星期三 10月 今日中签缴 .. 令日申 六 股 超颖电子 732175 因 王 申购指南 > 17.08 发行/行业市盈率 28.64/60.52 申购上限 1.25万股 发行价(元) 股 泰凯英 920020 北 申购指南 > 7.50 发行/行业市盈率 11.02/26.82 申购上限 199.12万股 发行价(元) 今日无新债 ● 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躲损豢秃拐չ-α葛磊 免责声明 ...

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 breakthroughs and commercial potential [4][5][6]. Group 1: Characteristics of Sci-Tech Growth Tier Companies - Companies in the Sci-Tech growth tier are defined as technology-driven firms that have made significant technological breakthroughs, possess broad commercial prospects, and have substantial ongoing R&D investments, while still being in a pre-profit stage at the time of listing [4]. Group 2: Applicability of the 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"). Existing companies are included in the growth tier from the date the "Guidelines for Sci-Tech Growth Tier" are published, while incremental companies are included from their listing date [5]. Group 3: Criteria for Removal from the Sci-Tech Growth Tier - The removal criteria for companies from the growth tier are based on a "new and old distinction." Incremental companies will be removed if they meet the first set of listing standards of the Sci-Tech Board, which includes either having positive net profits for the last two years with a cumulative net profit of no less than 50 million yuan or having a positive net profit in the last year with operating revenue of no less than 100 million yuan. For existing companies, the removal condition remains that they must achieve profitability for the first time after listing [6]. Group 4: Investor Awareness of Removals - Investors can learn about a company's removal from the growth tier through the company's annual report, which will disclose any conditions met for removal. The Shanghai Stock Exchange will also promptly announce the removal. Additionally, investors should check if the stock or depositary receipt's name has lost its special identifier "U," which indicates its growth tier status [8]. Group 5: Trading Considerations for Investors - Investors participating in trading of newly registered growth tier stocks must sign a special risk disclosure document. However, existing Sci-Tech Board stocks or depositary receipts are not subject to this requirement. All companies in the growth tier are unprofitable, and there are stricter disclosure requirements for these companies compared to other listed companies on the Sci-Tech Board [9][10]. Group 6: Disclosure Requirements for Growth Tier Companies - The Shanghai Stock Exchange imposes stricter information disclosure requirements on growth tier companies, particularly in their annual and interim reports. Companies must disclose the reasons for their unprofitability and its impact on the business in a prominent position in their annual report. The sponsoring institutions responsible for continuous supervision must also provide conclusive opinions on the risks associated with the companies [11].

Core Viewpoint - The successful issuance of the 16 billion yuan financial bond by Toyota Financial Services (China) marks a significant achievement, with a record low coupon rate of 2.10% for the issuer, indicating strong market confidence and the company's robust financial standing [2] Group 1: Bond Issuance Details - The bond issuance was completed on September 23, 2025, with a total scale of 16 billion yuan and a maturity period of 3 years [2] - The coupon rate of 2.10% represents a new low for the issuer, showcasing the competitive pricing achieved in the current market environment [2] Group 2: Company Background - Toyota Financial Services (China) is one of the first automotive finance companies established in the country and is part of the Toyota Motor Group, the largest automotive manufacturer and distributor globally [2] - The company provides specialized financial services for the Toyota and Lexus brands, enhancing the overall customer experience and supporting vehicle sales [2] Group 3: Strategic Implications - The successful low-cost issuance of the bond reflects the comprehensive strength of the underwriting company, Shenwan Hongyuan, which has gained high recognition from the issuer [2] - This achievement lays a solid foundation for further deepening cooperation between Shenwan Hongyuan and Toyota Financial Services in the future [2]

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 (referred to as "existing companies") and newly registered companies that are also unprofitable at the time of listing (referred to as "incremental companies"). Existing companies are included from the date the "Guidelines for Sci-Tech Growth Tier" are published, while incremental companies are included from their listing date [5]. Group 3: Criteria for Removal from Sci-Tech Growth Tier - The removal criteria for companies from the growth tier are based on a "new-old distinction." Incremental companies will be removed if they meet the first set of listing standards, which includes either having positive net profits for the last two years with a cumulative net profit of no less than 50 million yuan or having a positive net profit in the last year with revenue of no less than 100 million yuan. For existing companies, the removal condition remains that they must achieve profitability for the first time after listing [6]. Group 4: Investor Awareness of Removals - Investors can learn about a company's removal from the growth tier through the annual report, where companies will disclose their compliance with the removal conditions. The Shanghai Stock Exchange will also promptly announce the removal. Additionally, investors should check if the stock or depositary receipt's name has lost its special identifier, which is a "U" added to indicate its growth tier status [8]. Group 5: Trading Considerations for Investors - Investors participating in trading of newly registered growth tier stocks must sign a special risk disclosure document. However, existing stocks or depositary receipts are not subject to this requirement. All companies in the growth tier are unprofitable, and there are stricter disclosure requirements for these companies compared to other listed companies on the Sci-Tech board [9][10]. Group 6: Disclosure Requirements for Growth Tier Companies - The Shanghai Stock Exchange imposes stricter information disclosure requirements on growth tier companies, particularly in their annual and interim reports. Companies must disclose the reasons for their unprofitability and its impact on the business, and the lead underwriters are responsible for ongoing supervision and must provide conclusive opinions on the risks involved [11].

