Group 1 - The core viewpoint of the article is that Xidi Intelligent Driving Technology Co., Ltd. successfully completed its initial public offering (IPO) on the Hong Kong Stock Exchange, with a share price set at HKD 263.00 and a total issuance scale of HKD 1.42 billion [2] - Xidi Intelligent Driving is a supplier of intelligent driving products and solutions for commercial vehicles in China, focusing on autonomous trucks for mining and logistics in closed environments, as well as V2X technology and intelligent perception solutions [2] - The company ranks sixth among all intelligent driving commercial vehicle companies in China, holding a market share of approximately 5.2%, and has delivered the first fully autonomous electric mining truck fleet in China [2]

Group 1 - The core viewpoint of the article highlights the successful issuance of TCL Technology Group's 2025 technology innovation corporate bonds, with a total scale of 2 billion yuan and an AAA rating for both the issuer and the bonds [2] - The bond issuance consists of two varieties: the first with a scale of 500 million yuan, a term of 170 days, and a coupon rate of 1.74%, achieving a subscription multiple of 3.6 times; the second with a scale of 1.5 billion yuan, a term of 3 years, and a coupon rate of 2.24%, achieving a subscription multiple of 3.8 times [2] - TCL Technology Group, founded in 1981, focuses on two core businesses: semiconductor display and new energy photovoltaic, aiming to become a leading global technology industry group [2] Group 2 - In the semiconductor display sector, TCL Huaxing ranks among the top two globally in TV panel shipments, holding the largest market share for 55-inch, 65-inch, and 75-inch products, and is second in monitor panels, with the highest market share in gaming and LTPS laptop/tablet panels [2] - In the new energy photovoltaic sector, TCL Zhonghuan leads the G12 large-size and N-type technology trends, with a projected global market share of silicon wafers ranking first in 2024, continuously promoting high-efficiency and low-carbon transformation in the industry [2] - Shenwan Hongyuan, as the lead underwriter for this bond issuance, demonstrated professionalism and strong sales capabilities, laying a solid foundation for future cooperation with the issuer and emphasizing the importance of deepening bond business in the Greater Bay Area [3]

● 昆朗二 12月 今日申 .. 今日中签缴... 3 令日 股 衛东光 920045 团 31.59 发行/行业市盈率 14.99/58.05 申购上限 46.12万股 发行价(元) 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 免责声明 今日无新债 ...

Core Viewpoint - The completion of the yen interest rate hike and the dovish stance of the Bank of Japan have alleviated liquidity risks, leading to a rebound in global stock markets and an increase in risk appetite [1] Market Performance - On Monday, both A-shares experienced a rebound, with the Shanghai Composite Index closing above the 60-day moving average and the Shenzhen Component Index showing a larger rebound, also closing above the 60-day moving average [1] - The trading volume exceeded 1.8 trillion yuan, indicating a recovery compared to the previous Friday, with market hotspots primarily in the technology hardware sector and upstream resource industries [1] Investment Focus - Domestic investors are focusing on the direction of domestic policy and the development of the technology industry, with a rotation rebound observed in the "big consumption" and high-tech sectors benefiting from expanded domestic demand policies [1] - The market is currently in a consolidation phase, with the Shanghai Composite Index facing resistance near the 60-day moving average and support above the six-month moving average [1]

Group 1 - Investors are shifting focus from overseas central bank monetary policies to domestic policies aimed at promoting consumption and boosting internal demand, leading to strong performance in sectors such as retail, beauty care, and social services [1] - The market experienced volatility with a decrease in trading volume, averaging around 17,000 billion yuan, which is a decline from the previous week [1] - The Shanghai Composite Index showed a pattern of consolidation below the 60-day moving average, indicating market pressure with support levels, and is expected to maintain a fluctuating pattern in the short term [1] Group 2 - The technology sector faced significant declines due to global investor divergence on AI development trends, contributing to overall market volatility [1] - The market's investment enthusiasm has slightly decreased, with a rapid rotation of industry focus observed as the year-end approaches [1] - Major market hotspots were concentrated in the consumer and non-bank financial sectors, while technology stocks led the decline [1]

