Core Viewpoint - The article discusses investment strategies for floating rate bonds in the current interest rate environment, emphasizing the potential benefits and risks associated with such investments [2]. Group 1: Market Analysis - The current interest rate trends indicate a potential rise in floating rate bond attractiveness due to increasing rates, which can lead to higher yields for investors [2]. - The article highlights that floating rate bonds typically have lower duration risk compared to fixed-rate bonds, making them a favorable option in a rising interest rate scenario [2]. Group 2: Investment Strategies - The article suggests that investors should consider diversifying their portfolios with floating rate bonds to mitigate interest rate risk while capturing potential yield increases [2]. - It emphasizes the importance of selecting high-quality issuers for floating rate bonds to ensure credit risk is managed effectively [2]. Group 3: Economic Indicators - The analysis includes a review of key economic indicators that influence interest rates, such as inflation rates and central bank policies, which are critical for making informed investment decisions in floating rate bonds [2]. - The article notes that a sustained increase in inflation could lead to further rate hikes, reinforcing the case for floating rate bond investments [2].

Core Viewpoint - The article discusses the expectations of "year-end rush and dual rate cuts" in the bond market, analyzing recent market feedback and effective strategies for bond investment [2] Group 1: Market Expectations - There is an anticipation of a year-end rush in the bond market, driven by liquidity needs and investment strategies [2] - The expectation of dual rate cuts by the central bank is influencing market sentiment and investment decisions [2] Group 2: Market Strategies - Effective strategies for navigating the bond market include focusing on high-quality bonds and diversifying across different maturities [2] - The article suggests that investors should be prepared for potential volatility and adjust their portfolios accordingly [2]

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。 近日， 由申万宏源证券担任 销售机构 的华泰 - 中交一公局集团应收账款 1 号 4 期资产支持专项计划在 上交所 成功发行 。 本次资产支持证券分为优先 A1 级、优先 A2 级和次级 3 档。优先 A1 级（简称"中公叁 A1 "） 发行规模 2.68 亿元，优先 A2 级（简称"中公叁 A2 "） 发行规模 2.31 亿元，次级（简称"中公叁 C "） 发行规模 0.41 亿元，合计规模为 5.40 亿元；优先级评级为 AAAsf ，次级无评级。 中交一公局为中国交建下属的规模最大的公路施工企业，具有公路施工总承包特级 及多项专业承包资质，研究及设计水平较强，在综合交通领域内仍具备很强的总承包能 力；公司依靠多年施工经验和技术实力及质量控制水平在国内外市场确立了一定的品牌 地位，市场占有率较高。中交一公局集团作为 AAA 级中央企业，具有资产规模大、资金 调配能力强、现金流稳定等优势，未来发展态势良好。 贯彻国家战略 助力实体经济 ...

Core Insights - The article discusses the significant decline in the holdings of convertible bonds by public funds, highlighting a shrinking scale alongside an increasing demand for these financial instruments [2] Group 1: Market Trends - Public funds have reduced their convertible bond holdings, indicating a broader trend of decreasing investment in this asset class [2] - Despite the reduction in holdings, there is a notable surge in demand for convertible bonds, suggesting a potential shift in market dynamics [2] Group 2: Fund Analysis - The analysis reveals that the total market size for convertible bonds has contracted, which may impact liquidity and pricing in the market [2] - The article provides insights into the specific sectors and companies that are driving the demand for convertible bonds, indicating potential investment opportunities [2]

从盘中热点看 ，随着人工智能、大数据、大模型产业快速发展，电力电网等基础能源设施对算力保障日益受到市场关注，电网设备、电池、光伏设 备等周三走势强劲，涨幅居前。一方面，热点仍在科技产业链中切换，保险等大金融走势较弱。同时，科技基础设施及相关配套产业受到重视，股价有轮 动表现。 展望后市： 大盘有望继续保持强势震荡，稳中有升，总体向好趋势不变。从技术面看，成交量略显不足，周三市场缩量反弹，未来需要补量。另 外，关注前期领涨、近日调整的科技龙头品种走势，如持续调整，大盘也将随之震荡，一旦重回升势，指数上升空间有望打开。 风险提示： 消息面或海外市场表现超预期，流动性的不确定性。 首先，周三大盘表现超预期。 由于周二大盘震荡下跌，其中科技股因前期累计涨幅较大，三季报业绩明朗后冲高回落，带动指数同步调整。同时， 周二晚间美股科技股板块大跌，做空机构大手笔做空科技龙头股个股期权，引发市场对美股科技股泡沫担忧，纳斯达克指数遭重挫。两者叠加，投资者担 心周三A股会持续探底，科技股继续领跌，但从实际走势看，大盘低开高走，韧性十足，并成功由跌转涨，明显超预期，显示当前市场仍处于多头、强势 格局中，虽然受短线因素干扰，在节奏上有 ...

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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作器报纸圆感插 申斤宏源证券 星期四 11月 E HH Intential 今日申 ... 今日中签缴... 9 今日┣ 今日无新股新债 ...

申万宏源固收研究 【申万固收|地方债周报】下周发行降速，关注中长端地方债性价比——地方债周度跟踪20251031 原创 阅读全文 ...

申万宏源宏观 月度前瞻 | 短期经济会否"超预期"？（申万宏观·赵伟团队） 原创 阅读全文 ...

申万宏源证券推出挂钩该指数的收益凭证，既有助于引导社会资金流向科技金融、一带一路等国 家重点领域，也为养老金融领域投资产品提供了多元化选择，是金融机构在金融产品领域和财富 管理业务方面坚定落实服务国家战略之路的不断探索。未来，申万宏源证券将继续坚持"以人民为 中心"的价值取向，以优质产品与专业服务为依托，围绕金融"五篇大文章"，积极服务国家战略部 署，为投资者提供更高质量的金融服务。 来源：申万宏源FICC 近日，申万宏源证券面向老年专业投资者群体，发行了国内市场 首个 挂钩"上海清算所申万 宏源一带一路科创优选债券指数"的证券公司浮动收益凭证。该凭证的成功发行是该指数在金融产 品领域的首次应用，不仅提升了 "一带一路" 及科技创新企业债券指数的市场影响力，还对科创主 题债券指数与养老金融产品的创新结合做出有益实践，满足多样化养老需求，让老年投资者在体 验多样化投资的同时也能感受到 "一带一路" 建设红利与科技创新发展成果。 ● 上海清算所申万宏源 一带一路科创优选债券指数 2025年10月21日，申万宏源证券联合银行间市场清算所股份有限公司（以下简称 "上海清算所"），正式向市场发布 "上海清算所申万宏源一 ...