服务电力 助力经济 近日， 由申万宏源证券担任 联席 主承销商的国家电力投资集团有 限公司 2025 年面向专业投资者公开发行科技创新可续期公司债券（第 十五期）在 上交所 成功发行， 债券简称 "电投 KY15 " ， 发行规模 23 亿 元 ， 债券期限 3+N 年，主体评级 AAA ，票面利率 2.03% 。 本期债券募集资金扣除发行费用后将用于补充营运资金，偿还本部及成 员单位债务（含部分公司债券）等。根据《中央企业负责人经营业绩考 核办法》，国家电投集团荣获 " 2024 年中央企业科技创新优秀企 业"，属于国家有关部委认定的科技型样板企业。本期债券为科技创新 可续期公司债券。 国家电投集团是中央直接管理的特大型国有重要骨干企业，肩负保障国家能源安全的重要使命，由中国电力投资集团公司与国家核电技术有 限公司于 2015 年 5 月重组成立。公司愿景为"建设核心竞争力突出的创新型国际化综合能源集团和现代国有企业"。目前国家电投集团 为五家大 型国有发电企业集团之一 ，公司的电力业务在资产总量、市场份额和技术水平等方面都位居我国发电企业的前列；具备发电结构优势、协同效益优 势、融资渠道优势， 未来发展态 ...

近日 ，申万宏源作为主承销商，助力山东能源集团有限公司成功发行山东能源集团 有限公司 202 5 年面向专业投资者公开发行可续期公司债券（第一期）。本期债券发 行规模 20亿元，期限3+N年，票面利率2. 07 %，边际倍数3. 82 倍 。 山东能源是拥有煤炭、煤电、煤化工、高端装备制造、新能源新材料、现代物流贸 易等产业的大型国有企业，收入主要来源为煤炭业务收入及贸易业务收入。发行人作为 我国煤炭行业的领先企业之一，是全国百家现代企业制度试点企业和全国 120家大型企 业集团试点单位，是煤炭行业第一个建立现代企业制度的国有大型集团公司，也是山东 省国有资产规模最大的国有企业之一 。 202 4 年，山能集团资产总额 超 1万亿，营业 收入866 4 亿元，收入、利润、上缴税金位居山东省属 前列 。 2024年山东能源 位列 世界 500强企业 第 82位。这是山东能源集团联合重组以来连续四年名列《财富》世界 500强前100位。 本期债券为申万宏源参与发行人批文下的第二次合作，本次发行刷新了发行人同期 限公司债的票面利率新低，发行工作取得了发行人的高度认可，为后续深化合作奠定了 基础。未来，申万宏源将继续 ...

Group 1 - The core viewpoint of the article highlights the successful issuance of the 2025 public offering of renewable corporate bonds by Beijing Shounong Food Group, with a scale of 2 billion yuan and a coupon rate of 1.96% [2] - The bonds were oversubscribed with a multiple of 3.62 times, indicating strong investor interest [2] - The funds raised will be used for productive expenditures, emphasizing the company's commitment to enhancing its operational capabilities [2] Group 2 - Beijing Shounong Food Group is a state-owned agricultural industry group under the Beijing Municipal Government, playing a crucial role in food supply security in the capital [2] - The company has established a comprehensive industrial chain covering breeding, planting, breeding, product processing, trade circulation, and terminal sales across various food categories [2] - The issuer is recognized as a key player in ensuring food supply and safety in the capital, contributing to the integration of agricultural product supply networks in the Beijing-Tianjin-Hebei region [2] Group 3 - Shenwan Hongyuan Securities demonstrated strong financial capabilities and bond underwriting strength, enhancing its market influence in the Beijing-Tianjin-Hebei region [3] - The company aims to continue serving national strategies and the real economy, focusing on high-quality regional economic development [3]

