Group 1 - The core viewpoint of the article highlights the successful IPO of Zhida Technology on the Hong Kong Stock Exchange, raising HKD 400 million with a share price of HKD 66.92, and a subscription rate of 5440.8 times during the public offering [2][4]. Group 2 - Zhida Technology focuses on providing smart home electric vehicle charging solutions to automotive manufacturers and users, developing a "three-in-one" solution consisting of products, services, and a digital platform [4]. - The company is the first Hong Kong-listed firm to offer electric vehicle home charging solutions, indicating a strong market response and interest in the green energy sector [4]. - Shenwan Hongyuan Hong Kong acted as the sole sponsor and coordinator for the IPO, showcasing its capabilities in the green energy and electric vehicle sectors [4].

Core Viewpoint - The article highlights the recent achievements and initiatives of Shenwan Hongyuan Securities, including support for high-tech enterprises, successful issuance of green financial products, and participation in international investment events [5][8][9]. Group 1: High-Tech Enterprises - Shenwan Hongyuan assisted Chongqing Yingfan Technology Co., Ltd. in successfully listing on the National Equities Exchange and Quotations (NEEQ) on September 15, 2025, focusing on thermal management solutions [5]. Group 2: Green Finance - On September 26, 2025, Shenwan Hongyuan acted as the lead underwriter for the first green technology innovation REITs in the market, with a total issuance scale of 1.406 billion yuan, rated AAA [8]. Group 3: International Engagement - Shenwan Hongyuan participated in the 25th China International Investment Trade Fair held on September 8, 2025, showcasing its commitment to financial strategies and international cooperation [9]. Group 4: High-Quality Development - The "2025 Shenwan Hongyuan Securities Wealth Management Forum" was successfully held on September 12, 2025, attracting nearly 500 high-net-worth individuals and representatives from 140 listed companies [11]. Group 5: Awards and Honors - Shenwan Hongyuan Securities received multiple awards at the 2025 Asia Risk Awards, including the "Best Derivatives House in China" [13]. Additionally, the company won four significant awards at the 2025 China Securities Industry Jun Ding Awards, recognizing its achievements in wealth management and digital practices [14][15].

Core Viewpoint - The market's low opening and subsequent recovery reflect investors' relatively optimistic expectations, indicating significant market resilience [1] Market Performance - On Monday, the Shanghai Composite Index opened significantly lower but reached its lowest point at the opening price, followed by a steady recovery, closing slightly below the five-day moving average [1] - The Shenzhen Component Index also opened lower and recovered, but with less strength than the Shanghai index, closing below the ten-day moving average, suggesting a short-term digestion of previous excess gains [1] Market Trends - The market's focus on the upstream resource sector indicates a shift in investment style, with small and mid-cap stocks showing slight excess returns and the Sci-Tech Innovation Board performing independently [1] - Since the end of August, the Shanghai Composite Index has entered a horizontal consolidation phase, facing resistance above and support below, with the adjustment low remaining above the 2021 market high, indicating that previous resistance levels have become significant support [1] Recent Market Activity - After the holiday, the market attempted to break upward but faced negative information, leading to two consecutive days of adjustment, with the Shanghai Composite Index still closing at the upper edge of the September horizontal consolidation, indicating a strong pullback confirmation phase [1]

Group 1 - The article discusses the subscription details for the stock of Marco Polo (stock code: 001386), including the issuance price of 13.75 yuan and the maximum subscription limit of 32,000 shares [1] - The article provides the earnings ratios for the issuance and industry, which are 14.27 and 32.2 respectively, indicating the valuation metrics for potential investors [1] - It mentions the convertible bond of Funi Co., with a conversion price of 9.84 yuan and a bond rating of AA+, highlighting the investment quality of the bond [1]

Core Viewpoint - The article discusses the ongoing challenges posed by the potential government shutdown in the United States and its impact on global markets, particularly in Europe and the U.S. stock markets, which have seen a majority of adjustments [2] Group 1: Market Analysis - The U.S. government shutdown is creating uncertainty, leading to a cautious approach among investors [2] - European and U.S. stock markets have experienced a majority of declines, indicating a bearish sentiment [2] - The article highlights the need for global asset allocation strategies in light of these market adjustments [2] Group 2: Economic Indicators - Key economic indicators are being closely monitored as the situation develops, with potential implications for investment strategies [2] - The article emphasizes the importance of understanding macroeconomic trends in the context of the government shutdown [2]

