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 即门笼線山方 星期四 10月 今日申 .. 今日中签缴... 令日下 股 西安奕材 78783 用 网 申购指南 > 8.62 发行/行业市盈率 0/60.84 申购上限 5.35万股 发行价(元) 今日无新债 ● ...

Core Viewpoint - The technology growth sector is experiencing a collective pullback, while high-dividend sectors like finance are performing well amidst rising short-term risk aversion. The market is expected to maintain a sideways trend with potential upward movement in the medium term despite short-term impacts from external events [1]. Group 1: Market Trends - A-shares have continued a sideways consolidation pattern since October, with the Shanghai Composite Index fluctuating around a 150-point range [1]. - The market has shown increased divergence, particularly in response to external tariff events, but has developed a certain "immunity" to tariff shocks compared to April, resulting in limited panic [1]. - The focus for October includes the clarification of the 14th Five-Year Plan, the disclosure of Q3 reports, and event-driven developments in the technology sector, which are expected to catalyze multiple sectors and support a continued upward trend [1]. Group 2: Sector Highlights - The technology sector remains a focal point in October, with orderly rotation and high-low switching expected. Underperforming areas like robotics, military, and smart vehicles may see a rebound, while leading sectors such as computing hardware, domestic semiconductors, and new energy could present buying opportunities upon adjustment [2]. - The trend towards domestic robotics and their integration into daily life is anticipated to continue, with opportunities arising in sensors, controllers, and dexterous hands as the market expects updates to Tesla's humanoid robot [3]. - The semiconductor industry is on a path towards domestic production, with attention on semiconductor equipment, wafer manufacturing, materials, and IC design [3]. - The military sector is expected to see a rebound in orders by 2025, with many sub-sectors showing signs of bottoming out as mid-year performance declines narrow [3]. - 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 [3]. - The banking sector has begun to recover from the impact of loan rate re-pricing, with mid-year performance growth increasing and attractive dividend yields drawing interest from long-term institutional investors [3].

Core Viewpoint - The successful expansion of the Jianxin Housing Rental Fund's asset-backed securities (ABS) marks a significant innovation in the market, showcasing the effective use of ABS as a platform for asset listing and providing a model for asset management institutions to engage in asset mergers and acquisitions [2][3][4] Group 1 - The Jianxin Housing Rental Fund's ABS expansion attracted participation from 33 investors, including banks, securities firms, insurance companies, and asset management institutions, facilitating greater social capital involvement in the housing rental market [3] - The project utilized a market-based inquiry mechanism for book-building issuance, allowing the market to determine pricing, which resulted in a premium issuance of the product [3] - The successful issuance of this project exemplifies the "Investment + Investment Banking" model of Shenwan Hongyuan in new products and markets, laying a solid foundation for further collaboration with Jianxin Leasing and providing an excellent cooperation model for expanding the REITs market [4]

Core Viewpoint - The successful issuance of corporate bonds by Shanghai Jinqiao (Group) Co., Ltd. is a significant step in supporting the integrated development of the Yangtze River Delta region, enhancing the company's operational capabilities and optimizing its financing structure [3][4]. Group 1: Bond Issuance Details - The bond issuance consists of two varieties: - Variety one has a scale of 1.16 billion yuan, a term of 9 years (3+3+3), and a coupon rate of 2.05%, with a subscription multiple of 3.05 times - Variety two has a scale of 820 million yuan, a term of 10 years (5+5), and a coupon rate of 2.29%, with a subscription multiple of 2.61 times [3]. Group 2: Company Background - Shanghai Jinqiao (Group) Co., Ltd. was established in 1997 and is a large state-owned enterprise responsible for the development and construction of the Shanghai Jinqiao Economic and Technological Development Zone, approved by the State Council [3]. - The company is the main operator of the Jinqiao Development Zone and is also involved in the development and operation of the Lingang Comprehensive Area and Nanhui Industrial Park [3]. Group 3: Role of Shenwan Hongyuan - Shenwan Hongyuan Securities, a leading financial institution based in Shanghai, has played a crucial role in facilitating multiple fixed-income financing efforts for Shanghai's real economy in recent years [3]. - The firm adheres to the principle of serving the real economy and aims to enhance its service capabilities to support national strategies and contribute to the high-quality development of Shanghai's economy [4].

