盘面上，科网股跌多涨少，百度跌幅超过5%，京东跌幅超过4%，美团、哔哩哔哩、联想跌幅超过2%， 小米跌幅超过1%，网易涨幅超过1%；黄金股午后拉升，潼关黄金涨幅超过5%；银行股活跃，汇丰控股 涨幅超过1%；苹果概念走弱，蓝思科技跌幅超过7%；中资券商股普跌，中州证券跌幅超过4%；不同集 团上市首日涨幅超过43%。 来源：青岛财经日报 9月23日，港股三大指数高开低走。截至收盘，恒生指数跌0.70%，报26159.12点，恒生科技指数跌 1.45%，国企指数跌0.86%。 ...

Market Performance - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling by 0.70% to 26,159.12 points, the Hang Seng Tech Index dropping by 1.45%, and the State-Owned Enterprises Index decreasing by 0.86% [1] - Major tech stocks saw significant losses, including Baidu down over 5% and JD.com down over 4%, while gold stocks rallied, with Tongguan Gold rising over 6% [1] - Southbound capital recorded a net outflow exceeding 4 billion HKD [1] Company Developments - Alibaba is restructuring its home and store services, focusing on Taobao Flash Purchase to enhance consumer services, which may lead to increased short-term investments and expanded losses [2] - The upcoming Alibaba Cloud Summit in September 2025 will focus on AI infrastructure and applications, indicating a strategic shift towards AI [1][2] - Both Alibaba and Baidu are investing in self-developed chips, driven by a bullish sentiment in AI, which may lead to a potential upward breakthrough for the Hang Seng Tech Index [2] Investment Outlook - The expectation of increased capital expenditures from Alibaba, combined with the narrative around consumption and cloud services, is likely to attract continued capital inflow [2] - The potential for a Federal Reserve interest rate cut may further enhance the inflow of southbound capital, supporting a revaluation of the Hang Seng Tech Index [2]

水皮杂谈 一家之言 兼听则明 偏听则暗 且战且退 盘面消息 A股三大指数今日宽幅震荡，截止收盘，沪指跌0.18%，收报3821.83点；深证成指跌 0.29%，收报13119.82点；创业板指涨0.21%，收报3114.55点。 沪深两市成交额达到 24944亿，较昨日放量3729亿。 老水看盘 V 字形象征着胜利，但今 天 大盘却难给人这种感受。 明确扮演了护盘角色，四大行涨幅均在 2%-3% 之间，开盘后便一路强势拉升，银行板块全 天上涨 1.28% 。 除此之外， YYDS 的 其他核心权重股亦全员发力支撑盘面。其中，中国移动上涨 1.1% ， 中国石油上涨 0.4% ，长江电力上涨 0.7% ，中国神华上涨 0.91% 。正是得益于 " 四大金 刚 " 的强势表现，上证指数全天多数时间跌幅小于深 证 指数。 "纪联海" 今 天 表现萎靡，寒武纪下跌 3.45% ，工业富联上涨 0.52% ，海光信息下跌 2.51% ； 中芯国际下跌 0.32% 。 "易中天" 则呈现高开低走态势，但尾盘时扮演了反弹先 锋角色，从平盘附近一路上涨至收盘，涨幅约 3% 。而这一时间段恰好是三大指数触底反弹 的时刻 。 因 ...

（文章来源：每日经济新闻） 每经AI快讯，9月23日，港股中资券商股集体下跌，截至发稿，中州证券(01375.HK)跌4.81%，报2.57港 元；招商证券(06099.HK)跌4.47%，报15.82港元；光大证券(06178.HK)跌3.91%，报10.33港元；中信建 投证券(06066.HK)跌3.75%，报12.85港元。 ...

