● 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 ...

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 ...

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].

申耕季录 // a a la manufacture and the seat the see and the see and SEET 2025 年三季度，申万宏源秉持" 有信仰，敢担当，守正创新, 追求卓越"的核心价值观,全力落实党中央决策部署、服务金融"五 篇大文章",切实为金融强国建设添砖加瓦。 微信公众号 申万宏源发布 Q P D D D D 01 服务科技金融 发起新疆首只科创基金 9 月 23 日,申万宏源发起的新疆首只专注投早、投小、投硬科 技的科创基金 -- 新疆申宏汇创一期创新产业投资基金在乌鲁木齐 市正式揭牌,献礼自治区成立 70 周年。作为服务新疆经济社会发展 的又一重要举措,该基金由申万宏源集团旗下子公司宏源汇富担任 普通合伙人及基金管理人,首期规模 5 亿元,开启申万宏源深度链 接新疆特色优势产业、服务科技企业成长的新篇章。 助力 TCL 科技圆满完成重组交割和配套融资发行 01 服务科技金融 助力国家管网集团、建材股份等公司 发行共计 125 亿元科创债 三季度,申万宏源证券担任联席主承销商,助力国家石油天然 气管网集团有限公司成功发行科技创新短期公司债券,规模 60 亿元; 助 ...

从市场运行节奏看，沪指遇阻回落，继续震荡整固。 八月底以来，沪指进入横向整理阶段，上有阻力、下有支撑。期间的调整低点仍在2021年的市 场高点之上，这说明原先的阻力位被突破后，成为了重要的支撑位。节后归来，市场尝试向上突破，但遇到利空信息后重新回落整理，预计仍需一些时间 消化整理。 风险提示： 国际贸易、地缘冲突超出预期；上市公司业绩增速回落超预期；全球经济衰退超预期。 首先，国内宏观经济数据和上市公司三季报正在披露，市场观望情绪有所上升。 国家统计局正在陆续公布9月份和三季度的宏观经济数据，目前来看 经济总体保持平稳。而上市公司三季报则将从微观层面提供更多的实体经济信息，在此阶段投资者往往处于观望等待状态。此外，目前外部局势仍有一些 不确定因素，处于靴子尚未完全落地的状态。因此，投资者观望情绪有所上升，短期市场成交出现明显下降。 其次，两市高开震荡，成交继续萎缩。 周一，沪指高开后来回震荡，盘中高点被5天均线压制，收盘回到30天均线上方。深圳成指高开后，有所回 落，盘中高点同样被5天均线压制，最后以阴线报收，近期成交额出现连续萎缩。投资风格方面，中小盘和科技股涨幅领先。 ...

Core Viewpoint - The global wealth management market is undergoing significant changes, with a shift towards diversified asset allocation and increased demand for innovative financial products to meet evolving investor needs [4][6][8]. Group 1: Market Trends - Major financial institutions are increasing their focus on wealth and asset management, with some international investment banks deriving over 50% of their revenue from these sectors [4]. - Chinese household wealth has seen exponential growth over the past two decades, with investable assets exceeding 300 trillion RMB, positioning China as the second-largest high-net-worth population globally [4]. - The asset allocation structure of Chinese households is transitioning from a heavy reliance on real estate to a more diversified approach, with equities and funds now representing approximately 15% of financial assets [4]. Group 2: Investment Product Supply - The current financial product offerings do not adequately meet the diverse investment needs of residents, particularly in innovative areas such as green finance, cross-border ETFs, and derivatives [6]. - There is a growing demand for stable investment products, but existing offerings primarily rely on fixed-income assets, lacking the integration of commodities, alternative assets, and quantitative strategies [6][10]. - The cross-border investment channels, while improved, still fall short in terms of convenience and coverage, with only 41 mutual funds available for public sale in mainland China as of September 2025, totaling around 240 billion RMB [6]. Group 3: Wealth Management Service Layering - There is a notable deficiency in the supply of inclusive investment products for ordinary investors, with wealth management institutions exploring offerings for high-net-worth individuals but lacking a mature tiered service system [7][12]. - The wealth management market is becoming increasingly digital and personalized, necessitating the development of innovative products that resonate with younger investors' values and preferences [12][14]. Group 4: Recommendations for Improvement - To enhance the financial market's ability to serve wealth management needs, there is a call to accelerate the diversification of directly investable assets and product types, particularly in ETFs and green financial products [9]. - Expanding product strategies to create a comprehensive product system that covers all asset classes and strategies is essential, including the development of index futures and options markets [10]. - Strengthening cross-border product offerings and mechanisms is crucial to meet the growing demand for global asset allocation among residents [11]. Group 5: Future Directions - The company aims to collaborate with various asset management institutions to enhance product interconnectivity and service quality, focusing on areas like pension finance and inclusive finance [15]. - Emphasizing a diverse product range that caters to different risk preferences and market views will be key to improving investor experience and satisfaction [15].