Workflow
申万宏源证券上海北京西路营业部
icon
Search documents
把握”吃喝玩乐“消费新浪潮
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,最终解释权归申万宏源证券有限公司所有。 ...
牛市旗手券商板块大涨,行情能否持续?| 周度量化观察
牛牛市市旗旗手手券券商商板板块块大大涨涨,,行行情情能能否否持持续续?? 22002255年年66月月2233日日--22002255年年66月月2277日日基基金金投投顾顾观观点点 本周A股强势上涨,债市小幅回调,黄金回落,美股和美债上涨。具体来看,本周市场有以下 几个重要方面: 在国际地缘风险降低,美元指数年内新低,中美经贸谈判边际趋好的综合背景下,预计股票市场风 险偏好有望维持。鉴于指数普涨并非自经济基本面的驱动,故短期行情趋势更依赖市场成交的持续 性。但即使市场成交不能持续放量,在当前市场风险偏好下,预计市场依然会有比较多的结构性投 资机会。 01 本周市场普涨,强势表现超出市场预期。以伊停火协议助力全球市场风险偏好回升,香港稳 定币相关政策推动券商和金融科技板块大涨,银行和非银板块合力推动指数上行的行情在周 五稍缓。上证指数本周年内新高,但其他指数相对年内高点较远,本周近九成个股取得正收 益。 02 债市方面,本周债市小幅震荡回调。资金面上,尽管季末资金面较为紧张但央行本周累计净 投放超万亿,整体来看资金面较为均衡。基本面上,5月经济数据等仍偏弱,经济复苏有待 时日,对债市较为有利。消息面上地缘政治 ...
把握”吃喝玩乐“消费新浪潮
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,最终解释权归申万宏源证券有限公司所有。 ...
关于警惕不法分子假冒申万宏源证券及员工名义开展非法金融活动的风险提示 (2025年第6号)
Core Viewpoint - The company has identified illegal financial activities being conducted by fraudsters using its name and the name of an employee, which severely harms investor rights and the company's reputation [1][2]. Group 1: Illegal Activities - Fraudsters are luring investors with offers of free phone credits and inviting them to join a WeChat group named "Shenwan Hongyuan Internal Group" to promote illegal stock recommendations [1]. - The fraud involves the use of a fake trading app called "Shenwan e Hongfa," where scammers promise high returns and provide trading instructions, claiming to offer a "compensation agreement" for losses up to 30,000 yuan [1]. Group 2: Company Response - The company warns investors against adding unknown QQ numbers or joining suspicious groups, and advises against downloading unverified apps or engaging in financial transactions without confirming the identity of the other party [1][2]. - The company reserves the right to take legal action against any individuals or organizations impersonating it or its employees in illegal financial activities [2]. Group 3: Investor Awareness - Investors are urged to enhance their risk awareness and ability to identify fraudulent activities, and to report any suspected scams to law enforcement [2].
“申”度解盘 | 半年末时间点过后,验上行成色
以下文章来源于申万宏源证券上海分公司 ,作者杨敏 申万宏源证券上海分公司 . 申万宏源证券上海分公司官微,能为您提供账户开立、软件下载、研究所及投顾资讯等综合服务,为您 的财富保驾护航。 本周市场放量突破 3400 一带压力,周线月线趋势看,指数的上行趋势依然没结束。 周五市场由银行板块大幅调整引发市场三连阳后出现一定调整, 目前调整性质还需观察,主 要看下周初的市场反馈: 一方面,半年末资金面紧张的时间点到下周一 6 月 30 日就过去了 , 周五国债回购利率大 涨也是引发调整因素之一,看周二是否在短期资金面利空过去后企稳回升,甚至市场强的 话,周一就会提前企稳。 上述消息面总体偏暖,重点是市场反馈。 如果市场依然强,那么下周初在资金面利空过去 后,应该重回上行趋势;否则,短期要做适当防御。 中期趋势上 ,从指数的 ERP 、估值、证券化率等指标看,依然性价比较高,同时近期大宗 商品包括黑色系、基本金属和多晶硅、工业硅等的连续异动,这也是 PPI 未来走高的重要前 兆, 下半年依然看好。 免责声明:本文内容为作者个人观点,本站只提供参考并不构成任何投资及应用建议。如需转载,注意不得篡改原 文题目和内容,本站 ...
