Core Viewpoint - The article emphasizes the importance of financial education and consumer protection in the financial sector, highlighting the initiatives taken by Huachuang Securities during the 2025 Financial Education Promotion Week to enhance public financial literacy and safeguard investors' rights [1][9]. Group 1: Financial Education Initiatives - Huachuang Securities organized a series of diverse and engaging financial education activities, producing 46 educational products with a total readership of 16,083,612, including 16 original products with 8,411,357 readers [1]. - The activities included on-site consultations, interactive sessions, and the distribution of educational materials aimed at improving the public's ability to identify and prevent financial fraud [9][12]. Group 2: Community Engagement - The company conducted outreach in various communities, educating residents about common financial scams and illegal activities, such as impersonating financial institutions and illegal stock recommendations [14]. - Special attention was given to university students, educating them about internet lending and the risks associated with illegal loans [15]. Group 3: Impact and Future Plans - The financial education week significantly improved public awareness of financial knowledge and risk prevention, achieving positive outcomes [18]. - Huachuang Securities plans to institutionalize financial education efforts, focusing on enhancing consumer financial literacy and addressing investor concerns in the evolving financial landscape [18].

"9.24"行情一周年，政策实施效果与市场生态发生了哪些变化？中国政法大学商学院教授、资本市场知 名专家刘纪鹏先生直播解读。详情>> 针对近期大量"00后"跑步入场A股的现象，刘纪鹏教授指出，中国资本市场本身仍是一个年轻的市场。 改革开放45年以来，居民财产性收入的主要载体一度是房地产市场。但目前，从国际比较看，中国房地 产价格已处于相对高位，不再追求价格上涨。因此，需要寻找新的资产市场，而股市正是这一重要的价 值洼地。 刘纪鹏分析称，中国经济长期保持较高成长性，过去15到20年间GDP增速常年为美国的两倍以上，但当 前A股市场的市盈率却低于美股。他认为，作为一个成长型市场，A股在40倍甚至略高的市盈率水平下 仍属合理，市场活力应当更加活跃。 刘纪鹏表示，中国资本市场蕴藏着巨大潜力，正等待"90后""00后"一代去开拓。但同时，他也特别提醒 年轻投资者，务必理性控制资金杠杆，避免满仓杠杆操作，充分认识到市场风险。"大家都是从年轻人 过来的，谁都吃过资本市场的亏。每一个成功人士的背后，都有着被风险打爆的经历。"他期望新一代 投资者既能把握资本市场带来的财产性收入机遇，也要重视风险防控，避免重蹈过去一些投资者走过 ...

IPO窗口全面重启，创下2021年以来新股发行规模最大的季度。 关键要点： 5，IPO指数以17%的回报率强势超越标普500指数 6，期待已久的IPO回暖为2025年的强劲收官奠定基础 第三季度，IPO窗口终于重新开启，60家公司IPO共募集资金146亿美元，创下2021年以来新股发行规模 最大的季度。此前因宏观经济逆风而推迟的IPO，为了抓住新股发行需求激增的机会，纷纷重启甚至加 速上市。这导致7月份IPO市场稳步回升，8月份市场活跃度高于往年，9月份交易量也更加强劲。 23家公司IPO募集资金达到或超过1亿美元，创下2021年以来的新高，领涨的是一波备受瞩目的独角兽 公司。市场对成长型股票的重新燃起兴趣，使得许多这类股票的发行价高于中间价。尽管一些早期IPO 的首日表现火爆，例如估值数十亿美元的Figma创下了250%的历史性涨幅，但到了季度末，投资者的偏 好趋于理性。规模较大的发行人总体表现优于大盘，平均回报率为23%，但后市交易表现并不稳定。少 数表现强劲的微型股推动第三季度整体回报率达到31%。复兴IPO指数在第三季度上涨17%，强劲跑赢 标普500指数，这得益于增长需求和人工智能领域的利好。新SP ...

