Core Viewpoint - The article provides information on the holiday trading schedule for the 2025 National Day and Mid-Autumn Festival, emphasizing the opportunities for investors to utilize idle funds through government bond reverse repos during the holiday period [5][9]. Trading Schedule - The A-shares market will be closed from October 1 (Wednesday) to October 8 (Wednesday), reopening on October 9 (Thursday) [5]. - The Hong Kong Stock Connect will also be unavailable from October 1 to October 8, resuming on October 9 [5]. Government Bond Reverse Repo - Government bond reverse repos are described as short-term loans where individuals lend their funds to earn fixed interest, with government bonds used as collateral [9]. - The safety and yield of government bond reverse repos are highlighted, especially during month-end, quarter-end, year-end, and pre-holiday periods when rates tend to rise [9]. - The minimum investment threshold for participating in government bond reverse repos is set at 1,000 yuan [13]. Interest Calculation - The interest calculation period is defined as the actual number of days the funds are occupied, from the first settlement date to the maturity date [10]. - Specific interest calculation days for various terms are provided, indicating the potential earnings during the holiday [11][14]. Participation Pathways - Investors can participate in government bond reverse repos through the Shenwan Hongyuan Securities APP, with clear instructions on accessing the relevant sections for trading [12][16]. - The article encourages investors to consider different term products based on their yield and personal financial needs [13]. Investment Tips - Investors are advised to operate a one-day reverse repo two trading days before the holiday to maximize holiday earnings without affecting other trading activities [13]. - The article suggests selecting higher-yielding products when different term products have the same interest calculation days [13].

编者荐语： 中国节气 | 大地丰收 蓄能秋实 以下文章来源于申万宏源发布 ，作者申万宏源证券 申万宏源发布 . 申万宏源证券官方发布 稻花香里说丰年 听取蛙声一片 申万宏源与您共迎万物丰盛 申万宏源文化卡通形象：申源宝 ...

申万宏源证券有限公司是由新中国第一家股份制证券 公司——申银万国证券股份有限公司与国内资本市场 第一家上市证券公司 -- 宏源证券股份有限公司,于 2015年1月16日合并组建而成。 公司发挥"投资控股集团+证券子公司"的双层架构优 势,为企业集团、个人投资者、专业机构投资者、金 融同业机构及政府客户提供以资本市场为核心的全产 业链综合金融服务。分支机构是公司财富管理转型的 重要抓手,也是连接投资者的重要窗口之一。 截止2025年8月- 申万宏源证券 邱万宏源证券分麦机构2026届校园招聘 新申力 逐梦启航 以坚持为能。 東成功之风 中万宏源证券分支机构 Onoral William Print The First The rance many manufacturer and the province is a more of the series of the series and 火栽培行中! 我们是谁 + 35家 100+个 沂300个 证券营业部 分布全国城市 一级分公司 招聘岗位 财富顾问岗 (一) 岗位职责: ►部门安排的其他工作。 (二) 工作地点: 长三角 上海、江苏、浙江、温州、宁波、安徽 ...

时值一揽子政策发布一周年之际，在今年9月22日国新办举行的新闻发布会上，资本市场推动中长 期资金入市的成绩单也随之浮出水面。吴清介绍，截至今年8月底，各类中长期资金合计持有A股流通 市值约21.4万亿元。 公募基金降费改革全面落地 《指导意见》提出，要稳步降低公募基金行业综合费率。对于公募基金费率改革一年来的成就，吴 清在9月22日的发布会上表示，投资端改革实现重大突破，三阶段降费改革全面落地。 今年9月5日，中国证监会对《开放式证券投资基金销售费用管理规定》进行了修订，并更名为《公 开募集证券投资基金销售费用管理规定》，其中，大幅降低销售端费用并优化了赎回费制度安排，以近 3年平均数据测算，第三阶段基金销售费用改革将整体降费约300亿元，降幅约为34%。 自2023年7月中国证监会发布《公募基金行业费率改革工作方案》后，公募基金费率改革按照"基金 管理人—证券公司—基金销售机构"的实施路径，分为三阶段推进。此次销售端的降费规则出台意味着 公募基金费率改革第三阶段开始启动。 在去年9月24日举行的国新办新闻发布会上，中国证监会主席吴清表示，要加快投资端改革，推动 构建"长钱长投"的政策体系。随后，为进一步促进 ...

