Core Viewpoint - The article discusses the recent adjustments in the Shanghai Composite Index and the implications of Federal Reserve's interest rate decisions on global capital markets, highlighting the importance of market support and resistance levels [1][6][11]. Market Overview - In November 2025, the Shanghai Composite Index closed at 3888.60 points, down 1.67% from the end of October 2025, with an average daily trading volume of 806.9 billion yuan, a decrease of 16% [6][10]. - The highest point for the Shanghai Composite Index in November was 4034.08 points, while the lowest was 3816.58 points, aligning with expectations [9][10]. - The CSI 300 Index remained flat in October, with an average daily trading volume of 463.8 billion yuan, down 26.1% [6][10]. Federal Reserve Influence - The anticipation of a rate cut by the Federal Reserve in December has significantly influenced global capital market trends, with market expectations for a rate cut rising to nearly 70% following dovish comments from New York Fed President Williams [6][11]. Equity Risk Premium - The equity risk premium for the CSI 300 Index rose to 5.74 at the end of October, indicating a decrease in investor risk appetite, marking a second consecutive month of increase [7][13]. Market Profitability - In November, the number of stocks with gains exceeding 20% decreased to 218, an 8% decline, indicating a return to a more stagnant market environment [7][15]. - The number of stocks with gains over 50% increased, suggesting that while overall profitability is declining, specific sectors may be experiencing stronger performance [7][15]. Trading Volume and Price Relationship - The average daily trading volume fell for the second consecutive month to 1914.7 billion yuan, down 11.5% from October, reflecting a typical correlation between trading volume and market price movements [7][17]. Price Movement Analysis - The current market rally has not yet reached the average growth levels seen in previous major uptrends, with the Shanghai and Shenzhen markets experiencing significant price adjustments [8][19]. - Historical data indicates that the average price increase for stocks on the Shanghai Stock Exchange during uptrends is approximately 115% over 30 months, while the Shenzhen Stock Exchange sees an average increase of 172% over 29 months [8][19]. Index Predictions - The Shanghai Composite Index is currently facing resistance after a downward adjustment in November, having broken below the 60-day moving average, with key support now at the levels established in 2021 [6][21]. - The CSI 300 Index also showed significant adjustments in November, with two downward gaps and a breach of the 60-day moving average, indicating potential challenges ahead [6][24].

2025年12月5日，广州遇见小面餐饮股份有限公司（ "遇见小面"或"公司" ）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。 遇见小面为中国中式面馆经营者，中国内地和香港特别行政区运 营"遇见小面"品牌。截至招股书披露的最后实际可行日期，公司的餐 厅网络涵盖中国内地22个城市的451家餐厅及香港特别行政区的14家 餐厅。依托强劲的增长势头，截至招股书披露的最后实际可行日期， 另有115家新餐厅正处于开业前筹备阶段。公司的餐厅主要分布于中 国东部和南部地区，其中超过半数位于广东省。根据招股书披露，按2 024年总商品交易额计算，公司是中国第四大中式面馆经营者，市场 份额为0.5%，同时在整体中式快餐餐厅市场中排名第十三位，市场份 额为0.14%。此次有5家基石投资者参与本项目，占发售股份24.95%。 申万宏源证券（香港）有限公司（"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。 申万宏源香港在此次发行中始终秉承专业尽责的态度，凭借深厚 的市场经验、卓越的业务能力与投资者覆盖优势，为公司上市保驾护 航。展望未 ...

● 港股通小百科 港特班 公司行 "什么是港股通公司行为? B M "时间安排如何?" > "分红扣税标准是什么?" "供股是什么? 如何申报? AD 1 "港股通投票与A股投票有何差异? B > 【免责声明】本内容为投教使用,介绍业务知识,不构成任何投资建议。港股通业务为R4中高风险。 投资有风险,入市需谨慎! 港股通小百科 港股通公司行为 | d 什么是公司行为? 公司行为是香港证券市场对包括派发现金红利、股 票红利、投票、参与新股发行认购、供股、公开配 售、公司收购、分拆合并等涉及上市公司及其股票 相关的业务的统一用语。这些行为是港股交易的重 要组成部分,对于投资者参与港股投资具有重要的 意义。熟悉港股通中的公司行为,有助于把握投资 机会。 【免责声明】本内容为投教使用,介绍业务知识,不构成任何抄 港股通业务为R4中高风险。投资有风险,入市需谨 由于港股通投资者参与公司行为需经过中登公司中 转，因此参与时间与港股上市公司公告的时间存在 差异。一般来说,申报类业务(如投票、供股、以 股代息等）的开始时间比公告时间晚，结束时间比 公告早;分红、配股和收购资金等到账的时间比公 告日晚，时间差通常为1-3个交易 ...

