申万宏源香港在此次 发行中 始终秉承专业尽责的态度，凭借深厚 的市场经验、卓越的业务 能力与投资者覆盖优势，为公司上市保驾护 航。展望未来，申万 宏 源香港将继续发挥专业优势与平台 资源，为 公司提供全方位的金融综合服务。 注：相关服务由申万宏源香港的全资持牌子公司申万宏源融资 (香港) 有限公司及申万宏源证券 (香港) 有 限公司提供。 声明 2025 年 12 月 3 日，安徽金岩高岭土新材料股份有限公司（ " 金岩高岭新材"或"公司" ）成功在香港联交所主板首次公开发行股票并挂牌 上市，股份代号为 2693.HK ，最终定价为每股 7.3 港元，基础发行规模 1.8 亿港元。 申万宏源证券（香港）有限公司（"申万宏源香港"）担任本次发行的联席账簿管理人及联席牵头经办人。 金岩高岭新材在中国专 营煤系高岭土，拥有横跨从采矿、研发、 加工到生产、销售的全价值 链的整合能力。根据招股书披露， 2024 年中国煤系煅烧高岭土企 业收入统计，公司以 5.4% 的市场份额位列 行业第五 。作为国内煅烧高岭土产品的主要生产商，公司的业务依托 优质 丰富的煤系 高岭土矿产资源。核心产品涵盖精密铸造用莫来石 材 料与耐火 ...

要真正发挥政府基金的引导效应，要完善对地方基金的考核评价机制，提升对地方 基金股权投资亏损的包容度，用基金总投资收益替代单个项目投资收益，进一步强化地 方基金在支持基础研发、共性技术突破及未来产业发展上的基石作用。 作者：申万宏源研究 杨成长 龚芳 方思元 "十五五"规划建议明确提出建设现代化产业体系，巩固壮大实体经济根基。构建健全、 高效、富有竞争力的产业体系，已成为"十五五"时期各地改革发展的首要任务。地方产业体 系的发展一方面受制于当地资源禀赋及产业结构特征，另一方面也与地方政府的主动招 引、主动布局紧密相关。近年来，各地为推进战略性新兴产业发展，在项目招引、产业政 策及配套服务上进行了大量积极有效的探索，但同时也面临新兴产业跟风布局、重复建设 及过度"内卷"等乱象，部分地区在趋同式产业布局下，不仅没有抢占到新兴、未来产业的发 展高地，反而还丢失了原来传统产业的优势。"十五五"时期，如何更好的瞄准当地产业发展 的方向，最大程度发挥地方政策及政府资金的引导作用，调动社会资本参与当地产业发 展，是各地政府在产业发展上亟需突破的难题。 一、以投带引，打造政府投行招商模式 近年来，各地政府为加大招引新兴产业及优 ...

Core Viewpoint - Liaoning Chuangshi Molybdenum Industry (Group) Co., Ltd. has successfully listed on the National Equities Exchange and Quotations (NEEQ), with Shenwan Hongyuan as the lead underwriter, indicating a significant milestone for the company and its growth strategy [1]. Company Overview - Established in 2006, Chuangshi Molybdenum specializes in the research, production, processing, and sales of molybdenum series products, including molybdenum iron alloy, molybdenum oxide, ammonium molybdate, high-purity molybdenum trioxide, molybdenum powder, and molybdenum metal [1]. - The company has developed into a large enterprise engaged in the entire line of research, production, and sales of molybdenum products, from rough processing to deep processing, after over a decade of technological accumulation [1]. Market Position - Chuangshi Molybdenum is positioned as a leading enterprise in the domestic molybdenum iron alloy industry, with its main product, molybdenum iron alloy, ranking among the top in domestic sales market share in 2024 [1]. Future Strategy - The company plans to extend its industrial chain by engaging in mineral mining through its subsidiary, Mongolian Molybdenum Metal Company, to ensure stable raw material supply, reduce procurement costs, enhance overall operational efficiency, and improve risk resistance [1]. - Shenwan Hongyuan's support aligns with the national innovation-driven development strategy, providing a solid foundation for Chuangshi Molybdenum's future industrial chain upgrades and the layout of rhenium series products [1].

| 什么是期权组合策略? Q | 认购牛市价差 | 元 | | --- | --- | | 认活熊市价差 | | | 认洁牛市价差 | 行权价之差×合约单位 | | 认购熊市价差 | | | 跨式空头 | Max(认购期权开仓保证金,认洁期权开仓保证。 | | 宽跨式空头 | 金)+保证金较低方合约的前结算价×合约单位 | 为提高投资者资金使用效率, 降低期权交易成本，上交所于 2019年推出了期权组合策略业 务. 该业务是指投资者可通过申报 构建组合策略指令,将多个成分合 约的持仓构建成为一个组合策略持 仓,以达到减免保证金收取的目 的。 目前上交所支持构建的组合策 略有认购牛市价差、认购熊市价 差、认沽牛市价差、认洁熊市价 差、跨式空头和宽跨式(勒式) 空 头等6种策略。此外,持有足额标 的证券的认购期权义务方,可以将 普通仓转为备兑仓,系统将锁定相 应数量标的证券，并释放保证金。 投资者可以在每个交易日 9:30-11:30、13:00-15:15将其同 一个衍生品合约账户内的相关合约 构建组合策略。 构建组合策略后，保证金计收 情况请见下表。 A 管家 保证会计收 免责声明 投资有风险，入市需谨慎。本 ...

