申万宏源策略 【申万宏源策略】周度研究成果（20260112 - 20260118) 原创 阅读全文 ...

申万宏源宏观 热点思考 | 美国经济的共识与分歧——基于74家机构调查（申万宏观·赵伟团队） 原创 阅读全文 ...

● 免责声明 星期一 01月 e 今日中签缴 ... 今日申 ... 令日 股 振石股份 780112 囲 国 11.18 发行/行业市盈率 32.59/33.72 申购上限 5.45万股 发行价(元) 股 农大科技 920159 团 25.00 发行/行业市盈率 13.4/30.39 申购上限 72万股 发行价(元) 今日无新债 投资有风险，入市需谨慎。本内容不构成任何投资建议。投 资者不应以该等信息取代其独立判断或仅根据该等信息做出 决策。申万宏源对这些信息的准确性或完整性不作保证，亦 不对因使用该等信息而引发或可能引游躲损豢秃拐չ-α葛磊 ...

Core Viewpoint - The article emphasizes the importance of the securities industry in contributing to China's financial modernization and the high-quality development of capital markets, as outlined in the 20th National Congress of the Communist Party of China [1]. Group 1: Capital Market Development - The securities industry is positioned as a key player in the ongoing reforms of the capital market, with a focus on building first-class investment banks and institutions [2]. - The chairman of Shenwan Hongyuan Securities, Liu Jian, highlights the need for the industry to enhance its professional capabilities and service quality rather than merely focusing on scale and ranking [2][3]. Group 2: Value Discovery Capability - Enhancing value discovery is crucial for optimizing resource allocation in the capital market, especially with the shift towards a registration-based system [3]. - Liu Jian stresses the importance of securities firms acting as gatekeepers, improving due diligence systems to align with new technologies and business models [3]. Group 3: Product Creation Capability - The article discusses the need for securities firms to enhance their product creation capabilities to better serve wealth management needs, addressing challenges such as insufficient product supply and unstable long-term returns [4]. - Liu Jian advocates for a shift towards a buyer-oriented wealth management model, emphasizing the importance of diverse and high-quality product offerings [5]. Group 4: Risk Pricing Capability - The ability to price risks effectively is essential for enhancing China's financial market influence, particularly as new technologies and assets emerge [6]. - Liu Jian calls for innovative valuation methodologies that reflect the unique characteristics of new technologies and to improve information disclosure by listed companies [6][7]. Group 5: Global Allocation Capability - The article highlights the need for securities firms to enhance their international business capabilities to attract foreign investment into China [8]. - Liu Jian emphasizes the importance of establishing a comprehensive cross-border financial service system to facilitate both inbound and outbound investments [9]. Group 6: Reputation Management Capability - Reputation is identified as a fundamental aspect of the financial industry, with Liu Jian stating that it should be embedded in corporate governance and culture [10]. - The article suggests that securities firms should actively contribute to market stability and investor confidence through professional insights and analyses [10][11]. Conclusion - The five key capabilities—value discovery, product creation, risk pricing, global allocation, and reputation management—are essential for Shenwan Hongyuan Securities to fulfill its role in China's financial modernization and to enhance its professional standing in the industry [11].

Core Viewpoint - The spring market is entering a transitional phase, with increased volatility and a slowdown in the inflow of incremental capital, indicating that the rapid pace of the current rally is unsustainable [1] Market Performance - The market experienced a significant pullback after reaching a new high on Wednesday, with the Shanghai Composite Index closing below the ten-day moving average [1] - The Shenzhen Component Index outperformed the Shanghai market, maintaining a closing price above the five-day moving average [1] - Average daily trading volume exceeded 34 trillion yuan this week, continuing to increase compared to the previous week [1] Sector Focus - The main market hotspots this week were concentrated in the non-ferrous metals and TMT (Technology, Media, and Telecommunications) sectors [1] - The normalized ratio of the CSI 2000 to the CSI 300 rose to 1.44, indicating a continued recovery compared to last week [1] - Small-cap and technology stocks led the gains throughout the week [1] Technical Analysis - The Shanghai Composite Index faced technical resistance after a series of rebounds, with a notable decline in trading volume potentially impacting the upward trend [1] - The index began its upward trend in mid-December and encountered adjustments after reaching a new high on Wednesday, necessitating attention to the support levels of lower moving averages [1]

Core Viewpoint - The successful issuance of bonds by Xinjiang Jin Investment Asset Management Co., Ltd. demonstrates the effectiveness of financial support in promoting regional development and optimizing financial ecosystems in Xinjiang [2][3]. Group 1: Bond Issuance Details - The bond issuance amounted to 220 million yuan, with a term of 3+2 years and a coupon rate of 2.58%, achieving a subscription multiple of 3.32 times [2]. - The final coupon rate was 30 basis points lower than the valuation of existing bonds, effectively reducing the issuer's funding costs [3]. Group 2: Issuer and Market Position - The issuer, Xinjiang Financial Investment (Group) Co., Ltd., is the only asset management company in Xinjiang with qualifications for bulk acquisition and disposal of non-performing financial assets, highlighting its monopolistic advantage in the region [3]. - Since 2020, the company has served as the sole lead underwriter for five bond issuances for the issuer, indicating a deepening partnership and expanding market influence in Xinjiang [3].

