为 深 入 贯 彻 党 的 二 十 届 三 中 全 会 、 四 中 全 会 精 神 和 新 " 国 九 条 " 、 资 本 市 场"1+N"政策体系要求，中国证券业协会发布《2024年度证券公司投资者服务与保 护报告》（以下简称《报告》），这是中国证券业协会连续第六年发布该报告。 下一步，协会将继续立足"自律、服务、传导"职责定位，引导证券行业深入学 习党的二十大和二十届三中全会、四中全会精神，深入贯彻落实新"国九条"和资本 市场"1+N"政策体系要求，增强投资者服务与保护工作的系统性和协同性，以更高 标准、更实举措更加有效地保护中小投资者合法权益，切实增强投资者的获得感和满 意度，促进证券行业与资本市场高质量发展。 中国证券业协会 年度证券公司投资者服务与保护报 2024年度证券公司 投资者服务与保护报告 The Investor Service and Protection Report of Securities Companies 2024 中国站养老家公 中国证券业协会 SAC_Communication 长按二维码关注 点击 "阅读原文" 查看协会官网 湖北:黄石市黄石港区湖滨大道97号 X tj ...

日 厂厂家 限 LL 分 SHENWAN HONGYUAN SECURINESS SECURINES SECURINES SECURINES SECURINES SECURINES SECURITIES SECU Al拿破受, 当心被害!! 阿诚的Al精股质险记 用线 童 配备 《上》 l m (x) 智投大师AI量化系统，年化收益238%! 华清大学金融工程实验室技术支持! 0 现在下载APP注册体验还送xx游戏的限量皮肤。 开始下载 s 星皮 注册体验还送xx游戏的限量皮肤, 开始下载 智投大师AI量化系统 186****1234 95201 验证码 0 立即注册 Al智投年化收益238% xx证券分析师强哥: 此股太强了，下周还会继续大涨 +++++ ◆ ◆ ������������ ������������������������ * * . . . . . . . . . . . . . . . ............ . . . . . . . . o .. . . . O . . . . . o ..... . . . . . . . . . . ● ● ● ● ● ● ● ● ....... ...

Core Viewpoint - The convertible bond market has shown strong performance in 2023, with the China Convertible Bond Index rising by 17.14% year-to-date and total trading volume reaching 13.46 trillion yuan, a year-on-year increase of 37.75%. This has led to increased interest in quantitative investment strategies that leverage the unique characteristics of convertible bonds, which offer both offensive and defensive capabilities [1]. Group 1: Why Choose Convertible Bonds? - Convertible bonds are considered high-quality beta assets, with the China Convertible Bond Index significantly outperforming major broad-based indices since 2017. For instance, during the market downturn in 2018, the index only fell by 1.16%, while the CSI 300 and CSI 500 indices dropped by 25.31% and 33.32%, respectively. Conversely, in 2019, the index rose by 25.15%, demonstrating its ability to provide both growth and protection [3][4]. Group 2: Characteristics and Pricing Factors of Convertible Bonds - The core value of convertible bonds is tied to the underlying stock price, which directly influences their conversion value. The bonds exhibit a "dual nature" of equity and debt, allowing them to appreciate in value with rising stock prices while providing a "debt floor" during downturns [8][10]. - The interest rate environment plays a crucial role in shaping the "debt floor" of convertible bonds. A decrease in market interest rates enhances the attractiveness of convertible bonds as fixed-income assets, thereby supporting their price [10]. - Unique terms such as price adjustment clauses can create opportunities for value enhancement. When the stock price falls below a certain threshold, companies can lower the conversion price, increasing the number of shares each bond can convert into, thus boosting its market value [10][11]. - Supply and demand dynamics significantly impact the valuation of convertible bonds. The issuance pace and scale of convertible bonds are influenced by new stock offerings and refinancing policies, while institutional demand from public funds and insurance companies also plays a critical role [11]. Group 3: Common Quantitative Strategies for Convertible Bonds - Quantitative strategies for investing in convertible bonds involve using computer models to systematically identify and execute investment opportunities, minimizing emotional decision-making. Common strategies include: - **Dual Low Strategy**: Focuses on bonds with low prices and low conversion premiums to balance safety and upside potential [12]. - **Low Premium Strategy**: Targets bonds with very low or negative conversion premiums, capitalizing on strong stock performance [12]. - **High YTM Strategy**: Treats convertible bonds as fixed-income securities to secure stable interest income, particularly in bearish or volatile markets [12]. - **Event-Driven Strategy**: Monitors events that may cause price fluctuations, such as earnings announcements or proposed conversion price adjustments, to capitalize on market reactions [12].

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。 首先，周初大盘在4000点附近多次反复后终于在周三一举成功向上突破。一方面，当前市场环境较为有利，统计局最新公布的9月份规模以上工业实 现利润大幅增加。加上《十五五》规划全文发布，以及中美吉隆坡经贸谈判取得成果，因此市场氛围较为有利。资金入市愿望较高。其次，从盘口看，结 构性热点突出，和人工智能产业链关联的能源金属、有色金属表现强劲，吸引资金源源不断。同时，市场热点也有部分扩散，例如在反内卷预期下，光伏 板块、锂矿等震荡走强。多元金融、证券等也有表现。从分类指数看，中证2000走势偏弱，显示非主流、小微盘股周三表现平平。固态电池产业应用正面 临释放前期，也是本轮科技股行情的热点之一，关注电池50ETF。虽然周三下跌个股多于上涨个股，但指数仍有较大涨幅，显示大市值、权重股、结构性 行情特点突出。 展望后市：大盘有望继续保持强势震荡，稳中有升，稳定向上趋势不变。短线关注最后阶段的上市公司三季报业绩披露情况，尤其是创业板、科创 板、科技龙头个股的业绩情况，如果业绩超预期，股价将继续走强。同时关注美联储议息会议决议以及即将在韩国召开的APEC领袖峰会。如有利好 ...

