昨日A股 11月24日，市场探底回升，三大指数集体收红。截至收盘，沪指涨0.05%，深成指涨0.37%，创业板指 涨0.31%。沪深两市成交额1.73万亿，较上一个交易日缩量2379亿。 盘面上，市场热点轮番活跃，AI应用概念集体爆发，全市场超4200只个股上涨。从板块来看，商业航 天概念持续拉升，AI应用概念股快速走强。下跌方面，锂矿概念股下挫，算力硬件概念走弱。板块方 面，AI应用、商业航天等板块涨幅居前，能源金属、海南、燃气等板块跌幅居前。 | 名称 | 最新点位 | 涨跌幅 | | --- | --- | --- | | 上证指数 | 3836.77 | +1.88(0.05%) | | 深证指数 | 12585.08 | +47.01(0.37%) | | 创业板指 | 2929.04 | +8.96(0.31%) | | | 日期:11月24日 制图:21投资通 | | 隔夜外盘 纽约股市三大股指11月24日上涨。截至当天收盘，道琼斯工业平均指数比前一交易日上涨202.86点，收 于46448.27点，涨幅为0.44%；标准普尔500种股票指数上涨102.13点，收于6705.12点，涨幅为1.5 ...

长江商报消息●长江商报记者 徐佳 履新不到一个月，苏农银行（603323.SH）新行长就在凝聚股东共识上遇到难题。 日前，苏农银行2025年第二次临时股东会决议公布，王亮、夏立军被选举为该行第七届董事会执行董 事。同时，会议表决通过了5亿元规模科技创新债券发行议案。 长江商报记者注意到，有13.9743%股东对上述发行科技创新债券的议案投出反对票，特别是持股5%以 下股东的反对票达6579.25万票，占比19.7953%。 事实上，苏农银行中小股东对高层决策的严重分歧并非首次出现。在2024年5月的股东大会上，就有超 11%的持股1%以下股东对苏农银行《2023年度利润分配方案》投出反对票。 11月初，80后的王亮获聘为苏农银行新任行长，其履新之后将面临不小的挑战。 数据显示，2025年前三季度，苏农银行实现营业收入32.21亿元，同比仅增长0.08%；归属于上市公司股 东的净利润（以下简称"归母净利润"）17.08亿元，同比增长5.01%。截至2025年9月末，苏农银行资本 充足率由上年末的13.08%下降至12.88%。 值得一提的是，上任数日后，王亮就抛出了80万元增持计划，且与另两名新任副行长合计拟增 ...

德邦证券指出，预计债市短期震荡与长期宽松并存。央行三季度货币政策执行报告明确"实施好适度宽 松的货币政策"，国债买卖操作常态化或为长端利率提供"安全垫"；当前债市核心逻辑仍为"政策托底 +配置驱动"，短期震荡与长期宽松并存。 截至2025年11月20日 15:00，科创债ETF鹏华(551030)上涨0.02%， 实现4连涨，盘中成交额59.12亿元， 市场交投活跃。截至上个交易日，科创债ETF鹏华最新规模达197.80亿元。 鹏华基金自2018下半年建立"固收工具型产品"中长期战略，并在利率债指数产品及ETF、信用债指数、 存单指数产品等方面积极布局，致力于打造固收工具库，力争成为国内"固收指数专家"。当前债券ETF 总规模已突破300亿。 凭借专业的债券指数投资管理能力和丰富的产品运作经验，鹏华基金将持续为投资者提供优质的债券指 数化投资工具。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 作为首批10只科创债ETF之一，科创债ETF鹏华(551030)跟踪上证AAA科技创新公司债指数，该指数是 从上交所上市的科技创新公司债中，选取主体评级AAA，隐含评级AA+及以上的债券作为成 ...

