经深圳证券交易所审核，本期债券定于2025年12月31日起在深圳证券交易所上市，面向专业投资者中的 机构投资者交易，品种一债券简称"25申D17"，债券代码为"524608"；品种二债券简称"25申D18"，债 券代码为"524609"。 格隆汇12月30日丨申万宏源(06806.HK)公司所属申万宏源证券有限公司2025年面向专业投资者公开发行 短期公司债券(第四期)(以下简称"本期债券")发行工作于2025年12月24日结束。本期债券发行规模人民 币60亿元，其中品种一发行规模人民币24亿元，期限50天，票面利率为1.68%；品种二发行规模人民币 36亿元，期限365天，票面利率为1.72%。(相关情况请详见公司于2025年12月26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)。 ...

智通财经APP讯，申万宏源(06806)发布公告，公司所属申万宏源证券有限公司2025年面向专业投资者公 开发行短期公司债券(第四期)发行工作于2025年12月24日结束。本期债券发行规模人民币60亿元，其中 品种一发行规模人民币24亿元，期限50天，票面利率为1.68%;品种二发行规模人民币36亿元，期限365 天，票面利率为1.72%。经深圳证券交易所审核，本期债券定于2025年12月31日起在深圳证券交易所上 市，面向专业投资者中的机构投资者交易，品种一债券简称"25申D17"，债券代码为"524608";品种二债 券简称"25申D18"，债券代码为"524609"。 ...

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。 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。 公司所属申万宏源证券有限公司 2025 年面向专业投资者公开发 行短期公司债券（第四期）（以下简称"本期债券"）发行工作于 2025 年 12 月 24 日结束。本期债券发行规模人民币 60 亿元，其中品种一 发行规模人民币 24 亿元，期限 50 天，票面利率为 1.68%；品种二发 行规模人民币 36 亿元，期限 365 天，票面利率为 1.72%。（相关情况 请详见公司于 2025 年 12 月 26 日在《中国证券报》《证券时报》《上 海证券报》和巨潮资讯网 www.cni ...

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。 二〇二五年十二月三十日 特此公告。 证券代码：000166 证券简称：申万宏源 公告编号：临2025-116 申万宏源集团股份有限公司董事会 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 年面向专业投资者公开 发行短期公司债券（第四期）在深圳证券交易所 上市的公告 公司所属申万宏源证券有限公司 2025 年面向专业投资者公开发 行短期公司债券（第四期）（以下简称"本期债券"）发行工作于 2025 年 12 月 24 日结束。本期债券发行规模人民币 60 亿元，其中品种一 发行规模人民币 24 亿元，期限 50 天，票面利率为 1.68%；品种二发 行规模人民币 36 亿元，期限 365 天，票面利率为 1.72%。（相关情况 请详见公司于 2025 年 12 月 26 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） 经深圳证券交易所审核，本期债券定于2025年12月31日起在深圳 证券交易所上市，面向专业投资者中 ...

Group 1 - The core viewpoint of the article highlights that Century Huatong has become the largest gaming company in A-shares by acquiring several companies, including Seven Cool, Tianyou, Diandian Interactive, and Shengqu Games [1] - Shengqu Games operates classic IPs such as "Legend" and "Dragon Valley," contributing stable profits, while Diandian Interactive has become a key growth driver with two global hits in the SLG category [1] - The potential for overseas casual games is expected to create a new growth curve for Diandian Interactive [1] Group 2 - The relative valuation method applied gives Century Huatong a 2026 PE of 21X, corresponding to a target market value of 172.2 billion yuan, with a "Buy" rating initiated [1]

Core Viewpoint - The A-share market is expected to recover steadily in 2026, driven by policy support, profit recovery, and global liquidity easing, with a focus on new trends and opportunities in various sectors [1][2]. Group 1: Market Outlook - Institutions generally hold a positive outlook for the A-share market in 2026, anticipating a "slow bull" market supported by increased domestic and foreign capital inflows, corporate profit recovery, and enhanced policy measures [1][2]. - The expected net profit growth for listed companies in 2026 is around 4.8%, with a potential for an additional 10% valuation expansion under optimistic scenarios [3]. Group 2: Industry Allocation Recommendations - Key investment themes for 2026 include technology and consumer sectors, with a consensus on the growth potential from overseas expansion [1][2]. - Specific focus areas include resource and traditional manufacturing upgrades, globalization of Chinese companies, and the expansion of AI applications [2][4][6]. - The "old economy" sectors, particularly high-quality leading companies in energy, consumption, and real estate, are also seen as having significant investment value [12]. Group 3: Strategic Insights from Analysts - Analysts from various firms emphasize the importance of a balanced approach to investment, with a focus on both growth and value strategies, particularly in technology and traditional sectors [12][14]. - The ongoing AI revolution and its commercialization are highlighted as critical drivers for future growth, with specific attention to sectors like machinery, renewable energy, and innovative pharmaceuticals [5][6][10].

