以下文章来源于申万宏源发布 ，作者申万宏源证券 方式二： 点击微信界面右下角"我"，点击"表情"进入"表情商店"界面；在搜索栏输入"申源宝的日常"，选择"添 加"。 申万宏源发布 . 申万宏源证券官方发布 电竞源证券P表情 正式 上线 赞 把 ね 0000年终命 在 -1-亡 t / ] ଚ间不再! 和申源宝 手 开局" 消息" 言满满的一天吧! l l ■ L I ■ 表情包获取方式 方式一： 扫描上方海报二维码点击"添加"。 ...

2 025年12月5日， 广东天域半导体股份有限公司（简称 "天域半导体"）成功在香港联 交所主板首次公开发行股票并挂牌上市，股份代号为2658.HK，最终定价为每股58.00港元， 基础发行规模为17.4亿港元。 申万宏源香港担任本次发行的联席账簿管理人。 申万宏源香港担任本次发行的联席账簿管理人及联席牵头经办人。 注：相关服务由申万宏源香港的全资持牌子公司申万宏源融资 (香港) 有限公司及申万宏源证券 (香港) 有限公司提供。 来源：申万宏源香港 同日，广州遇见小面餐饮股份有限公司（简称"遇见小面"）成功在香港联交所主板首次公 开发行股票并挂牌上市，股份代号为2408.HK，最终定价为每股7.04港元，基础发行规模为 6.9亿港元。 ...

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艇赢家预报品副副 今日无新股新债 免责声明 % 公众号 · 申万宏源证券上海北京西路营业部 ...

Market Overview - After regaining the 3900-point level, the A-share market has returned to a phase of low-volume consolidation, with mixed performances across indices. The ChiNext Index continues to show upward momentum, while the Shanghai Composite Index and the Sci-Tech 50 Index have experienced slight pullbacks. Overall trading volume has decreased compared to Monday, reflecting a decline in investor enthusiasm as the year-end approaches, leading to a general trend of low-volume fluctuations [1] Future Outlook - As the year-end approaches, a cautious market sentiment prevails, with fluctuations around the 4000-point level potentially preparing the market for a new upward phase. The market has established conditions for further upward expansion following a period of sideways movement since October. A recovery in the supply-demand situation for the manufacturing sector in 2026 is likely, which could lead to a significant rebound in the earnings growth of A-share listed companies. Key focus areas for November include the impact of the 14th Five-Year Plan on industries, event-driven dynamics in the technology sector, and price increases driven by anti-involution trends, which are expected to catalyze multiple sectors and support a continued upward trend in the market [1] Sector Highlights - In December, sectors benefiting from dividends and price increases are expected to outperform, with short-term attention on banking, public utilities, coal, and non-ferrous metals. Technology will remain a key focus in 2026, with particular attention on AI, lithium batteries, military industry, and robotics. Specific areas of interest include: 1. The established trend in AI hardware, with a continued increase in token usage for major AI models, indicating a peak in AI applications by 2026, presenting opportunities for high growth in AI hardware and the transition from quantitative to qualitative changes in AI applications [2] 2. The trend of robot localization and integration into daily life is expected to continue into 2026, with robot products expanding from humanoid robots to quadrupedal and functional robots, creating recurring opportunities in sensors, controllers, and dexterous hands [2] 3. The trend towards semiconductor localization remains strong, with a focus on semiconductor equipment, wafer manufacturing, semiconductor materials, and IC design [2] 4. The military sector is expected to see a continued recovery in orders by 2026, with many sub-sectors such as ground equipment, aviation equipment, and military electronics showing signs of bottoming out as Q3 report declines narrow [2] 5. The innovative drug sector is entering a recovery phase after nearly four years of adjustment, with positive net profit growth for four consecutive quarters since Q3 2024, and an anticipated turning point in fundamentals by 2025, continuing an upward trend into 2026 [2]

12月5日，南方周末"第三届新金融大会"在北京召开，公司凭借核心业务能力、合规监管、长期 价值三大维度的突出表现，成功入选 "2025年券商'守门人'总榜TOP5"（排名第三） 。 该榜单覆盖近5年A股IPO投行核心参与者，通过8个子指标综合测评70家券商，核心业务能力权 重居首。这份荣誉是对申万宏源坚守金融本源、践行国家战略的高度认可。 未来，申万宏源将持续坚 守"发现价值、传递价值、守护价值"初心，强化合规风控与专业创新能力，在服务实体经济、推动高 质量发展征程中展现更大作为。 来源：申万宏源证券 ...

