首先，美联储降息预期和AI发展争议主导市场风险偏好的走向。 美联储12月是否降息的预期反复多变。上周以来，在美联储官员的鸽派言论下，降 息预期再次大幅回升，这主导了上周以来全球股市的反弹，A股也顺利实现了超跌反弹。此外，人工智能行业是否存在泡沫的讨论仍未结束，但谷歌大模 型的明显进展为这个行业又重新注入了强心剂，全球AI 行业的核心资产出现明显修复。总体来看，经过前周的急跌之后，市场主要基本面驱动因素有所 改善，这将有利于市场继续反弹修复。 上周市场超跌反弹，量能有所减少。 沪指周初触及低点后，一路向上逐步收复失地，周四周五连续两天站上5天均线，不过目前仍在60天均线下方。 深圳成指上周反弹力度更大，周三便回补了前周的跳空缺口，周四触及60天均线后略有回落。量能方面，上周两市日均量能约17000亿元左右，较前周有 所下降。上周市场热点主要集中在TMT行业。投资风格方面，中小盘和科技股领涨。 风险提示 ：国际地缘、贸易冲突超出预期；全球金融市场风险暴露；国内上市公司业绩增速回落超预期；全球经济衰退超预期。 从运行节奏看，沪指快速调整后，尝试向上反弹。 沪指前周出现快速调整，上周一在10月上旬的低点上方获得支撑后 ...

2025年11月26日，由中国证券报与中国国新联合主办的"2025金牛企业可持续发 展论坛暨第三届国新杯·ESG金牛奖颁奖典礼"在苏州举行，申万宏源凭借在可持续发展 与ESG治理方面的卓越表现，成功入选"ESG金牛奖百强"，彰显了公司在环境、社会与 治理领域的领先实践与行业影响力，这是申万宏源再次获得该奖项。 在公司治理层面， 申万宏源 持续完善"1+N"全面风险管理体系，深交所信息披露评价九 次获评A级，投行业务质量评价获A类最高等级，筑牢了资本市场"看门人"的坚实防线。 在社会责任方面，申万宏源积极探索"金融赋能+产业帮扶"双轮驱动模式，累计投入无偿 帮扶资金超3.5亿元，实施帮扶项目200余个；红枣"保险+期货"项目入选联合国"全球减贫案 例"，形成可复制、可推广的乡村振兴"申万宏源经验"。 在环境与绿色金融领域， 申万宏源 积极服务"双碳"目标，发行绿色债券525亿元，支持 绿色企业股权融资296亿元，助力科技金融、绿色金融、普惠金融、养老金融、数字金融"五篇 大文章"落地见效。 此外， 申万宏源 持续推进金融科技融合，率先应用AI模型优化服务流程，提升客户体验； 构建"研究+投资+投行"全生命周期金 ...

免责 声 明 2025 年 11 月 24 日，由申万宏源担任牵头主承销商的常德市城市建设投资集 团有限公司 2025 年面向专业投资者非公开发行公司债券 ( 第五期 ) 成功 发行 ！本 期债券发行规模 7 亿元，债券期限 3+2 年，票面利率 2. 12 % 。 本期债券创下了 发行人的历史发行公司债最低票面利率！ 发行人作为常德市最大城投平台，长期以来都是申万宏源重点服务的区域核心客 户。 本期债券的成功发行 赢得了发行人的高度认可，也为双方未来持续深化合作筑 牢了坚实根基。 本次项目的成功发行将进一步加深申万宏源后续与 发行人的 合作广度和深度， 预计将极大地提升在 湖南省债券 业务的品牌知名度和专业竞争力，是申万宏源践行 "深耕区域、服务实体"战略的重要成果，为后续在 湖南省 拓展更多优质项目、深化 与当地各类优质发行主体的合作关系奠定了坚实基础。 本内容最终解释权归申万宏源证券有限公司所有。 ...

