申万宏源固收研究 【申万固收|利率】央行将恢复国债买卖，做多重启还是利多出尽？ 原创 阅读全文 ...

申万宏源宏观 热点思考 | 投资"失速"的真相？（申万宏观·赵伟团队） 原创 阅读全文 ...

【申万宏源策略 | 一周回顾展望】"十五五"规划：优化中国经济转型的实现路径 原创 阅读全文 申万宏源策略 ...

申万宏源策略 【申万宏源策略】周度研究成果（10.20-10.26) 原创 阅读全文 ...

Core Viewpoint - The article highlights the significant achievements and strategic direction of Shenwan Hongyuan during the "14th Five-Year Plan" period, emphasizing its commitment to high-quality financial development and comprehensive financial services for various sectors, including technology and green enterprises [1][3]. Group 1: Financial Services and Achievements - Shenwan Hongyuan has supported a total financing scale of 1,367.5 billion yuan for enterprises during the "14th Five-Year Plan," with 101.8 billion yuan for technology innovation enterprises and 29.6 billion yuan for green enterprises [3]. - The company has issued green bonds totaling 52.5 billion yuan, positioning itself as a leader in serving the real economy and promoting financial innovation [3]. - The company has established a comprehensive service system covering the entire lifecycle of enterprises, particularly in the New Third Board business, where it ranks second in the number of companies it has sponsored [3][4]. Group 2: Corporate Growth and Financial Performance - By the end of 2024, the total asset scale of the company reached 697.6 billion yuan, with a net asset scale of 133.3 billion yuan, reflecting a compound annual growth rate of 9.17% and 10.33% respectively during the "14th Five-Year Plan" [14]. - The average annual operating income during this period reached 1.3 times that of the previous five years, indicating a steady improvement in profitability [14]. - The company has successfully completed several significant projects, including a 115.62 billion yuan transaction for TCL Technology, marking the largest issuance of shares for asset acquisition in the electronics industry since 2021 [6]. Group 3: Investor Relations and Corporate Governance - Shenwan Hongyuan has implemented cash dividends totaling 8.739 billion yuan during the "14th Five-Year Plan," actively engaging in mid-term dividends to share development benefits with investors [23]. - The company has focused on enhancing corporate governance and risk management, establishing a comprehensive risk management framework that exceeds regulatory standards [23][27]. - The company has received multiple awards for its best practices in corporate governance, investor relations, and sustainable development, reflecting its commitment to high-quality operations [31][33]. Group 4: Cross-Border Financial Services - The company has established a comprehensive cross-border financial service platform, attracting 3 billion yuan in foreign capital since 2021 and organizing nearly 1,000 overseas roadshows annually [20]. - Shenwan Hongyuan has successfully issued the first panda bond for the Sharjah government, supporting the internationalization of the renminbi and contributing to the Belt and Road Initiative [20]. Group 5: Cultural and Talent Development - The company has initiated a cultural renewal campaign to enhance its internal culture and brand recognition, aiming to foster a cohesive corporate identity [29]. - Talent development is prioritized as a key resource for high-quality growth, with a focus on performance-based promotion and organizational reform [27].

申万宏源承销保荐在优力同创挂牌项目中充分发挥专业优势，凭借丰富的资本市场经 验，为优力同创提供了专业且细致的全流程服务支持，深度挖掘公司业务与技术亮点，高 效对接监管机构，协助其顺利完成挂牌。团队以严谨的专业态度和高效的执行能力赢得了 客户的好评。 2025年10月16日，徐州优力同创科技股份有限公司（证券简称：优力同创，证券代 码：874745）成功在全国中小企业股份转让系统挂牌。申万宏源承销保荐担任本次挂牌主 办券商，凭借专业、细致、高效的服务，助力客户成功登陆资本市场。 公司成立于2006年，坐落在江苏省徐州市邳州经济开发区海河路，是一家集转向轴 承、轴连轴承及高精密轴承零部件的研发、设计、生产和销售于一体的国家级高新技术企 业和国家级专精特新"小巨人"企业。公司三大核心产品为摩托车及电动车用转向轴承、汽 车水泵和风扇支架轴连轴承、高精密车热件，并广泛应用于摩托车及电动车用转向系统、 商用车和工程车等发动机水泵冷却系统、高精密轴承制造等领域。 公司是国内摩托车和电动车用转向轴承细分领域的领先企业，已进入日本雅马哈、日 本本田的全球采购体系，同时逐渐加大与九号科技、雅迪、小牛等电动车企的合作力度， 业内知 ...

