Core Viewpoint - The market's low opening and subsequent recovery reflect investors' relatively optimistic expectations, indicating significant market resilience [1] Market Performance - On Monday, the Shanghai Composite Index opened significantly lower but reached its lowest point at the opening price, followed by a steady recovery, closing slightly below the five-day moving average [1] - The Shenzhen Component Index also opened lower and recovered, but with less strength than the Shanghai index, closing below the ten-day moving average, suggesting a short-term digestion of previous excess gains [1] Market Trends - The market's focus on the upstream resource sector indicates a shift in investment style, with small and mid-cap stocks showing slight excess returns and the Sci-Tech Innovation Board performing independently [1] - Since the end of August, the Shanghai Composite Index has entered a horizontal consolidation phase, facing resistance above and support below, with the adjustment low remaining above the 2021 market high, indicating that previous resistance levels have become significant support [1] Recent Market Activity - After the holiday, the market attempted to break upward but faced negative information, leading to two consecutive days of adjustment, with the Shanghai Composite Index still closing at the upper edge of the September horizontal consolidation, indicating a strong pullback confirmation phase [1]

Group 1 - The article discusses the subscription details for the stock of Marco Polo (stock code: 001386), including the issuance price of 13.75 yuan and the maximum subscription limit of 32,000 shares [1] - The article provides the earnings ratios for the issuance and industry, which are 14.27 and 32.2 respectively, indicating the valuation metrics for potential investors [1] - It mentions the convertible bond of Funi Co., with a conversion price of 9.84 yuan and a bond rating of AA+, highlighting the investment quality of the bond [1]

Core Viewpoint - The article discusses the launch and operational guidelines of the "Science and Technology Innovation Board Growth Layer," which aims to support unprofitable but promising technology companies in their development [5][19]. Group 1: Introduction of the Growth Layer - The "Science and Technology Innovation Board Growth Layer" was officially launched on July 13, 2025, by the Shanghai Stock Exchange, marking a significant step in supporting technology enterprises that are not yet profitable but have strong growth potential [5]. - This new layer is designed to enhance the inclusivity for technology companies with promising futures, allowing them to access capital markets more easily [9][17]. Group 2: Participation Guidelines - Investors who already have trading permissions for the Science and Technology Innovation Board and have a risk tolerance assessment result of C4 (active) or above can trade stocks or depositary receipts listed after the new regulations are published, provided they sign a risk disclosure statement [7][11]. - For investors who have not yet opened trading permissions for the Science and Technology Innovation Board, they must first meet the basic requirements and then sign the risk disclosure statement to participate in the Growth Layer [11][12]. Group 3: Requirements for Investors - To open trading permissions for the Science and Technology Innovation Board, individual investors must have an average daily asset of no less than RMB 500,000 in their securities and funds accounts over the past 20 trading days, excluding funds and securities borrowed through margin trading [12]. - Investors must also have at least 24 months of trading experience and pass a knowledge test regarding the risks associated with trading on the Science and Technology Innovation Board [12]. Group 4: Identification of Growth Layer Stocks - Stocks of companies listed on the Growth Layer will have a "U" identifier to indicate their unprofitable status, with new registered stocks labeled as "成" and existing stocks labeled as "成1" to differentiate between them [17].

申万宏源策略 【申万宏源策略】美政府"关门"难解，欧美股市多数调整——全球资产配置每周聚焦 (20251003- 20251010) 原创 阅读全文 ...

首先，市场关注焦点在新一期的五年规划和美联储降息预期。 国民经济和社会发展五年规划的主要目的是为国民经济与社会发展的远景设定目标、 指明方向，它会针对经济、改革、社会发展等领域制定具体规划。从五年规划经济结构主要指标的演变看，我国规划侧重点已从关注三次产业比例，逐步 转向重视科技创新与研发投入。"十五五"期间产业结构调整的首要方向是转型升级，同时"反内卷"与服务业发展也需重点关注。"十五五"规划将指引中国 经济未来的发展方向，也将为资本市场提供重要的投资线索。此外，美联储年内还有两次议息会议，市场预期两次降息仍是大概率事件，这总体有利于风 险资产价格的表现。 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。 本周市场震荡反弹，沪指重心有所上移。 沪指先涨后跌，重心有所抬高，假期归来直接创出本轮反弹的新高，周五虽有调整，但目前的位置基本越 过了8月底以来的震荡区间。深圳成指表现略有落后，主要源于周五获利回吐的幅度较大。量能方面，本周两市较上周出现回升。本周市场热点主要集中 在上游资源品和周期性行业。投资风格方面，中小盘涨幅领先，科技股表现落后。从 ...