Core Viewpoint - The article discusses the upcoming shareholder meeting for the Shenwan Hongyuan Tian Tian Zeng and Tian Tian Li money market funds, focusing on the proposed change of management to Shenwan Lixin Fund Management Co., Ltd. and the transformation of the funds into money market funds [1]. Meeting Agenda - The main agenda of the meeting includes the proposal to change the management of the Shenwan Hongyuan Tian Tian Li and Tian Tian Zeng money market funds to Shenwan Lixin Fund Management Co., Ltd. [1]. - If the proposal is approved, the asset management contracts will be modified accordingly, with detailed changes provided in the meeting announcement [1]. Voting Methods - Various voting methods are available for shareholders, including paper voting, SMS voting, online voting, and telephone voting, with specific details to be confirmed by the management [2]. Voting Participation Guide - For individual investors, SMS and online voting are the most convenient methods. SMS voting will involve receiving a message with voting instructions, while online voting can be done through the Shenwan Hongyuan Securities app or WeChat [3][4]. - Successful participation in voting will result in a cash reward, with details provided after the voting process [4][8]. Voting Timeline - The voting period for the funds will start on November 17, 2025, and end on December 12, 2025, with specific dates for the rights registration and voting commencement outlined [7].

Group 1 - The article emphasizes the importance of investor education and awareness regarding market risks [1][3][4] - It provides contact information for various educational bases across different regions, indicating a commitment to investor support [1] - The content is aimed at enhancing knowledge about investment risks and does not constitute specific investment advice [3][4]

▍ 什么是开仓和平仓？ 开仓是指投资者通过买入或卖出期权在市场上建立仓位。买入期权合约获得权利后建立的 仓位为权利仓 （l o n g p o siti on，也称为长仓）。卖出期权合约承担义务后建立的仓位为 义务仓（s h o rt p o siti o n，也称为短仓），持有义务仓的一方为义务方。 对已持有的期权仓位进行反向操作叫作平仓 ，即权利方将持有的期权卖出并不再拥有权 利；义务方从其他投资者手中买回先前卖出的期权合约，不再承担义务。平仓后投资者不 再持有任何仓位，也就不再有任何权利或义务。 ▍ 期权有哪些买卖类型？ （1）买入开仓：投资者通过买入开仓，支付权利金，增加权利仓头寸。 （2）卖出平仓：投资者通过卖出平仓，收入权利金，减少权利仓头寸。 （3）卖出开仓：投资者通过卖出开仓，收入权利金，增加义务仓头寸，开仓时缴纳保证 金，持仓期间根据规则缴纳维持保证金。 （4）买入平仓：投资者通过买入平仓，支付权利金，减少义务仓头寸，同时收回缴纳的 相应保证金。 （5）备兑开仓：投资者锁定标的证券作为行权交割的证券同时卖出认购期权。 （6）备兑平仓：投资者通过备兑平仓，支付权利金，减少义务仓持仓头寸，通过解 ...

Core Viewpoint - The company has identified illegal financial activities being conducted by individuals impersonating its employees, which severely harms investor rights and the company's reputation [1]. Group 1: Illegal Activities - Fraudsters are posing as company staff, promoting account openings through online platforms, and directing investors to a fraudulent trading app called "SW HY" [1]. - Investors are lured into installing the fake trading software and are misled into believing their account assets are generating significant returns [1]. - When investors attempt to withdraw funds, they are informed that a 20% fee on the withdrawal amount must be paid first, indicating a scam [1]. Group 2: Company Warnings - The company advises investors to avoid adding unknown contacts on QQ or joining suspicious groups, and to refrain from downloading unverified apps or trading software [1]. - Official communication channels and software download links are provided to ensure investors access legitimate information [1][3]. - The company reserves the right to take legal action against any individuals or entities impersonating its name for illegal financial activities [1]. Group 3: Investor Awareness - The company emphasizes the importance of distinguishing between genuine and fraudulent information to protect investors' rights [2]. - Investors are encouraged to report any suspected fraudulent activities to law enforcement authorities [2].

