港股通交易规则是以港交所的交易规则为前提实施的，绝大部分交易规则与A股是相似的， 但也存在较多细节的差异。部分投资者对这些差异不了解，容易出现下单后交易所返回废单， 而导致委托无效的情况。 港股通投资者委托时最容易出现的废单原因为： 交易时间错误 委托类型错误 报价范围错误 据我司内部统计，以上三种原因导致的废单分别占全部废单的35%、14.8%和 50%。 一旦出现废单则该笔委托无效，投资者需重新提交正确的委托。为了减少废单的 发生，我们将分别讲解交易时间、委托类型、报价范围的相关规则。 请注意以下规则仅指港股通 01 交易时间 时段 时间 详情 开市前时段 9:00-9:15 以竞价限价盘申报， 可撤单 | | 9:15-9:22 | 可申报，不可撤单。 最后两分钟随机时间 | | --- | --- | --- | | | | 开始配对成交， | | | | 开始后截止申报 | | | 对盘-9:30 | 不可申报与撤单 | | 持续交易时 | 9:30-12:00 | 以增强限价盘申报， | | 段 | 13:00-16:00 | 可撤单 | | 中午休市时 | 12:00-12:30 | 不可委托、 ...

● 田万宏源证券 in 股票池来了 11 韵快乐 1 根本想象不到! 干呼万唤始出来! 热烈欢迎新成员 以下情形收取服务费 ① 投顾成功调出标的时调出标的盈利幅度*>2%，目 订阅客户30个自然日内跟随卖出(客户盈利或亏损均 收服务费) 2 订阅客户自行卖出有效跟买标的,卖出时刻股票 池调入标的盈利幅度** > 2%（客户盈利或亏损均 收服务费) 股票洒 现已加入申万宏源证券投顾服务产品豪华午餐! "股票池" 的名言是"你的过去我不曾参与,你的未来我愿奉陪到底" "股票池"的快乐虽迟但到，下面开启"股票池"小百科时间： · 什么是股票池? · 股票池是指申万宏源证券投资顾问以模拟选股 方式提供证券投资标的调入、调出投资建议的投顾 服务产品。申万宏源证券投资顾问对所选证券投资 标的的买入动作称为调入,其对已在股票池中证券 投资标的的卖出动作称为调出。 66 网打尽"的快乐 你值得拥有 Part 1 免费签约 (留) 不限数量 股票池免费签约 单一客户可同时订阅多款股票池投顾服务产品 "自在如风"的快乐 你值得拥有 Part 2 什么"神仙"投顾服务产品?竟然可以 冒 随时随地取消订阅 对,就是它,股票池 无论你 ...

什么是"投顾社区股票池"? 投顾社区股票池是由申万宏源证券资深投资顾问团 队,秉持"以客户为中心"的买方投顾理念,用模拟选股 方式提供证券投资标的调入、调出投资建议的投顾服务 产品。申万宏源证券投资顾问对所选证券投资标的的买 入动作称为调入，其对已在股票池投顾服务产品(以下简 称"股票池"）中证券投资标的的卖出动作称为调出。 * 详见申万宏源证券投顾社区服务协议 "股票池"的独特优势 免费订阅 畅享服务 股票池均免费订阅,畅享专业投顾服务。 股票买卖 全程跟踪 推荐标的全程跟踪, 买入卖出有始有终。 专业团队 陪伴服务 倾力打造高端服务,实力不凡创造价值。 股票池盈利 后端收费 触发后端收费规则,收取单笔交易服务费。 * 详见申万宏源证券投顾社区服务协议 "股票池"的服务内容 市场动向解读 依托宏/微观研究解读经济数据、分析资金动向，结 合市场风格及时发布行情观点和交易策略。 个股精选择时 深挖上市公司基本面、跟踪标的技术走势和结合行 情发展特点进行择时交易,盘中盘后即时发布调仓建议。 热点实时跟踪 实时跟踪行业发展动向，结合时事热点，捕捉市场 板块轮动机会、与丰流资余共舞。 收费介绍 以下情形不收取服务费 ...