香港特区政府行政长官上周发布的施政报告中提到的 《固定收益及货币市场发展路线图》 （以下简称《路线图》）将于 9 月 25 日下午正式发布。 9 月 25 日上午，香港证券及期货事务监察委员会（以下简称香港证监会）和香港金融管理局 （以下简称香港金管局）联合举办 " 香港固定收益及货币论坛 2025" （以下简称论坛）。 在论坛上，香港特区政府财政司司长陈茂波透露， 《路线图》将围绕 " 加强债券发行、提升 二级市场流动性、扩大离岸人民币业务、构建新型基础设施 " 四大支柱，推动一级、二级市 场协同发展 。 受超强台风影响，论坛转为线上进行，内地和香港特区政府及金融监管机构与全球机构投资 者，就香港固定收益与货币市场生态的发展以及人民币国际化的前景进行了深度探讨。 【导读】事关人民币国际化，香港即将发布《固定收益及货币市场发展路线图》，内地和香 港特区政府及金融监管机构重磅发声 中国基金报记者 郭玟君 陈茂波：香港从三大方向推动固收 与货币市场生态升级 香港特区政府财政司司长陈茂波 在致开幕辞时表示： " 当前，全球地缘政治紧张、保护主义 抬头，投资者纷纷寻求资产配置多元化，香港凭借 ' 安全港 ' 属性与优 ...

凤凰网财经讯9月23-24日，由凤凰卫视、凤凰网主办的"凤凰湾区财经论坛2025"在广州举行，本届论坛以"新格局·新路径"为主题，汇聚全球政商学界精英， 共同洞察变局脉络、探寻发展新机。 中国人民大学国家金融研究院院长、国家一级教授吴晓求在论坛上表示："A股牛市不是真的要来了，是已经来了，实际上早在两三个月前便已开启。未来 市场站上4000点不存在悬念，尽管近期出现短期波动，但长期向好的大趋势不会改变"。 吴晓求指出，本轮市场行情能够形成持续成长态势，有着深刻的内在动因，核心在于多维度改革，包括资产端改革、需求端改革及制度层面改革，这些均构 成了市场成长的核心内在动力。对于部分市场参与者担忧本轮牛市可能"昙花一现"的观点，他强调，行情的延续性具备坚实的内在逻辑支撑。 回顾A股历史，牛短熊长和暴涨暴跌曾是显著特征，吴晓求分析，这一现象根源在于过去市场结构失衡、缺乏持续增长动能，且投机属性较为突出。而如 今，这一局面已发生根本性转变。 首先是资产端的改革。资产端的改革与上市公司结构的调整，为市场注入了长期成长活力。正如证监会主席吴清在新闻发布会上披露的数据，A股前50家上 市公司中，科技性企业数量已从"十三五"末 ...

凤凰网财经讯9月23-24日，由凤凰卫视、凤凰网主办的"凤凰湾区财经论坛2025"在广州举行，本届论坛以"新格局·新路径"为主题，汇聚全球政商学界精英， 共同洞察变局脉络、探寻发展新机。 中国政法大学商学院院长刘纪鹏（左），中国人民大学国家金融研究院院长、国家一级教授吴晓求（右） 吴晓求表示："我们原来是4个小时的交易时间，如果延长到下午4点也不是不可以。下午3点收市有一点早，延长交易时间可以满足投资者的交易需求，与香 港交易时间一致"。 吴晓求提到，对于白天工作繁忙的公务员等群体开设夜市有其合理性。"他们不能在工作时间用电脑买卖股票，虽然不违法，但也不符合工作纪律。从实际 出发，延长交易时间可以方便这部分人群，且不会改变市场核心规则"。 中国人民大学国家金融研究院院长、国家一级教授吴晓求就A股交易时间延长相关话题作出回应。吴晓求认为："延长交易时间当然不是当前中国资本市场 改革的重点，但是适当延长交易时间可以讨论，可能会受到大家欢迎"。 ...