Core Insights - The Hong Kong IPO market experienced a strong recovery in 2025, regaining the top position globally in terms of fundraising, with over 110 companies raising nearly 300 billion HKD, surpassing both the New York Stock Exchange and NASDAQ for the first time in four years [1][2] - The year saw 19 A-share companies successfully list on the Hong Kong Stock Exchange, accounting for nearly 50% of the total IPO fundraising in Hong Kong, with several companies like CATL and Zijin Mining raising over 10 billion HKD each [1] - The market's robust supply was attributed to regulatory optimizations, including revisions to the listing rules that improved pricing mechanisms, attracting more high-quality issuers [1][2] Market Dynamics - Investor participation was notably high, with a significant increase in the average first-day return of new stocks to 40%, and a decrease in the overall failure rate compared to the previous year [2] - Foreign capital inflow was evident, with cornerstone investments from foreign investors reaching 28.6 billion HKD in the first half of 2025, more than double the amount from the same period in 2024 [2] - The market outlook for 2026 is optimistic, with expectations of an IPO fundraising midpoint of approximately 330 billion HKD, supported by a cycle of quality enterprises and ample capital [2] Structural Changes - A shift in industry structure was observed, with manufacturing sector IPOs leading in fundraising, contrasting with the previous year's dominance of consumer and TMT sectors [1] - The pricing and valuation expectations of newly listed companies have increased compared to previous years, indicating a more competitive market environment [1] Market Segmentation - Signs of market differentiation began to emerge, with an increase in the first-day failure rate of new stocks as the IPO pace accelerated and liquidity conditions tightened [3] - Individual investors have started to adjust their strategies, opting for more certain investment targets amid changing market conditions [3] - Despite the significant increase in total IPO fundraising in 2025, it has not yet surpassed the high levels seen in 2020-2021, which exceeded 330 billion HKD [3]

Core Viewpoint - Baidu Group's stock has risen significantly by 6.3% to HKD 126.6, with a total market capitalization of HKD 347.5 billion following an upgrade to "Buy" by Shenwan Hongyuan in their recent report [1] Financial Performance - The report forecasts Baidu Group's revenue to reach RMB 128.5 billion, RMB 133.1 billion, and RMB 141.0 billion for the years 2025 to 2027 respectively [1] - Using the SOTP valuation method, the overall target valuation for the group is set at RMB 430.2 billion, corresponding to a target price of HKD 172.54 per share [1] Business Developments - In the AI sector, Baidu is making significant advancements, with plans for full-stack AI development showing promising results by 2025 [1] - Baidu has launched the Kunlun M series chips, the multimodal Wenxin model 5.0, and several enterprise-level intelligent applications at a global conference [1] - The intelligent cloud business is experiencing accelerated growth, with Q3 2025 AI cloud revenue reaching RMB 6.2 billion, and total revenue for the first three quarters of 2025 at RMB 19.33 billion, marking a year-on-year increase of 31% [1] - The self-developed AI chip Kunlun is expected to enter a mass production phase, with successful commercialization across multiple fields and integration into leading customer systems [1] - In the smart driving sector, the order volume for "Luo Bo Kua Pao" has seen significant growth, leading to substantial improvements in profitability [1]

来源：滚动播报 百度港股持续走高，目前涨超7％。此前申万宏源发布研报上调百度集团-SW至"买入"评级，基于其AI 全栈布局、智能云业务加速及昆仑芯商业化进展。 ...

Core Viewpoint - Baidu Group's stock has risen significantly by 6.3% to HKD 126.6, with a total market capitalization of HKD 347.5 billion following a rating upgrade to "Buy" by Shenwan Hongyuan [1] Financial Performance - Revenue projections for Baidu Group from 2025 to 2027 are estimated to reach RMB 128.5 billion, RMB 133.1 billion, and RMB 141.0 billion respectively [1] - The SOTP valuation method indicates a target valuation of RMB 430.2 billion for the group, corresponding to a target price of HKD 172.54 per share [1] Business Developments - Baidu is advancing its AI stack, with significant achievements expected by 2025, including the release of Kunlun M series chips and the multimodal Wenxin model 5.0 [1] - The AI cloud business is experiencing accelerated growth, with Q3 2025 AI cloud revenue reaching RMB 6.2 billion and a total of RMB 19.33 billion for the first three quarters, reflecting a year-on-year increase of 31% [1] - The self-developed AI chip Kunlun is entering a mass production phase, with successful commercialization across multiple sectors and integration into leading customer systems [1] - In the smart driving sector, the "Luo Bo Kuaipao" service has seen a significant increase in order volume, leading to substantial improvements in profitability [1]