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。 12月26日，新华社新华网举办"第四届乡村振兴论坛"，会上隆重发布"2025乡 村振兴优秀实践案例"，申万宏源申报的《申万宏源"金融+产业"帮扶实践，助力会 宁乡村振兴高质量可持续发展》在众多参评项目中脱颖而出 、 成功入选。申万宏 源相关负责同志受邀出席颁奖仪式并现场领奖。 该获奖案例总结了申万宏源作为金融国企，立足职责使命，围绕乡村振兴重点 任务，持续推动金融优势与地方特色产业发展的深度融合。通过探索 "金融赋能产 业、产业反哺乡村"的协同推进模式，申万宏源有效助力会宁县实现产业发展 和 群众增收，示范效应显著，推广价值突出。 此次获奖是继申万宏源荣获央广财经 2025年度"金顶"优秀案例后，再次获得 权威媒体的重要肯定。未来，申万宏源将继续聚焦乡村振兴战略重点领域，充分发 挥金融专业优势，深化"金融+产业"帮扶实践，为推进 乡村振兴 和经济社会高质量 发展贡献更多金融力量。 ...

Core Viewpoint - Zhixin Co., Ltd. is a leading automotive parts supplier with a strong focus on the production of automotive stamping and welding components, aiming to leverage innovation and market orientation for future growth [4][7]. Group 1: Company Overview - Established in 1995, Zhixin Co., Ltd. has over 30 years of experience in the automotive stamping and welding sector, recognized as a national-level "specialized, refined, distinctive, and innovative" small giant enterprise [7]. - The company has built extensive partnerships with major automotive brands, including Changan Automobile, Geely, Ford, NIO, Li Auto, BYD, Great Wall Motors, and Leap Motor, participating in the synchronized development of new vehicle models [7]. - Zhixin Co., Ltd. is committed to innovation-driven strategies and aims to enhance its automation and intelligence capabilities to seize opportunities in the automotive industry transformation [7]. Group 2: Financial Performance - The company's revenue has shown significant growth, increasing from 2.091 billion yuan in 2022 to 3.088 billion yuan in 2024, with a compound annual growth rate (CAGR) of 21.52% [10]. - The net profit attributable to shareholders rose sharply from 70.69 million yuan to 203.96 million yuan, indicating strong development momentum [10]. Group 3: IPO and Fundraising - The IPO price for Zhixin Co., Ltd. was set at 21.88 yuan per share, with total fundraising amounting to 1.24 billion yuan [10]. - The raised funds will primarily be used for expanding production capacity in stamping and welding lines, technology upgrades, and supplementing working capital, which will enhance the company's core competitiveness and sustainable development capabilities [10]. Group 4: Underwriting and Support - Shenwan Hongyuan acted as the sponsor and lead underwriter for Zhixin Co., Ltd.'s IPO, leveraging its deep understanding of the high-end manufacturing sector and rich experience in capital market operations [14]. - The successful listing of Zhixin Co., Ltd. highlights Shenwan Hongyuan's professional strength and service value in the automotive parts and intelligent manufacturing fields [14].

Core Viewpoint - The article discusses the impact of a comprehensive monetary and financial policy package on the bond market, highlighting potential investment opportunities and market reactions [2] Group 1: Monetary Policy Impact - The introduction of a new monetary policy framework aims to stabilize the economy and support growth, which is expected to influence bond yields and investor sentiment [2] - The policy measures include interest rate adjustments and liquidity provisions, which are anticipated to lower borrowing costs and stimulate demand in the bond market [2] Group 2: Market Reactions - Following the announcement of the policy measures, there has been a notable shift in bond market dynamics, with increased trading volumes and changes in yield curves observed [2] - Investors are advised to closely monitor the evolving market conditions as the new policies take effect, which may present both opportunities and challenges in bond investments [2]

Group 1 - The core viewpoint of the article highlights the successful issuance of a non-public bond by Shandong Tongda Industrial Investment Development Group Co., Ltd., amounting to 300 million yuan, with a term of 5 years and a coupon rate of 2.43%, aimed at supporting the development of small and micro enterprises [2] - Shandong Tongda Industrial is a significant state-owned enterprise in Jinan's Zhangqiao District, focusing on various sectors including engineering construction, cultural tourism, building materials sales, and public municipal services, aligning with the district's development goals [2] - The successful bond issuance strengthens the collaboration between Shenwan Hongyuan and the issuer, marking a significant achievement in the strategy of "deepening regional engagement and serving the real economy," and lays a solid foundation for future quality project expansions in Shandong [2]