Core Viewpoint - The A-share market has experienced a significant upward trend over the past year, with major indices showing remarkable gains and a substantial increase in market capitalization and trading volume [1][3][6]. Market Performance - Since September 24, 2024, the A-share market has seen impressive index performance, with the Shanghai Composite Index rising by 39.28%, the Shenzhen Component Index by 62.78%, and the ChiNext Index by 103.06% [2][3]. - The total market capitalization of A-shares surpassed 100 trillion yuan for the first time in August 2025, increasing from approximately 78.57 trillion yuan to about 117.75 trillion yuan within a year [6]. Trading Volume - Daily average trading volume has significantly increased, from approximately 552.9 billion yuan before the current uptrend to 1.65 trillion yuan during the uptrend, and reaching 2.43 trillion yuan in September 2025, marking over a threefold increase year-on-year [5][6]. Investor Activity - The number of new investor accounts has surged, with 6.8468 million new accounts opened in October 2024, a 274.67% increase compared to September. In total, 17.21 million new accounts were opened in the first eight months of 2025, representing a 48% year-on-year growth [6]. Market Stability and Support - The market has seen increased participation from long-term funds, including insurance capital, which has contributed to a more stable funding environment. Regulatory measures such as buybacks and increased liquidity support have also bolstered market confidence [7]. - Analysts predict that A-share companies are likely to return to positive earnings growth in 2025, ending a four-year decline, driven by favorable market conditions and policy support [7].

截至2025年9月24日 10:19，中证500质量成长指数(930939)上涨0.53%，成分股蓝晓科技(300487)上涨 5.65%，海信视像(600060)上涨5.20%，惠泰医疗(688617)上涨4.35%，鼎龙股份(300054)上涨4.16%，中 创智领(601717)上涨4.09%。500质量成长ETF(560500)上涨0.17%。 消息面上，工信部发布《智能网联汽车组合驾驶辅助系统安全要求》，进一步明确辅助驾驶系统的国家 标准。此外，2025世界智能网联汽车大会将于10月16日到18日在北京亦庄举办。本届大会以"汇智聚能 网联无限"为主题，设置开幕式、全体大会、闭幕式3场全体会议，围绕产业政策、国际合作、京津冀协 同发展等方向举办3场圆桌会，围绕政策、技术、安全、人工智能、应用、数据等方向设置6场主题论 坛，召开基础设施、芯片、通信、生态、保险等方向的多场边会。 东吴证券指出，智能车是AI时代被忽视的革命性终端，符合【去中心化、科技平权】的特征，将改变 社会生产力和生产关系。AI时代从【流量为王】转向【产品为王】，智能车的价值取决于其帮助人类 完成任务的复杂度，而非用户规模。智能车作为物 ...

Group 1 - The core viewpoint of the article emphasizes the distinction between digitalization and digital transformation, highlighting that digital transformation focuses on the process of change while digitalization is primarily the work of the information department [1] - Digital transformation is described as the process of innovating business and management through digital means, indicating a significant shift in operational strategies [1] - Digitalization is characterized as an extension of informatization, which involves converting physical processes into digital formats, underscoring the technological evolution within the industry [1]

Group 1: Report Industry Investment Rating - No information provided on the industry investment rating in the report Group 2: Core Views of the Report - The current self - adjustment of convertible bonds is not over, with weakened ability to follow the rise, and the valuation actively declines when the underlying stock pulls back. In the current market, the cost - performance of convertible bonds is low, but considering the slow - bull market of A - shares, there is no need to be overly worried. Now is a concentrated point for convertible bond realization, and high - price, low - premium equity - like varieties and defensive individual bonds are more worthy of consideration, such as some bottom - position varieties represented by banks [6][9]. - Backtesting on recent years' forced redemption cases shows that there are objective returns and a certain degree of certainty in gambling on forced redemption clauses. The number of subsequent forced redemptions and waived forced redemptions is still considerable and worthy of attention [6][9]. - The equity market showed a trend of rising first and then falling last week, with sector differentiation. The Shanghai Composite Index almost broke through the 3900 mark at the beginning of the week and then adjusted significantly. The short - term index needs to oscillate and adjust, but the view of a positive long - term index trend remains unchanged. Attention should be paid to the press conference of the State Council Information Office next Monday [6][9]. Group 3: Summary According to the Catalog 1. Convertible Bond Views: Valuation Continues to Compress, Waiting for the Entry Opportunity - The self - adjustment of convertible bonds is ongoing, with weakened follow - up ability and active valuation decline. The current cost - performance of convertible bonds is low, but there's no need for excessive worry. High - price, low - premium equity - like varieties and defensive individual bonds are recommended. The equity market had a volatile week, and the long - term trend of the index is still positive [6][9]. 2. Convertible Bond Review: Convertible Bonds Follow the Decline Again, Valuation Continues to Fall 2.1 Market Overall Performance: Equity Rises First and Then Falls, Technology Remains the Main Line - From September 15th to September 19th, market index performance was differentiated. The Shanghai Composite Index fell 1.30%, the Shenzhen Component Index rose 1.14%, the CSI 300 fell 0.44%, the CSI 1000 rose 0.21%, the ChiNext Index rose 2.34%, the STAR 50 rose 1.84%, and the Beijing Stock Exchange 50 fell 1.43%. In terms of industries, coal, power equipment, and electronics led the rise, while banks, non - ferrous metals, and non - bank finance led the decline. The average daily trading volume increased by 1922.4 billion yuan to 2.52 trillion yuan. The top ten rising convertible bonds last week were Jingxing, Hengshuai, Songsheng, etc., and Jingxing, Jing 23, Liyang, etc. were more active in trading [13]. 2.2 Valuation Actively Compresses, High - Price, Medium - and Low - Rated Convertible Bonds Perform Well - Last week, convertible bonds pulled back again, with active valuation compression. The average daily trading volume increased significantly to 818.02 billion yuan. The CSI Convertible Bond Index fell 1.55%, the parity center decreased by 1.1% to 111.1 yuan, and the conversion premium rate center decreased by 1.1% to 18.9%. In terms of style, high - price, medium - and low - rated convertible bonds performed well last week, while AA + rated and large - cap convertible bonds performed weakly [6][18]

