Group 1 - The core viewpoint of the article highlights the issuance price and market performance of the company Miao You Sheng Co., Ltd. (stock code: 732418) [1] - The issuance price is set at 46.36 yuan, with an industry price-earnings ratio of 22.31 and a broader market price-earnings ratio of 29.08 [1] - The maximum subscription limit for investors is 15,000 shares [1]

20725 甲万宏源证券财富管理论坛 《庄子》曰:"鹏之徙于南冥也,水击三千里, 传扶摇而上者九万里。"今日之中国资产,正乘 全球化裂解与智能化崛起之"扶摇",以ETF为 翼,展云行龙镶之姿,欲横绝九万里长空。 世界百年变局加速演进,全球宏观正步入"高波 动、再平衡"的新周期:美联储降息路径扰动流 动性潮汐,地缘博弈重塑产业链版图,AI革命引 爆新一轮科技投资浪潮。国内,政策加力提效、 信用周期修复、剩余流动性宽裕,A股呈现"政策 U级MPP 1 / / 1/2/1/2/1 / 1/2/1/2 / 1/1/2/1/1 财富管理行业迎来了全新机遇。ETF场内规模超5 万亿,正在成为市场重要的组成部分。 随着资本市场改革深入推进,居民财富管理需求 日益多元。为此,申万宏源证券携手知名基金管 理人、研究专家与行业领袖,将于2025年9月12 日在广州举办"云行龙襄·九万里 -- 2025申万宏 源证券财富管理论坛",诚邀您的光临。 面对时代变局,申万宏源证券始终秉持"专业服 务,创造价值"的理念,愿以深厚的投研实力与 全面的财富管理服务,助您洞察先机、稳健前 行,在波澜壮阔的市场中行稳致远。 会议议程 9月12日 ...

Group 1 - The core viewpoint of the article is focused on the stock offering of Chuangman Chuangruitong, with specific details on its issuance price and market performance metrics [1]. - The issuance price is set at 21.00 yuan, with a corresponding industry price-to-earnings ratio of 21.02 and a general market price-to-earnings ratio of 22.81 [1]. - The maximum subscription limit for investors is 0.65 million shares [1]. Group 2 - There are no new bonds available for subscription today [2]. - The article includes a disclaimer regarding investment risks and the need for independent judgment by investors [3].

Core Viewpoint - The current market is in a digestion and consolidation phase after a significant rise in the Shanghai Composite Index from 3040 points in early April to 3888 points in late August, with a total increase of over 800 points [1] Market Analysis - The market is currently consolidating around 3800 points, indicating a strong bullish trend. This consolidation is primarily due to profit-taking from previous gains, which is seen as a positive cycle [1] - The adjustment period has been relatively short, lasting only 2.5 weeks after a 21-week rally, suggesting that further consolidation of one to two weeks may be necessary according to technical analysis and Fibonacci principles [1] - The maximum single-day trading volume previously reached 3.17 trillion yuan, and the ideal state for volume reduction is around half of that. However, recent trading volume has fallen below 2 trillion yuan, indicating that further volume contraction is required for a healthy market [1] Sector Performance - The communication and semiconductor sectors have shown renewed activity after previous fluctuations, leading in terms of gains. In contrast, energy metals and wind/solar sectors experienced a pullback after recent rallies [1] - Short-term market trends are characterized by rotation among sectors, with high-growth technology sectors remaining a focal point for market participants. Traditional industries are receiving less attention compared to technology-driven sectors represented by new productive forces [1] Future Outlook - The short-term outlook suggests continued volume contraction and a stable bullish trend. Given the technical nature of the recent adjustments, once market conditions align with technical repair requirements, a new upward trend is expected to emerge [2]

防非诊诈守底线 理性投资向后的 a pass be 《让钱打工》 安全理财课 懂底线 识骗局 编 实际 "零风险" 将投资知识 锁定正规 "高收益" 转化为实战 投资渠道 "稳赚不赔" 能力 与本地址 上一 9月开学季 扫描右边二维码领取 码了解活动注 地址:上海外国语 《高校防非手册》 电子版 大学海外合作学院 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 o 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) 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 X tiid@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 ...