Core Insights - The company, Shenwan Hongyuan Securities, received four significant awards at the 2025 Wealth Securities Digital Annual Ecological Summit, highlighting its achievements in wealth management and digital practices [2] Group 1: Awards and Recognition - The company won the 2025 China Securities Industry Institutional Service Provider Jun Ding Award for Public Fund Services, indicating its excellence in providing comprehensive service solutions [4] - The company was recognized with the 2025 China Securities Industry APP Operation Team Jun Ding Award for its continuous upgrades in wealth management digital capabilities, focusing on customer lifecycle management [5] - The company received the 2025 China Securities Industry Wealth Brokerage Digital Practice Case Jun Ding Award for utilizing AI algorithms to enhance customer understanding and investment experience [5] - The company was awarded the 2025 China Securities Industry Digital Innovation Service Practice Case Jun Ding Award for establishing a low-latency options market-making platform, significantly improving automated quoting capabilities [5] Group 2: Service Innovations - The company provides a comprehensive service package for public fund clients, integrating research, trading, distribution, market-making, custody, and derivatives through financial technology [5] - The company focuses on maximizing customer value through a full-cycle approach of "reach-cultivation-conversion" in its APP operations [5] - The company has achieved a leading market share in options market-making, generating billions in revenue and receiving multiple awards for its market-making capabilities [5]

Core Viewpoint - The article discusses the recent performance of various asset classes, highlighting the historical rise in gold prices and the mixed performance of the stock market post-holidays, suggesting potential investment strategies in light of these trends [1]. Stock Market - After the holidays, the A-share market opened positively, with the Shanghai Composite Index quickly surpassing 3900 points, closing at 3897.03 points, a 1.80% increase. However, the ChiNext Index experienced a decline, indicating a divergence in market performance [3][1]. - The driving forces behind the market include capital inflows and industry catalysts, with a notable adjustment in margin financing impacting market dynamics. Despite short-term volatility, long-term opportunities remain, particularly in the technology sector and resource-based industries [3][1]. Bond Market - The bond market has shown slight improvement in risk-reward ratios following adjustments in the third quarter, with a focus on short-duration and coupon strategies. However, the lack of significant fundamental improvements may limit support for bond prices [4][1]. Commodity Market - Gold prices have been influenced by expectations of interest rate cuts, U.S. political gridlock, and ongoing geopolitical tensions. Following a significant rise, gold may face short-term pressure due to profit-taking and a strengthening dollar, but it retains long-term investment value [5][1]. Overseas Assets - The article emphasizes the importance of monitoring the U.S. government shutdown and its implications for economic data releases, which could affect Federal Reserve decisions on interest rates. The U.S. stock market has shown resilience, supported by strong fundamentals [6][1]. Industry Performance - In the recent week, the non-ferrous metals, steel, and basic chemicals sectors outperformed, with respective gains of 11.89%, 7.89%, and 4.62%. Conversely, sectors like media and communications faced declines [20][1].

