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） 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 2026 年面向专业投资者 公开发行短期公司债券（第一期）发行结果的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特此公告。 申万宏源集团股份有限公司董事会 二〇二六年一月二十二日 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 ...

Core Viewpoint - The retail sales of clothing, shoes, and textiles in China for the year 2025 reached 1.52 trillion yuan, reflecting a year-on-year increase of 3.2%, with a slowdown in demand observed in Q4 2025 due to warmer winter temperatures affecting winter clothing sales [1][2] Domestic Demand - In 2025, the retail sales of clothing, shoes, and textiles amounted to 1.52 trillion yuan, with monthly growth rates of 6.3%, 3.5%, and 0.6% for October, November, and December respectively, indicating a slowdown in Q4 due to higher winter temperatures [1] - The performance of women's clothing brands is expected to show signs of recovery, with companies like Xinhe and Ge Li Si projected to achieve revenue growth in Q4 2025 [4] External Demand - China's textile and apparel exports totaled $293.8 billion in 2025, down 2.6% year-on-year, with textile exports at $142.6 billion (up 0.4%) and apparel at $151.2 billion (down 5.2%) [2] - Vietnam's textile exports grew by 7.0% to $39.6 billion, indicating a shift in the textile supply chain and highlighting the competitive pressures faced by Chinese exporters [2] Industry Performance - The overall sales in Q4 2025 were impacted by weak winter clothing consumption, but high-end outdoor and niche sports brands are expected to maintain strong growth, with brands like FILA and 361 Degrees projected to see significant revenue increases [3] - The home textile sector is experiencing a mixed performance, with companies like Luolai and Water Mercury showing stable growth, while Fuanna is still in a destocking phase [5] Non-woven Fabric Industry - The non-woven fabric sector is benefiting from quality upgrades and expanding demand, with companies like Wanjia and Nuo Bang expected to see revenue growth of 10% to 20% in Q4 2025 [6] Textile Manufacturing - The performance of the textile manufacturing chain is under pressure due to fluctuations in brand orders, particularly from Nike and Converse, while the Australian wool industry is expected to benefit from rising demand and price increases [7] Investment Insights - Looking ahead to 2026, domestic demand is anticipated to gradually recover, with potential investment opportunities in high-performance outdoor brands and discount retail sectors [9] - The global tariff negotiations are stabilizing, which may not affect the core manufacturing competitiveness of the industry [9]

Group 1 - The core viewpoint of the article emphasizes that 2026 marks the beginning of China's "14th Five-Year Plan," which will accelerate reforms and development, focusing on areas such as the construction of a unified market, social welfare reforms, and green transformation [2][5] - The article highlights that the "14th Five-Year Plan" aims to optimize traditional industries while fostering emerging and future industries, with a focus on strategic sectors like new energy, new materials, and aerospace [6][7] - It discusses the shift in focus from the proportion of primary, secondary, and tertiary industries to prioritizing technological innovation and R&D investment, indicating a transition from labor-intensive industries to high-tech sectors [7][8] Group 2 - The article outlines the need for supply-demand adaptation in industrial structure adjustments, emphasizing the "anti-involution" policy to address the oversupply in manufacturing [8] - It mentions the proposal for "moderately advanced new infrastructure construction," which includes the development of information communication networks and major technological infrastructure, reflecting the rapid expansion of new infrastructure's scope [9][10] - The article details the financial and regulatory support for new infrastructure, including increased policy financial tools and optimized central budget investments to enhance the effectiveness of fiscal support [11]

Core Viewpoint - Hongxing Co., Ltd. announced a share reduction plan involving major shareholders and senior management due to personal funding needs, which may impact the company's stock performance in the near term [1][2][3] Shareholder Reduction Plans - Major shareholders Zhou Dema, Ke Guomin, Guo Jingxuan, and their associates plan to reduce their holdings by up to 1,277,000 shares, representing 0.99% of the total share capital, between February 12 and May 11, 2026 [1] - The estimated total amount from this reduction is approximately 27.33 million yuan based on the last trading price of 21.40 yuan per share [1] - Senior management members Liu Genxiang and Cheng Shengxiang also plan to reduce their holdings by 31,960 shares (0.02%) and 47,348 shares (0.04%) respectively during the same period, with total estimated proceeds of about 1.70 million yuan [2] Current Shareholding Structure - As of the announcement date, major shareholders hold a total of 52,610,577 shares, accounting for 40.91% of the total share capital [1] - Liu Genxiang holds 127,840 shares (0.10%) and Cheng Shengxiang holds 189,392 shares (0.15%) [3] Financial Performance - For the first three quarters of 2025, the company reported revenue of 1.229 billion yuan, a year-on-year increase of 6.13%, but a significant net profit decline of 76.05% to 17.22 million yuan [3] - In 2024, the company achieved revenue of 1.775 billion yuan, an 11.18% increase, but net profit decreased by 7.88% to 80.27 million yuan [3] Company Background - Hongxing Co., Ltd. was listed on the Shenzhen Stock Exchange on July 23, 2021, with an initial public offering of 23.4865 million shares at a price of 29.88 yuan per share [4] - The total funds raised amounted to 702 million yuan, with a net amount of 641 million yuan after expenses, allocated for various projects including production and logistics [5]

