Core Viewpoint - The article discusses the optimization of China's economic transformation pathways as outlined in the "14th Five-Year Plan" [2] Group 1: Economic Transformation - The "14th Five-Year Plan" emphasizes the need for structural reforms to enhance economic resilience and sustainability [2] - Key sectors identified for growth include technology, green energy, and healthcare, which are expected to drive future economic development [2] Group 2: Policy Implications - The government is likely to implement policies that support innovation and digital transformation across industries [2] - Increased investment in infrastructure and public services is anticipated to stimulate economic activity and improve living standards [2] Group 3: Market Opportunities - The focus on green energy presents significant investment opportunities in renewable energy projects and technologies [2] - The healthcare sector is projected to grow, driven by an aging population and increasing demand for medical services [2]

申万宏源策略 【申万宏源策略】周度研究成果（10.20-10.26) 原创 阅读全文 ...

Core Viewpoint - The article highlights the significant achievements and strategic direction of Shenwan Hongyuan during the "14th Five-Year Plan" period, emphasizing its commitment to high-quality financial development and comprehensive financial services for various sectors, including technology and green enterprises [1][3]. Group 1: Financial Services and Achievements - Shenwan Hongyuan has supported a total financing scale of 1,367.5 billion yuan for enterprises during the "14th Five-Year Plan," with 101.8 billion yuan for technology innovation enterprises and 29.6 billion yuan for green enterprises [3]. - The company has issued green bonds totaling 52.5 billion yuan, positioning itself as a leader in serving the real economy and promoting financial innovation [3]. - The company has established a comprehensive service system covering the entire lifecycle of enterprises, particularly in the New Third Board business, where it ranks second in the number of companies it has sponsored [3][4]. Group 2: Corporate Growth and Financial Performance - By the end of 2024, the total asset scale of the company reached 697.6 billion yuan, with a net asset scale of 133.3 billion yuan, reflecting a compound annual growth rate of 9.17% and 10.33% respectively during the "14th Five-Year Plan" [14]. - The average annual operating income during this period reached 1.3 times that of the previous five years, indicating a steady improvement in profitability [14]. - The company has successfully completed several significant projects, including a 115.62 billion yuan transaction for TCL Technology, marking the largest issuance of shares for asset acquisition in the electronics industry since 2021 [6]. Group 3: Investor Relations and Corporate Governance - Shenwan Hongyuan has implemented cash dividends totaling 8.739 billion yuan during the "14th Five-Year Plan," actively engaging in mid-term dividends to share development benefits with investors [23]. - The company has focused on enhancing corporate governance and risk management, establishing a comprehensive risk management framework that exceeds regulatory standards [23][27]. - The company has received multiple awards for its best practices in corporate governance, investor relations, and sustainable development, reflecting its commitment to high-quality operations [31][33]. Group 4: Cross-Border Financial Services - The company has established a comprehensive cross-border financial service platform, attracting 3 billion yuan in foreign capital since 2021 and organizing nearly 1,000 overseas roadshows annually [20]. - Shenwan Hongyuan has successfully issued the first panda bond for the Sharjah government, supporting the internationalization of the renminbi and contributing to the Belt and Road Initiative [20]. Group 5: Cultural and Talent Development - The company has initiated a cultural renewal campaign to enhance its internal culture and brand recognition, aiming to foster a cohesive corporate identity [29]. - Talent development is prioritized as a key resource for high-quality growth, with a focus on performance-based promotion and organizational reform [27].

Core Viewpoint - XuZhou YouLi TongChuang Technology Co., Ltd. successfully listed on the National Equities Exchange and Quotations on October 16, 2025, with the support of Shenwan Hongyuan Securities as the lead underwriter [1] Company Overview - Established in 2006, the company is located in the Pizhou Economic Development Zone of Xuzhou, Jiangsu Province, and specializes in the R&D, design, production, and sales of steering bearings, axle-connected bearings, and high-precision bearing components [3] - The three core products include steering bearings for motorcycles and electric vehicles, axle-connected bearings for automotive water pumps and fan brackets, and high-precision thermal components, widely used in various vehicle systems [3] - The company is a leading player in the domestic market for motorcycle and electric vehicle steering bearings, having entered the global procurement systems of Yamaha and Honda, and is increasing collaborations with electric vehicle companies like Ninebot, Yadea, and Niu [3] - With nearly 20 years of experience in the automotive water pump and fan bracket axle-connected bearing sector, the company has established stable long-term partnerships with industry clients, building a competitive advantage [3] - The company also manufactures high-precision bearing components for well-known multinational companies such as Timken and Fersa [3] Recognition and Achievements - The company has received multiple recognitions, including being designated as a municipal enterprise technology center in September 2021, a national high-tech enterprise in November 2021, and a specialized and innovative "little giant" enterprise by the Ministry of Industry and Information Technology in September 2024 [4] - It has also been recognized as a provincial private technology enterprise and a provincial specialized and innovative enterprise in Jiangsu [4] Support from Shenwan Hongyuan - Shenwan Hongyuan Securities provided comprehensive and detailed support throughout the listing process, leveraging its capital market experience to assist the company in highlighting its business and technological strengths [4] - The team received positive feedback from the client for its rigorous professional attitude and efficient execution capabilities [4] - Shenwan Hongyuan plans to continue offering comprehensive financial services to support the company's growth and contribute to the prosperity of the real economy [4]

