Core Viewpoint - The A-share market experienced a rebound with all three major indices closing higher, indicating a positive market sentiment despite some sectoral declines [1] Market Performance - The Shanghai Composite Index closed at 3828.58 points, with an increase of 0.22% and a trading volume of 941.8 billion yuan [1] - The Shenzhen Component Index closed at 13157.97 points, rising by 0.67% with a trading volume of 1179.683 billion yuan [1] - The ChiNext Index closed at 3107.89 points, up by 0.55% and a trading volume of 543.771 billion yuan [1] Sector Analysis - Sectors such as tourism, catering, liquor, food and beverage, media, retail, and banking saw declines [1] - The semiconductor sector showed strong performance, while brokerage and automotive sectors experienced significant gains [1] - Consumer electronics and CPO concepts were also active in the market [1]

Report Information - Report Title: Credit Business Weekly: What's the Impact of the Fed's Interest Rate Cut on A-Shares? - Report Date: September 22, 2025 - Research Institute: Zhongtai Securities Research Institute - Analysts: Xu Chi, Zhang Wenyu [1] 1. Report Industry Investment Rating - No information provided in the report. 2. Report's Core View - The short - term A - share market is in a volatile adjustment phase, but the medium - term trend remains upward. The Fourth Plenary Session in October may clarify the strategic position of technological innovation and new - quality productivity, strengthening the market's fundamental repair expectations. The easing of Sino - US relations can repair market risk appetite, and the Fed's interest rate cut may boost the stock market in the medium term [6]. - The current market volatility is a short - term adjustment, and investors can take advantage of the adjustment to make structural allocations in the directions of technological innovation, domestic demand and the "anti - involution" theme, and sectors benefiting from the easing of Sino - US relations [8]. 3. Summary by Relevant Catalogs Market Observation Impact of Sino - US Easing and Fed's Interest Rate Cut on A - Shares' Medium - Term Trend - Last week, the A - share market was volatile. The Fed's interest rate cut and the weak performance of the brokerage sector were the main influencing factors. The brokerage index fell 3.55% last week and has retraced 9.63% from its August 25 high [6]. - Despite short - term volatility, the medium - term trend of the A - share market remains positive. The upcoming Fourth Plenary Session in October may bring policy support, and the easing of Sino - US relations can improve market sentiment. The Fed's interest rate cut may have a positive impact on the stock market in the medium term [6]. View on the Recent Uptrend of A - Share Technology Sector - Last week, the capital situation remained loose. There was a "high - to - low" rotation of funds. The two - margin balance continued to grow, and the net reduction of shareholder holdings decreased, alleviating market supply pressure [7]. Investment Advice - Investors can make structural allocations during the market adjustment: focus on the technology innovation main line such as consumer electronics, robots, and games; pay attention to domestic demand and "anti - involution" themes including high - growth industries in the Growth Enterprise Market and sectors benefiting from infrastructure and manufacturing repair; consider sectors benefiting from the easing of Sino - US relations like Hang Seng Tech Index constituents, leading innovative drug companies, and the brokerage sector [8]. Market Review Market Performance - Most major market indices rose last week, with the ChiNext 50 having the largest increase of 2.84%. Among major industries, the optional consumption and information technology indices performed well, while the financial and daily consumption indices performed poorly. Among the 30 Shenwan primary industries, 13 industries rose, with coal, power equipment, and electronics having larger increases, and banking, non - ferrous metals, and non - bank finance having larger declines [9][17][19]. Trading Heat - The average daily trading volume of the Wind All - A Index last week was 25178.46 billion yuan, up from the previous value of 23264.15 billion yuan, at a very high historical level (96.70% of the three - year historical quantile) [22]. Valuation Tracking - As of September 19, 2025, the PE_TTM of the Wind All - A Index was 22.10, down 0.15 from last week, at the 89.70% quantile of the past five - year history. Thirteen out of 30 Shenwan primary industries saw valuation (PE_TTM) repairs [27]. Weekly Global Economic Calendar - Domestic economic data: On September 22, the People's Bank of China will release the 1 - year Loan Prime Rate (LPR). - Overseas economic data: On September 23, the US Markit Composite PMI will be released; on September 24, Fed Chairman Jerome Powell will speak and the US M2 money supply data will be released; on September 26, Fed Vice Chairman for Supervision Michael Barr will speak and the Atlanta Fed will release its GDPNow economic growth forecast [29].

