Core Viewpoint - Jinma Amusement (300756.SZ) is positioned as a leading manufacturer in the domestic amusement equipment sector, with a solid competitive advantage in its core business and a promising long-term profit outlook driven by technological advancements and stable partnerships [1][2]. Group 1: Company Performance - The company has developed a comprehensive product matrix covering 13 categories of large amusement facilities and 8 series of virtual immersive projects, achieving significant technological breakthroughs and exporting to nearly 50 countries [2]. - In Q1-Q3 2025, the company reported a revenue of 569 million yuan, a year-on-year increase of 23.8%, and a net profit attributable to shareholders of 90 million yuan, reflecting a remarkable year-on-year growth of 456.5% [2]. - The company’s order backlog and accounts receivable turnover remain at healthy levels, indicating strong operational efficiency [2]. Group 2: Industry Trends - The amusement equipment industry in China is undergoing structural upgrades, supported by national policies and increasing market demand, with a clear industry chain and high entry barriers [3]. - The global theme park market is expected to reach a scale of 55.9 billion USD in 2024, growing by 8.21% year-on-year, with domestic parks leading global growth [3]. - The current equipment renewal cycle in domestic theme parks is driving sustained demand for upstream manufacturing companies [3]. Group 3: Technological Advancements - The company is enhancing its research and development capabilities, with a team of 184 people and an R&D expenditure of 27.08 million yuan, accounting for 4.69% of revenue, indicating a continuous increase in investment intensity [4]. - Strategic investments in AI and robotics are being made, including a partnership with Shanghai Matrix Super Intelligence to establish a subsidiary aimed at promoting the application of robotics in the cultural tourism sector [4]. - The launch of the "Robot MART" product, the world's first AI robot capable of autonomous retail service, showcases the company's innovative approach and potential for future growth [4].

政策支持与市场需求驱动行业转型，技术突破与智能化成核心竞争力。我国游乐设施行业正进行结构化 升级，国家政策持续发力服务消营及大规模设备更新，行业监管体系成熟且准入壁垒较高，行业beta预 期向上。大型游乐设备制造行业产业链清晰，主题公园为主要下游应用场景，全球主题公园市场正朝收 入多元化与体验服务化转型，2024年市场规模达559亿美元，同比增长8.21%，复苏势头显著。国内主 公园增速领跑全球，当前已进入设备集中更新周期，为上游制造企业带来持续需求。金马游乐作为业内 标杆企业，依托超过240项授权专利及参与制定的26项行业标准，在中高端市场占据领先地位，同时近 年来持续强化研发护城河，加速布局AI与机器人在文旅行业的应用，重塑我国游乐设备产业形态。 以技术研发为本拓宽全球化布局，积极推动"AI机器人"落地。公司客户网络覆盖广泛，深度绑定国内头 部主题公园集团，同时切入欧美高端市场与"一带一路"新兴市场，2024年新签订单同比增长超40%，国 际市场营收同比大增414.84%，全球化布局成效显著，公司当前研发团队规模达184人，2024年研发费 用投入2708万元占营收4.69%，投入强度持续提升。新业务战略 ...

Core Viewpoint - The report from Shenwan Hongyuan indicates that the Federal Reserve's initiation of Reserve Management Purchases (RMP) after the December 2025 FOMC meeting has sparked optimism for a "QE-style" liquidity easing, but in reality, it marks the end of the QE era rather than a restart [1] Group 1: RMP and Normalization of Balance Sheet - The Federal Reserve has entered a new phase of "normalization" in balance sheet expansion with the announcement of RMP, which slightly exceeded expectations but aligns with liquidity management needs [2] - By the end of 2025, reserves are expected to have declined to an ample level, necessitating early balance sheet expansion to accommodate economic growth and seasonal demand fluctuations [2] - RMP will be implemented starting December 12, with an initial scale of $40 billion, expected to remain high until April 2026, after which it may slow to an average of $20-25 billion per month [2] Group 2: Nature of RMP vs. QE - RMP is fundamentally a technical operation aimed at assisting effective monetary policy implementation without altering the Fed's policy stance, primarily focusing on interest rate policy [3] - While both RMP and QE lead to balance sheet expansion, they differ fundamentally; RMP is a routine liquidity management operation, whereas QE is a broader "yield curve management" strategy [3] - RMP is not a new tool, having been implemented after the end of balance sheet reduction in October 2019, and its pace of normalization may align with nominal GDP growth rates [3] Group 3: Conclusion on QE - The report concludes that the Fed is unlikely to restart QE before returning to a zero or near-zero interest rate environment, as the internal order of monetary easing dictates that rate cuts are more effective in stimulating demand prior to hitting the zero lower bound [4] - Historical instances of QE-like balance sheet expansions occurred only after reaching zero interest rates, indicating that the Fed may need to wait for the next crisis to consider restarting QE [4] - In conventional monetary policy ranges, interest rates serve as the primary indicator of policy stance, making it unnecessary to focus excessively on the Fed's balance sheet operations [4]

