Core Viewpoint - Dongguan has introduced new real estate policies aimed at boosting demand and optimizing supply in response to structural changes in the housing market [1][2]. Demand-Side Summary - Implementation of temporary home purchase subsidies, providing 2% of the total contract price for new home buyers, capped at 30,000 yuan [1]. - Optimization of first-time home buyer recognition standards, expanding the coverage of loan benefits by adjusting the recognition criteria to the locality of the purchased property [1]. - Increase in housing provident fund support, with maximum loan limits for first and second homes raised to 1.5 million yuan, and an additional 50% increase for those purchasing designated affordable housing [1]. Supply-Side Summary - Refinement of the land supply adjustment mechanism, pausing new residential land sales in areas where the inventory turnover exceeds 36 months [2]. - Support for the functional transformation of existing commercial office properties, simplifying processes for repurposing [2]. - Optimization of administrative approval services for real estate projects, including measures like market-based pricing and streamlined registration processes to enhance market vitality and reduce financing costs for enterprises [2]. Market Context - Recent data indicates a continued decline in new home sales volume in Dongguan, while second-hand home sales have shown some recovery compared to last year [2]. - The average transaction price for new homes has dropped to 21,708 yuan per square meter, reaching a low point in recent years [2]. - Industry experts suggest that Dongguan's new policies may be influenced by similar measures in Shenzhen, which could lead to increased competition for housing demand in the region [3].

从2022年第一季度起，南都·湾财社对深圳市属国有企业及深圳国资控股或参股的上市公司新媒体的信息发布情况进行测评，以阅读量为主要参考指标观 察账号影响力，推出"深圳国资国企新媒体信息发布观察榜"。对深圳国资国企新媒体优秀传播案例进行提炼和分析，总结运营和传播经验，致力于促进深 圳国资国企新媒体的蓬勃发展。 本月推出的是"2025年8月深圳国资国企新媒体信息发布观察榜"（简称"深圳国资新媒体信息观察榜"）。测评对象一共有31个深圳国企一级账号，以及23 个深圳国资控股或参股的上市公司微信公众号，合计54个账号。其中，31个深圳国企一级账号中，多家公司已上市。 国企一级账号新媒体数据： 8月整体再次回落 发稿与阅读量下滑显著 相比于7月份，8月份国企一级账号的整体数据再次回落，整体发文量小幅度下降，整体阅读量却大幅度跳水，部分账号下滑过半。榜单中的31个账号，有 21个账号在发稿量上减少，其中深交易、深安居、特发集团、深圳市创新投资集团减量突出，分别减少15篇、10篇、20篇、10篇，其余账号虽然减幅不 大，但也侧面反映出整体更新活跃度的降低；在阅读量方面，有21个账号在阅读量上下滑，部分账号降幅过半，在阅读总数 ...

券商中国记者获悉，近日，中证协正就新起草的《证券公司交易结算系统压力测试指引》（下称《测试指 引》）征求意见。 据悉，证券市场交易量快速放大，证券公司交易系统性能不足的问题频发。在此背景下，证券行业亟需切实提 升性能容量管理能力，以有效应对市场波动带来的冲击。为加强行业压力测试体系建设，中证协组织起草了 《测试指引》。 该指引旨在提升证券公司对压力测试工作的重视程度，推动其持续完善交易结算系统压力测试管理机制，从而 增强证券行业交易结算系统的可靠性。同时，中证协也将加强对压力测试工作的自律管理，通过不断健全行业 交易结算系统压力测试体系，提升整体风险防控水平，为构建安全、高效、稳定的资本市场体系奠定坚实基 础。 《测试指引》明确了压力测试的触发机制。证券公司应当每年至少开展一次系统压力测试工作。当发生以下情 况时，证券公司应当及时开展系统压力测试：新系统上线或重大变更前；系统下线移除，可能对线上系统的性 能容量存在影响的；市场较大波动，系统性能容量可能无法保障安全平稳运行的；其他认定需要进行压力测试 的情况。 券商中国记者注意到，《测试指引》分为六章，共二十八条，分别为总则、系统压力测试基本保障与要求、系 统 ...

（文章来源：证券日报） 证券日报网讯 9月25日晚间，长城证券发布公告称，长城证券股份有限公司2025年度第十三期短期融资 券已于2025年9月25日发行完毕。 ...