Group 1: Report Summary - The total bond custody scale in August increased by 150.6 billion yuan month-on-month, with a slower growth compared to July. The custody increments of treasury bonds and policy financial bonds rose, while the net financing scale of local bonds and credit bonds declined, and commercial bank bonds turned into net repayment. The custody scale of interbank certificates of deposit continued to decline significantly [4][7]. - In early August, the bond market oscillated and recovered, but after mid - August, sentiment weakened due to the continuous new highs of A - shares. Long - term interest rates were under pressure, while short - term rates were relatively resilient. From the perspective of institutional behavior, broad - based funds may have been affected by liability - side disturbances and reduced their bond holdings for the first time since February. Dealers also increased their holdings of interest - rate bonds. However, the承接 power of allocation - oriented investors was insufficient, which might have prevented interest rates from stabilizing in August. Notably, foreign institutions significantly narrowed their reduction of domestic bond holdings, possibly indicating an increase in their overall allocation of Chinese assets [4][9]. - Affected by the decline in the balance of repurchase agreements, the bond market leverage ratio slightly decreased by 0.1 percentage points to 107.5% in August, remaining at a relatively low level in recent years. Among different institutions, commercial banks' leverage ratio increased by 0.2 percentage points to 103.8%, while non - bank institutions' leverage ratio decreased by 0.5 percentage points to 116.9% [4][39]. Group 2: August Bond Custody Increment Analysis - Interest - rate bonds: The issuance scale of treasury bonds increased while the maturity scale decreased in August, with the custody increment rising by 38.42 billion yuan to 82.61 billion yuan. For policy financial bonds, the decline in the issuance scale was smaller than that in the maturity scale, and the custody increment increased by 22.23 billion yuan to 46.16 billion yuan. The issuance scale of local bonds decreased significantly while the maturity scale increased, and the custody increment decreased by 31.51 billion yuan to 51.72 billion yuan [7]. - Credit bonds: The issuance scale of medium - term notes and enterprise bonds decreased while the maturity scale increased. The custody increment of medium - term notes decreased by 11.05 billion yuan to 10.44 billion yuan, and the custody scale of enterprise bonds decreased by 3.53 billion yuan. The issuance scale of short - term commercial paper decreased, and the custody volume changed from an increase of 1.06 billion yuan in the previous month to a decrease of 4.61 billion yuan. The custody scale of PPN continued to decline by 1.53 billion yuan, with a narrower decline compared to the previous month [7]. - Other bonds: The issuance and maturity scales of interbank certificates of deposit both increased slightly, and the custody scale continued to decline by 35.56 billion yuan, with a narrower decline compared to the previous month. Commercial bank bonds turned into net repayment, with the custody volume changing from an increase of 36.9 billion yuan in the previous month to a decrease of 1.64 billion yuan. The custody increment of non - bank bonds increased by 2.04 billion yuan to 5.12 billion yuan, and the decline in the custody scale of credit - asset - backed securities narrowed by 0.58 billion yuan to 0.54 billion yuan [7]. Group 3: Institutional Behavior Analysis 3.1 Broad - based Funds - The bond custody scale of broad - based funds decreased by 19.17 billion yuan in August, mainly due to significant reductions in credit bonds and certificates of deposit, while slightly increasing holdings of interest - rate bonds. The reduction in holdings of interbank certificates of deposit, commercial bank bonds, and enterprise bonds increased, while the increase in holdings of medium - term notes and financial bonds on the Clearstream decreased. They turned to reduce holdings of short - term commercial paper and increase holdings of policy financial bonds [12]. 3.2 Securities Companies - The bond custody volume of securities companies increased by 190 million yuan in August, mainly due to a significant decrease in the reduction of treasury bonds, a slight decrease in the reduction of medium - term notes, an increase in the increase of policy financial bonds, and a turn to slightly increase holdings of financial bonds on the Clearstream. The reduction of bond holdings weakened significantly [18]. 3.3 Insurance Companies - The bond custody increment of insurance companies decreased by 5.76 billion yuan to 3.96 billion yuan in August, mainly due to a decrease in the increase of local bonds and treasury bonds, a turn to reduce holdings of policy financial bonds and medium - term notes, and an increase in the reduction of commercial bank bonds. They turned to reduce bond holdings [20]. 3.4 Foreign Institutions - The decline in the bond custody volume of foreign institutions significantly narrowed by 20.41 billion yuan to 9.97 billion yuan in August, with a significant decrease in the reduction of interbank certificates of deposit, treasury bonds, and policy financial bonds. They generally continued to reduce bond holdings, but the reduction intensity weakened [25]. 3.5 Other Institutions - The bond custody increment of other institutions, including the central bank, increased by 9.58 billion yuan to 33.52 billion yuan in August, mainly due to the increase in the net investment of outright reverse repurchase. They significantly increased holdings of local bonds, turned to reduce holdings of policy financial bonds, and slightly increased the reduction of treasury bonds. The increase in holdings of interbank certificates of deposit reached a new high since December 2022, while the increase in holdings of medium - term notes declined from a historical high [28]. 3.6 Commercial Banks - The bond custody increment of commercial banks decreased by 52.2 billion yuan to 120.01 billion yuan in August. They turned to reduce holdings of local bonds, possibly affected by the increase in the net investment of outright reverse repurchase and the concentration on local bonds. The increase in holdings of treasury bonds and policy financial bonds increased significantly, while the increase in holdings of financial bonds on the Clearstream decreased significantly [31]. 3.7 Credit Unions - The bond custody increment of credit unions decreased by 5.92 billion yuan to 1.04 billion yuan in August, mainly due to a decrease in the increase of policy financial bonds and treasury bonds and a turn to reduce holdings of interbank certificates of deposit. They turned to reduce bond holdings [37]. Group 4: Bond Market Leverage Ratio Analysis - The bond market leverage ratio decreased by 0.1 percentage points to 107.5% in August, remaining at a relatively low level in recent years. Commercial banks' leverage ratio increased by 0.2 percentage points to 103.8%, still significantly lower than the level before April 2024. Non - bank institutions' leverage ratio decreased by 0.5 percentage points to 116.9%, remaining at a relatively low level since 2022. Among non - bank institutions, securities companies' leverage ratio decreased by 12.8 percentage points to 215.1%, still at a relatively high level in the past three years. The leverage ratio of insurance and non - legal person products decreased by 0.4 percentage points to 113.8%, remaining at a relatively low level since 2022 [39].

