Core Viewpoint - The "2025 Securities Industry High-Quality Development Conference and Golden Bull Award Ceremony" was held in Xiamen, Fujian, where various awards were presented, and Shenwan Hongyuan won seven awards [2][5]. Group 1: Awards and Recognition - Shenwan Hongyuan received the "One-Year Medium to Long-Term Pure Bond Type Golden Bull Asset Management Plan" for its "Shenwan Hongyuan Jinfeng No. 1 Collective Asset Management Plan" [5]. - The "Shenwan Hongyuan Hongli Anxuan No. 1 Collective Asset Management Plan" was awarded the "Three-Year Active Mixed Type Golden Bull Asset Management Plan" [5].

【申万固收|机构行为】中长期利率债基久期下降，非银机构均压降杠杆——机构行为观察周报 20251107 原创 阅读全文 申万宏源固收研究 ...

从数据导入、进度监控到结果推送，全环节依赖人工操作，人力投入大且易因操 作误差引发风险。 4.估值行情对接僵化，缺乏及时反馈机制 估值行情仅支持固定时间手动导入，无实时反馈机制，个别产品的行情延迟或缺 失易导致同一批次全部产品的清算卡壳。 在大资管行业深化发展的背景下，私募产品数量持续扩容至万级规模，业务场景日益复 杂，传统TA清算模式已难以适配管理人对清算效率、资金划付效率、运营灵活性及风险控制 的核心诉求。为破解这一困局，申万宏源证券托管中心全新推出"TA单产品自动化清算功 能"，通过重构清算流程、优化技术架构，实现TA业务从"全量批量处理"向"单产品精准化、 自动化运营"的转型，为管理人提供更加高效、安全、灵活的清算服务。 一、行业痛点：传统TA清 算模式的六大核心制约 当前TA清算业务面临的挑战，源于传统运营模式与新时期业务需求的深度错配，具体表 现为以下六点： 1.产品数量激增，清算周期被动拉长 私募产品数量及规模持续增长，传统全量批次清算模式下，清算周期随产品数量 同步延长，难以满足基础时效要求。 2.缺乏实时清算模式，时效高需求难适配 传统清算模式产品清算时点固定，无法根据产品净值估出时间适时调 ...

Market Overview - The A-share market is experiencing repeated fluctuations around the 4000-point mark, with trading volume declining to approximately 2 trillion yuan, indicating a cautious market sentiment [1] - The market's resistance at the 4025-point level reflects a psychological barrier, as the A-share index has not surpassed 4000 points in the past decade [1] - The recent fluctuations may be preparing the market for a new upward phase, with conditions for further upward movement improving after a period of profit-taking and consolidation [1] Future Outlook - The focus for November includes the impact of the 14th Five-Year Plan on industries, technological sector events, and price recovery driven by anti-involution trends, which are expected to catalyze multiple sectors [1] - The short-term impact of tariff events is not anticipated to affect the medium-term trend of the market [1] Sector Highlights - The technology sector remains a key area of interest in November, with orderly rotation and high-low switching expected within the sector [2] - Underperforming segments such as robotics, military, and smart vehicles are likely to see a rebound, while leading sectors like computing hardware, domestic semiconductors, and new energy may present buying opportunities upon adjustment [2] - The anti-involution trend is showing results in sectors like photovoltaics, cement, coal, and express delivery, which are expected to experience price increases and subsequent rebounds [2] Specific Sector Opportunities - The trend towards domestic robotics is projected to continue, with advancements in various types of robots expected to create opportunities in related components like sensors and controllers [2] - The domestic semiconductor industry is on the rise, with attention on semiconductor equipment, wafer manufacturing, materials, and IC design [2] - The military sector anticipates a recovery in orders by 2025, with signs of bottoming out in the performance of various military sub-sectors [2] - The innovative pharmaceutical sector is entering a recovery phase after several years of adjustment, with positive profit growth expected to continue into 2025 [2] - The banking sector is seeing a rebound in mid-year performance growth, attracting interest from long-term institutional investors due to its appealing dividend yield [2]

Core Viewpoint - The article discusses the recent increase in volatility in the US stock market and its implications for global asset allocation strategies [2] Group 1: Market Volatility - The US stock market has experienced significant fluctuations, raising concerns among investors about potential risks in asset allocation [2] - Factors contributing to this volatility include macroeconomic indicators, interest rate changes, and geopolitical tensions [2] Group 2: Global Asset Allocation - Investors are advised to reassess their global asset allocation strategies in light of the heightened market volatility [2] - The article emphasizes the importance of diversification across different asset classes to mitigate risks associated with market fluctuations [2] Group 3: Economic Indicators - Key economic indicators, such as inflation rates and employment data, are highlighted as critical factors influencing market sentiment and investment decisions [2] - The article notes that changes in these indicators can lead to rapid shifts in market dynamics, impacting investor confidence [2]

