Core Insights - The insurance industry is experiencing rapid growth in fund utilization, with a balance of 36.23 trillion yuan as of Q2 2025, reflecting an 8.9% increase from the beginning of the year, driven by premium growth and asset value appreciation [2] - Major listed insurance companies account for nearly 60% of the total investment scale, with a slight decrease in their market share to 58.7% [2] - The allocation of insurance assets is increasingly focused on high-dividend and large-cap growth stocks, with the OCI stock scale nearing 1 trillion yuan [4][5] Investment Trends - As of mid-2025, the stock investment balance for life and property insurance companies reached 3.07 trillion yuan, with a net increase of 640.6 billion yuan in H1, surpassing the total increase for the previous year [1] - The proportion of stocks in the total investment assets of major listed insurance companies rose to 9.3%, with a net increase of 418.9 billion yuan in H1, accounting for 65.7% of the industry's stock investment growth [3] - The average dividend yield of heavily held stocks by insurance funds has slightly decreased to 2.3%, attributed to rising stock prices diluting dividends [4] Regulatory and Market Changes - The insurance sector has seen a surge in shareholding activities, with 30 instances of shareholding increases recorded by the end of August 2025, primarily in high-dividend sectors such as banking and public utilities [5] - New accounting standards and low-interest rates are reshaping the investment environment for insurance funds, with a focus on long-term investments and diversified asset allocation strategies [10] Future Outlook - The insurance industry is expected to maintain double-digit growth in fund utilization, with stock and fund increments potentially approaching 1 trillion yuan [10] - Insurance companies are likely to increase their equity allocation, particularly in growth sectors and high-dividend stocks, in response to regulatory encouragement [10] - There is a growing emphasis on exploring innovative asset types and channels, including overseas investments and new business trials, to enhance portfolio diversification and reduce volatility [10]

群里老板们都在发图片发感想，大家都是心潮澎湃，还有五十多岁的退伍老兵表示"有召必回"，我就想到创业者、企业家要如何爱国的问题。 在三四十年的经济发展浪潮中，中国这片热土上涌现出成千上万的企业家，其中很多人都取得了巨大的成就，获得了巨大的财富，有人更是备受赞誉，成为 企业界的翘楚。 我一直认为，任正非是一个真正的爱国企业家，他通过企业为国家和社会创造了堪称伟大的贡献。 学任正非实业报国：中华儿女以各种方式表达了自己对祖国的忠诚！ 深圳是一个神奇的地方，在上世纪八十年代，人们之所以奔赴深圳，是因为它相当于"蛮荒开拓期"，有活力，有机遇，可以实现大家的发财梦。 我看很多华为老员工回忆，他们表示自己去深圳去华为一开始就是为了多赚钱，任正非给得待遇高，他们就留在了华为。 最初，大家都是这么单纯，目标明确。但华为又跟其他企业不一样，任正非也跟其他老板不一样，比如王石创办万科比任正非还早了3年，一开始做贸易， 什么赚钱做什么，后来才杀入了房地产领域。 而任正非在那个时候无论是做房地产还是做金融，哪怕是做贸易、开超市，都是比较符合实际的，结果他偏偏是选择了国家基础薄弱、科技含量和门槛非常 高的通信行业，有人认为他是盲目的，我 ...

Industry Overview Mid - view Events - In the production industry, attention should be paid to the advancement of artificial intelligence. After the release of the "Opinions on Deeply Implementing the 'Artificial Intelligence +' Action", Shanghai responded promptly by launching the project application for the 2025 Shanghai "Artificial Intelligence +" Action [1] - In the service industry, attention should be given to the new tax policy. The Ministry of Finance and the State Taxation Administration issued a notice on the tax policy for the operation and management of state - owned equity and cash income transferred to enrich the social security fund, exempting VAT on certain income from the investment of transferred state - owned equity and cash income, effective from April 1, 2024 [1] Upstream - In the black industry, wire rod prices declined [2] - In the chemical industry, PTA prices continued to fall [2] Midstream - In the chemical industry, the PX operating rate increased [3] - In the infrastructure sector, the asphalt operating rate slightly decreased [3] Downstream - In the real estate sector, the sales of commercial housing in second - and third - tier cities slightly increased [4] - In the service sector, the number of domestic flights decreased [4] Key Industry Price Indicators - Agricultural products: On September 2, the spot price of corn was 2301.4 yuan/ton with a year - on - year decrease of 0.19%; the spot price of eggs had a year - on - year decrease of 0.77%; the spot price of palm oil was 9492.0 yuan/ton with a year - on - year decrease of 1.51%; the spot price of cotton was 15414.3 yuan/ton with a year - on - year increase of 0.54%; the average wholesale price of pork was 19.8 yuan/kg with a year - on - year decrease of 1.05% [38] - Non - ferrous metals: On September 2, the spot price of copper was 80130.0 yuan/ton with a year - on - year increase of 0.62%; the spot price of zinc was 22132.0 yuan/ton with a year - on - year decrease of 0.65%; the spot price of aluminum was 20636.7 yuan/ton with a year - on - year decrease of 0.74%; the spot price of nickel was 124383.3 yuan/ton with a year - on - year increase of 0.72% [38] - Ferrous metals: On September 2, the spot price of aluminum was 16800.0 yuan/ton with a year - on - year decrease of 0.30%; the spot price of rebar was 3186.0 yuan/ton with a year - on - year decrease of 1.88%; the spot price of iron ore was 22132.0 yuan/ton with a year - on - year decrease of 0.65% [38] - Others: On September 2, the spot price of WTI crude oil was 64.6 dollars/barrel with a year - on - year decrease of 0.26%; the spot price of Brent crude oil was 68.1 dollars/barrel with a year - on - year decrease of 1.08%; the spot price of liquefied natural gas was 3928.0 yuan/ton with a year - on - year increase of 0.46%; the coal price was 782.0 yuan/ton with a year - on - year decrease of 0.13% [38]