9月25日，香港证券及期货事务监察委员会（以下简称香港证监会）与香港金融管理局（以下简称香港金管局）联合发布《固定收益及货币市场发展路线 图》（以下简称《路线图》），通过促进需求、流动性及创新，推进香港成为全球固定收益及货币中心的策略性定位。 《路线图》提出四大支柱十大措施 《路线图》提出了提升香港固定收益及货币市场的四大支柱和十项措施，包括： 支柱二：增加流动性 4.落实推行场外固定收益及货币衍生工具制度 5.促进在香港发展回购交易中央对手方 支柱三：扩展离岸人民币业务 6.扩大离岸人民币的应用 支柱一：促进发行 1.透过发行政府债券引领市场发展 2.向目标市场的发行人和投资者推广香港的优势 3.扩大投资者基础（如家族办公室、基金和企业财资中心等） 7.完善互联互通机制，以提升离岸人民币流动性及增加人民币相关产品供应 《路线图》经深入咨询业界参与者后制定，将成为香港证监会与香港金管局未来数年制定和推行相关政策工作的蓝图，以支持香港资本市场的多元和可持 续发展。 《路线图》提出十项倡议，旨在巩固香港的现有优势，包括进一步吸引发行人以香港作为集资枢纽，并为发行人及投资者提供风险管理及流动性管理工 具；同时，强调 ...

Core Viewpoint - The Hong Kong Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) have jointly released a "Roadmap for the Development of Fixed Income and Money Markets," aiming to position Hong Kong as a global hub for fixed income and currency markets through strategies that enhance demand, liquidity, and innovation [1][5]. Group 1: Key Pillars and Measures - The roadmap outlines four key pillars and ten measures to enhance Hong Kong's fixed income and money markets [2]. - Pillar 1: Promote Issuance - Lead market development through government bond issuance [2]. - Promote Hong Kong's advantages to target issuers and investors [2]. - Expand the investor base, including family offices, funds, and corporate treasury centers [2]. - Pillar 2: Increase Liquidity - Implement an over-the-counter fixed income and currency derivatives system [2]. - Promote the development of a central counterparty for repurchase transactions in Hong Kong [2]. - Pillar 3: Expand Offshore RMB Business - Increase the application of offshore RMB [2]. - Improve connectivity mechanisms to enhance offshore RMB liquidity and increase the supply of RMB-related products [2]. - Pillar 4: New Generation Infrastructure - Prepare infrastructure for the future of fixed income and money markets [2]. - Support the development of new electronic trading platforms [2]. - Promote market innovation and implement use cases for tokenized fixed income and currency products [2]. Group 2: Implementation and Future Plans - The roadmap, developed after extensive consultation with industry participants, will serve as a blueprint for the SFC and HKMA's policy-making and implementation over the coming years [5]. - The SFC is working on facilitating the listing of government bond futures in Hong Kong and is collaborating with the industry to establish a central counterparty clearing system for repurchase transactions [6][7]. - The HKMA aims to enhance the primary market for bonds, expand offshore RMB business, and develop future-oriented digital financial infrastructure [8].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The report analyzes the bond market in August 2025 from multiple perspectives, including the central bank's balance sheet and custody volume, institutional leverage, institutional behavior by type, and bond types. It presents the latest trends in central bank monetary policy and institutional investment strategies, and predicts short - term investment opportunities and risks in the bond market [8]. - In the short term, due to the approaching of the end - of - September to early - October period to achieve the annual 5% growth target, with the implementation of growth - stabilizing policies and cross - quarter capital fluctuations, institutional sentiment remains cautious, and there may be redemption disturbances. The remaining issuance quota of bonds is relatively low, indicating that there is still room for fiscal stimulus [7][9]. 3. Summary by Directory 3.1 August Central Bank Balance Sheet and Custody Volume Interpretation - **Balance Sheet Changes**: In August 2025, the central bank's balance sheet size increased from 45.9 trillion yuan to 46.3 trillion yuan. On the asset side, the main increase was in "claims on other depository corporations", and the main decrease was in "claims on other financial corporations". On the liability side, the main increase was in "government deposits", and the main decrease was in "deposits of other depository corporations" [14]. - **Impact on Custody Volume**: The net investment of the central bank's innovative tools in August was 2608 billion yuan, which was close to the monthly increase of 2754 billion yuan in the "ChinaBond - Other" (central bank) account. The main incremental bond types were local government bonds and policy - bank bonds [32]. 3.2 Leverage Ratio - In August, the overall capital market was stable, but the bond market was in a head - wind period. The average monthly leverage ratio dropped to 107.4%. The stock - bond seesaw effect continued to suppress the bond market performance, and institutional leverage willingness weakened. The average monthly trading volume of pledged repurchase remained at 7.6 trillion yuan [37]. 3.3 By Institution Type - **Banks**: Large banks reduced their allocation of 7 - 15y local government bonds and extended the maturity of their Treasury bond purchases. Rural commercial banks' entry - point expectations rose, and their secondary - market trading demand weakened [52][54]. - **Insurance**: Since August, under the influence of "rush to stop sales", insurance companies have increased their bond purchases at high prices, mainly increasing their holdings of local government bonds and Treasury bonds [67]. - **General Funds**: In August, the custody volume of general funds decreased again this year, mainly reducing their holdings of certificates of deposit and commercial bank financial bonds. Fund redemptions occurred repeatedly, while bank wealth management's bond allocation was in line with the seasonal level [76][80][84]. - **Foreign Investors**: The decline in the comprehensive return of foreign investors' investment in certificates of deposit narrowed, and the net outflow speed slowed down. They mainly reduced their holdings of certificates of deposit, Treasury bonds, and policy - bank bonds [93]. 3.4 By Bond Type - In August, the incremental increase in the bond market's custody volume decreased month - on - month. Interest - rate bonds were the main supporting factor, with increments of 8261 billion yuan, 5172 billion yuan, and 4616 billion yuan for Treasury bonds, local government bonds, and policy - bank bonds respectively. Certificates of deposit were the main reduction item, with a reduction of 3556 billion yuan [94].