Core Viewpoint - The article discusses the establishment and operational guidelines of the "Science and Technology Innovation Growth Layer" on the STAR Market, aimed at supporting unprofitable but promising technology companies [5][19]. Group 1: Introduction to the Science and Technology Innovation Growth Layer - The "Science and Technology Innovation Growth Layer" was officially launched on July 13, 2025, by the Shanghai Stock Exchange, designed to support technology enterprises that are not yet profitable but have significant growth potential [5]. - This layer enhances the inclusivity for technology companies with bright prospects, allowing them to access capital markets more easily [9][17]. Group 2: Access and Participation Guidelines - Investors who already have STAR Market trading permissions and have a risk tolerance assessment of C4 (active) or above can trade stocks or depositary receipts listed after the new regulations on the growth layer, provided they sign a risk disclosure statement [7][11]. - For investors who have not yet opened STAR Market trading permissions, they must first meet the basic requirements and then sign the risk disclosure statement to participate in the growth layer [11][12]. Group 3: Requirements for Individual Investors - Individual investors must have an average asset of no less than 500,000 RMB in their securities and funds accounts over the past 20 trading days, excluding funds and securities obtained through margin trading [12]. - Investors must have at least 24 months of trading experience and pass a knowledge test on STAR Market trading risks [12]. Group 4: Identification and Labeling of Growth Layer Stocks - Stocks from the growth layer will have a "U" identifier to indicate their unprofitable status, with new registered stocks labeled as "成" and existing stocks labeled as "成1" to differentiate between new and existing growth layer stocks [17].

2025年9月1日-9月5日 本周盘面盘点 0 | 指数表现 上证指数 收盘3812.51, 下跌 1.18% 1 P. 日均成交额 深圳成指 收盘12590.56,下跌 0.83% 上海市场 11061亿元，环比减少 12.1% 深圳市场 14615亿元，环比减少13.7% L 行业涨跌 WN 社会服务 纺织服饰 建筑材料 综合 建筑装饰 食品饮料 传媒 公用事业 农林牧渔 美容护理 环保 煤炭 轻工制造 石油石化 机械设备 钢铁 电子 国防军工 计算机 400,000 800,000 -800,000 -400,000 0 1,200,000 1,600,000 ■ 排名■ 累计净买入额(万元) 期间融资净买入额前十个股: | 证券代码 | 证券名称 | 融资净买入额(万元) | 申银万国行业 | | --- | --- | --- | --- | | 300059.SZ | 东方财富 | 80,629 | 非银金融 | | 688981.5H | 中芯国际 | 37,307 | 电子 | | 302132.SZ | 中航成飞 | 30,497 | 国防军工 | | 002475.SZ | 立讯精密 | ...

重 要 通 知 信用账户科创板科创 成长 层 交易权限开通指南 科创板科创成长层 交易权限开通条件 01 科创板科创成长层即将上线。投资者开通信用账户科创板科创成长层交易权限需 要什么条件和流程呢？别急，往下看！ 信用账户科创板科创成长层交易权限开通条件：除需符合融资融券客户准入标准 外，还应符合—— （1）普通账户科创板科创成长层资质审核通过并开通(或准予开通)。 （2）信用账户科创板（不含成长层）交易权限已开通。 （3）签署确认包含科创板科创成长层融资融券交易风险揭示条款的《融资融券交 易风险揭示书》。 交易权限开通流程 02 （一）申万宏源证券大赢家/申财有道手机APP线上申请开通流程： （1）一站式申请开通信用账户科创板（不含成长层）权限、科创成长层权限 通过普通资金账号、信用资金账号登录，菜单：【业务办理】-【科创板业务】。 选择信用账户，申请开通，系统将显示《融资融券交易风险揭示书》，需阅读15 秒以上，确认后，完成信用账户科创板（不含成长层）权限、科创成长层权限申 请。 < 8 业务办理首页 热门业务 账户管理 密码服务 权限开通 理财 Q 输入功能名称 国 ■ 休眠证券账户激活 密码服务 户 ...

