申万宏源宏观 政策高频 |二十届四中全会召开（申万宏观·赵伟团队） 原创 阅读全文 ...

Core Viewpoint - The market has shown resilience against tariff impacts, with the Shanghai Composite Index rebounding above 3900 points, indicating a shift in focus back to domestic industry trends as tariff concerns ease [1] Group 1: Market Trends - The recent tariff impacts are less severe than those experienced in April, leading to a stronger market immunity and a preference for sideways consolidation rather than significant declines [1] - The market is expected to maintain a fluctuating upward trend, with key attention on the upcoming 14th Five-Year Plan and third-quarter earnings reports [1] Group 2: Sector Focus - The technology sector remains a focal point in October, with orderly rotation and high-low switching expected within the sector [2] - Underperforming sectors such as robotics, military, and smart vehicles are anticipated to see a rebound, while leading sectors like computing hardware and domestic semiconductors may present buying opportunities upon adjustment [2] - The trend towards domestic semiconductor production continues, with attention on semiconductor equipment, wafer manufacturing, materials, and IC design [2] - The military sector is projected to experience a recovery in orders by 2025, with signs of bottoming out in mid-year performance declines [2] - The innovative drug sector is entering a recovery phase after nearly four years of adjustment, with positive net profit growth expected to continue into 2025 [2] - The banking sector is witnessing a rebound in mid-year performance growth following the impact of loan rate re-pricing, attracting long-term institutional investors due to appealing dividend yields [2]

申万宏源策略 【申万宏源策略】A股三季报业绩前瞻 原创 阅读全文 ...

● 田门宏源证券 星期三 10月 (2) 9 今日上 ... 今日中签缴... 0 今日申 ... 股 丹娜生物 920009 团 申购指南 > 17.10 发行/行业市盈率 11.75/31.59 申购上限 36万股 发行价(元) 今日无新债 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 免责声明 ...

iosco WORLD INVESTOR MEEK 2025 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酪狠紝Ձ書邸 ...

来源：申万宏源证券 2025年10月13日至15日，申万宏源证券首单主权政府人民币债券（熊猫债）——"沙迦酋长国 政府（由沙迦财政部代表）2025年度第一期人民币债券（债券通）"项目发行成功，本期债券发行 总规模20亿元，票面利率2.7%，全场倍数1.7倍，边际倍数10倍。 申万宏源证券作为联席主承销商、联席簿记管理人及投资人，协助发行人以最终较同期限国 开债收益率+94bps的价格完成发行，获得了沙迦财政部领导的高度认可。 本次债券是市场首单有券商作为主承销商参与的主权政府熊猫债。发行人是阿联酋第三大酋长国。近年来，中国同中东地区经贸往来日益密切，阿联酋自 2018年与中国建立全面战略合作伙伴关系，是首批加入共建"一带一路"的国家之一。申万宏源证券积极响应国家倡议，深化中阿金融合作；落实国家战略，服 务对外开放大局，助力共建 "一带一路" 高质量发展。 本次项目是 市场首单 有券商作为主承销商参与的主权政府熊猫债，促使申万宏源证券在该细分领域的影响力显著提升，在2025年Wind相关榜单排名跃居 前三，实现业务发展的重大跨越。 ...

Core Viewpoint - The current PE valuations (TTM) for the food and beverage and agriculture, forestry, animal husbandry, and fishery sectors are below the 20th percentile of the past decade, indicating potential investment opportunities [1][8]. Valuation Levels - The current Buffett Indicator for A-shares stands at 85.99%, which is relatively high and above the safe zone [6][22]. - Major broad market indices have PE valuations (TTM) above the 20th percentile, with the following levels: - CSI 300: 85.47% - Northbound 50: 88.32% - SSE 50: 91.44% - SSE Composite: 95.68% - STAR Market 50: 98.07% - CSI A100: 99.51% [7][27]. Industry Valuation Levels - The PE valuations (TTM) for the food and beverage and agriculture, forestry, animal husbandry, and fishery sectors are at 10.23% and 10.58% of their historical levels, respectively, suggesting they are worth monitoring [8][31]. - Other industries such as coal, steel, retail, electronics, computers, and real estate have PE valuations (TTM) at 80.98%, 84.16%, 86.58%, 91.52%, 95.80%, and 99.30% of their historical levels, indicating higher investment risks [8][31]. Market Overview - The total market comprises 2,288 listed companies with a total market capitalization of approximately 617.61 billion yuan and a circulating market value of about 583.34 billion yuan, with an average PE ratio of 15.74 [18][25]. Industry-Specific Valuation Levels - The PE valuation levels for various industries are as follows: - Agriculture, Forestry, Animal Husbandry, and Fishery: 14.95 - Food and Beverage: 16.52 - Electronics: 20.31 - Real Estate: 70.11 [33][36]. Industry PB Valuation Levels - The PB valuation levels for key industries are: - Agriculture, Forestry, Animal Husbandry, and Fishery: 2.02 - Food and Beverage: 3.32 - Electronics: 1.92 [36][39].

