Group 1 - The core viewpoint of the article highlights the successful issuance of a short-term financing bond by Zigong State-owned Capital Investment Operation Group Co., Ltd., with a scale of 200 million yuan and a coupon rate of 1.92%, achieving a subscription multiple of 4.35, indicating strong market confidence in the issuer's credit quality and development prospects [3] - The bond issuance set a record for the lowest coupon rate for the same rating and type of unsecured bonds in the five southwestern provinces of China, showcasing the issuer's strong market position [3] - Zigong State-owned Capital Investment Operation Group plays a unique role in guiding investment, structural adjustment, and capital management in the economic and social development of Zigong City, with a stable issuer rating of AA [3] Group 2 - The successful issuance of the bond is expected to deepen the cooperation between Shenwan Hongyuan and the issuer, enhancing the brand recognition and professional competitiveness of Shenwan Hongyuan in the bond business in Zigong City [4] - This achievement is a significant result of Shenwan Hongyuan's strategy of "deepening regional engagement and serving the real economy," laying a solid foundation for expanding more quality projects and deepening cooperation with various quality issuers in Zigong City [4]

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脱纸圆膏猛 ● 申厅宏源证券 星期三 12月 e stiri 31 2025 Links Bell 今日申 ... 今日中签缴... 0 今日上.. 今日无新股新债 免责声明 ...

Group 1 - The A-share market shows resilience despite adjustments in surrounding stock markets, with the Shanghai Composite Index rebounding quickly after a low opening and closing slightly down, while the Shenzhen market performed even better, closing in the green [1] - On Tuesday, both markets opened lower but recovered, with the Shanghai Composite Index closing above the 5-day moving average for the tenth consecutive day, while the Shenzhen Component Index also closed above the 5-day moving average, indicating strong performance [1] - Market turnover exceeded 2 trillion yuan, slightly increasing from the previous day, with key sectors including oil, petrochemicals, and non-ferrous metals showing significant activity, alongside a notable performance in the robotics sector [1] Group 2 - The Shanghai Composite Index has formed a small double bottom pattern, attempting to rise above the neckline, with similar downward adjustments observed in late November and mid-December, indicating a potential upward trend supported by the 5-day moving average [1] - The market is expected to experience lower trading volume and volatility as it approaches the last trading day of 2025, with optimistic expectations for the upcoming "14th Five-Year Plan" contributing to recent market strength [1]

Group 1 - The core viewpoint of the article highlights the successful issuance of a non-public corporate bond by Meishan Tianfu New District Investment Group Co., Ltd., with a total issuance scale of 600 million yuan and a coupon rate of 2.30% [2] - The bond has a term of 3+2 years, indicating a structured approach to financing that allows for potential extension [2] - Meishan Tianfu New District Investment Group is the sole urban infrastructure construction and investment operation entity in the Meishan Tianfu New District, aiming to integrate various functions such as infrastructure construction, project investment operation, asset management, and urban service support [2] Group 2 - The successful bond issuance is expected to enhance the collaboration between Shenwan Hongyuan and the issuer, increasing brand recognition and professional competitiveness in the bond business within Meishan City [2] - Shenwan Hongyuan plans to leverage its professional capabilities and efficient communication to expand cooperation with the issuer's affiliated companies, laying a solid foundation for future quality project development in Meishan City [2]

Core Viewpoint - The article emphasizes the benefits of participating in government bond reverse repos as a short-term investment strategy, particularly during the year-end period when interest rates tend to rise, providing a safe and profitable option for idle funds [3][5]. Summary by Sections Government Bond Reverse Repo Overview - Government bond reverse repos are essentially short-term loans where individuals lend their funds to earn fixed interest, with government bonds used as collateral by the borrower [3]. - The safety of government bond reverse repos is considered equivalent to that of government bonds themselves [3]. Year-End Strategy - The article highlights that interest rates for government bond reverse repos typically increase significantly at month-end, quarter-end, year-end, and before long holidays, making it an attractive time for investors to consider this investment option [3]. - Investors are encouraged to monitor yield rates and select suitable term products to maximize the value of idle funds [3]. Interest Calculation Days - The interest calculation days for government bond reverse repos are based on the actual number of calendar days from the first settlement date to the maturity settlement date [4]. Year-End Reverse Repo Guide - A detailed table outlines various reverse repo options available around the New Year, including the start date, term, maturity date, and interest calculation days for different products [5][8]. - For example, a 7-day term starting on December 24, 2025, will have an interest calculation of 11 days, with funds available for withdrawal on January 5, 2026 [5][8]. Participation Tips - The minimum participation threshold for government bond reverse repos is set at 1,000 yuan, with multiple term options available for investors to choose from based on their needs [7]. - It is advisable to consider higher-yielding products when the interest calculation days are the same across different term options [7]. - Investors can execute a 1-day reverse repo operation two days before the market closure to earn holiday interest without affecting other account operations [7].

