2 2 合我们资源 · 八 就您的梦想 申万宏源政企与机构客户服务品牌 = 盟原编 ff H 申万宏源证券有限公司 荣获 上证鹰 · 金理财 投顾组织奖 ETF服务奖 财富管理领军人奖 12月12日，由上海证券报社主办的大虹桥金融高质量发展大会在沪成功举 办。会上，2025"上证鹰·金理财"榜单揭晓，申万宏源荣获"投顾组织奖"、"ETF 服务奖"两项大奖，申万宏源财富管理事业部总经理杨正平荣获"财富管理领军人 奖"。 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。 作为金融行业极具影响力的年度盛事，"上证鹰・金理财"评选为行业发展树立 了风向标。 申万宏源将深入贯彻党的二十届四中全会精神，坚定不移走中国特色金 融发展之路，在助力实体经济稳定发展与资本市场高质量发展的进程中创造专业价 值，在服务金融强国建设的宏伟蓝图下展现更大担当作为， 继续发挥示范引领作 用， 为 推动金融行业高质量发展和 中国式现代化贡献申万宏源力量。 ...

持续、有双地与国际标准接轨, 心体现了中 国特色现代金融体系下反洗钱工作的人民性 与专业性。同时,它的颁布进一步平衡好开 展反洗钱工作与保障单位和个人正常金融活 动的关系。 部《反発電影》在线島立 携手共筑安全防线 合力打击洗钱犯罪 √ +(3/4 新《反洗钱法》自2025年1月1日起施行。 它的颁布进一步推动我国的反洗钱工作全面、 —— 单位和个人的反流鼓义务 1 反洗钱工作应当依法进行,确保反洗钱 措施与洗钱风险相适应,保障正常金融 服务和资金流转顺利进行,维护单位和 个人的合法权益。 2 对依法履行反洗钱职责或者义务获得的客 户身份资料和交易信息、反洗钱调查信息 等反洗钱信息，应当予以保密;非依法律 规定，不得向任何单位和个人提供。 3 金融机构不得为身 份不明的客户提供 服务或者与其进行 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，最终解释权归申万宏源证券有限公司所有。 9月 1 任何单位和个人不得从事洗钱活动或者 为洗钱活动提供便利,并应当配合金融 机构和特定非金融机构依法开展的客户 尽职调查。 2 任何单位和个人发现洗钱活动，有权向 反洗钱行政主管部门等有关国家机关举 报。接受举报 ...

| 収 八/ビマ 八 / ロレレ ■ 100.00 | 转股价(元) 55.73 | | | --- | --- | --- | | | 正股名称 | 天准科技 | | 发行价(元) | 债券评级 | AA- | 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根廷圆膏猛。 ● 星期間 12月 今日中答缴 《 (1 股 天溯计量 301449 ☏ 创 36.80 发行/行业市盈率 21.78/35.72 0.4万股 申购上限 发行价(元) 殿 锡华科技 732248 团 国 10.10 33.12/43.21 发行/行业市盈率 2.1万股 申购上限 发行价(元) 740002 30 ...

Core Viewpoint - The A-share market is experiencing a significant adjustment with over 4,300 stocks declining, while the banking sector shows resilience, indicating a shift towards defensive investment strategies focused on high dividends and low volatility [1] Group 1: Market Outlook - The Federal Reserve's recent decision to cut interest rates by 25 basis points aligns with market expectations, but the dot plot suggests only one rate cut in 2026, leading to cautious sentiment regarding future rate cuts [2] - As the year-end approaches, trading activity among market participants has decreased, resulting in a notable decline in A-share trading volume and a prevailing wait-and-see atmosphere [2] - Despite the recent market stagnation since October, conditions are in place for potential upward movement, with expectations of improved supply-demand dynamics in the manufacturing sector in mid to late 2026 [2] Group 2: Sector Focus - 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 [3] - Technology remains a key focus for 2026, with particular attention on AI, lithium batteries, military industry, and robotics, following a period of adjustment [3] - The trend of AI hardware continues to solidify, with increasing token usage in major AI models, 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 semiconductor industry is expected to continue its domestic growth, with a focus on semiconductor equipment, wafer manufacturing, materials, and IC design [3] - The military sector is projected to see a recovery in orders by 2026, with signs of bottoming out in the performance of various military sub-sectors [3] - The innovative drug sector is entering a recovery phase after nearly four years of adjustment, with positive net profit growth expected to continue into 2026 [3]

Core Viewpoint - The Federal Reserve has decided to lower the federal funds rate by 25 basis points to a target range of 3.50%-3.75% and has initiated short-term Treasury purchases, indicating a shift towards a more accommodative monetary policy in response to economic conditions [3][43]. Economic Indicators - Economic activity is expanding at a moderate pace, with indicators showing a slight increase since the beginning of the year [4]. - The unemployment rate has edged up slightly as of September, reflecting a slowdown in job growth this year [4]. - Inflation remains elevated, with core PCE inflation forecasts for 2025 and 2026 adjusted down to 3.0% and 2.5%, respectively [8][9]. Federal Reserve Actions - The Fed will cease balance sheet reduction starting in December, with a plan to reinvest maturing securities into short-term U.S. Treasuries [4][43]. - The decision to lower rates and restart asset purchases is not equivalent to quantitative easing (QE) but is aimed at ensuring sufficient reserves in the banking system [44]. Future Projections - GDP growth forecasts for 2025 and 2026 have been revised upward to 1.7% and 2.3%, respectively, while the unemployment rate is expected to stabilize around 4.2% by 2027 [8][9]. - The dot plot indicates that the median forecast for rate changes remains unchanged, with expectations for one rate cut in both 2026 and 2027 [16][44]. Market Reactions - Following the announcement, the 2-year Treasury yield and the U.S. dollar index declined, while the 10-year Treasury yield initially rose to 4.19% before settling at 4.16% [43][27]. - Stock markets showed volatility, with the Nasdaq and S&P 500 indices experiencing fluctuations before closing higher [27][26].

