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]. Group 1: Meeting Proposals - The main proposal involves changing 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]. Group 2: 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]. Group 3: Voting Participation Guide - For SMS voting, shareholders will receive a voting message and must respond with their choice by a specified deadline [3]. - Online voting can be conducted through the Shenwan Hongyuan Securities app or WeChat official account, requiring personal information verification [4][5]. Group 4: Voting Timeline - The voting period starts on November 17, 2025, and ends on December 12, 2025, with specific dates for the rights registration and voting commencement [7].

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 星期二 11月 今日申. 今日中签缴..2 股 精创电气 920035 配 12.10 13.47/41.07 发行/行业市盈率 申购上限 65.07万股 发行价(元) 今日无新债 ● ...

Market Overview - The A-share market experienced fluctuations this week, with the Shanghai Composite Index reaching new highs before a slight decline of 0.18%. The ChiNext Index and the STAR Market 50 Index saw declines of over 3% [1] - The Hong Kong Hang Seng Index rose by 1.26%, while the Hang Seng Tech Index experienced a slight drop [1] Stock Market Insights - Market sentiment declined from Monday to Wednesday, particularly in the Shenzhen market, but rebounded significantly on Thursday, driven by sectors like energy storage. The market remains near critical psychological levels, with limited downside risk anticipated [3] - The A-share market is expected to experience increased volatility in response to upcoming economic data releases from the U.S. [3] Bond Market Analysis - The bond market is expected to remain in a narrow trading range, with a focus on opportunities in interest rate bonds. The current market lacks a clear trading direction, and there is potential for increased volatility and reduced yield space [4][28] - The interbank funding environment has shifted to a looser stance, while exchange funding has tightened, leading to stronger performance in both interest rate and credit bonds [29] Commodity Market Trends - Gold prices have rebounded after previous adjustments, with COMEX gold seeing a weekly increase of over 4%. However, short-term pressures may arise due to the reopening of the U.S. government and cautious signals from the Federal Reserve regarding interest rate cuts [5][34] - The South China Commodity Index rose by 0.87% this week, with notable increases in precious metals and agricultural products [34] Overseas Market Developments - Key issues for the U.S. stock market include the potential for a Federal Reserve rate cut in December and concerns over the "AI bubble." Upcoming economic data and Nvidia's earnings report are critical for market direction [6] - The U.S. dollar index fell below the 100 mark, and U.S. Treasury yields experienced fluctuations [1] Industry Performance - In the Shenwan first-level industry indices, sectors such as comprehensive, textile and apparel, and retail trade performed well, with weekly gains of 6.99%, 4.41%, and 4.06%, respectively [25][27] - Conversely, sectors like electronics and communications saw declines of 4.77% [27] Trading Volume and Activity - The total trading volume in the two markets increased to 20,226 billion yuan, up 1.64% from the previous week. The trading structure showed a decrease in the proportion of trading in the CSI 300 and CSI 500 indices [12][13] - The turnover rates for the CSI 300 and CSI 500 indices decreased compared to the previous week, while the CSI 1000 index saw an increase [12]

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]. Group 1: Meeting Proposals - The main proposal involves changing 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]. Group 2: 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]. Group 3: Voting Participation Guide - For SMS voting, shareholders will receive a voting message and must respond with their choice before the deadline [3]. - Online voting can be conducted through the Shenwan Hongyuan Securities app or WeChat official account, requiring personal information verification [4][5]. Group 4: Voting Timeline - The voting period starts on November 17, 2025, and ends on December 12, 2025, with specific dates for the rights registration and voting commencement [7].

申万宏源宏观 向"改革"要红利——2026年宏观形势展望（申万宏观·赵伟团队） 原创 阅读全文 ...

申万宏源策略 【申万宏源策略】周度研究成果（11.10-11.16) 原创 阅读全文 ...

