醫療交易所 官网 18 12 2 Ho E 上交所投教大讲堂第90期 mmmm 时间:2025年10月16日16:00-17:00 /////////////// 券财富管理事业部 00506190060S ... 演讲主题 每证券交易所高质量发展: 实践路径与未来展望 8 85 主办单位：上海证券交易所 申万宏源证券有限公司 5 36 承办单位：上交所投资者教育基地 申万宏源证券投资者教育基地 E 扫码观看直播 投教基地 投教基地 投教基地 官方微信视频号 微信公众号 官方抖音号 入市有风险,投资需谨慎 o 上海: 黄浦区新昌路180号 吉林:长春市南关区东北亚国际金融中心3号楼4层 新疆:乌鲁木齐市天山区和平南路560号(国际大巴扎内) 广西: 桂林市七星区漓江路桂林甲天下会展中心东南角一楼 湖北: 黄石市黄石港区湖滨大道97号 X tjjd@swhysc.com 免责声明 投资有风险,入市需谨慎!本栏目内容仅为投资者 教育之目的,介绍业务知识,揭示投资风险,不构 成对投资者的任何投资建议。投资者不应以该等信 息取代其独立判断或仅依据该等信息做出投资决 策。申万宏源力求本栏目的信息准确可靠,但对这 些信息 ...

本内容最终解释权归申万宏源证券有限公司所有。 免责声明 不忘初心，秉持惠农 投资有风险，入市需谨慎。本内容不构成任何投资建议。投 资者不应以该等信息取代其独立判断或仅根据该等信息做出 决策。申万宏源对这些信息的准确性或完整性不作保证，亦 不对因使用该等信息而引发或可能引游躲损豢秃拐չ-α葛磊 为切实助力农户，申银万国期货充分发挥专业的衍生品设计和服务能力，为保险 公司和农户提供完善的风险管理方案，定制化设计了期权结构。此次施秉县项目将于 近期落地，得到了施秉县政府、大地保险北京及贵州分公司大力支持和积极协作，申 银万国联合各合作方共同配套 80万元专项资金支持。 秉持金融为民初心，申银万国期货将继续发挥金融主业优势，不断提高金融服务 与新时代农业农村现代化发展的匹配度，在推进乡村振兴、区域发展中发挥更大作 用。 免责声明 近日，申银万国期货联合银河期货、宏源期货、中金公司、大地财产保险赴贵州施秉县，与当地政府联合开展金融服务乡村振兴活动，通 过定向补贴、培训教育方式惠农助农。施秉县县委常委、人民政府副县长严冰，施秉县人民政府副县长金延楷等参加相关活动。 贵州施秉县位于贵州省中东部，是一个多民族聚集县，其中苗族 ...

Core Viewpoint - The article discusses the characteristics, applicability, and disclosure requirements of companies in the Sci-Tech Innovation Board's growth tier, emphasizing support for technology-driven firms that are not yet profitable but have significant potential for breakthroughs and commercial success [4][5][6]. Group 1: Characteristics of Sci-Tech Growth Tier Companies - Companies in the Sci-Tech growth tier are defined as technology-oriented firms that have made significant technological breakthroughs, possess broad commercial prospects, and maintain substantial R&D investments, while still being in a pre-profit stage at the time of listing [4]. Group 2: Applicability of Sci-Tech Growth Tier - The growth tier applies to both existing listed companies that have not yet turned a profit since their listing (referred to as "existing companies") and newly registered companies that are also unprofitable at the time of listing (referred to as "incremental companies") [5]. Group 3: Criteria for Removal from Sci-Tech Growth Tier - The removal criteria for incremental companies are based on achieving profitability, specifically: (1) both of the last two years must show positive net profits with a cumulative net profit of no less than 50 million yuan, or (2) the last year must show a positive net profit with revenue of no less than 100 million yuan. Existing companies will be removed upon their first realization of profitability [6]. Group 4: Investor Awareness of Removals - Investors can learn about a company's removal from the growth tier through the annual report, which will include an announcement regarding the removal conditions. Additionally, the stock or depositary receipt will lose its special identifier "U" if removed [8]. Group 5: Trading Considerations for Investors - Investors participating in trading of newly registered growth tier stocks must sign a special risk disclosure document. Existing stocks or depositary receipts are not subject to this requirement [9]. Group 6: Disclosure Requirements for Growth Tier Companies - Companies in the growth tier face stricter disclosure requirements, including the need to explain the reasons for not being profitable and the impact on the company in their annual reports. The lead underwriters are responsible for ongoing supervision and must report on any significant risks or negative events affecting the company's technological innovation and growth prospects [10][11].