Core Viewpoint - The article highlights the current high valuation levels across various industries and indices in the A-share market, indicating potential investment risks due to elevated PE ratios and the Buffett indicator being above the safe zone [1][6][7]. Valuation Levels - The PE valuation (TTM) for steel, coal, electronics, retail, computing, and real estate industries are at historical percentiles of 80.08%, 81.60%, 86.36%, 94.77%, 95.27%, and 97.74% respectively, suggesting caution for investors [8]. - The Buffett indicator for the A-share market stands at 87.95%, which is considered relatively high and above the safe zone [6][22]. - Major broad market indices such as the North Securities 50, Shanghai 50, Shanghai Index, Sci-Tech 50, and China A100 have PE valuations (TTM) at percentiles of 82.85%, 88.31%, 91.89%, 95.53%, and 98.68% respectively, indicating high valuation levels [7]. Industry-Specific Insights - Non-bank financials and food & beverage sectors have PE valuations (TTM) below the 20th percentile of the past decade, at 3.02% and 13.25% respectively, making them areas of potential interest [8]. - The overall market PE valuation averages around 15.95 times, with the Shanghai market showing a total market capitalization of approximately 628.83 billion [18][25]. Index Valuation Performance - The current PE valuation levels for various indices indicate that most are above 20%, with significant declines noted in some indices such as the ChiNext Index and the Shanghai Composite Index [26][27]. - The PB valuation levels for major indices also reflect a similar trend, with the Shanghai Index at 1.12 and the Shenzhen Component Index at 1.75, both showing a decrease [28][30]. Industry Valuation Levels - The PE valuation levels across various industries show significant variation, with sectors like agriculture, steel, and electronics having valuations of 14.95, 5.69, and 79.76 respectively, indicating differing levels of market confidence [32]. - The PB valuation levels for industries such as steel and electronics are at 0.73 and 1.92 respectively, suggesting a mixed outlook across sectors [36].

Group 1 - LeMo Technology successfully listed on the Hong Kong Stock Exchange on December 3, 2025, with a share price of HKD 40.00, raising a total of HKD 222 million [2] - The company launched the "LeMo Bar" brand in 2016, providing machine massage services in commercial complexes, cinemas, and transportation hubs, establishing over 48,000 service points and deploying more than 533,000 massage machines across 31 provinces and 337 cities in China [4] - According to Frost & Sullivan, LeMo Technology ranked first among all machine massage service providers in China by transaction value from 2022 to 2024 [4] Group 2 - The public offering for LeMo Technology was highly successful, with a subscription rate of 7,324.29 times, leading to a high-end pricing within the price range [4] - Shenwan Hongyuan Hong Kong played a crucial role in the listing process, leveraging domestic and international resources to support the company's successful IPO [4] - The company aims to continue enhancing its internationalization and integration strategies, taking advantage of opportunities from domestic and international market connectivity to build a "dual circulation" ecosystem in investment banking [4]

首先，目前时点进入12月份，临近年底，年末因素如机构年终结账等开始影响市场。 同时，短线市场缺乏新的热点，在半导体芯片、人工智能等科 技股进入调整后，市场缺乏稳定而持续的新热点，导致场内资金被动观望，成交量持续萎缩，目前维持在1.6~1.8万亿元的日成交量较8月底3.1万亿元的最 大量相比，萎缩超过40%。而没有强而有力的领涨板块，大盘就难以持续放量，进而也较难推动大盘放量上涨。从目前看，12 月份以震荡整理，过渡性 行情为大概率事件，波动空间有限。 从热点看， 热点轮动，交通运输、有色金属等周期性行业震荡走强，而前期涨幅较大的如传媒、计算机等板块冲高回落，市场风格由激进转向防 御。另外，前期炒名字的热潮有所降温，部分代表性个股周三出现跌停，盲目追涨风险凸显。 展望后市： 大盘继续震荡整理，以稳为主。从技术面看，成交量萎缩，观望气氛有所增强。关注陆续公布的11月份宏观经济数据以及盘中热点和量 能的匹配情况。 风险提示： 消息面或海外市场表现超预期，流动性的不确定性。 ...

申万宏源固收研究 【申万固收|利率】生产强于需求，债市空间仍窄——11月中采PMI点评 原创 阅读全文 ...

申万宏源证券 星期四 12月 E SAH首 Textal Ball Di 今日申 ... 令日下…。 今日中签缴... 0 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艇操练预报给圆感 ...

申万宏源固收研究 【申万固收|地方债周报】发行提速但下周再降速，5000亿结存限额发行或已过半——地方债周度跟踪 20251128 原创 阅读全文 ...