Core Insights - The bond issuance by securities firms has significantly increased this year, with a total of 1.6 trillion yuan raised, marking a year-on-year growth of 62.34% [1][2] Group 1: Bond Issuance Trends - Securities firms are actively issuing bonds to enhance capital strength and market competitiveness, with 73 firms having issued bonds totaling 1.6 trillion yuan as of November 12 [1] - Major firms leading in bond issuance include China Galaxy with 126.9 billion yuan, Huatai Securities with 121.9 billion yuan, and others like Guotai Junan, GF Securities, and CITIC Securities [2] Group 2: Factors Driving Bond Issuance - The increase in bond issuance is driven by multiple factors, including abundant market liquidity, low interest rates, and the need for firms to strengthen capital to support business growth [2] - The launch of the "Technology Board" in the bond market has also contributed to the growth in bond issuance by securities firms [2] Group 3: Use of Raised Funds - The funds raised through bond issuance are primarily used for repaying maturing debts and supplementing operational liquidity, which is crucial for the stable operation and business expansion of securities firms [3] Group 4: Technology Bonds - Since the introduction of the "Technology Board" in May, 45 securities firms have issued 58 technology bonds, raising a total of 78.97 billion yuan, with high investor interest reflected in an average oversubscription rate of 3.8 times [4] - Leading firms in technology bond issuance include China Merchants Securities with 15 billion yuan and Guotai Junan with 13.9 billion yuan [4] Group 5: Market Development and Services - Securities firms are enhancing their roles in the technology bond market by providing liquidity and underwriting services, with 76 firms participating in underwriting, totaling 823.688 billion yuan [4][6] - The complexity of technology bond services is pushing firms to upgrade their core service capabilities, creating competitive advantages in the market [6]

2025 年 11 月 12 日 科创债 ETF 嘉实：打造科技领域债 券配置的核心工具 ——指数基金产品研究系列报告之二百五十七 证券分析师 肖逸芳 A0230524110001 xiaoyf@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 肖逸芳 A0230524110001 xiaoyf@swsresearch.com 权 益 量 化 研 究 证 券 研 究 报 告 ⚫ 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 指 数 研 究 相关研究 - ⚫ 全链条政策支持"债券科技板"发展：科创债政策体系通过顶层设计、机制创新与流动性 保障的三重驱动，构建起支持科技创新的金融生态。随着政策持续深化与市场参与度提 升，科创债有望成为推动新质生产力发展的核心融资工具，未来发展前景广阔。 ⚫ 科创债市场呈现显著热度：科创债市场在政策引导下持续扩容，交易活跃度与机构参与度 同步提升，成为支持科技创新与实体经济高质量发展的重要金融工具。 ⚫ 规模位居科创债 ETF 市场首位：作为全市场首批聚焦 AAA ...

Group 1 - The core viewpoint is that the 科创债 ETF招商 (551900) has shown significant trading activity and growth, with a recent trading volume exceeding 11.2 billion and a turnover rate of over 58% [1] - The 科创债 ETF招商 (551900) has seen a net inflow of nearly 250 million over the past five days, with its latest scale reaching a historical high of 19.41 billion [1] - The ETF closely tracks the 中证AAA科技创新公司债指数, which reflects the overall performance of technology innovation company bonds [1] Group 2 - 华鑫证券 indicates that continuous policy support is driving the growth of 科创债, which is crucial for expanding financing channels and reducing costs for technology enterprises [2] - The issuance of 科创债 is expected to further expand, enhancing monetary policy transmission efficiency and providing more investment options in a low-interest-rate environment [2] - The 科创债 market is anticipated to see an increase in the number of issuers due to policy backing [2]

Group 1 - The core viewpoint is that under current policies, financing channels for technology companies have been expanded, allowing for potential refinancing through innovative bonds to enhance cash flow and R&D efforts [1] Group 2 - The company, Tongda Hai (SZ301378), is actively monitoring policy guidance and changes in the capital market to assess its operational situation and explore financing options [1]

