免责声明 今日无新债 ● 10月 量期一 今日中签缴 令日申 ミE 股 德力佳 732092 团 王 申购指南 > 46.68 发行/行业市盈率 34.98/44.03 申购上限 0.95万股 发行价(元) 股 申诚咨询 920003 配 14.27 发行/行业市盈率 9.69/40.16 申购上限 63万股 发行价(元) 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 ...

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。 上一期长假前的最后一周，我们的观点是 "展望节后，临近震荡后半段，有望拾阶而上。"在节后两次震荡后，近期市场终于放量跳空突破 平台，上了个台阶。 首先明确观点，市场有望迎来金秋收获期。 即使再有反复，也是脱离原来平台、逐步上台阶的过程。 编者荐语： 转载自申万宏源证券上海分公司，仅供参考。上一期长假前的最后一周，我们的观点是"展望节后，临近震荡后半段，有望拾阶而上。"在节后两次震荡 后，近期市场终于放量跳空突破平台，上了个台阶。 以下文章来源于申万宏源证券上海分公司 ，作者杨敏 申万宏源证券上海分公司 . 2、文章反映当前的观点，而该等观点可能随时间推移而改变。本资讯仅供参阅，据此入市，风险自担。 3、本资讯中的信息、数据均来源于上市公司公告以及其他合法公开的信息渠道，我公司对这些信息的准确性及完整性不做任何保证。资讯所表达的观点不构成所涉证券买卖的 具体建议，投资者依据上述资讯进行投资决策所产生的收益和损失，与我公司无关，我公司不承担任何法律责任。上述所列示涉及上市公司仅作为陈述其与该事件相关，不作为 ...

申万宏源固收研究 【申万固收|利率】央行将恢复国债买卖，做多重启还是利多出尽？ 原创 阅读全文 ...

Core Viewpoint - The article discusses the reasons behind the slowdown in investment, analyzing various economic indicators and trends that contribute to this phenomenon [2] Group 1: Economic Indicators - Investment growth has decelerated significantly, with a reported decrease of 5% year-on-year in the first quarter [2] - The manufacturing sector has shown signs of contraction, with the Purchasing Managers' Index (PMI) falling below the critical threshold of 50, indicating a slowdown in economic activity [2] - Infrastructure investment has also weakened, with a growth rate of only 3% compared to previous years [2] Group 2: Policy Implications - The government is expected to implement more proactive fiscal policies to stimulate investment, including increased infrastructure spending and tax incentives [2] - Monetary policy may also be adjusted to lower interest rates, making borrowing cheaper for businesses and encouraging investment [2] Group 3: Sectoral Analysis - Real estate investment has been particularly hard hit, with a decline of 10% year-on-year, reflecting ongoing challenges in the housing market [2] - The technology sector remains resilient, with a growth rate of 8%, driven by increased demand for digital transformation and innovation [2] Group 4: Future Outlook - Analysts predict a gradual recovery in investment as government policies take effect, with a projected growth rate of 4% for the upcoming year [2] - The overall economic environment remains uncertain, with potential risks from global economic conditions and domestic challenges [2]

Core Viewpoint - The article discusses the optimization of China's economic transformation pathways as outlined in the "14th Five-Year Plan" [2] Group 1: Economic Transformation - The "14th Five-Year Plan" emphasizes the need for structural reforms to enhance economic resilience and sustainability [2] - Key sectors identified for growth include technology, green energy, and healthcare, which are expected to drive future economic development [2] Group 2: Policy Implications - The government is likely to implement policies that support innovation and digital transformation across industries [2] - Increased investment in infrastructure and public services is anticipated to stimulate economic activity and improve living standards [2] Group 3: Market Opportunities - The focus on green energy presents significant investment opportunities in renewable energy projects and technologies [2] - The healthcare sector is projected to grow, driven by an aging population and increasing demand for medical services [2]

申万宏源策略 【申万宏源策略】周度研究成果（10.20-10.26) 原创 阅读全文 ...

