智通财经APP讯，申万宏源(06806)发布公告，2025年12月24日，申万宏源证券有限公司2025年面向专业 投资者公开发行短期公司债券(第四期)完成发行工作。本期债券发行规模人民币60亿元，其中品种一发 行规模人民币24亿元，期限50天，票面利率为1.68%;品种二发行规模人民币36亿元，期限365天，票面 利率为1.72%。本期债券登记完成后拟于深圳证券交易所上市交易。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲 明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股份代號：6806） 海外監管公告 本公告乃由申萬宏源集團股份有限公司（「本公司」）根據香港聯合交易所有限公司證券上市規 則第13.10B條作出。 茲載列本公司於深圳證券交易所網站發佈之《申萬宏源集團股份有限公司關於申萬宏源證券有 限公司2025年面向專業投資者公開發行短期公司債券（第四期）發行結果的公告》，僅供參閱。 承董事會命 申萬宏源集團股份有限公司 董事長 劉健 於本公告日期，董事會成員包括執行董事劉健先生及黃昊先生；非執行董事朱志龍先生、張英女士、邵亞樓先生、 徐一心先生及嚴金國先生；獨立非執行董事楊小雯女士、武常岐先生、陳漢文先生及趙磊先生。 证券代码：000166 证券简称：申万宏源 公告编号：临2025-115 申 万 宏 源 集 团 股 份 有 限 公 司 关于申万宏源证券有限公司 2025 年面向专业投 ...

Core Viewpoint - The A-share market is expected to experience a spring rally driven by liquidity, policy expectations, and structural opportunities, with a focus on sectors like AI, commercial aerospace, and non-bank financials [5][10][12]. Group 1: Market Trends and Predictions - 39 out of 360 industry/theme ETFs reached new highs in December, with communication and non-ferrous metals being traditional favorites, while new themes like commercial aerospace are gaining traction [3]. - The A-share market is showing signs of a spring rally, supported by liquidity and positive policy expectations, with a focus on sectors such as technology and advanced manufacturing [5][10]. - The market is expected to maintain a high risk appetite due to favorable conditions, including a weak dollar and the upcoming Chinese New Year and Two Sessions [11][16]. Group 2: Sector Focus and Investment Opportunities - Key sectors to watch include AI, commercial aerospace, and non-ferrous metals, which are expected to benefit from structural changes and increased demand [10][12]. - The manufacturing sector, particularly in chemicals and engineering machinery, is showing signs of recovery and is expected to benefit from the shift in global competition [3][4]. - Non-bank financials, including insurance and brokerage firms, are positioned to benefit from the anticipated capital inflows and improved asset returns [9][12]. Group 3: Currency and Economic Factors - The appreciation of the RMB is expected to lower import costs and enhance domestic purchasing power, benefiting sectors reliant on imports and domestic consumption [7][9]. - The potential for significant capital inflows due to RMB appreciation could lead to a revaluation of Chinese assets, creating a favorable environment for investment [7][9]. - The overall economic environment is improving, with expectations of continued liquidity support and a stable policy backdrop, which is conducive to market growth [5][10].

智通财经APP获悉，12月26日，申万宏源证券发布研究报告指出，金马游乐(300756.SZ)作为国内游乐设 施制造头部企业，核心主业竞争优势稳固，技术水平迭代助推下游订单持续增长，利润端长期有望贡献 稳定增量，公司当前已参股投资国内头部机器人企业打通技术堵点，同时与国内外多个知名文旅&文娱 企业达成稳定合作关系，拥有机器人落地的广阔应用场景，远期有望开辟第二增长曲线。申万宏源证券 预计公司2025-2027年归母净利润分别为 1.09/2.07/3.46 亿元，对应 25-27年PE 分别为 83/44/26 倍。给予 公司 2025年 DCF 模型估算股权市值128 亿元，对应目标价 81.16元，目标价对应当前股价上行空间为 40.7%。首次覆盖，给予"买入"评级。 以技术研发为本拓宽全球化布局，积极推动"AI机器人"落地。公司客户网络覆盖广泛，深度绑定国内 头部主题公园集团，同时切入欧美高端市场与"一带一路"新兴市场，2024年新签订单同比增长超 40%， 国际市场营收同比大增414.84%，全球化布局成效显著，公司当前研发团队规模达184人，2024 年研发 费用投入2708 万元占营收4.69%， ...