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-α葛磊 ● 星期一 10月 今日申 ... 今日中签缴 ... <> 股 丰倍生物 732334 团 国 24.49 发行/行业市盈率 30.47/64.73 申购上限 1.1万股 发行价(元) 今日无新债 ...

首先，政策布局立足长远，市场信心有所加强。市场普遍关注的"十五五"规划终于落地，它提供了更加清晰的国内经济结构调整路径，对提高市场信 心具有正面作用。 目前，上市公司三季报正在进入集中披露期，将有更多的微观层面的信息来反馈目前的实体经济状态，市场或仍有反复确认和等待的 过程。此外，目前外部局势仍有一些不确定因素，处于靴子尚未完全落地的状态。但相比过去两周而言，当前的状态已经有不少改善迹象，投资者信心开 始回升。 上周市场震荡反弹，沪指创出本轮反弹新高。 沪指一路震荡反弹，周五盘中创出本轮行情的新高，短期均线已经全部收回。深圳成指震荡后周五加 速反弹，一举站上所有短期均线。量能方面，上周两市日均量能在 21000 亿元以上，较前周基本持平。上周市场热点主要集中在TMT等成长性行业。投 资风格方面，科技股涨幅领先。从运行节奏看，沪指整固后再次向上挑战。八月底以来，沪指进入横向整理阶段，上有阻力、下有支撑。期间的调整低点 仍在2021年的市场高点之上，这说明原先的阻力位被突破后，成为了重要的支撑位。节后归来，市场尝试向上拓展空间，但遇到利空信息后重新回落整 理。上周五，沪指跳空上行，创出本轮反弹新高，或意味着再次启 ...

Core Viewpoint - The article discusses the recent significant decline in gold prices and its implications for global asset allocation strategies, emphasizing the need for a structured framework to navigate the changing market dynamics [2] Group 1: Market Analysis - Gold prices have experienced a notable drop, prompting a reevaluation of investment strategies in the context of global economic conditions [2] - The article highlights the correlation between gold prices and macroeconomic indicators, suggesting that shifts in interest rates and inflation expectations are critical factors influencing gold's performance [2] Group 2: Investment Strategies - The report outlines various asset allocation methodologies that can be employed in response to the changing landscape of gold prices, advocating for a diversified approach to mitigate risks [2] - It emphasizes the importance of understanding the historical performance of gold in different economic cycles to inform future investment decisions [2] Group 3: Future Outlook - The article projects potential scenarios for gold prices based on current economic trends, indicating that further volatility may be expected in the near term [2] - It suggests that investors should remain vigilant and adaptable, considering both short-term fluctuations and long-term trends in their investment strategies [2]

Core Insights - The article discusses the resurgence of TACO trading and the global equity market's upward trend, alongside a correction in precious metals [2] Group 1: TACO Trading - TACO trading has seen a revival, indicating a shift in market dynamics and investor sentiment [2] - The article highlights the implications of this trading strategy on overall market performance and investor behavior [2] Group 2: Global Equity Market - Global equities have experienced an upward movement, suggesting a positive outlook for stock markets worldwide [2] - The article provides insights into the factors driving this increase, including economic indicators and investor confidence [2] Group 3: Precious Metals - Precious metals have undergone a correction, contrasting with the rising equity markets [2] - The article analyzes the reasons behind this pullback, including changes in demand and macroeconomic factors [2]