Group 1 - The expectation of the Federal Reserve's interest rate cut is impacting global capital markets, with a focus on AI development trends. The weakening of the external market is primarily due to the declining expectation of a rate cut in December, which also indirectly affects the A-share market. There is widespread concern and intense discussion regarding whether there is excessive investment in the AI industry [1] - The A-share market is currently in a typical year-end consolidation phase, characterized by sector rotation, unclear main lines, and balanced allocation [1] - On Monday, both markets experienced a slight rebound, but trading volume significantly decreased. The Shanghai Composite Index opened lower, dipped, and then rebounded slightly, closing still below the short-term moving averages. The Shenzhen Component Index rebounded stronger than the Shanghai index but also failed to reach the short-term moving average [1] Group 2 - The trading volume on that day was around 1.7 trillion yuan, which is a noticeable decrease compared to the previous Friday. Market hotspots were mainly concentrated in the TMT (Technology, Media, and Telecommunications) and military industries [1] - In terms of investment style, small and mid-cap stocks outperformed, while large-cap blue-chip stocks showed weak performance [1] - The Shanghai Composite Index encountered technical resistance and adjusted downward, returning to the consolidation range seen in August and September. After hitting technical resistance in mid-November, the index suddenly adjusted downward, breaking through multiple short-term moving averages [1]

作为多年支援新疆麦盖提县的期货公司，在郑商所、麦盖提县委县政府等单位支 持和引导下，申银万国期货已经连续多年在新疆麦盖提县落地实施红枣 "保险+期 货"项目。2025年麦盖提县项目承保4万余吨、8万余亩，总保费1800万元。该项目 的顺利出场，标志着"保险+期货"模式在2025年继续为保障枣农种植收益发挥作 用，为推进麦盖提县红枣产业稳健发展提供坚实力量。 申银万国期货积极响应中国证监会、中国期货业协会关于期货市场服务 "三农"、 服务乡村振兴战略的号召，加大在农产品"保险+期货"业务领域的拓展，持续探索金融 衍生品服务"三农"的创新模式，积极承担社会责任，努力为全面推进乡村振兴贡献力 量。此次项目，申银万国期货充分发挥自身专业优势，致力于保护枣农的利益，在 以"保险+期货"模式为核心的价格保障基础上，进一步优化"订单收购+银行+二次点 价"的创新模式，有效保障了红枣的稳定生产和枣农的收益。 展望未来，申银万国期货将继续践行国有企业使命担当，坚守服务三农、服务 乡村振兴的初心与使命，不断探索创新，持续发挥期货及衍生品的风险管理功能， 服务 "三农"和实体经济发展，为推动普惠金融创新、助力乡村振兴贡献力量，打 ...

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]. Meeting Agenda - The main agenda includes the proposal to change the management of the Shenwan Hongyuan Tian Tian Li and Tian Tian Zeng money market funds to Shenwan Lixin Fund Management Co., Ltd. and to transform these funds into Shenwan Lixin Tian Tian Li and Tian Tian Zeng money market funds [1]. Voting Methods - Various voting methods are available for shareholders, including paper voting, SMS voting, online voting, and telephone voting, with specific details to be confirmed by the management [2]. Voting Participation Guide - For individual investors, SMS and online voting are the most convenient methods. SMS voting will involve sending a text message to shareholders with instructions on how to vote on the proposed management change [3][4]. - Online voting can be conducted through the Shenwan Hongyuan Securities WeChat account or their mobile apps, where shareholders can access the voting interface after verifying their identity [6][7]. Voting Timeline - The voting period for the proposed changes will start on November 17, 2025, and end on December 12, 2025, with specific dates for the rights registration and voting commencement detailed [7]. Rewards for Participation - Shareholders who successfully participate in the voting will be eligible to receive cash rewards, with details on how to claim these rewards provided after the voting process [4][10].

● 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损豢秃拐չ-α葛磊 星期一 11月 今日申 今日中签缴 ... 0 之 股 摩尔线程 787795 闭 网 114.28 发行/行业市盈率 0/60.12 1.1万股 申购上限 发行价(元) 今日无新债 ...