首先，在经历周初事件性因素影响而震荡反复后，周三市场迅速企稳，并且在下午走出稳定向上的走势，显示目前市场仍然处于多头市场，内生性向 上动力稳定，市场预期正面。 如果没有"黑天鹅"事件影响，稳中有升仍是A股市场主基调。其次，从热点看，既有一定的多元化扩散，例如汽车整车、航 空机场等前期相对边缘的板块周三处于领涨位置，有热点扩散轮动信号，同时电网设备、机器人执行器、第四代半导体等原有强势概念板块也有强劲表 现，科技方向仍具有较高的吸引力。 风险提示： 消息面或海外市场表现超预期，流动性的不确定性。 展望后市： 市场维持强势震荡格局，市场热点在延续主流热点的同时，也有一定的外延扩散，但科技大方向没有改变。未来，应关注陆续披露的三 季度宏观经济数据，例如三季度新增信贷，居民储蓄以及投资、消费、GDP增速等重要数据。同时，随着上市公司三季报逐渐进入密集披露期，可关注业 绩超预期个股的表现机会。 ...

免责声明 投资有风险，入市需谨慎。本内容不构成任何投资建议。投 资者不应以该等信息取代其独立判断或仅根据该等信息做出 决策。申万宏源对这些信息的准确性或完整性不作保证，亦 不对因使用该等信息而引发或可能引游躲损豢秃拐չ-α葛磊 即门笼線山方 星期四 10月 今日申 .. 今日中签缴... 令日下 股 西安奕材 78783 用 网 申购指南 > 8.62 发行/行业市盈率 0/60.84 申购上限 5.35万股 发行价(元) 今日无新债 ● ...

Core Viewpoint - The technology growth sector is experiencing a collective pullback, while high-dividend sectors like finance are performing well amidst rising short-term risk aversion. The market is expected to maintain a sideways trend with potential upward movement in the medium term despite short-term impacts from external events [1]. Group 1: Market Trends - A-shares have continued a sideways consolidation pattern since October, with the Shanghai Composite Index fluctuating around a 150-point range [1]. - The market has shown increased divergence, particularly in response to external tariff events, but has developed a certain "immunity" to tariff shocks compared to April, resulting in limited panic [1]. - The focus for October includes the clarification of the 14th Five-Year Plan, the disclosure of Q3 reports, and event-driven developments in the technology sector, which are expected to catalyze multiple sectors and support a continued upward trend [1]. Group 2: Sector Highlights - The technology sector remains a focal point in October, with orderly rotation and high-low switching expected. Underperforming areas like robotics, military, and smart vehicles may see a rebound, while leading sectors such as computing hardware, domestic semiconductors, and new energy could present buying opportunities upon adjustment [2]. - The trend towards domestic robotics and their integration into daily life is anticipated to continue, with opportunities arising in sensors, controllers, and dexterous hands as the market expects updates to Tesla's humanoid robot [3]. - The semiconductor industry is on a path towards domestic production, with attention on semiconductor equipment, wafer manufacturing, materials, and IC design [3]. - The military sector is expected to see a rebound in orders by 2025, with many sub-sectors showing signs of bottoming out as mid-year performance declines narrow [3]. - The innovative drug sector is entering a recovery phase after nearly four years of adjustment, with positive net profit growth expected to continue into 2025 [3]. - The banking sector has begun to recover from the impact of loan rate re-pricing, with mid-year performance growth increasing and attractive dividend yields drawing interest from long-term institutional investors [3].

Core Viewpoint - The successful expansion of the Jianxin Housing Rental Fund's asset-backed securities (ABS) marks a significant innovation in the market, showcasing the effective use of ABS as a platform for asset listing and providing a model for asset management institutions to engage in asset mergers and acquisitions [2][3][4] Group 1 - The Jianxin Housing Rental Fund's ABS expansion attracted participation from 33 investors, including banks, securities firms, insurance companies, and asset management institutions, facilitating greater social capital involvement in the housing rental market [3] - The project utilized a market-based inquiry mechanism for book-building issuance, allowing the market to determine pricing, which resulted in a premium issuance of the product [3] - The successful issuance of this project exemplifies the "Investment + Investment Banking" model of Shenwan Hongyuan in new products and markets, laying a solid foundation for further collaboration with Jianxin Leasing and providing an excellent cooperation model for expanding the REITs market [4]

