登录新浪财经APP 搜索【信披】查看更多考评等级 公告送出日期：2025年11月21日 1、 公告基本信息 ■ 注：管理人在每个收益集中支付日起两个交易日内，根据公告分配方案，以现金分红的形式向投资者支 付收益。 2、与收益支付相关的其他信息 ■ 注：（1）本基金收益支付方式暂不包括红利再投，因此不存在收益结转基金份额的情况。 （2）本基金采用摊余成本法估值，并通过计算暂估收益率的方法每日确认各类金融工具的暂估收益。 基金每万份基金暂估净收益和7日年化暂估收益率，与分红日实际每万份基金净收益和7日年化收益率存 在差异，原因是银行存款估值时以成本列示，每日按照约定利率预提收益，直至分红期末按累计收益除 以累计份额确定实际分配的收益率，具体的差异金额以公司官网展示为准。 （3）投资者当日申购的基金份额应当自下一个交易日起享有基金的分配权益；当日赎回的基金份额自 下一个交易日起不享有基金的分配权益。 （4）本基金收益每月集中支付一次。如投资者的累计实际收益为负，则为份额持有人缩减相应的份 额。投资者赎回基金份额时，其累计未支付收益不一并支付，将在月度分红时支付。投资者解约情形 下，管理人将按照当期年化暂估收益率与同 ...

Core Viewpoint - Tianjin TEDA Resource Recycling Group Co., Ltd. has successfully completed a non-public issuance of low-carbon transition-linked corporate bonds, raising up to RMB 1 billion, with two varieties of bonds issued [1][2]. Group 1: Issuance Details - The total issuance scale of the bonds is capped at RMB 1 billion, divided into two varieties: a three-year bond and a five-year bond, with a face value of RMB 100 per bond [1]. - The issuance was completed on November 20, 2025, with each variety of bonds having an actual issuance amount of RMB 500 million, representing 50% of the total issuance scale [2]. - The three-year bond has a coupon rate of 2.59% and a subscription multiple of 3.53, while the five-year bond has a coupon rate of 3.13% and a subscription multiple of 2.12 [2]. Group 2: Participation and Compliance - The company's directors, supervisors, senior management, and shareholders holding more than 5% of shares did not participate in the subscription [3]. - Underwriters such as Dongfang Securities Co., Ltd. and Zheshang Securities Co., Ltd. participated in the subscription, with specific allocations of RMB 50 million and RMB 60 million for the three-year bond, and RMB 10 million and RMB 50 million for the five-year bond [4]. - All participating investors comply with relevant regulations, including the "Management Measures for Corporate Bond Issuance and Trading" and other applicable guidelines [4].

Core Insights - The report from the China Securities Association highlights the significant growth in bond underwriting by securities firms in key sectors such as technology innovation, private enterprises, and green low-carbon initiatives, with CITIC Securities leading in many categories [1][2] Group 1: Bond Underwriting Performance - In the first three quarters of this year, the bond underwriting amount for technology innovation exceeded 700 billion yuan, marking a year-on-year increase of over 57% [1] - Private enterprise bond underwriting reached 391.36 billion yuan, reflecting a year-on-year growth of 43.46% [1] - CITIC Securities dominated the bond underwriting landscape, securing the top position in half of the key performance indicators [2] Group 2: Key Players in Bond Underwriting - Among 75 securities firms involved in technology innovation bonds, a total of 674 bonds were underwritten, amounting to 705.18 billion yuan, with CITIC Securities leading at 141.79 billion yuan [3] - In the private enterprise bond sector, 56 firms underwrote 368 bonds totaling 391.36 billion yuan, with CITIC Securities, Ping An Securities, and Huatai Asset Management taking the top three spots [3] - Smaller firms like Wenkang Securities excelled in underwriting bonds for small and micro enterprises, leading in both the number and amount of bonds underwritten [2][3] Group 3: Green and Low-Carbon Initiatives - In the green finance sector, 51 firms underwrote 137 green bonds totaling 109.01 billion yuan, with CITIC Jin Investment and CITIC Securities among the top underwriters [4] - The report indicates that 26 firms participated in low-carbon transition bonds, underwriting 25 bonds worth 14.38 billion yuan [4] - Securities firms are also actively supporting rural revitalization, with 41 firms underwriting 68 bonds totaling 42.65 billion yuan [4] Group 4: Belt and Road Initiative and Local Government Bonds - Nineteen firms underwrote 12 bonds related to the Belt and Road Initiative, with a total amount of 11.3 billion yuan [5] - A total of 69 firms participated in local government bond underwriting, achieving a combined winning bid amount of 336.95 billion yuan [5]