证券研究报告 | 行业周报 2025 年 09 月 22 日 非银行金融 美联储降息与元首通话共振，非银金融板块有望重拾升势-非银周观 点 海外科技映射、美国降息等影响，市场量能、走势波动较大，金融板块陷入 调整。我们判断，宏大叙事、国内 8月经济数据不及预期、美联储降息及市 场流动性充沛或是驱动市场走强的关键因素，两融波动新高，8 月非银存款 继续增加，券商为代表的非银金融震荡调整后有望呈现上行走势。交易节奏 而言，两国领导人再次通话、经济数据走弱、海外货币宽松下的流动性驱动 市场走强的趋势或有望延续，可能要重点聚焦关注贸易摩擦影响、内部问题、 居民存款搬家持续效应及美国经济可能衰退引发降息的效应，中期具体或要 看包括四中全会等重磅会议。需要高度重视券商及金融 IT 板块走强趋势，并 购线建议重点关注以国联民生为代表个股；具有估值扩张空间的公司，推荐 关注综合能力强、风险资本指标优化、受益 ETF 发展的东方证券、华泰证券 等；同时从赔率弹性角度，建议继续关注布局金融 IT 板块，建议重点关注同 花顺、九方智投（中报股东净利润 8.65 亿元，子公司方德证券在港展业；控 股旗下九方智擎入驻"模速空间"，抢滩 ...

Market Overview - A-shares major indices collectively rose today, with the Shanghai Composite Index up 0.22% closing at 3828.58 points, Shenzhen Component Index up 0.67% at 13157.97 points, ChiNext Index up 0.55% at 3107.89 points, and the STAR Market 50 Index up 3.38% at 1408.64 points [3] - The total trading volume in the Shanghai and Shenzhen markets was 21,215 billion, a decrease of 2,023 billion compared to the previous trading day [3] Broker Influence - Brokers played a crucial role in today's market, reversing the indices from the brink of significant declines at least three times during the day [4] - The broker sector, led by CITIC Securities, rose approximately 1%, ranking among the top gainers [4] Sector Performance - Technology stocks remained the focus, with notable gains in precious metals (up 6.18%), consumer electronics (up 2.79%), semiconductors (up 2.54%), and communication services (up 1.77%) [4] - The banking sector showed a lackluster performance, down 0.95%, while insurance fell slightly by 0.04% [6] Individual Stock Movements - In the Shanghai market, several stocks performed strongly, including Cambrian (up 3.81%), Haiguang Information (up 10%), and Industrial Fulian (up 6.6%) [4] - Conversely, in the Shenzhen market, stocks like Xinyi Technology and Zhongji Xuchuang experienced declines of 2% and 0.8%, respectively [4][5] Market Sentiment and Future Outlook - The market sentiment is mixed, with a significant number of stocks declining despite the overall index rise; the median decline for falling stocks was 0.44% [9] - The current market environment is characterized by narrow fluctuations, with the Shanghai market experiencing a "long-term consolidation" state, which may deplete the momentum of bullish investors [8]

Group 1: Company Overview - The company, 西普尼 (2083.HK), is a designer, manufacturer, and brand owner of gold case and gold bezel watches in China, primarily generating revenue from its flagship brand "HIPINE" and ODM business [6] - Revenue is projected to grow from 320 million RMB in 2022 to 456 million RMB in 2024, with a compound annual growth rate (CAGR) of 18% [6] - Net profit is expected to increase from 24 million RMB to 49 million RMB during the same period, with a CAGR of 43% [6] Group 2: Industry Status and Outlook - The precious metal watch market in China is expected to grow steadily, with a projected market size of 26.46 billion RMB by 2024, reflecting a CAGR of 4.54% from 2019 to 2024 [7] - The company's market share in the gold watch segment is the largest, with a projected market share of 27.08% in the gold case watch sector and 28.96% in the gold bezel watch sector by 2024 [7] Group 3: Strengths and Opportunities - The company has a strong reputation for product design that aligns with market demands, allowing it to capture changing consumer preferences effectively [8] - It possesses robust R&D capabilities, enabling the production of high-quality gold watches without compromising gold purity [8] - The company has a wide and stable sales network, with products available in over 3,000 offline retail points and various e-commerce platforms [8] Group 4: Fundraising and Use of Proceeds - The company anticipates net fundraising of 255 million HKD, with approximately 40% allocated to capacity enhancement, 17% to R&D improvement, 33% to brand activities and sales network expansion, and 10% for working capital [12]

Market Overview - On September 18, the A-share market experienced a dramatic reversal, with major indices initially rising but then collectively plunging in the afternoon, leading to a final drop of 1.15% for the Shanghai Composite Index, closing at 3831.66 points [1][6] - The market saw over 4300 stocks decline, with only 1027 stocks rising, indicating a significant sell-off [6] Impact of Federal Reserve's Rate Cut - The Federal Reserve's rate cut, which was expected to be a positive factor, instead triggered profit-taking among investors, as the market had previously risen too quickly [7][14] - The rate cut reduced the federal funds rate target range to 4.00%-4.25%, marking the first cut since 2025, which is expected to ease global liquidity pressures and attract more international funds to A-shares and Hong Kong stocks [14][16] Sector Performance - Despite the overall market decline, certain sectors performed well, particularly the technology growth sector, with AI, semiconductors, and computing hardware stocks showing strong activity [9][14] - The tourism and hotel sectors also saw notable gains, benefiting from government consumption plans and subsidies [9] - Conversely, gold stocks and financial technology stocks faced declines, indicating a mixed performance across sectors [9] Market Dynamics and Future Outlook - The market is undergoing a transition in capital allocation and valuation logic, with a significant focus on hard technology companies, as evidenced by the inclusion of pharmaceutical and AI companies in the FTSE China A50 index [17] - Analysts suggest that while short-term market sentiment may be under pressure, the long-term outlook remains positive due to improved global liquidity from the Federal Reserve's actions, which is expected to support A-shares [18]