转股价(元) 18.26 100.00 正股名称 普联软件 发行价(元) 债券评级 A+ 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艇赢套餐跟货圆膏Ga ● 星期开 12月 今日申 今日中签缴 .. 股 昂瑞微 787790 用 网 83.06 发行/行业市盈率 0/58.25 申购上限 0.35万股 发行价(元) 股 沐曦股份 787802 用 网 104.66 发行/行业市盈率 0/58.25 申购上限 0.6万股 发行价(元) 联写信 370996 深 ...

Core Viewpoint - The article discusses the recent developments in the credit bond market, particularly focusing on Vanke's extension of its bond maturity, which has drawn significant market attention. It highlights the upward trend in yields and the widening of credit spreads in the market [2]. Group 1: Market Trends - The credit bond market has experienced an increase in yields, indicating a shift in investor sentiment and market conditions [2]. - Credit spreads have widened, reflecting increased risk perception among investors and potential concerns regarding credit quality [2]. Group 2: Company-Specific Developments - Vanke's decision to extend the maturity of its bonds has been a focal point, suggesting strategic adjustments in response to current market dynamics [2]. - The market's reaction to Vanke's actions may influence other companies' strategies regarding bond issuance and management [2].

12月2日，申万宏源与成都产业投资集团有限公司在成都签署深化战略合作协议。申万宏源党委副书记、集团公司总经理黄昊，成都产投 集团党委书记、董事长苗伟出席签约仪式并代表双方签署《深化战略合作协议》。 黄昊感谢成都产投集团长期以来的信任与支持，他表示，申万宏源作为中央汇金控股的"A+H"上市投资控股集团，始终以服务国家战略为己 任。公司高度重视本次与成都产投集团的战略合作，将依托"投资控股集团+证券子公司"的双层架构优势，在企业金融、投资管理等领域全力提 供专业支持，共同为成都实体经济发展与产业升级注入资本活水 。 苗伟对黄昊一行来访表示欢迎，并详细介绍了成都产投集团的核心主业、业务构成以及近期重点项目进展。他表示，申万宏源长期以来是 值得信赖的战略合作伙伴，在资本市场领域拥有突出的专业研究和整合资源的能力。本次签约将是双方优势互补、资源共享的新开端，共同探索 地方国企与金融央企协同发展的新模式，为服务国家战略、服务地方实体经济发展贡献力量。 下一步，双方将以此为契机，进一步深化务实合作，充分利用"产投28计划"等平台载体，共同拓展在产业研究、生态共建、资源协同、基 金投资等重点领域的合作广度与深度，共同探索地方 ...

Market Overview - A-shares continue to maintain a low-volume consolidation pattern after failing to break through the 3900-point mark, with trading volume shrinking to below 1.6 trillion [1] - As the year-end approaches, investor enthusiasm for trading has decreased, leading to a general trend of low-volume fluctuations in the market [1] - The market is expected to remain in this state for the next few weeks, with a focus on the 4000-point level as a potential preparation for upward movement [1] Future Outlook - The market is currently in a cautious atmosphere as year-end approaches, but the repeated fluctuations around the 4000-point mark may indicate preparation for a new upward phase [1] - The manufacturing sector is expected to see improved supply and demand conditions in the second half of 2026, which could lead to a significant rebound in the earnings growth of A-share listed companies [1] - Key focus areas for November include the impact of the 14th Five-Year Plan on industries, event-driven factors in the technology sector, and price increases driven by anti-involution trends, which may 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 banks, public utilities, coal, and non-ferrous metals [2] - Technology remains the main focus for 2026, with particular attention on AI, lithium batteries, military industry, and robotics after a phase of adjustment [2] - The trend of AI hardware continues to solidify, with increasing token usage for major AI models indicating a peak in AI applications by 2026, presenting opportunities for high growth in AI hardware [2] - The domestic production of robots and their integration into daily life is a confirmed trend for 2026, with opportunities arising in sensors, controllers, and dexterous hands as robot products evolve [2] - The semiconductor industry is expected to continue its domestic production trend, with a focus on semiconductor equipment, wafer manufacturing, materials, and IC design [2] - The military industry is anticipated to see a recovery in orders by 2026, with many sub-sectors showing signs of bottoming out as third-quarter earnings declines continue to narrow [2] - The innovative drug sector is entering a harvest period after nearly four years of adjustment, with positive net profit growth expected to continue into 2026 [2]