Core Viewpoint - The article discusses the current state of the US dollar, highlighting its pivotal position in global liquidity and the potential implications for financial markets and economies [2] Group 1: Dollar's Current Status - The US dollar is at a critical juncture, influenced by various macroeconomic factors including interest rates and inflation [2] - Recent data indicates that the dollar's strength has fluctuated, with a notable increase in demand for dollar-denominated assets [2] Group 2: Liquidity and Market Implications - The liquidity conditions in the US are tightening, which may lead to increased volatility in financial markets [2] - The article emphasizes the importance of monitoring Federal Reserve policies, as changes could significantly impact the dollar's value and global liquidity [2] Group 3: Future Outlook - Analysts predict that the dollar may face challenges ahead, particularly if inflation persists and the Fed continues to adjust interest rates [2] - The potential for a shift in global capital flows is highlighted, as investors reassess their positions in response to changing dollar dynamics [2]

Core Viewpoint - The article discusses the rising uncertainty surrounding tariffs and its implications for international trade and economic stability [2] Group 1: Tariff Uncertainty - Recent developments indicate an increase in tariff-related uncertainties, which could impact global supply chains and trade dynamics [2] - The potential for new tariffs or changes to existing ones is causing businesses to reassess their strategies and operations [2] Group 2: Economic Implications - The uncertainty in tariffs may lead to fluctuations in market confidence, affecting investment decisions and economic growth [2] - Companies are likely to face increased costs and operational challenges due to the unpredictability of tariff policies [2]

申万宏源宏观 数据点评 | 出口为何再"超预期"？（申万宏观·赵伟团队） 原创 阅读全文 ...

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 免责声明 星期二 10月 o 今日中签缴... 0 今日申 .. 今日 股 示元生物 787765 用 网 申购指南 > 29.06 发行/行业市盈率 0/32.08 申购上限 1.4万股 发行价(元) 今日无新债 ● ...

Group 1 - The core viewpoint of the article highlights the successful IPO of Zhida Technology on the Hong Kong Stock Exchange, raising HKD 400 million with a share price of HKD 66.92, and a subscription rate of 5440.8 times during the public offering [2][4]. Group 2 - Zhida Technology focuses on providing smart home electric vehicle charging solutions to automotive manufacturers and users, developing a "three-in-one" solution consisting of products, services, and a digital platform [4]. - The company is the first Hong Kong-listed firm to offer electric vehicle home charging solutions, indicating a strong market response and interest in the green energy sector [4]. - Shenwan Hongyuan Hong Kong acted as the sole sponsor and coordinator for the IPO, showcasing its capabilities in the green energy and electric vehicle sectors [4].

Core Viewpoint - The article highlights the recent achievements and initiatives of Shenwan Hongyuan Securities, including support for high-tech enterprises, successful issuance of green financial products, and participation in international investment events [5][8][9]. Group 1: High-Tech Enterprises - Shenwan Hongyuan assisted Chongqing Yingfan Technology Co., Ltd. in successfully listing on the National Equities Exchange and Quotations (NEEQ) on September 15, 2025, focusing on thermal management solutions [5]. Group 2: Green Finance - On September 26, 2025, Shenwan Hongyuan acted as the lead underwriter for the first green technology innovation REITs in the market, with a total issuance scale of 1.406 billion yuan, rated AAA [8]. Group 3: International Engagement - Shenwan Hongyuan participated in the 25th China International Investment Trade Fair held on September 8, 2025, showcasing its commitment to financial strategies and international cooperation [9]. Group 4: High-Quality Development - The "2025 Shenwan Hongyuan Securities Wealth Management Forum" was successfully held on September 12, 2025, attracting nearly 500 high-net-worth individuals and representatives from 140 listed companies [11]. Group 5: Awards and Honors - Shenwan Hongyuan Securities received multiple awards at the 2025 Asia Risk Awards, including the "Best Derivatives House in China" [13]. Additionally, the company won four significant awards at the 2025 China Securities Industry Jun Ding Awards, recognizing its achievements in wealth management and digital practices [14][15].