年末效应近尾声，神秘资金托底，后市可期？ 2025 2025年年1212月月1515日日-2025 -2025年年1212月月1919日日 基金投顾观点 本周市场呈现V型走势，周三受ETF大幅申购提振，债市表现分化，黄金继续小幅走高，美股等全球风险资产普遍下跌。具体来看，市场有以下几个 重要方面： | 01 | | | --- | --- | | | 本周三受ETF大幅申购影响，市场扭转下行态势，本周A股市场整体回升，沪深两市日均成交金 | | | 额处于今年4月以来的51%分位数，相比上周环比回落，A股市场仍处于10月高点与11月低点间 | | | 进行震荡整理。申万一级行业上，商贸零售、非银金融、美容护理行业涨幅居前，电子、电力 | | | 设备、机械设备行业跌幅居前。本周国证价值上涨1.38%，国证成长下跌0.96%，价值风格占 | | | 优。恒生指数下跌1.10%，沪深300下跌0.28%，A股表现强于港股。 | | 02 | | | | 债市方面，本周资金面整体均衡，债市分化，利率债表现弱于信用债，国债期货走弱。基本面 | | | 上，从目前披露的经济数据来看，基本面修复动能仍然偏弱，但市场给予定 ...

申万宏源策略 【申万宏源策略 | 一周回顾展望】非主战场的春季躁动 原创 阅读全文 ...

编者荐语： 转载自申万宏源证券上海分公司，仅供参考。近两周主力资金合计净流出2489.28亿元，主力资金净流入额前三的行业为商贸零售、钢铁和银行，主力资 金净流出额前三的行业为电子、电力设备和计算机。 以下文章来源于申万宏源证券上海分公司 ，作者李金玲 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。 数据速看： 1.主力资金： 近两周主力资金合计净流出2489.28亿元，主力资金净流入额前三的行业为商贸零售、钢铁和银行，主力资金净流出额前三的行业为电子、 电力设备和计算机。 2.融资融券数据 ：当前市场融资融券余额为24993.66亿元，较上期上升0.62%，其中融资余额24825.56亿元，融券余额168.09亿元。本期两融日均交易额为 1888.46亿元，较上期上升9.41%，其中融资日均净买入1881.21亿元，较两周前上升9.48%，融券日均净卖出7.24亿元，较上期下降5.15%。近两周融资净买 入前三的行业分别为电子、国防军工和通信；融券净卖出前三的行业分别为食品饮料、医药生物和基础化工。 3.涨跌情况： 近两 ...

Core Viewpoint - The A-share market shows stabilization in the pharmaceutical and consumer sectors, while the technology and financial sectors are experiencing fluctuations [6]. Market Overview - This week, the commercial aerospace sector within technology stocks attracted market attention, with reports indicating that SpaceX is preparing for a potential IPO in 2026, which may fund the development of advanced projects like space data centers. The domestic commercial aerospace industry is also seeing rapid advancements, particularly in reusable rocket tests and the construction of satellite internet constellations, with significant progress expected by the second half of 2025 [7]. - The AI sector in the A-share market experienced fluctuations, influenced by significant declines in U.S. tech stocks such as Oracle and Broadcom due to concerns over delayed data center construction and negative cash flow. However, a rebound occurred following better-than-expected earnings from Micron Technology. Notably, stocks related to liquid cooling and fiber optics within the AI sector performed well, and Ant Group announced an upgrade to its AI health application, enhancing its service offerings [8]. Market Outlook - As the year-end approaches, the A-share market is expected to maintain a range-bound fluctuation, with strong support near the recent low points observed on November 24. Insurance capital allocation is also providing support to the stock market, as evidenced by a rapid rise in the Shanghai and Shenzhen indices on Tuesday afternoon. The latest data from December 18 indicates a net inflow of over 11 billion yuan into the A500 ETF. Looking ahead to next year, the trends in AI and commercial aerospace industries are likely to remain robust, and investors are encouraged to monitor domestic and international industry information for potential investment opportunities in various technology sub-sectors [9].

【申万宏源策略】美国弱通胀+日央行鸽派加息，流动性担忧缓解——全球资产配置每周聚焦 (20251213-20251219) 原创 阅读全文 申万宏源策略 ...