Group 1 - The Hong Kong International Talent Career Expo is attracting a significant number of job seekers from mainland China, with many seeking better work-life balance compared to the competitive job market in mainland China [1][2] - The competition for jobs in Hong Kong is intense, with some positions receiving up to 200 applications, highlighting the challenges faced by job seekers [2][10] - Many job seekers are targeting positions in government-backed or state-owned enterprises, while showing reluctance towards positions in local financial institutions due to potential weekend work [3][4] Group 2 - The Hong Kong Quality Migrant Admission Scheme and the High-Level Talent Pass Scheme are popular among mainland applicants, with the latter being easier to apply for [7][8] - The High-Level Talent Pass Scheme has received approximately 135,000 applications since its launch, with an approval rate of 80.7%, indicating strong interest from mainland talent [8] - Job seekers are facing challenges in finding suitable positions, with many reporting a lack of relevant job openings at recruitment fairs [4][5] Group 3 - The job market in Hong Kong is characterized by a high demand for sales roles, particularly in the insurance sector, which is attracting both local and mainland applicants [9][10] - Many job seekers are also considering internships to gain experience, as most companies require relevant work experience for full-time positions [5][6] - The cost of living in Hong Kong is a significant concern for job seekers, with many planning to budget carefully to manage expenses [10][11]

港股晨报 2025 年 9 月 3 日 国证国际证券（香港）有限公司 • 研究部 1. 国证视点：港股三大股指承压，芯片逆市上扬 周二港股三大指数集体收跌，恒生指数跌 0.47%，国企指数跌 0.15%，恒生科 技指数跌 1.22%。大市成交略为下降至 3,281.19 亿元，主板总卖空金额为 468.61 亿元，占可卖空股票总成交额比率上升至 15.584%。 南向资金流（北水）周二持续流入，港股通净流入金额 92.81 亿港元。港股通 10 大成交活跃股中，北水净买入最多的是阿里巴巴 9988.HK、盈富基金 2800.HK、腾讯控股 700.HK；净卖出最多的是中芯国际 981.HK、华虹半导体 1347.HK、小米集团－W 1810.HK。北向资金方面，9 月 2 日北向资金共成交 3423.14 亿元，占两市总成交额的 12.45%。药明康德 603259.SH、贵州茅台 600519.SH、寒武纪 688256.SH 位列沪股通成交前三，成交额分别为 7.28 亿、 30.04 亿、26.88 亿；中际旭创 300308.SZ、新易盛 300502、胜宏科技 300476.SZ 位列深股通成交前三 ...

Market Overview - The Hong Kong stock market opened higher but experienced a decline, with the Hang Seng Index down 0.4%, the Hang Seng China Enterprises Index down 0.53%, and the Hang Seng Tech Index down 0.54%, indicating a cautious market sentiment [1] Technology Sector - Major technology stocks initially rose but later turned negative, with Meituan and Xiaomi both dropping over 1%, while Alibaba and Tencent saw slight declines. Baidu increased by 2.68%, JD.com rose by over 1%, and Kuaishou remained positive [1] Biopharmaceutical Sector - The biopharmaceutical sector showed strong performance, particularly in internet healthcare and innovative drugs, with Ping An Good Doctor surging over 16%, and both Qihuang Pharmaceutical and Hengrui Medicine performing well [1] Gold and Mining Sector - Gold prices reached new highs, with multiple institutions remaining bullish on gold. Most gold stocks continued to rise, with Zhaojin Mining hitting a historical high and its market capitalization surpassing 100 billion HKD [1] Other Sectors - The photovoltaic, heavy machinery, and coal sectors were generally active. Conversely, Chinese brokerage stocks, military industry stocks, home appliance stocks, and domestic property stocks declined, with companies like CICC, China Merchants Securities, Hisense Home Appliances, and Agile Group all dropping over 3%. The restaurant, building materials, cement, aviation, and automotive sectors also faced collective downturns [1]