% 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 今日无新股新债 免责声明 ...

巴西不仅是全球第七大人口国、第十大经济体,更是名 副其实的"世界粮仓"与资源宝库: 】 农业强国:大豆出口占全球近60%,咖啡、蔗糖等多种作 物出口位居世界第一 资源大国:铁矿石产量全球第二,石油探明储量达149亿 铜矿占全球90% 桶, + & 内需驱动:消费占GDP比重超过85%,人口结构年轻,消 费意愿强烈 11,700 铜矿产量 天然气配送 149 全球占比 运输管道 油探明储量 公里 图:巴西大豆出口占全球近60% 图:巴西铁矿石原产量位居世界第二 图:巴西多项农作物产量份额占全球第 Parti 30% 1400 19% 20% ENWANHONGYUA dsanc LT 美之星的投资机遇 星握全球会 DJTO 尽在申万宏源 t GYUAN ( HENWAN 169 图:消费支出占GDP比重超85% 图:消费支出持续拉动经济增速 图:农业板块重要性较高 巴西GDP实际增速拆解(%) 巴西市场GDP分项贡献(李调数据) 巴西人均耕地面积及占土地总面积比重 3.500 单位:亿雷亚尔 0.30 单位:公顷 30% 2,900 0.20 20% 1,700 0.10 10% 1.100 (2) 0.05 ...

Core Viewpoint - The article discusses the upward trend in profits observed in September, analyzing the underlying factors and implications for the economy and investment landscape [2] Group 1: Profit Trends - In September, profits showed a significant increase, indicating a recovery in various sectors [2] - The overall profit growth rate reached a notable percentage, reflecting improved operational efficiency and market conditions [2] Group 2: Economic Implications - The rise in profits is expected to positively influence consumer confidence and spending, potentially leading to further economic growth [2] - Analysts suggest that this trend may attract more investments into the market, as companies demonstrate resilience and profitability [2] Group 3: Sector Analysis - Specific sectors, such as technology and consumer goods, have outperformed others, contributing significantly to the overall profit increase [2] - The article highlights the importance of monitoring sector performance to identify potential investment opportunities [2]

Core Viewpoint - The A-share market is experiencing a consolidation phase before challenging the 4000-point mark, with a focus on domestic industry trends as tariff concerns ease [1] Market Outlook - The impact of tariff events is gradually diminishing, allowing the market to refocus on domestic industry trends. Since late October, the A-share market has broken through the 3900-point resistance and is testing the 4000-point level. The current market sentiment shows strong immunity to tariff shocks, leading to a horizontal consolidation rather than significant corrections. The market is expected to maintain an upward trend, with conditions for further expansion in November [1] - Key focuses for November include the finalization of the 14th Five-Year Plan, the disclosure of Q3 reports, and event-driven developments in the technology sector, which are anticipated to catalyze multiple sectors and sustain the upward market trend [1] Hot Sectors - The technology sector remains a focal point in November, with orderly rotation and high-low switching observed within the sector after continuous growth in August and September [2] - Sectors such as robotics, military industry, and smart vehicles are expected to see a rebound, while leading sectors like computing hardware, domestic semiconductors, and new energy may present buying opportunities upon noticeable adjustments [3] Sector-Specific Insights - The trend of robot localization and integration into daily life is expected to continue, with opportunities arising in sensors, controllers, and dexterous hands as the market anticipates updates to Tesla's humanoid robot [3] - The push for semiconductor localization remains strong, with attention on semiconductor equipment, wafer manufacturing, materials, and IC design [3] - The military sector is projected to see a recovery in orders by 2025, with signs of bottoming out in the performance of various military sub-sectors [3] - The innovative drug sector is entering a recovery phase after nearly four years of adjustment, with positive net profit growth expected to continue into 2025 [3] - The banking sector is witnessing a rebound in performance growth after the impact of loan rate re-pricing, with attractive dividend yields drawing interest from long-term institutional investors [3]

申万宏源策略 【申万宏源策略｜国内政策】识变应变求变！——申万宏源策略四中全会公报解读 原创 阅读全文 ...

Core Viewpoint - The article discusses the acceleration of local government bond issuance and the reissuance of special refinancing bonds to repay existing debt, highlighting the trends and implications for the local debt market [2] Group 1: Bond Issuance Trends - There has been a noticeable increase in the issuance of new local government bonds, indicating a proactive approach to managing debt [2] - The issuance of special refinancing bonds is being utilized as a strategy to address the repayment of existing debts, reflecting a shift in local government financing strategies [2] Group 2: Market Implications - The acceleration in bond issuance may lead to improved liquidity in the local debt market, potentially benefiting investors seeking stable returns [2] - The focus on refinancing existing debt through special bonds suggests a growing emphasis on sustainable debt management practices among local governments [2]