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申万宏源证券上海北京西路营业部
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“申”挖数据 | 估值水温表
Group 1 - The current Buffett indicator for A-shares is 77.98%, indicating it is in a relatively high range and currently within a safe zone [2] - The PE valuation (TTM) of major broad market indices is above 20%, with the North China 50, Sci-Tech 50, and China A100 PE valuations at 93.90%, 97.37%, and 99.38% percentile levels respectively, suggesting relatively high valuations and potential risks [3] Group 2 - In the current industry analysis, the agricultural, forestry, animal husbandry, and fishery sector has PE (TTM), PB, and PS valuations below the 20th percentile of the past decade, with PE (TTM) at 6.77%, PB at 9.32%, and PS at 17.13%, indicating relatively low valuations and warranting attention [4] - The PE valuations (TTM) for the retail trade, steel, banking, computer, and real estate sectors are at 80.82%, 81.76%, 83.57%, 93.87%, and 97.82% percentile levels respectively, suggesting caution regarding investment risks in these industries [4]
申万宏源助力上海奉发集团公租房资产支持专项计划项目成功发行
Core Viewpoint - The successful issuance of the asset-backed securities by Shanghai Fengfa Group highlights the recognition of Shenwan Hongyuan's sales strength and lays a solid foundation for future business cooperation between the company and the issuer [1] Group 1: Asset-Backed Securities Issuance - The issuance scale of the asset-backed securities is 1.4737 billion yuan, with a bond term of 18 years and a coupon rate of 2.15% [1] - The issuer, Shanghai Fengxian Landscaping Engineering Co., Ltd., is a state-owned enterprise established in 1998, primarily engaged in landscaping engineering design, construction, and maintenance [1] - The company has multiple professional qualifications, including special design qualifications for landscape construction and a level three general contracting qualification for housing construction [1] Group 2: Company Profile - Shanghai Fengxian Landscaping Engineering Co., Ltd. has expanded its business scope to include housing construction, municipal engineering, and river and lake remediation [1] - The company holds four patents in areas such as landscaping construction, maintenance, and special design [1] - The corporate culture emphasizes the creation of a beautiful living environment for humanity, aiming to enhance urban greening [1]
上交所发布 | 沪市市场运行情况例行发布(2025年6月30日至2025年7月4日)
Market Overview - The Shanghai Composite Index closed at 3472, with a gain of 1.40% and a price-to-earnings ratio of 14.3 [1] - The STAR Market 50 Index closed at 985, down 0.35% with a price-to-earnings ratio of 48.3 [1] - The Shanghai 180 Index closed at 8764, gaining 1.38% with a price-to-earnings ratio of 11.7 [1] - The Shanghai 380 Index closed at 5541, up 1.04% with a price-to-earnings ratio of 19.6 [1] Trading Volume - The total trading volume for main board stocks reached 222.20 billion [2] - Bond trading volume was significant at 1192.18 billion, while repurchase agreements totaled 1125.20 billion [2] - The trading volume for the STAR Market stocks was 51.19 billion [2] Market Capitalization - The total market capitalization for main board stocks is 48.3 trillion [3] - The STAR Market stocks have a market capitalization of 699.22 billion [3] - The total bond custody value is 18214.9 billion [3] Fund and ETF Data - The total fund market value is 3306.5 billion, with ETF shares totaling 1772.2 billion [4] - The ETF market value is 3159.3 billion, with a total of 1736.8 billion ETF shares [4] Stock Connect - The trading volume for the Shanghai-Hong Kong Stock Connect was 266.6 billion for Shanghai stocks and 304.7 billion for Hong Kong stocks [5] Options Market - There are 500 listed contracts in the stock options market, with a weekly transaction value of 661.56 billion [6] - The total open interest in options is 550.31 million [6] IPO and Financing Activities - In the main board, there were 77 refinancing cases raising 13.76 billion, while the STAR Market had 22 refinancing cases raising 2.23 billion [7] - A total of 159 bonds were issued, raising 93.2 billion [7] Project Dynamics - The main board has received a total of 215 applications, with 69 already reviewed [8] - The STAR Market has received 969 applications, with 649 already reviewed [10] Regulatory Overview - From June 30 to July 4, the Shanghai Stock Exchange processed 60 bond issuance applications totaling 2340.63 billion [11] - The exchange issued 17 regulatory letters and conducted investigations into 139 cases of abnormal trading behavior [12][13]
早盘直击 | 今日行情关注
Group 1 - The domestic economic data and the mid-year reports of listed companies will significantly influence market trends, with a focus on the potential impact of domestic policy changes [1] - The A-share market has benefited from the easing of international tensions, but macroeconomic conditions have not yet aligned for a strong upward movement, indicating a baseline scenario of market fluctuations [1] - The trading volume in both markets has decreased, with a total volume of approximately 1.2 trillion yuan, reflecting a decline from the previous week [1] Group 2 - The Shanghai Composite Index has broken through the previous trading range established in May and June, indicating a shift in market focus [1] - The market is currently experiencing a box range fluctuation and structural rotation, with the absence of substantial positive news making it difficult to achieve a decisive upward breakthrough in the short term [1] - The main market hotspots are concentrated in the real estate and electric power sectors, with small and mid-cap stocks leading in gains [1]
申万宏源携手川渝上市公司协会成功举办“以新赋能,以质致远”主题研学活动
以新赋能 以质致远 川渝为发展之腹心,大湾为进取之眉目。未来,申万宏源将凭全域辐辏、开放前沿的 区位优势,坚守 "金融报国"初心,砥砺建设以客户为中心的"投行+投资+研究"综合 金融服务模式,做好金融"五篇大文章"。 免责声明 6月26日下午,张剑总经理在交流会致辞时指出,川渝经济圈作为国家战略腹地,汇 聚了高端制造、数字经济、绿色能源等产业集群优势,而上市公司作为国民经济的"压 舱石"是我国高质量发展创新过程的中流砥柱。本次会议内容正中企业跨越式发展的切 要,也是申万宏源"研究驱动、综合服务"核心能力的昭彰。 川上协江静秘书长、渝上协黄宗艳秘书长代表到访来宾致辞,并指出川渝地区借政策 支持大力推进企业资源优化整合,在注入产业转型升级动能中砥砺奋进,具备与各地 资本市场同仁一道塑造新优势、跑出加速度的巨大潜力与驱动力。 会中,申万宏源各条线分享嘉宾从宏观经济趋势到金融创新工具的探索,从并购重组 案例的分析,到如何更好地服务地方企业高质量发展进行深度交流。会议形成强烈共 识:新质生产力不仅是国家战略的方向,更是企业转型升级的现实路径,资本市场大 有可为、责任在肩。 除了会议交流外,申万宏源协助川渝两地协会,组织 ...
股债跷跷板?不存在的 | 周度量化观察
本周A股市场上行,上证指数创年内新高3497.23点后回落,最终收于3472.32点。中美双 方团队正在加紧落实伦敦框架有关成果,A股新开户数快速增长等为市场上涨提供了良好氛 围,同时银行板块稳步上涨,热点板块轮动形成一定赚钱效应,最终促成市场较好表现。但 沪深两市成交额略减,日均成交额相比前周减少392亿元。港股表现较弱,恒生指数和恒生 科技指数本周均下行,港股互联网、港股消费下行对港股指数拖累较大。 股股债债跷跷跷跷板板??不不存存在在的的 22002255年年66月月3300日日--22002255年年77月月44日日基基金金投投顾顾观观点点 本周A股、债市上涨,港股收跌,美股继续新高。具体来看,本周市场有以下几个重要方面: 01 具体到不同资产上, 我们本周观点如下: 股票 本周A股和港股一涨一跌,面对"新高"的A股和"不跟涨"的港股,很多投资者可能迫切想理清市场 脉络。其实港股的表现有点意外,但也在情理中,一方面,作为恒生指数和恒生科技重要成分的互 联网公司"内卷"令市场对中报业绩有所担忧,叠加618已过市场关注度下降,另一方面港股市场对 回报率的要求较高,当前港股的潜在回报率的确在历史相对低位,吸 ...
