申万宏源宏观 深度专题|2026年：财政货币政策展望 原创 阅读全文 ...

申万宏源策略 【申万宏源策略】周度研究成果（11.24-11.30) 原创 阅读全文 ...

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操练透报纸圆感G 免责声明 申门宏源证券 星期三 12月 BE # H Integral 今日申 ... 今日中签缴... 1 令日上 今日无新股新债 ...

申万宏源策略 【申万宏源策略 | 一周回顾展望】春季行情的幅度和定位 原创 阅读全文 ...

Core Viewpoint - The article discusses the upcoming shareholder meeting for the Shenwan Hongyuan Tian Tian Zeng and Tian Tian Li money market funds, focusing on the proposed change of management to Shenwan Lixin Fund Management Co., Ltd. and the transformation of the funds into money market funds [1]. Meeting Agenda - The main agenda includes the proposal to change the management of the Shenwan Hongyuan Tian Tian Li and Tian Tian Zeng money market funds to Shenwan Lixin Fund Management Co., Ltd. and to transform these funds into Shenwan Lixin Tian Tian Li and Tian Tian Zeng money market funds [1]. - If the proposal is approved, the relevant terms of the asset management contract will be modified accordingly [1]. Voting Methods - Various voting methods are available for shareholders, including paper voting, SMS voting, online voting, and telephone voting [2]. - SMS and online voting are highlighted as the most convenient options for individual investors [3]. Voting Participation Guide - For SMS voting, shareholders will receive a voting message and must respond with their choice (agree, oppose, or abstain) by a specified deadline [3][4]. - For online voting, shareholders can use the Shenwan Hongyuan Securities app or WeChat to participate [4][5]. Voting Timeline - The voting period starts on November 17, 2025, and ends on December 12, 2025, for both funds [7]. - Shareholders are encouraged to complete their votes before the deadline to ensure their opinions are counted [7]. Incentives for Participation - Successful participants in the voting process will receive a cash reward, with details provided after the voting [4][10].

Core Viewpoint - Huaxia Financial Leasing Co., Ltd. successfully issued its 2025 financial bonds (second phase) with a scale of 4.5 billion yuan and a record-low coupon rate of 1.84% [2] Group 1: Company Overview - Huaxia Financial Leasing was established on April 28, 2013, and is a national financial leasing company approved by the former China Banking and Insurance Regulatory Commission [2] - The company has a registered capital of 10 billion yuan and operates in various sectors including environmental protection, energy, electricity, transportation, equipment manufacturing, medical, communications, mining, and aviation [2] - As of the end of 2024, the total assets of the company are nearly 190 billion yuan, showing steady growth and improved profitability, with key operational indicators such as ROA, ROE, and cost-to-income ratio exceeding industry averages [2] Group 2: Bond Issuance Details - The bond issuance has a term of 3 years and a principal rating of AAA, marking a significant achievement for the issuer [2] - This collaboration with Shenwan Hongyuan Securities represents the first successful practice in bond financing, laying a solid foundation for future long-term strategic cooperation [2] - Shenwan Hongyuan Securities aims to leverage this opportunity to provide comprehensive and high-quality financial services to Huaxia Financial Leasing, fostering a stable and trustworthy long-term partnership [2]

Core Insights - The article discusses the investment by Shenwan Hongyuan Innovation Securities in Dianguanjia Group, focusing on the development of smart microgrids and digital infrastructure for new energy systems, aligning with the "14th Five-Year Plan" for energy infrastructure [2][4] Group 1: Investment and Strategic Focus - Shenwan Hongyuan Innovation Securities participated in a new round of financing exceeding 100 million yuan for Dianguanjia, which is a leading one-stop smart microgrid operation service provider in China [2] - The investment aims to strengthen Dianguanjia's capabilities in the new power system and virtual power plant sectors, supporting the company's growth in these areas [2][4] Group 2: Company Overview and Services - Dianguanjia operates under a core model of "Electricity + New Energy + Digitalization," covering areas such as distribution network management, distributed photovoltaics, energy storage, charging facilities, and electricity trading [2] - The company has developed the "Faraday" comprehensive energy management platform, providing integrated energy service solutions to major clients like Huawei, Alibaba, and various airports [2] Group 3: Policy and Research Collaboration - In April 2025, the National Development and Reform Commission and the National Energy Administration issued guidelines to accelerate the development of virtual power plants, which aligns with Dianguanjia's strategic focus [4] - Dianguanjia has established a collaborative research center with Shanghai Jiao Tong University to enhance its digital capabilities and strengthen its research in the field of virtual power plants [4]