Group 1: Fixed Income Research - The adjustment of the 14-day reverse repurchase auction method is essentially a continuation of previous policy thoughts, with limited incremental information being conveyed [3][17] - The People's Bank of China (PBOC) maintains a strong continuity in its monetary policy approach, with the recent adjustments aimed at stabilizing liquidity rather than signaling a shift towards more accommodative policies [2][19] - The actual pricing ability of the 14-day reverse repurchase is limited, and it is likely to continue being used as an unconventional tool to address special periods such as holidays [4][18] Group 2: Construction Industry - In the 38th week of 2025, the issuance of new special bonds by local governments decreased by 25.8% compared to the previous week, with a total issuance of 978.2 billion yuan [8] - The financing net amount of urban investment bonds decreased year-on-year, indicating a contraction in funding for construction projects [8] - The construction site funding availability rate was reported at 59.39%, showing a slight week-on-week increase but a year-on-year decline of 3.13% [8] Group 3: Real Estate Market - New housing transaction area in 30 major cities increased by 7.7% week-on-week, while second-hand housing transaction area decreased by 4.2% [9] - The cumulative transaction area for new homes this year is down 2.6% year-on-year, indicating a slowdown in the real estate market [9] - Land supply in 100 cities decreased by 13.7% year-on-year, reflecting a contraction in the real estate development pipeline [9] Group 4: Company Analysis - China Power Construction Corporation signed new orders worth 800.79 billion yuan from January to August 2025, a year-on-year increase of 4.7% [11] - China Chemical Corporation's new orders for the same period were 256.34 billion yuan, showing a minimal year-on-year increase of 0.1% [11] - China Metallurgical Group Corporation's new orders decreased by 18.2% year-on-year, indicating challenges in securing new contracts [11] Group 5: Xiaomi Group - Xiaomi's revenue projections for FY2025E-FY2027E are maintained at 489.1 billion, 641.8 billion, and 758.4 billion yuan respectively, with adjusted net profit forecasts of 45.4 billion, 68.1 billion, and 83.6 billion yuan [12] - The company is expected to exceed its annual delivery target of 350,000 vehicles, with stable delivery volumes above 30,000 units in July and August [13] - The air conditioning segment saw a significant increase in shipments, with over 5.4 million units sold in Q2 2025, reflecting a 60% year-on-year growth [14] Group 6: Industry Trends - The global wind power installation volume is expected to continue growing, with significant contributions from China, Europe, and North America [26] - The demand for wind turbine blade materials is anticipated to expand due to policy encouragement and declining costs [24] - The chemical raw materials manufacturing industry has a current static P/E ratio of 27.95, indicating a competitive valuation landscape [27]

Core Viewpoint - After September 22, the market is no longer trading on the "illusion of easing," but is instead "realizing" a logic of certainty in the market [2][20]. Group 1: Market Reactions and Signals - The press conference on September 22, featuring top financial management officials, did not announce any short-term policy adjustments, which led to a positive response in the A-share market [2][3]. - Despite the unchanged LPR (Loan Prime Rate), the market exhibited a sense of "easing," attributed to coordinated fiscal and monetary efforts, structural tools, and the global interest rate environment [7][20]. Group 2: Economic Indicators and Financial Environment - Recent economic data shows a mixed picture: CPI decreased by 0.4%, PMI at 49.4%, and industrial value-added growth at 5.2%, indicating a cooling economy [6][13]. - The 10-year government bond yield rose from 1.60% to 1.87%, reflecting a shift in market expectations towards "structural policies" rather than broad monetary easing [6][7]. Group 3: Investment Trends and Market Dynamics - A-share market capitalization increased from 68 trillion to 104 trillion, with over 3,000 stocks rising more than 50%, indicating a significant market expansion [9][10]. - High-growth sectors like semiconductor equipment and new energy batteries are benefiting from favorable policies and market conditions, while stable dividend-paying assets are attracting long-term investments [10][11]. Group 4: Financial System Resilience - The financial system's scale and global standing have improved, with bank assets nearing 470 trillion and direct financing's share rising to 31.6% [13][14]. - Structural risks are being managed effectively, with a significant reduction in local government financing platforms and financial debt, indicating a controlled risk environment [14][17]. Group 5: Future Outlook and Certainty - The market is focusing on sustainable profitability, with loans in technology, green, and inclusive sectors growing at over 20% annually, providing visibility for related companies [20][22]. - The expectation of stable policies and regulatory frameworks is reducing concerns about extreme market volatility, suggesting a shift towards a more predictable investment landscape [23].