Core Viewpoint - The securities brokerage sector is experiencing a decline, with the CSI All Share Securities Company Index down by 2.37% as of September 23, 2025, while the ETF tracking this index shows significant inflows and performance metrics indicating potential for recovery [1][2]. Market Performance - As of September 22, the non-bank financial sector rose by 0.81%, but has seen a decline of over 8% since the peak on August 25 [2]. - The brokerage ETF has recorded a recent average daily trading volume of 17.98 billion yuan over the past month, ranking it among the top two comparable funds [1]. ETF Metrics - The brokerage ETF's latest scale reached 34.998 billion yuan, marking a one-year high and ranking second among comparable funds [1]. - The ETF's shares have also reached a one-year high of 59.338 billion shares, making it the leading fund in terms of share volume [1]. - Over the past 18 days, the ETF has seen continuous net inflows, totaling 6.482 billion yuan, with a peak single-day inflow of 1.262 billion yuan [1]. Performance Analysis - The brokerage ETF has achieved a net value increase of 50.75% over the past year [1]. - The highest monthly return since inception was 38.02%, with the longest consecutive monthly gains being four months and the highest cumulative gain during that period being 28.47% [1]. Investment Sentiment - Analysts suggest that the current market conditions, characterized by active trading and ample liquidity, indicate a potential for further growth in the brokerage sector despite recent adjustments [2]. - The influx of new capital into the market is expected to enhance performance and valuation opportunities for brokerages, particularly in a low-interest-rate environment [2].

1. Report Industry Investment Rating No information regarding the industry investment rating is provided in the report. 2. Core Viewpoints of the Report The report comprehensively analyzes various policies from September 5th to September 20th, 2025, including macro - economic, fiscal, monetary, financial regulatory, real estate, and tariff policies. It aims to provide an overview of the current economic policy environment and potential impacts on different sectors [1][2][3]. 3. Summary by Directory 3.1 Macro - economic Tone - The government is promoting the construction of a unified national market and expanding service consumption. Measures include rectifying disorderly competition, boosting consumer spending with about 420 billion yuan in fiscal support driving over 2.9 trillion yuan in sales, and promoting private investment [1][11][12] - The State Council has deployed measures to promote private investment, aiming to expand investment space, ensure fair competition, and support private capital in new areas [13][16] 3.2 Fiscal Policy - The fiscal policy is more active, with a focus on using special bonds to repay government arrears to enterprises. As of September 19th, 2025, 1.1506 trillion yuan of special bonds have been issued, exceeding the annual limit of 800 billion yuan [17] - Over 60% of financing platforms have exited, and 4 trillion yuan of the 6 - trillion - yuan special debt quota has been issued. The government debt risk is under control, and it plans to issue part of the 2026 local government debt quota in advance [18][19] 3.3 Monetary Policy - The central bank has optimized and simplified the evaluation indicators for primary dealers, which helps to improve the transmission of interest rates and strengthen the benchmark nature of the Treasury yield curve [21] - The 14 - day reverse repurchase operation has been adjusted to a fixed - quantity, interest - rate tender, and multiple - price winning bid method, further strengthening the policy interest rate status of the 7 - day reverse repurchase [22] - The global financial stability system faces challenges such as fragmented regulatory frameworks, insufficient regulation in digital finance, and weak regulation of non - bank intermediaries [23] 3.4 Financial Supervision - A draft for public comments on the management regulations of public fund sales fees has been released, and the second batch of science and technology innovation bond ETFs will be listed on September 24th [26] - New regulations for insurance, trust, and securities industries have been introduced, including the "Insurance Company Capital Guarantee Management Measures", the "Trust Company Management Measures", and the start of the self - evaluation of securities company classification [27][28] - The controlling rights of three AMC companies have been transferred to Central Huijin. There are concerns about the liquidity risk of funds concentrated in the technology sector, and the proportion of cash wealth management in August reached a new low for the year [29] 3.5 Real Estate Policy - Shenzhen has relaxed purchase restrictions in multiple districts, and Shanghai has exempted first - home buyers from property tax under certain conditions [32] - Shenzhen has released a draft for public comments on the housing provident fund management measures, and Beijing and Shanghai have adjusted the upper and lower limits of the monthly housing provident fund payment base [33] 3.6 Tariff Policy - Chinese and US leaders had a phone call, and the two sides reached a basic framework on issues such as TikTok. China opposes the politicization of technology and economic and trade issues [36][37]