Core Viewpoint - The articles highlight significant developments and achievements of Shenwan Hongyuan in various sectors, including capital markets, technology finance, inclusive finance, and green finance, showcasing the company's strategic initiatives and successful partnerships. High-Quality Development - Shenwan Hongyuan successfully hosted the "2026 Capital Market Investment Conference" in Shanghai from November 18-21, featuring key executives and the launch of the "Shenxiang Custody Operation Service Platform," marking a comprehensive upgrade in custody operations [1] - The "Xuhui District AI Financial Technology Ecological Alliance" was officially announced during the conference, focusing on the integration of AI and finance [1] Strategic Partnerships - Shenwan Hongyuan signed a strategic cooperation agreement with China Guoxin Holdings on November 25, with key executives from both companies witnessing the signing [3] Technology Finance - Shenwan Hongyuan acted as the lead underwriter for the first "Belt and Road" company bond focused on energy supply, issued by China National Petroleum Corporation, with a scale of 6 billion and a coupon rate of 1.99% [5] Inclusive Finance - The company successfully issued the first small micro-financial bond for CITIC Baixin Bank, with a scale of 2 billion and a coupon rate of 1.98%, setting a historical low for internet commercial banks [8] Support for Capital Market Listings - Shenwan Hongyuan assisted Shenzhen Kangtaijian Medical Technology Co., Ltd. in successfully listing on the New Third Board on November 25 [9] - The company also supported Liaoning Chuangshi Molybdenum Industry Group Co., Ltd. in its successful listing on the New Third Board on November 26 [10] - Additionally, Shenwan Hongyuan helped Shenzhen Dingzhi Communications Co., Ltd. achieve a successful listing on the New Third Board on November 27 [11] Green Finance - Shenwan Hongyuan facilitated the successful issuance of 20 billion green financial bonds for Shanghai Pudong Development Bank, with a coupon rate of 1.73% [12] Awards and Honors - Shenwan Hongyuan won seven awards at the "2025 Securities Industry Golden Bull Award" ceremony held on November 8 [13] - The company secured first place in the "2025 Shanghai Stock Exchange Cup" national college ETF knowledge and financial planning competition [14] - Shenwan Hongyuan's investment banking division received five awards at the "19th Shenzhen International Financial Expo" [15] - The company was recognized as a top 10 investment banking service institution at the "2025 First Financial Value Annual Meeting" [16] - Shenwan Hongyuan's research division won 24 awards at the "7th Sina Golden Unicorn Awards" [17]

申万宏源香港在此次 发行中 始终秉承专业尽责的态度，凭借深厚 的市场经验、卓越的业务 能力与投资者覆盖优势，为公司上市保驾护 航。展望未来，申万 宏 源香港将继续发挥专业优势与平台 资源，为 公司提供全方位的金融综合服务。 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。 声明 2025 年 12 月 3 日，安徽金岩高岭土新材料股份有限公司（ " 金岩高岭新材"或"公司" ）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 2693.HK ，最终定价为每股 7.3 港元，基础发行规模 1.8 亿港元。 申万宏源证券（香港）有限公司（"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。 金岩高岭新材在中国专 营煤系高岭土，拥有横跨从采矿、研发、 加工到生产、销售的全价值 链的整合能力。根据招股书披露， 2024 年中国煤系煅烧高岭土企 业收入统计，公司以 5.4% 的市场份额位列 行业第五 。作为国内煅烧高岭土产品的主要生产商，公司的业务依托 优质 丰富的煤系 高岭土矿产资源。核心产品涵盖精密铸造用莫来石 材 料与耐火 ...

Core Viewpoint - The article emphasizes the importance of enhancing the evaluation mechanism for local funds and improving the tolerance for investment losses to better leverage government funds in supporting foundational research, common technology breakthroughs, and future industry development [1][3]. Group 1: Government Fund Utilization - Local governments are increasingly establishing industrial and guiding funds to attract emerging industries and quality enterprises through equity investment and project recruitment [3]. - The effective interaction between local equity investment and attracting investment is still limited, necessitating further exploration of the government investment banking model [3]. - Key factors for developing the government investment banking model include enhancing the risk investment role of government funds and introducing market-oriented professional management institutions to attract more market funds [3][4]. Group 2: Major Project and Industry Chain Development - Government funds should play a leading role in promoting major projects and industry chain development, focusing on core and weak links within the industry chain [4]. - Local governments need to identify key industries for support and prioritize funding for leading enterprises and critical projects, especially in areas where social capital is hesitant to invest [4][5]. Group 3: Traditional and Emerging Industry Coordination - There is a need for a comprehensive industrial development philosophy that promotes the transformation of traditional industries while also fostering emerging and future industries [5][6]. - Investments should not only target new and early-stage projects but also enhance traditional industries through technological upgrades and digital transformation [5][6]. Group 4: Hefei's Experience in Government Investment Banking - Hefei has adopted a government investment banking approach to attract strategic emerging industries, resulting in a cluster effect by linking capital with industry [7][8]. - The city has established a risk tolerance and accountability mechanism to encourage investment, allowing for a loss tolerance of 15% to 50% for different fund types [8]. - Hefei's "Creative Investment City" initiative aims to shift from government-led investment to attracting proactive capital, linking over 200 funds with a total scale of 400 billion yuan [9].