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损练透报纸圆感Gr 申门宏源证券 星期四 11月 e Carl Intelled 今日中签缴 .. 0 9 今日申 ... 今日上 .. 今日无新股新债 免责声明 ...

Core Viewpoint - Beijing Construction Group Co., Ltd. successfully issued a 1.5 billion yuan bond with a 2.25% interest rate, demonstrating strong market demand with a subscription multiple of 2.54 times [2]. Group 1: Company Overview - Beijing Construction Group was established in 1953 and is one of the earliest state-owned construction enterprises in New China [2]. - The company operates under a "dual main business and multiple sectors" model, focusing on engineering construction and real estate development, along with property management and sectors like energy conservation and environmental protection [2]. - The group manages nearly 457 enterprises, including 60 secondary companies, and has a global presence with regional offices in 28 countries, achieving an annual revenue close to 100 billion yuan [2]. Group 2: Bond Issuance Details - The bond issuance was rated AAA for both the issuer and the bond itself, with a term of 5+N years [2]. - The successful issuance reflects the collaborative efforts of multiple departments within Shenwan Hongyuan, enhancing client relationships and establishing a solid foundation for future cooperation [3]. - This project marks another successful practice of Shenwan Hongyuan's "Investment + Investment Banking" model, which is significant for deepening its bond business in the Beijing-Tianjin-Hebei region [3].

Core Viewpoint - The article discusses the current market trend of capital flowing from high-growth technology sectors to defensive high-dividend sectors and undervalued consumer sectors, indicating a shift in investment strategy towards more stable returns [1][3]. Market Trends - There is a noticeable acceleration in sector rotation, with funds moving from previously high-performing technology growth stocks to high-dividend and low-valuation consumer sectors [1]. - Southbound capital continues to flow into the Hong Kong stock market, with some investors viewing the market's adjustments as opportunities for medium to long-term positioning, particularly in leading technology stocks [3]. Index Performance - The CSI 300 Index is highlighted as a core broad-based index in the A-share market, consisting of 300 representative securities with good liquidity, covering a wide range of quality industry leaders [4]. - The 12-month dividend yield of the CSI 300 Index is reported at 2.78%, which is leading among mainstream broad-based indices [5][7]. Financial Metrics - The net asset return on equity (ROE) for the CSI 300 Index in Q4 2024 is 10.09%, slightly lower than the ChiNext Index, but it maintains a competitive dividend yield [7][8]. - A comparison of dividend yields and ROE among major indices shows the CSI 300 leading with a dividend yield of 2.78% [9]. Investment Strategy - The article suggests a "dividend + broad-based index" combination strategy as an ideal choice in the current market environment, balancing defensive and growth characteristics [18][19]. - Since 2021, the "broad-based + dividend" combination has achieved an annualized return of 15.92%, demonstrating effective volatility control [18].

刘健，申万宏源党委书记、董事长 2025年2月，证监会发布的《关于资本市场做好金融"五篇大文章"的实施意见》提出，积极发挥资本市场功能，着力做好科技金融、绿色金融、普惠 金融、养老金融、数字金融"五篇大文章"。申万宏源党委书记、董事长刘健在接受中国证券报记者专访时表示，近年来，证券行业切实履行直接融资"服 务商"、资本市场"看门人"、社会财富"管理者"的职责，积极响应党中央重大决策部署，通过业务转型与综合金融服务升级，逐步构建起服务实体经济的 立体化网络，成为做好金融"五篇大文章"的重要力量。 刘健表示，2026年是"十五五"开局之年，中国经济和资本市场都将进入高质量发展的新阶段。申万宏源作为国有金融企业，积极响应政策号召，将服 务国家战略与自身发展相结合，继续在推动金融"五篇大文章"落地、助力实体经济高质量发展中主动担当、积极作为，助力金融强国建设。 01 夯实发展基石 为高质量发展注入内生动力 一直以来，申万宏源始终夯实"治理、人才、文化"三大发展基石，将社会责任融入公司核心价值框架，为高质量发展注入内生动力。 据刘健介绍，多年来申万宏源在甘肃省、新疆维吾尔自治区、内蒙古自治区、贵州省等地开展帮扶工作，探 ...

首先，从指数层面看，仍然维持横盘整理状态。 虽然市场热点切换，但流动性仍然充裕，加上货币基金等年化收益率较低，房地产又在持续调整， 因此场内资金并没有明显流出信号，对大盘指数起到稳定支持作用。其次，从市场预期看，投资者普遍对2026年市场有较高预期，从跨年度行情也好，明 年春季行情也好，目前还都是布局阶段，因此短中线做空的动能并不大。当然，从技术面看，成交量持续萎缩，表明观望气氛有所增强。同时上证指数日 K线形态在两次冲高回落后是否会构筑小M头，需要持续跟踪。如果出现破位，将往下翻从前高点到颈线位等长的高度距离。 从热点看，热点轮动，以题材股为抓手，短线脉冲。 如周三船舶制造、国防军工有表现，而近期市场炒作上市公司名称，周三则快速退潮，多只连 板个股出现跌停。从资金流向看，AI算力、新能源电池及基础材料等龙头品种，仍然受到主力资金关注和流入。 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。小概率方 面，上证指数日K线如颈线位失守，或有中等调整可能。 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。 ...