Core Viewpoint - The article emphasizes the importance of balancing value investing with trend following, highlighting that investors often lose money during bull markets due to overconfidence and neglecting risk management [2][3]. Market Overview - The A-share market is currently experiencing wide fluctuations with clear structural characteristics, indicating that quality assets often present buying opportunities during corrections [7]. - The driving forces behind this year's structural market include continuous inflows of incremental capital, the relocation of household deposits, expanded financing balances, and foreign capital returning [7]. - Growth stocks, particularly in technology sectors like AI computing and semiconductors, remain favored in the current market environment [7]. Investment Philosophy - The "Four Good Principles" for stock selection include: - Good Industry: Focus on high-ceiling industries with clear business models and avoid sunset industries [10]. - Good Company: Select leading firms with strong competitive advantages and solid financial health [10]. - Good Price: Invest when the market undervalues a company, adhering to the principle of safety margin [10]. - Good Patience: Maintain a long-term perspective and avoid reacting to short-term market noise [11]. Investment Strategy - The "Duojin Duoyu Combination" service product has achieved a relative return of 114.37% compared to the CSI 500 index over its first year [13]. - The strategy combines deep fundamental research with trend-following tactics, focusing on both long-term value and short-term growth opportunities [13]. Trend Analysis - True Trends (Fundamental Trends): Focus on industries aligned with national policies and societal changes, selecting sectors expected to thrive in the next 3-5 years [14]. - Market Trends: Identify stocks in upward price channels through technical indicators and gauge market sentiment to capture thematic investment opportunities [16]. Positioning Strategy - Core Position (50%-70%): Invest in high-quality companies for long-term growth, making adjustments only for significant fundamental changes [17]. - Swing Position (30%-50%): Target stocks with both strong fundamentals and market momentum for capturing mid-term investment opportunities [17]. Buying and Selling Strategies - Buying Strategy: - Core Position: Use a pyramid buying approach, adding to positions as prices decline [18]. - Swing Position: Enter when stocks break through key resistance levels [18]. - Selling Strategy: - Core Position: Sell if fundamental logic is broken or if valuations reach historical highs [19]. - Swing Position: Sell upon reaching target returns or if technical trends deteriorate [20]. Risk Management - Maintain strict risk control measures, including limiting exposure to any single industry and individual stock [20]. - Regularly reassess portfolio allocations based on market conditions and overall valuation levels [21]. Insights - The article concludes with the importance of maintaining rationality, adhering to established strategies, and having patience in the investment journey [23].

周二A股小幅回调，成交量萎缩未见恐慌式抛售。周二A股小幅回调，科创50和创业板指等科技成 长型分类指数跌超2%，市场进入了修整期。但两市成交金额明显萎缩至2.1185万亿，市场并没有因为 回调而出现恐慌式抛售。市场出现修整的原因，主要源于近期指数在突破过去10年以来高点3731点后， 行情出现加速，且在上涨过程中并未经历过像样的震荡整固，因此出现一定的获利兑现要求。但A股行 情逻辑并未出现根本性变化，预计本次回调是慢牛行情中的一次阶段性调整，对中期趋势不会产生影 响。 后市展望：9月上旬波动幅度可能加大，但对中期行情趋势不会产生影响。经历了8月的连续上涨 后，在接近3900点整数关前，市场出现一定分歧。一方面是累积的涨幅较大，市场可能存在一定兑现压 力，此外不同板块中报业绩分化也比较大，市场可能需要一次重新定位主线的过程。主线重新定位并非 是行情方向的逆转，而是行情节奏的变化，这是市场震荡上行过程中的正常现象，对中期趋势不会产生 影响。A股自2016年以来至2025年8月15日，上证指数最高点位为2021年的3731点，目前指数已经突破 该点位。与此同时，沪深300、创业板等主要分类指数距离2021年高点还有 ...