 1994年在北京、上海设立首批办事处，次年与合作伙伴成立中金公司，随后逐步实现绝对控股或全资控 股证券公司、商业银行、公募基金、QDLP（合格境内有限合伙人）等……摩根士丹利在中国市场的发 展历程，是外资投资中国市场的缩影。 作为国际化金融服务机构，摩根士丹利拥有覆盖全球的投研实力和科技投资基因。在全球市场，摩根士 丹利投资管理协成环球团队中，有专注研究颠覆性变革技术超过20年的小组；在国内市场，摩根士丹利 亚太区研究部有钻研中国工业领域的专业团队，摩根士丹利基金权益投资团队的成长组也深耕科技板块 多年。 摩根士丹利基金联动全球团队资源，将中国科技产业作为投研重点，捕捉科技创新投资机会。正是对人 ...

Major Developments - Huajian Medical (01931) plans to issue approximately HKD 3.142 billion in shares to acquire a 20.31% stake in Guofu Quantum (00290), further enhancing its strategic layout in the RWA and digital finance sectors [1] - Wanka Yilian (01762) subsidiary signs a comprehensive cooperation memorandum with Alibaba Cloud to build a global "AI + marketing" intelligent ecosystem [1] - Basis Technology Holdings (08391) partners with ExxonMobil Hong Kong to deploy ultra-fast electric vehicle charging stations at Esso-branded gas stations [1] - Yunfeng Financial (00376) reaches a strategic cooperation agreement with Ant Group and strategically invests in Pharos blockchain to build institutional-level RWA financial infrastructure [1] - JD Group-SW (09618) makes a voluntary public acquisition offer to CECONOMY AG [1] - Harmony Auto (03836): iCar Group Limited receives a subscription for 9.9999% of its shares from a BYD subsidiary [1] Financial Data - Xpeng Motors-W (09868) delivered approximately 37,700 smart electric vehicles in August, representing a year-on-year increase of 169% [1] - NIO-SW (09866) delivered 31,305 vehicles in August, reflecting a year-on-year growth of 55.2% [1] - Li Auto-W (02015) delivered 28,529 new vehicles in August [1] - BYD Company (01211) reported approximately 2.8639 million new energy vehicle sales in the first eight months, a year-on-year increase of 23% [1]

Group 1 - The Shanghai Cooperation Organization (SCO) summit held in Tianjin marks a significant event, being the largest summit since the organization's inception and the first hosted by China in seven years, showcasing the city's capabilities and enhancing its international image [1][3][9] - The summit resulted in the signing of the "Tianjin Declaration" and the approval of the "SCO Development Strategy for the Next 10 Years (2026-2035)," focusing on security, economic, cultural cooperation, and organizational development [1][3] - Tianjin's selection as the host city reflects its status as a key player in China's foreign diplomacy, with a strong infrastructure and experience in hosting international events, positioning it as a vital hub for international trade and cooperation [8][7][9] Group 2 - The hosting of high-profile summits in various Chinese cities, including Tianjin, is part of a broader strategy to showcase China's economic vitality and modernization to the world, with cities like Hangzhou and Qingdao previously benefiting from similar events [2][5][7] - The summit is expected to enhance Tianjin's infrastructure and service capabilities, as the city undertakes beautification and modernization projects in preparation for the event, which will improve its overall urban environment [9][14] - The summit is anticipated to facilitate numerous bilateral and multilateral trade discussions, providing a platform for local businesses to engage with SCO member countries, potentially leading to new investment opportunities [13][14] Group 3 - Tianjin's economic growth has shown signs of recovery, with a projected GDP growth of 5.1% in 2024, surpassing its own targets and aligning with national growth rates, indicating a positive trend in the city's economic performance [14][15] - The city is recognized as an important center for advanced manufacturing, international shipping, and financial innovation, with recent policies aimed at enhancing its development and attracting central enterprises [15][16] - The SCO summit is viewed as a milestone for Tianjin, expected to accelerate its modernization and elevate its status on the international stage, benefiting its industrial upgrades and brand recognition [17][18]

