人民财讯11月28日电，企查查APP显示，近日，福州申万智行投资合伙企业（有限合伙）成立，出资额 约1.6亿元，经营范围为以自有资金从事投资活动、企业管理、企业管理咨询、信息咨询服务。企查查 股权穿透显示，该企业由申万宏源（000166）旗下申银万国投资有限公司、福州申万智联股权投资合伙 企业（有限合伙）共同出资。 ...

Core Insights - The A-share market has been strong since July 2025, leading to a significant increase in bond issuance by brokerages, with a total issuance exceeding 1.7 trillion yuan, a nearly 50% year-on-year increase [1] - The expansion of brokerages' balance sheets is driven by increased operational settlement funds due to market conditions and a strategic shift towards heavier asset management businesses [1] - Major brokerages like China Galaxy, Guotai Junan, and Huatai Securities have issued the most bonds this year, with issuance amounts of 138.9 billion, 127.3 billion, and 125.6 billion yuan respectively, yet their leverage ratios remain relatively low [1][2] Debt Structure and Financing Costs - As of Q3 2025, the equity multipliers (excluding client transaction margins) for the top three brokerages are 4.23, 4.69, and 3.86, ranking them ninth, sixth, and thirteenth among 43 listed brokerages [2] - The highest equity multipliers are held by CICC, Shenwan Hongyuan, and CITIC Securities, at 5.42, 5.26, and 4.83 respectively, indicating a reliance on interbank financing rather than bond issuance [3] - The sell-buyback financial assets account for 24.40% and 17.53% of total liabilities for the 43 listed brokerages, with other liabilities not exceeding 8% [3] Sell-Buyback Financing - Shenwan Hongyuan's sell-buyback financial assets account for 32.72% of its total liabilities, ranking third in the industry, indicating a strong reliance on this financing method [4] - The average financing cost for CITIC Securities is 2.65%, with a significant portion of its liabilities coming from sell-buyback agreements, which typically have lower interest rates compared to bond issuance [4] - The financing cost structure shows that brokerages with higher sell-buyback ratios tend to have lower overall financing costs, with the lowest costs observed in Guosheng Securities, Dongwu Securities, Guohai Securities, and Hualin Securities [5] Market Trends and Historical Context - The reliance on sell-buyback financing peaked in 2014, with a total of 788.6 billion yuan, but decreased significantly after 2015 due to tighter liquidity and regulatory changes [10] - Following the resolution of major health issues in 2022, the capital market entered a new "interest rate reduction" cycle, leading to a 25% increase in sell-buyback financial assets from 1.96 trillion yuan in 2022 to 2.46 trillion yuan in 2024 [11] - The current trend indicates that brokerages favor sell-buyback financing for its lower costs and flexibility, but this approach carries risks related to market volatility and liquidity [11]

Core Viewpoint - The bull market is far from over, and concerns about an artificial intelligence bubble may be premature, suggesting that it might not be a true "bubble" yet [2] Group 1 - The current market sentiment indicates a strong belief in the sustainability of the bull market, particularly in sectors related to artificial intelligence [2] - Analysts are observing that while some investors express caution regarding AI investments, the underlying fundamentals may still support growth [2] - The potential for AI technologies to drive significant economic value is highlighted, suggesting that the market may be underestimating their long-term impact [2]

Core Viewpoint - Recently, Fuzhou Shenwan Zhixing Investment Partnership (Limited Partnership) was established, with a capital contribution of approximately 160 million RMB, focusing on investment activities and management consulting services [1] Group 1 - The executing partner of the newly established investment partnership is Shenwan Hongyuan's subsidiary, Shenwan Guotai Investment Co., Ltd. [1] - The partnership is co-funded by Shenwan Guotai Investment Co., Ltd. and Fuzhou Shenwan Zhilian Equity Investment Partnership (Limited Partnership) [1] - The business scope includes investment activities, enterprise management, and information consulting services [1]

