在国资赋能上市公司的实践路径上，产业并购投资已成为上市公司补链强链、做优做 强、提升内在价值从而发展新质生产力的重要方式之一。会上，申万宏源承销保荐公司总 监杨彦劼发表《当前环境下国资参与并购重组策略分析》主题演讲，剖析了资本市场环境 变化和并购政策新趋势，提到2024年以来的产业导向并购多以新质生产力并购重组为核 心。结合中美市场比较和并购重组五个方式，展示了国有资本赋能上市公司的实践探索 及"产业+国资"组合收购上市公司的典型模式。 9月21日，第三届中国上市公司产业发展论坛在上海国际会议中心隆重召开。该论坛 是以产业发展为视角的上市公司高端峰会。本届论坛在上海市投资促进服务中心、 中国（上海）自由贸易试验区管理委员会陆家嘴管理局、长三角资本市场服务基地 指导下，由华民投联合中国上市公司产业发展论坛组委会、中国科技发展基金会、 上海天使会、上海市国资国企改革发展研究中心、上海国研未来产业研究院等机构 联合主办，申万宏源证券有限公司参与协办。来自全国各地的300家上市公司与250 余家国资代表共同与会。 在本届论坛上，申万宏源证券聚焦国资改革和市值管理与华民投、上海市国资国企改 革发展研究中心、上海市浦东新 ...

| 证券代码 | 证券名称 | 融资净买入额(万元) | | --- | --- | --- | | 513330.SH | 华夏恒生互联网科技业交易型开放式指 | 46.946 | | | 数证券投资基金(QDII) | | | 513050.SH | 易方达中证海外中国互联网 50 交易型开 | 44.124 | | | 放式指数证券投资基金 | | | 512880.SH | 国泰中证全指证券公司交易型开放式指 | 32.786 | | | 数证券投资基金 | | | 511520.SH | 富国中债 7-10 年政策性金融债交易型开 | 27.800 | | | 放式指数证券投资基金 | | | 588200.SH | 嘉实上证科创板芯片交易型开放式指数 | 21.296 | | | 证券投资基金 | | | 512000.SH | 华宝中证全指证券公司交易型开放式指 | 17.533 | | | 数证券投资基金 | | | 512890.SH | 华泰柏瑞中证红利低波动交易型开放式 | 15.832 | | | 指数证券投资基金 | | | | 易方达国证机器人产业交易型开放式指 | | HRILE ...

Core Viewpoint - The market remains in a strong upward trend despite short-term fluctuations, with investors showing a strong willingness to participate and maintain optimism during corrections [1] Market Performance - After a dip below 3800 points on the Shanghai Composite Index, a strong rebound occurred, quickly recovering above this level, indicating a robust market structure [1] - The market is expected to continue strong fluctuations before the National Day holiday, with only four trading days left [1] Sector Focus - Technology sectors such as electronics and semiconductors are attracting significant capital, highlighting a preference for high-growth companies despite high stock prices [1] - The characteristics of the "seven giants" in the U.S. tech market are mirrored in the A-share market, leading to a consensus among domestic and foreign investment institutions [1] Future Outlook - The market is anticipated to maintain strong fluctuations with active trading volume leading up to the National Day holiday, with potential for a breakout direction post-holiday [1] - High-tech sectors are expected to remain the focus of institutional attention, with a continued strong performance [1] - Monitoring of liquidity changes and macroeconomic data such as manufacturing PMI is crucial for future market direction [1]

Core Viewpoint - The article emphasizes the importance of macroeconomic analysis in investment decisions, highlighting ten essential readings that provide insights into current market trends and economic indicators [2] Group 1 - The macroeconomic environment is experiencing significant changes, with inflation rates and interest rates being key focus areas for investors [2] - The article discusses the impact of global supply chain disruptions on various industries, particularly manufacturing and logistics [2] - It highlights the role of government policies in shaping economic recovery and growth, especially in response to the COVID-19 pandemic [2] Group 2 - The analysis includes a review of recent economic data, such as GDP growth rates and employment statistics, which are crucial for understanding market dynamics [2] - The article points out the potential investment opportunities arising from technological advancements and shifts in consumer behavior [2] - It also addresses the risks associated with geopolitical tensions and their implications for global markets [2]

