● 12月 (0) 2 今日申 .. 今日中签缴 .. 《 股 新广益 301687 网 创 21.93 发行/行业市盈率 28.59/57.92 申购上限 0.85万股 发行价(元) 股 陕西旅游 732402 团 国 80.44 发行/行业市盈率 12.37/26.9 申购上限 1.9万股 发行价(元) 今日无新债 免责声明 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 ...

申万宏源策略 【申万宏源策略】周度研究成果（12.15-12.21) 原创 阅读全文 ...

Market Overview - The total margin balance in the two markets is 24,993.7 billion, showing a week-on-week decrease of 0.14% [1] - The financing purchase amount is 1,712.2 billion, reflecting a week-on-week decline of 7.13% [1] Industry Insights - The top 20 industries by margin balance are as follows: - Semiconductor: 1,779.3 billion - Securities: 1,400.6 billion - Communication Equipment: 994.5 billion - Battery: 812.7 billion - Banking: 764.0 billion - Software Development: 723.4 billion - Automotive Parts: 613.4 billion - Consumer Electronics: 611.8 billion - Military Equipment: 586.1 billion - IT Services: 570.2 billion - Photovoltaic Equipment: 555.8 billion - Components: 552.1 billion - Complete Vehicles: 524.9 billion - Chemical Pharmaceuticals: 493.6 billion - Electric Power: 490.7 billion - Industrial Metals: 457.8 billion - General Equipment: 448.7 billion - Computer Equipment: 427.2 billion [4] Individual Stock Insights - The top five stocks by financing purchase amount are: - Xinyi Technology: 3.27 billion, with a financing purchase ratio of 18.85%, and a price change of -4.62% [7] - Zhongji Xuchuang: 2.22 billion, with a financing purchase ratio of 16.04%, and a price change of -3.18% [7] - Aerospace Electronics: 1.73 billion, with a financing purchase ratio of 16.19%, and a price change of 1.65% [7] - Shenghong Technology: 1.64 billion, with a financing purchase ratio of 18.73%, and a price change of -4.56% [7] - Sunshine Power: 1.28 billion, with a financing purchase ratio of 14.15%, and a price change of -4.83% [7]

Core Viewpoint - Guoxia Technology Co., Ltd. successfully listed on the Hong Kong Stock Exchange on December 16, 2025, with an initial public offering price of HKD 20.10 per share and a base issuance scale of HKD 680 million [1][3]. Group 1: Company Overview - Guoxia Technology is a provider of renewable energy solutions and products in China's energy storage industry, focusing on research and development of energy storage system solutions for various applications including large power sources, power grids, commercial, industrial, and residential sectors [3]. - The company is one of the early participants in integrating energy storage system solutions with internet cloud technology and developing a digital energy management platform [3]. - Guoxia Technology ranks as the tenth largest energy storage system supplier globally based on new installed capacity in 2024, and the eighth largest in China [3]. Group 2: Investment and Market Position - Three cornerstone investors participated in the IPO, accounting for approximately 11% of the shares offered [3]. - Shenwan Hongyuan Securities (Hong Kong) acted as the joint bookrunner and lead manager for the IPO, leveraging its market experience and investor coverage to support the company's listing [3].

投教基地 官方微信视频号 投教基地 官方抖音号 入市有风险,投资需谨慎 e 投教基地 微信公众号 上海:黄浦区新昌路180号 吉林:长春市南关区东北亚国际金融中心3号楼4层 新疆:乌鲁木齐市天山区和平南路560号(国际大巴扎内) 广西: 桂林市七星区漓江路桂林甲天下会展中心东南角一楼 湖北:黄石市黄石港区湖滨大道97号 X tjjd@swhysc.com 免责声明 投资有风险,入市需谨慎!本栏目内容仅为投资者 教育之目的,介绍业务知识,揭示投资风险,不构 成对投资者的任何投资建议。投资者不应以该等信 息取代其独立判断或仅依据该等信息做出投资决 策。申万宏源力求本栏目的信息准确可靠,但对这 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发的损失承担任何责任。 本栏目内容如有变动，恕不另行通知。最终解释权 归申万宏源证券有限公司所有。 ...

第四,洗钱会导致资金外流,影响国家的外 e 汇储备和税收，甚至会危及国家的经济安全。 第一,危害经济体系的稳定,造成经济扭 曲和经济秩序的混乱; 第二,洗钱为其他严重犯罪活动"输血", 日益成为贩毒、恐怖活动、走私、贪污、诈 骗、涉税等犯罪活动的伴生物; E J 同 石 I H SECURITES 反洗钱利国又利民 00 Ext PROMETICS 4 指挥 Erit The S FIERE FEBER 3 LETE 洗钱犯罪对老百姓个人的利益造成的损害 是间接的,它主要对社会带来四种直接危害: (0) 第三,洗钱犯罪给银行及其他金融机构带 来巨大风险，损害金融体系的信誉; 2024年8月19日,在《关于办理洗钱刑事 案件适用法律若干问题的解释》（以下简称《 解释》）的发布会上,最高检经济犯罪检察厅 副厅长张建忠介绍,最高检自2020年部署推 进反洗钱工作以来,全国检察机关反洗钱工作 措施有力,成效明显。2023年共起诉洗钱罪 2971人,是2019年起诉洗钱罪人数的近20倍。 2024年上半年起诉洗钱罪1391人,同比上升 28.4%，对洗钱犯罪的打击力度持续加大。 那么对于"洗钱罪"的定罪是依据哪些法 律 ...