北交所知识一点通丨第五期:北交所新股申购的条件和要求(二)
Core Viewpoint - The article emphasizes the importance of enhancing public financial literacy and risk prevention capabilities, particularly in the context of the Beijing Stock Exchange (北交所) and its new initiatives to educate investors about market participation. Group 1: New Share Subscription Process - Investors can participate in new share subscriptions on the Beijing Stock Exchange during designated hours: 9:15-11:30 and 13:00-15:00. Each subscription unit consists of 100 shares, and the total subscription amount must be in multiples of 100 shares, not exceeding 5% of the initial online issuance or 99.999 million shares, otherwise the application will be invalid [1]. Group 2: Querying Subscription Results - Investors can check the allocation results of new share subscriptions on the evening of T+2 (where T is the subscription day) via the official website of the Beijing Stock Exchange or through the app used for subscription [2]. Group 3: Important Considerations for Investors - Before participating in new share subscriptions, investors must ensure that sufficient funds are deposited in their securities account. Once a subscription application is confirmed by the trading system of the Beijing Stock Exchange, it cannot be revoked. The interest generated from the frozen funds will be allocated to the Securities Investor Protection Fund according to relevant regulations [3].
早盘直击 | 今日行情关注
从市场运行节奏看,沪指突破五、六月份的震荡小箱体,但去年四季度高点附近压力仍大。沪指上 周一举突破了五、六月份来回震荡的小箱体,实现了重心的上移,并创出年内新高。但是,去年四季度 的成交密集区仍有较强技术阻力,在没有实质性利好信息的配合下,预计难以一蹴而就得向上突破。 首先,中东地缘事件缓和,市场风险偏好回升。上周,以色列和伊朗的军事冲突有所缓和,交战各 方约定停战止戈。全球资本市场总体呈现回升状态,国内市场风险偏好明显回升,沪指创出年内新高。 此外,美联储降息预期在上周有所加强,亦对反弹行情有所助推。展望后期,国内经济数据和上市公司 的中报将成为影响行情的重要影响因素。 上周,两市震荡反弹,日均成交明显增加。沪指上周一路反弹,周中高点冲破年内高点,周五有所 回落,收盘略低于五天均线。深圳成指上周持续反弹,周五收盘重新站上半年线。量能方面,上周两市 日均量能超过 14000 亿,较上周出现明显增加。上周市场热点主要集中在军工、TMT 和非银金融行 业。投资风格方面,中小盘和科技风格涨幅更大。 风险提示:国际地缘、贸易冲突超出预期;全球金融市场风险暴露;国内上市公司业绩增速回落超 预期;全球经济衰退超预期。 ...
