Core Viewpoint - The article emphasizes the significant role of the fixed income financing team at Shenwan Hongyuan in supporting China's economic development through innovative financial solutions and strategic initiatives, particularly in the realms of technology, rural revitalization, and the Belt and Road Initiative [1][2][4][6]. Group 1: Technology and Innovation - The fixed income financing team is committed to enhancing high-quality development of new productive forces by embracing innovation and improving professional service capabilities, particularly in response to the launch of the "technology board" in the bond market [2][3]. - The team faced challenges in sourcing quality projects that met regulatory requirements for the first batch of technology innovation bonds, leading to a rigorous project screening process that resulted in successful bond issuance [3]. Group 2: Rural Revitalization - The team actively supports rural revitalization and the construction of a beautiful China by responding to social needs and fulfilling corporate social responsibility, exemplified by the issuance of the first rural revitalization project revenue bonds in Jiangning [4][5]. - The financing efforts have led to multiple industry-first rural revitalization bonds, establishing the company as a leading player in this sector [5]. Group 3: Belt and Road Initiative - The fixed income financing team has played a crucial role in facilitating the Belt and Road Initiative by developing innovative bond products that align with national resource security and long-term funding needs, such as the issuance of bonds for the Simandou iron ore project [6][7]. - The company has consistently ranked among the top three in industry underwriting for two consecutive years, demonstrating its commitment to supporting the Belt and Road Initiative [7].

Group 1 - The core viewpoint of the article highlights the successful issuance of Shaoxing Bank's subordinated capital bonds, which amounts to 2.5 billion yuan, with a maturity of 5+5 years and a coupon rate of 2.68%, marking a new low for the issuer's capital bonds [2] - The bond issuance received a subscription multiple of 2 times, indicating strong market recognition of Shaoxing Bank's credit quality [2] - The successful issuance enhances Shaoxing Bank's capital replenishment capacity and strengthens its ability to support the real economy, particularly in serving private enterprises and small and micro businesses in Zhejiang Province [2] Group 2 - Shenwan Hongyuan Securities provided comprehensive underwriting support for the bond issuance, leveraging its expertise in the commercial bank capital supplement bond sector [3] - The collaboration between Shenwan Hongyuan Securities' fixed income financing headquarters and its Zhejiang branch was crucial for the successful completion of the bond issuance [3] - Looking ahead, Shenwan Hongyuan Securities aims to deepen its engagement in the bond market, offering innovative financial services to help quality financial institutions optimize their capital structures and enhance their capacity to serve the real economy [3]

Market Overview - As the year-end approaches, investor interest in positioning for the next year is increasing, with the Shanghai Composite Index showing a strong performance over the past six trading days, successfully returning above the 60-day moving average, indicating a potential year-end rally [1] - Despite liquidity pressures leading to daily trading volumes in the Shanghai and Shenzhen markets remaining below 2 trillion yuan, a significant increase in market activity is expected after the year-end [1] - The relationship between price and volume is crucial, with rising prices accompanied by increasing volumes being a basic technical requirement for market strength [1] Sector Performance - On a sector basis, defense and military stocks experienced declines on Tuesday but rebounded on Wednesday, indicating a rapid rotation among sectors [1] - Precious metals saw gains on Tuesday but faced declines on Wednesday, while major financial sectors like banking and insurance, as well as cyclical sectors like coal, showed weaker performance on Wednesday compared to small and mid-cap stocks [1] - Currently, sectors such as batteries, energy storage, power equipment, and semiconductor chips continue to attract institutional investor interest, with stable and positive trends supported by strong industry fundamentals [1] Future Outlook - The market is expected to continue its consolidation with a stable upward trend, with attention on whether trading volumes can sustain increases to meet the technical requirement of rising prices and volumes [1]

Group 1 - The article discusses the issuance of a convertible bond by Jinpan Technology, with a conversion price set at 100.00 yuan [1] - The bond has been rated AA+ by the rating agency, indicating a strong credit quality [1] - The current trading price of the bond is 89.28 yuan, suggesting a potential discount compared to the conversion price [1]

Core Viewpoint - The successful issuance of the 2025 non-public corporate bonds by Sanmenxia Investment Group demonstrates the company's strong market position and the effective collaboration with Shenwan Hongyuan as the lead underwriter [2] Group 1: Bond Issuance Details - The bond issuance scale is 600 million yuan with a term of 5+2 years and a coupon rate of 2.98%, achieving a subscription multiple of 2.55 times [2] - This marks the first collaboration between Shenwan Hongyuan and Sanmenxia Investment Group, showcasing the efficiency and professionalism of Shenwan Hongyuan in bond underwriting [2] Group 2: Company Overview - Sanmenxia Investment Group is the largest state-owned asset operator in Sanmenxia City, with total assets exceeding 100 billion yuan [2] - The company operates in gold and silver refining and sales, and is responsible for major project construction and operation within Sanmenxia, including urban renewal and infrastructure projects [2] Group 3: Future Outlook - Shenwan Hongyuan aims to continue serving national strategies and the real economy, focusing on key regions and core clients to promote high-quality regional economic development [2]

Core Viewpoint - The article emphasizes the benefits of participating in government bond reverse repos as a short-term investment strategy, especially during the holiday season, highlighting their safety and potential returns [3][9]. 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 Holiday Trading Schedule - The trading schedule for the New Year 2026 indicates that the A-shares market will be closed from January 1 to January 3, 2026, reopening on January 5, 2026 [2]. - The Hong Kong Stock Connect will also not provide services during this period, resuming on January 5, 2026 [2]. Reverse Repo Strategies for New Year 2026 - Investors are encouraged to consider various maturity options for government bond reverse repos, with a minimum investment threshold of 1,000 yuan [7]. - Specific strategies include executing one-day reverse repos two trading days before the market closes to capture holiday returns without affecting other account operations [7]. Interest Calculation for Reverse Repos - The interest calculation period for reverse repos is based on the actual number of days the funds are occupied, from the first settlement date to the maturity date [4]. - A detailed table outlines various maturity options, their corresponding interest days, and the dates for fund availability [5][8]. Product Introduction: Baolixin/Baoliyuan - Baolixin/Baoliyuan represents a quote-based repo business where securities firms use their own assets as collateral to borrow funds from qualified investors, promising to return the principal and interest at maturity [9].