Main Points - The article discusses the recent trends in the stock market, highlighting a net outflow of main funds totaling 18.386 billion yuan over the past two weeks, with the automotive, building materials, and home appliances sectors seeing the highest net inflows [5][8] - The financing and securities lending data indicates a total balance of 2.483869 trillion yuan, a decrease of 0.31% from the previous period, with the financing balance at 2.466489 trillion yuan and the securities lending balance at 17.381 billion yuan [9][16] - The overall market experienced more declines than increases, with only the food and beverage and banking sectors showing gains, while the non-bank financial, machinery equipment, and media sectors faced the largest declines [5][19] Group 1: Main Fund Trends - In the last two weeks, the automotive, building materials, and home appliances sectors attracted the most net inflows, while the computer, media, and power equipment sectors experienced the highest net outflows [5][8] - The net outflow of main funds was recorded at 18.386 billion yuan, indicating a cautious sentiment among investors [5][8] Group 2: Financing and Securities Lending Data - The current market financing and securities lending balance stands at 2.483869 trillion yuan, reflecting a slight decrease of 0.31% [9][16] - The average daily trading volume for financing and securities lending was 172.602 billion yuan, down 16.64% from the previous period, with net buying in financing decreasing by 16.73% [9][15] Group 3: Market Performance - The overall market saw a higher number of declining stocks compared to those that increased, with only two sectors, food and beverage and banking, showing positive performance [5][19] - The non-bank financial, machinery equipment, and media sectors recorded the largest declines, indicating a challenging environment for these industries [5][19] Group 4: Strength Analysis - The strength analysis score for all A-shares was 6.20, indicating a neutral to strong market condition, while the scores for the CSI 300, ChiNext, and STAR Market were 5.61, 6.32, and 6.55 respectively [5][26] - A score above 5 suggests that the market is gradually strengthening, reflecting a potential recovery phase [26]

阅读全文 申万宏源固收研究 【申万固收|机构行为】中长期利率债基久期下降，理财破净率抬升——机构行为观察周报20251205 原 创 ...

Group 1 - The non-bank financial sector has received favorable policies, contributing to a significant market rebound. The Hong Kong Monetary Authority announced a reduction in risk factors for insurance companies, indicating a strategic focus on encouraging insurance capital to enter the market. Additionally, the chairman of the China Securities Association emphasized the importance of differentiated regulation and support for high-quality institutions, which has raised expectations for improved profitability among leading securities firms [1] - On Monday, the stock markets experienced a volatile rebound with a noticeable increase in trading volume. The Shanghai Composite Index opened higher and continued to rebound, filling the gap left on November 21, while the Shenzhen Component Index showed stronger performance, closing above all moving averages. The total trading volume for both markets was around 2 trillion yuan, significantly higher than the previous Friday. The main market focus was on the TMT and military industries, with technology stocks and small-cap stocks performing particularly well [1] Group 2 - The Shanghai Composite Index is currently in a process of rebound after a rapid adjustment. Following a quick decline in late November, the index found support above the low point from early October and has gradually stabilized and rebounded. As of Monday, the downward gap from November 21 has been successfully filled, and future attention should be paid to changes in fundamental expectations [2]

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 星期二 12月 (1) O 今日中签缴..3 今日申 ... マイ 股 元创股份 001325 网 国 24.75 12.93/26.37 发行/行业市盈率 1.95万股 申购上限 发行价(元) 今日无新债 ● ...

Core Viewpoint - The article discusses the impact of a weaker US dollar on global liquidity and the resulting positive performance of equity assets, highlighting a broad market rally in response to these conditions [2] Group 1: Market Conditions - A weaker US dollar has led to improved liquidity in the market, which is a significant factor driving the recent performance of equity assets [2] - The article notes that this liquidity recovery has resulted in a widespread increase in equity products across various markets [2] Group 2: Global Asset Allocation - The article emphasizes the importance of global asset allocation strategies in the current market environment, suggesting that investors should consider diversifying their portfolios to capitalize on the positive trends driven by the weaker dollar [2] - It highlights that the current market conditions present potential investment opportunities in various sectors, particularly those that benefit from increased liquidity [2]