Core Viewpoint - The A-share market is experiencing a slow bull market despite short-term volatility, driven by active capital inflow and a focus on growth sectors, particularly technology [4][7]. Market Overview - From September 15 to September 19, the A-share market showed a mixed performance with major indices fluctuating. Growth sectors, represented by the ChiNext, performed strongly, while large financial and resource sectors faced significant pressure [4]. - The market is characterized by increased volatility in daily trading, with some investors taking profits following the Federal Reserve's 25 basis point rate cut, while others continue to invest in growth stocks [4][5]. Federal Reserve's Rate Cut - The Federal Reserve cut the federal funds rate target range by 25 basis points to 4.00%-4.25% on September 17, marking its first rate cut of 2025. This decision was anticipated by the market, leading to a preemptive rally in growth sectors such as AI and semiconductors [5]. - The Fed's overall tone was neutral, indicating a "preventive rate cut" to manage rising risks in the job market. Future rate cut expectations suggest an additional 50 basis points reduction within 2025 [5]. Domestic Economic Data - August economic data in China showed a steady but weak trend, with pressures across production, consumption, investment, and exports. Industrial production remained resilient but slowed, while traditional sectors like consumer goods faced declining growth [6]. - Fixed asset investment continued to weaken, significantly impacted by the real estate sector, with both manufacturing and infrastructure investment growth rates declining [6]. Market Dynamics - The "asset scarcity" phenomenon is driving residents to seek higher-yield investment products, contributing to the ongoing slow bull market. The risk appetite among investors has increased following the Fed's rate cut [7]. - Market trading volume concentration has increased, indicating a stronger focus on leading sectors. Although there are signs of potential market consolidation, the previous strong sectors remain robust [7]. Recommended Investment Directions - Growth technology sectors are expected to continue performing well, with opportunities emerging in AI computing, solid-state batteries, robotics, and biotechnology. The domestic storage chip industry is poised for growth due to the need for self-sufficiency [8]. - The Hong Kong stock market, lagging behind A-shares, is anticipated to rebound due to the Fed's rate cut and ongoing capital inflows. The current market trend shows a joint rise in technology and cyclical sectors [8].

Core Viewpoint - The article discusses the ETF grid strategy, focusing on new economic sectors and financial sectors, highlighting investment opportunities in China's evolving economy and the financial market's recovery [3][4][6]. Group 1: New Economic ETF - The New Economic ETF (159822.SZ) aligns with the government's 2025 work report, emphasizing the development of new productive forces and the integration of technology and industry innovation [3]. - This ETF indirectly tracks the S&P China New Economy Index through full holdings in the ICBC South China S&P China New Economy Industry ETF (3167.HK), focusing on leading companies in artificial intelligence, internet, biotechnology, and innovative pharmaceuticals [3]. - The ETF aims to capture new growth drivers in China's economy while diversifying regional risks [3]. Group 2: Financial ETF - The Financial ETF (510230.SH) tracks the Shanghai Stock Exchange 180 Financial Index, with significant allocations in banking (62%), securities (20%), and insurance (18%) sectors [4][6]. - As of June 30, 2025, the banking sector's dividend yield reached 5.86%, surpassing the market average and the ten-year government bond yield, making it an attractive option for long-term funds [4]. - The securities sector saw a substantial increase in brokerage revenue, with a 50.69% year-on-year growth in H1 2025, indicating a recovery in sector performance [4][6]. - The insurance sector is expected to benefit from supportive policies, alleviating pressure on liabilities, while the stock investment balance of life insurance companies reached nearly 2.9 trillion yuan, a 50% year-on-year increase, suggesting a shift towards equity asset allocation [6].

