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]. Group 1: Meeting Proposals - The main proposal is to change the management of the Shenwan Hongyuan Tian Tian Zeng and Tian Tian Li 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]. Group 2: Voting Methods - Various voting methods are available for shareholders, including paper voting, SMS voting, online voting, and telephone voting [2]. - SMS and online voting are highlighted as convenient options for individual investors [3]. Group 3: Voting Participation Guide - For SMS voting, shareholders will receive a voting message and must respond with their choice by a specified deadline [3]. - Online voting can be conducted through the Shenwan Hongyuan Securities app or WeChat official account, requiring personal information verification [4][5]. Group 4: Voting Timeline - The voting period starts on November 17, 2025, and ends on December 12, 2025, with specific dates for the rights registration and voting commencement [7].

Group 1 - Over 20 positive announcements were released by companies listed on the Shanghai Stock Exchange as of November 23, indicating a trend of share buybacks and operational improvements [1] - China Petroleum & Chemical Corporation (Sinopec) completed its share buyback plan, repurchasing 89.35 million shares for approximately 500 million yuan, with a significant portion occurring in November [2] - Several companies, including Spring Airlines and Hongta Securities, have also announced their share buyback progress, with amounts reaching 400 million yuan and 120 million yuan respectively [2] Group 2 - At least 14 companies on the Sci-Tech Innovation Board reported buyback progress and positive contract orders, showcasing a commitment to shareholder value [3] - JinkoSolar announced the mass production of its Tiger Neo 3.0 solar module, achieving a production efficiency of over 24.8% and a power output of up to 670W, with significant orders signed [3] - Shanshi Network Technology reported progress in the development of its ASIC security chip, which has successfully passed internal testing and is entering the mass production phase, with market sales expected to begin in Q1 2026 [4][5]

女育之日的,在互世方对历史,何小汉贝尔松,了得 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发的损失承担任何责任。 本栏目内容如有变动,恕不另行通知。最终解释权 归申万宏源证券有限公司所有。 编者按：为帮助投资者系统了解 ETF、掌握ETF投资方法，深交所推出"来！聊聊ETF"系 列动画短视频，希望用浅显易懂的语言传递投资知识。今天是第10期，一起看看基金管理人如 何管理ETF产品吧！ ...

首先 ，在经过上周五快速下跌后，本周初大盘以企稳整理为主，修复性行情。但市场成交量偏小，呈现持续萎缩，显示大跌之后市场观望情绪浓 重，市场交投欠活跃。从目前看，技术形态有调整压力，上证指数30日均线已连续5个交易日小幅走低，为近几个月来首次。本周前3个交易日日K线未能 完全收复上周五的阴线实体且连续4个交易日收于60 日均线下方，表明短线反弹力度有限。虽然周三科技股有再度走强信号，但有关人工智能AI 是否短 期过热的争议仍在持续，个股涨跌比也是涨少跌多，因此短线市场仍有持续整固的要求。 从热点看 ，热点轮动，通信电子超跌反弹，而受事件性因素影响的国防军工、船舶航天等震荡回调。总体看，热点轮动较快，持续性尚不稳定，盈 利效应也不显著，因此后市还需等待更为清晰的热点涌现。 展望后市 ：大盘继续震荡整理，以稳为主。从技术面看，成交量萎缩，观望气氛有所增强。关注盘中热点变化以及成交量能匹配情况。 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。 ...

I 免责声明 甲门宏源LL S 新《反洗钱法》 推生生筑,安全防线 ● !!!!!!!!!! 投资有风险，入市需谨慎。本内容不构成任何投资建议，最终解释权归申万宏源证券有限公司所有。 ...

今日无新股新债 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握豢酪辊氛围 % 公众号 · 申万宏源证券上海北京西路营业部 ...

期权交易中常用的波动率类型 本信息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。本信息根据当前法律法规 规则的相关规定形成解答,方便市场主体 参考使用。法律法规规则如有变化,以最 新规定的要求为准。我们力求本材料信息 准确可靠,但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 发的损失承担任何责任。更多投资知识, 投资者关注"上交所ETF之家"及"上交 所期权之家"微信公众号。 ● 隐含波动率则是把期权价格代入期 权定价模型 里反推出来的波动率,代表市 场对标的证券未来一段时间内波幅的预期 ● 实际波动率是指在未来一段时间内 股票价格的真实波动率。这个实际波动率其 实在我们做交易的时点并不清楚,只能通过 结合历史波动率以及当前的市场信息来对其 进行预测。 在实际交易中,我们可以用隐含波动率 来判断期权价格合理与否。如果隐含波动率 低于你对未来实际波动率的预测值,那么说 明期权价格低估了,可以买进;如果隐含波 动率高于你对未来实际波动率的预测值,那 么说明期权高估了,可以卖出。波动率交易 的核心就是赚取隐含波动率与未来实际波动 率之间的价差。 波动率在期权定 ...

女育之日的,在互世方对历史,何小汉贝尔松,了得 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发的损失承担任何责任。 本栏目内容如有变动,恕不另行通知。最终解释权 归申万宏源证券有限公司所有。 编者按：为帮助投资者系统了解 ETF、掌握ETF投资方法，深交所推出"来！聊聊ETF"系 列动画短视频，希望用浅显易懂的语言传递投资知识。今天是第9期，一起看看ETF的交易成 本怎么计算吧！ ...

Market Overview - The A-share market has shown signs of recovery around the 3800-point level, ending a period of continuous adjustment and recording a small upward trend [1] - Over 4200 stocks rose during the trading day, indicating a shift in market sentiment as trading volume ended its continuous decline [1] - The market is expected to experience fluctuations around the 4000-point level as it prepares for a potential upward movement, driven by improved supply and demand conditions in the manufacturing sector by 2026 [1] Sector Focus - The technology sector remains a key area of interest in November, with opportunities for rebound in underperforming segments such as robotics, military, and smart vehicles [2] - The semiconductor industry continues to trend towards domestic production, with attention on semiconductor equipment, wafer manufacturing, materials, and IC design [2] - The military sector is anticipated 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, attracting interest from long-term institutional investors due to its appealing dividend yield [2]

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