| 代码 | 名称 | ● | 最新 | 涨幅% | | --- | --- | --- | --- | --- | | SPX | 标普500 | 1 | 6582.50 | -0.84 | | IXIC | 纳斯达克 | 1 | 22230.00 | -1.19 | | DJIA | 道琼斯工业平均 t | | 45936.04 | -0.40 | 另外，美国经济第二季成长表现优于预期，主要受惠于消费支出强劲与进口减少，推动美国第二季GDP 终值上修至3.8%，创近两年最快增速。 格隆汇9月25日｜美股三大指数纷纷下跌，纳指盘初一度跌1.3%，标普500指数一度跌近1%，道指跌 0.5%。受两消息拖累，一是地缘危机，二是美国数据好，影响降息预期。 北美防空司令部(NORAD)在一份声明中表示，美国于9月24日探测并追踪了在阿拉斯加防空识别区内活 动的俄罗斯军用飞机。美军出动一架E-3预警机、四架F-16战斗机及四架KC-135空中加油机，进行"确认 识别并实施拦截"，俄方飞机"停留在国际空域，未进入美国或加拿大的主权空域"，NORAD称，"俄罗 斯在阿拉斯加防空识别区的此类活动经常性发生，不被视为威胁"。 ...

中证报中证网讯(记者赵中昊)日前，长城国瑞证券研究所发布研报表示，9月22日的国新办发布会集中 展示了五年来金融领域的改革与发展成就，其中资本市场作为资源配置的重要平台，实现了规模与结构 的双重飞跃——A股总市值突破百万亿元、直接融资比重显著提升、新上市科技企业占比超九成，标志 着资本市场正从高速增长迈向高质量发展新阶段。 长城国瑞证券表示，从制度层面来看，以新证券法实施为标志，资本市场迎来制度变革，期货和衍生品 法、私募监管条例等关键法规补齐短板，新"国九条"及60余项配套规则进一步夯实了市场运行的制度基 础。注册制改革全面落地并持续深化，科创板、创业板差异化定位更加清晰，北交所助力创新型中小企 业融资，多层次市场体系日趋完善。同时，对外开放迈向纵深，外资机构持股比例限制全面取消，互联 互通机制持续优化，境外上市备案制落地，中国资本市场的国际吸引力和制度型开放水平显著提升。 从服务实体经济的角度来看，五年来交易所市场股债融资规模达57.5万亿元，直接融资比重较"十三 五"末提升2.8个百分点至31.6%，市场韧性明显增强。更引人注目的是结构优化：新上市企业中科技型 企业占比超90%，科技板块市值占比突破25 ...

文 | 银行螺丝钉 （转载请注明出处） 今天大盘盘中上涨，一度到4.1星。 到收盘涨幅回落，还在4.2星。 大盘股微涨，小盘股略微下跌。 成长风格整体上涨。 前几天是科创板领涨，今天创业板上涨较多。 科技、医疗等整体上涨。 创业板去年也很长时间在低估。 今年前几个月，创业板也不是领涨的品种，不过最近也开始发力。 创业板大约45倍市盈率到高估，距离高估也很近了。 市场还是风格轮动的。 成长风格强势，价值风格就低迷一些。 今年价值风格，例如自由现金流、沪港深红利等还是上涨的。 像沪港深红利低波动，是连续第5年上涨；今年上涨7-8%。 不过涨幅没有成长风格多，短期资金还是会追涨杀跌，流入成长风格，类似2020-2021年那样。 市场每隔几年就会出现风格轮动，后面也会有价值风格强势、成长风格低迷的阶段。 螺丝钉也汇总了红利等指数的估值，供参考，见文章下方图片。 1. 前两天市场出现波动，最近大盘又恢复上涨。 遇到波动的时候，也有一些朋友会担心。 其实之前也介绍过， （1）在牛市上涨过程中，遇到回调很正常。 例如最近一年，A股出现了两波上涨-回调；港股出现了三波。 即便是2007、2015年大牛市，中间也出现过数次回调 ...