Market Overview - The A-share market continues to experience a low-volume consolidation, with indices showing a slight recovery after a midday drop, indicating a challenge around the 4000-point mark [1] - Despite weak market performance, selling pressure is not significant, suggesting a strong support level below, making it difficult for the market to undergo a sustained deep correction [1] - The focus has shifted back to domestic industry trends as the impact of tariff events diminishes, with expectations for further upward movement in November following a period of profit-taking and consolidation [1] Sector Performance - The technology sector remains a focal point for November, with orderly rotation and high-low switching within the sector [2] - Underperforming segments such as robotics, military industry, and smart vehicles are expected to see a rebound, while leading sectors like computing hardware and domestic semiconductors may present buying opportunities upon adjustment [2] - Sectors that have shown results from anti-involution efforts, including photovoltaics, cement, coal, and express delivery, may also experience a rebound if validated by third-quarter reports [2] Key Trends and Opportunities - The trend towards robot localization and integration into daily life is expected to continue, with opportunities arising in sensors, controllers, and dexterous hands as the market anticipates updates to Tesla's humanoid robot [2] - The push for semiconductor localization remains strong, with attention on semiconductor equipment, wafer manufacturing, materials, and IC design [2] - The military sector is projected to see a recovery in orders by 2025, with signs of bottoming out in the performance of various military sub-sectors [2] - The innovative drug sector is entering a recovery phase after nearly four years of adjustment, with positive net profit growth expected to continue into 2025 [2] - The banking sector is witnessing a rebound in mid-year performance growth following the impact of loan rate re-pricing, attracting long-term institutional investors due to its appealing dividend yield [2]

Group 1 - The core viewpoint of the article emphasizes the successful issuance of a super short-term financing bond by China Railway Construction Corporation, amounting to 3 billion yuan with a maturity of 180 days and a coupon rate of 1.63% [2] - The issuer aligns its development strategy with national long-term goals, focusing on enhancing market competitiveness through innovation and reform in key sectors such as railways, highways, subways, municipal projects, and housing construction [2] - The collaboration between China Railway Construction and Shenwan Hongyuan in this bond issuance highlights the latter's commitment to supporting the real economy and contributing to social development [2]

Core Viewpoint - The article emphasizes that the current market is in a phase characterized by "policy support + profit recovery + structural differentiation," suggesting a focus on sectors poised for recovery from low levels [6][10]. Market Review - The A-share market exhibited structural differentiation, with the Shanghai Composite Index slightly rising by 0.11%. The total market turnover reached 11.63 trillion yuan, indicating active trading [7]. - Large-cap stocks underperformed, with the CSI 300 down by 0.43% and the SSE 50 down by 1.12%. In contrast, the CSI 500 and CSI 1000 rose by 1.0% and 1.18%, respectively, indicating a shift towards small and mid-cap stocks [7]. - Key sectors such as fine chemicals, shipping, and metals performed well, while previously leading sectors like semiconductors, communications, and energy equipment lagged [7]. - The article highlights two significant developments in October: the implementation of the 14th Five-Year Plan, which accelerates the development of new energy, low-altitude economy, quantum technology, 6G, brain-computer interfaces, and embodied intelligence, and the establishment of a US-China economic consensus, which is seen as a positive market signal [7]. Q3 Earnings Analysis - The third-quarter reports indicate that the net profit attributable to shareholders of A-share listed companies grew by over 5% year-on-year, with a notable increase of over 11% in Q3 alone, suggesting a clear improvement in corporate profitability [8]. - Some technology stocks saw their profits double year-on-year, although some experienced a decline in quarter-on-quarter performance, indicating potential overvaluation in certain cases [8]. - Despite some industries still facing losses, there are signs of narrowing losses, and stock price increases have been modest. The article suggests focusing on sectors expected to recover, such as steel, coal, and healthcare [8]. Fund Positioning - Public funds have reached historically high positions, with technology sector allocations nearing 40%. Historical data suggests that when a sector's allocation exceeds 30%, it often leads to a reversal [9]. - The article warns that while there is a narrative of industrial upgrades and domestic substitution in technology, the rapid increase in holdings may necessitate caution regarding potential style shifts in the market [9]. Market Outlook - The market is currently navigating a complex interplay of "policy support + profit recovery + structural differentiation." While macro data has not fully rebounded, industry policies are reshaping market expectations [10]. - The article encourages patience and confidence in sectors experiencing stagnation and those with imminent profit rebounds, while advising caution regarding heavily weighted technology sectors [10]. - It is recommended to focus on coal, steel, and healthcare sectors during this period of style transition [10].

