炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ "近年来，全球财富管理市场迎来一系列新变化。"10月19日，在全球财富管理论坛·2025上海苏河湾大会上，申万宏源证券董事长刘健指出，一方面，大型 金融机构不约而同地在加大财富管理、资产管理上的布局，部分国际投行的财富及资产管理业务收入占比超过50%。 另一方面，中国居民家庭的资产配置结构呈现出结构性变化，正在进入高增长、多元化及增加境外资产配置的新时期。 尽管中国财富管理市场潜力巨大，但刘健指出，从金融产品供给看，当前金融市场产品体系还不能满足居民日益多元化的投资需求。 为进一步提升金融市场服务居民财富管理的能力，围绕加大金融产品供给和创新，刘健从五个方面提出解决方案： 一是加快丰富可直接投资的资产和产品类型； 二是进一步丰富产品策略，形成覆盖全资产、多策略的广谱产品体系； 三是不断丰富互联互通机制内涵，扩展覆盖范围，引入更多跨境产品； 四是加快推进财富管理的服务分层，构建覆盖不同投资者群体的差异化服务体系； 五是依托专业机构买方投研优势，赋能投顾业务及相关产品体系高质量发展。 ...

Core Viewpoint - The current long-term cost-performance ratio of the technology sector is considered low, but short-term cost-performance issues have been sufficiently digested, suggesting a potential new round of technology market rally driven by industrial catalysts [1] Group 1: Market Outlook - Spring 2026 is anticipated to be a phase peak for the A-share market, facing three challenges: 1) A critical verification period for demand-side dynamics may arise, where supply growth returns to low levels, potentially improving supply-demand balance, but weak demand could delay the supply-demand turning point [1] - The improvement in supply-demand dynamics in 2026 is expected to be "delayed" rather than "disproved," with a further strengthening of the global easing framework, leading to a sequential recovery of the "policy bottom, market bottom, economic bottom" in the A-share market [1] - The emergence of new structural highlights may require time, as the decisive catalysts for the domestic technology industry trends and the verification period for anti-involution effects will take time to materialize, suggesting that Spring 2026 may still lack new leading themes [1] Group 2: Investment Strategy - The long-term cost-performance ratio of the technology sector may reach extremely low levels by Spring 2026, reminiscent of the end of 2013 for the ChiNext and the end of 2019 for the food and beverage sector, potentially leading to a mid-term consolidation phase for the market [1] - After a short-term adjustment, the technology-led market rally is expected to continue into Q4 2025, with Spring 2026 likely being a phase peak but not the peak for the entire year or the peak of the current comprehensive bull market [1] - The conditions for a comprehensive bull market are expected to become increasingly sufficient over time, indicating further depth in the bull market ahead [1]

申万宏源证券首席经济学家赵伟10月19日在2025全球财富管理论坛上表示，中国经济短期面临的压力更 多源于经济循环不畅，破局的关键在于居民端通过发展服务业促进就业，企业端着力破解内卷式竞争难 题。（上海证券报） ...

Core Points - The company announced the issuance results of the third phase of subordinated bonds by Shenwan Hongyuan Securities Co., Ltd., targeting professional investors, with a total issuance amount of up to RMB 20 billion approved by the China Securities Regulatory Commission [1] - The third phase of subordinated bonds was completed on December 8, 2023, with an issuance scale of RMB 1.6 billion, a maturity of 5 years, and a coupon rate of 3.35% [1] - The follow-up issuance of these bonds was completed on October 16, 2025, with an issuance scale of RMB 2.9 billion and an issuance price of 106.194 yuan [2] Summary by Sections - **Issuance Approval**: The company received approval from the China Securities Regulatory Commission to issue subordinated bonds totaling up to RMB 20 billion [1] - **Initial Issuance Details**: The initial issuance of the third phase of subordinated bonds amounted to RMB 1.6 billion, with a 5-year term and a coupon rate of 3.35% [1] - **Follow-up Issuance Details**: The follow-up issuance was completed with a scale of RMB 2.9 billion and an issuance price of 106.194 yuan, with plans for listing on the Shenzhen Stock Exchange [2]

Core Insights - The chairman of Shenwan Hongyuan Securities, Liu Jian, indicates that Chinese households are entering a new era characterized by high growth, diversification, and an increase in overseas asset allocation [1] Group 1: Asset Allocation Trends - Chinese household wealth structure is transitioning from a focus on savings and single real estate investments to a more diversified allocation including stocks, bonds, public funds, private equity, insurance, and gold [1]

