热点板块： 10 月科技方向依然值得关注，反内卷出现成果的板块有补涨机会。科技板块在经历了 8-9 月的持续上涨后，板块内部出现有序轮动和高 低切换。预计 10 月科技板块内部将继续维持有序轮动的格局，滞涨的机器人、军工、智能汽车等板块有望迎来补涨。而领涨板块如算力硬件、国产半导 体、新能源等一旦出现明显调整，也将形成较好的逢低布局机会。反内卷出现阶段性成果的板块，如光伏、水泥建材、煤炭、快递等板块如得到三季报验 证，也将迎来补涨的机会。关注：1）机器人国产化和走进老百姓生活依然是 2025 年比较确定的趋势，机器人产品将从人形机器人向四足机器人、功能型 机器人扩展。以此带来的传感器、控制器、灵巧手等板块的阶段性机会将会反复出现。市场预期特斯拉人形机器人版本有可能更新，或将成为机器人板块 新催化剂。2）半导体国产化仍是大势所趋，关注其中的半导体设备、晶圆制造、半导体材料、IC 设计等。3）军工板块 2025 年存在订单回升的预期，大 部分军工子板块如地面装备、航空装备、军工电子等中报业绩降幅继续收窄，基本面已经出现触底迹象。4）创新药经历了近 4 年的调整后逐步迎来收获 期，自 2024 年三季度以来已经连续 ...

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曲 日治 据 证券 星期五 10月 C * H i -18-31-6 11-11 今日申 ... 今日中签缴 .. 1 令日 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登录品 免责声明 ...

申万宏源策略 【申万宏源策略】9月中国市场资金流入相对比例领先其他市场——全球资产配置资金流向月报（2025 年9月） 原创 阅读全文 ...

Core Viewpoint - The company has achieved significant recognition in wealth management and digital practices, winning four major awards at the 2025 Wealth Securities Digital Annual Ecological Summit hosted by Securities Times [2] Group 1: Awards and Recognition - The company received the 2025 China Securities Industry Institutional Service Provider Jun Ding Award for Public Fund Services, highlighting its excellence in this area [4] - The company was awarded the 2025 China Securities Industry APP Operation Team Jun Ding Award, reflecting its continuous upgrades in wealth management digital capabilities [5] - The company also won the 2025 China Securities Industry Wealth Brokerage Digital Practice Case Jun Ding Award, showcasing its effective use of AI algorithms to enhance customer service and investment experience [5] - The company secured the 2025 China Securities Industry Digital Innovation Service Practice Case Jun Ding Award for its advanced low-latency options market-making platform, which has significantly improved market liquidity [5] Group 2: Service Innovations - The company provides comprehensive service solutions for public fund clients, integrating financial technology and various business resources to achieve information sharing and business collaboration [5] - The company focuses on "customer lifecycle management" to maximize customer value through a closed-loop system of "reach-cultivation-conversion" [5] - The company has developed a multi-center architecture for its options market-making platform, enhancing automated quoting capabilities and achieving a leading market share in options trading volume [5]

申万宏源宏观 热点思考 | 六问美国政府"关门"（申万宏观·赵伟团队） 原创 阅读全文 ...

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 国庆节 中秋节(10月1日-10月8日) 节日 国庆节(10月1日) 中秋节(10月7日) 香港重阳节(10月29日) 休 ...

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近期， 由申万宏源证券 作为联席主承销商 的 "上海银行股份有限公司2025年第二期金融债券"成功发行，本期债券发行规模 200 亿 元，发行期限 3 年，票面利率 1.89 % 。本期债券的顺利发行，进一步优化了上海银行中长期负债结构。 上海银行是国内 20家系统重要性银行之一，整体实力位居城商行前列 。 近年 来，上海银行综合实力不断增强、发展品质稳步提升。目前总资产已超 3万亿元，年营 收超500亿元、盈利超200亿元，资产质量保持银行业较好水平。 近年来， 申万宏源证券与上海银行 建立了良好的合作关系 ，本次 债券的 成功发行彰 显了申万宏源强大的资本市场销售实力，各部门积极协调配合，得到了发行人的高度评 价和充分认可，也是申万宏源深耕上海区域的又一丰硕成果，对于申万宏源持续深耕长 三角地区债券市场、加强重点区域覆盖力度具有重要意义。展望未来，申万宏源证券 将继续充分发挥在金融市场的专业优势，以高质量金融服务助力现代化经济体系建设 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。 。 ...

Group 1 - The overall cross-regional population flow during the National Day holiday from October 1 to October 6 reached 1.83 billion person-times, with a daily average flow increasing by 5.2% year-on-year, but down 2.7 percentage points compared to the May Day holiday [3][35] - The average daily number of self-driving trips decreased by 2% year-on-year to 6.1% compared to the May Day holiday [3][35] - The nationwide migration index during the first five days of the holiday was 7.2% year-on-year, which is still lower than the May Day holiday's 22.2% [12][35] Group 2 - Traditional scenic spots saw a decline in popularity, with tourist reception and revenue in Sichuan's A-level scenic spots increasing by 12.4% and 10.3% year-on-year, respectively, but the growth rate was down 2.3 and 3.1 percentage points compared to the May Day holiday [19][36] - New highlights in tourism include "provincial border tourism" and "border tourism," with booking volumes for places like Zhaotong, Hezhou, and Ganzhou increasing by 95%, 88%, and 70% year-on-year, respectively [22][36] Group 3 - The average price of pre-sale airline tickets for the holiday was 804 yuan, higher than last year's 736 yuan and this year's May Day holiday average of 778.9 yuan [28][38] - Hotel and homestay booking rates for the holiday were 37.1% and 38.5%, respectively, down 6.1 and 9.2 percentage points compared to the May Day holiday [28][38] Group 4 - The film market showed improvement, with national box office revenue during the holiday increasing by 33.1% compared to the May Day holiday, while the average ticket price fell by 5.8% [32][39] - The number of moviegoers increased by 40.2% year-on-year, with lower-tier cities performing better in terms of box office growth [32][39]