券商分析师人数创下历史新高。 近日，证券时报记者查询中国证券业协会数据发现，券商分析师数量已突破6000大关，创历史新高。据 了解，大型券商研究所以内生培养为主，中小机构则倚重外部引进。 券商分析师队伍正加速扩张，但市场蛋糕却在缩小。受公募基金"费改"影响，上半年行业分仓佣金收入 下滑超30%，券商研究所转型迫在眉睫，需寻求非佣金类新业务增长点、实现收入结构多元化；同时， 部分头部机构的增员速度有所放缓。 规模显著扩容 据记者对中国证券业协会数据的统计，截至9月19日，券商分析师数量达6162人，今年以来新增超400 人。 拉长时间维度看，券商分析师近两年来呈快速扩张态势。据东方财富Choice数据，2018年分析师数量突 破3000，此后三年间长期在4000人以内波动，直至2022年才跨越4000人大关；2024年分析师数量已突破 5000人。 谈及分析师数量快速增长原因，业内人士认为，一是在公募基金"费改"政策出台前，随着机构投资者群 体快速扩容，券商研究所人才缺口较大，持续扩招，包括在应届生中大规模选拔，这些新入职的研究员 在从业两三年后，如今陆续注册成为分析师；二是部分中小券商所正发力卖方研究赛道，通 ...

券商分析师人数创下历史新高。 近日，证券时报记者查询中国证券业协会数据发现，券商分析师数量已突破6000大关，创历史新高。据 了解，大型券商研究所以内生培养为主，中小机构则倚重外部引进。 券商分析师队伍正加速扩张，但市场蛋糕却在缩小。受公募基金"费改"影响，上半年行业分仓佣金收入 下滑超30%，券商研究所转型迫在眉睫，需寻求非佣金类新业务增长点、实现收入结构多元化；同时， 部分头部机构的增员速度有所放缓。 规模显著扩容 据记者对中国证券业协会数据的统计，截至9月19日，券商分析师数量达6162人，今年以来新增超400 人。 拉长时间维度看，券商分析师近两年来呈快速扩张态势。据数据，2018年分析师数量突破3000，此后三 年间长期在4000人以内波动，直至2022年才跨越4000人大关；2024年分析师数量已突破5000人。 谈及分析师数量快速增长原因，业内人士认为，一是在公募基金"费改"政策出台前，随着机构投资者群 体快速扩容，券商研究所人才缺口较大，持续扩招，包括在应届生中大规模选拔，这些新入职的研究员 在从业两三年后，如今陆续注册成为分析师；二是部分中小券商所正发力卖方研究赛道，通过招兵买马 以期实现" ...

证券时报记者 孙翔峰 科技创新与产业创新，是发展新质生产力的核心路径。华福证券以践行国家战略、服务实体经济为根本遵循，精 准布局"投早、投小"至"并购重组"全链条服务，构建科创企业全生命周期服务生态，畅通"科技－产业－金融"循 环，为加速培育新质生产力持续注入金融"活水"。 "华福证券深刻把握金融工作的政治性、人民性，坚守金融服务实体经济的根本宗旨，聚焦战略性新兴产业与未来 产业，引导社会资源持续流向国家关键核心技术领域、重点发展和薄弱环节，助力新质生产力的形成与发展，扎 实做好金融'五篇大文章'。"华福证券党委书记、董事长黄德良对证券时报记者表示。 完善全链条金融服务生态 科技企业普遍存在研发周期长、前期投入大、风险高的特点，对券商服务能力提出更高要求。华福证券介绍，公 司在科技金融领域的布局已由单一融资服务向覆盖企业全生命周期的综合金融生态延伸，加快构建并持续完善全 链条综合金融服务体系，加大资源投入力度，切实提升服务科技创新的质效。 一是完善顶层设计。华福证券专门成立金融"五篇大文章"工作委员会，并下设科技金融等五个工作小组，系统制 定科技金融业务发展规划，着力构建"投行+投资+投研"特色服务模式。出台 ...