编者荐语： 科技趋势强化和产业规划落地或成为十月交易的主线。"十五五"规划将指引中国经济未来的发展方向，也将为资本市场提供重要的投资线索。叠加全球人 工智能行业的快速发展以及国内科技行业的突飞猛进，我们预计十月的资本市场仍将主要围绕科技行业做文章。 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。 科技趋势强化和产业规划落地或成为十月交易的主线 。 "十五五"规划将指引中国经济未来的发展方向，也将为资本市场提供重要的投资线 索。叠加全球人工智能行业的快 速发展以及国内科技行业的突飞猛进，我们预计十月的资本市场仍将主要围绕科技行业做文章。国民经济 和社会发展五年规划的主要目的是为国民经济与社会发展的远景设定目标、指明方向，它会针对经济、改革、社会发展等领 域制定具体规 划。从五年规划经济结构主要指标的演变看，我国规划侧重点已从关注三次产业比例，逐步转向重视科技创新与研发投入。"十五五"期间 产业结构调整的首要方向是转型升级，同时"反内卷"与服务业发展也需重点关注。 梳理历次五年规划的变迁，可以看到我国对科技创新的重视呈趋势性增强，预计 "十五五"规划对科 ...

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 Innovation Board Growth Tier Companies - Companies in the 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 the 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 the 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 revenues of no less than 100 million yuan. Existing companies will be removed upon their first profitability 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, 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 any significant risks or negative events affecting the company's technological innovation and growth prospects [10][11].

申万宏源策略 【申万宏源策略】周度研究成果（10.6-10.12) 原创 阅读全文 ...

编者荐语： 主力资金：近两周主力资金合计净流出3398.56亿元，无行业实现主力资金净流入，主力资金净流出额前三的行业为电子、电力设备和机械设备。 以下文章来源于申万宏源证券上海分公司 ，作者李金玲 申万宏源证券上海分公司 . 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。 数据速看： 1.主力资金： 近两周主力资金合计净流出3398.56亿元，无行业实现主力资金净流入，主力资金净流出额前三的行业为电子、电力设备和 机械设备。 2.融资融券数据： 当前市场融资融券余额为24455.47亿元，较上期上升1.79%，其中融资余额24291.95亿元，融券余额163.52亿元。本 期两融日均交易额为2764.26亿元，较上期下降1.29%，其中融资日均净买入2757.04亿元，较两周前下降1.28%，融券日均净卖出7.22 亿元，较上期下降4.94%。近两周融资净买入前三的行业分别为电子、电力设备和通信；融券净卖出前三的行业分别为传媒、煤炭和建筑 装饰。 3.涨跌情况： 近两周全市场下跌家数高于上涨家数，近两周涨幅前三的行业为有色金属、钢铁和电力设备，跌幅 ...

声明:上述信息基于公开资料整理,仅供参考,具体请以实际情况为准。相关信息不构成投资建议,市场有风险,投资需谨慎。 免责声明 都会帶來出棒的精彩 申门宏源证券 SHENWAN HONGVUAN SECURITIES M 1每 一次努力的任 ◀ le 投资日历10月 国庆假期来临 三季报收官 110 CT.Z.日年·蛇 注: A股节日休市 種)港股休市 E FT 后 后 F 岸川 1 - Du 9月失业率 9月新增非农就业 人数 6719 11 12 10 6 十八 十九 诺贝尔奖公 9月外汇储备 9月黄金储备 (待定) 19 175 13 16 15 18 甘四 甘六 甘七 =八 (中国) (中国 9月社融 9月CPI 9月新增人民币 9月PPI 贷款 10月MLF利2 9月M2数据 (待定 (待定) 21 九月 22 25 23 初三 24 初四 20 初五 (中国) (中国) 9月经济数据 2025第四届上海 10月LPR报价 国际消费电子 展览会 29 初九 27 28 初八 31 30 初十 (中国) 公募基金三季报 披露截止 · 中共中央政治局会议(按惯例为10月底) ● 第112届全国糖酒商品交易会 ...