Core Viewpoint - The brokerage sector experienced a decline on September 23, with most brokerage stocks in the red, despite a high level of capital inflow into the top brokerage ETF (512000) which has seen a net inflow of 6.481 billion yuan over 18 consecutive trading days [1] Group 1: Market Performance - The top brokerage ETF (512000) saw a drop of over 2% in its market price, with real-time trading volume exceeding 900 million yuan, indicating active trading [1] - The overall performance of brokerages this year ranks 25th among 30 primary industries, and they have not yet surpassed the high point from the September 24 rally last year [1] Group 2: Capital Market Insights - At a press conference on September 22, officials from the central bank, the China Banking and Insurance Regulatory Commission, and the China Securities Regulatory Commission highlighted achievements in the financial industry, emphasizing the deepening of capital market reforms and policies encouraging long-term capital inflow [1] - The trend of residents moving deposits and the Federal Reserve's new round of interest rate cuts are creating a clearer trend for fixed-income investments to enhance performance through equity assets, providing strong support for continued activity in the capital market [1] Group 3: ETF Composition - The brokerage ETF (512000) and its linked fund (006098) passively track the CSI All Share Securities Companies Index, encompassing 49 listed brokerage stocks, with nearly 60% of the portfolio concentrated in the top ten leading brokerages [2] - The remaining 40% of the portfolio includes smaller brokerages, which are characterized by high earnings elasticity, making the ETF an efficient investment tool that balances exposure to leading brokerages while also capturing the growth potential of smaller firms [2]

格隆汇9月23日｜据经济日报，9月21日，A股券商板块集体高开，两家证券公司发布公告显示，正在筹 划以发行股票方式换股吸收合并事宜，这是今年以来首个非银金融业的重大资产重组案例。在监管部门 多次强调"打造具有国际竞争力的一流投资银行"背景下，证券公司整合是大势所趋。在资本市场改革并 试点注册制的战略机遇面前，证券公司必然要回归投资银行"本源"，加快强强联合。同时，既要顺 应"做大做强，夯实服务国家战略和实体经济能力"的大趋势，又要面对"建设强大资本市场，提升证券 业国际影响力和话语权"的大考验，还要努力合规经营，守住不发生系统性金融风险的底线。 ...

第一财经发布报道《独家｜富途老虎进一步限制内地居民开户》 。报道称，跨境互联网券商富途 证券、老虎证券进一步关闭了中国内地居民的开户通道。老虎证券客服表示，应监管最新要求，公司调 整了关于中国内地居民的开户政策，自上周开始不再接受中国内地居民通过提供境外工作或生活相关证 明文件开户，仅接受持有非中国内地身份证件的客户申请开户。 （责任编辑：蔡情） 中国经济网北京9月23日讯 老虎证券 （NASDAQ:TIGR）9月22日收报10.12美元，下跌9.24%。 ...

Core Viewpoint - The A-share market has shown strong resilience in 2023, supported by macroeconomic stability, improving corporate earnings, attractive global valuations, and enhanced liquidity [1][2][3] Market Performance - Since April 8, 2023, the Shanghai Composite Index has risen by 23.64%, the Shenzhen Component Index by 40.51%, and the ChiNext Index by 71.97% [1] - The market is expected to maintain an upward trend due to robust macroeconomic data and positive corporate earnings growth, with a projected 3% increase in earnings for A-share companies this year [2][3] Investment Drivers - Key drivers for the market's future growth include the restructuring of the global monetary order, which is expected to benefit RMB assets and continue the revaluation of Chinese assets [3] - The improvement in the funding environment has led to increased investor confidence and liquidity in the market, with foreign capital beginning to flow back into A-shares [4][5] Funding Structure - As of September 19, 2023, the margin trading balance has reached approximately 2.4 trillion yuan, indicating a healthier funding structure compared to previous years [4] - The current margin trading balance represents about 2.4% of the A-share market's circulating market value, which is close to the historical average since 2014 [4] Sector Focus - The market is expected to focus on three main themes: technology innovation, overseas expansion advantages, and high-quality dividend stocks [1][7] - Growth sectors such as AI, innovative pharmaceuticals, high-end manufacturing, and military industries are anticipated to continue attracting investment [6][7] Short-term and Long-term Outlook - In the short term, the recovery of capital market sentiment is expected to boost the performance of the financial sector, particularly insurance and brokerage firms [7] - In the long term, industries with solid fundamentals, such as telecommunications, semiconductors, and defense, are recommended for investment [7]