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 ● 星期一 10月 今日申 ... 今日中签缴 ... <> 股 丰倍生物 732334 团 国 24.49 发行/行业市盈率 30.47/64.73 申购上限 1.1万股 发行价(元) 今日无新债 ...

Core Viewpoint - The article discusses the recent significant decline in gold prices and its implications for global asset allocation strategies, emphasizing the need for a structured framework to navigate the changing market dynamics [2] Group 1: Market Analysis - Gold prices have experienced a notable drop, prompting a reevaluation of investment strategies in the context of global economic conditions [2] - The article highlights the correlation between gold prices and macroeconomic indicators, suggesting that shifts in interest rates and inflation expectations are critical factors influencing gold's performance [2] Group 2: Investment Strategies - The report outlines various asset allocation methodologies that can be employed in response to the changing landscape of gold prices, advocating for a diversified approach to mitigate risks [2] - It emphasizes the importance of understanding the historical performance of gold in different economic cycles to inform future investment decisions [2] Group 3: Future Outlook - The article projects potential scenarios for gold prices based on current economic trends, indicating that further volatility may be expected in the near term [2] - It suggests that investors should remain vigilant and adaptable, considering both short-term fluctuations and long-term trends in their investment strategies [2]

Group 1 - The "15th Five-Year Plan" has been officially released, providing a clearer path for domestic economic restructuring, which positively impacts market confidence [1] - The current phase of concentrated disclosure of third-quarter reports from listed companies will provide more micro-level information reflecting the state of the real economy, indicating a potential for market fluctuations as investors seek confirmation [1] - There are signs of improvement in the current market state compared to the past two weeks, with investor confidence beginning to recover [1] Group 2 - The market experienced a rebound last week, with the Shanghai Composite Index reaching a new high during this round of recovery, indicating a strong upward momentum [2] - The Shenzhen Component Index also accelerated its rebound, surpassing all short-term moving averages, reflecting a positive trend in growth sectors, particularly in TMT [2] - The average daily trading volume in both markets remained above 2.1 trillion yuan, indicating stable market activity [2]

Core Insights - The article discusses the resurgence of TACO trading and the global equity market's upward trend, alongside a correction in precious metals [2] Group 1: TACO Trading - TACO trading has seen a revival, indicating a shift in market dynamics and investor sentiment [2] - The article highlights the implications of this trading strategy on overall market performance and investor behavior [2] Group 2: Global Equity Market - Global equities have experienced an upward movement, suggesting a positive outlook for stock markets worldwide [2] - The article provides insights into the factors driving this increase, including economic indicators and investor confidence [2] Group 3: Precious Metals - Precious metals have undergone a correction, contrasting with the rising equity markets [2] - The article analyzes the reasons behind this pullback, including changes in demand and macroeconomic factors [2]

申万投资公司本次投资首次运用SPV结构，对接科创板改革"1+6"新政，结合现有基金并有引导相关社会资本，为科技企业提供了从研发到国际化发展的关 键支持，构建了"科技—产业—金融"良性循环，形成了金融赋能创新、创新形成生产力、生产力服务国家战略的有效闭环。申万投资公司投资西井科技展现了 以"科技金融"、"绿色金融"、"数字金融"催化新质生产力、服务国家大局的实践成效，为后续深化科技创新、支持高水平对外开放积累了有益经验。 来源：申万投资公司 *申万投资公司全称申银万国投资有限公司，是申万宏源证券有限公司的全资子公司，于2009年4月9日由中国证监会批准设立。 近期，申万投资公司 * 作为领投方之一，顺利完成对上海西井科技股份有限公司（以下简 称"西井科技"）的F+轮融资。西井科技是以人工智能与自动驾驶为核心技术，专注于为大物流场 景提供全流程数智化与绿色化解决方案的高科技企业，业务覆盖全球28个国家和地区，是"新质生 产力"的典型代表。与申万投资共同参与本轮投资投资者还包括建投投资、中银资产等知名机构。 申万投资公司投资西井科技，是落实中央金融工作会议精神、做实金融"五篇大文章"的具体行动。西井科技的全球化业务 ...

申万宏源宏观 全会精神学习：续写奇迹新篇章（申万宏观·赵伟团队） 原创 阅读全文 ...