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 of the meeting 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. [1]. - If the proposal is approved, the asset management contracts will be modified accordingly, with detailed changes provided in the meeting announcement [1]. 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 the most convenient options for individual investors [3]. Voting Participation Guide - For SMS voting, shareholders will receive a voting message and must respond with their choice (agree, oppose, or abstain) by a specified deadline [3][4]. - For online voting, shareholders can use the Shenwan Hongyuan Securities app or WeChat to participate, following a series of steps to verify their identity and cast their vote [6][7]. Voting Timeline - The voting period for the shareholder meeting starts on November 17, 2025, and ends on December 12, 2025 [7]. - Shareholders are encouraged to complete their voting before the deadline to ensure their opinions are counted [7]. Incentives for Voting - Shareholders who successfully participate in the voting will receive a cash reward, with details on how to claim the reward provided after voting [4][10].

Core Viewpoint - Volatility plays a crucial role in options pricing, trading, and risk management, and understanding its characteristics can enhance trading effectiveness [1][2]. Group 1: Characteristics of Volatility - Mean Reversion: Volatility typically oscillates within a certain range, such as the S&P 500's implied volatility usually between 10 to 20. A sudden spike to 30 suggests a likely return to the 10 to 20 range, allowing investors to profit by selling options [1]. - Event-Driven: Significant political and economic events can lead to substantial market volatility. Investors can anticipate these events and employ straddle strategies in the options market to capitalize on expected volatility [2]. - Overestimation of Implied Volatility: Research indicates that implied volatility often exceeds actual volatility, likely due to risk premiums paid by investors to mitigate uncertainty. Thus, selling options can yield stable returns unless a black swan event occurs [2]. - No-Arbitrage Condition: There are correlations between implied volatilities of different options contracts. Investors can create a portfolio by selling a contract with high implied volatility while buying those with lower volatility, potentially achieving risk-free profits [2].

Core Viewpoint - The article discusses the investment strategy for bonds in 2026, emphasizing the need to seek opportunities amidst fluctuations in the market [2] Group 1: Market Analysis - The bond market is expected to experience volatility due to various economic factors, including interest rate changes and inflation trends [2] - The research highlights the importance of monitoring macroeconomic indicators to identify potential investment opportunities [2] Group 2: Investment Strategy - The strategy suggests a focus on high-quality bonds to mitigate risks while aiming for stable returns [2] - It recommends diversifying bond portfolios to include a mix of government and corporate bonds to enhance yield [2] Group 3: Economic Indicators - Key economic indicators such as GDP growth, unemployment rates, and consumer spending will play a crucial role in shaping the bond market outlook [2] - The article emphasizes the need for investors to stay informed about central bank policies and their impact on interest rates [2]

Market Overview - The external market continues to weaken, leading to a contraction in the A-share market. Recent adjustments in overseas markets, particularly regarding AI development, have caused significant declines in major US tech companies. Additionally, the expectation for a Federal Reserve rate cut in December has decreased, resulting in a decline in market risk appetite [1] - The A-share market has shown signs of adjustment influenced by related industry chains, with a general trend of high-low switching and a defensive style typical of year-end consolidation, characterized by sector rotation, unclear main lines, and balanced allocation [1] Market Performance - On Tuesday, both markets continued to adjust, with the Shanghai Composite Index falling below the 30-day moving average. The Shenzhen Component Index also remained below its short-term moving averages, with intraday lows approaching the 60-day moving average. The total trading volume for the day was less than 2 trillion yuan, slightly increasing from Monday [1] - Market hotspots were primarily concentrated in the TMT (Technology, Media, and Telecommunications) sector. In terms of investment style, large-cap blue-chip stocks showed relative resilience, while small and mid-cap stocks experienced larger declines [1] Market Dynamics - The Shanghai Composite Index has been fluctuating around the 4000-point mark, showing a rapid decline after reaching a new high last Friday. The Shenzhen Component Index is currently in a consolidation phase, operating below all short-term moving averages. Close attention is needed to see if short-term moving averages can be regained [1]

Core Viewpoint - The article emphasizes the new opportunities in investment during the "14th Five-Year Plan" period, driven by a new factor system, a restructured institutional framework, and an innovative service system in the capital market [1]. Group 1: New Factor System - The new factor system, represented by talent and new assets, is becoming a new driving force for China's economic growth. The "14th Five-Year Plan" highlights the importance of technological innovation and original breakthroughs [2]. - Accumulation of technological factors will enable breakthroughs in future industries such as artificial intelligence, biomedicine, hydrogen energy, nuclear fusion, embodied intelligence, and 6G mobile communication [2]. - Data factors will drive economic growth by transforming consumption channels and habits, leading to new consumption patterns such as service consumption, emotional consumption, and integrated consumption [2]. Group 2: New Institutional Framework - The capital market is expected to enhance its quality and capacity under the guidance of policies aimed at activating the market and coordinating investment and financing functions [3]. - Reforms in the capital market's basic systems will significantly improve market inclusiveness and adaptability, with a focus on deepening reforms in the Sci-Tech Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange [3]. - The formation of a healthy market ecosystem will enhance the attractiveness of the Chinese market, promoting mutual constraints and cooperation among institutional investors, intermediaries, listed companies, and retail investors [3]. Group 3: New Service System - The company is accelerating reforms in its organizational structure, management model, and business system to adapt to changes in the economic landscape, focusing on a comprehensive service system [4]. - In financing services, the company is developing diversified service solutions that encompass venture capital, IPOs, mergers and acquisitions, refinancing, asset securitization, ESG, and strategic consulting [4]. - The investment service aims to meet diverse asset allocation needs of investors with a robust product offering, while trading services are enhancing liquidity support through innovative products like OTC derivatives, market making, ETFs, and carbon finance [4].