早盘直击 | 今日行情关注
Core Viewpoint - The external environment is improving, leading to a gradual rise in the A-share market, with recent international situations showing signs of stabilization [1] Market Performance - The A-share market has seen a slow upward trend, with the Shanghai Composite Index reaching new highs in recent weeks, while the Shenzhen Component Index also rebounded [1] - Last week, the average daily trading volume in both markets exceeded 1.4 trillion, showing a slight decline compared to the previous week [1] - The market's focus has shifted towards traditional industries such as steel and building materials, with banks also performing relatively strongly [1] Technical Analysis - The Shanghai Composite Index has broken through the consolidation range observed in May and June, indicating a shift in trading focus [1] - On Friday, the index challenged significant technical resistance from the fourth quarter of the previous year but faced a pullback after encountering resistance [1] - Without substantial positive news, it is expected that a significant upward breakthrough may be challenging [1]
申万宏源助力上海地产住房发展有限公司CMBS项目成功发行
Core Viewpoint - The article highlights the successful issuance of a significant CMBS project by Shanghai Real Estate Housing Development Co., marking a milestone in the development of affordable rental housing in Shanghai [1][2]. Group 1: Project Details - The CMBS project has an issuance scale of 3.299 billion yuan, a term of 21 years, and a coupon rate of 2.2% [1]. - This project is the largest of its kind in the country, showcasing the innovative financing model in the affordable housing sector [1]. Group 2: Company Overview - Shanghai Real Estate Housing Development Co. is a wholly-owned subsidiary of Shanghai Real Estate Group, focusing on the unified construction and operation of affordable and rental housing [1]. - The company aims to serve urban renewal, housing development, talent construction, and community support, positioning itself as a leader in the functional housing market in Shanghai [1]. Group 3: Financing Model - The CMBS project establishes a dual financing system of "equity + debt" in the housing rental sector, facilitating the transformation of housing rental from stagnant assets to liquid capital [1]. - This innovative approach provides a significant reference for the sustainable development of affordable rental housing and offers new ideas for capital market participation in the housing rental market [1]. Group 4: Strategic Importance - The successful issuance of this asset securitization product lays a solid foundation for further cooperation between the involved parties and is significant for the development of asset securitization business in the Yangtze River Delta region [2]. - It exemplifies the commitment of the company to innovate in asset securitization, aligning with domestic regulatory policies and contributing to the development of new models in this field [2].
申万宏源助力上海奉发集团公租房资产支持专项计划项目成功发行
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。 近日 ,由申万宏源 作为销售机构的 上海 奉发集团公租房资产支支持专项计划项目目 完成 发行 。 本期 资产支支持证券化产品 发行规模 14.737 亿元,债券期限 18 年,票面利 率 2. 15 % 。 发行人 上海奉贤园林绿化工工程有限公司 成立于 1998 年,是一一家隶隶属于 上海奉贤发 展集团的国有企业。公司的主要业务范围包括园林绿化工工程的设计、施工工及养护,同时 扩展到房屋建筑、市政工工程、河湖整治等领域。公司具备多项专业资质,如风风景园林建 设工工程专项设计资质、房屋建筑工工程施工工总承包叁级资质等 。公司在园林绿化工工程施 工工、绿化养护、风风景园林建设工工程专项设计等领域拥有 4 项专利信息 。公司秉承 " 创 建人人类美好家园 " 的企业文文化理念,致力力于提升城市绿化 环境。 此次 资产证券化产品的 成功发行行,申万宏源的销售实力力得到发行行人人高高度认可,为后续 公司与发行行人人深化业务合作奠定了坚实的基础。 ...
中国节气 | 暑气已至 活在当夏
以下文章来源于申万宏源发布 ,作者申万宏源证券 申万宏源文化卡通形象:申源宝 申万宏源发布 . 申万宏源证券官方发布 风蒲猎猎小池塘 过雨荷花满院香 沉李浮瓜冰雪凉 申万宏源祝您活在当夏 ...