Group 1 - The focus of the market is on the new five-year plan and the expectation of interest rate cuts by the Federal Reserve, which will guide China's economic direction and provide investment clues for the capital market [1] - The five-year plan emphasizes the importance of technological innovation and R&D investment, shifting from a focus on the ratio of the three industries to transformation and upgrading, as well as the development of the service industry [1] - The Federal Reserve is expected to have two interest rate meetings this year, with a high probability of two rate cuts, which is generally favorable for the performance of risk assets [1] Group 2 - The market experienced a volatile rebound this week, with the Shanghai Composite Index showing an upward shift, breaking through the previous resistance level established since late August [2] - The Shenzhen Component Index lagged slightly due to significant profit-taking on Friday, while trading volume increased compared to the previous week [2] - Market hotspots are concentrated in upstream resource products and cyclical industries, with small and mid-cap stocks leading in gains, while technology stocks underperformed [2]

编者荐语： 科技趋势强化和产业规划落地或成为十月交易的主线。"十五五"规划将指引中国经济未来的发展方向，也将为资本市场提供重要的投资线索。叠加全球人 工智能行业的快速发展以及国内科技行业的突飞猛进，我们预计十月的资本市场仍将主要围绕科技行业做文章。 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。 科技趋势强化和产业规划落地或成为十月交易的主线 。 "十五五"规划将指引中国经济未来的发展方向，也将为资本市场提供重要的投资线 索。叠加全球人工智能行业的快 速发展以及国内科技行业的突飞猛进，我们预计十月的资本市场仍将主要围绕科技行业做文章。国民经济 和社会发展五年规划的主要目的是为国民经济与社会发展的远景设定目标、指明方向，它会针对经济、改革、社会发展等领 域制定具体规 划。从五年规划经济结构主要指标的演变看，我国规划侧重点已从关注三次产业比例，逐步转向重视科技创新与研发投入。"十五五"期间 产业结构调整的首要方向是转型升级，同时"反内卷"与服务业发展也需重点关注。 梳理历次五年规划的变迁，可以看到我国对科技创新的重视呈趋势性增强，预计 "十五五"规划对科 ...

申万宏源策略 【申万宏源策略】周度研究成果（10.6-10.12) 原创 阅读全文 ...

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 potential for breakthroughs and commercial success [4][5][6]. Group 1: Characteristics of Sci-Tech Innovation Board Growth Tier Companies - Companies in the growth tier are defined as technology-oriented firms that have made significant technological breakthroughs, possess broad commercial prospects, and maintain substantial R&D investments, while still being in a pre-profit stage at the time of listing [4]. Group 2: Applicability of the 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") [5]. Group 3: Criteria for Removal from the Growth Tier - The removal criteria for incremental companies are based on achieving profitability, specifically: (1) both of the last two years must show positive net profits with a cumulative net profit of no less than 50 million yuan, or (2) the last year must show a positive net profit with revenues of no less than 100 million yuan. Existing companies will be removed upon their first profitability after listing [6]. Group 4: Investor Awareness of Removals - Investors can learn about a company's removal from the growth tier through the annual report, which will include an announcement regarding the removal conditions. Additionally, the stock or depositary receipt will lose its special identifier "U" if removed [8]. Group 5: Trading Considerations for Investors - Investors participating in trading of newly registered growth tier stocks must sign a special risk disclosure document. Existing stocks or depositary receipts are not subject to this requirement [9]. Group 6: Disclosure Requirements for Growth Tier Companies - Companies in the growth tier face stricter disclosure requirements, including the need to explain the reasons for not being profitable and the impact on the company in their annual reports. The lead underwriters are responsible for ongoing supervision and must report any significant risks or negative events affecting the company's technological innovation and growth prospects [10][11].

Group 1 - The main point of the article highlights that in the past two weeks, there has been a net outflow of 339.86 billion yuan in major funds, with no industry experiencing a net inflow [5][11] - The top three industries with the largest net outflows are electronics, electric equipment, and machinery [5][11] - The current market margin trading balance is 24,455.47 billion yuan, which has increased by 1.79% compared to the previous period [5][14] Group 2 - In terms of market performance, the number of declining stocks has exceeded that of rising stocks in the past two weeks, with the top three performing industries being non-ferrous metals, steel, and electric equipment [5][23] - The overall strength analysis score for all A-shares is 4.90, indicating a neutral market condition [5][30] - The financing net purchases in the past two weeks were highest in the electronics, electric equipment, and communication sectors, while the highest net sales were in media, coal, and construction decoration [5][19]

声明:上述信息基于公开资料整理,仅供参考,具体请以实际情况为准。相关信息不构成投资建议,市场有风险,投资需谨慎。 免责声明 都会帶來出棒的精彩 申门宏源证券 SHENWAN HONGVUAN SECURITIES M 1每 一次努力的任 ◀ le 投资日历10月 国庆假期来临 三季报收官 110 CT.Z.日年·蛇 注: A股节日休市 種)港股休市 E FT 后 后 F 岸川 1 - Du 9月失业率 9月新增非农就业 人数 6719 11 12 10 6 十八 十九 诺贝尔奖公 9月外汇储备 9月黄金储备 (待定) 19 175 13 16 15 18 甘四 甘六 甘七 =八 (中国) (中国 9月社融 9月CPI 9月新增人民币 9月PPI 贷款 10月MLF利2 9月M2数据 (待定 (待定) 21 九月 22 25 23 初三 24 初四 20 初五 (中国) (中国) 9月经济数据 2025第四届上海 10月LPR报价 国际消费电子 展览会 29 初九 27 28 初八 31 30 初十 (中国) 公募基金三季报 披露截止 · 中共中央政治局会议(按惯例为10月底) ● 第112届全国糖酒商品交易会 ...