政策支持与市场需求驱动行业转型，技术突破与智能化成核心竞争力。我国游乐设施行业正进行结构化 升级，国家政策持续发力服务消营及大规模设备更新，行业监管体系成熟且准入壁垒较高，行业beta预 期向上。大型游乐设备制造行业产业链清晰，主题公园为主要下游应用场景，全球主题公园市场正朝收 入多元化与体验服务化转型，2024年市场规模达559亿美元，同比增长8.21%，复苏势头显著。国内主 公园增速领跑全球，当前已进入设备集中更新周期，为上游制造企业带来持续需求。金马游乐作为业内 标杆企业，依托超过240项授权专利及参与制定的26项行业标准，在中高端市场占据领先地位，同时近 年来持续强化研发护城河，加速布局AI与机器人在文旅行业的应用，重塑我国游乐设备产业形态。 以技术研发为本拓宽全球化布局，积极推动"AI机器人"落地。公司客户网络覆盖广泛，深度绑定国内头 部主题公园集团，同时切入欧美高端市场与"一带一路"新兴市场，2024年新签订单同比增长超40%，国 际市场营收同比大增414.84%，全球化布局成效显著，公司当前研发团队规模达184人，2024年研发费 用投入2708万元占营收4.69%，投入强度持续提升。新业务战略 ...

Core Viewpoint - The report from Shenwan Hongyuan indicates that the Federal Reserve's initiation of Reserve Management Purchases (RMP) after the December 2025 FOMC meeting has sparked optimism for a "QE-style" liquidity easing, but in reality, it marks the end of the QE era rather than a restart [1] Group 1: RMP and Normalization of Balance Sheet - The Federal Reserve has entered a new phase of "normalization" in balance sheet expansion with the announcement of RMP, which slightly exceeded expectations but aligns with liquidity management needs [2] - By the end of 2025, reserves are expected to have declined to an ample level, necessitating early balance sheet expansion to accommodate economic growth and seasonal demand fluctuations [2] - RMP will be implemented starting December 12, with an initial scale of $40 billion, expected to remain high until April 2026, after which it may slow to an average of $20-25 billion per month [2] Group 2: Nature of RMP vs. QE - RMP is fundamentally a technical operation aimed at assisting effective monetary policy implementation without altering the Fed's policy stance, primarily focusing on interest rate policy [3] - While both RMP and QE lead to balance sheet expansion, they differ fundamentally; RMP is a routine liquidity management operation, whereas QE is a broader "yield curve management" strategy [3] - RMP is not a new tool, having been implemented after the end of balance sheet reduction in October 2019, and its pace of normalization may align with nominal GDP growth rates [3] Group 3: Conclusion on QE - The report concludes that the Fed is unlikely to restart QE before returning to a zero or near-zero interest rate environment, as the internal order of monetary easing dictates that rate cuts are more effective in stimulating demand prior to hitting the zero lower bound [4] - Historical instances of QE-like balance sheet expansions occurred only after reaching zero interest rates, indicating that the Fed may need to wait for the next crisis to consider restarting QE [4] - In conventional monetary policy ranges, interest rates serve as the primary indicator of policy stance, making it unnecessary to focus excessively on the Fed's balance sheet operations [4]