9月21日，第三届中国上市公司产业发展论坛在上海国际会议中心隆重召开。该论坛 是以产业发展为视角的上市公司高端峰会。本届论坛在上海市投资促进服务中心、 中国（上海）自由贸易试验区管理委员会陆家嘴管理局、长三角资本市场服务基地 指导下，由华民投联合中国上市公司产业发展论坛组委会、中国科技发展基金会、 上海天使会、上海市国资国企改革发展研究中心、上海国研未来产业研究院等机构 联合主办，申万宏源证券有限公司参与协办。来自全国各地的300家上市公司与250 余家国资代表共同与会。 在本届论坛上，申万宏源证券聚焦国资改革和市值管理与华民投、上海市国资国企改 革发展研究中心、上海市浦东新区投资促进服务中心一起联合主办了"国有资本赋能上市 公司"分论坛会议。分论坛会议由申万宏源研究所副总经理董樑主持，申万宏源研究总经 理王胜出席分论坛致辞。王胜表示，全球产业变革加速演进，我国经济正处于从量的扩张 转向质的跃升的关键阶段。党的二十大报告明确提出"深化国资国企改革，加快国有经济 布局优化和结构调整"、"健全资本市场功能，提高直接融资比重"。这一背景下，国有资 本被赋予了国之重器的战略定位，它不仅是国民经济的主导力量，更是服务国 ...

申万宏源宏观 2025，一直"在线"！ 原创 阅读全文 ...

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套餐跟给圆感插 今日无新债 今日上。 (0) (1) 今日中签缴 .. 今日申 .. 股 长江能科 920158 EE 申购指南 > 5.33 发行/行业市盈率 15.48/36.78 申购 上限 142.5万股 发行价(元) 免责声明 ...

周二市场获利兑现要求集中释放，但尾盘探底回升。 周二 A 股在早盘和午盘的前 半段出现明显回调，前期领涨的科创 50、北证 50、创业板指等分 类指数一度跌幅超过2%。 但午盘 2 点后指数开始探底回升，截止收盘创业板指数以红盘报收，科创 50 几乎收平。前 期领涨指数出现较大震荡，但最终 又收复了盘中大部分跌幅，其背后的意义是经过连续上涨 后积累的获利兑现要求集中释放，但又难改市场震荡上行的内在趋势。A 股在 9 月经历了一 次 短暂休整，但休整过程并非是单边下跌，上证指数横 盘震荡，双创指数却依然维持震荡上 行的趋势。 后市展望： 减速对 A 股中期趋势更为有利。在指数接近 3900 点整数关前，市场出现一定分 歧。一方面是累积的涨幅较大，市场可能存在一定兑现 压力，此外不同板块中报业绩分化也 比较大，市场可能需要一次重新定位主线的过程。主线重新定位并非是行情方向的逆转，而 是行情节奏的变化，这 是市场震荡上行过程中的正常现象，对中期趋势不会产生影响。A 股 自 2016 年以来至 2025 年 8 月 15 日，上证指数最高点位为 2021 年的 3731 点，目前 指数 已经突破该点位。与此同时，沪深 ...

Core Viewpoint - The article provides information on the holiday trading schedule for the 2025 National Day and Mid-Autumn Festival, emphasizing the opportunities for investors to utilize idle funds through government bond reverse repos during the holiday period [5][9]. Trading Schedule - The A-shares market will be closed from October 1 (Wednesday) to October 8 (Wednesday), reopening on October 9 (Thursday) [5]. - The Hong Kong Stock Connect will also be unavailable from October 1 to October 8, resuming on October 9 [5]. Government Bond Reverse Repo - Government bond reverse repos are described as short-term loans where individuals lend their funds to earn fixed interest, with government bonds used as collateral [9]. - The safety and yield of government bond reverse repos are highlighted, especially during month-end, quarter-end, year-end, and pre-holiday periods when rates tend to rise [9]. - The minimum investment threshold for participating in government bond reverse repos is set at 1,000 yuan [13]. Interest Calculation - The interest calculation period is defined as the actual number of days the funds are occupied, from the first settlement date to the maturity date [10]. - Specific interest calculation days for various terms are provided, indicating the potential earnings during the holiday [11][14]. Participation Pathways - Investors can participate in government bond reverse repos through the Shenwan Hongyuan Securities APP, with clear instructions on accessing the relevant sections for trading [12][16]. - The article encourages investors to consider different term products based on their yield and personal financial needs [13]. Investment Tips - Investors are advised to operate a one-day reverse repo two trading days before the holiday to maximize holiday earnings without affecting other trading activities [13]. - The article suggests selecting higher-yielding products when different term products have the same interest calculation days [13].

编者荐语： 中国节气 | 大地丰收 蓄能秋实 以下文章来源于申万宏源发布 ，作者申万宏源证券 申万宏源发布 . 申万宏源证券官方发布 稻花香里说丰年 听取蛙声一片 申万宏源与您共迎万物丰盛 申万宏源文化卡通形象：申源宝 ...