Core Insights - LeMo Technology Service Co., Ltd. successfully listed on the Hong Kong Stock Exchange on December 3, 2025, with a share price of HKD 40.00, raising a total of HKD 222 million [3][4] - The company is recognized as the leading provider of machine massage services in China, with over 48,000 service points and more than 533,000 massage machines deployed across 31 provincial-level regions and 337 cities [3][4] - The public offering received significant market interest, with a subscription rate of 7,324.29 times, allowing the company to achieve a high-end pricing within the offering range [3][4] Company Highlights - LeMo Technology launched the "LeMo Bar" brand in 2016, focusing on providing machine massage services in commercial complexes, cinemas, and transportation hubs [3] - The company has served over 174 million identifiable consumers, solidifying its market position [3] - According to Frost & Sullivan, LeMo Technology ranks first among all machine massage service providers in China by transaction volume for three consecutive years from 2022 to 2024 [3] Project Highlights - Shenwan Hongyuan played a crucial role in the successful IPO by leveraging its comprehensive financial services and extensive experience in the Hong Kong market [3][4] - The project team customized a marketing strategy and organized high-quality investor meetings to effectively communicate the company's investment value [4] - The successful issuance reflects Shenwan Hongyuan's strength in the Hong Kong IPO market and its commitment to serving the real economy [4]

Core Viewpoint - The article highlights the 2025 Analyst Conference and the 7th Sina Finance "Golden Unicorn" Best Analyst Award Ceremony, which gathered over 300 influential figures from academia, public and private equity, and top fund managers to discuss future opportunities in the Chinese capital market [2]. Macro Economic Research | Best Analysts - The top analysts in macroeconomic research were recognized, with Zhejiang Securities leading the list, followed by Guangfa Securities and Dongwu Securities [5]. - The ranking includes various institutions and their respective research teams, showcasing the competitive landscape in the analysis of macroeconomic trends [5]. Strategy Research | Best Analysts - Guangfa Securities topped the strategy research category, with a strong team recognized for their analytical capabilities [6]. - Other notable institutions include Shenwan Hongyuan Securities and Guolian Minsheng Securities, reflecting a diverse range of expertise in strategic analysis [6]. Financial Engineering | Best Analysts - The best analysts in financial engineering were led by Guosen Securities, indicating a strong focus on innovative financial solutions [8]. - Other institutions like Shenwan Hongyuan Securities and China Merchants Securities also featured prominently in the rankings [8]. Fixed Income Research | Best Analysts - Zhejiang Securities was recognized as the top firm in fixed income research, highlighting its expertise in this critical area [10]. - The rankings included several other firms, indicating a robust competition in fixed income analysis [10]. Banking Industry | Best Analysts - Zhejiang Securities emerged as the leader in the banking industry analysis, showcasing its strong research capabilities [12]. - Other firms like Zhongtai Securities and Dongfang Securities also made significant contributions to the rankings [12]. Non-Banking Financial Industry | Best Analysts - The top analysts in the non-banking financial sector were led by Guangfa Securities, reflecting its strong analytical team [13]. - Other notable firms included Dongwu Securities and Xinyuan Securities, indicating a competitive environment in this sector [13]. Real Estate Industry | Best Analysts - Guangfa Securities was recognized as the top analyst in the real estate sector, demonstrating its expertise in this critical market [15]. - Other firms like Changjiang Securities and China Merchants Securities also ranked highly, indicating a strong focus on real estate analysis [15]. Media Industry | Best Analysts - Guangfa Securities led the media industry analysis, showcasing its strong research capabilities [17]. - Other firms like Guohai Securities and Shenwan Hongyuan Securities also made significant contributions to the rankings [17]. Innovative Drug Industry | Best Analysts - The top analysts in the innovative drug sector were led by Industrial Securities, indicating a strong focus on healthcare research [18]. - Other notable firms included CITIC Securities and Dongwu Securities, reflecting a competitive landscape in this industry [18]. New Energy Equipment Industry | Best Analysts - Changjiang Securities was recognized as the top analyst in the new energy equipment sector, highlighting its expertise in this growing field [20]. - Other firms like Dongwu Securities and Tianfeng Securities also ranked highly, indicating a robust competition in new energy analysis [20]. Robotics and High-End Manufacturing Industry | Best Analysts - Guangfa Securities topped the rankings in the robotics and high-end manufacturing sector, showcasing its analytical strengths [21]. - Other firms like Changjiang Securities and Zhejiang Securities also made significant contributions to the rankings [21]. Public Utilities Industry | Best Analysts - Changjiang Securities was recognized as the top analyst in the public utilities sector, reflecting its strong research capabilities [24]. - Guangfa Securities and Huayuan Securities also ranked highly, indicating a competitive environment in public utility analysis [24]. Environmental Protection Industry | Best Analysts - Guangfa Securities led the environmental protection sector analysis, showcasing its expertise in sustainability [26]. - Other firms like Dongwu Securities and Tianfeng Securities also made significant contributions to the rankings [26]. Computer Industry | Best Analysts - Guolian Minsheng Securities was recognized as the top analyst in the computer industry, reflecting its strong research capabilities [29]. - Other notable firms included Guangfa Securities and Changjiang Securities, indicating a competitive landscape in computer analysis [29]. Home Appliances Industry | Best Analysts - Guolian Minsheng Securities topped the rankings in the home appliances sector, showcasing its analytical strengths [31]. - Other firms like Changjiang Securities and Kaiyuan Securities also ranked highly, indicating a robust competition in this industry [31]. Transportation and Logistics Industry | Best Analysts - Changjiang Securities was recognized as the top analyst in the transportation and logistics sector, reflecting its strong research capabilities [33]. - Other firms like Shenwan Hongyuan Securities and Huachuang Securities also made significant contributions to the rankings [33]. Military Industry | Best Analysts - Guangfa Securities led the military industry analysis, showcasing its expertise in defense-related research [34]. - Other firms like Industrial Securities and Changjiang Securities also ranked highly, indicating a competitive environment in military analysis [34].