Core Viewpoint - The expectation of a rate cut by the Federal Reserve in December has diminished, leading to a global adjustment in stock markets, with concerns about potential bubbles in the artificial intelligence sector affecting market risk appetite [1]. Market Performance - Following the Federal Reserve's October meeting, the anticipation of a December rate cut has decreased, causing disturbances in global liquidity expectations and resulting in a weak performance in overseas stock markets [1]. - The A-share market, which had already been digesting gains from the second half of the year, has also been impacted by overseas market trends, leading to a decline in short-term holding confidence and an increase in profit-taking sentiment [1]. - Last week, the market experienced consecutive adjustments with reduced trading volume, as the Shanghai Composite Index fell below the 60-day moving average and left a significant downward gap [1]. - The Shenzhen Component Index also saw substantial adjustments, losing the 60-day moving average and widening its decline [1]. Trading Volume and Market Trends - The average daily trading volume for both markets last week was approximately 1.8 trillion yuan, a decrease from the previous week [1]. - Market hotspots were primarily concentrated in defensive sectors, while small-cap and technology stocks led the decline [1]. - The Shanghai Composite Index faced technical resistance, leading to a downward adjustment and returning to the consolidation range observed in August and September [1]. - The index encountered technical resistance at the end of the previous week, resulting in a sudden downward adjustment that continued into the following week, breaking through multiple short- and medium-term moving averages [1]. - Currently, the index has returned to the horizontal consolidation range from August and September, and it is advised to closely monitor the effectiveness of the previous support levels [1].

申万宏源策略 【申万宏源策略 | 一周回顾展望】调整是也只是"怀疑牛市级别" 原创 阅读全文 ...

申万宏源策略 【申万宏源策略】降息预期波动加大，美元走强使全球权益回调——全球资产配置每周聚焦 (20251114- 20251121) 原创 阅读全文 ...

申万宏源策略 【申万宏源策略】周度研究成果（11.17-11.23) 原创 阅读全文 ...

杨成长系全国政协委员、申万宏源研究首席经济学家；龚芳系申万宏源研究政策研究室主任、首席研究员； 方思元系申万宏源研究资深高级研 究员 | 聚焦"十五五"战略目标 | | | --- | --- | | 《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》提出， | | | 要"构建统一、开放、竞争、有序的市场体系，建设法治经济、信用经济"，这 | | | 标志着信用市场在市场经济体制机制改革及全国统一大市场建设中的重要性进 | | | 一步提升 | | | 加快健全信用体系和信用市场建设不仅是提升市场运行效率、优化营商环境的 | | | 现实需要，更是实现"十五五"规划战略目标的重要保障。近年来，受益于推进 | 全国统一大市场建设及数字经济的快速发展，我国已具备建设统一信用市场的 | | 良好基础 | | | "十五五"时期，应依托全国统一大市场建设，加快推进全国信用市场一体化进 | | | 程：一要从理念上重视全国统一信用市场的建设；二要加快构建高标准信用基 | | | 础设施体系；三要全面提升中介机构的信用评估定价能力；四要提升市场经营 | | | 主体的信用经营能力 | | | 近年来，我国高度 ...

Group 1 - The article discusses the macroeconomic trends and their implications for various industries, highlighting the importance of monitoring economic indicators for investment decisions [2] - It emphasizes the recent fluctuations in key economic metrics, including GDP growth rates and inflation figures, which are critical for assessing market conditions [2] - The analysis includes a review of sector performance, identifying which industries are likely to benefit from current economic trends and which may face challenges [2] Group 2 - The report provides insights into consumer behavior changes, particularly in response to inflation and interest rate adjustments, affecting retail and service sectors [2] - It outlines the impact of government policies on economic recovery, particularly in infrastructure and technology investments, which could present new opportunities for investors [2] - The article also notes the global economic environment, including trade relations and geopolitical factors, that could influence domestic market performance [2]