Core Viewpoint - Guangdong Jiuan Intelligent Technology Co., Ltd. has received approval for its IPO on the ChiNext board, aiming to raise 1.064 billion yuan for R&D and operational projects [2][5]. Financial Performance - Jiuan Intelligent's projected revenues for 2022 to the first half of 2025 are 484 million yuan, 645 million yuan, 780 million yuan, and 323 million yuan respectively, with net profits of 34.31 million yuan, 85.95 million yuan, 102 million yuan, and 44.79 million yuan [2]. - Total assets are expected to grow from 2.699 billion yuan in 2022 to 5.976 billion yuan in the first half of 2025, while equity attributable to shareholders is projected to increase from 1.862 billion yuan to 4.186 billion yuan over the same period [3]. - The company’s revenue for the first half of 2025 is estimated at 322.66 million yuan, with a net profit of 44.79 million yuan, reflecting a significant increase compared to previous years [3]. Client Base - The company does not rely heavily on a few clients, with the largest customer accounting for 11.88% of revenue in the first half of 2025, and the top five clients collectively contributing 32.55% of total revenue [4]. - Notably, Baidu Era Network Technology (Beijing) Co., Ltd. entered the top five clients, contributing 4.96% of sales revenue [3]. Fundraising and Investment Plans - The IPO proceeds will be allocated to various projects, including the intelligent visual product industrialization project (422.09 million yuan), embedded intelligent visual product R&D upgrade project (171.87 million yuan), IoT cloud platform upgrade project (227.36 million yuan), and headquarters construction project (93.07 million yuan), along with 150 million yuan for working capital [5][7].

Group 1 - The core viewpoint of the article highlights that Goldwind Technology is a leading provider of wind power solutions in China and globally, maintaining the number one market share in China for 14 consecutive years and globally for three years [1] - The company has benefited from a recovery in wind power demand, with stable and rising prices for wind turbines, leading to continuous growth in revenue and net profit attributable to shareholders [1] - In the first three quarters of 2025, the company achieved a revenue of 48.147 billion yuan, representing a year-on-year increase of 34.34%, and a net profit attributable to shareholders of 2.584 billion yuan, reflecting a year-on-year increase of 44.21% [1] Group 2 - The company's performance is supported by improved industry demand, recovering turbine prices, and a high-quality order structure [1] - Comparable companies in the industry include Yunda Co., Sany Renewable Energy, Dongfang Electric, and Three Gorges Energy, with an average industry PE of 15 times expected for 2026 [1] - Considering the company's industry position and a certain margin of safety, a valuation of 15 times the industry average for 2026 is assigned, with a rating of "Accumulate" [1]

Core Viewpoint - Shenwan Hongyuan Securities has successfully launched its first swap linked to the Shenwan Ruiyan Gold Futures Enhanced Yield Strategy Index, with a business scale exceeding 1 billion yuan, combining index product innovation with the flexibility of OTC derivatives to enhance wealth management for residents and support the high-quality development of the gold industry [1][2] Group 1: Product Innovation - The strategy integrates professional index development with the flexibility of OTC derivatives, aiming to diversify financial product offerings for various institutions [1] - The Shenwan Ruiyan Gold Futures Enhanced Yield Strategy Index retains long positions in gold futures while systematically selling out-of-the-money call options to continuously capture option premiums, enhancing returns and optimizing volatility [1][2] Group 2: Market Context and Strategy Advantages - In the context of increasing global economic uncertainty and market volatility, gold serves as a traditional safe-haven asset, providing multiple functions such as diversification, inflation and interest rate risk hedging, and protection against extreme market shocks [1] - The strategy captures the "volatility smile" phenomenon in gold futures options, where implied volatility is significantly higher for deep out-of-the-money and deep in-the-money options compared to at-the-money options, allowing for higher volatility premiums [2] - Historical backtesting indicates that the covered call strategy maintains participation in gold price increases while effectively reducing overall portfolio volatility, resulting in a Sharpe ratio that significantly outperforms simple gold futures holdings [2] Group 3: Future Outlook - Shenwan Hongyuan Securities plans to strengthen its commitment to responsibility, enhance its index development capabilities across all categories, deepen multi-asset trading and hedging techniques, and expand the product offerings to cater to diverse risk preferences, market views, and investment horizons [2]