Core Viewpoint - The current PE valuation (TTM) for the food and beverage and agriculture, forestry, animal husbandry, and fishery sectors is below the 20th percentile level of the past decade, indicating potential investment opportunities [1][7]. Valuation Historical Percentile Levels - The PE valuation (TTM) for major broad market indices is above 20%, with the Shenzhen Component Index, CSI 300, SSE 50, SSE Composite Index, STAR Market 50, Northbound 50, and CSI A100 at the 82.06%, 83.66%, 87.82%, 94.57%, 96.95%, 97.64%, and 99.59% percentiles respectively, suggesting relatively high valuations and associated risks [6][7]. Industry Valuation Levels - The PE valuation (TTM) for the food and beverage sector is at the 8.37th percentile, while agriculture, forestry, animal husbandry, and fishery is at the 11.44th percentile, making them key areas for attention [7]. - Other industries such as construction materials, coal, media, automotive, steel, retail, electronics, computing, and real estate have PE valuations at the 80.41%, 81.12%, 81.71%, 82.06%, 84.86%, 87.90%, 95.43%, 97.35%, and 99.30% percentiles respectively, indicating higher investment risks [7]. Market Overall Situation - The total market capitalization for listed companies in Shanghai is approximately 638.48 billion, with an average PE ratio of 16.19 [21]. - In Shenzhen, the total market capitalization is around 425.78 billion, with an average PE ratio of 31.26 [22]. Buffett Indicator - The current Buffett indicator for A-shares stands at 89.18%, which is relatively high and above the safe zone [5][24].

近日 " 中国电建集团核电工程有限公司 2025 年度第一期中期票据 " 成功发行， 本期债券发行规模 3 亿元，期限 3+N 年，票面利率 2.3 % 。申万宏源 作为牵头 主承销商 助力发行人充分询价，积极路演， 本期债券 票面利率 创山东省 AA+ 主 体永续中期票据历史最低 。 电建核电 是 中国电建集团体系 内唯一同时拥有电力工程施工总承包特级资质和民用核安全设备安装许可证的施工企业，在能源电力、环 保、基础设施工程建设行业保持领先的技术、管理能力和市场竞争力 。 发行人对申万宏源 证券 给予了 高度认可 。 本期债券的成功发行 为 申万宏源证券 与 电建核电 后续 的 合作 的开展 奠定 了 稳固 基础 ， 也标志着申万宏源证券 在 进一步深化与中国电建集团合作的道路上迈出了坚实的一步 。 免责声明 本内容最终解释权归申万宏源证券有限公司所有。 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 本次 债券 的成功 发行标志 ...

Group 1 - The core viewpoint of the article highlights the successful issuance of corporate bonds by Yiyang Urban Construction Investment and Operation Group, with a total issuance scale of 11.7 billion yuan, marking the lowest interest rates in the issuer's history [2] - The bonds include "25 Yiyang 01" with a scale of 5 billion yuan and a term of 5 years at a coupon rate of 2.72%, and "25 Yiyang 02" with a scale of 6.7 billion yuan and a term of 3 years at a coupon rate of 2.48% [2] - Yiyang Urban Construction is the largest platform company in Yiyang City, rated AA, and is involved in various sectors including municipal infrastructure construction, sand and gravel sales, and engineering construction, playing a crucial role in the city's infrastructure development [2] Group 2 - The continuous issuance of these bonds provides the issuer with long-term low-cost funding, strengthening the collaboration between Shenyin Wanguo and Yiyang Urban Construction, and laying a solid foundation for future multi-field cooperation [2] - This collaboration also demonstrates Shenyin Wanguo's influence in the Hunan bond market and its strategic significance in serving the regional real economy [2]

Group 1 - The core viewpoint of the article highlights the successful IPO of Baima Tea Co., Ltd. on the Hong Kong Stock Exchange, with shares priced at HKD 50 and a base issuance scale of HKD 450 million [2] - Baima Tea is recognized as a leading tea supplier in China, covering six major categories of tea and related products, and ranks first in high-end tea sales revenue for 2024 [4] - The company also leads in the number of tea chain specialty stores in China and ranks first in the Oolong and black tea markets based on sales revenue for 2024 [4] Group 2 - Shenwan Hongyuan Securities (Hong Kong) acted as the joint bookrunner and lead underwriter for the IPO, demonstrating professionalism and market expertise [4] - The company plans to continue providing comprehensive financial services to Baima Tea, leveraging its professional advantages and platform resources [4]