编者荐语： 展望后市，A股国庆节前延续了较为强势的走势，各大指数均在5日线之上，预计节后仍将持续趋势，需要注意3750-3900之间的区间仍是震荡为主，节后 要重点关注方向选择。板块方面，预计有色金属，固态电池，黄金等潜力较大。 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 . 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。 2025 年国庆假期期间，截止发稿的 1 0 月 7 日收盘，全球主要股指整体呈现上涨趋势：恒生指数涨幅 0 .38% ，恒生科技 1 .30% ，美 股三大指数微涨，韩国股市涨幅 3 . 6 4% ，日本股市表现最强上涨 6 .7% ，亚太市场显示出较强的复苏态势。大宗商品方面 COMEX 黄 金价格站上 4 000 ，涨幅超 3 .45% ，贵金属普涨，反映了避险需求或通胀预期的变化，有色金属同样较强，显示出全球工业需求的回暖 迹象。从期间涨幅来看，预计节后 A 股以平稳向好为主，且黄金、有色金属等板块可能延续强势。 展望后市， A 股国庆节前延续了较为强势的走势，各大指数均在 5 日线之上，预 ...

Core Viewpoint - The company has identified illegal financial activities being conducted under the guise of its Jiangxi branch, which involve fraudulent investment schemes in fake new energy futures products, leading to significant financial losses for investors [1][3]. Group 1: Illegal Activities - Fraudulent websites have been created that impersonate the company's Jiangxi branch, using its credentials to lure investors into making deposits that they cannot withdraw [1]. - The fraudulent activities include guiding investors to register and invest in non-existent products, which constitutes a serious violation of investor rights and damages the company's reputation [1][4]. Group 2: Investor Warnings - The company strongly advises investors against engaging with unknown individuals or groups, and warns against downloading unverified apps or software that could lead to financial loss [3]. - Official channels for obtaining information about the company have been provided, including the official website and customer service contacts, to help investors avoid scams [3]. Group 3: Legal Actions - The company reserves the right to take legal action against any individuals or entities impersonating it or its employees in illegal financial activities, emphasizing the need for vigilance among investors [4]. - Investors are urged to report any suspected fraudulent activities to law enforcement to protect their rights and interests [4].

Core Viewpoint - The A-share market shows a clear upward trend in October, with the Shanghai Composite Index successfully breaking through the 3900-point mark, indicating a potential for further gains in the near term [1]. Market Overview - The Shanghai Composite Index maintained a fluctuating upward trend on the first trading day of October, closing with a significant gain and breaking the 3900-point resistance level after nearly a month of consolidation [1]. - The market is expected to continue its upward trajectory, with a focus on the 14th Five-Year Plan, third-quarter report disclosures, and event-driven developments in the technology sector [1]. Sector Highlights - The technology sector remains a focal point in October, with orderly rotation and high-low switching expected within the sector. Underperforming areas such as robotics, military industry, and smart vehicles are anticipated to see a rebound [2]. - The semiconductor industry is projected to continue its domestic growth trend, with attention on semiconductor equipment, wafer manufacturing, materials, and IC design [2]. - The military sector is expected to see a recovery in orders by 2025, with many sub-sectors showing signs of bottoming out in their mid-year performance [2]. - The innovative drug sector is entering a recovery phase after four years of adjustment, with positive net profit growth expected to continue into 2025 [2]. - The banking sector is witnessing a rebound in mid-year performance growth after the impact of loan rate re-pricing, making it attractive to long-term institutional investors due to its dividend yield [2]. Trading Day Recap - On the first trading day of October, the A-share market experienced a broad-based rally, with over 3100 stocks rising and trading volume significantly increasing compared to the last trading day of September [3]. - Leading sectors included non-ferrous metals, steel, coal, public utilities, and electronics, while sectors such as media, real estate, social services, automotive, and food and beverage lagged behind [3].

Core Viewpoint - The article analyzes the potential impacts of a U.S. government shutdown on asset prices and provides insights for the fourth quarter outlook, emphasizing the importance of global asset allocation strategies [2] Group 1: Impact of Government Shutdown - A government shutdown could lead to increased volatility in financial markets, affecting investor sentiment and asset prices [2] - Historical data indicates that previous shutdowns have resulted in short-term declines in stock prices, with an average drop of approximately 2% during the shutdown period [2] - The article highlights that sectors such as consumer discretionary and financials may be more sensitive to the shutdown's effects compared to others [2] Group 2: Fourth Quarter Outlook - The fourth quarter is expected to see a rebound in economic activity, driven by seasonal spending and potential fiscal stimulus measures [2] - Analysts predict that the Federal Reserve may pause interest rate hikes, which could support equity markets and lead to a more favorable investment environment [2] - The article suggests that investors should consider diversifying their portfolios to mitigate risks associated with potential government instability and economic fluctuations [2]