Market Overview - The A-share market showed a mixed performance with the Shanghai Composite Index attempting to reclaim the 3900-point level but ultimately closing with a small gain and a long upper shadow [1] - Trading volume remained low at around 1.7 trillion yuan, indicating a cautious market sentiment as the year-end approaches [1] - The market is expected to experience fluctuations around the 4000-point level, which may prepare for a potential upward movement as the manufacturing sector is likely to see improved supply-demand dynamics by 2026 [1] Sector Focus - The technology sector is anticipated to continue its orderly rotation in November, with potential rebound opportunities in underperforming areas such as robotics, military, and smart vehicles [2] - The semiconductor industry is expected to maintain its growth trajectory, with a focus on domestic production across various segments including equipment, wafer manufacturing, materials, and IC design [2] - The military sector is projected to see a recovery in orders by 2025, with signs of bottoming out in the performance of various military sub-sectors [2] - The innovative pharmaceutical sector is entering a recovery phase after nearly four years of adjustment, with positive net profit growth expected to continue into 2025 [2] - The banking sector is witnessing a rebound in mid-year performance growth following the impact of loan rate re-pricing, making it attractive to long-term institutional investors due to its dividend yield [2]

Core Viewpoint - The 2025 Science and Technology Innovation Conference held in Shanghai focuses on the theme "Science and Technology Innovation Leading the Way, Smartly Starting a New Journey," discussing the core trends of the new round of technological revolution and industrial transformation, and how technology empowers industrial upgrades and reshapes future ecosystems [1]. Group 1: Event Overview - The conference was co-hosted by the China Central Radio and Television Station and the Shanghai Municipal Government, featuring speeches from prominent officials and industry leaders [1]. - The event included the release of the "2025 Science and Technology Innovation Board White Paper," which provides a comprehensive review of the evolution of the Science and Technology Innovation Board over the past six years [3]. Group 2: White Paper Insights - The white paper highlights the evolution in areas such as issuance pricing, mergers and acquisitions, index systems, and investor structures, focusing on six key areas supported by the Science and Technology Innovation Board [3]. - It identifies three frontier industries representing new productive forces: low-altitude economy, commercial aerospace, and artificial intelligence, along with detailed industry chain maps and potential listing companies [3]. - The white paper also introduces the new "2025 Science and Technology Innovation Board Value 50 Strong" list and offers six recommendations for investors, including growth layer valuation and enhancing foreign investment participation [3]. Group 3: Company Contributions - As a core participant in the white paper, the company demonstrates its deep accumulation and professional standards in the field of science and technology, as well as its keen insights and forward-looking strategic vision for emerging capital markets [5]. - The white paper reflects the company's commitment to national strategies and responsibilities in serving technological innovation, aiming to facilitate the transformation of scientific achievements and cultivate high-quality science and technology enterprises [5].

Core Viewpoint - The article highlights the recognition of Shenwan Hongyuan Group Co., Ltd. for its exemplary governance practices, as it received the "Best Practice" award at the third council's sixth meeting held by the China Listed Companies Association, reflecting the high standards of corporate governance in the company [1][4]. Group 1: Governance Recognition - The China Listed Companies Association regularly conducts the "Best Practice Case Collection" to promote effective corporate governance, with only 240 out of over 5000 listed companies receiving the highest "Best Practice" award, indicating a recognition rate of less than 5% [4]. - Shenwan Hongyuan's governance level has been highly acknowledged by the association and the capital market, as evidenced by its receipt of the "Best Practice" award [4]. Group 2: Strategic Focus and Achievements - In 2025, Shenwan Hongyuan's board of directors focused on core responsibilities such as strategy formulation, decision-making, and risk management, leading to significant improvements in operational performance and management efficiency [5]. - The company emphasizes investor relations and ESG management, aiming to enhance the quality and investment value of listed companies [5]. - Shenwan Hongyuan has implemented a market value management system and conducted mid-term dividends for two consecutive years to reward investor trust [5]. Group 3: Future Directions - Moving forward, Shenwan Hongyuan aims to align with the spirit of the 20th Central Committee's Fourth Plenary Session, focusing on high-quality development, deepening reforms, and enhancing governance effectiveness to create greater value for shareholders [7].