ENCODE 计划揭示了人类基因组超过 80% 的基因组区域能够转录产生"暗物质"之称的 RNA。根据 RNA 的 5' 端是否具有帽子修饰结构，这些可以被分为两大 类：1）帽子结构的 （capped RNA，capRNA） ；2）非帽 RNA （noncapped RNA，napRNA） 。除 mRNA 和部分长非编码外，其余几乎所有均属于 napRNA。 这些 napRNA 不仅通过作为非编码 RNA （ncRNA） 调控多种生物学过程，还作为加工产物解析特定的 RNA 生物生成过程。然而，由于其长度异质性、末端修 饰多样性以及复杂的二级结构等，鉴定这些 napRNA 面临巨大挑战。 为应对这一挑战，中山大学生命科学学院 杨建华 / 李斌 / 屈良鹄 教授团队开发了 NAP-seq 技术，并于 2025 年 9 月 17 日在 Nature Protocols 期刊发表了题 为： NAP-seq for full-length noncapped RNA sequencing 的论文，系统介绍了该方法的设计原理与实验步骤。 编辑丨王多鱼 排版丨水成文 图1. NAP-seq的设计原理和实验步骤 NAP-s ...

内地和香港股市今年表现亮眼，陈东认为，这次中资股升浪与宏观基本面关系不大，目前中国宏观经济 增长仍乏力，通胀依然低企，尚未见到企业盈利预测上调，支持股市上升的动力主要来自中央去年九月 的政策支持承诺，市场预测每当经济增速减慢，便会有更多刺激措施推出。 他续称，中美紧张关系有降温迹象，双方均希望达成贸易协议，市场相信不会重返100%关税，预期中 美两国未来数月会有正式协议，变相降低中资股的风险溢价，加上人民银行为股市提供流动性支持措 施，AI主题亦带动科技股上扬，多个因素带动中资股获得估值重估，令外资对中国资产的兴趣提高， 当中较为熟悉中国的投资者最愿意重返中国市场，欧美投资者目前参与度仍偏低，但假若中资股升浪持 续，未来料有更多投资者回归。 美国不断收紧对华出口高科技产品的限制，瑞士百达财富管理亚洲首席策略师兼研究主管陈东指， DeepSeek令大家意识到中国在科技创新方面，与美国的差距并非很大，相信随着中国大力发展科技自 给自足战略，华为、阿里巴巴(09988)、百度(09888)等均自研芯片，未来将会出现两个科技生态系统， 中美或会迫使其他国家选择靠边站。 陈东指，中国股市正处于结构性改革阶段，科技股在中 ...

Core Insights - The 2025 China Small and Medium Cities High-Quality Development Index was released, highlighting the achievements of Yishui County in various national rankings [1] - Yishui County has improved its overall strength ranking, moving up 2 places to 85th, and has received three national honors in green development, investment potential, and new urbanization quality [1] Group 1: Industrial Development - Yishui County emphasizes industrial economy as a cornerstone for high-quality development, focusing on biomanufacturing and fine chemicals as key industries [1] - The county has established a "command + chain leader + special team" mechanism to enhance industrial growth, with a total industrial output value of 59.07 billion yuan, reflecting a year-on-year growth of 5.8% [2] Group 2: Urban-Rural Integration - Towns are seen as a bridge for urban-rural integration, with successful examples like Xujiahukou Town leveraging local resources for cultural and economic development [2] - Xujiahukou Town ranked 495th among the national top 1,000 towns, while Yangzhuang Town made its debut on the list at 983rd, showcasing the effectiveness of rural revitalization efforts [2] Group 3: Infrastructure and Public Services - Infrastructure improvements are underway, including transportation and public service upgrades, enhancing the quality of life for residents [3] - Initiatives such as old community renovations and public service enhancements are contributing to a better living environment and community well-being [3] Group 4: Social Development - The county's social development is marked by strong governance and community engagement, with events like the 2025 Shandong (Yishui) Food Expo attracting nearly 400 quality enterprises [3] - Cultural initiatives and community programs are fostering a vibrant social atmosphere, promoting reading and cultural activities [3] Group 5: Future Prospects - Yishui County's comprehensive development strategy positions it favorably in the competitive landscape of county-level governance, contributing to the revitalization of the Yimeng revolutionary area [4] - The county aims to continue enhancing its industrial base, urban-rural integration, and social welfare to achieve sustainable growth [4]

