Group 1 - The overall manufacturing PMI is still affected by external unfavorable conditions, but policies promoting "anti-involution" and the service sector have shown positive effects, leading to improved corporate confidence [1] - As external trade shocks gradually dissipate, the policy tone of expanding domestic demand and its actual effectiveness will be further reflected in the data [1] - The market expects the central bank to introduce further easing measures, which may boost market risk appetite [1] Group 2 - Recent market performance shows strong structural characteristics, with hotspots concentrated in growth sectors [2] - The strong demand for overseas AI computing power continues to be validated, and China's clear energy transition goals position it as a manufacturing powerhouse participating in technological innovation [2] - Recommendations for October include focusing on AI computing and robotics-related industries, innovative pharmaceuticals, consumer electronics, batteries, and non-ferrous metals [2]

郭晨凯 制图 ...

智通财经APP讯，广发证券(01776)发布公告，广发证券股份有限公司(以下简称"发行人"或"公司")已于 2025年4月16日获得中国证券监督管理委员会"证监许可〔2025〕818号"文获批可面向专业投资者公开发 行面值余额不超过300亿元(含)的短期公司债券(以下简称"本次债券")。 2、本期债券简称为"25广 D13"，债券代码为"524462"。本期债券每张面值为100元，发行数量不超过3,000万张(含)，发行价格为 人民币100元/张。本期债券发行总规模为不超过30亿元(含)。 本期债券的询价区间为1.20%-2.20%，发行人和主承销商将于2025年10月10日(T-1 日)向投资者利率询 价，并根据利率询价情况确定本期债券的最终票面利率。 ...

中原证券（601375）(601375.SH)发布公告，公司于近日收到中国证券监督管理委员会《关于同意中原 证券股份有限公司向专业投资者公开发行次级公司债券注册的批复》(证监许可〔2025〕2148号)，同意 公司向专业投资者公开发行面值总额不超过12亿元次级公司债券的注册申请。 ...

Core Insights - The "Second Sina Finance Golden Unicorn Best Investment Advisor Selection" is currently underway, aiming to identify outstanding investment advisors and enhance the investment advisory IP construction [1] - The competition includes various categories such as stock simulation trading, ETF simulation trading, public fund simulation allocation, and social service evaluation, with over 10,000 investment advisors participating [1] ETF Simulation Trading Rankings - Liu Lichao from Dongguan Securities achieved the highest monthly return of 34.52% in the ETF simulation trading for September [2] - The second place was secured by She Wenzhi from Xiangcai Securities with a return of 24.66%, followed by Zhou Yang from Guoxin Securities with a return of 22.61% [2] - Other notable performers include Fan Chunqing from Nanjing Securities (19.86%) and Yang Yun from Zhongtai Securities (19.66%) [2][3] Performance Metrics - The top 10 investment advisors in the ETF simulation trading all reported returns above 16%, indicating strong performance in the simulated trading environment [2][3] - The rankings reflect a competitive landscape among investment advisors, showcasing their ability to generate significant returns in a simulated setting [1][2]

中期视角看，受到6月底至8月底市场成交较快上涨、涨幅较大之后资金获利了结影响，当前市场仍处于 8月底以来的震荡行情，后续趋势性行情可能需要新的催化因素，但下行风险相对有限，多个重要变化 共振使得前期市场资金热度较高，市场下行空间有限，同时10月即将召开的党的二十届四中全会有望审 议"十五五"规划建议，助力支撑市场预期。 编辑：林郑宏 新华财经上海10月9日电 中金公司研报分析认为，国庆假期期间港股表现和出行数据相对平稳，国内外 AI产业进展密集发布、国内工业企业利润增速回暖，节后"十五五"规划市场政策预期有望升温，A股有 望延续稳健表现。 转自：新华财经 ...