Group 1 - The 2025 China Securities Investment Banking Summit Forum was successfully held on November 20 at the Shenzhen Convention and Exhibition Center, as part of the 19th Shenzhen International Financial Expo and the 2025 China Financial Institutions Annual Conference [1] - The forum featured key figures from the investment banking sector discussing transformation strategies in the context of capital market changes, with a notable increase in Chinese companies listing in Hong Kong since the second half of 2024 [1] - Hong Kong's IPO market is expected to see a significant increase in activity, with a projected over 200% year-on-year rise in financing scale for 2025, and an average first-day gain of 59.3% for IPO companies [1] Group 2 - Domestic investment banks are focusing on "regional deep cultivation" and "specialized tracks" as core strategies to reshape the competitive landscape amid economic restructuring and accelerated industrial upgrades [1] - Changjiang Securities plans to enhance its deep cultivation model by serving local platform companies, co-establishing funds, and attracting quality enterprises from the industrial chain [1] - The forum included two roundtable discussions on investment banking strategic transformation and the role of technology finance, featuring executives from various securities firms [2] Group 3 - The annual "2025 China Securities Investment Banking Jun Ding Award" results were announced during the forum, recognizing outstanding contributions in the investment banking field [2]

Core Viewpoint - The 2025 China Securities Industry Investment Banking Summit Forum highlighted the transformation strategies of investment banks amid capital market changes, with a focus on the resurgence of Chinese enterprises listing in Hong Kong and the anticipated growth in IPO activities in 2025 [2]. Group 1: Market Trends - Since the second half of 2024, there has been a notable recovery in Chinese enterprises listing in Hong Kong, with a projected increase in IPO issuance in 2025, leading to a financing scale that is expected to rise by over 200% year-on-year [2]. - The average first-day increase for IPO companies is reported at 59.3%, indicating strong market performance [2]. - The hot trend in the Hong Kong stock market is expected to continue until 2026, presenting cross-border business opportunities for Chinese investment banks [2]. Group 2: Strategic Focus - Domestic investment banks are adopting "regional deep cultivation" and "track specialization" as their two core strategies to reshape the competitive landscape [2]. - Changjiang Securities has been exploring iterative deep cultivation models and plans to enhance its role as a "guide" for industries by serving local platform companies and forming funds to attract quality enterprises along the industrial chain [2]. Group 3: Forum Discussions - The forum featured two roundtable discussions focusing on investment banking strategic transformation and the integration of technology and finance [3]. - Key executives from various securities firms participated in discussions about navigating cycles and embracing new production capabilities in the context of technology finance [3]. Group 4: Awards - The forum also announced the results of the "2025 China Securities Industry Investment Banking Jun Ding Award," recognizing outstanding contributions in various categories, including underwriting and sponsorship [5][6][7][8][10][11][13][14][21].

