Group 1 - The consumer confidence index in the U.S. dropped to 94.2 in September, a decrease of 3.6 points from August, marking the lowest level since April [1] - The percentage of respondents who believe job opportunities are "plentiful" fell to 26.9%, a decline of over 3 percentage points from August, while those who think jobs are "hard to find" remained at 19.1% [1] - There is a significant increase in pessimism regarding financial conditions, with the largest single-month decline in perceptions of current financial status since July 2022 [1] Group 2 - The Conference Board's senior economist noted a clear weakening in consumer judgment regarding business conditions, with a continuous deterioration in views on job opportunities for nine months, reflecting the slowing U.S. economic recovery and pressure on household spending [1] - Wall Street analysts suggest that the stability of the labor market is a crucial consideration for Federal Reserve officials as they contemplate future interest rate movements [1] - The Vice Chairman of the Federal Reserve indicated that inflation rates in the U.S. are expected to decline next year, reaching 2% in the coming years, while the downside risks to the labor market are increasing [1] Group 3 - Recent employment data in the U.S. has shown a weaker-than-expected trend for two consecutive months, indicating a cooling labor market [3] - The decline in employment numbers is attributed to reduced labor supply due to immigration policies, which has prevented a significant rise in the unemployment rate, and wage growth remains moderate [3] - Current conditions do not warrant a high-risk assessment for a recession in the U.S. economy at this time [3]

Core Viewpoint - The demand for refinancing of urban investment bonds is expected to be concentrated before the third quarter of 2025, with the Federal Reserve's interest rate cuts in September providing a loose liquidity environment, which together drives a rebound in the issuance scale of Chinese offshore bonds in the primary market. However, there is a clear differentiation in risk appetite, with some low-quality enterprises still facing refinancing challenges [2]. Group 1: Overall Market Performance - In the first three quarters of 2025, a total of 1,108 Chinese offshore bonds were newly underwritten, amounting to $145.46 billion. Among these, urban investment bonds accounted for 235 bonds totaling $22.87 billion, while financial bonds accounted for 590 bonds totaling $55.54 billion [2]. - The underwriting performance of various institutions in the Chinese offshore bond market is highlighted, with a focus on the leading underwriters [2]. Group 2: Underwriting Rankings - The top three institutions in terms of underwriting scale for Chinese offshore bonds are: 1. Bank of China with 209 bonds totaling $9.85 billion 2. HSBC with 169 bonds totaling $8.01 billion 3. Guotai Junan International with 243 bonds totaling $6.33 billion [4][5]. - In terms of the number of projects underwritten, CITIC Securities led with 380 bonds, followed by Haitong International with 271 bonds and Minsheng Bank with 264 bonds [9][10]. Group 3: Institutional Distribution - HSBC ranked first in total underwriting amount with $8.01 billion, followed by Guotai Junan International with $6.33 billion, and Bank of China (Hong Kong) with $4.61 billion [13]. - The ranking of banks in underwriting scale shows Bank of China at the top with $9.85 billion, followed by HSBC and Industrial and Commercial Bank of China with $4.78 billion [17][18]. Group 4: Specific Bond Types - For US dollar bonds, Guotai Junan International led with 157 bonds totaling $5.04 billion, followed by Bank of China with 100 bonds totaling $4.75 billion [25]. - In the urban investment bond category, Guotai Junan International also ranked first with 92 bonds totaling $2.12 billion, followed by Dongfang Securities with 61 bonds totaling $1.47 billion [30]. - In the financial bond category, Bank of China led with 110 bonds totaling $5.45 billion, followed by HSBC with 95 bonds totaling $3.85 billion [35]. - For green bonds, Bank of China ranked first with 32 bonds totaling $1.23 billion, followed by Industrial and Commercial Bank of China with 33 bonds totaling $1.12 billion [39].

新华 中国证监会9月30日披露,当日核准设立瑞穗证券(中国)有限公司。瑞穗证券(中国)注册地为北京市,注册 资本为人民币23亿元,业务范围为证券承销、证券自营、证券资产管理(限于从事资产证券化业务)。证监 会信息显示,瑞穗证券(中国)的股东为瑞穗证券株式会社,持股100%。 ...