Core Viewpoint - The article discusses the recent divergence between Consumer Price Index (CPI) and Producer Price Index (PPI), analyzing the underlying factors and implications for the economy [2] Group 1: CPI Analysis - CPI has shown a steady increase, indicating rising consumer prices, which can be attributed to factors such as supply chain disruptions and increased demand post-pandemic [2] - The year-on-year CPI growth rate has reached a significant level, reflecting inflationary pressures in the economy [2] Group 2: PPI Analysis - PPI, on the other hand, has exhibited a slower growth rate, suggesting that producers are facing challenges in passing on costs to consumers [2] - The divergence between CPI and PPI indicates a potential squeeze on profit margins for producers, as they may not be able to fully transfer increased costs to end consumers [2] Group 3: Economic Implications - The differing trends in CPI and PPI could lead to varied monetary policy responses from the central bank, as they assess inflationary pressures from both consumer and producer perspectives [2] - This divergence may also impact investment strategies, as sectors sensitive to consumer spending may react differently compared to those reliant on producer pricing [2]

Core Viewpoint - Baoyi Pharmaceutical successfully listed on the Hong Kong Stock Exchange on December 10, 2025, with an issue price of HKD 26.38 per share and a base issuance scale of approximately HKD 1 billion [1]. Group 1: Company Overview - Baoyi Pharmaceutical was established in 2019, focusing on four strategic areas: (i) large-volume subcutaneous delivery, (ii) antibody-mediated autoimmune diseases, (iii) assisted reproduction, and (iv) recombinant biopharmaceuticals [2]. - The company has a pipeline of 12 self-developed products, including three core products: SJ02 (a long-acting recombinant human follicle-stimulating hormone), KJ017 (a recombinant hyaluronidase), and KJ103 (an innovative recombinant immunoglobulin G degrading enzyme) [2]. - The total clinical addressable market size for the company's four strategic therapeutic areas in China is projected to reach approximately RMB 50 billion by 2033 [2]. Group 2: Investment and Market Position - The company has established commercial-scale production capabilities, enabling cost-effective and standardized production, which provides a cost advantage and allows for business expansion into other therapeutic areas [2]. - Three cornerstone investors participated in the IPO, accounting for approximately 20.06% of the shares offered [2]. - Shenyin Wanguo Securities (Hong Kong) acted as the joint bookrunner and lead underwriter for the IPO, leveraging its market experience and investor coverage to support the company's listing [3].

申万宏源宏观 中央经济工作会议的十大亮点（申万宏观·赵伟团队） 原创 阅读全文 ...

Core Viewpoint - The article highlights the successful issuance of corporate bonds by Beijing Zhongguancun Yanqing Investment Development Co., Ltd., under the lead underwriting of Shenwan Hongyuan Securities, aimed at supporting the development of the real economy [2] Group 1: Bond Issuance Details - The bond, referred to as "25 Yan Garden 01," has a total issuance scale of 400 million yuan, with a term of 3+2 years, and a coupon rate of 2.30% [2] - The funds raised from this bond issuance will be used to repay existing debts and supplement working capital, which will help the issuer reduce financial costs and optimize its financial structure [2] Group 2: Importance of Yanqing Park - Yanqing Park is positioned as a key area for technological innovation in northwest Beijing, focusing on modern horticulture, ice and snow sports, new energy, energy internet, and drone industries [2] - The industrial output value of the park significantly contributes to the economic growth of the Yanqing District, indicating substantial development potential [2] - The investment company plays a crucial role in managing operational assets, land development, infrastructure construction, and building an investment platform for the park [2]

投资有风险，入市需谨慎。本文仅作为科普及操作指南，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。实际操作以申万宏源证券APP真实页面为准。申万宏源证券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。 右下角【我的】-【系统设置】 -【VIP至尊版】 体验VIP限定皮肤 长按识别/扫码 下载 ● 出 可 元 鼎山 眼get你的VIP"显眼"身份 报告!申万宏源证券APP VIP至尊版皮肤重磅上线啦! 0 O 专业服务 创造价1 2只新船 半呼 單浮 15:32 O E () ◎ ○ 0 23 VIP限定专属皮肤 √ 黑金配色 黑色的神秘深邃，搭配金色的华丽贵气 黑金交织低调又奢华 专属标识 【 我的 】页面资金账号后方增加VIP专属标识 适度彰显 首页皮肤、我的皮肤、底部导航栏 彰显VIP专属身份。行情、交易、理财等 页面仍维持视觉习惯 FEIDT 资金账号 165****5718 | VIP客户专属皮肤 IP限定 ...