Core Viewpoint - Guangdong Jiuan Intelligent Technology Co., Ltd. has received approval for its IPO on the ChiNext board, aiming to raise 1.064 billion yuan for R&D and operational projects [2][5]. Financial Performance - Jiuan Intelligent's projected revenues for 2022 to the first half of 2025 are 484 million yuan, 645 million yuan, 780 million yuan, and 323 million yuan respectively, with net profits of 34.31 million yuan, 85.95 million yuan, 102 million yuan, and 44.79 million yuan [2]. - Total assets are expected to grow from 2.699 billion yuan in 2022 to 5.976 billion yuan in the first half of 2025, while equity attributable to shareholders is projected to increase from 1.862 billion yuan to 4.186 billion yuan over the same period [3]. - The company’s revenue for the first half of 2025 is estimated at 322.66 million yuan, with a net profit of 44.79 million yuan, reflecting a significant increase compared to previous years [3]. Client Base - The company does not rely heavily on a few clients, with the largest customer accounting for 11.88% of revenue in the first half of 2025, and the top five clients collectively contributing 32.55% of total revenue [4]. - Notably, Baidu Era Network Technology (Beijing) Co., Ltd. entered the top five clients, contributing 4.96% of sales revenue [3]. Fundraising and Investment Plans - The IPO proceeds will be allocated to various projects, including the intelligent visual product industrialization project (422.09 million yuan), embedded intelligent visual product R&D upgrade project (171.87 million yuan), IoT cloud platform upgrade project (227.36 million yuan), and headquarters construction project (93.07 million yuan), along with 150 million yuan for working capital [5][7].

格隆汇12月26日｜申万宏源研究研报指出，金风科技是国内领军和全球领先的风电整体解决方案提供 商，在国内风电市场占有率连续14年排名第一，连续3年全球第一。受益于风电行业需求回暖，整机价 格企稳回升，公司营收和归母净利持续双增，2025年公司前三季度公司实现营收481.47亿元，同增 34.34%，归母净利润25.84亿元，同增44.21%。受益于行业需求提升、风机价格回暖以及公司订单结构 优质，公司业绩持续提升。选取运达股份、三一重能、东方电气、三峡能源作为同行业可比公司，2026 年行业平均PE为15倍，我们参照可比公司估值水平，综合考虑公司行业地位与一定的安全边际，给予 公司2026年行业平均估值15倍，给予"增持"评级。 ...

中证报中证网讯（记者 林倩）近日，申万宏源（000166）证券成功落地首单挂钩申万睿衍黄金期货收 益增强策略指数的收益互换，业务规模突破亿元。申万宏源证券（000562）将策略指数研发专业性与场 外衍生品工具灵活性相结合，通过指数产品化创新实践，在助力各类金融机构丰富理财产品多元化配置 路径、提升居民财富管理获得感的同时，更好发挥了资本市场优化资源配置与风险管理机制、护航黄金 产业高质量发展、衍生品工具服务实体经济的积极作用。 二是提升稳健投资的收益性价比。历史回测显示，备兑开仓策略在保持黄金上涨参与度的同时，有效降 低了组合整体波动率，夏普比率明显优于单纯持有黄金期货。这为追求稳健回报的投资者提供了更具性 价比的配置选择。 展望未来，申万宏源证券表示，将进一步强化责任担当，持续强化全品类指数研发能力，深化多资产交 易对冲技术，拓展指数产品化落地形式，打造覆盖不同风险偏好、市场观点和投资周期的多元化配置工 具与产品货架，以金融力量坚守为民初心，践行高质量发展之路。 在全球经济不确定性增强、市场波动加剧的背景下，黄金作为传统避险类资产，具有实现多元化配置、 对冲通胀及利率风险、抵御极端市场冲击的多重功能，同时也 ...

根据中国证券监督管理委员会《关于同意申万宏源证券有限公司向专业投资者公开发行短期公司债券注 册的批复》（证监许可〔2025〕2123号），公司所属子公司申万宏源证券有限公司获准向专业投资者公 开发行面值余额不超过人民币300亿元短期公司债券。（相关情况请详见公司于2025年10月9日在《中国 证券报》《证券时报》《上海证券报》和巨潮资讯网www.cninfo.com.cn上刊登的公告） 2025年12月24日，申万宏源证券有限公司2025年面向专业投资者公开发行短期公司债券（第四期）（以 下简称"本期债券"）完成发行工作。本期债券发行规模人民币60亿元，其中品种一发行规模人民币24亿 元，期限50天，票面利率为1.68%；品种二发行规模人民币36亿元，期限365天，票面利率为1.72%。本 期债券登记完成后拟于深圳证券交易所上市交易。 特此公告。 申万宏源集团股份有限公司董事会 二〇二五年十二月二十五日 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000166 证券简称：申万宏源 公告编号：临2025-115 申万宏源集团股份有限公司 关于申万宏源证券有限公司2025年面向专业投资者公开发行短 ...