Core Viewpoint - The report from Shenwan Hongyuan indicates that U.S. inflation may exhibit a "high then low" characteristic in 2026, with the first half being influenced by tariff transmission and tax cuts, and the second half potentially experiencing a deflationary trend [1][5]. Group 1: Tariff Effects on Inflation - Since the implementation of "reciprocal tariffs," the risk of re-inflation in the U.S. has been manageable, and it has not become a major issue for monetary policy or capital markets [2]. - The inflation effect of tariffs has been systematically lower than expected, with the core inflation driven mainly by core goods while core services continue to cool down [2]. - As of October 2025, the effective tariff rate in the U.S. was only 12.4%, below the theoretical rate of 15.7%, indicating limited room for tariff increases due to various factors [3]. Group 2: Cost Accounting of Tariffs - Companies have been absorbing more tariff costs, which has helped keep inflation pressures manageable. As of September 2025, exporters, importers, and consumers bore 6%, 37%, and 57% of the tariff costs, respectively [4]. - The uncertainty of tariff policies and weakening domestic demand in the U.S. have constrained price increases, with companies delaying price hikes due to excess imports [4]. - By the fourth quarter of 2025, the momentum for companies to pass on tariff costs has increased, with expectations for further transmission in 2026 [4]. Group 3: Future Inflation Risks - The report predicts that if the tariff transmission rate approaches 70%, inflation may show stronger "stickiness," with core PCE year-on-year expected to be 2.8%, 2.6%, and 2.5% under different transmission rate scenarios of 90%, 70%, and 50% respectively by the end of 2026 [5]. - Potential risks beyond tariffs include cyclical and metal inflation on the upside, and productivity improvements and tariff exemptions on the downside [5]. - The Federal Reserve's monetary policy is closely linked to inflation risks, with expectations of a pause in rate cuts in the first half of 2026, followed by 1-2 rate cuts in the second half as deflation begins [5].

Core Viewpoint - The performance of Runfeng Co., Ltd. has significantly improved, necessitating a reassessment of the value of its formulation exports, with expected net profit attributable to shareholders projected at 1.03-1.17 billion yuan, representing a year-on-year increase of 129% to 160% [1] Financial Performance - The company anticipates a net profit of 140-280 million yuan for Q4 2025, reflecting a year-on-year growth of 9% to 119%, but a quarter-on-quarter decline of 62% to 25% [1] - The overall performance for 2025 is expected to show substantial improvement due to the gradual recovery of procurement demand and the bottoming out of product prices [1] Market Outlook - Looking ahead to 2026, the demand for pesticides and product prices are expected to improve further compared to 2025, particularly with seasonal orders likely to exceed expectations, driving accelerated recovery in market conditions [1] - As a leading domestic exporter of formulations, the company is continuously enhancing its global marketing network, which will strengthen its profitability as the ModelC business matures and its market share increases [1] Strategic Positioning - The company is well-positioned to expand into high-barrier, high-value markets such as North America and the European Union, which will contribute to sustained improvements in profitability [1] - The industry is experiencing a steady recovery in market conditions, with ongoing strategic planning and continuous improvement in operational quality [1]

融券方面，申万宏源1月20日融券偿还2.01万股，融券卖出1.25万股，按当日收盘价计算，卖出金额6.46 万元；融券余量18.77万股，融券余额97.04万元，低于近一年20%分位水平，处于低位。 1月20日，申万宏源涨0.58%，成交额5.69亿元。两融数据显示，当日申万宏源获融资买入额7099.74万 元，融资偿还9505.92万元，融资净买入-2406.18万元。截至1月20日，申万宏源融资融券余额合计34.58 亿元。 融资方面，申万宏源当日融资买入7099.74万元。当前融资余额34.57亿元，占流通市值的2.97%，融资 余额超过近一年90%分位水平，处于高位。 分红方面，申万宏源A股上市后累计派现181.06亿元。近三年，累计派现46.07亿元。 机构持仓方面，截止2025年9月30日，申万宏源十大流通股东中，中国证券金融股份有限公司位居第七 大流通股东，持股6.35亿股，持股数量较上期不变。香港中央结算有限公司位居第八大流通股东，持股 3.95亿股，相比上期增加683.80万股。国泰中证全指证券公司ETF（512880）位居第十大流通股东，持 股2.33亿股，为新进股东。 责任编辑：小浪快报 ...

