今日无新股新债 % 公众号 · 申万宏源证券上海北京西路营业部 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预报品副副 免责声明 ...

Group 1 - The 2025 First Financial Value Annual Conference (CFV) was held in Shanghai on November 21, where Shenwan Hongyuan was awarded "Top 10 Investment Banking Service Institutions" [1] - Shenwan Hongyuan aims to continue its commitment to practical and diligent work, striving to become a first-class modern investment bank while empowering corporate innovation and growth, contributing to the high-quality development of the national economy [2]

Core Viewpoint - The establishment of the "Xuhui District AI Financial Technology Ecological Alliance" aims to connect financial institutions' real needs with cutting-edge solutions from technology companies, acting as a "connector" and "catalyst" to promote the application of advanced technologies in real-world scenarios [1][3] Group 1: Alliance Objectives and Mechanism - The alliance is designed as a resource integration platform, leveraging Xuhui District's advantages in AI industry concentration, including top AI companies, research institutions, talent resources, and rich application scenarios [1] - The unique feature of the alliance is its mechanized collaborative model, which enhances the speed and effectiveness of innovation transformation within a highly concentrated and efficient ecosystem [1] Group 2: Company AI Strategy - The company has established "AI+" as the core strategy for digital transformation, aiming to create "4S" Smart Shenyuan: Intelligent Scenarios, Smart-trade, Synergy, and Service, to reconstruct service paradigms and unlock data value [2] - AI technology has been implemented across various business areas, including wealth management, institutional services, quantitative investment, and compliance risk control, establishing five capability centers that empower over 100 application scenarios [2] Group 3: Future Vision - The company envisions the alliance as a vibrant "innovation space" where ideas can collide and projects can be realized, positioning itself as a proactive contributor and pragmatic practitioner in the AI financial era [3]

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4076.56亿元，主力资金净流入行业为银行，主力资金净流出额前三的行业为电子、电力设备和计 算机。 2.融资融券数据：当前市场融资融券余额为24917.03亿元，较上期下降0.29%，其中融资余额24743.85亿元，融券余额173.17亿元。本 期两融日均交易额为2070.58亿元，较上期下降16.13%，其中融资日均净买入2063.64亿元，较两周前下降16.13%，融券日均净卖出 6.94亿元，较上期下降15.67%。近两周融资净买入前三的行业分别为电力设备、基础化工和国防军工；融券净卖出前三的行业分别为计算 机、传媒和汽车。 3.涨跌情况：近两周全市场下跌家数高于上涨家数，近两周只有两个行业实现上涨，为食品饮料和银行，跌幅前三的行业为电力设备、电子 和通信。 4.强弱分析：近两周全部A股强弱分析得分为3.17，沪深300强弱分析得分3.35，创业板强弱分析得分3.3 ...

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预报品副副 % 公众号 · 申万宏源证券上海北京西路营业部 免责声明 今日无新股新债 ...

策略: 对冲的原理 投资者持有的ETF 成分股公司股 票市值经Beta值调整,估计出其系统性 风险敞口 所对应的ETF市值,通过买 入相应数量的认洁期权对估算出的ETF 市值进行等量对冲。 案例 背景: 某机构长期持有1万股科创50指数 成分股A公司股票,希望完全对冲该股 票的系统性风险。 2025年3月18日A公司的收盘价为 94.1元，科创50ETF（588000）的收 盘价为1.146元。经计算A公司相对于科 创50ETF的Beta值为1.1。 免责声明 本信息不拘成任何投资建议,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。 12 上交所期权之家 上交所ETF之家 公众号 公众号 该机构买入90张 (941000×1.1÷11500)科创50沽4月 1150. 期权价格为0 ...

Market Overview - Global risk assets experienced a decline this week, with the A-share market notably retreating, as the Shanghai Composite Index fell by 3.90% [2] - The average daily trading volume in the Shanghai and Shenzhen markets decreased by nearly 200 billion [2] - All sectors in the Shenwan first-level industry index saw declines, with the power equipment, comprehensive, and basic chemical industries leading the losses [2] Stock Market Performance - The A-share market continued its pullback, with the CSI 2000 and CSI 1000 indices showing significant weekly declines [12] - The trading volume in the two markets fell to 18,473 billion, down 8.67% from the previous week [16] - The turnover rates for the CSI 300, CSI 500, and CSI 1000 indices decreased compared to the previous week, yet remained above the average levels of the past three years [16] Bond Market Insights - The bond market showed a mixed performance, with government bonds weakening while credit bonds strengthened [30] - The overall funding environment was tight, influenced by tax periods, leading to fluctuations in the bond market [30] - The 10-year government bond futures showed strength, indicating a potential shift in investor sentiment towards safer assets [30] Commodity Market Analysis - COMEX gold prices weakened this week, influenced by the end of the U.S. government shutdown and better-than-expected non-farm payroll data [3] - The South China Commodity Index fell by 1.81%, with the precious metals sector declining by 4.07% [34] - Short-term market liquidity for gold is weak, but the long-term outlook remains bullish [9] Overseas Market Developments - U.S. stock market volatility increased, with major indices continuing to decline amid concerns over AI-related bubbles [4] - The earnings reports from major tech companies like Nvidia exceeded expectations, supporting the AI narrative despite market corrections [10] - The QDII fund's daily subscription limit continues to decrease, suggesting a cautious approach to overseas investments [10]

