26年1月10日下午，智谱创始人唐杰、千问技术负责人林俊旸、腾讯首席AI科学家姚顺雨等AI前沿工作 者AGI-Next前沿峰会上形成一定行业共识：在硬件支持、软硬件结合、Agent路径等多个维度上，国内 科技公司正在从全球AI技术的跟随者逐渐转变为推动者。 需求侧：云厂商需求高企 从必要性的角度看，25Q1前的IDC订单，预计到26Q2-Q3完成上架部署，而从下定到交付需要约6个月 缓冲期，这意味着云厂商25年底至26年初进行下一轮智算中心布局必要性很强，且节奏紧体量大。从实 际布局的情况看，海外算力与国产算力并行确定性高，预计将推动云厂商资本开支持续增长;新一轮IDC 招投标已启动，预计交付上架节奏显著加快。此外，云厂商有一定概率锁定更长时间维度内的优质区位 资产，以保障未来算力供给的可持续性。 申万宏源发布研报称，展望2026年，预计国内算力、模型、应用等多个层面均将有重大突破。算力侧， 除NV供应变化之外，国产算力预计从可用变为好用，并通过超节点方式实现更高密度算力集群组网。 模型侧，中美大模型差距在2025年逐步缩小，预计2026年追赶趋势将持续，并进一步达成性能与成本间 的更优平衡。应用侧，除25年 ...

申万宏源发布研报称，AI技术的变革已经深刻影响了人们的生活，而随着AI搜索需求崛起，GEO正成 为企业营销新范式，推动竞争逻辑从传统SEO的竞价推荐转向大模型时代的AI引用竞争。该行认为新时 代的流量入口将迁移至用户体验更好的AI应用上，在这一趋势下，阿里巴巴同时具备国内顶尖的大模 型能力和最丰富的大消费生态，其不仅可以为B端商户落地应用GEO营销策略提供优质场景，也可以围 绕生成式AI打造智能消费闭环，最终凭借用户体验反哺流量实现正向循环。推荐阿里巴巴-W(09988)。 在GEO框架下，企业通过研究大模型对内容结构、表达方式及权威性的偏好，系统化优化营销内容， 以提升在AI生成答案中的被识别率、被引用率及被推荐概率。在以大模型为核心的新搜索与推荐体系 中，企业首先需要理解的对象变成了模型本身。由于GEO通常覆盖了营销落地的全流程，并通过持续 性的动态跟踪和算法优化迭代策略，相较于传统SEO依赖竞价排名的短期流量投放，这一机制使得企业 能够获取更加稳定、高质量的曝光，因此在AI生成内容的推荐中有望实现更高的有效转化率和ROI。据 IDC与中国信通院，2025年全球GEO行业市场规模突破120亿美元，三年复合 ...

AI搜索崛起引发信息获取入口变革，GEO打造企业营销新范式 智通财经APP获悉，申万宏源发布研报称，AI技术的变革已经深刻影响了人们的生活，而随着AI搜索需 求崛起，GEO正成为企业营销新范式，推动竞争逻辑从传统SEO的竞价推荐转向大模型时代的AI引用竞 争。该行认为新时代的流量入口将迁移至用户体验更好的AI应用上，在这一趋势下，阿里巴巴同时具 备国内顶尖的大模型能力和最丰富的大消费生态，其不仅可以为B端商户落地应用GEO营销策略提供优 质场景，也可以围绕生成式AI打造智能消费闭环，最终凭借用户体验反哺流量实现正向循环。推荐阿 里巴巴-W(09988)。 在GEO框架下，企业通过研究大模型对内容结构、表达方式及权威性的偏好，系统化优化营销内容， 以提升在AI生成答案中的被识别率、被引用率及被推荐概率。在以大模型为核心的新搜索与推荐体系 中，企业首先需要理解的对象变成了模型本身。由于GEO通常覆盖了营销落地的全流程，并通过持续 性的动态跟踪和算法优化迭代策略，相较于传统SEO依赖竞价排名的短期流量投放，这一机制使得企业 能够获取更加稳定、高质量的曝光，因此在AI生成内容的推荐中有望实现更高的有效转化率和ROI。 ...

Core Viewpoint - The company maintains a "buy" rating for 361 Degrees (01361), highlighting its deep commitment to the sports industry for over 20 years and recent acceleration in product, brand, and channel enhancements, which are expected to drive growth above industry averages and increase market share [1] Group 1: Financial Performance - In Q4 2025, the retail sales of adult and children's apparel increased by approximately 10% year-on-year, continuing the growth trend from previous quarters, with e-commerce sales showing high double-digit growth, outperforming expectations [2] - The discount rate remained stable at 7-7.1, consistent with Q3 trends, and the inventory turnover ratio was maintained at a healthy level of 4.5-5 times, indicating robust operational conditions [3] Group 2: Store Expansion - The number of super stores reached 126 by December 31, 2025, exceeding expectations, with the first overseas super store opening in Cambodia, marking a significant step in international expansion [4] - Super stores, with sizes ranging from 800 to 1200 square meters, have a customer acquisition rate of 60%-70% and a higher sales rate compared to traditional stores, while also reducing operational costs [4] Group 3: Product Development and Marketing - The company focuses on high-quality, rapid product iteration and competitive pricing, launching new products in the running and basketball categories, including the "Flying Burn 5" and signature shoes for athletes, which have shown strong sales conversion [5] - Marketing efforts include strategic partnerships with the Asian Olympic Council and other organizations to enhance brand visibility and support international sports events [5] Group 4: Outdoor Market Strategy - The One Way brand, established in Finland, is being repositioned to capitalize on the outdoor trend, with new store openings and a product line adjustment to meet current market demands [6] - Plans for 2026 include launching more footwear and women's products to tap into the growing outdoor market, potentially creating a second growth curve for the company [6]