Core Points - The Beijing Stock Exchange (BSE) will switch all stock codes to the new 920 code segment starting from October 9, 2025, enhancing the identification of listed companies and improving investor recognition [1][2][3] - The transition aims to eliminate confusion caused by the previous codes used during the New Third Board listing, thereby strengthening the BSE's focus on specialized and innovative small and medium-sized enterprises [2][3] - Multiple brokerage firms have optimized their trading terminals to support the new codes, ensuring a seamless transition for investors [1][4] Summary by Sections Code Transition - All stocks on the BSE will adopt the new 920 code segment, with investors able to check the correspondence between old and new codes on the BSE website [1] - The transition is part of a phased approach, starting with new listings and then moving to existing stocks, as outlined by the China Securities Regulatory Commission [2][3] Impact on Investors - Brokerage firms have assured that the continuity of investor rights and related business operations will remain unaffected by the code switch [4] - Investors will need to use the new codes for trading, as the old codes will result in errors during transactions [4] - Trading software will automatically update to reflect the new codes, minimizing the need for manual intervention by investors [4]

Core Viewpoint - The bond market is experiencing a weak and volatile trend, with various factors influencing its performance, including macroeconomic data and policy changes [2][3][4]. Group 1: Market Trends - Since July, the equity market has been rising, leading to a correction in the bond market, with the yield spread between 30-year and 10-year government bonds reaching above the 75th percentile for 2023, indicating improved cost-effectiveness for pure bond assets [1][3]. - As of September 30, the interbank bond market showed mixed yield movements, with the 10-year yield around 1.86%, reflecting a general upward trend in bond yields since September [2]. - The bond market is under pressure due to factors such as unexpected developments in US-China negotiations and increased redemption pressures from bond funds [2]. Group 2: Positive Factors - Despite the seasonal weakness in September, there are positive indicators, including weak macro data and a shift in the central bank's reverse repurchase auction method, suggesting a supportive monetary policy stance [3]. - The reduction in new bond supply for October is expected to positively impact the bond market, with government bond net financing projected to decrease significantly compared to previous months [4]. Group 3: Investment Strategies - In the current environment of market volatility, maintaining an open mindset is recommended, as fundamental support remains strong [6]. - Analysts suggest focusing on short-term and cross-product arbitrage opportunities, as well as identifying underpriced bonds with buying support [6]. - The bond market is believed to be in a bottoming phase, with potential for improved cost-effectiveness, particularly as the fourth quarter approaches [6].

Core Viewpoint - The Beijing Stock Exchange (BSE) will switch to a new securities code (920) for all existing stocks starting from October 9, 2025, enhancing its independent market identity and improving stock recognition [1][2][4]. Group 1: Code Switching Details - The BSE will implement the new 920 code for 248 existing stocks, with a corresponding code mapping available on its official website [2][3]. - The transition to the new code has been in preparation for two years, following the China Securities Regulatory Commission's (CSRC) directive to enhance stock identification [2][3]. - The new code will not affect trading rules, and the trading methods, price limits, and trading hours will remain unchanged [1][4]. Group 2: Investor Impact - The continuity of the stock's identity and investor rights will remain intact post-code switch, with historical trading information displayed under the new code [4][5]. - Investors will see their holdings transition from the old code to the new code without any changes to their ownership duration or related information [4][5]. - Brokerage firms are required to support trading with both old and new codes, ensuring that clients can access complete trading records since the stock's listing [5][6]. Group 3: Brokerage Firm Preparedness - Multiple brokerage firms have announced readiness for the code switch, advising clients to upgrade their trading terminals to the latest version [5][6]. - Brokerages will ensure that the transition is seamless, with automatic updates to trading apps and systems to reflect the new codes [6].

Group 1 - The core role of lead underwriters in the IPO process at the Tokyo Stock Exchange (TSE) includes coordinating various parties, ensuring compliance, and maintaining market order [2] - Lead underwriters must conduct comprehensive due diligence to ensure issuers meet TSE listing standards and disclosure requirements, with a legal responsibility for any undisclosed significant issues [3][4] - They act as the main communication bridge between issuers and regulatory bodies, coordinating the listing application and process [4] Group 2 - Lead underwriters are responsible for pricing the IPO and supporting marketing efforts, balancing the issuer's financing needs with investor expectations [4] - Post-IPO, they have a continuous monitoring role, ensuring timely and accurate disclosure of periodic reports and significant events, while also supervising the issuer's business and governance [4][6] - The TSE has strict qualification requirements for lead underwriters, including holding a specific financial license and having sufficient IPO underwriting experience [7] Group 3 - The responsibilities of lead underwriters vary across different TSE market segments, with specific focus areas for high-growth innovative companies versus mature enterprises [5][7] - The regulatory framework emphasizes investor protection, requiring lead underwriters to prioritize investor interests and avoid misleading statements in prospectuses [5][6] - Legal liabilities for lead underwriters include civil, administrative, and criminal responsibilities for inadequate due diligence or fraudulent activities [7]