Core Viewpoint - Shenzhen Dingzhi Communication Co., Ltd. successfully listed on the National Equities Exchange and Quotations on November 27, 2025, marking a significant milestone in its capital market journey [1]. Company Overview - Dingzhi Communication is a professional provider of electronic payment products and solutions, aiming to offer stable, efficient, secure, and convenient electronic payment solutions to global users [1]. - The company adheres to an "internationalization and branding" strategic positioning, with products sold in various regions including Africa, Latin America, the Middle East, and Asia-Pacific, establishing a notable brand influence in the global POS terminal sector [1]. - Dingzhi Communication is recognized as a national high-tech enterprise and a specialized and innovative small and medium-sized enterprise in Shenzhen, showcasing strong product innovation capabilities [1]. Future Outlook - Shenwan Hongyuan will continue to uphold its responsibility to serve the real economy and implement national strategies by discovering and nurturing high-growth quality enterprises to enter the capital market [1]. - The company aims to assist enterprises in achieving leapfrog development and actively supports the innovation-driven development strategy to help businesses reach new heights in their respective industries [1].

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掘豢秃腺结圆膏ᠲ 田门宏源证券 星期二 12月 a Barra 上 143 36 1 今日中签缴 .. 0 今日申... 0 令日上 今日无新股新债 免责声明 ...

【申万宏源策略】美国降息预期再升温，内外资均流入中国股市——全球资产配置每周聚焦 (20251121- 20251128) 原创 阅读全文 申万宏源策略 ...

Core Viewpoint - The article highlights the successful issuance of the first phase of green financial bonds by Shanghai Pudong Development Bank, amounting to 20 billion yuan with a coupon rate of 1.73%, showcasing the bank's commitment to green finance and its role in supporting low-carbon projects [2] Group 1: Bond Issuance Details - The bond issuance scale reached 20 billion yuan, with a coupon rate of 1.73%, receiving positive investor subscriptions [2] - The funds raised will be directed towards clean energy, energy conservation, and green transportation projects, aligning with the bank's "dual carbon" strategy [2] Group 2: Role of Shenwan Hongyuan Securities - Shenwan Hongyuan Securities played a significant role as one of the lead underwriters for this green financial project, demonstrating its expertise and strong sales capabilities in the green finance sector [2] - The successful issuance of the bonds enhances the cooperative relationship between Shenwan Hongyuan and Shanghai Pudong Development Bank, while also increasing Shenwan Hongyuan's influence in the green bond underwriting market [2]

申万宏源证券上海分公司官微，能为您提供账户开立、软件下载、研究所及投顾资讯等综合服务，为您的财富保驾护航。 以下文章来源于申万宏源证券上海分公司 ，作者司伟杰 申万宏源证券上海分公司 . 摘要 12 月的上涨概率略大于下跌概率，且价值风格跑赢小市值的成长风格，因此建议投资者抓大放小，追求确定性。同时重点关注两个信号， 一个是成交量能否重回 2 万亿以上，另一个则是重点指数能否突破 11 月的最高点，形成趋势的逆转 三、操作建议： 一、行情回顾： 市场如同季节更替一般，随着冷空气进入秋冬季节。 11 月开始，寒意逐渐加重。本月各大指数普跌，上证指数、深证成指、创业板指、科 创板综指分别下跌 1.67% 、 2.95% 、 4.23% 、 4.03% ，大盘蓝筹稍强，科技成长方向跌幅最大。三大指数（沪深京）日均成交额约 1.86 万亿元，较 10 月环比下降约 15% ，市场观望情绪越发浓厚。技术面来看，除上证指数仍坚挺之外，科技方向的创业板和科创板指 数则出现月线级别的顶分型（即：本月的最高点低于上月最高点，本月的最低点低于上月的最低点）呈现一定的回调迹象。 二、市场分析： 当前矛盾点在于：市场连续上涨后有回调 ...

风风险险资资产产回回稳稳，，高高低低切切或或已已结结束束 22002255年年1111月月2244日日--22002255年年1111月月2288日日基基金金投投顾顾观观 本周中美股市止跌回稳，A股上涨但成交额周度回落，债市走弱，黄金上涨。具体来看，市场 有以下几个重要方面： 01 经过前周市场大幅调整后，本周A股市场明显回升，上证指数周上涨1.40%。但沪深两市日 均成交金额回落近1200亿元至1.72万亿附近。申万一级行业上，通信、电子、综合行业涨 幅居前，石油石化、银行、煤炭跌幅居前。本周国证价值上涨0.47%，国证成长上涨 2.81%，成长风格占优。恒生指数上涨2.53%，万得全A上涨2.90%，A股表现略强于港 股。 04 海外方面，在上周大幅下跌后，上周五至本周四，美股共4个交易日连收4阳，美元指数和美 债收益率下行。主要因素一是美联储官员接连发表有利于降息的讲话，12月降息的概率显著 提升，且其中可能还包含对下一任联储主席人选及其偏鸽态度的猜测，基本面数据暂无波 澜，风险资产本周皆有所缓和；二是中美领导人对话，释放积极信号。行业方面，工业材 料、消费医药、科技等板块反弹靠前，科技板块中市场交易谷 ...

