首先，日元加息预期与"AI叙事"主导短期市场。上周，美联储宣布降息25个基点，且表态偏鸽派。本周的市场焦点将转向日元是否加息，考虑到日元 是全球主要套息交易的货币，其全球市场的影响力不容忽视。此外，上周五美国科技股出现集体大跌，AI 泡沫论似有卷土重来之势。这对本周一 A 股科 技资产的表现造成了一定负面的影响，投资者谨慎情绪亦有所提升，需要密切关注"AI叙事"的未来走向。 其次，周一两市震荡调整，成交下降。沪指今日低开后，震荡回落，盘中反弹被上方均线压制，收盘于短期均线下方。深圳成指跌幅 大于沪指，收盘于当天低点附近。两市成交金额1.7 万亿元左右，较上周五明显下降。当天市场热点主要集中在大消费和金融行业。 投资风格方面，科技股跌幅更大。 从运行节奏看，沪指快速调整后连续修复，但短期重新遇到波折。沪指于11月中旬出现快速调整，随后在10月上旬的低点上方获得支撑，并逐渐企稳 反弹。上周一沪指回补缺口后，又再次向下调整，目前中短期均线在上方形成一定压力。 风险提示：国际贸易、地缘冲突超出预期；上市公司业绩增速回落超预期；全球经济衰退超预期。 ...

行权价格间距是指基于同一标的证券 的期权合约相邻两个行权价格~的差。上 交所ETF期权合约的行权价格间距按下表 设置: | 行权价(元) | 间距(元) | | --- | --- | | 3 或以下 | 0.05 | | 3至5(含) | 0.1 | | 5至10(含) | 0.25 | | 10 至 20(含) | 0.5 | | 20 至 50(含) | 1 | | 50 至 100(含) | 2.5 | | 100 以上 | 5 | 以2025年12月1日，当月到期的沪深 300ETF期权合约为例，行权价在5元以 下时, 行权价格间距为0.1元, 如蓝框所 示； 行权价在5元以上时，行权价格间距 为0.25元，如红框所示。 | 界 代码 | | --- | | 1 610050 上证50ETF 1.127c 0.024 Q.77% 2.128 3.114 7.56/Z 23.63C 59.66万 116.17万 114.07% | | 2 510300 - 沪深300ETF 477 - Q250 125 - 435 - 448 - 448 - 448 - 6.78Z 26.99Z 69.32万 118 ...

Core Viewpoint - The article highlights the current valuation levels of the A-share market, indicating that the market is in a relatively high valuation zone, with specific attention to the Buffett Indicator and various PE and PB ratios across different indices and sectors [6][24]. Valuation Indicators - The current Buffett Indicator for the A-share market is 87.95%, which is above the safe zone, indicating a relatively high market valuation [6][25]. - Major broad market indices have PE ratios (TTM) exceeding 20%, with specific indices like the Shenzhen Component Index at 15.89, Shanghai Composite Index at 17.09, and ChiNext Index at 22.88, all reflecting high valuation percentiles [7][28]. - The PE valuation percentiles for various indices are notably high, with the ChiNext Index at 95.77% and the Shanghai Composite Index at 91.36%, suggesting caution in investment decisions [7][12]. Sector Valuation Levels - Non-bank financials and food & beverage sectors have PE valuations below the 20% percentile of the past decade, indicating potential investment opportunities [7]. - Sectors such as coal, telecommunications, electronics, and real estate show high PE valuation percentiles, ranging from 81.49% to 98.48%, which may pose investment risks [7][34]. Market Overview - The total market capitalization of listed companies in Shanghai is approximately 422.1 billion yuan, with an average PE ratio of 15.97 [20][21]. - The total market capitalization in Shenzhen is around 633.2 billion yuan, with a PE ratio of 15.89, indicating a similar valuation trend [21][23]. Industry-Specific Valuations - The PE valuation levels for various industries show significant variation, with agriculture at 14.95, basic chemicals at 12.52, and steel at 5.69, indicating differing investment attractiveness across sectors [34]. - The banking sector has a low PE of 4.31, while the non-bank financial sector is at 12.87, suggesting a potential divergence in performance and valuation within the financial industry [34][37]. Conclusion - The article emphasizes the need for careful evaluation of investment opportunities in the current high valuation environment, particularly focusing on sectors with lower PE ratios as potential areas for investment [7][34].