Group 1 - The core viewpoint highlights that in the current loose monetary policy environment, small-cap stocks are gaining an advantage, with the North Exchange 50 Index effectively reflecting the performance of small and micro-cap stocks, characterized by high elasticity and policy adaptability [1][2] - As of November 7, 2025, the North Exchange 50 Index has risen by 1.09%, with significant gains in constituent stocks such as Anda Technology (up 23.94%), Silane Technology (up 10.27%), and Huami New Materials (up 6.88%) [1] - The North Exchange is focused on improving its merger and acquisition system, guiding financial resources towards key core technology sectors, and enhancing the attractiveness of its market through various reforms and new bond products [1] Group 2 - The North Exchange's overall revenue and profit showed recovery in the third quarter, although the profit growth rate remains negative, indicating pressure on core profitability [2] - There is optimism regarding the North Exchange's future performance, with favorable factors accumulating and clear signals of policy warming, particularly the anticipated launch of the North Exchange 50 ETF, which is expected to attract incremental funds [2] - The North Exchange aims to enhance investment transaction convenience by accelerating the launch of the North Exchange 50 ETF and exploring after-hours fixed-price trading [2]

Group 1 - The "Shenzhen Venture Capital Day" has successfully facilitated the connection between innovative enterprises and global capital, resulting in the establishment of over 90 billion yuan in medium to long-term funds, significantly boosting Shenzhen's "20+8" industrial system [1] - Since its inception in November 2022, the event has hosted 34 themed activities and nearly 100 regular roadshows, attracting over 7,112 venture capital institutions and facilitating nearly 200 billion yuan in major fund agreements [1] - The recent event highlighted the launch of over 90 billion yuan in medium to long-term funds, covering the entire growth cycle of technology enterprises, and complementing the previously announced 7 billion yuan AIC mother fund [1] Group 2 - Shenzhen has made significant strides in the field of technology bonds, with the successful issuance of the first private venture capital institution's technology innovation bond, marking a new financing model for tech enterprises [2] - As of the end of October, 28 companies in Shenzhen have issued 61 technology innovation bonds, with a total issuance scale of 71.345 billion yuan, establishing a strong financial support system for technological innovation [2] - The regional equity market has seen the signing of multiple cooperation agreements, with 557 companies listed on the "specialized, refined, distinctive, and innovative" board, facilitating efficient capital market access for small and medium-sized enterprises [2]

Core Viewpoint - The market for Sci-Tech bonds is expanding, with the Penghua Sci-Tech Bond ETF (551030) showing active trading and significant assets under management, indicating strong investor interest and potential for growth in this sector [1][2]. Group 1: Market Performance - As of November 6, 2025, the Penghua Sci-Tech Bond ETF recorded a slight pullback with a trading volume of 5.85 billion yuan, reflecting active market participation [1]. - The latest scale of the Penghua Sci-Tech Bond ETF reached 19.478 billion yuan, ranking second in the market for similar products and first in the Shanghai market [1]. Group 2: Economic Indicators - The People's Bank of China has maintained a net liquidity withdrawal, but interest rates remain stable, suggesting a need to monitor future domestic and international policy impacts [1]. - The manufacturing PMI for October recorded at 49.0, a decrease of 0.8 percentage points from the previous month, highlighting potential economic challenges [1]. Group 3: Investment Strategy - The Penghua Sci-Tech Bond ETF tracks the Shanghai AAA Sci-Tech Innovation Company Bond Index, which selects bonds with AAA ratings and above, providing a diversified investment option [1]. - Compared to individual bond purchases, the ETF offers advantages such as low fees, low trading costs, high transparency, and efficient "T+0" redemption, which can help mitigate investment risks and enhance capital efficiency [1]. Group 4: Long-term Outlook - Huaxi Securities emphasizes the broad market potential for Sci-Tech bonds under favorable policy conditions, with the Penghua Sci-Tech Bond ETF expected to maintain its long-term value and market influence [2]. - Penghua Fund has been actively developing a range of fixed-income products since the second half of 2018, aiming to establish itself as a leader in the domestic fixed-income index space [2].