智通财经APP获悉，申万宏源发布研报称，新高教集团(02001)公布25财年年报，全年收入26亿元，同比 增长7.8%。经调整净利润8.12亿元，同比增长5.2%，业绩符合该行预期。该行上调公司26至27财年利润 至8.8亿元和10亿元(原盈利预测为8亿元和8.3亿元)，新增28财年利润预测11.4亿元。上调目标价至3.38 港元(原目标价为2.99港元)，维持买入评级。 申万宏源主要观点如下： 坚持高质量办学，学生结构持续优化 25财年公司在校生13.9万人，较24财年下降0.6%。学生结构持续得到优化，25财年本科新生占比同比提 升4个百分点，本科在校生占比同比提升1个百分点。由于本科学生学费水平更高，因此平均学费同比增 长8.1%至1.67万元/学年。公司同时加大办学硬件的提升，住宿费同比提升5.2%至1998元/学年。学费和 住宿费提升带动收入同比增长7.8%。 持续增加办学投入，提升办学层次 25财年公司收入成本16.8亿元，同比增长9.2%，增速超过收入增速1.4个百分点。其中人工成本10.8亿 元，同比增长14.7%。该行估计教师成本同比增长14.7%至7.2亿元。公司办学成本增长显著，同公司坚 ...

FF301 本月底法定/註冊股本總額： RMB 25,039,944,560 | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 000166 | 說明 | | A股 (深圳證券交易所) | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 22,535,944,560 | RMB | | 1 RMB | | 22,535,944,560 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 22,535,944,560 | RMB | | 1 RMB | | 22,535,944,560 | | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | -- ...

FF301 | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 000166 | 說明 | | A股 (深圳證券交易所) | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 22,535,944,560 | RMB | | 1 RMB | | 22,535,944,560 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 22,535,944,560 | RMB | | 1 RMB | | 22,535,944,560 | | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06 ...