Core Viewpoint - The 0-4 Year Local Government Bond ETF (159816) has shown a slight increase in value and significant trading activity, indicating a positive trend in the local bond market supported by ample liquidity from the central bank [1][2]. Group 1: Market Performance - As of April 16, 2025, the 0-4 Year Local Government Bond ETF rose by 0.03%, with a latest price of 113.27 yuan [1]. - Over the past six months, the ETF has accumulated a total increase of 1.17% [1]. - The ETF's trading volume reached 15.02 billion yuan, with a turnover rate of 81.66%, reflecting active market participation [1]. Group 2: Liquidity and Monetary Policy - The central bank has injected over 1.4 trillion yuan in medium to long-term funds from January to March 2025, ensuring sufficient liquidity and stable money market rates, which has laid the groundwork for a rebound in the bond market [1]. - The market's expectations for continued monetary easing have been reinforced by these actions [1]. Group 3: Investment Opportunities - The 0-4 Year Local Government Bond ETF allows ordinary investors to participate in local bond investments more easily, as it has a lower entry threshold compared to traditional rate bonds [2]. - The T+0 trading mechanism enables investors to capitalize on daily price fluctuations, enhancing the efficiency of idle funds [2]. - Investors can also leverage the ETF for short-term financing through pledging, allowing for the purchase of additional financial assets [2].

申万宏源证券官方发布 4月9日，由申万宏源证券、广西北部湾股权交易所联合主办的"2025金融赋能上市公司高质量发展研讨会（广 西）"在南宁成功举办。广西自治区党委金融办、广西上市公司、国有企业等80余家代表出席会议。研讨会围 绕广西上市公司高质量发展议题，共话金融赋能新路径，共谋广西经济高质量发展新篇章。 申万宏源证券执委张翼飞分享了关于金融赋能上市公司高质量发展的三点思考，提出以价值管理作为高质量发 展的"导航仪"，以并购重组作为培育新质生产力的"加速器"，以金融赋能坚守"长期主义"初心，通过专业服务 申万宏源证券研究所首席经济学家杨成长以《数字经济下上市公司综合价值的提升与管理》为题发表主旨演 讲，提出广西作为西部陆海新通道的重要枢纽，应充分发挥区位优势，积极融入"终端驱动型"产业链集群，推 动产业链上下游协同创新。 护航广西企业实现价值跃升。申万宏源将持续发挥"研究+投资+投行"的综合金融服务优势，全面投身于广西 经济社会发展。 未来，申万宏源将一如既往持续加强金融服务实体力度，助力区域经济更高质量、更可持续发展。 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 . 来源：申万宏源证券 ...

申万宏源证券荣获中债指数创新引领先锋机构奖 近日，中债金融估值中心有限公司公布2024年度中债指数用户综合评价结果， 申万宏源证券FICC事业部凭借去年在债券指数上的突出表现，荣获 "创新引领先 锋机构" 奖项。本奖项反映了业内权威机构对FICC事业部在指数业务产品创新能 力上的高度肯定，彰显了FICC事业部在推动债券市场创新发展进程中的引领作 用。 来源：申万宏源FICC 作者：固定收益外汇商品事业部 童琳 章雨欣 免责 声 明 本内容最终解释权归申万宏源证券有限公司所有。 FICC事业部携手中债金融估值中心，聚焦绿色金融与普惠金融两大关键领 域，先后合作发布了"中债-申万宏源ESG绿色信用债精选指数"和"中债- 申万宏源中小微主题优选信用债指数"。 在此基础上，FICC事业部将创新成果与场外衍生品有机结合，发行了挂钩 上述定制指数的收益凭证和收益互换等场外衍生品，丰富了绿色金融和普 惠金融产品的供给，助力绿色金融发展，有效激发中小微债券市场的交投 活力。 与此同时，FICC事业部在满足客户需求的基础上，充分运用中债指数产品 的优势，积极开展挂钩中债指数的场外衍生品业务，进一步拓展了产品类 型，提升服务客户 ...

Core Viewpoint - The report from Guotai Junan Securities indicates a strong expectation for a decline in funding rates, suggesting a shift in bond market strategy from duration to coupon-based approaches [1] Group 1: Market Strategy - The current pace of expected monetary easing through reserve requirement ratio (RRR) cuts and interest rate reductions may be slower than anticipated, but the certainty of declining funding rates is strong [1] - The recommendation is to switch from duration strategies to coupon strategies, utilizing pledged financing to moderately increase leverage and enhance static returns [1] Group 2: Investment Focus - The report highlights a focus on long-end credit bonds, perpetual bonds, policy bank bonds, and ultra-long local government bonds, which exhibit coupon convexity characteristics [1] - It is anticipated that the funding central tendency will gradually decrease, with the 7-day repurchase rate (DR007) for deposit-taking institutions expected to have a downward space of over 10 basis points, potentially aligning with the 7-day reverse repo operation rate in the open market [1]

