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。 ...

申万宏源认为，现阶段，科技长期性价比已偏低，但短期性价比问题已消化充分。可以通过累积产业催 化，演绎新一轮科技行情。 2026年春季可能是阶段性高点（结构性行情的高点），彼时A股市场可能面 临三个问题的挑战：1．需求侧关键验证期到来，供给增速回到低位后，供需格局容易改善，但如果需 求偏弱还是可能使得供需拐点推迟，使得新阶段行情的出现推迟。我们提示，2026年供需改善不会"证 伪"只能"推迟"，2026年全球宽松格局进一步强化，A股"政策底、市场底、经济底"依次出现框架的有效 性回归。2026年国内加码宽松的时刻，可能就是新一轮行情启动的时刻。2．届时新增结构亮点可能还 需要等待，国内科技产业趋势决定性催化+反内卷效果验证期到来都需要时间，26年春季可能仍是缺乏 新主线状态。3．届时科技产业趋势行情的长期性价比可能来到极低位（神似2013年底的创业板和2019 年底的食品饮料），行情演绎可能因此进入一个中期休整期。 短期调整后，我们认为25Q4还有科技引 领的行情。2026年春季可能是阶段性高点，但大概率不是2026年全年高点，更不是本轮全面牛市的高 点。牛市还有纵深，随着时间的推移，全面牛市演绎的条件会越来越 ...

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） ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000166 证券简称：申万宏源 公告编号：临2025-94 申万宏源集团股份有限公司关于 根据中国证券监督管理委员会《关于同意申万宏源证券有限公司向专业投资者公开发行次级债券注册的 批复》（证监许可〔2025〕1557号），公司所属子公司申万宏源证券有限公司获准向专业投资者公开发 行面值总额不超过人民币200亿元次级债券。（相关情况请详见公司于2025年8月5日在《中国证券报》 《证券时报》《上海证券报》和巨潮资讯网www.cninfo.com.cn上刊登的公告） 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。 2025年10月16日，本期续发行债券完成 ...

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 report indicates a style switch towards "high cut low," but with different offensive and defensive characteristics. The current market has shown that cyclical and value stocks cannot lead the overall index higher, and the market has continued its adjustment phase since early September. A breakthrough in A-shares is expected to ultimately rely on technology leadership [3][6][7] - Discussions about style switching in the fourth quarter have increased. The current "high cut low" market is defensive in nature, with a decline in overall profitability. The report emphasizes that the key catalytic moment for cyclical stocks has not yet arrived, while the trend in technology growth industries remains promising [6][7][11] - The report highlights three mid-term positive factors for technology growth: 1. Continued upward trend in overseas AI capital expenditure beta 2. Ongoing progress in domestic AI industry trends 3. 2025 is expected to be an upward turning point for the linkage between primary and secondary markets, with emerging industry highlights increasing over time [7][11][12] Group 2 - The overseas environment has become more stable, with recent credit risks in U.S. regional banks being categorized as individual events. The VIX index has peaked and started to decline, indicating that the most intense phase of overseas pressure may have passed [11][12] - The mid-term market judgment remains unchanged, with technology industry catalysts expected to significantly outpace cyclical catalysts before spring 2026. Although the long-term value of technology is currently low, short-term value issues have been sufficiently digested, allowing for a new round of technology market performance [11][12] - The report anticipates that spring 2026 may be a structural high point for the A-share market, facing challenges such as demand-side verification and potential delays in the supply-demand turning point. The report suggests that the improvement in supply-demand dynamics will not be "disproven" but may be "delayed" [12][15] Group 3 - The report suggests that after a short-term adjustment, there will still be technology-led market performance in Q4 2025. While spring 2026 may represent a phase high point, it is unlikely to be the peak for the entire year or the current bull market [15][16] - The report emphasizes that cyclical products with offensive logic (such as non-ferrous metals and chemicals) are currently underperforming, while defensive and hedging assets (like banks and food and beverage) are favored. The outlook for 2026 is more promising than for 2025, with opportunities in sectors like advanced manufacturing represented by new energy and national defense [15][16][23] - The report highlights the importance of the anti-involution trend as a key structural factor in transitioning from a mid-term bull market to a full bull market, focusing on industries with high global market share such as photovoltaics and chemicals [16][23]

申万宏源（000166）(06806)发布公告，2025年10月16日，申万宏源证券（000562）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。 ...

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。 ...