Core Viewpoint - The report from Shenwan Hongyuan maintains a "Buy" rating for 361 Degrees (01361), highlighting the company's deep engagement in the sports industry for over 20 years and its accelerated efforts in product, brand, and channel development, which are expected to yield growth faster than the industry average [1] Group 1: Financial Performance - In Q4 2025, 361 Degrees' adult and children's offline retail sales both grew by approximately 10% year-on-year, continuing the growth trend from the previous three quarters, with e-commerce sales showing high double-digit growth, exceeding expectations [1] - The discount rate remained stable at 7-7.1, consistent with the trend from Q3, and the inventory-to-sales ratio maintained a healthy level between 4.5-5 times, indicating robust overall operational conditions [2] Group 2: Store Expansion - As of December 31, 2025, the number of super stores reached 126 (including 21 children's stores), with the opening pace exceeding expectations. The first overseas super store opened in Cambodia, marking a new step in international expansion [3] - Super stores have significant advantages, with store sizes ranging from 800-1200 square meters (equivalent to 5 regular stores), a customer acquisition rate of 60%-70%, and a 50% presence in first- and second-tier cities, effectively complementing traditional stores that mainly cover lower-tier markets [3] Group 3: Product Development and Marketing - The company emphasizes high-quality rapid product iteration and a high cost-performance ratio. New products include the "Feiran 5" and "Feiran 5 FUTURE" in the running category, and the "AG6" and "JOKER2" basketball shoes, leveraging athlete endorsements for strong sales conversion [4] - Marketing efforts include a strategic partnership with the Asian Olympic Council and collaborations with aerospace technology and sports research institutions, as well as becoming the official supplier for the 2025 WTCC World Tennis Continental Championship [4] Group 4: Outdoor Market Strategy - The One Way brand, established in Finland, focuses on winter sports and cycling equipment. 361 Degrees has increased its stake in the brand to 100% and is adjusting its product line to align with the current outdoor trend, opening 6 new stores in Q4 [5] - The new stores, approximately 100-120 square meters in size, offer around 120 SKUs, targeting professional skiing and outdoor products with competitive pricing compared to international brands, aiming to establish a second growth curve in the outdoor market [5]

Core Viewpoint - The company has received approval from the China Securities Regulatory Commission (CSRC) to publicly issue corporate bonds totaling up to 60 billion yuan to professional investors [1]. Group 1 - The approval allows Shenwan Hongyuan Securities Co., Ltd. to issue corporate bonds with a total face value not exceeding 60 billion yuan [1]. - The registration approval is valid for 24 months from January 6, 2026, during which the company can issue the bonds in multiple tranches [1]. - The bond issuance will be conducted according to the prospectus submitted to the Shenzhen Stock Exchange [1].

Group 1 - The core point of the article is that Shenwan Hongyuan Securities has received approval from the China Securities Regulatory Commission to publicly issue corporate bonds totaling up to 60 billion yuan [1] Group 2 - The bond issuance is aimed at professional investors, indicating a targeted approach to capital raising [1] - The approval reflects the regulatory support for the company's financing activities, which may enhance its operational capabilities [1] - The total face value of the bonds is capped at 60 billion yuan, which is a significant amount for corporate financing [1]

Core Viewpoint - Shenwan Hongyuan Securities Co., Ltd. has received approval from the China Securities Regulatory Commission (CSRC) to publicly issue corporate bonds totaling up to 60 billion yuan to professional investors [1][2] Group 1: Stock Performance - As of January 13, 2026, Shenwan Hongyuan's stock closed at 5.37 yuan, down 1.1% from the previous trading day [1] - The stock opened at 5.44 yuan, reached a high of 5.48 yuan, and a low of 5.35 yuan, with a trading volume of 6.55 billion yuan and a turnover rate of 0.54% [1] Group 2: Bond Issuance - The approved bond issuance has a total face value not exceeding 60 billion yuan, and the issuance will follow the prospectus submitted to the Shenzhen Stock Exchange [1] - The approval is valid for 24 months starting from January 6, 2026, allowing Shenwan Hongyuan to issue the bonds in multiple tranches during the registration period [1]

北京商报讯（记者 李海媛）1月13日，申万宏源公告称，申万宏源证券收到中国证监会《关于同意申万 宏源证券有限公司向专业投资者公开发行公司债券注册的批复》（以下简称"批复"）。 根据批复，中国证监会同意申万宏源证券向专业投资者公开发行面值总额不超过600亿元公司债券的注 册申请。债券的发行应当按照报送深圳证券交易所的募集说明书进行。批复自同意注册之日（2026年1 月6日）起24个月内有效，申万宏源证券在注册有效期内可以分期发行公司债券。 ...

格隆汇1月13日丨申万宏源(06806.HK)公告，近日，公司所属申万宏源证券有限公司(以下简称"申万宏 源证券")收到中国证券监督管理委员会(以下简称"中国证监会")《关于同意申万宏源证券有限公司向专 业投资者公开发行公司债券注册的批复》(证监许可〔2026〕36号)(以下简称"批复")。 根据批复，中国证监会同意申万宏源证券向专业投资者公开发行面值总额不超过600亿元公司债券的注 册申请。债券的发行应当按照报送深圳证券交易所的募集说明书进行。批复自同意注册日(2026年1月6 日)起24个月内有效，申万宏源证券在注册有效期内可以分期发行公司债券。 ...