Investment Rating - The industry investment rating is "Positive" [5] Core Viewpoints - The recent revision of the "Securities Issuance and Underwriting Management Measures" by the China Securities Regulatory Commission focuses on enhancing the competitiveness of domestic IPO investments by optimizing the issuance and underwriting system [1][3] - The revision includes four main aspects: 1. Inclusion of bank wealth management products and insurance asset management products as priority allocation objects for IPOs, aligning their subscription standards with public funds [2] 2. Specification of IPO classification allocation rules by the stock exchange, particularly for unprofitable companies on the Sci-Tech Innovation Board [2] 3. Prohibition of strategic placement investors from lending shares during the lock-up period, addressing market concerns regarding share reduction [2][3] 4. Adaptation to the new Company Law [2] Summary by Relevant Sections Regulatory Changes - The revision aims to improve the capital market's operational environment, allowing long-term value investment funds to participate more effectively in IPO financing, which may enhance the investor structure of listed companies [3] - The stricter regulations on share lending during the lock-up period are expected to reduce market disturbances caused by margin trading and quantitative trading [3] Market Outlook - Following the release of the new "National Nine Articles" in 2024, a series of policies aimed at optimizing the capital market ecosystem have been implemented, leading to increased market activity and a positive feedback loop among capital markets, listed companies, and investors [4] - The current investor structure in the domestic capital market has significant room for adjustment and optimization, with ongoing regulatory measures expected to enhance the long-term value attributes of investment behavior [4] Investment Recommendations - The report suggests focusing on leading securities firms that leverage their advantages in connecting with institutional investors and possess strong research capabilities, which are likely to enhance their IPO pricing advantages and overall competitiveness in the investment banking sector [4]

实习时间： 每周至少实习3天以上，实习时间不少于3个月，不满足的请勿投递，实习考核优秀者有留用机会。 岗位职责： 1、负责数据处理、分析、统计等工作，协助研究员完成量化投资相关课题的研究； 实习生招聘 工作地点： 深圳、广州、上海、北京 ，要求线下实习 简历投递截止日期： 2025年4月30日 2、协助进行金融工程策略模型的开发与跟踪等工作； 3、完成小组安排的其他工作。 基本要求： 1、数学、统计、物理、计算机、信息工程等理工科专业，或金融工程相关专业，硕士或博士在读，特别优秀的大四 保研亦可，非应届（2026年及之后毕业）； 2、熟练掌握Python等编程语言，熟悉SQL数据库，有优秀编程能力与编程规范； 3、有责任心，自我驱动能力强， 具有良好的信息搜集能力、逻辑思维能力、分析判断能力、言语和书面表达能力、 人际沟通能力。 加分项： 4、 具备扎实的金融市场基础知识，熟悉股票、债券、期货、指数及基金等核心概念； 5、数学基础好，有科研项目经历、有学术论文被SCI或EI收录； 6、熟悉Wind、 Bloomberg、天软等金融终端； 7、熟悉机器学习、深度学习，熟悉PyTorch、Linux，有GPU服务 ...

Core Insights - The company has achieved a remarkable ESG performance, with over 450 billion yuan in green finance project transactions and a cumulative issuance of green and other ESG bonds exceeding 399.2 billion yuan [1][2]. Green Finance Initiatives - The company has actively participated in green finance, supporting transactions related to green sectors exceeding 390 billion yuan in 2024, and has established the first "sustainable development + transformation + two new" themed bond basket in the interbank market [4][5]. - The company aims to inject green power into high-quality financial development and has achieved a "carbon neutral" goal for its events [4][7]. Carbon Market Engagement - The company is committed to enhancing financial support for green and low-carbon development, tracking carbon market policies, and facilitating carbon trading and financial services [6]. - A notable initiative includes the first carbon repurchase transaction in the Shanghai carbon market, which helps companies activate carbon assets and improve market liquidity [7]. Digital Finance and AI Integration - The company has recognized the opportunities in "AI + finance" and has made significant strides in financial technology, receiving multiple awards for its innovations [9]. - The launch of the AI digital employee Jinn and the intelligent platform "Nine Chapters" demonstrates the company's commitment to integrating AI into its services [9][10]. - The company has developed key applications of large models, including the AI research application "CICC Insight Model," which provides a 24/7 digital research assistant for investors [11]. Social Responsibility and Community Engagement - The company has adopted a model combining investment, banking, research, and public welfare, contributing over 35 million yuan to rural revitalization projects in 2024 [12][13]. - It has focused on targeted assistance in rural areas, particularly in Gansu Province, with a strategy centered on industry development, talent cultivation, and financial empowerment [14][15]. - The company has also established the CICC Public Welfare Foundation to support various charitable projects across multiple provinces, benefiting approximately 390,000 people [16].