申万宏源证券固定收益外汇商品事业部（简称FICC事业部）把践行中国特色金融 文化与业务工作同谋划、同部署、同推进，形成具有FICC特色的生动实践。 场外期权出实招，为棉花产业链保"价"护航。2024年棉花行情走势复杂多变，传 统的期货和期权套保措施已无法适配这种极端行情变化，棉花产业链上的相关企业在 进行套保决策时举步维艰。部门客盘团队主动作为，走遍新疆地区，积极与当地相关 企业了解情况、沟通需求。为解决企业使用传统期权产品套期保值效果不佳的问题， 部门协同宏源恒利在普通累沽期权的基础上进一步设计出"累沽期权+敲出一次性浮动 赔付"的熔断累沽结构，并根据行情和棉花现货净敞口情况滚动交易，助力企业达到风 险管理目的。 推出"保险+期货+信贷"新模式，助力棉农稳产增收。牵头协同宏源期货、宏源恒 利等兄弟单位，与中华财险、大地财险、中国农业银行等机构合作，配合当地城农商 行为棉花种植合作社、轧花厂等中小微实体企业进行保供稳价宣讲培训，在新疆沙 湾、呼图壁、玛纳斯落地两单"保险+期货"项目，其中一单为"保险+期货+信贷"项 目。上述项目共服务新疆三地棉花种植农户，种植面积超过4000亩，实际投保面积约 2900亩，通 ...

Core Viewpoint - The article highlights the significant milestone of Hangzhou Derui Zhiyao Technology Co., Ltd. (Derui Zhiyao) as its AI-assisted small molecule GLP-1 receptor agonist MDR-001 enters Phase III clinical trials in China, marking it as the first AI-designed drug to reach this stage in the country [1][2]. Group 1: Clinical Development - MDR-001 is set to recruit approximately 750 overweight or obese participants for a 52-week study to systematically evaluate the drug's efficacy and safety [1]. - Since 2021, Derui Zhiyao has developed over 10 independent research pipelines and nominated 7 clinical candidates, with two receiving clinical trial approvals [2]. - The Phase III study aims to further explore and confirm the differentiated advantages of MDR-001 [2]. Group 2: Efficacy and Safety - In a previous Phase IIb trial involving 317 participants with a baseline weight of 90 kg, MDR-001 demonstrated a weight reduction of 10.3% after 24 weeks, significantly exceeding the 5% threshold commonly used as an early response benchmark [2]. - MDR-001 exhibited exceptional safety, with no serious adverse events reported during the Phase II trial and a treatment discontinuation rate due to adverse events of only 0.8% [3]. - Compared to other small molecule GLP-1 drugs, such as Eli Lilly's Orforglipron, which showed increasing discontinuation rates due to adverse events, MDR-001's safety profile is notably superior [3]. Group 3: Investment and Strategic Focus - Shenwan Hongyuan Investment Co., Ltd. has invested in Derui Zhiyao as part of its commitment to the central financial work conference's directives and as a strategic move into AI-related sectors [4]. - The company plans to continue tracking cutting-edge AI technologies and explore their applications in innovative drug development, focusing on unmet clinical needs and investing in key areas such as innovative medical devices, IVD and precision medicine, biomedicine and life sciences, and smart healthcare [4].

Core Viewpoint - The article discusses the introduction of an intelligent enhancement strategy for trading stocks and ETFs, which aims to improve investment returns through automated intraday trading and cost reduction. Group 1: Intelligent Enhancement Strategy - The intelligent enhancement strategy utilizes machine learning algorithms based on users' existing stock holdings to capture price fluctuations through automated buy and sell transactions, thereby reducing costs and increasing returns while maintaining overall positions [3][5]. - The strategy is designed for ease of use, allowing for a one-time setup that remains effective over the long term, with all processes conducted online [4]. - The strategy supports various intraday trading methods, automatically matching optimal execution strategies based on different holdings [4][5]. Group 2: Operational Features - The system operates through a high-speed trading platform, ensuring quick order execution and high efficiency in capturing market opportunities [6]. - It supports both Shanghai and Shenzhen A-shares and ETFs, catering to diverse trading preferences across devices such as computers and mobile phones [6]. - The strategy includes multiple layers of risk control to ensure efficient and secure operation [6].

e 上海:黄浦区新昌路180号 吉林:长春市南关区东北亚国际金融中心3号楼4层 新疆:乌鲁木齐市天山区和平南路560号(国际大巴扎内) 广西: 桂林市七星区漓江路桂林甲天下会展中心东南角一楼 湖北:黄石市黄石港区湖滨大道97号 投教基地 微信公众号 投教基地 官方微信视频号 投教基地 官方抖音号 入市有风险,投资需谨慎 X tjjd@swhysc.com 免责声明 投资有风险,入市需谨慎!本栏目内容仅为投资者 教育之目的,介绍业务知识,揭示投资风险,不构 成对投资者的任何投资建议。投资者不应以该等信 息取代其独立判断或仅依据该等信息做出投资决 策。申万宏源力求本栏目的信息准确可靠,但对这 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发的损失承担任何责任。 本栏目内容如有变动，恕不另行通知。最终解释权 归申万宏源证券有限公司所有。 ...