ag 合我们资源· >> 就您的梦想 申万宏源政企与机构客户服务品牌 = 二盘口编题 周海晨，申万宏源证券执委会成员 12月12日，"央广财经年度对话2025（第三届）"在北京梅地亚中心盛大启幕， 会议以"启航'十五五'，澎湃新动能"为主题。在会上，申万宏源证券执委会委员，申 万宏源研究党委书记、董事长周海晨围绕"十五五"资本市场的新机遇进行主旨演讲。 周海晨指出，"十五五"时期资本市场有五大重点改革领域，包括积极发展股权、 债券等直接融资，培育更多体现高质量发展要求的上市公司，营造"长钱长投"的制度 环境，稳步扩大资本市场高水平制度型开放，营造规范、包容、有活力的资本市场生 态等。 "十五五"时期关注资本市场五大改革领域 "十五五"规划建议提出，提高资本市场制度包容性、适应性，健全投资和融资 相协调的资本市场功能。中央经济工作会议也再次强调，要持续深化资本市场投融 资综合改革。"如何真正实现资本市场全方位发展，让资本市场稳定运行，有五大重 点任务。"周海晨指出。 一要积极发展股权、债券等直接融资。以深化科创板、创业板改革为抓手，积极 发展多元股权融资，提升对实体企业的全链条、全生命周期服务能力。进一步健全 ...

Core Viewpoint - The market is expected to maintain an upward trend in the medium term, with a potential low point around November 24, indicating a prelude to a spring rally [7]. Market Analysis - The index has been consolidating in the range of 3800-3950 with rapid rotation of hot sectors, primarily focusing on optical chips and commercial aerospace [6]. - The market experienced significant panic selling on October 17 and November 24, leading to a reduction in margin financing by over 28 billion, establishing strong support around the 3820 level [7]. Short-term Outlook - The upcoming Bank of Japan interest rate decision is anticipated to influence global market liquidity, but the expected impact is considered limited due to prior market adjustments [7]. December Market Expectations - Historically, December sees a defensive bias in fund allocation due to year-end effects, but this year may favor small-cap growth stocks due to a combination of Fed rate cuts and a flexible monetary policy as indicated in the Central Economic Work Conference [7].

Group 1 - The Federal Reserve has lowered interest rates by 25 basis points, adopting a dovish stance, leading the market to shift focus towards domestic policy expectations and economic priorities for the upcoming year [1] - The A-share market experienced fluctuations, with the Shanghai Composite Index showing a similar pattern to the previous week, characterized by two upward movements and a mid-week adjustment, closing below the 60-day moving average [1] - The Shenzhen Component Index performed stronger, closing above the 60-day moving average, while the average daily trading volume in both markets increased significantly to approximately 1.9337 trillion yuan, indicating heightened market activity [1] Group 2 - Market hotspots last week were primarily concentrated in the military and telecommunications sectors, with small and mid-cap stocks, as well as technology stocks, leading the gains, while large-cap blue-chip stocks experienced slight adjustments [1] - The Shanghai Composite Index is in a recovery phase after a rapid adjustment in mid-November, finding support above the low point from early October, although it faced another downward adjustment after filling a gap [1]

来源：申万宏源承销保荐 2025年12月9日，安徽舜富精密科技股份有限公司（证券简称：舜富精密，证券代码： 875009）在全国中小企业股份转让系统挂牌，申万宏源承销保荐作为舜富精密的主办券商， 助力客户顺利在新三板挂牌。 安徽舜富精密科技股份有限公司成立于2009年，主要从事汽车、储能、通信及照明领域铝合金精 密压铸件的研发、生产和销售。公司聚焦智能制造，精益求精，不断增强自主研发与创新能力，是国 家级专精特新"小巨人"企业、国家高新技术企业。 舜富精密本次顺利在新三板完成挂牌，标志着其资本运作进入新阶段，也体现了申万宏源承销保 荐对专精特新"小巨人"企业的精准布局和对实体经济的坚定支持。在挂牌过程中，申万宏源承销保荐 团队紧扣国家创新驱动发展战略，协助公司完成项目申报及挂牌工作，为舜富精密后续的产业链升级 和储能压铸件等系列产品布局提供了坚实的保障。 ...

