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 国庆节 中秋节(10月1日-10月8日) 节日 国庆节(10月1日) 中秋节(10月7日) 香港重阳节(10月29日) 休 ...

近期， 由申万宏源证券 作为联席主承销商 的 "上海银行股份有限公司2025年第二期金融债券"成功发行，本期债券发行规模 200 亿 元，发行期限 3 年，票面利率 1.89 % 。本期债券的顺利发行，进一步优化了上海银行中长期负债结构。 上海银行是国内 20家系统重要性银行之一，整体实力位居城商行前列 。 近年 来，上海银行综合实力不断增强、发展品质稳步提升。目前总资产已超 3万亿元，年营 收超500亿元、盈利超200亿元，资产质量保持银行业较好水平。 近年来， 申万宏源证券与上海银行 建立了良好的合作关系 ，本次 债券的 成功发行彰 显了申万宏源强大的资本市场销售实力，各部门积极协调配合，得到了发行人的高度评 价和充分认可，也是申万宏源深耕上海区域的又一丰硕成果，对于申万宏源持续深耕长 三角地区债券市场、加强重点区域覆盖力度具有重要意义。展望未来，申万宏源证券 将继续充分发挥在金融市场的专业优势，以高质量金融服务助力现代化经济体系建设 免责声明 本内容最终解释权归申万宏源证券有限公司所有。 。 ...

Core Viewpoint - The article discusses the preparation for the year-end market trends and highlights the performance of various sectors during October, emphasizing the potential for cross-year investment opportunities [2] Group 1: Market Performance - October has shown a significant recovery in the stock market, with major indices experiencing a rebound, indicating a positive sentiment among investors [2] - The article notes that the technology sector has outperformed others, driven by strong earnings reports and positive market forecasts [2] Group 2: Investment Strategies - Companies are advised to focus on sectors that are expected to benefit from upcoming policy changes and economic recovery, particularly in infrastructure and green energy [2] - The article suggests that investors should consider diversifying their portfolios to mitigate risks associated with market volatility [2] Group 3: Economic Indicators - Key economic indicators, such as GDP growth and employment rates, are showing signs of improvement, which could support a bullish market outlook [2] - The article highlights that inflation rates are stabilizing, providing a conducive environment for investment [2]

Group 1 - The overall cross-regional population flow during the National Day holiday from October 1 to October 6 reached 1.83 billion person-times, with a daily average flow increasing by 5.2% year-on-year, but down 2.7 percentage points compared to the May Day holiday [3][35] - The average daily number of self-driving trips decreased by 2% year-on-year to 6.1% compared to the May Day holiday [3][35] - The nationwide migration index during the first five days of the holiday was 7.2% year-on-year, which is still lower than the May Day holiday's 22.2% [12][35] Group 2 - Traditional scenic spots saw a decline in popularity, with tourist reception and revenue in Sichuan's A-level scenic spots increasing by 12.4% and 10.3% year-on-year, respectively, but the growth rate was down 2.3 and 3.1 percentage points compared to the May Day holiday [19][36] - New highlights in tourism include "provincial border tourism" and "border tourism," with booking volumes for places like Zhaotong, Hezhou, and Ganzhou increasing by 95%, 88%, and 70% year-on-year, respectively [22][36] Group 3 - The average price of pre-sale airline tickets for the holiday was 804 yuan, higher than last year's 736 yuan and this year's May Day holiday average of 778.9 yuan [28][38] - Hotel and homestay booking rates for the holiday were 37.1% and 38.5%, respectively, down 6.1 and 9.2 percentage points compared to the May Day holiday [28][38] Group 4 - The film market showed improvement, with national box office revenue during the holiday increasing by 33.1% compared to the May Day holiday, while the average ticket price fell by 5.8% [32][39] - The number of moviegoers increased by 40.2% year-on-year, with lower-tier cities performing better in terms of box office growth [32][39]

Group 1 - The core viewpoint of the article indicates that the A-share market showed a clear divergence in September, with the main board maintaining a narrow range while the technology growth sectors performed strongly, driven by robust demand for AI and computing power [1][2] - The Shanghai Composite Index experienced a horizontal consolidation around a 150-point range, with a noticeable slowdown in the upward momentum compared to August [1][2] - The strong performance of the ChiNext and Sci-Tech 50 indices, both exceeding a 10% increase in September, is attributed to the positive fundamentals in technology hardware [1] Group 2 - Looking ahead, October is expected to present a clearer trend for the A-share market after the slowdown in September, with conditions now favorable for further upward movement [2] - Key focus areas for October include the clarification of the 14th Five-Year Plan, the disclosure of Q3 reports, and event-driven catalysts in the technology sector, which are anticipated to support a continued upward trend in the market [2]