Core Viewpoint - The market has experienced a recent decline, particularly with a significant drop on Friday, affecting previously popular sectors such as computing power and new energy [6][8]. Market Trends - The market has been on an upward trend since April, but has reached a high valuation point, leading to a short-term adjustment period due to external disturbances and liquidity issues from the Federal Reserve [8][9]. - Despite the current adjustments, the long-term slow bull market trend remains intact, with expectations for a rebound towards the end of November and early December [10][11]. Index and Valuation - The Shanghai Composite Index's equity risk premium (ERP) is at a mid-level, while the dividend yield of the CSI 300 remains higher than the ten-year government bond yield, indicating that A-shares still offer high value [9]. - Comparatively, the dividend yield of U.S. stocks is 1.2%, while the ten-year U.S. Treasury yield exceeds 4%, further supporting the attractiveness of A-shares [9]. Technology Sector Outlook - Anticipation for the release of the new version of DEEPSEEK and various AI applications, along with the upcoming listings of multiple tech unicorns, suggests a positive outlook for the technology sector [9]. - The approval of 16 hard technology funds, including the first batch of AI ETFs, indicates an influx of capital into the tech sector, which is expected to drive growth [9]. Short-term Considerations - The market is expected to take time to find a bottom, with a focus on the adjustments in the technology and new energy sectors, as well as clarity on external disturbances [10]. - The end of November is highlighted as a potential opportunity for a rebound, coinciding with institutional accounting periods and the conclusion of the Federal Reserve's balance sheet reduction [10][11].

2025年是申万宏源创业40周年、合并重组10周年，在公司党委和董事会的领导和推动 下，申万宏源将自身发展融入国家战略大局，持续做好金融服务"五篇大文章"；不断完善管理 机制，以扎实的治理筑牢"资本市场看门人"防线；持续优化"研究+投资+投行"业务策略，构建 服务企业客户的全生命周期的金融服务体系；积极拥抱金融科技浪潮，率先应用AI模型，使金 融服务更优质、更高效；探索深化"金融赋能+产业振兴"双轮驱动帮扶模式，有力将专业能力 转化为支持产业发展的实践。公司ESG外部评级实现"四年四连升"，MSCI ESG评级跃升至 A，标普CSA、万得、中证等ESG评级也位居行业前列。 未来，申万宏源将继续与各利益相关方共同努力，将可持续发展与ESG理念深度融入自身 价值框架，积极服务国家战略，持续完善公司治理，践行社会责任，实现提升自身发展质量的 同时助力资本市场持续健康发展，为实体经济高质量发展提供更优质的金融服务。 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。 11月18日，中国上市公司协会在北京召开中国上市公司可持续发展大会。大会发布了 2025年上市公司可持续发展最佳实践案例评选结果，申万宏源上报的《金 ...

Core Viewpoint - The AI industry is at a critical intersection of technological and industrial revolutions, with artificial intelligence as a core driver transforming production relationships and accelerating the formation of "intelligent-driven" new productive forces [1]. Group 1: Challenges in AI Development - Insufficient data supply is a major challenge, as AI model capabilities depend on large-scale, structured, and labeled data. Issues like "data silos" and low-quality data are prevalent, necessitating the establishment of industry data standards and promoting data assetization and trustworthy transactions [1]. - The green energy gap poses another challenge, as the surge in computing power demand leads to significant energy consumption, surpassing traditional internet services. Some regions face electricity shortages, and while China ranks high in computing power, there is a mismatch in energy supply and demand across regions, with low green computing power ratios and infrastructure growth lagging behind AI needs [1]. - Insufficient product scenario implementation is also a concern, as AI innovation is hindered not by algorithms but by a lack of deep business scenario support. The future competition in the industry will shift from "large model competition" to "productization and scenario capability competition" [1]. Group 2: Strategies for Overcoming Bottlenecks - Collaboration among government, enterprises, and investment institutions is essential to break through AI industrialization bottlenecks. The focus should be on ecosystem building, where industry sectors concentrate on scenarios and data governance, enterprises accelerate product iteration and delivery, and the government promotes public data platform construction and scenario openness [2]. - Financial empowerment is crucial, leveraging the characteristics of the AI industry, which requires heavy assets, long cycles, and significant investments. The company aims to support equity financing and mergers and acquisitions, enhance professional research and valuation in new technology fields, and establish industry funds and investment platforms [2]. - The emphasis on "technology for good" is vital, ensuring AI empowers rather than replaces core functions, promoting trustworthy AI with safety as a baseline, and making AI accessible and effective for small and medium enterprises and grassroots industries, ultimately improving service quality in the livelihood sector [2].