申万宏源天天增/天添利 份额持有人大会 投票操作指南 根据《中华人民共和国证券投资基金法》、《公开 募集证券投资基金运作管理办法》、《证券公司大 集合资产管理业务适用<关于规范金融机构资产管 理业务的指导意见>操作指引》等法律法规规定， 经管理人审慎研究并与相关方协商一致,拟将申万 宏源天添利货币型集合资产管理计划(以下简称 "申万宏源天添利"）和申万宏源天天增货币型集 合资产管理计划(以下简称"申万宏源天天增") 的管理人变更为申万菱信基金管理有限公司(以下 简称"申万菱信基金"），并将上述集合资产管理 计划分别转型变更为申万菱信天添利货币市场基金 和申万菱信天天增货币市场基金。 如上述集合计划持有人大会议案获得集合计划份额 持有人大会审议通过,管理人将对《资产管理合 同》的相关条款进行修改,具体修订条款详见集合 计划份额持有人大会的公告附件五《申万宏源天添 利资产管理合同修改前后对照表》和《申万宏源天 天增资产管理合同修改前后对照表》。 大会主要议案 下一步 03 完成安全验证 < 申万宏源证券资产管理有限公司 请输入您的短信验证码 已发送验证码至您【137***3346】的手机号,请注意 臺收 6 6 ...

Core Viewpoint - The reusable rocket technology is a major direction for the future development of commercial launch vehicle technology, which will gradually become the mainstay of the international space launch market [1][2]. Group 1: Commercial Rocket Industry Overview - The commercial space sector is becoming dominant in the global aerospace industry, marking the beginning of a golden era for commercial launch vehicles [2]. - Various types of launch vehicles can be classified based on energy types, payload sizes, and launch methods, consisting mainly of structural systems, propulsion systems, and control systems [2]. Group 2: Competitive Landscape and Technological Advancements - The global competition in commercial launch vehicles is intense, with the U.S. leading the industry due to the reusable technology of Falcon 9 and Glenn 1 rockets, significantly reducing launch costs [3]. - China's commercial launch development is accelerating, supported by policies that promote rapid growth in the commercial space sector, with breakthroughs in both solid and liquid rocket engines [3]. Group 3: Market Potential and Projections - The demand for satellite constellation construction is driving the rapid deployment of launch plans, with a total of 51,300 low-orbit satellites applied for, leading to an expected increase in launch frequency [4]. - By 2030, it is projected that China will exceed 900 launch missions, with an estimated market space of $63.2 billion, based on an average launch cost of $69.75 million per mission [4]. Group 4: Industry Chain Structure - The domestic launch vehicle industry chain consists of upstream, midstream, and downstream segments, with a collaborative structure in place [5]. - Upstream includes basic raw materials and electronic components; midstream is divided into rocket body structure, propulsion system, and control system; downstream focuses on the final assembly of launch vehicles [5].

智通财经APP获悉，申万宏源发布研报称，2D图像转3D模型逐步成熟，将提升消费级3D打印的"可玩 性"，有望带动拉动消费级需求。多家企业发力智能多色打印技术革新。头部企业纷纷投资消费级3D打 印领域，有助于完善产业生态，加速产品迭代和市场推广。行业保持高增速，今年前三季度出口3D打 印机349.1万台接近去年全年。 1)大疆：根据天眼查信息显示，深圳市大疆创新科技有限公司投资3D打印企业——深圳市智能派科技 有限公司，大疆持有智能派的股权比例为5%;智能派成立于2015年，其业务覆盖智能硬件全产业链，深 耕光固化(SLA)与熔融堆叠(FDM)3D打印技术。2)美团：企查查信息显示，深圳快造科技有限公司发生 工商变更，新增美团关联公司汉海信息技术(上海)有限公司、成都龙珠股权投资基金合伙企业(有限合 伙)等为股东。头部企业纷纷投资消费级3D打印领域，有助于完善产业生态，加速产品迭代和市场推 广。 需求展望：行业保持高增速，出口表现积极 1)数量：根据南极熊报道，2025年前三季度我国出口3D打印机349.1万台(不含3D打印零部件)，已经接 近2024年全年出口的377.8万台(不含3D打印零部件)的总量;南极 ...