Core Viewpoint - The article discusses the launch and operational guidelines of the "Science and Technology Innovation Board Growth Layer," which aims to support unprofitable but promising technology companies in their development [5][19]. Group 1: Introduction of the Growth Layer - The "Science and Technology Innovation Board Growth Layer" was officially launched on July 13, 2025, by the Shanghai Stock Exchange, marking a significant step in supporting technology enterprises that are not yet profitable but have strong growth potential [5]. - This new layer is designed to enhance the inclusivity for technology companies with promising futures, allowing them to access capital markets more easily [9][17]. Group 2: Participation Guidelines - Investors who already have trading permissions for the Science and Technology Innovation Board and have a risk tolerance assessment result of C4 (active) or above can trade stocks or depositary receipts listed after the new regulations are published, provided they sign a risk disclosure statement [7][11]. - For investors who have not yet opened trading permissions for the Science and Technology Innovation Board, they must first meet the basic requirements and then sign the risk disclosure statement to participate in the Growth Layer [11][12]. Group 3: Requirements for Investors - To open trading permissions for the Science and Technology Innovation Board, individual investors must have an average daily asset of no less than RMB 500,000 in their securities and funds accounts over the past 20 trading days, excluding funds and securities borrowed through margin trading [12]. - Investors must also have at least 24 months of trading experience and pass a knowledge test regarding the risks associated with trading on the Science and Technology Innovation Board [12]. Group 4: Identification of Growth Layer Stocks - Stocks of companies listed on the Growth Layer will have a "U" identifier to indicate their unprofitable status, with new registered stocks labeled as "成" and existing stocks labeled as "成1" to differentiate between them [17].

Group 1 - The focus of the market is on the new five-year plan and the expectation of interest rate cuts by the Federal Reserve, which will guide China's economic direction and provide investment clues for the capital market [1] - The five-year plan emphasizes the importance of technological innovation and R&D investment, shifting from a focus on the ratio of the three industries to transformation and upgrading, as well as the development of the service industry [1] - The Federal Reserve is expected to have two interest rate meetings this year, with a high probability of two rate cuts, which is generally favorable for the performance of risk assets [1] Group 2 - The market experienced a volatile rebound this week, with the Shanghai Composite Index showing an upward shift, breaking through the previous resistance level established since late August [2] - The Shenzhen Component Index lagged slightly due to significant profit-taking on Friday, while trading volume increased compared to the previous week [2] - Market hotspots are concentrated in upstream resource products and cyclical industries, with small and mid-cap stocks leading in gains, while technology stocks underperformed [2]

编者荐语： 科技趋势强化和产业规划落地或成为十月交易的主线。"十五五"规划将指引中国经济未来的发展方向，也将为资本市场提供重要的投资线索。叠加全球人 工智能行业的快速发展以及国内科技行业的突飞猛进，我们预计十月的资本市场仍将主要围绕科技行业做文章。 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。 科技趋势强化和产业规划落地或成为十月交易的主线 。 "十五五"规划将指引中国经济未来的发展方向，也将为资本市场提供重要的投资线 索。叠加全球人工智能行业的快 速发展以及国内科技行业的突飞猛进，我们预计十月的资本市场仍将主要围绕科技行业做文章。国民经济 和社会发展五年规划的主要目的是为国民经济与社会发展的远景设定目标、指明方向，它会针对经济、改革、社会发展等领 域制定具体规 划。从五年规划经济结构主要指标的演变看，我国规划侧重点已从关注三次产业比例，逐步转向重视科技创新与研发投入。"十五五"期间 产业结构调整的首要方向是转型升级，同时"反内卷"与服务业发展也需重点关注。 梳理历次五年规划的变迁，可以看到我国对科技创新的重视呈趋势性增强，预计 "十五五"规划对科 ...

Core Viewpoint - The article discusses the characteristics, applicability, and disclosure requirements of companies in the Sci-Tech Innovation Board's growth tier, emphasizing support for technology-driven firms that are not yet profitable but have significant potential for breakthroughs and commercial success [4][5][6]. Group 1: Characteristics of Sci-Tech Innovation Board Growth Tier Companies - Companies in the growth tier are defined as technology-oriented firms that have made significant technological breakthroughs, possess broad commercial prospects, and maintain substantial R&D investments, while still being in a pre-profit stage at the time of listing [4]. Group 2: Applicability of the Growth Tier - The growth tier applies to both existing listed companies that have not yet turned a profit since their listing (referred to as "existing companies") and newly registered companies that are also unprofitable at the time of listing (referred to as "incremental companies") [5]. Group 3: Criteria for Removal from the Growth Tier - The removal criteria for incremental companies are based on achieving profitability, specifically: (1) both of the last two years must show positive net profits with a cumulative net profit of no less than 50 million yuan, or (2) the last year must show a positive net profit with revenues of no less than 100 million yuan. Existing companies will be removed upon their first profitability after listing [6]. Group 4: Investor Awareness of Removals - Investors can learn about a company's removal from the growth tier through the annual report, which will include an announcement regarding the removal conditions. Additionally, the stock or depositary receipt will lose its special identifier "U" if removed [8]. Group 5: Trading Considerations for Investors - Investors participating in trading of newly registered growth tier stocks must sign a special risk disclosure document. Existing stocks or depositary receipts are not subject to this requirement [9]. Group 6: Disclosure Requirements for Growth Tier Companies - Companies in the growth tier face stricter disclosure requirements, including the need to explain the reasons for not being profitable and the impact on the company in their annual reports. The lead underwriters are responsible for ongoing supervision and must report any significant risks or negative events affecting the company's technological innovation and growth prospects [10][11].

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