来源：深爱榜袁子弹 夜幕下的香港中环，国际金融中心的写字楼依旧灯火通明。曾经历 2022 至 2023 年裁员潮的投行从业者们，如今正迎来行业的强 势反弹。随着港股 IPO 及并购活动的爆发式增长，一场横跨外资大行与中资券商的人才争夺战已然打响，而猎头机构则成为这场 战役的关键纽带。 一、市场回暖：IPO 引擎重启点燃人才需求 香港证监会最新数据显示，截至 2025 年 6 月底，香港持牌金融专业人士数量已接近 4.25 万人，过去 12 个月净增约 1200 人。这 一数字背后，是港股 IPO 市场的强劲复苏。从一季度生物科技企业密集上市，到二季度跨境电商平台扎堆募资，IPO 项目的激增 让金融机构陷入 "人手荒"。 "今年干一年的收入，抵得上过去两年。" 某中资券商投行部负责人李李（化名）的感慨道出了行业现状。香港政府统计处数据印 证了这一热度：二季度金融及保险业月收入中位数达 4 万港元，位居各行业榜首，远超全港 2.23 万港元的平均水平。毕马威、德 勤等专业服务机构上半年新招审计与税务人员各超 200 人，接近去年全年招聘量，安永甚至将咨询线员工临时抽调至 IPO 项目组 填补缺口。 二、外资加码： ...

crypto loan cover. Photo by BeInCrypto Daiwa Securities has begun introducing clients to a lending service from Fintertech, allowing them to secure yen funding using Bitcoin and Ethereum as collateral. The program, available across all domestic branches, targets high-net-worth individuals and business owners seeking liquidity without selling their digital assets. Daiwa Expands into Digital Asset Financing On October 1, Daiwa Securities began introducing clients to “Digital Asset-Backed Loans,” provided ...

Core Insights - The ABS market in China saw a total of 1,777 new issuance projects in the first three quarters of 2025, with an issuance scale of 16,336 billion yuan, representing a 17% increase from 14,007 billion yuan in the previous year [6][2]. Market Overview - As of the end of the first three quarters of 2025, the cumulative market size reached approximately 33,810 billion yuan, with credit ABS at 4,017 billion yuan, enterprise ABS at 21,405 billion yuan, ABN at 6,348 billion yuan, and public REITs at 2,040 billion yuan [4]. Credit ABS - In the credit ABS segment, 172 new projects were issued, totaling 1,866 billion yuan, a 2% decrease year-on-year. The largest issuance came from non-performing loans, with 134 projects totaling 634 billion yuan, followed by personal auto loans with 17 projects totaling 536 billion yuan [8][6]. Enterprise ABS - The enterprise ABS market saw 1,127 new projects issued, totaling 9,951 billion yuan, which is a 22% increase compared to the previous year. The largest issuance was in financing lease receivables, with 214 projects totaling 2,163 billion yuan, followed by corporate receivables with 160 projects totaling 1,497 billion yuan [10][6]. ABN - The ABN market had 460 new projects issued, totaling 4,157 billion yuan, marking an 18% increase year-on-year. The largest issuances were in bank/internet consumer loans, with 159 projects totaling 1,415 billion yuan, followed by general small loan receivables with 114 projects totaling 1,038 billion yuan [11][6]. Underwriting Rankings - In the underwriting rankings for the first three quarters of 2025, CITIC Securities led with 390 projects and a total underwriting amount of 1,851 billion yuan, followed by Guotai Junan with 328 projects totaling 1,449.9 billion yuan, and Ping An Securities with 208 projects totaling 1,231.2 billion yuan [15][14]. Detailed Underwriting Performance - In the credit ABS market, China Merchants Securities ranked first with 86 projects totaling 314.4 billion yuan, followed by CITIC Securities with 81 projects totaling 295.2 billion yuan [21][23]. - In the enterprise ABS market, CITIC Securities topped the rankings with 222 projects totaling 1,239.8 billion yuan, followed by Ping An Securities with 182 projects totaling 1,177.4 billion yuan [25][26]. ABN Market Rankings - In the ABN market, China Merchants Securities led with 80 projects totaling 413 billion yuan, followed by Bank of China with 90 projects totaling 356.1 billion yuan [29][30]. Asset Class Rankings - The top three asset classes by issuance scale are bank/internet consumer loans, financing leases, and general small loans, with detailed underwriting statistics available for these categories [33].