Core Viewpoint - The article highlights the significant achievements and strategic direction of Shenwan Hongyuan during the "14th Five-Year Plan" period, emphasizing its commitment to high-quality financial development and comprehensive financial services for various sectors, including technology and green enterprises [1][3]. Group 1: Financial Services and Achievements - Shenwan Hongyuan has supported a total financing scale of 1,367.5 billion yuan for enterprises during the "14th Five-Year Plan," with 101.8 billion yuan for technology innovation enterprises and 29.6 billion yuan for green enterprises [3]. - The company has issued green bonds totaling 52.5 billion yuan, positioning itself as a leader in serving the real economy and promoting financial innovation [3]. - The company has established a comprehensive service system covering the entire lifecycle of enterprises, particularly in the New Third Board business, where it ranks second in the number of companies it has sponsored [3][4]. Group 2: Corporate Growth and Financial Performance - By the end of 2024, the total asset scale of the company reached 697.6 billion yuan, with a net asset scale of 133.3 billion yuan, reflecting a compound annual growth rate of 9.17% and 10.33% respectively during the "14th Five-Year Plan" [14]. - The average annual operating income during this period reached 1.3 times that of the previous five years, indicating a steady improvement in profitability [14]. - The company has successfully completed several significant projects, including a 115.62 billion yuan transaction for TCL Technology, marking the largest issuance of shares for asset acquisition in the electronics industry since 2021 [6]. Group 3: Investor Relations and Corporate Governance - Shenwan Hongyuan has implemented cash dividends totaling 8.739 billion yuan during the "14th Five-Year Plan," actively engaging in mid-term dividends to share development benefits with investors [23]. - The company has focused on enhancing corporate governance and risk management, establishing a comprehensive risk management framework that exceeds regulatory standards [23][27]. - The company has received multiple awards for its best practices in corporate governance, investor relations, and sustainable development, reflecting its commitment to high-quality operations [31][33]. Group 4: Cross-Border Financial Services - The company has established a comprehensive cross-border financial service platform, attracting 3 billion yuan in foreign capital since 2021 and organizing nearly 1,000 overseas roadshows annually [20]. - Shenwan Hongyuan has successfully issued the first panda bond for the Sharjah government, supporting the internationalization of the renminbi and contributing to the Belt and Road Initiative [20]. Group 5: Cultural and Talent Development - The company has initiated a cultural renewal campaign to enhance its internal culture and brand recognition, aiming to foster a cohesive corporate identity [29]. - Talent development is prioritized as a key resource for high-quality growth, with a focus on performance-based promotion and organizational reform [27].

Core Viewpoint - XuZhou YouLi TongChuang Technology Co., Ltd. successfully listed on the National Equities Exchange and Quotations on October 16, 2025, with the support of Shenwan Hongyuan Securities as the lead underwriter [1] Company Overview - Established in 2006, the company is located in the Pizhou Economic Development Zone of Xuzhou, Jiangsu Province, and specializes in the R&D, design, production, and sales of steering bearings, axle-connected bearings, and high-precision bearing components [3] - The three core products include steering bearings for motorcycles and electric vehicles, axle-connected bearings for automotive water pumps and fan brackets, and high-precision thermal components, widely used in various vehicle systems [3] - The company is a leading player in the domestic market for motorcycle and electric vehicle steering bearings, having entered the global procurement systems of Yamaha and Honda, and is increasing collaborations with electric vehicle companies like Ninebot, Yadea, and Niu [3] - With nearly 20 years of experience in the automotive water pump and fan bracket axle-connected bearing sector, the company has established stable long-term partnerships with industry clients, building a competitive advantage [3] - The company also manufactures high-precision bearing components for well-known multinational companies such as Timken and Fersa [3] Recognition and Achievements - The company has received multiple recognitions, including being designated as a municipal enterprise technology center in September 2021, a national high-tech enterprise in November 2021, and a specialized and innovative "little giant" enterprise by the Ministry of Industry and Information Technology in September 2024 [4] - It has also been recognized as a provincial private technology enterprise and a provincial specialized and innovative enterprise in Jiangsu [4] Support from Shenwan Hongyuan - Shenwan Hongyuan Securities provided comprehensive and detailed support throughout the listing process, leveraging its capital market experience to assist the company in highlighting its business and technological strengths [4] - The team received positive feedback from the client for its rigorous professional attitude and efficient execution capabilities [4] - Shenwan Hongyuan plans to continue offering comprehensive financial services to support the company's growth and contribute to the prosperity of the real economy [4]

Group 1 - The "15th Five-Year Plan" has been officially released, providing a clearer path for domestic economic restructuring, which positively impacts market confidence [1] - The current phase of concentrated disclosure of third-quarter reports from listed companies will provide more micro-level information reflecting the state of the real economy, indicating a potential for market fluctuations as investors seek confirmation [1] - There are signs of improvement in the current market state compared to the past two weeks, with investor confidence beginning to recover [1] Group 2 - The market experienced a rebound last week, with the Shanghai Composite Index reaching a new high during this round of recovery, indicating a strong upward momentum [2] - The Shenzhen Component Index also accelerated its rebound, surpassing all short-term moving averages, reflecting a positive trend in growth sectors, particularly in TMT [2] - The average daily trading volume in both markets remained above 2.1 trillion yuan, indicating stable market activity [2]

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 ● 星期一 10月 今日申 ... 今日中签缴 ... <> 股 丰倍生物 732334 团 国 24.49 发行/行业市盈率 30.47/64.73 申购上限 1.1万股 发行价(元) 今日无新债 ...