Core Viewpoint - Four listed companies, Fudan Fuhua, Sike Rui, Juewei Food, and Chuangyi Information, announced financial fraud, leading to risk warnings and a collective trading suspension, affecting nearly 200,000 shareholders [1][3][4] Group 1: Company Announcements - The four companies will be placed under special treatment ("ST") due to financial fraud, with trading suspended for one day starting Monday [1][4] - The announcement has caused significant concern among shareholders, including long-term investors and new entrants [3] Group 2: Regulatory Environment - The regulatory authorities have taken a strong stance against financial fraud, with recent cases leading to trading suspensions for companies like ST Hongyang and ST Zhongli [4][5] - The China Securities Regulatory Commission (CSRC) is intensifying its focus on information disclosure, which has become a critical area of scrutiny [5][7] Group 3: Market Reactions - The market has shown cautious trading behavior, with a notable decrease in trading volume and mixed performance across sectors [9] - Despite the recent turmoil, there are positive signals from foreign investment, with Goldman Sachs recommending an overweight position in Chinese stocks [11] Group 4: Economic Context - The People's Bank of China and other financial regulators are expected to provide insights into the financial sector's development during an upcoming press conference [8] - The recent interest rate cut by the Federal Reserve may positively impact domestic equity assets, particularly growth-oriented stocks [12]

一、 核心原则与理念 二、 具体审核要点（《上市规则》相关） 审核工作会紧紧围绕《上市规则》（尤其是第八章）和《公司（清盘及杂项条文）条例》的要求展开，主要涵盖以下几个方 面： 1. 主体资格与上市条件 2. 业务与行业披露 港交所的审核理念可以概括为 "以披露为本" ，其核心并非判断一家公司是否"好"，而是确保其符合上市资格，并通过充分、准 确、及时的信息披露，让投资者能够自行判断公司的价值和风险。 以下是港交所IPO审核的几个核心工作重点，分为原则性重点和具体审核要点两个层面： 3. 公司治理与内部控制 1. 披露为本（Disclosure-based）：这是港交所审核的基石。审核的重点是确保招股说明书（Prospectus）的内容没有重大遗 漏或虚假陈述，所有可能影响投资者决策的重大信息（包括正面和负面）都已清晰、准确地披露。 2. 适合上市（Suitability for Listing）：审核公司是否符合《上市规则》中规定的定量（如盈利、市值、收入）和定性（如业 务可持续性、管理层诚信）的上市门槛。 3. 投资者保护（Investor Protection）：确保发行结构公平，公司治理结构健全，并保 ...

截至2025年9月19日收盘，东方财富(300059)报收于26.55元，下跌1.19%，换手率3.21%，成交量429.08万手，成交额114.7亿元。 9月19日主力资金净流出14.56亿元；游资资金净流入4.7亿元；散户资金净流入9.86亿元。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 当日关注点 来自交易信息汇总：9月19日主力资金净流出14.56亿元，散户资金净流入9.86亿元。 交易信息汇总资金流向 董秘最新回复 投资者： 董秘你好，证监会征求意见的《公开募集证券投资基金销售费用管理规定》，对公司有何影响？ 董秘： 尊敬的投资者，您好，公司始终坚持规范运作，依法合规开展各项业务。后续，公司会持续关注相关政策发布动态，认真贯彻和落实好相 关要求。同时，公司会以用户需求为中心，加大产品服务创新力度，加快产品变革和服务升级，努力实现业务持续发展。 ...

Group 1 - The Federal Reserve lowered interest rates by 25 basis points to a range of 4.00-4.25% during its September meeting, while also revising up its economic and inflation forecasts, indicating a potential for three more rate cuts by 2025 [42][46] - The U.S. retail sales in August increased by 0.6%, surpassing market expectations of a decline of 0.2%, driven by improvements in online shopping and dining services [46] Group 2 - The fourth round of U.S.-China trade talks concluded with a consensus on the TikTok issue, focusing on data security and content management, but limited progress on broader trade topics [28] - As of July, the average tariff rate imposed by the U.S. on global imports was 9.75%, with a significantly higher rate of 40.36% on imports from China, contributing approximately $10.1 billion in tariff revenue [28][31]