Core Viewpoint - The article discusses the characteristics, applicability, and disclosure requirements of companies in the Sci-Tech Innovation Board's growth tier, emphasizing support for technology-driven firms that are not yet profitable but have significant breakthroughs and commercial potential [4][5][6]. Group 1: Characteristics of Sci-Tech Growth Tier Companies - Companies in the Sci-Tech growth tier are defined as technology-driven firms that have made significant technological breakthroughs, possess broad commercial prospects, and have substantial ongoing R&D investments, while still being in a pre-profit stage at the time of listing [4]. Group 2: Applicability of the Sci-Tech Growth Tier - The growth tier applies to both existing listed companies that have not yet turned a profit since their listing (referred to as "existing companies") and newly registered companies that are also unprofitable at the time of listing (referred to as "incremental companies"). Existing companies are included in the growth tier from the date the "Guidelines for Sci-Tech Growth Tier" are published, while incremental companies are included from their listing date [5]. Group 3: Criteria for Removal from the Sci-Tech Growth Tier - The removal criteria for companies from the growth tier are based on a "new and old distinction." Incremental companies will be removed if they meet the first set of listing standards of the Sci-Tech Board, which includes either having positive net profits for the last two years with a cumulative net profit of no less than 50 million yuan or having a positive net profit in the last year with operating revenue of no less than 100 million yuan. For existing companies, the removal condition remains that they must achieve profitability for the first time after listing [6]. Group 4: Investor Awareness of Removals - Investors can learn about a company's removal from the growth tier through the company's annual report, which will disclose any conditions met for removal. The Shanghai Stock Exchange will also promptly announce the removal. Additionally, investors should check if the stock or depositary receipt's name has lost its special identifier "U," which indicates its growth tier status [8]. Group 5: Trading Considerations for Investors - Investors participating in trading of newly registered growth tier stocks must sign a special risk disclosure document. However, existing Sci-Tech Board stocks or depositary receipts are not subject to this requirement. All companies in the growth tier are unprofitable, and there are stricter disclosure requirements for these companies compared to other listed companies on the Sci-Tech Board [9][10]. Group 6: Disclosure Requirements for Growth Tier Companies - The Shanghai Stock Exchange imposes stricter information disclosure requirements on growth tier companies, particularly in their annual and interim reports. Companies must disclose the reasons for their unprofitability and its impact on the business in a prominent position in their annual report. The sponsoring institutions responsible for continuous supervision must also provide conclusive opinions on the risks associated with the companies [11].

星期三 10月 今日中签缴 .. 令日申 六 股 超颖电子 732175 因 王 申购指南 > 17.08 发行/行业市盈率 28.64/60.52 申购上限 1.25万股 发行价(元) 股 泰凯英 920020 北 申购指南 > 7.50 发行/行业市盈率 11.02/26.82 申购上限 199.12万股 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 ...

Core Viewpoint - The successful issuance of the 16 billion yuan financial bond by Toyota Financial Services (China) marks a significant achievement, with a record low coupon rate of 2.10% for the issuer, indicating strong market confidence and the company's robust financial standing [2] Group 1: Bond Issuance Details - The bond issuance was completed on September 23, 2025, with a total scale of 16 billion yuan and a maturity period of 3 years [2] - The coupon rate of 2.10% represents a new low for the issuer, showcasing the competitive pricing achieved in the current market environment [2] Group 2: Company Background - Toyota Financial Services (China) is one of the first automotive finance companies established in the country and is part of the Toyota Motor Group, the largest automotive manufacturer and distributor globally [2] - The company provides specialized financial services for the Toyota and Lexus brands, enhancing the overall customer experience and supporting vehicle sales [2] Group 3: Strategic Implications - The successful low-cost issuance of the bond reflects the comprehensive strength of the underwriting company, Shenwan Hongyuan, which has gained high recognition from the issuer [2] - This achievement lays a solid foundation for further deepening cooperation between Shenwan Hongyuan and Toyota Financial Services in the future [2]

Core Viewpoint - The article discusses the current state of the US dollar, highlighting its pivotal position in global liquidity and the potential implications for financial markets and economies [2] Group 1: Dollar's Current Status - The US dollar is at a critical juncture, influenced by various macroeconomic factors including interest rates and inflation [2] - Recent data indicates that the dollar's strength has fluctuated, with a notable increase in demand for dollar-denominated assets [2] Group 2: Liquidity and Market Implications - The liquidity conditions in the US are tightening, which may lead to increased volatility in financial markets [2] - The article emphasizes the importance of monitoring Federal Reserve policies, as changes could significantly impact the dollar's value and global liquidity [2] Group 3: Future Outlook - Analysts predict that the dollar may face challenges ahead, particularly if inflation persists and the Fed continues to adjust interest rates [2] - The potential for a shift in global capital flows is highlighted, as investors reassess their positions in response to changing dollar dynamics [2]