Market Overview - The A-share market experienced fluctuations this week, with the consumer and banking sectors showing slight strength, while the lithium battery and industrial metals sectors performed well [6] - The technology sector showed a mixed adjustment, with humanoid robots and AI core listed companies experiencing significant cumulative gains this year, contributing to recent adjustments in these sectors [7] Sector Analysis - The humanoid robot sector faced downward pressure due to uncertainties regarding large-scale production timelines, leading to investor concerns about the industry's future [7] - The AI sector saw a general weakening in both application and hardware aspects, with fears of an AI industry bubble arising from the contrasting performance of upstream and downstream companies in the US market [7] - Despite the overall weakness, some leading AI companies maintained strong stock performance due to continuous improvements in large model capabilities and optimistic industry prospects [7] Battery Sector Insights - The battery sector saw a strong increase this week, with lithium mines, lithium batteries, and solid-state battery concepts leading in gains [8] - The surge in overseas energy storage demand, driven by expectations of increased electricity consumption from data centers, contributed to the sector's strength [8] - Recent price increases in lithium hexafluorophosphate and electrolyte additives were noted, with prices doubling since mid-October, attributed to supply-demand mismatches [8] Economic Indicators - The October CPI data turned positive, boosting market confidence, with the Shanghai Composite Index reaching a new high of 4034.08 points, supported by stable performance in consumer stocks, banks, and non-ferrous metals [9] - However, the market adjusted significantly on Friday due to weakness in technology stocks, indicating that the A-share market is expected to maintain overall fluctuations with structural hotspots in the future [9]

● 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握豢秃脱չ-副ฐω 申门宏源证券 星期一 11月 a E IATAL 今日中签缴 .. 0 今日申 ... 0 今日无新股新债 ...

Core Viewpoint - The article discusses the current high-level region of the "Bull Market 1.0" phase, analyzing market trends and potential future movements [2] Group 1 - The market has shown significant resilience, with major indices experiencing fluctuations but maintaining an overall upward trajectory [2] - Key economic indicators suggest a strong recovery, with GDP growth projected at 5% for the upcoming quarter [2] - Investor sentiment remains optimistic, driven by positive earnings reports and robust consumer spending [2] Group 2 - Sector performance has varied, with technology and healthcare leading the gains, while energy and utilities have lagged behind [2] - The article highlights the importance of monitoring inflation rates, which are expected to stabilize around 3% in the near term [2] - Regulatory changes in the financial sector are anticipated, which could impact market dynamics and investment strategies [2]

Group 1 - The macroeconomic data continues to be disclosed, with the market focusing on the domestic economic situation. After the inflation data release, the financial data for October followed closely. The investment and financing demand appears relatively stable, while the money supply has slightly decreased. The market's expectations regarding the proactive policy measures this year and the economic data showing a trend of high first and low later are acknowledged, indicating that the overall macro impact is relatively limited. Additionally, recent adjustments in overseas markets, particularly regarding the development of AI, have led to collective adjustments among US tech companies, which has somewhat influenced the market structure last week, particularly affecting the TMT sector in A-shares [1][2]. Group 2 - Last week's market performance showed divergence, with a slight rebound in trading volume. The Shanghai Composite Index rebounded throughout the week, reaching a new high on Friday before retreating and closing below the 5-day moving average. The Shenzhen Component Index fluctuated around the short-term moving average, also closing below the 5-day moving average on Friday. The average daily trading volume for both markets was around 20 billion yuan, slightly increasing from the previous week. The main market hotspots were concentrated in the consumer sector. In terms of investment style, small-cap stocks represented by the CSI 2000 and large-cap blue-chip stocks represented by the SSE 50 achieved excess returns, while tech stocks lagged. The Shanghai Composite Index has been oscillating around the 4000-point mark, with a recent adjustment at the end of October, ultimately rebounding near the 20-day moving average. The Shenzhen Component Index has shown slightly weaker performance and is currently in a consolidation phase [2].