编者荐语： 中国节气 | 一朝秋露 遍地霜华 以下文章来源于申万宏源发布 ，作者申万宏源证券 申万宏源发布 . 申万宏源证券官方发布 人在清风里 柿红岁月间 申万宏源祝您好"柿"连连 申万宏源文化卡通形象：申源宝 ...

财联社10月20日讯（记者 林坚）在资本市场高质量发展转型的关键期，券商首 席风险官（CRO）岗位的人事变动正成为行业关注的焦点，2025年以来就有4家券 商完成首席风险官人事更替。 身为申万宏源证券执委，更是首席风险官、合规总监，李雪峰对此深有感触。 2024年初结束长达二十八年前台生涯后，他开始转战合规风控领域，担任首席风险 官和合规总监至今，正好近两年时间。 在金融行业竞争日趋激烈、市场环境复杂多变的当下，风险管理已成为金融机 构实现战略目标与稳健经营的核心保障。正如李雪峰所说，行业正向"引领高质量发 展"的风险管理价值创造迈进，需要一批专业工作者去深度研究、系统思考"难而正 确、难而长期的事情"。 拥有超过二十八年证券从业经历，李雪峰是业内认为的横跨资管、自营、合规 风控等多领域的"六边形战士"。在2019年加盟申万宏源证券之前，他曾在浙商证券 有过十年从业经验：是浙商证券的第一代高管、浙商证券专业化建设的开拓者、浙 商资管创始人，在任浙商证券副总裁期间成功带领资管业务挺进行业前列位置，并 在任浙商证券董秘期间成功推进公司IPO 上市等等。 他近日就行业CRO群体动态、风险管理理念演进及新型风险应对等 ...

田门宏源证券 星期四 10月 a CH II 36 F (0) 今日申 ... 今日中签缴... 0 令日上 .. 今日无新股新债 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圆ూ ...

Core Viewpoint - The A-share market is currently in a phase of consolidation after a rebound, with strong buying sentiment and anticipation of upcoming key information before the end of the month [1] Market Overview - After a rebound on Monday and Tuesday, the A-share market experienced a volume contraction on Wednesday, indicating a digestion and consolidation phase with a generally strong trend [1] - Despite a decline last Friday due to adjustments in overseas markets, the market has largely recovered, showing strong willingness from investors to hold and buy on dips [1] Upcoming Events - Key upcoming events to watch include the "14th Five-Year Plan" focus areas and investment opportunities, the performance of leading tech companies in Q3 reports, the Federal Reserve's upcoming interest rate meeting, and the APEC leaders' summit in South Korea at the end of the month [1] - The market is currently in a wait-and-see mode, anticipating clearer information and developments [1] Market Trends - The short-term market is expected to remain in a consolidation phase, with a strong bias, and is likely to become more active in November [1] - Recent market trends show a rotation in focus, with strong performance in dividend and undervalued sectors amid the overall market's consolidation [1] Technical Analysis - From a technical perspective, the 30-day moving average on the daily chart and the 5-week moving average on the weekly chart are important indicators for assessing market strength [1]

Core Viewpoint - The article discusses the pressure on the bond market due to the transition between old and new economic drivers, as reflected in the September economic data [2] Economic Data Analysis - September economic data indicates a slowdown in growth, with GDP growth rate showing a decline compared to previous months [2] - Industrial production growth has decreased to 4.5% year-on-year, down from 5.3% in August, signaling weakening manufacturing activity [2] - Retail sales growth has also slowed to 2.5% year-on-year, compared to 3.0% in August, reflecting reduced consumer spending [2] Bond Market Implications - The bond market remains under pressure as the economic transition creates uncertainty, leading to fluctuations in interest rates [2] - The yield on government bonds has increased, indicating a shift in investor sentiment amid economic concerns [2] - The article suggests that the current economic environment may lead to a prolonged period of volatility in the bond market [2]

申万宏源宏观 热点思考 |"四中"前瞻：新"五年"的新期待（申万宏观·赵伟团队） 原创 阅读全文 ...

申万宏源宏观 政策高频 |二十届四中全会召开（申万宏观·赵伟团队） 原创 阅读全文 ...

Core Viewpoint - The market has shown resilience against tariff impacts, with the Shanghai Composite Index rebounding above 3900 points, indicating a shift in focus back to domestic industry trends as tariff concerns ease [1] Group 1: Market Trends - The recent tariff impacts are less severe than those experienced in April, leading to a stronger market immunity and a preference for sideways consolidation rather than significant declines [1] - The market is expected to maintain a fluctuating upward trend, with key attention on the upcoming 14th Five-Year Plan and third-quarter earnings reports [1] Group 2: Sector Focus - The technology sector remains a focal point in October, with orderly rotation and high-low switching expected within the sector [2] - Underperforming sectors such as robotics, military, and smart vehicles are anticipated to see a rebound, while leading sectors like computing hardware and domestic semiconductors may present buying opportunities upon adjustment [2] - The trend towards domestic semiconductor production continues, with attention on semiconductor equipment, wafer manufacturing, materials, and IC design [2] - The military sector is projected to experience a recovery in orders by 2025, with signs of bottoming out in mid-year performance declines [2] - The innovative drug sector is entering a recovery phase after nearly four years of adjustment, with positive net profit growth expected to continue into 2025 [2] - The banking sector is witnessing a rebound in mid-year performance growth following the impact of loan rate re-pricing, attracting long-term institutional investors due to appealing dividend yields [2]

● 田门宏源证券 星期三 10月 (2) 9 今日上 ... 今日中签缴... 0 今日申 ... 股 丹娜生物 920009 团 申购指南 > 17.10 发行/行业市盈率 11.75/31.59 申购上限 36万股 发行价(元) 今日无新债 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 ...

申万宏源策略 【申万宏源策略】A股三季报业绩前瞻 原创 阅读全文 ...