Group 1 - The core viewpoint emphasizes that the "steady and far-reaching" strategy is facilitating the transition of the spring market into subsequent phases without disrupting the established path of the spring market [1][2] - The spring market is characterized by incremental games and favorable conditions for long positions, supported by factors such as increased equity allocation by residents and active trading funds [2][3] - Short-term, the focus is on discovering bottom assets, with cyclical Alpha investments expanding towards more cyclical turning points, while the overall profit effect is nearing a high [1][4] Group 2 - The spring market is positioned as an extension and expansion phase of the high valuation area of the 2025 technology structural market, with expectations of a consolidation phase following the spring market [3] - Short-term, cyclical Alpha is becoming a key focus for market participants looking to exploit low positions, with notable sectors including commercial aerospace and AI applications showing rebound opportunities [4][7] - The long-term outlook remains positive for sectors such as technology and cyclical Alpha, with a focus on areas like overseas computing chains and AI applications [7][12]

Group 1 - The spring market is transitioning to the next phase without disrupting the established path of the spring market performance, characterized by incremental games and favorable conditions for long positions, which lays the foundation for a perfect spring market with widespread profit effects [1][5] - Short-term, the focus is on cyclical Alpha investments expanding towards more cyclical turning points, with deepening exploration of bottom assets and short-term stock price elasticity [1][3] - The overall profit effect is nearing a high point, and the time and space for the post-New Year market rally are gradually limited [1][5] Group 2 - The spring market is essentially an extension and expansion phase of the high valuation area of the 2025 technology structural market, with some investment directions entering a high volatility phase [2][6] - After the spring market, a correction phase is likely, focusing on waiting for clearer clues in the next phase of industrial trends and the digestion of performance to ease valuation and structural contradictions [2][6] - The second half of 2026 is expected to see a new upward phase driven by cyclical improvements in fundamentals, new phases in technology industry trends, and increased visibility of China's influence [2][6] Group 3 - Short-term, cyclical Alpha is the key focus for market exploration of low positions, with the cyclical Alpha market (non-ferrous metals, chemicals) expanding towards cyclical turning points (construction materials, oil, steel) [3][7] - The cyclical Alpha market is showing a significant resonance effect with the expansion of industry ETF scales, becoming a strong momentum direction after industrial trend themes [3][7] - However, the profit effects of non-ferrous metals, chemicals, and oil are nearing high points, indicating increasing resistance in the short-term cyclical market [3][7] Group 4 - The market is expected to see a rotation in sectors, with opportunities for rebounds in previously strong sectors where profit effects have contracted, such as commercial aerospace and AI applications [2][6] - There is a focus on sectors with relatively low profit effects for rotation and supplementary gains, including high-dividend sectors, pharmaceuticals, and brokerage firms [2][6] - The long-term outlook remains positive for both cyclical Alpha and technology sectors, with a focus on overseas computing chains, AI applications, semiconductors, energy storage, robotics, and commercial aerospace [3][7]

Core Viewpoint - The report from Shenwan Hongyuan Securities indicates that in Q4 2025, actively managed equity public funds are increasing allocations to technology manufacturing (communication, automotive, machinery), cyclical sectors (non-ferrous metals, chemicals, construction materials), service consumption, and non-bank financials, while reducing allocations to media, computing, military, real estate, and pharmaceuticals [1][2]. Group 1: Fund Allocation Trends - Actively managed equity funds are embracing AI and positioning for recovery, with significant increases in cyclical sectors [1]. - Non-ferrous metals saw a 2.1 percentage point increase in allocation to 8.0%, reaching a historical high, with a configuration coefficient of 1.7 times [1]. - Basic chemicals, automotive, construction materials, and steel also received increased allocations, with respective holding ratios of 3.2%, 5.1%, 0.7%, and 0.4% [1]. Group 2: Sector Performance and Adjustments - Non-bank financials, despite underperforming in 2025, received an allocation increase to 2.4%, which is at the 33rd percentile historically [2]. - The communication sector's allocation rose by 1.8 percentage points to 11.1%, marking a historical high, with a configuration coefficient exceeding 3 times [3]. - The real estate sector saw a decline in allocation to 0.3%, with a configuration coefficient of 0.24 times, both at historical lows [4]. Group 3: Fund Performance and Market Outlook - The overall positions of ordinary stock, mixed equity, and flexible allocation funds decreased by 1.2, 1.4, and 1.4 percentage points to 88.3%, 86.7%, and 76.3%, respectively, while still remaining at high levels [5]. - The median net asset value increase for actively managed equity public funds in 2025 was 25.8%, which is lower than the growth of the ChiNext Index and the STAR 50 [5]. - The net redemption pressure for actively managed funds has eased, with a total redemption of 132 billion units in Q4 2025, a decrease from Q3 [5]. Group 4: ETF Market Dynamics - The total scale of stock ETFs reached nearly 3.8 trillion yuan in Q4 2025, with a holding market value ratio of 3.9%, both hitting new highs [6]. - In Q4 2025, significant inflows were observed in industry ETFs related to brokers, pharmaceuticals, robotics, and non-ferrous metals [6]. Group 5: Manager Insights and Sector Comparisons - Fund managers are optimistic about sectors with clear industrial trends, such as computing power, semiconductors, non-ferrous metals, energy storage lithium batteries, innovative pharmaceuticals, military trade, and commercial aerospace [7]. - Based on the PB-ROE framework, sectors like non-ferrous metals, basic chemicals, and AI applications are seen as attractive for allocation due to upward profit expectations and reasonable valuations [7].

