【申万固收|转债】渐行渐近：转债到期和时间价值衰减压力分析——转债凸性与定价系列报告之四 原 创 申万宏源固收研究 阅读全文 ...

Group 1 - The expectation of a rate cut by the Federal Reserve in December is a key factor driving global capital market trends [1] - After the October meeting, the Fed Chair Powell's hawkish comments led to a significant decline in rate cut expectations, causing adjustments in global capital markets [1] - The comments from New York Fed President Williams on November 21, suggesting further rate cut space, quickly raised market expectations for a December cut, leading to a recovery in global capital markets [1] Group 2 - On the trading day mentioned, both Shanghai and Shenzhen stock markets experienced a rebound with increased trading volume, with the Shanghai Composite Index closing near its daily high [1] - The trading volume for the day was approximately 1.8 trillion yuan, showing a notable increase compared to the previous Friday [1] - Market hotspots were primarily concentrated in the TMT (Technology, Media, and Telecommunications) and non-ferrous metals sectors, with large-cap blue-chip stocks and technology stocks performing strongly [1] Group 3 - The Shanghai Composite Index is in a process of recovery after a rapid adjustment in late November, having found support above the low point from early October [1] - The index has not yet filled the previous gap created during the market's rapid adjustment, indicating that the recovery process is still ongoing [1]

Core Viewpoint - The article emphasizes the need for China's financial system to transition from real estate finance to movable asset finance, driven by the shift in economic development from traditional factor-driven models to innovation-driven models during the "14th Five-Year Plan" and "15th Five-Year Plan" periods [2][3]. Group 1: Economic Transition and Financial System Challenges - During the "14th Five-Year Plan," the financial system explored ways to improve the market-oriented allocation of factors and promote the development of innovative factors, but it still faces challenges in serving new asset types [2][4]. - The transition to an innovation-driven economy will require financial institutions to adapt their service models to support new asset structures, focusing on technology, data, and green resources [5][6]. Group 2: New Asset Characteristics and Financial Service Requirements - New factors and assets are characterized by intangibility, high liquidity, and value increment, which pose challenges for traditional financial service models based on collateral and stable cash flows [7][8]. - The financial system must develop new service models that cater to movable asset characteristics, addressing the difficulties in rights confirmation, valuation, pricing, and investment [8][9]. Group 3: Current Challenges in Financial Services for New Factors - The financial system faces three main challenges: difficulty in incorporating new factors into financial statements, challenges in valuation due to lack of stable cash flows, and investment difficulties stemming from differing investor logic [8][9][10]. - New factors struggle with rights confirmation and accounting, as existing frameworks do not adequately address the unique characteristics of technology and data assets [9][10]. Group 4: Strategies for Financial Service Improvement - Financial institutions should enhance their capabilities in confirming rights and integrating new assets into financial statements, developing modern accounting systems that reflect the changes brought by technological and green transformations [16][17]. - A multi-dimensional evaluation framework should be established to improve the valuation and pricing capabilities for new factors and assets, involving industry experts and investment institutions [18][19]. - The construction of a unified national market for movable assets should be prioritized to facilitate the trading and circulation of new factors, enhancing market efficiency [20][21]. Group 5: Investment Tools and Financial Product Innovation - There is a need to diversify investment tools for movable assets, encouraging the development of patient capital and innovative financial products that align with the risk-return characteristics of new factors [23][24]. - Financial institutions should innovate their service models to better support the development of new factors, focusing on long-term investment strategies and enhancing risk management capabilities [25].

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掘豢秃腺结圆膏ᠲ 田门宏源证券 星期二 12月 a Barra 上 143 36 1 今日中签缴 .. 0 今日申... 0 令日上 今日无新股新债 免责声明 ...

申万宏源证券深度参与了本期债券的发行工作。作为本次绿色金融项目的主承销 商之一，展现了在绿色金融领域的专业性和强大的销售能力。本项目的成功发行，不 仅深化了公司与浦发银行的良好合作关系，也显著提升了申万宏源在绿色债券承销市 场的影响力，是立足国家战略、做好 "绿色金融"大文章的又一佳作。 免责声明 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 2025 年 11 月 11 日，申万宏源证券助力上海浦东发展银行股份有限公司 2025 年第 一期绿色金融债券（简称" 25 浦发银行绿色债 01 "）成功簿记发行，本期债券发行规 模达 200 亿元，票面利率 1.73% ，获得了市场投资者的积极认购。 本期债券是浦发银行在绿色金融领域的又一力作，浦发银行以大行担当谱写绿色金 融大文章，募集资金将依据相关标准，精准投向清洁能源、节能环保、绿色交通等低碳 项目，充分体现了该行践行 "双碳"战略、推动经济社会绿色转型的决心。作为国内较早 布局绿色金融的商业银行，浦发银行通过此次大规模、低成本的资金募集，将进一步扩 大其绿色信贷规模，提升绿色金融专业服务能力，为美丽中国建设注入磅礴的金融动 能。 投资有风险，入市 ...