Core Insights - The wealth management landscape in China is transitioning towards high growth, diversification, and increased allocation to overseas assets [1] - The proportion of real estate in household assets has significantly decreased, with equity investments now accounting for approximately 15% of financial assets [1] - The younger investor demographic, particularly those under 30, is becoming increasingly active in the stock market, representing 30% of stock investors [1] Investment Product Supply - The current financial product offerings do not adequately meet the diverse investment needs of residents, particularly in innovative products like green finance tools and cross-border ETFs [1][2] - The risk correlation among existing investment products is high, leading to collective price movements during market fluctuations [2] - The number of mutual funds available for cross-border investment is limited, with only 41 funds and a total scale of approximately 240 billion yuan, indicating a low supply relative to demand [2] Recommendations for Financial Market Enhancement - There is a need to diversify the types of directly investable assets and products, particularly expanding the range of ETF products [2] - Encouraging long-term investment through tax incentives and promoting the development of multi-asset combination products with a 3-5 year horizon is suggested [2] - Expanding the coverage of cross-border investment products to include more themes and asset classes, such as overseas REITs and high-yield bonds, is recommended [3] Wealth Management Service Differentiation - A differentiated service system should be established to cater to various investor groups, including high-net-worth individuals, middle-class, and ordinary investors [4] - The development of inclusive financial tools aimed at middle-class and ordinary investors is essential, promoting passive and regular investments [4] - There is a trend towards younger, digital, and personalized wealth management services, necessitating the introduction of innovative products aligned with the values and perceptions of younger investors [4]

Group 1 - The market is currently experiencing a "high-cut low" style switch, but this defensive characteristic is not leading to an overall index increase, indicating a continued adjustment phase since early September [1][2] - The overall profitability effect in the A-share market has declined to a medium-low level, suggesting that the adjustment phase is nearing its end, while the "high-cut low" trading strategy is becoming less attractive [1][2] - Discussions about style switching in the fourth quarter are increasing, with a focus on technology leading the market recovery rather than cyclical sectors [1][8] Group 2 - The overseas environment is stabilizing, with recent events in the U.S. banking sector causing temporary risk aversion, but the VIX index has peaked and is now declining [7] - The potential for a significant market rally is anticipated in Q4 2025, driven by factors such as rising overseas AI capital expenditure and advancements in the domestic AI industry [8][9] - The mid-term market outlook remains unchanged, with expectations that technology sector catalysts will significantly outpace those of cyclical sectors until spring 2026 [8][9] Group 3 - The current market structure suggests that the transition from a structural bull market to a comprehensive bull market hinges on the effectiveness of anti-involution policies, particularly in high-market-share sectors like photovoltaics and chemicals [10] - The profitability diffusion indicators show a contraction in various sectors, with notable declines in metals, power equipment, and real estate, while coal and banking sectors continue to expand [14] - The financing sentiment index indicates a cautious approach among investors, reflecting the current market dynamics and potential for future growth [15]

Group 1 - The company, Shenwan Hongyuan, announced the completion of the issuance of subordinated bonds (third phase) aimed at professional investors, with a total issuance scale of RMB 2.9 billion [1] - The issuance price of the bonds was set at 106.194 yuan [1] - The bonds are expected to be listed and traded on the Shenzhen Stock Exchange after the registration process is completed [1]

智通财经APP讯，申万宏源(06806)发布公告，2025年10月16日，申万宏源证券有限公司2023年面向专业 投资者公开发行次级债券(第三期)(续发行)完成发行工作，发行规模人民币29亿元，发行价格为106.194 元。本期续发行债券登记完成后拟于深圳证券交易所上市交易。 ...

2025年10月16日，本期续发行债券完成发行工作，发行规模人民币29亿元，发行价格为106.194元。本 期续发行债券登记完成后拟于深圳证券交易所上市交易。 格隆汇10月17日丨申万宏源(06806.HK)公告，申万宏源证券有限公司2023年面向专业投资者公开发行次 级债券(第三期)(以下简称"存量债券")于2023年12月8日完成发行，发行规模人民币16亿元，债券期限为 5年，票面利率为3.35%，债券简称为"23申证C4"，债券代码为"148540"。申万宏源证券有限公司2023 年面向专业投资者公开发行次级债券(第三期)(续发行)(以下简称"本期续发行债券")为前述存量债券的续 发行，债券全称、债券简称、债券到期期限、票面利率与存量债券保持不变。 ...