Core Viewpoint - The article discusses the ongoing tightness in US dollar liquidity and its impact on global markets, particularly highlighting the relative resilience of A-shares amidst overseas adjustments [2] Group 1: Market Conditions - US dollar liquidity remains tight, influencing global asset allocation strategies [2] - A-shares have shown relative strength compared to other markets during recent adjustments [2] Group 2: Investment Implications - The current market environment suggests potential investment opportunities in A-shares due to their resilience [2] - Investors may need to reassess their strategies in light of the tightening liquidity and its effects on various asset classes [2]

由月宏源证券 星期一 11月 =18 = 12 = 1 令日申. 0 今日中签缴 ... 0 令日 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艇操练透报纸圆膏Gr ...

Core Viewpoint - The article discusses the expectations of "year-end rush and dual rate cuts" in the bond market, analyzing recent market feedback and strategies for effective investment in the bond sector [2] Group 1: Market Expectations - There is a prevailing expectation in the market for a year-end rush, driven by liquidity needs and investment strategies [2] - The anticipation of dual rate cuts by the central bank is influencing market sentiment, with expectations of a more accommodative monetary policy [2] Group 2: Bond Market Strategies - Effective strategies for navigating the bond market include focusing on high-quality bonds and sectors that are likely to benefit from the anticipated rate cuts [2] - The article emphasizes the importance of adjusting investment portfolios in response to changing market conditions and interest rate expectations [2]

● 星期五 11月 O 今日中签缴 .. 令日 令日电 股 南网数字 301638 深 创 5.69 发行/行业市盈率 32.22/71.22 申购上限 4.75万股 发行价(元) 股 冒坤新材 787727 用 科 14.99 发行/行业市盈率 71.42/60.47 申购上限 1.05万股 发行价(元) 直接钙债 371398 深 收起(^) 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艇赢家登录品 债 | 100.00 | 转股价(元) 52.30 | | | --- | --- | --- | | | 正股名称 | 星源卓镁 | | 发行价(元) | 债券评级 | A+ | ...

Core Viewpoint - The A-share market has resumed its upward trend, recovering the 4000-point mark after a short-term adjustment, indicating a strong market sentiment and resilience against tariff impacts [1] Group 1: Market Trends - The A-share index has recorded two consecutive days of gains, closing above the 4000-point threshold, suggesting that the recent consolidation was a preparatory phase for this upward movement [1] - The market's response to tariff events has been less severe compared to previous instances, with a strong underlying support preventing significant declines [1] - The focus is shifting back to domestic industrial trends, with expectations for further upward movement in November following a period of profit-taking and consolidation [1] Group 2: Sector Highlights - The technology sector remains a focal point for November, with orderly rotation and opportunities for sectors like robotics, military, and smart vehicles to catch up after previous underperformance [2] - The semiconductor industry is expected to continue its trend towards domestic production, with attention on semiconductor equipment, wafer manufacturing, and IC design [2] - The military sector anticipates a rebound in orders by 2025, with signs of recovery in mid-year performance for various sub-sectors [2] - The innovative pharmaceutical sector is entering a growth phase after several years of adjustment, with positive profit growth expected to continue into 2025 [2] - The banking sector is seeing a recovery in mid-year performance growth, attracting interest from long-term institutional investors due to appealing dividend yields [2]

申万宏源策略 【申万宏源策略】周度研究成果（10.27-11.2) 原创 阅读全文 ...

Core Viewpoint - Global market funds' allocation to the Chinese stock market has returned to a neutral level, indicating a potential stabilization in investor sentiment towards China [2] Group 1: Market Trends - The allocation of global market funds to China has increased, reflecting a recovery in confidence among international investors [2] - The current allocation level is considered neutral, suggesting that investors are reassessing their positions in the Chinese market [2] Group 2: Fund Flows - There has been a notable inflow of capital into Chinese equities, which may signal a shift in investment strategies among global funds [2] - The report highlights that this trend could lead to increased volatility in the Chinese stock market as funds adjust their positions [2]

Core Viewpoint - The article emphasizes that the technology sector is leading at high levels, while advanced manufacturing continues to show improvement, indicating a positive outlook for A-shares in the third quarter of 2025 [2] Group 1: Technology Sector - The technology sector is experiencing significant growth, with key companies reporting strong earnings and market performance [2] - Investment in technology is expected to remain robust, driven by innovation and increased demand for digital solutions [2] - The sector's high valuation is justified by its growth potential, although caution is advised regarding potential corrections [2] Group 2: Advanced Manufacturing - Advanced manufacturing is showing signs of recovery, with production levels improving and supply chain issues being addressed [2] - Companies in this sector are benefiting from government support and investment in infrastructure, which is expected to enhance competitiveness [2] - The outlook for advanced manufacturing remains positive, with projections for continued growth in the coming quarters [2]

Core Viewpoint - The article highlights a significant increase in port freight volume, indicating a robust recovery in domestic logistics and trade activities [2] Group 1: Port Freight Volume - Port freight volume has experienced a substantial rise, reflecting a strong rebound in economic activities [2] - The increase in freight volume is attributed to various factors, including seasonal demand and improved supply chain efficiency [2] - Specific data shows that the freight volume surged by a notable percentage compared to previous periods, underscoring the positive trend in the logistics sector [2] Group 2: Economic Implications - The rise in port freight volume is expected to have positive implications for related industries, including shipping, logistics, and manufacturing [2] - Analysts suggest that this trend may lead to increased investments in infrastructure and logistics capabilities to support growing demand [2] - The overall economic outlook appears optimistic, driven by the recovery in trade and logistics activities [2]

Core Viewpoint - The article emphasizes the importance of professional services in creating value and aims to establish itself as a trusted top-tier investment bank and investment institution [2][5]. Summary by Relevant Sections - The article highlights the commitment to providing professional services that generate value for clients, reinforcing the goal of becoming a long-term trusted partner in the investment banking sector [2][5].