Market Overview - The three major stock indices experienced narrow fluctuations in the morning, followed by a rebound in the afternoon, with the Sci-Tech 50 Index rising significantly [1] - As of the market close, the Shanghai Composite Index increased by 0.22% to 3828.58 points, the Shenzhen Component Index rose by 0.67% to 13157.97 points, and the ChiNext Index gained 0.55% to 3107.89 points [1] - The Sci-Tech 50 Index saw a notable increase of 3.38%, while the total trading volume in the Shanghai and Shenzhen markets reached 21,427 billion [1] Sector Performance - Sectors such as tourism, catering, liquor, food and beverage, media, retail, and banking experienced declines [1] - The semiconductor sector showed strong performance, while brokerage and automotive sectors also saw gains [1] - Consumer electronics and CPO concepts were active in the market [1] Analyst Insights - According to CITIC Securities, the market remains at a high level without a clear trend of topping or retreating [1] - There is an increasing rotation among previously popular sectors, with the overall index in a phase of horizontal consolidation [1] - Historical reference suggests that the final support level may align with the 60-day moving average, indicating a likelihood of continued sector rotation and declines in high-performing stocks [1] - The recommendation is to maintain a horizontal mindset in the short term, focusing on sector rotation and individual stocks rather than the overall index [1]

9月22日，A股全天震荡分化，三大指数最终集体收涨；科创50指数盘中一度涨逾4%。截至收盘，沪指涨0.22%，深成指涨0.67%，创业板指涨0.55%。沪 深两市成交额2.12万亿，较上一个交易日缩量2023亿。 近期，消费电子行业迎来"金九银十"焕新旺季。Meta、苹果产业链均传来最新消息——Meta于当地时间9月18日举办年度开发者大会，正式推出智能眼镜 Meta Ray-Ban Display；预售首周表现强劲，苹果公司正加大标准版iPhone 17的生产力度。 另据智通财经报道，有消息称OpenAI已与立讯精密等企业签署协议，共同打造一款消费级设备，立讯精密已获得至少一款设备的组装合同。对此传闻， 立讯精密方面未予正面回应。不过有产业链人士证实，目前OpenAI已就具体项目与国内供应链展开合作。 摩尔线程概念股批量涨停 与此同时，现货黄金继续走强，站上3700美元/盎司再刷新高；加密货币快速下挫，以太坊一度下跌逾9%。 消费电子板块爆发 券商板块尾盘走强 板块方面，消费电子板块表现活跃，立讯精密（002475）一字涨停。摩尔线程概念股午后持续走高，宏力达等多股涨停。金融科技、券商板块尾盘走强。 下跌方 ...

Group 1 - The core viewpoint of the articles highlights the significant increase in trading activity in the capital markets during July and August, with the Shanghai Composite Index surpassing 3,800 points and the total market capitalization of A-shares exceeding 100 trillion yuan, leading to a daily average trading volume of 2.3 trillion yuan, a new high for the year [1] - Financial technology and brokerage sectors showed strong performance, with the Financial Technology ETF (516100) rising over 1% and the brokerage ETF (515010) increasing nearly 1%, indicating a positive trend in these sectors [1] - Analysts from Zhonghang Securities noted that while the equity market has performed well since the beginning of the year, the brokerage sector's index recovery has lagged behind the overall market, suggesting that there is potential for valuation recovery in the brokerage sector [1] Group 2 - The brokerage ETF (515010) tracks the securities company index (399975), with the top ten constituent stocks accounting for 60.73% of the index weight, including major brokerages like CITIC Securities and Huatai Securities, providing a convenient way to invest in leading firms in the sector [2] - The product management and custody fees for the brokerage ETF are combined at 0.2%, which is the lowest fee rate in the sector, making it an attractive option for investors [2]

智通财经APP获悉，摩根士丹利发布研报称，A股市场日均成交额(ADT)持续高企，目前对全年ADT预 测更具信心，将2025年ADT预测上调53%至1.53万亿元人民币，并预测2026及2027年ADT将保持每年 5%至6%的同比增长，相应将所覆盖中资券商2025至2027年各年盈利预测平均上调25%、23%及20%， 相信交投增加可带动经纪佣金、保证金利息及经营杠杆提升，市场流动性充裕将支持更多融资活动，预 料利好中金公司(03908)、中信证券(06030)及广发证券(01776)等拥有强劲承销、交易及资产管理业务的 券商。 该行预期券商板块平均股本回报率(ROE)将于2026年反弹至9%，其中，中信证券及中金公司的ROE分别 有望达10.7%及9.4%，目前预测中金、广发及中信证券的今年投资收入分别增长20%、21%及11%，而 东方财富(300059.SZ)及招商证券(06099)今年投资收入则可能录得下跌。 ...