Core Viewpoint - Multiple brokerages are optimistic about China's economy in 2026, expecting it to maintain resilience and enter a phase of high-quality development, with the A-share market continuing its upward trend, although some predict a slowdown in growth [1][3][5]. Economic Outlook - The first three quarters of 2023 showed steady progress in China's economy, with expectations that 2026 will mark the beginning of a new high-quality development phase [3]. - Macro policies are anticipated to shift from extraordinary counter-cyclical adjustments to a more normalized approach, focusing on technological self-reliance and the cultivation of new productive forces [3]. - External demand is expected to remain resilient, while internal demand will rely on fiscal efforts to boost investment in human capital and consumer supply [3]. A-share Market Trends - Since 2025, the A-share market has been on a volatile upward trajectory, with significant attention on whether this trend will continue into 2026 [5]. - Some institutions believe that the A-share market may reach a peak in spring 2026, with potential triggers for a comprehensive market rally [5]. - The market is expected to experience a critical verification period in 2026, with indices likely to remain volatile but on an upward trend [6]. Sector Focus - The technology, cyclical, and manufacturing sectors are highlighted as key areas of focus for 2026 [8]. - Specific recommendations include monitoring recovery trades in basic chemicals and industrial metals, as well as trends in AI, humanoid robots, energy storage, photovoltaics, pharmaceuticals, and military industries [8]. - Resource products may emerge as a new mainline direction following technology, driven by global monetary easing and domestic inventory cycles [9]. Investment Sentiment - The A-share market's current rally is significantly supported by retail investors, with a notable influx of high-risk preference funds [6]. - The upcoming five-year planning period is expected to yield positive market performance, aligning with policy directions [6].

A+H 权益组合业绩评价框架 ——主动量化研究系列 核心观点 本报告中，我们对 A+H 跨市场权益组合业绩评价体系进行了构建，并给出了具体测 算流程。从结果看，可对组合收益来源及能力圈进行较好的评价。 ❑ A+H 组合评价：需解决哪些问题 组合评价体系包括业绩和风险两部分，一般我们需要其满足如下要求：精细化， 全面，灵敏，稳健。在这个过程中，需考虑不同市场结构对行业、风格的影响， 同时也需考虑汇率的波动。 ❑ 跨市场权益组合评价体系 对于 A+H 跨市场组合评价体系，基于现有成熟的风险维度，首先分别搭建两个 市场的模型：包含敞口和收益。对标基准，按市场进行权重分配，纳入汇率收 益。得到单独市场的敞口和收益拆分结果，然后进行汇总。 相关报告 1 《物价回归，决战 2026》 2025.11.18 2 《主线切换：涨价逻辑首选化 工》 2025.11.16 3 《A 股新常态：主线切换，情 绪不减》 2025.11.09 ❑ 收益拆分：汇率、市场、行业、风格、选股 以模拟组合为例，对其进行分析。整体看，组合超配 materials，低配 banks；偏 小市值、高换手、高盈利、动量。港股仓位超额收益为正，A 股为 ...

Core Viewpoint - The bond market in 2026 is expected to navigate a landscape characterized by low interest rates and high volatility, with various factors influencing the market dynamics, including economic recovery, monetary policy adjustments, and fiscal measures [1][21]. Interest Rate Bonds - The bond market is anticipated to maintain a "low interest rate + high volatility" pattern, with limited downward space for interest rates but persistent fluctuations [2][3]. - The ten-year government bond yield is projected to fluctuate between 1.6% and 2.1%, with a focus on obtaining stable coupon income and increasing exposure to equity assets to enhance overall returns [2]. - Predictions indicate that the ten-year government bond yield may drop to around 1.6% in the first quarter but could rebound to approximately 1.9% later in the year due to economic recovery and inflation expectations [3]. - A bullish steepening of the yield curve is expected, with the ten-year government bond yield potentially declining to a range of 1.2% to 1.5% [4]. - The N-shaped interest rate trend is forecasted, with significant adjustments expected in the first quarter and the second half of the year, while the second quarter may present favorable trading opportunities [5]. Credit Bonds - The credit bond market is expected to exhibit low spreads, with a shift from simple "downward" strategies to more refined approaches focusing on regions, industries, and individual credits [6][8]. - If the wide credit process progresses smoothly, credit risks may ease, leading to a reduction in bond defaults [8]. - The focus should be on mid to long-term credit bonds, particularly those with potential for spread compression, while avoiding low-quality private real estate bonds and high-risk regional bonds [9][11]. Monetary Policy - The monetary policy is expected to remain moderately accommodative, with potential rate cuts and innovative tools to support liquidity and the yield curve [12][13]. - The window for rate cuts is anticipated to open between late 2025 and early 2026, with limited pressure on banks' net interest margins due to changing deposit structures [14]. - Structural monetary policy tools are expected to play a significant role, with a focus on targeted support rather than broad-based expansion [16]. External Environment - The narrowing of the China-U.S. interest rate differential is a key external factor, with expectations that the spread between ten-year U.S. and Chinese bonds will continue to narrow [18]. - The U.S. bond market is projected to experience a flattening yield curve, with ten-year U.S. Treasury yields expected to exceed 2.2% due to persistent inflation and employment recovery [19]. - Attention should be paid to the "local divergence" between China and overseas experiences, particularly regarding the impact of government leverage and inflation on interest rates [20].