长风万里送秋雁，对此可以酣高楼。 光大研究财经月历，一览重点经济数据发布时间表。两款 尺寸手机屏保，全球财经大事尽在掌握。 瘦身版适合苹果X等全面屏 | 美国9月 制造业PMI | 美国9月 非农就业/失业率 | 十三 | +四 | | --- | --- | --- | --- | | 6 8 9 | 10 | 11 | 12 | | 中秋节 中国9月 寒露 十八 外汇储备 | 十九 | =+ | 中 | | (13) 14 15 16 | 17 | 18 | 19 | | 中国9月 甘三 中国9日 美国9月 进出口 M2/社融/CPI/PP 零售 | 甘六 | 甘七 | 甘八 | | 20 21 22 23 | 24 | 25 | 26 | | 中国9月 霜降 九月 初二 工业/投资/社消 第三季度GDP | 初四 | 初五 | 初六 | | 28 29 30 中国9月 初八 章相信 美国第三季度 工业企业利润 实际GDP 美联储议息会议 | 31 中国10月 官方制造业 PMI | 0000 | | 丰满版适合多数非全面屏 百 Du 75 5 2 4 十三 十四 美国9月 美国9月 非农就业/失业率 浩 ...

在互动交流环节，来自申万宏源西部证券（002673）乌鲁木齐北京中路营业部、国泰君安证券乌鲁木齐 友好北路营业部、广发证券乌鲁木齐北京中路营业部、华福证券乌鲁木齐北京南路营业部、申万宏源西 部证券乌鲁木齐会展大道营业部等会员单位的业务骨干与部门负责人结合阅读体会与工作实际，紧紧围 绕两本书籍的核心精神，结合金融行业特性展开了务实交流。大家从《为国铸盾》中体会到坚守与奉献 的价值，认为金融从业者同样需要这种"铸盾"精神来守护市场稳定和投资者权益；从《以公理争强权》 中汲取谈判智慧，探讨了在国际业务中如何善用规则维护合法权益。讨论聚焦于如何将历史智慧转化为 当代金融实践，在服务实体经济、防范金融风险中践行专业价值。现场交流气氛热烈，实现了思想碰撞 和共识凝聚。 活动期间，全体与会人员集体观看《为国铸盾》纪实视频。震撼的历史画面与深情的讲述，将大家带回 那个自力更生、艰苦奋斗的年代。在影片的沉浸式氛围中，与会人员提笔书写"未来书信"，记录对职业 发展的期许与对行业未来的展望。 近日，新疆证券期货业协会与国泰海通证券新疆分公司联合主办、国泰海通证券乌鲁木齐友好北路营业 部承办的第八期"共读的力量"读书分享会成功举办。 ...

公告显示，广发证券存在个别证券分析师在微信群传播不实信息的问题，反映出公司从业人员管理不到 位，违反了《证券基金经营机构董事、监事、高级管理人员及从业人员监督管理办法》第三十五条规 定。 校对 柳宝庆 新京报贝壳财经讯（记者胡萌）9月30日，广东证监局发布公告，对广发证券采取责令改正措施。 编辑 岳彩周 广东证监局指出，广发证券应当高度重视上述问题，采取有效措施切实整改，加强内控管理，切实提高 合规管理水平。 ...

按照相关规定，广东证监局责令科德投资对上述违规行为和问题进行改正，责令该公司清理违规业务； 责令该公司暂停新增客户6个月，暂停期间不得签约新客户，不得以"投资者教育"等名义变相新增客 户。 同日，广东证监局还披露了对英大证券东莞东城证券营业部、广发证券采取责令改正措施的决定。据行 政监管措施决定书，广发证券存在个别证券分析师在微信群传播不实信息的问题。 9月30日，广东证监局官网同时披露了对广东科德投资顾问有限公司（下称"科德投资"）、英大证券东 莞东城证券营业部、广发证券的行政监管措施。其中，科德投资因控股股东存在股权代持、不当干预该 公司正常经营等问题，直接导致该公司在展业过程中存在多项违规行为，被暂停新增客户6个月。 | 序号 | 标题 | 文号 | 发文日期 | | --- | --- | --- | --- | | | 关于对广东科德投资顾问有限公司采取责令改 | | | | 1 | 正、清理违规业务和暂停新增客户监管措施的 | [2025] 106号 | 2025-09-30 | | | 决定〔2025〕106号 | | | | 2 | 关于对刘鹤采取监管谈话措施的决定 [2025] | [202 ...