【申万固收|转债】渐行渐近：转债到期和时间价值衰减压力分析——转债凸性与定价系列报告之四 原 创 申万宏源固收研究 阅读全文 ...

Group 1 - The expectation of a rate cut by the Federal Reserve in December is a key factor driving global capital market trends [1] - After the October meeting, the Fed Chair Powell's hawkish comments led to a significant decline in rate cut expectations, causing adjustments in global capital markets [1] - The comments from New York Fed President Williams on November 21, suggesting further rate cut space, quickly raised market expectations for a December cut, leading to a recovery in global capital markets [1] Group 2 - On the trading day mentioned, both Shanghai and Shenzhen stock markets experienced a rebound with increased trading volume, with the Shanghai Composite Index closing near its daily high [1] - The trading volume for the day was approximately 1.8 trillion yuan, showing a notable increase compared to the previous Friday [1] - Market hotspots were primarily concentrated in the TMT (Technology, Media, and Telecommunications) and non-ferrous metals sectors, with large-cap blue-chip stocks and technology stocks performing strongly [1] Group 3 - The Shanghai Composite Index is in a process of recovery after a rapid adjustment in late November, having found support above the low point from early October [1] - The index has not yet filled the previous gap created during the market's rapid adjustment, indicating that the recovery process is still ongoing [1]

Core Viewpoint - The article emphasizes the need for China's financial system to transition from real estate finance to movable asset finance, driven by the shift in economic development from traditional factor-driven models to innovation-driven models during the "14th Five-Year Plan" and "15th Five-Year Plan" periods [2][3]. Group 1: Economic Transition and Financial System Challenges - During the "14th Five-Year Plan," the financial system explored ways to improve the market-oriented allocation of factors and promote the development of innovative factors, but it still faces challenges in serving new asset types [2][4]. - The transition to an innovation-driven economy will require financial institutions to adapt their service models to support new asset structures, focusing on technology, data, and green resources [5][6]. Group 2: New Asset Characteristics and Financial Service Requirements - New factors and assets are characterized by intangibility, high liquidity, and value increment, which pose challenges for traditional financial service models based on collateral and stable cash flows [7][8]. - The financial system must develop new service models that cater to movable asset characteristics, addressing the difficulties in rights confirmation, valuation, pricing, and investment [8][9]. Group 3: Current Challenges in Financial Services for New Factors - The financial system faces three main challenges: difficulty in incorporating new factors into financial statements, challenges in valuation due to lack of stable cash flows, and investment difficulties stemming from differing investor logic [8][9][10]. - New factors struggle with rights confirmation and accounting, as existing frameworks do not adequately address the unique characteristics of technology and data assets [9][10]. Group 4: Strategies for Financial Service Improvement - Financial institutions should enhance their capabilities in confirming rights and integrating new assets into financial statements, developing modern accounting systems that reflect the changes brought by technological and green transformations [16][17]. - A multi-dimensional evaluation framework should be established to improve the valuation and pricing capabilities for new factors and assets, involving industry experts and investment institutions [18][19]. - The construction of a unified national market for movable assets should be prioritized to facilitate the trading and circulation of new factors, enhancing market efficiency [20][21]. Group 5: Investment Tools and Financial Product Innovation - There is a need to diversify investment tools for movable assets, encouraging the development of patient capital and innovative financial products that align with the risk-return characteristics of new factors [23][24]. - Financial institutions should innovate their service models to better support the development of new factors, focusing on long-term investment strategies and enhancing risk management capabilities [25].