Core Viewpoint - The article discusses the recent trends in the A-share market, highlighting a recovery in profit growth for listed companies, expectations for a potential interest rate cut by the Federal Reserve, and changes in market dynamics indicating a shift towards a more cautious investment environment [6][11][12]. Group 1: Profit Growth of Listed Companies - The profit growth of A-share listed companies has turned positive after a prolonged period of decline, with a non-financial and "three barrels of oil" adjusted net profit growth rate of 7.0% in Q1 2023, followed by low single-digit growth in the subsequent quarters [6][11]. - The expectation is for continued low positive growth in Q4 2023, aided by a lower comparative base in 2024 [11]. Group 2: Federal Reserve Interest Rate Expectations - The probability of a 25 basis point rate cut by the Federal Reserve in December has decreased to 63.00%, down from 91.70% a week prior, indicating internal disagreements within the committee [12]. - Despite the decrease in probability, a rate cut remains a likely event, which may still influence market risk appetite [12]. Group 3: Market Dynamics and Risk Preferences - The equity risk premium for the CSI 300 index showed a slight recovery to 5.70 at the end of September, interrupting a downward trend that had persisted since April, suggesting a slight decline in investor risk appetite [7][15]. - The number of stocks with over 20% gains in October 2025 dropped to 237, a 41% decrease from the previous month, indicating a significant reduction in market risk appetite and a return to a sideways market structure [18]. Group 4: Market Index Predictions - The Shanghai Composite Index faced resistance after attempting to break out of a trading range in October, suggesting the need for further market consolidation [20]. - The CSI 300 index experienced volatility, with significant technical resistance at levels established during the second half of 2021, while key support levels are identified at the 2016 and 2020 lows [24].

Core Viewpoint - The article highlights the recognition of Shenwan Hongyuan's underwriting and sponsorship team, which won the "Golden Bull Investment Banking Team" award for the fifth time since 2020, emphasizing its strong performance and commitment to high-quality development in the securities industry [1][3]. Group 1 - The Golden Bull Award is known for its scientific and rigorous evaluation, serving as a benchmark for measuring the comprehensive strength and professional capabilities of securities firms [3]. - Continuous awards for Shenwan Hongyuan reflect not only its outstanding performance but also its stable operational style, strong growth potential, and high sense of social responsibility [3]. - As a key player in the capital market, Shenwan Hongyuan adheres to the principle of "serving the country through finance," focusing on professional capability development and compliance risk control as foundational elements [3]. Group 2 - The company aims to be a long-term partner for clients by providing precise and efficient financing solutions throughout the entire lifecycle of enterprises [3]. - Shenwan Hongyuan is committed to integrating deeply into the national development agenda, supporting the real economy, aiding enterprise growth, and promoting industrial upgrades [3]. - Looking ahead, the company plans to continue its practical approach, striving to become a first-class modern investment bank while injecting more financial vitality and professional strength into the high-quality development of the national economy [3].

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 田门宏源证券 星期二 11月 H (3) 今日申 .. 之 今日中签缴 .. 殿 南特科技 920124 团 8.66 13.6/44.33 发行/行业市盈率 申购上限 167.32万股 发行价(元) 今日无新债 ● ...

本期债券发行结果得到了发行人的高度认可。本期债券的成功发行也体现了申万宏源证券持续服务一带一路、科技创新等国家战略的责任担当。 来源：申万宏源证券 2025年11月6日，申万宏源证券作为主承销商的中国石油天然气集团有限公司2025年面 向专业投资者公开发行科技创新"一带一路"公司债券(第一期)(能源保供)成功发行。本次债券 为 全市场首单 科技创新一带一路能源保供公司债，规模60亿元，期限7年，票面利率 1.99%，创同期限公司债券最大发行规模和最低发行利率。 中国石油集团作为科技创新突出贡献企业，近年来围绕非常规油气勘探开发、新材料新产品开发等领域深挖技术潜能、突破瓶颈制约，不断贡献"中 国智慧""中国方案"，创造"中国标准""中国纪录"。中国石油集团作为共建"一带一路"的主力军，持续深化与共建"一带一路"国家传统能源领域合作， 秉承"开放、包容、合作、共赢"理念，以"一带一路"沿线国家为重点，加强海外能源资源互利合作，积极塑造国家和企业良好国际形象，不断提升国家 话语权和影响力。 ...

Core Viewpoint - The article discusses the evolving market outlook for 2026, highlighting the ongoing trends and potential investment opportunities in various sectors [2] Group 1: Market Trends - The market is experiencing a continuous evolution in response to economic indicators and policy changes, suggesting a dynamic investment landscape [2] - Key sectors are showing signs of recovery and growth, driven by both domestic and international factors [2] Group 2: Economic Indicators - Recent economic data indicates a positive trajectory, with GDP growth projected to stabilize, impacting investor sentiment [2] - Inflation rates are being monitored closely, as they play a crucial role in shaping monetary policy and market expectations [2] Group 3: Sector Analysis - Specific industries, such as technology and renewable energy, are highlighted as having significant growth potential due to innovation and government support [2] - The financial sector is also poised for growth, benefiting from rising interest rates and increased lending activity [2]