85.09 发行/行业市盈率 48.55/57.92 申购上限 0.75万股 发行价(元) 股 双欣环保 001369 深 王 6.85 发行/行业市盈率 16.19/28.75 申购上限 6万股 发行价(元) 股 誉帆科技 001396 图 王 22.29 发行/行业市盈率 19.77/35.36 申购上限 0.85万股 发行价(元) 股 国一股份 787809 团 网 今日无新债 免责声明 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 ...

中源技术是一家专注于工业节能技术的系统解决方案提供商，主要从事MVR节能蒸发、冷冻及精 馏装备的研发、生产与销售，主要产品包括节能蒸发成套装备、节能冷冻成套装备、节能精馏成套装 备三大类，服务于医药、食品、化工、环保、冶金、新能源等多个行业，其产品广泛应用于含热敏性 物质的蒸发与结晶、高含盐有机废水处理、精馏系统的余热利用、垃圾渗滤液浓缩液处理、含锂溶液 的高收率提锂、新能源材料的生产等众多领域。中源技术致力于节能、环保、低碳技术的研发和深化 应用，为客户在工艺流程优化、能源利用效率提升及成本节约等方面持续创造价值。2023年公司获 评国家级"专精特新"小巨人企业。 作为中源技术本次推荐挂牌的主办券商，申万宏源承销保荐从前期筹划到落地执行，为中源技术 提供了专业且细致的全流程服务支持。未来，申万宏源承销保荐将继续为中源技术提供全方位、综合 性的金融服务，以实际行动落实创新驱动发展战略。 来源：申万宏源承销保荐 2025年12月15日，常州中源技术股份有限公司（证券简称：中源技术，证券代码： 874978）成功在全国中小企业股份转让系统挂牌。申万宏源承销保荐担任本次挂牌主办券 商，助力客户成功登陆资本市场。 ...

Core Viewpoint - Shenwan Hongyuan has been recognized as one of the most influential research institutions and best research teams for the 23rd consecutive time at the 2025 Securities Times Analyst Annual Conference and Best Analyst Awards [2] Group 1: Awards and Recognition - Shenwan Hongyuan received a total of 25 awards at the event [4] - The firm ranked first in the Sustainable Development Research Contribution category for the fourth consecutive time [5] - The Best Research Team in SSR ranked fourth, while the Most Influential Research Institution also ranked fourth [5] Group 2: Sector-Specific Achievements - The Light Industry and Paper Research Team has achieved first place 15 times cumulatively [5] - The Light Industry and Textile Apparel Research Team has ranked first for seven consecutive times [5] - The Chemical Research Team secured first place, while the Strategy Research Team and Transportation and Warehousing Research Team both ranked second [5] Group 3: Additional Awards - The Best Research Team for North Exchange ranked second, and the Energy and New Materials Industry Research Team also ranked second [5] - The Computer Research Team ranked third, while the Fixed Income Research Team and Real Estate Research Team both ranked fourth [5] - Several teams received sixth and eighth places in various categories, including Financial Industry, Technology Industry, and Consumer Industry Research Teams [5] Group 4: Event Overview - The event was organized by the Securities Times and hosted by New Fortune Magazine, with participation from nearly 50 securities companies and over 2,000 analysts and institutional sales [6] - More than 800 domestic and international institutions were eligible to vote, managing assets exceeding 100 trillion yuan [6] - The event aims to promote high-quality development in the Chinese securities research industry and support the modernization of China's economy [6] Group 5: Company Background - Shenwan Hongyuan Research was established in 1992 and is one of the earliest and largest comprehensive securities research consulting institutions in mainland China [7] - The firm has a research team of over 300 people, focusing on more than 1,000 key listed companies both domestically and internationally [7] - The company emphasizes the development of a long-term stable professional research service system, aiming to cultivate a "century team" for the capital market [7]

Core Viewpoint - The market is experiencing a mixed performance after stabilizing, with a focus on dividend stocks showing significant gains while technology indices are retreating, indicating a return to defensive strategies as year-end approaches [1] Market Outlook - Concerns over a potential interest rate hike by the Bank of Japan are leading to cautious market sentiment, with expectations of reduced trading activity as year-end approaches. However, the market has the potential for upward movement due to improved supply-demand conditions in the manufacturing sector by mid-2026, which could boost the earnings growth of A-share companies [2] - Key focus areas for December include the impact of the 14th Five-Year Plan on industries, event-driven dynamics in the technology sector, and price recovery driven by anti-involution trends, suggesting multiple sectors may act as catalysts for a sustained upward trend in the market [2] Hot Sectors - In December, sectors benefiting from dividends and price increases are expected to outperform, with short-term attention on banking, public utilities, coal, and non-ferrous metals. Consumer sectors may also gain traction due to event-driven factors [3] - Technology remains a primary focus for 2026, with particular attention on AI, lithium batteries, military industry, and robotics. The trend of AI hardware is solidifying, with increasing token usage indicating a peak in AI applications by 2026 [3] - The domestic production of robots is anticipated to grow, expanding from humanoid robots to quadrupedal and functional robots, creating opportunities in related sectors such as sensors and controllers [3] - The trend towards semiconductor localization continues, with a focus on semiconductor equipment, wafer manufacturing, materials, and IC design [3] - The military sector is expected to see a recovery in orders by 2026, with signs of bottoming out in the performance of various military sub-sectors [3] - The innovative pharmaceutical sector is entering a recovery phase after nearly four years of adjustment, with positive net profit growth expected to continue into 2026 [3]