Core Insights - The company has achieved continuous growth for nine consecutive quarters, driven by a shift from a single downstream focus to multiple application scenarios, with new fields contributing to revenue since 2023 [1][3] - The PCB business has shown significant performance, with nearly 90 million yuan in orders for PCB forming equipment and the first order for ultra-fast laser drilling equipment received [1][4] Group 1: Business Performance - The company's revenue growth is attributed to the collaboration of new and old businesses, particularly in the PCB sector, which has seen substantial order wins since 2025 [1][3] - The PCB forming equipment has gained recognition from strategic customers due to its low loss, high precision, high efficiency, and reliability, leading to the successful delivery of nearly 90 million yuan in orders in 2025 [4] Group 2: Product Development - The ultra-precision drilling equipment was developed based on insights into the trend towards precision in PCB drilling, targeting ABF material IC substrates, with capabilities of 30-70 microns in hole diameter, 10,000 holes per second efficiency, and precision of less than ±10 microns [5] - The company has identified new market opportunities driven by the rapid development of the computing power industry, which has increased demand for new materials and processes in drilling applications [5] Group 3: R&D and Market Strategy - The company employs a forward R&D model based on the interaction of light and materials, optimizing laser technology for various applications through simulation and customization [6][7] - The company emphasizes a solid foundation and innovation-driven development, aiming to effectively communicate its value and share growth results with investors [8]

Core Viewpoint - The aviation sector is recommended for continued investment, with expectations of significant improvement in airline profitability as the industry approaches a turning point, driven by historical high passenger load factors and increasing international travel demand [1] Group 1: Industry Outlook - The 2026 National Civil Aviation Work Conference emphasizes "quality improvement and efficiency enhancement," setting growth targets of 1,750 billion ton-kilometers for total transport turnover, 810 million passengers, and 1,070 thousand tons for cargo, representing year-on-year increases of 6.7%, 5.2%, and 5.2% respectively [2] - Measures to control inefficient route supply and improve airline profitability are expected to alleviate "involution" competition within the industry [2] Group 2: Supply Side - The global aircraft supply chain remains unrepaired, with Airbus and Boeing projected to deliver 793 and 600 aircraft respectively in 2025, still below pre-pandemic levels, and a backlog of over 15,000 aircraft orders [3] - The delivery cycle for new aircraft has extended to 6.8 years, leading airlines to prolong the service life of older aircraft, with a peak in retirements expected by 2030 [3] - China's airline fleet is projected to grow by only 4.0% to 4,271 aircraft by 2025, with a significant number of aircraft reaching retirement age [3] Group 3: Demand Side - Visa exemption policies are driving an increase in inbound travelers, with foreign visitors to China surpassing pre-pandemic levels in key cities [4] - The international routes are expected to be the main growth engine for demand in 2026, with a forecasted 5.3% year-on-year increase in daily passenger volume during the Spring Festival [4] - The average ticket price for the upcoming Spring Festival is expected to be 20% higher than the previous year, indicating a trend of simultaneous volume and price increases [4]

Group 1 - The Hong Kong IPO market performed exceptionally well in 2025, with a total financing amount of HKD 285.4 billion, representing a year-on-year increase of 224%, and the number of IPOs reached 114, an increase of 44 from the previous year [1][11] - The strong performance is attributed to continuous optimization of the listing system, including the establishment of SPAC mechanisms and the lowering of listing thresholds for specialized technology companies, alongside an accelerated process for domestic companies to list in Hong Kong [1][13] - New stock performance was robust, with an average first-day increase of 37% and a historical low first-day failure rate of 28%, indicating a significant recovery in IPO returns [1][22][29] Group 2 - Key drivers of the market's strength include an increase in secondary market valuations, with the Hang Seng Index rising 28% over the year, and the price-to-earnings (PE) ratio increasing from 9 times to 12 times, providing a valuation cushion for new stocks [2][25] - The proportion of AH stock IPOs accounted for 49% of total fundraising, with over 30% of companies in the queue being AH stocks, primarily from TMT and advanced manufacturing sectors [2][60] - The public offering structure changed significantly, with the public offering ratio dropping to 12% after new placement regulations were implemented in August 2025, leading to a high participation rate from cornerstone investors [2][34] Group 3 - Looking ahead to 2026, the IPO financing and investment climate in Hong Kong is expected to remain active, supported by global liquidity easing and improved corporate earnings expectations [2][47] - The number of IPO applications in the Hong Kong Stock Exchange exceeds 300, with enhanced review efficiency providing support for supply [2][52] - The market is anticipated to continue its transformation towards new economy sectors, with TMT and high-end manufacturing leading the restructuring of the industry [2][62]