分析师:黄子崟 SAC 登记编号:S1340523090002 Email:huangziyin@cnpsec.com 近期研究报告 《波动降低后是更好的参与时机》 - 2025.09.15 策略观点 降息交易(1)：降息之后的资产定价机制 ⚫ 投资要点 发布时间：2025-09-25 大盘指数 8000 9000 10000 11000 12000 13000 14000 2000 3000 4000 上证指数 深证成指 1000 2000 3000 5000 6000 7000 8000 中小100 创业板指 资料来源：聚源，中邮证券研究所 研究所 美国联邦基金期货市场对美联储有着极强的降息预期。根据计算 得到的预期利率变动，美国联邦基金期货市场的交易员们认为美联储 将在未来 6 个月降息 85bp，在未来 12 个月降息 125bp。在美联储 9 月议息会议宣布降息 25bp 后，交易员们对未来美联储的政策路径预 期并没有发生改变，此前的预期是 6 个月降息 110bp 和 12 个月降息 150bp，可以认为美联储的本次降息幅度完全在市场的预期内，并且 美联储主席鲍威尔在会后的讲话也并未改变市场预期。 ...

不只是利率数字的变化，更是全球资本流动的重新布局 近期，美联储降息预期再度成为全球市场焦点。许多人困惑不已：为什么美国加息被称为"收割全世界"，现在降息又被说成"收割全世界"？这种简单化的阴 谋论往往让我们忽略了背后的经济逻辑。 事实上，货币政策变化对不同人群产生截然不同的影响。今天我们将建立一套完整的分析框架，帮助你看清美国降息背后的真实机制，做出有利于自己的决 策。 什么是货币政策？简而言之，任何会增加或减少货币数量的政策都属于货币政策范畴。这些政策由各国央行制定和执行，虽然新闻不会直接说"央行要增加 或减少货币"，但会通过专业术语传达这些信息。 利率调整远不止影响存贷款成本，其核心目标是调节市场上的货币数量。当美联储宣布降息，实际上意味着他们要以更低利率向外投放更多美元。美联储凭 什么能决定降息？因为它掌握着几乎无限的美元供应能力，可以通过大量放贷迫使商业银行跟进降息。 存款准备金率调整同样影响货币供应。比如准备金率下调0.5个百分点，银行就能将更多资金用于放贷，而且这些钱会通过银行系统的乘数效应放大，显著 增加市场流动性。 公开市场操作是另一个重要工具。当央行购买国债时，向市场注入流动性；出售国债时， ...

XBIT Wallet 9月25日讯，美联储为平衡美国经济"通胀反弹"与"就业疲软"的双向风险，于9月17日宣布将联邦基金 利率目标区间下调25个基点至4.00%-4.25%，这是其年内首次降息，却未缓解市场对流动性的担忧。截至纽约时间 周三下午3:30，9月到期的联邦基金期货合约交易量已逼近50万手，这一数字不仅刷新了该品种自1988年在芝加哥 期货交易所上市以来的纪录，更远超今年4月3日因特朗普宣布全面关税政策引发市场动荡时创下的前期高点。如 此密集的交易动作背后，是市场对季度末短期融资环境恶化的深度担忧。过往数据显示，月末、季末期间，机构 为优化资产负债表往往缩减回购操作，导致短期融资成本攀升，而当前美联储持续缩表导致银行准备金余额降至 近五年低位、7月以来美国国库券发行量激增32%等因素，进一步加剧了资金缺口风险。在此背景下，投资者对跨 领域资产流动性管理需求骤增，数字资产钱包成为连接传统金融与加密市场的关键工具，其中XBIT Wallet去中心 化web3钱包凭借多资产兼容、实时行情追踪与合规审查内置功能，正帮助用户灵活应对市场波动，实现持仓动态 调整。 XBIT Wallet报道，香港加密市场则以 ...