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告圆膏Gr 申万宏源证券 星期二 10月 a Calin 21 今日申 ... 0 今日中签缴.2 o 今日上 .. 今日无新股新债 免责声明 ...

Core Viewpoint - The capital market in China is expected to experience a more optimistic outlook in 2026, with investor confidence translating into action despite external uncertainties [5][34]. Group 1: Market Outlook - The market outlook for the fourth quarter of 2025 is optimistic, suggesting that the performance will not be poor [7]. - The yield on equities is slightly higher than that of bonds, but this increase is still considered insufficient [8]. - A deep understanding of the long-term global competitive landscape will bolster investor confidence [10]. Group 2: Global Financial Dynamics - A downward trend in the US dollar is anticipated, which will likely lead to a systematic rise in global risk assets [13][15]. - The restructuring of the global monetary order highlights gold as a crucial asset allocation choice, even after significant price increases [18]. Group 3: Domestic Market Dynamics - The pricing power of leading domestic companies is increasing, reflecting a broader global restructuring of order [19]. - The focus should shift from quantity (GDP) to price factors, as improved pricing power among leading companies can enhance profitability [20][22]. Group 4: Investment Trends - High dividend yields remain attractive, with the current yield on the CSI 300 index still at the 90th percentile historically [31]. - The potential for revaluation exists for high ROE Chinese consumer brands, indicating long-term growth opportunities [32]. Group 5: Sector-Specific Insights - The artificial intelligence sector is expected to see significant developments in 2026, with many traditional industries likely to benefit from AI integration [29]. - The Hong Kong market is gaining attention due to its increased depth and inclusivity, making it a vital area for investment [28].

Core Viewpoint - Shenwan Hongyuan is committed to serving the financial sector and contributing to the construction of a financial powerhouse, aligning with national policies and focusing on innovation and excellence [1]. Group 1: Service to Technology Finance - Shenwan Hongyuan launched the first technology innovation fund in Xinjiang, with an initial scale of 500 million yuan, aimed at supporting the growth of technology enterprises in the region [4]. - The company assisted TCL Technology Group in completing a major asset acquisition project with a total transaction value of 11.562 billion yuan, marking the largest equity purchase in the electronics sector since 2021 [5]. - In Q3, Shenwan Hongyuan helped various companies issue a total of 12.5 billion yuan in technology innovation bonds, including 6 billion yuan for the National Oil and Gas Pipeline Group [7]. - The company supported Tianyue Advanced Technology in successfully listing on the Hong Kong Stock Exchange, raising approximately 2.044 billion HKD [8]. Group 2: Service to Green Finance - Shenwan Hongyuan acted as the lead underwriter for Hebei Bank's successful issuance of 5 billion yuan in green financial bonds, with a 3-year term and a low coupon rate of 1.83% [10]. - The company facilitated the issuance of the first green technology innovation REITs in the market, with a scale of 1.406 billion yuan, marking a significant milestone in the steel industry [11]. Group 3: Service to Digital Finance - Shenwan Hongyuan assisted Health 160 in its successful listing on the Hong Kong Stock Exchange, raising 400 million HKD, focusing on digital healthcare services [13]. Group 4: Service to External Opening - Shenwan Hongyuan participated in the 25th China International Investment Trade Fair, showcasing its commitment to the financial powerhouse strategy and internationalization efforts [16]. Group 5: Service to Regional Finance - The company established a listing service station in Xuhui District to provide tailored services for technology enterprises seeking to go public [19]. - Shenwan Hongyuan collaborated with China Gezhouba Group to issue 3 billion yuan in technology innovation bonds to support the western development strategy [20]. - The company invested 492 million yuan in a city renewal project in Shunyi District, Beijing, aimed at transforming the area into a new commercial landmark [22].