Group 1 - The People's Bank of China (PBOC) has adjusted the 14-day reverse repurchase operation to a fixed quantity, interest rate bidding, and multiple price bidding, effective from September 19, 2025, to better meet the liquidity needs of different institutions [1][2] - This marks the second adjustment of the public market tools by the PBOC in 2025, shifting from a single price bidding to a multiple price bidding approach [1][2] - The change allows financial institutions to choose different interest rates for bidding, reflecting the actual funding demand and enhancing market-based pricing capabilities [1][2] Group 2 - Following the adjustment, the 7-day reverse repurchase operation remains a fixed interest rate, quantity bidding, indicating its status as the policy interest rate [2] - The 14-day reverse repurchase operation's transition to quantity control aligns it with the Medium-term Lending Facility (MLF) mechanism, differentiating it from the 7-day reverse repurchase operation, which serves as the main policy interest rate [2][3] - The PBOC is expected to restart the 14-day reverse repurchase operation next week to address liquidity pressures during the holiday season, with potential interest rate adjustments [3][4] Group 3 - The PBOC's recent adjustments are part of a broader optimization of its monetary policy framework, with the 7-day reverse repurchase operation rate having taken on the role of the main policy interest rate [3] - Analysts predict that the PBOC may lower the 14-day reverse repurchase operation rate by 10 basis points to 1.55% in conjunction with the restart of the operation [4] - The PBOC is likely to continue using various tools, including MLF and reverse repos, to inject medium-term liquidity into the market, with limited upward pressure on longer-term interest rates [4]

Group 1 - Foreign investment institutions have shown confidence in the Chinese market, with a net inflow of $3.2 billion in cross-border funds in August [1] - In August, foreign investors contributed nearly $45 billion to emerging market stocks and bonds, with a significant portion directed towards the Chinese market [1] - Major international institutions like Goldman Sachs and UBS have expressed positive views on Chinese assets, driven by factors such as the acceleration of RMB internationalization and recovering corporate profits [1][2] Group 2 - The frequency of foreign institution research has increased, with 729 foreign institutions conducting 6,923 A-share company surveys this year, and over 400 surveys conducted in September alone [2] - Notable institutions such as Point72 Asset Management and Goldman Sachs have been leading in research frequency, focusing on AI applications, humanoid robots, and technology advancements [2] Group 3 - Foreign institutions have actively invested in the Chinese capital market, with a net inflow of 1.1 billion yuan from active foreign investors over four consecutive weeks [3] - The investment strategy has shifted from defensive to offensive, focusing on high-growth technology, high-dividend assets, and advanced manufacturing [3] Group 4 - Interest from overseas investors in the Chinese stock market has increased significantly compared to previous years, with AI, humanoid robots, and biotechnology being key areas of focus [4] - The improvement in market liquidity and supportive policies are expected to sustain market momentum [4] Group 5 - The A-share market has shown strong performance this year, with major indices steadily rising and active trading, supported by both domestic and foreign institutional investors [5] - Global hedge funds recorded the largest single-month net inflow into A-shares in August in recent years [5] Group 6 - Goldman Sachs maintains an overweight rating on A-shares and H-shares, noting a more balanced participation structure in the current market rally [6][7] - The firm emphasizes that corporate earnings are essential for market sustainability, while liquidity is necessary for a bull market [7] Group 7 - There is potential for significant incremental capital in the market, with domestic institutional ownership currently at 14%, which could rise to 50% or 59% in emerging and developed markets, respectively [7] - This could lead to a potential buying scale of 32 trillion yuan or 40 trillion yuan [7] Group 8 - Global investors have ample room to increase their positions in A-shares, driven by the recovery of the Chinese economy and innovation in enterprises [8] - High-quality companies are expected to stand out and achieve higher valuations, with technological innovation being a core competitive advantage for Chinese firms [8]

恒生指数9月19日发布的报告显示，港股通年初至今获得了超过1万亿港元的资金净流入，已超过2024年全年数据，有望创 年度历史新高。 而随着ETF纳入互联互通，亦带动南向交易ETF成交额创下新高。中信证券研究所指出，港股今年上半年筑底企稳，业绩实现 正增长，基本面预期向好的板块或继续享有市场关注。 南下资金净流入将创历史新高 恒生指数称，自2014年11月股票互联互通启动以来，内地投资者已成为香港股票市场中的新势力。港交所数据显示，2025年 前8个月，港股通的平均每日成交金额（单边）为608亿港元，相当于市场整体24.5%。截至9月12日，今年港股通资金净流入 达到10729亿港元，比2024年全年还高33%，有望创下年度新高。 截至2025年8月，香港股票市场已经录得连续26个月的资金净流入。8月单月净流入达1122亿港元，居有记录以来第九。实际 上，2025年有6个月份跻身单月净流入前十，7个交易日位处单日净流入前十。其中，2025年8月15日的359亿港元为有记录以 来最高水平。 从内地投资者持仓来看，截至2025年9月12日，金融业仍为恒生港股通高持股50指数的最大行业，比重为32%，资讯科技业及 非 ...