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 relationships with industry clients, gradually building competitive advantages [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 technology-based small and medium-sized 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 highlight the company's 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]

申万宏源宏观 热点思考 |"四中"前瞻：新"五年"的新期待（申万宏观·赵伟团队） 原创 阅读全文 ...

Core Viewpoint - The investment by Shenwan Investment Company in Xijing Technology represents a strategic move to support technological innovation and align with national development goals, particularly in the context of the Belt and Road Initiative [2][3]. Group 1: Investment Overview - Shenwan Investment Company successfully led a financing round (F+ round) for Xijing Technology, a high-tech firm focused on AI and autonomous driving solutions for large logistics scenarios, with operations in 28 countries [2]. - The investment aligns with the central financial work conference's spirit and aims to implement the "five major articles" of financial work [2]. Group 2: Strategic Alignment - Xijing Technology's global business layout is highly compatible with the high-quality development requirements of the Belt and Road Initiative, having successfully implemented smart port projects in several countries along the route [2]. - The company enhances operational efficiency and intelligence at key logistics hubs, promoting the application of Chinese technology and standards in Belt and Road regions [2]. Group 3: Financial Structure and Impact - This investment marks the first use of an SPV structure by Shenwan Investment, connecting with the new "1+6" policy of the Sci-Tech Innovation Board, providing critical support for tech companies from R&D to international development [3]. - The investment exemplifies a virtuous cycle of "technology-industry-finance," demonstrating the effectiveness of financial empowerment in innovation and its service to national strategies [3].

贯彻国家战略 助力实体经济 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 近日， 由申万宏源证券担任牵头主承销商的银行间市场非金融企业债务融资工具 "中交一公局集团有限公司 2025 年度 6 号第一期定向资产支持商业票据"成功发行，本 期定向资产支持商业票据通过结构化增信分为优先 A 级和优先 B 级两个品种，发行规模 合计 9.4 亿元，期限约 355 天，主体及债项评级均为 AAA ，优先 A 级" 25 中交一公 6ABN001 优先 A "票面利率 2.19% ，优先 B 级" 25 中交一公 6ABN001 优先 B "票 面利率 1.96% ，全场认购倍数约 3.07 倍。本期债券募集资金全部用于 ABCP 产品的 续发，助力发行人在近期市场波动的情况下较好的完成发行。本次债券不仅提升了发行 人在资本市场品牌形象及金融机构关注度，也对发行人拓展融资渠道，优化商业模式、 促进降本增效具有重要意义。 中交一公局集团是中国 ...

编者荐语： 中国节气 | 一朝秋露 遍地霜华 以下文章来源于申万宏源发布 ，作者申万宏源证券 申万宏源发布 . 申万宏源证券官方发布 人在清风里 柿红岁月间 申万宏源祝您好"柿"连连 申万宏源文化卡通形象：申源宝 ...

财联社10月20日讯（记者 林坚）在资本市场高质量发展转型的关键期，券商首 席风险官（CRO）岗位的人事变动正成为行业关注的焦点，2025年以来就有4家券 商完成首席风险官人事更替。 身为申万宏源证券执委，更是首席风险官、合规总监，李雪峰对此深有感触。 2024年初结束长达二十八年前台生涯后，他开始转战合规风控领域，担任首席风险 官和合规总监至今，正好近两年时间。 在金融行业竞争日趋激烈、市场环境复杂多变的当下，风险管理已成为金融机 构实现战略目标与稳健经营的核心保障。正如李雪峰所说，行业正向"引领高质量发 展"的风险管理价值创造迈进，需要一批专业工作者去深度研究、系统思考"难而正 确、难而长期的事情"。 拥有超过二十八年证券从业经历，李雪峰是业内认为的横跨资管、自营、合规 风控等多领域的"六边形战士"。在2019年加盟申万宏源证券之前，他曾在浙商证券 有过十年从业经验：是浙商证券的第一代高管、浙商证券专业化建设的开拓者、浙 商资管创始人，在任浙商证券副总裁期间成功带领资管业务挺进行业前列位置，并 在任浙商证券董秘期间成功推进公司IPO 上市等等。 他近日就行业CRO群体动态、风险管理理念演进及新型风险应对等 ...

田门宏源证券 星期四 10月 a CH II 36 F (0) 今日申 ... 今日中签缴... 0 令日上 .. 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损豢秃拐չ圆ూ ...

Core Viewpoint - The A-share market is currently in a phase of consolidation after a rebound, with strong buying sentiment and anticipation of upcoming key information before the end of the month [1] Market Overview - After a rebound on Monday and Tuesday, the A-share market experienced a volume contraction on Wednesday, indicating a digestion and consolidation phase with a generally strong trend [1] - Despite a decline last Friday due to adjustments in overseas markets, the market has largely recovered, showing strong willingness from investors to hold and buy on dips [1] Upcoming Events - Key upcoming events to watch include the "14th Five-Year Plan" focus areas and investment opportunities, the performance of leading tech companies in Q3 reports, the Federal Reserve's upcoming interest rate meeting, and the APEC leaders' summit in South Korea at the end of the month [1] - The market is currently in a wait-and-see mode, anticipating clearer information and developments [1] Market Trends - The short-term market is expected to remain in a consolidation phase, with a strong bias, and is likely to become more active in November [1] - Recent market trends show a rotation in focus, with strong performance in dividend and undervalued sectors amid the overall market's consolidation [1] Technical Analysis - From a technical perspective, the 30-day moving average on the daily chart and the 5-week moving average on the weekly chart are important indicators for assessing market strength [1]

Core Viewpoint - The article discusses the pressure on the bond market due to the transition between old and new economic drivers, as reflected in the September economic data [2] Economic Data Analysis - September economic data indicates a slowdown in growth, with GDP growth rate showing a decline compared to previous months [2] - Industrial production growth has decreased to 4.5% year-on-year, down from 5.3% in August, signaling weakening manufacturing activity [2] - Retail sales growth has also slowed to 2.5% year-on-year, compared to 3.0% in August, reflecting reduced consumer spending [2] Bond Market Implications - The bond market remains under pressure as the economic transition creates uncertainty, leading to fluctuations in interest rates [2] - The yield on government bonds has increased, indicating a shift in investor sentiment amid economic concerns [2] - The article suggests that the current economic environment may lead to a prolonged period of volatility in the bond market [2]

申万宏源宏观 热点思考 |"四中"前瞻：新"五年"的新期待（申万宏观·赵伟团队） 原创 阅读全文 ...