Core Viewpoint - The successful issuance of corporate bonds by Shanghai Jinqiao (Group) Co., Ltd. is a significant step in supporting the integrated development of the Yangtze River Delta region, enhancing the company's operational capabilities and optimizing its financing structure [3][4]. Group 1: Bond Issuance Details - The bond issuance consists of two varieties: - Variety one has a scale of 1.16 billion yuan, a term of 9 years (3+3+3), and a coupon rate of 2.05%, with a subscription multiple of 3.05 times - Variety two has a scale of 820 million yuan, a term of 10 years (5+5), and a coupon rate of 2.29%, with a subscription multiple of 2.61 times [3]. Group 2: Company Background - Shanghai Jinqiao (Group) Co., Ltd. was established in 1997 and is a large state-owned enterprise responsible for the development and construction of the Shanghai Jinqiao Economic and Technological Development Zone, approved by the State Council [3]. - The company is the main operator of the Jinqiao Development Zone and is also involved in the development and operation of the Lingang Comprehensive Area and Nanhui Industrial Park [3]. Group 3: Role of Shenwan Hongyuan - Shenwan Hongyuan Securities, a leading financial institution based in Shanghai, has played a crucial role in facilitating multiple fixed-income financing efforts for Shanghai's real economy in recent years [3]. - The firm adheres to the principle of serving the real economy and aims to enhance its service capabilities to support national strategies and contribute to the high-quality development of Shanghai's economy [4].

9月24日，在由证券时报主办的2025财富证券数字化年度生态峰会中，申万宏源证券荣获4项 重磅奖项，标志着公司在财富管理领域和数字化实践中的探索成果获得业界高度认可。 2025中国证券业 财富经纪数字化实践案 例君鼎奖 公司借助各类AI智能算法，融合金融学理论框架，助力证券公司从客户动态、客户投资偏好及 客户投资持仓诊断三大方面，全面、综合的了解每位客户，并将上述信息赋能一线客户经理，为客 户提供有效、及时的服务，全方位提升客户投资体验，提升客户投资水平，优化资本市场价值发现 效率，促进资本市场健康发展，实现金融服务工作的"人民性"。 公司贯彻"一个申万宏源"协同发展思路，积极推进战略客户的综合金融服务建设，为公募基金 客户提供精准、全面的服务方案，应用金融科技，整合各类业务资源，实现信息共享和业务协同， 以主经纪商服务为切入点，为公募基金客户提供"研究+交易+代销+做市+托管+衍生品"一揽子服 务。 公司财富管理数字力建设不断升级送代，基于技术底层系统和数据能力，聚焦"客户生命周期 管理"，全链路构建"触达-培育-转化"闭环，实现客群价值最大化的精细化APP运营。 2025中国证券业 机构服务商君鼎奖-公募 ...

Core Viewpoint - The article discusses the recent performance of various asset classes, highlighting the historical rise in gold prices and the mixed performance of the stock market post-holidays, suggesting potential investment strategies in light of these trends [1]. Stock Market - After the holidays, the A-share market opened positively, with the Shanghai Composite Index quickly surpassing 3900 points, closing at 3897.03 points, a 1.80% increase. However, the ChiNext Index experienced a decline, indicating a divergence in market performance [3][1]. - The driving forces behind the market include capital inflows and industry catalysts, with a notable adjustment in margin financing impacting market dynamics. Despite short-term volatility, long-term opportunities remain, particularly in the technology sector and resource-based industries [3][1]. Bond Market - The bond market has shown slight improvement in risk-reward ratios following adjustments in the third quarter, with a focus on short-duration and coupon strategies. However, the lack of significant fundamental improvements may limit support for bond prices [4][1]. Commodity Market - Gold prices have been influenced by expectations of interest rate cuts, U.S. political gridlock, and ongoing geopolitical tensions. Following a significant rise, gold may face short-term pressure due to profit-taking and a strengthening dollar, but it retains long-term investment value [5][1]. Overseas Assets - The article emphasizes the importance of monitoring the U.S. government shutdown and its implications for economic data releases, which could affect Federal Reserve decisions on interest rates. The U.S. stock market has shown resilience, supported by strong fundamentals [6][1]. Industry Performance - In the recent week, the non-ferrous metals, steel, and basic chemicals sectors outperformed, with respective gains of 11.89%, 7.89%, and 4.62%. Conversely, sectors like media and communications faced declines [20][1].