晨会纪要（2025/09/03） 编辑人 崔健 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 渤海证券研究所晨会纪要（2025.09.03） 宏观及策略研究 全 A 净利边际回落，新动能领域相对占优——A 股市场 2025 年二季报业绩综 述 A 股流动性的增量与平衡——A 股市场专题策略报告 固定收益研究 高等级长债凸显配置价值，但需把握好节奏——信用债 9 月投资策略展望 基金研究 证 双创板块成交火热，大盘成长风格表现突出——公募基金 9 月月报 沪市 ETF 规模超 3.7 万亿元，主动权益基金仓位上升——公募基金周报 券 行业研究 津医卫药名远扬，守正创新起征程——天津市中医药专题报告 研 究 电动自行车新国标实施，看好包装纸价格继续上行——轻工制造&纺织服饰 行业 9 月投资策略展望 报 告 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 9 宋亦威（证券分析师，SAC NO：S1150514080001） 严佩佩（证券分析师，SAC NO：S1150520110001） 靳沛芃（研究助理， ...

两融数据显示，该股最新（9月2日）两融余额为15.29亿元，其中，融资余额为15.24亿元，近10日增加 1.79亿元，环比增长13.30%。 公司发布的半年报数据显示，上半年公司共实现营业收入1.87亿元，同比下降20.50%，实现净利 润-2804.11万元，同比增长64.57%，基本每股收益为-0.0150元。（数据宝） 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 万通发展股价创出历史新高，截至9:41，该股上涨7.09%，股价报15.26元，成交量1.72亿股，成交金额 25.39亿元，换手率9.08%，该股最新A股总市值达288.48亿元，该股A股流通市值288.48亿元。 证券时报·数据宝统计显示，万通发展所属的房地产行业，目前整体涨幅为0.18%，行业内，目前股价上 涨的有43只，涨幅居前的有首开股份、万通发展、上实发展等，涨幅分别为9.85%、7.09%、4.02%。股 价下跌的有35只，跌幅居前的有南山控股、宁波富达、*ST南置等，跌幅分别为4.00%、3.60%、 3.08%。 （文章来源：证券时报网） ...

Core Insights - Suzhou Gaoxin (600736) reported a net financing purchase of 4.04 million yuan on September 2, 2025, with a financing balance of 299 million yuan, indicating a continuous net purchase trend over recent trading days [1][2][3] Financing Activity Summary - On September 2, 2025, the net financing purchase was 4.04 million yuan, with a financing balance of 299 million yuan, representing 4.66% of the circulating market value [2] - Over the past three trading days, the cumulative net financing purchase reached 15.59 million yuan, with 16 out of the last 20 trading days showing net financing purchases [1] - The financing balance increased by 1.37% from the previous day, reflecting a positive trend in investor sentiment [3] Margin Trading Overview - The total margin trading balance on September 2, 2025, was 299 million yuan, with a daily increase of 4.04 million yuan [3] - The margin trading balance has shown consistent growth, with previous days also reporting increases, such as 2.67% on August 29, 2025 [3] Regulatory Context - Current regulations for individual investors participating in margin trading require at least six months of trading experience and an average account asset of 500,000 yuan over the last 20 trading days [4] - The number of margin trading stocks on the Shanghai Stock Exchange is set to increase from 800 to 1000, while the Shenzhen Stock Exchange will expand from 800 to 1200 for stocks outside the registration system [4]

本报记者 毛艺融 今年以来，南向资金净流入额超万亿港元。资讯数据显示，截至9月2日收盘，当日南向资金净流入92.81亿港元。至此，年内南向资金净流入规模约 10002.21亿港元，超过万亿港元。 | 南北向资金流动情况。 | | | More | | --- | --- | --- | --- | | 南向 (截止: 2025-09-02) | | | HKD CNY | | | 合计 | 沪市港股通 | 深市港股通 | | 最新 | 92.81 | 56.36 | 36.45 | | 本周合计 | 212.23 | 112.94 | 99.29 | | 本月合计 | 212.23 | 112.94 | 99.29 | | 本年合计 | 10,002.21 | 6,369.57 | 3,632.64 | | 近3月 | 3,492.79 | 1,681.05 | 1,811.74 | | 近6月 | 7,218.51 | 4,324.57 | 2,893.94 | | 开通以来 | 46,980.12 | 26,561.65 | 20,418.47 | 南向资金在港股行业轮动中展现出较强的配置价值与策略有效性 ...