Group 1 - Yunfeng Financial announced a strategic cooperation agreement with Ant Digital Technology on September 1, 2025, and a strategic investment in Pharos Network Technology Limited, focusing on real-world asset (RWA) applications [1] - The collaboration aims to integrate Ant Digital's blockchain and digital finance technology with Yunfeng Financial's expertise in asset management, securities, insurance, and new energy carbon assets [1][2] - The partnership will leverage the Pharos high-performance blockchain platform to expand compliance in RWA tokenization and next-generation internet (Web3) sectors, enhancing Yunfeng Financial's digital finance positioning and supporting Ant Digital's blockchain technology applications [1] Group 2 - Yunfeng Financial's subsidiary holds multiple financial service licenses from the Hong Kong Securities and Futures Commission, enabling it to conduct securities trading, consulting, institutional financing, and asset management [2] - Ant Digital has been operating independently since 2024, focusing on foundational technologies such as blockchain, artificial intelligence, and privacy computing, with its Ant Chain leading the Chinese BaaS market with a 26.5% market share for four consecutive years [2] - According to a Boston Consulting report, the global tokenized asset market is projected to reach $16 trillion by 2030, representing 10% of global GDP, indicating a significant growth potential for the RWA market [2]

中证报中证网讯(记者齐金钊)日前，第七届粤港澳大湾区金融发展论坛在广州南沙举办。围绕"面向世 界的粤港澳大湾区金融全面合作发展"的主题，与会的专家学者进行了沟通交流。 近年来，粤港澳大湾区国际金融枢纽建设取得新突破，金融市场互联互通不断深化。官方数据显示，截 至当前，"深港通"交易总额突破100万亿元，"跨境理财通"规模超1200亿元，粤港澳融合发展水平跃上 新台阶。广东积极推动中国式现代化的广东金融实践，今年上半年，广东金融业增加值同比增长7%， 占全省GDP的比重达到9.3%，存贷款规模、证券交易额、上市公司数量、保费收入等主要金融指标均 居全国第一。 澳门金融管理局代主席黄善文表示，近年来，澳门特区政府积极推动经济适度多元化，加快发展现代金 融业，主动参与大湾区的合作，助力大湾区在国家经济发展和对外发展中发挥积极作用。未来希望更多 大湾区企业到澳门发债、融资，进一步发挥澳门作为中葡金融服务平台和大湾区联通平台的作用。 粤港澳大湾区金融发展论坛至今成功举办了七届，为推进粤港澳大湾区金融全面合作发展发挥了重要作 用。本届论坛由中共广东省委金融委员会办公室主办，广东省金融智库联合会和广东恒健投资控股有限 公司 ...

Core Viewpoint - The city of Binzhou is actively promoting consumption through a series of initiatives centered around the social security card, aiming to enhance consumer engagement and stimulate economic growth [1][3]. Group 1: Consumption Promotion Activities - The Human Resources and Social Security Bureau has organized various themed consumption promotion activities, such as for International Women's Day, Labor Day, and the Dragon Boat Festival, resulting in 71,100 participants by the end of July [3]. - Collaboration with financial institutions and merchants has led to effective consumer engagement, significantly increasing foot traffic during promotional events [3]. Group 2: Optimization of Social Security Card Experience - Continuous improvements have been made to the application, activation, and payment processes of the social security card, integrating multiple channels for enhanced user experience [3][4]. - The social security card now supports 153 public service transactions and 100 types of subsidies, with 1,665 organizations disbursing salaries through the card, reducing transaction costs for users [3][4]. Group 3: Policy Coordination and Financial Support - The Bureau has aligned its initiatives with 22 local consumption promotion policies, creating a multi-departmental collaboration that amplifies the impact of promotional activities [3]. - Financial products linked to the social security card, such as low-interest consumer loans, have disbursed 375 million yuan, benefiting 3,311 individuals and easing financial burdens for significant purchases [4]. Group 4: Service System Enhancement - A comprehensive service system for the social security card has been established, ensuring accessibility through both online and offline channels, facilitating convenient service delivery [5]. - The Bureau plans to continue its efforts in promoting consumption through the social security card, focusing on expanding application scenarios and optimizing service processes [7].

Group 1 - The core viewpoint of the articles is that Yunfeng Financial has entered into a strategic partnership with Ant Digital Technology to enhance the integration of Web3 technology with traditional finance, focusing on the tokenization of Real World Assets (RWA) [1][2] - The collaboration will leverage Ant Digital's expertise in blockchain and digital finance alongside Yunfeng Financial's experience in asset management, securities, insurance, and renewable carbon assets [1] - The partnership aims to explore cutting-edge areas such as RWA tokenization and the next generation of the internet (Web3), which will strengthen Yunfeng Financial's position in the digital finance sector and support Ant Digital's blockchain technology applications [1] Group 2 - Pharos Network Technology Limited is highlighted as a next-generation Layer 1 public chain focused on building institutional-level RWA application scenarios, which will enhance the synergy between Web3 and traditional finance [2] - The investment in Pharos aligns with the company's long-term strategy to explore the potential of blockchain technology in financial innovation, aiming to create sustainable value for shareholders [2]