Core Viewpoint - Shenghong Technology is actively engaging with institutional investors and showcasing its commitment to embracing AI and technological advancements in the PCB manufacturing sector, aiming to solidify its position as a key partner for leading tech companies globally [1][2]. Group 1: Company Overview - Shenghong Technology (300476) reported a latest stock price of 264.31 yuan, down by 10.58 yuan or 3.85% from the previous trading day, with a total market capitalization of 230.04 billion yuan [1]. - The company operates in the electronic components industry, which has an average rolling P/E ratio of 91.98, with Shenghong's P/E ratio at 63.29, ranking 51st in the industry [1]. Group 2: Production and Capacity Expansion - The company is currently experiencing a strong order backlog, maintaining a good capacity utilization rate while actively pursuing expansion efforts [2]. - Domestic capacity expansion includes the phased production of the Huizhou factory's fourth project, with the tenth and eleventh projects progressing as planned [2]. - Internationally, the first phase of the A1 building upgrade at the Thailand factory was completed in March 2025, with the second phase of high-end capacity now in production verification [2]. Group 3: Technological Advancements - Shenghong Technology has the capability to mass-produce high-precision circuit boards with over 70 layers and is among the first globally to achieve large-scale production of 6-stage 24-layer AI computing data center products [2]. - The company is also advancing the R&D certification of 10-stage 30-layer HDI technology [2]. Group 4: Financial and Investor Relations - As of January 20, 2026, Shenghong Technology had 203,050 shareholders, an increase of 15,751 from the last count, with an average holding value of 1.1329 million yuan and an average shareholding of 4,300 shares [2]. - The Ruiyuan Growth Value Mixed A fund, which holds shares in Shenghong Technology, reported a latest net value of 2.0094 yuan, with a one-year return of 74.90% and a three-year return of 25.87% [3].

Core Viewpoint - The announcement details the successful issuance of short-term corporate bonds by Shenwan Hongyuan Securities Co., Ltd., with a total issuance scale of RMB 5 billion, aimed at professional investors [1]. Group 1: Bond Issuance Details - Shenwan Hongyuan Securities Co., Ltd. has been approved to issue short-term corporate bonds with a maximum face value of RMB 30 billion [1]. - The first phase of the bond issuance was completed on January 21, 2026, with a total issuance scale of RMB 5 billion [1]. - The first type of bond issued has a scale of RMB 2 billion, a term of 273 days, and a coupon rate of 1.69% [1]. - The second type of bond issued has a scale of RMB 3 billion, a term of 365 days, and a coupon rate of 1.71% [1]. - The bonds are expected to be listed and traded on the Shenzhen Stock Exchange after registration [1].

Core Viewpoint - Shenwan Hongyuan Securities Co., Ltd. successfully issued short-term corporate bonds totaling RMB 5 billion aimed at professional investors, with two different maturities and interest rates [1] Group 1: Bond Issuance Details - The total issuance scale of the bonds is RMB 50 billion [1] - Type one bonds have an issuance scale of RMB 20 billion, a maturity of 273 days, and a coupon rate of 1.69% [1] - Type two bonds have an issuance scale of RMB 30 billion, a maturity of 365 days, and a coupon rate of 1.71% [1] Group 2: Listing Information - The bonds are expected to be listed and traded on the Shenzhen Stock Exchange after registration is completed [1]

Core Viewpoint - Shenwan Hongyuan Securities Co., Ltd. successfully issued short-term corporate bonds aimed at professional investors, with a total issuance scale of RMB 5 billion [1] Group 1: Bond Issuance Details - The total issuance scale of the bonds is RMB 50 billion [1] - Type one bonds have an issuance scale of RMB 20 billion, a term of 273 days, and a coupon rate of 1.69% [1] - Type two bonds have an issuance scale of RMB 30 billion, a term of 365 days, and a coupon rate of 1.71% [1] Group 2: Listing Information - The bonds are expected to be listed and traded on the Shenzhen Stock Exchange after registration is completed [1]

2026年1月21日，申万宏源证券有限公司2026年面向专业投资者公开发行短期公司债券(第一期)(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50亿元，其中品种一发行规模人民币20亿元， 期限273天，票面利率为1.69%；品种二发行规模人民币30亿元，期限365天，票面利率为1.71%。本期 债券登记完成后拟于深圳证券交易所上市交易。 格隆汇1月22日丨申万宏源(06806.HK)公告，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。 ...

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2026年面向專業投資者公開發行短期公司債券（第一期）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 北京，2026年1月22日 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2026-3 申 万 宏 源 集 团 股 份 有 限 公 司 关于申万宏源证券有限公司 ...

Core Viewpoint - Shenwan Hongyuan announced that its subsidiary, Shenwan Hongyuan Securities, has been approved to publicly issue short-term corporate bonds with a face value balance not exceeding 30 billion yuan to professional investors [1] Group 1: Bond Issuance Details - The first phase of the 2026 short-term corporate bond issuance targeting professional investors was completed on January 21, 2026, with a total issuance scale of 5 billion yuan [1] - The first type of bond has a scale of 2 billion yuan, a term of 273 days, and a coupon rate of 1.69% [1] - The second type of bond has a scale of 3 billion yuan, a term of 365 days, and a coupon rate of 1.71% [1] Group 2: Listing Information - The bonds are expected to be listed and traded on the Shenzhen Stock Exchange after the registration process is completed [1]