【申万宏源策略】美国降息预期再升温，内外资均流入中国股市——全球资产配置每周聚焦 (20251121- 20251128) 原创 阅读全文 申万宏源策略 ...

申万宏源证券上海分公司官微，能为您提供账户开立、软件下载、研究所及投顾资讯等综合服务，为您的财富保驾护航。 以下文章来源于申万宏源证券上海分公司 ，作者司伟杰 申万宏源证券上海分公司 . 摘要 12 月的上涨概率略大于下跌概率，且价值风格跑赢小市值的成长风格，因此建议投资者抓大放小，追求确定性。同时重点关注两个信号， 一个是成交量能否重回 2 万亿以上，另一个则是重点指数能否突破 11 月的最高点，形成趋势的逆转 三、操作建议： 一、行情回顾： 市场如同季节更替一般，随着冷空气进入秋冬季节。 11 月开始，寒意逐渐加重。本月各大指数普跌，上证指数、深证成指、创业板指、科 创板综指分别下跌 1.67% 、 2.95% 、 4.23% 、 4.03% ，大盘蓝筹稍强，科技成长方向跌幅最大。三大指数（沪深京）日均成交额约 1.86 万亿元，较 10 月环比下降约 15% ，市场观望情绪越发浓厚。技术面来看，除上证指数仍坚挺之外，科技方向的创业板和科创板指 数则出现月线级别的顶分型（即：本月的最高点低于上月最高点，本月的最低点低于上月的最低点）呈现一定的回调迹象。 二、市场分析： 当前矛盾点在于：市场连续上涨后有回调 ...

风风险险资资产产回回稳稳，，高高低低切切或或已已结结束束 22002255年年1111月月2244日日--22002255年年1111月月2288日日基基金金投投顾顾观观 本周中美股市止跌回稳，A股上涨但成交额周度回落，债市走弱，黄金上涨。具体来看，市场 有以下几个重要方面： 01 经过前周市场大幅调整后，本周A股市场明显回升，上证指数周上涨1.40%。但沪深两市日 均成交金额回落近1200亿元至1.72万亿附近。申万一级行业上，通信、电子、综合行业涨 幅居前，石油石化、银行、煤炭跌幅居前。本周国证价值上涨0.47%，国证成长上涨 2.81%，成长风格占优。恒生指数上涨2.53%，万得全A上涨2.90%，A股表现略强于港 股。 04 海外方面，在上周大幅下跌后，上周五至本周四，美股共4个交易日连收4阳，美元指数和美 债收益率下行。主要因素一是美联储官员接连发表有利于降息的讲话，12月降息的概率显著 提升，且其中可能还包含对下一任联储主席人选及其偏鸽态度的猜测，基本面数据暂无波 澜，风险资产本周皆有所缓和；二是中美领导人对话，释放积极信号。行业方面，工业材 料、消费医药、科技等板块反弹靠前，科技板块中市场交易谷 ...

今日无新股新债 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艇赢家预报品副副 % 公众号 · 申万宏源证券上海北京西路营业部 免责声明 ...

Core Viewpoint - The article discusses the performance and characteristics of various metal ETFs in the context of a declining interest rate environment, highlighting their potential as investment options for different investor profiles [2][8]. ETF Comparison - The article compares three types of ETFs: the General Metal ETF (159880.OF), the Industrial Metal ETF (560860.OF), and the Gold Stock ETF (517520.OF), each with distinct investment focuses and characteristics [3][5][6]. Investment Strategy Differences - The General Metal ETF has a diversified portfolio covering the overall performance of the non-ferrous metal industry, while the Industrial Metal ETF focuses more on industrial-related metals. The Gold Stock ETF is concentrated solely on companies within the gold industry [11][18]. Sector Weight Distribution - The weight distribution among the top ten holdings in the ETFs shows that the General Metal ETF has significant allocations in gold (22.93%) and silver (2.43%), while the Industrial Metal ETF has a higher allocation in copper (31.29%) and aluminum (15.09%). The Gold Stock ETF is heavily weighted towards gold (64.65%) [13][15]. Concentration Analysis - The General Metal ETF and Industrial Metal ETF have relatively diversified holdings, whereas the Gold Stock ETF is more concentrated. The General Metal ETF has a higher allocation in precious metals, while the Industrial Metal ETF focuses more on industrial metals [15][19]. Risk and Return Characteristics - The risk profiles of the ETFs differ based on their holdings. The General Metal ETF is influenced by fluctuations in precious and rare metals, the Industrial Metal ETF is affected by industrial metal market dynamics, and the Gold Stock ETF primarily faces risks associated with gold prices [20]. Target Investor Profiles - The General Metal ETF is suitable for investors interested in a broad range of metals, the Industrial Metal ETF caters to those focused on the industrial metal market, and the Gold Stock ETF is ideal for investors looking to concentrate on the gold industry [20].