Core Viewpoint - Shenwan Hongyuan (06806) announced the issuance of a short-term corporate bond aimed at professional investors, with a total scale of RMB 2.5 billion and a coupon rate of 1.65% [1] Group 1: Bond Issuance Details - The bond issuance is scheduled for July 28, 2025, with a maturity period of 123 days [1] - The bond code is 134391, and it is referred to as "25 Shen Zheng D4" [1] - The repayment date for this bond is set for November 28, 2025, coinciding with the delisting date [1] Group 2: Compliance and Execution - Shenwan Hongyuan Securities Co., Ltd. has completed the repayment of principal and interest for this bond in accordance with the relevant provisions of the bond issuance prospectus [1]

智通财经APP讯，申万宏源(06806)公布，公司所属子公司申万宏源证券有限公司于 2025 年 7 月 28 日发 行申万宏源证券有限公司 2025 年面向专业投资者非公开发行短期公司债券(第二期)(品种二)，发行规模 人民币 25 亿元，票面利率 1.65%，期限 123 天，债券代码 134391，债券简称 25 申证 D4。本期债券兑 付日为2025年11月28日，摘牌日为2025年11月28日，申万宏源证券有限公司已按照《申万宏源证券有限 公司2025年面向专业投资者非公开发行短期公司债券(第二期)募集说明书》相关约定，完成本期债券本 息兑付并予以摘牌。 ...

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。 承董事會命 申萬宏源集團股份有限公司 董事長 劉健 （ 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年面向專業投資者非公開發行短期公司債券（第二期）（品種二）本息兌付並摘牌的 公告》，僅供參閱。 二〇二五年十二月一日 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 非公开发行短期公司债券（第二期）（品种二） 本息兑付并摘牌的公告 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。 公司所属子公司申万宏源证券有限公司于 2025 年 ...

本期债券兑付日为2025年11月28日，摘牌日为2025年11月28日， 申万宏源证券有限公司已按照《申万宏源证券有限公司2025年面向专 业投资者非公开发行短期公司债券（第二期）募集说明书》相关约定， 完成本期债券本息兑付并予以摘牌。 特此公告。 申万宏源集团股份有限公司董事会 二〇二五年十二月一日 证券代码：000166 证券简称：申万宏源 公告编号：临2025-105 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 非公开发行短期公司债券（第二期）（品种二） 本息兑付并摘牌的公告 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。 公司所属子公司申万宏源证券有限公司于 2025 年 7 月 28 日发行 申万宏源证券有限公司 2025 年面向专业投资者非公开发行短期公司 债券（第二期）（品种二）（以下简称"本期债券"），发行规模人 民币 25 亿元，票面利率 1.65%，期限 123 天，债券代码 134391，债 券简称 25 申证 D4。（相关情况请详见公司于 2025 年 7 月 30 日在《中 国 ...

Group 1 - The core viewpoint is that Pop Mart (09992) maintains a "buy" rating due to its rich IP matrix and mature operational capabilities, which continue to activate overseas markets and expand offline channels, leading to sales surges during holiday seasons [1][2] - The company has successfully expanded its global presence, with a total of 171 overseas retail stores as of October 30, including 62 in North America, 28 in Europe, and 44 in Southeast Asia, indicating significant growth potential in new regions [2] - The popularity of the Labubu IP and other new products is expected to drive social engagement and revenue growth during the upcoming holiday season, particularly around Halloween and year-end festivities [2][3] Group 2 - The company has demonstrated its long-term IP operation capabilities, with successful product innovation maintaining fan engagement, while the overall brand strength has significantly improved due to the global success of Labubu and other leading IPs [3][4] - The business model is viewed as having strong competitive barriers, with the ability to realize long-term value from IP through effective operations, as evidenced by the healthy supply-demand ecosystem for its products [4]