Core Viewpoint - The article discusses the recent market trends in A-shares, bonds, commodities, and overseas assets, highlighting the impact of the Central Economic Work Conference and the Federal Reserve's interest rate decisions on various sectors [2][3][25][37]. A-share Market - A-shares experienced a slight recovery with average daily trading volume exceeding 200 billion yuan, reversing a previous decline [2]. - The Shanghai Composite Index managed to fill the gap from November 21, but the market remains in a consolidation phase between the October high and November low [2]. - The communication, defense, and electronics sectors showed the highest gains, while coal, oil, and steel sectors faced declines [2][23]. Bond Market - The bond market showed signs of recovery with a balanced and slightly loose funding environment, leading to stronger performance in government bonds compared to credit bonds [2][28]. - The CPI rose by 0.7% year-on-year, marking a recent high, while PPI showed a positive month-on-month change, having minimal impact on the bond market [2][37]. - The Central Economic Work Conference indicated a commitment to maintaining necessary fiscal deficits and debt levels, alleviating previous concerns about special government bond issuance [2]. Commodity Market - COMEX gold reached a new high since November, driven by expectations of Federal Reserve rate cuts and ongoing global central bank purchases amid persistent geopolitical risks [3][34]. - The article emphasizes a bullish sentiment in the gold market, suggesting a clear long-term trend for gold investments due to global monetary expansion [8]. Overseas Market - U.S. stocks experienced high volatility at elevated levels, with small-cap stocks outperforming [3]. - The Federal Reserve's recent decision to cut rates by 25 basis points aligns with market expectations, and the overall fundamentals of the U.S. market remain robust despite high valuations [3][9]. - Investors are encouraged to consider diversified overseas investments through QDII funds, as the daily subscription limits continue to decrease [9]. Market Activity - The trading activity in the A-share market improved significantly, with notable increases in turnover rates for major indices like the CSI 300 and CSI 500 [14][15]. - The volatility of major indices such as the CSI 300 and CSI 500 has decreased compared to historical averages, indicating a more stable trading environment [19][22]. Industry Performance - The communication, defense, and electronics sectors led the weekly performance among the Shenwan first-level industries, with respective gains of 6.27%, 2.80%, and 2.63% [23][24]. - Conversely, the coal and oil sectors faced significant declines, reflecting broader market trends [23]. Key Events - The Central Economic Work Conference held on December 10-11 focused on summarizing 2025's economic work and planning for 2026, which is expected to influence market sentiment and investment strategies [25][30]. - The Federal Reserve's decision to lower interest rates and the release of inflation data are pivotal events that will shape market dynamics in the near term [37].

Group 1 - The article discusses the issuance of a convertible bond by Dingjie Smart, with a conversion price set at 100.00 yuan [1] - The bond has been rated AA, indicating a relatively high credit quality [1] - The stock associated with the bond, Dingjie Smart, has a current price-to-earnings ratio of 61.97, compared to the industry average of 37.19 [1] Group 2 - The maximum subscription limit for the bond is set at 10,000 shares [1] - The bond issuance price is noted as 100.00 yuan [1] - The article highlights the importance of understanding the financial metrics associated with the bond and its underlying stock [1]

Core Viewpoint - The successful delivery of the second batch of Q-Truck autonomous trucks by Shanghai Xijing Technology Co., Ltd. at Felixstowe Port marks a significant breakthrough for Chinese smart logistics technology in the high-end European market [2] Group 1: Project Overview - Felixstowe Port becomes the first port in Europe to implement mixed operations of autonomous and manual driving, showcasing the adaptability and replicability of Xijing Technology's "SMART" full-link solution in global port scenarios [2] - Q-Truck features pure electric drive and an automatic battery swapping system, capable of reducing approximately 50 tons of carbon dioxide emissions per vehicle annually, providing a scalable zero-carbon solution for overseas ports [2] Group 2: Investment and Strategic Implications - The investment by Shenwan Investment Company in Xijing Technology aligns with the central financial work conference's spirit and is a concrete measure to implement the financial "five major articles" [2] - By innovatively utilizing SPV structures and connecting with the new policies of the Sci-Tech Innovation Board, Shenwan Investment Company aids the company in achieving critical transitions from technology research and development to international expansion, promoting a virtuous cycle of "technology-industry-finance" [2] Group 3: Future Outlook - The company will continue to support Xijing Technology in deepening its global layout and promoting Chinese smart logistics technology along the "Belt and Road" initiative, contributing to national strategies and high-level opening-up [2]