Core Viewpoint - Changfeng Pharmaceutical Co., Ltd. successfully completed its initial public offering (IPO) on the Hong Kong Stock Exchange, raising approximately HKD 608 million with a share price of HKD 14.75 [2] Group 1: Company Overview - Changfeng Pharmaceutical focuses on the research, development, production, and commercialization of inhalation technologies and drugs, primarily targeting respiratory diseases [3] - The company has received six product approvals from the National Medical Products Administration (NMPA) and the U.S. Food and Drug Administration (FDA), demonstrating its capabilities in clinical development, production, regulatory affairs, and commercialization [3] Group 2: Product Development and Market Expansion - Changfeng Pharmaceutical is advancing over 20 candidate products in major markets such as China, the U.S., and Europe, as well as emerging markets in Southeast Asia and South America [4] - The company is exploring innovative inhalation formulations, including liposomes and siRNA, and expanding its treatment areas to include central nervous system (CNS) diseases and anti-infectives [4] - Changfeng has developed new treatment methods, such as endobronchial valves (EBV), targeting serious diseases like idiopathic pulmonary fibrosis (IPF) and pulmonary arterial hypertension (PAH) [4] - The FDA approved GW006, an aerosol solution for chronic obstructive pulmonary disease (COPD), in May 2024, and the CF017 product has successfully reached over 10,000 medical institutions in China since its approval in May 2021 [4] - CF018, the first approved nasal spray for allergic rhinitis in China, has penetrated over 500 hospitals and medical institutions after being included in the 2023 National Medical Insurance Drug List [4] Group 3: Financial Services and Support - Shenwan Hongyuan Securities (Hong Kong) effectively integrated domestic and international resources to communicate the company's value to investors, contributing to the successful completion of the IPO [5] - The firm plans to continue leveraging its professional advantages and platform resources to provide comprehensive financial services to the company in the future [5]

申门宏源证券 星期四 10月 CAHia Intell 今日申 ... 0 今日中签缴 .. 0 O 今日上 .. 今日无新股新债 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掘豢秃腺ኗ圆膏ᠲ ...

Core Viewpoint - The article discusses the arrangements for the 2025 National Day and Mid-Autumn Festival market closures, emphasizing the opportunities for investors to utilize idle funds through government bond reverse repos during the holiday period [5][9]. Market Closure Arrangements - The A-shares market will be closed from October 1 (Wednesday) to October 8 (Wednesday) in 2025, resuming normal trading on October 9 (Thursday) [5]. - The Hong Kong Stock Connect will also be unavailable from October 1 to October 8, with services resuming on October 9 [5]. Government Bond Reverse Repo Overview - Government bond reverse repos are essentially short-term loans where individuals lend their funds to earn fixed interest, with government bonds used as collateral by the borrower [9]. - The safety and yield of government bond reverse repos are considered equivalent to government bonds, making them a good option for managing idle funds, especially before month-end, quarter-end, year-end, or holiday periods [9]. Participation Guidelines for Reverse Repos - The minimum investment for government bond reverse repos is 1,000 yuan, with various term options available for investors to choose based on their needs [13]. - Investors are advised to consider higher-yielding options when the interest days for different term products are the same [13]. - To maximize holiday earnings, investors can execute one-day reverse repos two trading days before the market closure [13]. Specific Strategies for 2025 Holiday Period - A detailed table outlines the participation dates, term lengths, and interest days for various reverse repo options leading up to and following the holiday [11][14]. - For example, a 7-day term starting on September 23 will yield interest until October 9, totaling 15 days [11]. Additional Information on BaoLiXin/BaoLiYuan - BaoLiXin and BaoLiYuan are part of the Shenzhen Stock Exchange's quoted repurchase business, allowing investors to lend funds against collateralized assets [15]. - The financing amount is determined based on the value of the collateralized standard bonds, with returns paid to investors upon maturity [15].

Core Viewpoint - Sichuan Financial Holding Group successfully issued its first 5-year corporate bond with a record low interest rate of 1.99%, reflecting strong market confidence in the issuer's creditworthiness and growth prospects [2][3]. Group 1: Bond Issuance Details - The bond issuance was led by Shenwan Hongyuan, with a total scale of 1 billion yuan and a subscription multiple of 3.95 times, indicating high demand from investors [2]. - The issuance received significant support from regulatory authorities and financial institutions, showcasing the issuer's strong market recognition [2]. Group 2: Company Overview - Sichuan Financial Holding Group is the only provincial state-owned financial capital investment and management platform in Sichuan, focusing on developing new productive forces and enhancing financial stability in the region [3]. - As of March 2025, the company reported total assets of 616.12 billion yuan and net assets of 89.89 billion yuan, with 2024 revenue of 14.656 billion yuan and net profit of 4.873 billion yuan [3]. - The company holds a AAA credit rating and includes five AAA-rated subsidiaries, emphasizing its strong operational capabilities and significance among provincial financial institutions [3]. Group 3: Future Collaboration - This bond issuance marks a renewed collaboration between Shenwan Hongyuan and Sichuan Financial Holding Group after five years, laying the groundwork for deeper cooperation [4]. - Shenwan Hongyuan aims to continue expanding its partnership with the issuer, focusing on strategic initiatives in the southwestern region of China [4].

Core Viewpoint - The article discusses the widening of the yield spread between 10-year and 30-year government bonds, indicating a potential shift in market dynamics and investor sentiment towards local government bonds [2] Summary by Relevant Sections - **Yield Spread Analysis** - The yield spread between 10-year and 30-year government bonds has widened, suggesting increased risk perception or changing interest rate expectations among investors [2] - **Local Government Bonds Issuance** - The issuance of local government bonds is expected to slow down in the coming week, which may impact liquidity and investment strategies in the bond market [2] - **Market Implications** - The changes in yield spreads and issuance rates could signal a shift in investment focus, with potential implications for asset allocation and risk management strategies among institutional investors [2]