Group 1 - Jiangxi Chunyu Biotechnology Co., Ltd. has been established with a registered capital of 2 million RMB [1] - The legal representative of the company is Zhang Jianjun [1] - The business scope includes licensed projects such as beauty services and various retail and wholesale activities related to cosmetics and daily necessities [1] Group 2 - The company is involved in the promotion of new material technology and sales of non-food plant oils, disinfectants, and daily chemical products [1] - It also engages in domestic trade agency and import-export activities, excluding projects that require approval [1]

华鑫证券表示，在目前国内创新支付体系下，部分创新品种已经实现研发投入回报的正循环，销售额持 续新高，同时海外临床数据陆续发布，对外授权进入高峰期，创新价值兑现加速。 受美联储鹰派信号扰动，港股市场关键指数集体下挫，恒生生物科技指数一度跌超2%，在跟踪该指数 的ETF中，规模最大的恒生医药ETF（159892）成交活跃，截至10点48分，其成交额已超5亿，位列同 类第一。 政策面来看，第十一批集采稳步推进，9月20日医保局发布《全国药品集中采购文件》，本次集采不再 简单以最低报价作为锚点。当"最低价"低于"入围均价的50%"时，将以"入围均价的50%"为价差控制的 锚点。这有助于避免企业恶性低价竞争，保护合理利润，从而更好地保障药品质量。 ...

Group 1 - The total market capitalization of Chinese biotech stocks listed in Hong Kong has increased by 154% year-to-date, significantly outperforming the Hang Seng Index's 34% rise, indicating a major shift in market recognition of local pharmaceutical companies' innovation capabilities [1] - The expectation of the Federal Reserve accelerating interest rate cuts is anticipated to boost risk appetite, directing funds towards growth sectors such as Chinese biotech [1] - Individual stock performance will still depend on company fundamentals, including commercialization execution and innovation research progress [1] Group 2 - Companies with short-term catalysts that are favored include Kangfang Biotech (09926), Innovent Biologics (09969), Huyou-B (02256), Sinopharm (01801), and Eucure Biopharma-B (09606) [1] - Morgan Stanley has given "outperform" ratings to Weisheng Pharmaceutical-B (02561) and Zai Lab (09688) [1]

Core Viewpoint - Faraday Future (FFAI.US) stock price declined over 8% to $1.625 following the announcement of a $41 million investment in Qualigen Therapeutics (QLGN.US) to support its entry into the crypto and Web3 sectors [1] Group 1: Company Actions - Faraday Future announced a $41 million investment in Qualigen Therapeutics to facilitate its expansion into the crypto and Web3 markets [1] - This investment will provide Faraday Future with significant equity in Qualigen and plans to appoint a management team to lead new business activities [1] Group 2: Market Reactions - Following the investment announcement, Qualigen Therapeutics' stock surged over 95%, reaching $5.55 [1]

禾元生物成为科创成长层新注册企业中首家启动发行工作的企业。 9月22日晚，武汉禾元生物科技股份有限公司（简称"禾元生物"）在上交所网站披露招股意向书、发行 安排及初步询价公告，正式启动发行工作。这意味着，禾元生物将成为科创成长层新注册企业中首家启 动发行工作的企业。 禾元生物启动发行，是落实科创板"1+6"改革、增强对优质科技型企业的制度包容性和适应性的重要体 现，彰显了尊重科技创新规律、支持优质科技企业发展、更好服务新质生产力的政策导向。 值得一提的是，根据"科创板八条"的相关试点安排，禾元生物也是首家采用网下发行差异化限售与配售 安排的公司。根据禾元生物披露的公告文件，其网下整体限售比例不低于40%，对投资者报价设置了3 档差异化限售档位，申购最高限售档位投资者的配售比例不低于最低限售档位的9倍。 市场人士指出，今年3月上交所修订发行承销业务规则，明确未盈利企业可以采用约定限售方式，网下 投资者自愿报价申购，履行限售更高比例、更长期限的承诺和义务并相应获配较多的新股，鼓励更 多"看得准、拿得住"的专业机构在新股发行定价中发挥更大作用，促进新股合理定价。 今年以来，上交所持续推进"科创板八条"和科创板"1+ ...