Core Viewpoint - The article discusses the optimistic outlook for China's economy and A-share market in 2026, highlighting the potential for high-quality development and the importance of sectors such as technology, cyclical industries, and manufacturing [3][5][11]. Economic Outlook - Multiple institutions predict that China's economy will maintain resilience and enter a new phase of high-quality development in 2026, marking the beginning of the "15th Five-Year Plan" [5]. - Macro policies are expected to shift from extraordinary counter-cyclical adjustments to a more normalized approach, focusing on technological self-reliance and the cultivation of new productive forces [5]. - External demand is anticipated to remain robust, while internal demand will rely on fiscal efforts to stimulate investment in human capital and consumer supply [5]. A-share Market Trends - The A-share market has been on a rising trend since 2025, with active trading observed. There are differing opinions on whether this upward trend will continue in 2026, with some institutions expecting a comprehensive market rally while others foresee a slowdown in growth [7][8]. - By mid-2026, it is expected that the "policy bottom, market bottom, and economic bottom" will successively appear, potentially triggering a comprehensive market rally [8]. - The overall sentiment is that the A-share market's upward momentum is far from over, with expectations that it may challenge levels not seen in the past decade [8]. Sector Focus - Key sectors to watch in 2026 include technology, cyclical industries, and manufacturing, with specific attention to areas such as AI, robotics, energy storage, photovoltaics, pharmaceuticals, and military industries [11]. - Institutions suggest that resource products may emerge as a new mainline direction following technology, driven by global monetary easing, supply-demand gaps, and domestic inventory replenishment [11]. - The TMT (Technology, Media, and Telecommunications) and advanced manufacturing sectors are expected to remain central to market dynamics, with potential for significant growth [11]. Capital Flow Insights - Residents are identified as the most significant source of funds in the A-share market, with current trends resembling those seen in 2015. High-risk preference funds have entered the market rapidly, while medium-risk preference funds may represent the next incremental growth phase [9].

申万宏源表示，"十五五"时期或将是全面深化改革的攻坚突破期，2026年或将是改革全面加速的开始。 伴随持续深化的扩内需政策，名义GDP修复将带动企业盈利改善；消费需求中服务需求弹性更大，投资 增速更容易呈现"前低后高"。 对于2026年人民币表现，东吴证券表示，受益于坚实的商品出口基本盘、外资回流人民币金融资产，以 及美元中长期走弱初显，人民币或将进入新一轮升值周期。 近期，券商密集召开2026年策略会，包括申万宏源、中信建投、中信证券、东吴证券、光大证券、浙商 证券、华泰证券、国泰海通。 在多家机构看来，2026年中国经济有望继续保持韧性，进入高质量发展阶段；A股市场继续保持向上态 势，不过有观点认为将迎来全面行情，有观点认为涨幅将放缓。科技、周期、制造业是多家机构建议重 点关注的领域。 聚焦科技自立自强与新质生产力培育 今年前三季度，中国经济保持稳中有进的发展态势。多家机构预计，2026年是"十五五"开局之年，中国 经济有望进入高质量发展的新阶段。 浙商证券表示，2026年是"十五五"开局之年，中国经济有望呈现"开门红"态势。宏观政策将从超常规逆 周期调节逐步回归常态，结构上更聚焦科技自立自强与新质生产力 ...