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） 2025年12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短期公司债券（第四期）（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%。本 期债券登记完成后拟于深圳证券交易所上市交易。 特此公告。 申万宏源集团股份有限公司董事会 二〇二五年十二月二十五日 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2025-115 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 ...

Core Viewpoint - The successful issuance of the first medium-term notes by Meishan Investment Holding Group Co., Ltd. marks a significant achievement, with the bond's interest rate being the lowest in the history of Meishan and the lowest among similar-rated bonds in Southwest China [2] Group 1: Bond Issuance Details - The bond issuance scale is 760 million yuan, with a term of 3+2 years and a coupon rate of 2.05% [2] - This issuance sets a record for the lowest bond cost in Meishan's history [2] - The issuer holds a credit rating of AAA with a stable outlook [2] Group 2: Company Background - Meishan Investment Holding Group Co., Ltd. was established in November 2024 with a registered capital of 5 billion yuan [2] - The company is a state-owned enterprise approved by the Meishan municipal government, focusing on five main business sectors: industrial investment and operation, real estate and construction, culture and tourism, non-ferrous metal manufacturing, and financial services [2] Group 3: Future Prospects - The successful bond issuance is expected to enhance the collaboration between Shenwan Hongyuan and the issuer, increasing brand recognition and competitive strength in Meishan's bond market [2] - Shenwan Hongyuan aims to leverage its professional capabilities and efficient communication to expand cooperation with the issuer's affiliated companies and establish a solid foundation for future projects in Meishan [2]

证券代码：000166 证券简称：申万宏源 公告编号：临2025-115 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 二〇二五年十二月二十五日 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 年面向专业投资者公开 发行短期公司债券（第四期）发行结果的公告 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） 2025 年 12 月 24 日，申万宏源证券有限公司 2025 年面向专业投 资者公开发行短期公司债券（第四期）（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 60 亿元，其中品种一发行规模 人民币 ...

Core Viewpoint - The report from Shenwan Hongyuan maintains revenue projections for New Oriental-S (09901) for FY26-FY28 at $5.38 billion, $5.98 billion, and $6.73 billion, respectively, with expectations of profit margin pressure easing as the overseas study business stabilizes [1] Revenue Projections - Shenwan Hongyuan forecasts New Oriental's 2QFY26 revenue to be $1.165 billion, representing a year-on-year growth of 12.2% [2] - The education business (including cultural tourism) is expected to generate $957 million, up 11% year-on-year, while other businesses (mainly Dongfang Zhenxuan) are projected to earn $208 million, reflecting an 18% increase [2] Overseas Study Business - The overseas examination training and consulting business is anticipated to generate $242 million in 2QFY26, a decline of 3% year-on-year, with a slowdown of 33.3 percentage points compared to the same period last year [3] - The company is adjusting its high-end one-on-one training model to a one-to-many format to lower class prices and is expanding its youth overseas examination training services to enhance growth resilience [3] New Business Growth - New business revenue (K9 competency training + learning machine business) is expected to grow by 21% year-on-year to $364 million in 2QFY26, driven by high growth in non-subject competency services [4] - The number of teaching centers is projected to increase to 1,368, a 20% year-on-year growth, with a slight slowdown of 3.7 percentage points compared to 1QFY26 [4] Operating Profit Margin Improvement - Despite the slowdown in high-margin overseas study business, the increase in competency business margins is expected to offset this [5] - Shenwan Hongyuan anticipates a year-on-year expansion of approximately 2 percentage points in Non-GAAP operating profit margin to 4.7% for 2QFY26, with the education business margin at 4.1%, up 0.9 percentage points year-on-year [5]