Core Viewpoint - The successful issuance of bonds by Mianyang New Emerging Investment Holding Co., Ltd. reflects the strong professional and sales capabilities of Shenwan Hongyuan Securities, contributing to the support of the real economy and the implementation of national strategies [2] Group 1: Bond Issuance Details - The bond issuance consists of two varieties: the first, guaranteed by Tianfu Credit Enhancement Company, has a rating of AAA, a coupon rate of 2.7%, and a total amount of 400 million yuan with a 5-year term [2] - The second variety, guaranteed by Chongqing Three Gorges Group, also has a rating of AAA, a coupon rate of 2.85%, and a total amount of 250 million yuan with a 5-year term [2] - The first variety of bonds achieved the lowest historical credit bond rate for the issuer, receiving high praise from the issuer [2] Group 2: Strategic Importance - Mianyang, as the second-largest economy in Sichuan and a regional center in the Chengdu-Chongqing city cluster, is recognized as China's only technology city approved for construction by the central government [2] - The successful bond issuance is a significant outcome of Shenwan Hongyuan's strategy of "deepening regional engagement and serving the real economy," laying a solid foundation for expanding quality projects in the Southwest region and deepening cooperation with local issuers [2]

Core Viewpoint - The article discusses the implications of the Federal Reserve's balance sheet expansion and the end of the QE era, highlighting the potential shifts in liquidity and market dynamics [2] Group 1: Federal Reserve's Actions - The Federal Reserve has significantly expanded its balance sheet, which has led to increased liquidity in the financial system [2] - The article emphasizes that the era of Quantitative Easing (QE) is coming to an end, suggesting a transition towards tighter monetary policy [2] Group 2: Market Implications - The end of QE may lead to increased volatility in financial markets as liquidity conditions change [2] - Investors may need to adjust their strategies in response to the shifting landscape of monetary policy and its impact on asset prices [2] Group 3: Economic Outlook - The article suggests that the changes in the Federal Reserve's approach could have broader implications for economic growth and inflation [2] - It highlights the importance of monitoring economic indicators as the Fed navigates this transition [2]

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掘豢秃腺ኗ圆膏ᠲ 免责声明 申厅宏源证券 星期二 12月 ECHHE 30 DIR 36 LAND 今日申.0 今日中签缴 .. 1 今日上 .. 今日无新股新债 ...

编者荐语： 摘要 上证指数收获八连阳，再叠加放量，跨年行情似乎正在蓄势待发； 2026 年关注反内卷和科技创新两大主线。 转载自申万宏源上海分公司，仅供参考。本周市场强势上涨，上证指数涨1.88%，从风格来看，科技成长表现优异，中小盘风格活跃。板块来看，海南板 块、有色金属及电池、商业航天、谷歌链等均涨幅较高，形成了范围较广的赚钱效应。 以下文章来源于申万宏源证券上海分公司 ，作者司伟杰 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。 市场回顾 本周市场强势上涨，上证指数涨 1.88% ，创业板涨 3.90% ，科创 50 涨幅 2.85% ，从风格来看，科技成长表现优异，中小盘风格活 跃。板块来看，海南板块、有色金属及电池、商业航天、谷歌链等均涨幅较高，形成了范围较广的赚钱效应，在此带动下，成交量也摆脱 了 1.8 万亿附近的震荡区间，周五全市场成交量突破 2.1 万亿。上证指数收获八连阳再叠加放量，跨年行情似乎正在蓄势待发。 行业复盘：有色金属为何那么强？ 从今年申万一级行业来看，有色金属涨幅超过 80% ，排名第一， ...

Group 1 - The core viewpoint of the article highlights the successful listing of the "Dongjiu New Economic REIT Expansion Project" on the Shanghai Stock Exchange, marking a significant milestone for the company as a financial advisor in the public REITs expansion project [1] - The project is initiated by Dongjiu Industrial Real Estate Investment Co., focusing on the development and management of infrastructure industrial parks, particularly in key urban areas such as the Yangtze River Delta and the Greater Bay Area [1] - The expansion involves acquiring shares in infrastructure projects, specifically the Dongjiu (Nantong) Intelligent Manufacturing Park and Dongjiu (Chongqing) Intelligent Manufacturing Park, which are characterized by single-layer standard factory assets that align well with heavy industrial production needs [1] Group 2 - The company leverages its "investment + investment banking" synergy to enhance collaboration across various departments, including underwriting, fixed income financing, and securities investment, to support clients effectively [2] - The company is committed to promoting a multi-tiered REITs market development through deepened cooperation in the entire REITs industry chain, including Pre-REITs and public REITs [2] - Key personnel from the company attended the listing ceremony for the Dongjiu New Economic REIT Expansion Project, symbolizing the project's successful launch [4]