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

Core Viewpoint - The article discusses the performance and characteristics of various metal ETFs in the context of a declining interest rate environment, highlighting their potential as investment options for different investor profiles [2][8]. ETF Comparison - The article compares three types of ETFs: the General Metal ETF (159880.OF), the Industrial Metal ETF (560860.OF), and the Gold Stock ETF (517520.OF), each with distinct investment focuses and characteristics [3][5][6]. Investment Strategy Differences - The General Metal ETF has a diversified portfolio covering the overall performance of the non-ferrous metal industry, while the Industrial Metal ETF focuses more on industrial-related metals. The Gold Stock ETF is concentrated solely on companies within the gold industry [11][18]. Sector Weight Distribution - The weight distribution among the top ten holdings in the ETFs shows that the General Metal ETF has significant allocations in gold (22.93%) and silver (2.43%), while the Industrial Metal ETF has a higher allocation in copper (31.29%) and aluminum (15.09%). The Gold Stock ETF is heavily weighted towards gold (64.65%) [13][15]. Concentration Analysis - The General Metal ETF and Industrial Metal ETF have relatively diversified holdings, whereas the Gold Stock ETF is more concentrated. The General Metal ETF has a higher allocation in precious metals, while the Industrial Metal ETF focuses more on industrial metals [15][19]. Risk and Return Characteristics - The risk profiles of the ETFs differ based on their holdings. The General Metal ETF is influenced by fluctuations in precious and rare metals, the Industrial Metal ETF is affected by industrial metal market dynamics, and the Gold Stock ETF primarily faces risks associated with gold prices [20]. Target Investor Profiles - The General Metal ETF is suitable for investors interested in a broad range of metals, the Industrial Metal ETF caters to those focused on the industrial metal market, and the Gold Stock ETF is ideal for investors looking to concentrate on the gold industry [20].

首先，美联储降息预期和AI发展争议主导市场风险偏好的走向。 美联储12月是否降息的预期反复多变。上周以来，在美联储官员的鸽派言论下，降 息预期再次大幅回升，这主导了上周以来全球股市的反弹，A股也顺利实现了超跌反弹。此外，人工智能行业是否存在泡沫的讨论仍未结束，但谷歌大模 型的明显进展为这个行业又重新注入了强心剂，全球AI 行业的核心资产出现明显修复。总体来看，经过前周的急跌之后，市场主要基本面驱动因素有所 改善，这将有利于市场继续反弹修复。 上周市场超跌反弹，量能有所减少。 沪指周初触及低点后，一路向上逐步收复失地，周四周五连续两天站上5天均线，不过目前仍在60天均线下方。 深圳成指上周反弹力度更大，周三便回补了前周的跳空缺口，周四触及60天均线后略有回落。量能方面，上周两市日均量能约17000亿元左右，较前周有 所下降。上周市场热点主要集中在TMT行业。投资风格方面，中小盘和科技股领涨。 风险提示 ：国际地缘、贸易冲突超出预期；全球金融市场风险暴露；国内上市公司业绩增速回落超预期；全球经济衰退超预期。 从运行节奏看，沪指快速调整后，尝试向上反弹。 沪指前周出现快速调整，上周一在10月上旬的低点上方获得支撑后 ...

2025年11月26日，由中国证券报与中国国新联合主办的"2025金牛企业可持续发 展论坛暨第三届国新杯·ESG金牛奖颁奖典礼"在苏州举行，申万宏源凭借在可持续发展 与ESG治理方面的卓越表现，成功入选"ESG金牛奖百强"，彰显了公司在环境、社会与 治理领域的领先实践与行业影响力，这是申万宏源再次获得该奖项。 在公司治理层面， 申万宏源 持续完善"1+N"全面风险管理体系，深交所信息披露评价九 次获评A级，投行业务质量评价获A类最高等级，筑牢了资本市场"看门人"的坚实防线。 在社会责任方面，申万宏源积极探索"金融赋能+产业帮扶"双轮驱动模式，累计投入无偿 帮扶资金超3.5亿元，实施帮扶项目200余个；红枣"保险+期货"项目入选联合国"全球减贫案 例"，形成可复制、可推广的乡村振兴"申万宏源经验"。 在环境与绿色金融领域， 申万宏源 积极服务"双碳"目标，发行绿色债券525亿元，支持 绿色企业股权融资296亿元，助力科技金融、绿色金融、普惠金融、养老金融、数字金融"五篇 大文章"落地见效。 此外， 申万宏源 持续推进金融科技融合，率先应用AI模型优化服务流程，提升客户体验； 构建"研究+投资+投行"全生命周期金 ...