Core Insights - The 19th Golden Fair's "Park Tour" event in Huangpu's Wuliqiao Street aims to deliver financial services directly to enterprises, marking the conclusion of this year's series of activities [1] - The event highlights the importance of the Golden Fair as a platform for financial services to support the real economy in Shanghai, aligning with Huangpu District's goals of optimizing the business environment and promoting high-quality development [1] Group 1 - The event focused on addressing the financial needs of small and micro enterprises, which remain largely untapped, with discussions on optimizing financial costs for companies like Shanghai KooBan Biotechnology Co., Ltd. and Shanghai Wind Leader New Energy Co., Ltd. [1] - Financial consultants from various institutions provided insights on supporting small and micro enterprises through comprehensive financial solutions, including debt financing and policy-backed guarantees [2] - The Golden Fair has evolved its format to enhance the connection between financial institutions and real enterprises, emphasizing the commitment of Shanghai's financial sector to serve the real economy [2]

面向专业投资者公开发行公司债券 （第六期）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。 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公司债券注册的 批复》（证监许可〔2025〕1570号），公司所属申万宏源证券有限公司获准向专业投资者公开发行面值 总额不超过人民币200亿元公司债券。（相关情况请详见公司于2025年8月5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） 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2025-100 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 2025年11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公司债券（第六期）（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45亿元，分两个品种，其中品种一发行规模人 民币27亿元，期限2年，票面利率1.81%；品种二发行规模人民币18亿元，期限30个月，票面利率为 1.85 ...

Core Viewpoint - Company maintains a "buy" rating for XPeng Motors (09868), citing the launch of new vehicles, exceeding expectations in external collaborations and internal reforms, and significant improvements in profitability, along with potential breakthroughs in robotics and flying car businesses [1] Performance Summary - For the first three quarters of 2025, the company reported revenue of 54.5 billion, a year-on-year increase of 120%; gross margin at 17.9%, up 3.7 percentage points; and a net loss attributable to shareholders of 1.52 billion, a reduction in loss by 2.94 billion year-on-year [1] - In Q3 2025, revenue reached 20.4 billion, a year-on-year increase of 102% and a quarter-on-quarter increase of 12%; gross margin at 20.1%, up 4.9 percentage points year-on-year and 2.8 percentage points quarter-on-quarter; net loss attributable to shareholders was 380 million, a reduction in loss by 1.43 billion year-on-year and 100 million quarter-on-quarter [1] Sales Structure and Margin Analysis - The launch of the XPeng G7 in Q3 2025 accounted for 13% of total sales; however, the sales proportions of G6, G9, and X9 declined due to pre-launch hesitation regarding the range-extended platform, leading to a decrease in automotive gross margin [2] - The company achieved significant growth in service and other revenues, reaching 2.33 billion, a year-on-year increase of 78.1% and a quarter-on-quarter increase of 67.3%, which positively impacted overall gross margin [2] - The delivery guidance for Q4 is set at 125,000 to 132,000 units, indicating a potential return to profitability in the quarter [2] User Base Expansion - The introduction of MONA M03 and P7+ has increased monthly sales from 10,000 to 30,000 units, with the G7 pushing XPeng's autonomous driving capabilities to Level 3, marking a new era in smart driving [3] - The X9 range-extended version is expected to launch at the Guangzhou Auto Show, with significant sales growth anticipated in Q4, supported by the addition of range-extended systems across various models [3] AI and Robotics Transformation - The company is redefining future vehicles as next-generation robots, integrating internet platform capabilities, with software expected to account for 50% of the value [4] - The seventh-generation humanoid robot focuses on full-stack self-research and cross-domain integration, with plans for orderly production in the coming months, aiming for a sales price comparable to vehicles [4] - The introduction of a high-efficiency L4 fully shared robotaxi model is expected to enhance commercial competitiveness, indicating a strong potential for monetization as the company transitions into an AI enterprise [4]