北交所知识一点通丨第六期:北交所新股发行战略配售
Core Viewpoint - The article emphasizes the importance of understanding the strategic placement of investors in the Beijing Stock Exchange (北交所) and outlines the rules and regulations governing this process to enhance investor knowledge and participation in the market. Group 1: Eligibility for Strategic Placement - Investors eligible for participating in the strategic placement of stocks on the Beijing Stock Exchange must have a good market reputation, strong financial capability, and recognize the long-term investment value of the issuer. They must also commit to subscribing to the stocks at the final determined issuance price [1]. Group 2: Determination of Strategic Investor Placement Ratio - The number of strategic investors participating in the public issuance of stocks on the Beijing Stock Exchange cannot exceed 10. For public offerings exceeding 50 million shares, the total amount of stocks allocated to strategic investors should not exceed 30% of the total issuance. For offerings below 50 million shares, this limit is set at 20%. Additionally, stocks allocated through special asset management plans and employee stock ownership plans cannot exceed 10% of the total issuance [2]. Group 3: Holding Period for Strategic Placement - The holding period for stocks allocated to strategic investors must be no less than 6 months. For stocks allocated through special asset management plans and employee stock ownership plans, the holding period is set at a minimum of 12 months, starting from the date the stocks are listed on the Beijing Stock Exchange [3]. Group 4: Participation in Online or Offline Issuance - Strategic investors are prohibited from participating in online or offline issuance. However, public funds, social security funds, pension funds, and annuity funds managed by securities investment fund managers that do not participate in strategic placement are exceptions to this rule [4]. Group 5: Information Disclosure for Strategic Placement - The issuer and the lead underwriter must disclose in the prospectus and issuance announcement whether a strategic placement method is used, the selection criteria for strategic investors, the upper limit of stocks allocated, the names of strategic investors, the committed subscription amount or stock quantity, the proportion of the total issuance, and the lock-up period arrangements. The final allocation results must also be disclosed, including the names of strategic investors, stock quantities, and lock-up period arrangements [5].
申万宏源助力云南省能源投资集团有限公司公开发行15亿元中期票据
Core Viewpoint - Yunnan Energy Investment Group successfully issued a 1.5 billion yuan medium-term note with a 5-year term and an interest rate of 2.67%, indicating strong market demand and enhancing the company's financing capabilities [1][2] Group 1 - The issuance of the medium-term note had a subscription multiple of 3.79 times, reflecting high investor interest and confidence in the company's creditworthiness [1] - Yunnan Energy Investment Group is the first enterprise in Yunnan Province to receive a AAA credit rating and plays a crucial role in energy project investment and implementation for the provincial government [1] - The company ranks 223rd among China's top 500 enterprises and 48th among the top 500 energy companies, showcasing its significant market position [1] Group 2 - This bond issuance marks the first 5-year credit bond issued by Shenwan Hongyuan Securities in Yunnan since 2020, highlighting the firm's commitment to the region and its strong market reputation [2] - Shenwan Hongyuan Securities aims to deepen cooperation with Yunnan state-owned enterprises and contribute to the province's economic development through enhanced service offerings [2] - The company plans to continue expanding its presence in the Yunnan market, focusing on high-quality economic development and supporting national energy security strategies [2]
北交所知识一点通丨第三期:北交所新股发行相关安排
Core Viewpoint - The article emphasizes the importance of understanding the pricing mechanisms and issuance processes for new stocks on the Beijing Stock Exchange (北交所), aiming to enhance investor knowledge and participation in the market. Group 1: Pricing Mechanisms - There are three pricing methods for public offerings on the Beijing Stock Exchange: direct pricing negotiated by the issuer and lead underwriter, online bidding by qualified investors, and offline inquiry pricing [1][2] - In direct pricing, the issuer and lead underwriter determine the price based on industry conditions, market situation, and peer company valuations, which must be disclosed in the prospectus and issuance announcement [2] - Inquiry pricing involves the issuer soliciting bids from registered offline investors, with the final price determined through negotiation based on initial inquiries [2] Group 2: Issuance Proportions - For direct pricing or bidding methods, all shares must be issued to online investors without offline inquiries or allocations [3] - In inquiry-based public offerings, the initial offline issuance proportion must be between 60% and 80%, with adjustments made for strategic investor allocations [3] Group 3: Subscription and Allocation Rules - If the effective subscription amount from offline investors is below the initial offline issuance amount, the issuance must be halted; if online subscriptions are insufficient, the shortfall can be allocated to offline investors [4] - If the effective subscription multiple from online investors exceeds 15 but is below 50, 5% of the public offering quantity should be reallocated from offline to online; if it exceeds 50, the reallocation should be 10% [4]