炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：深圳商报 责任编辑：何俊熹 责任编辑：何俊熹 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：深圳商报 ...

来源：申万宏源 一、25 年12 月PMI 环比超季节性改善，强化了春季没有下行风险的格局。25 年12 月PMI、生产、新订 单和新出口订单环比差值均显著好于季节性。我们认为，这与26 年春节较晚，出口订单前置直接相 关。这在春节前的窗口，都构成支撑经济数据验证的因素。 排除经济下行风险后，一个没有重大下行风险 + 有利因素可期的窗口随之展开。我们继续提示，春季 支撑风险偏好的时间窗口连续：2 月春节前反弹是A 股胜率最高的日历特征之一，同时这也是科技领域 可能兑现重磅催化的窗口。3 月两会可能审议十五五规划正式稿，政策催化可能更加丰富。4 月特朗普 可能访华，中美经贸关系缓和确认期，也是稳定资本市场预期的关键窗口。上证综指连续阳线后，春季 行情仍有纵深。 二、经济和产业是慢变量，资金供需是快变量，这个特征在春季行情中可能更加突出。25年底中证 A500ETF 冲量已进入稳定期，年初增量资金可能是保险开门红 + 年初人民币汇率升值共振外资活跃度 恢复。岁末年初不缺增量资金，A 股开门红可期，赚钱效应可能普遍扩散。板块轮动，主题活跃特征可 能延续。 三、2026 年全面牛条件会逐步完备，这是一个动态发展的过程 ...

除了投行业务违规被罚，去年底申万宏源还因其他业务违规收到监管处罚。近日，上海证监局发布的罚 单显示，申万宏源证券（000562）因私募资管业务存在两项违规行为，被出具警示函，涉及重大事项披 露不及时与投后检查不到位，这也是券商私募资管领域违规案例的又一代表罚单。 近年来，证监会多次强调IPO"申报即担责"， 要求压严压实IPO公司和中介机构责任，对于涉嫌存在重 大违法违规行为的发行人和中介机构，即使撤回发行上市申请，也坚持一查到底。 为此，上交所对申万宏源予以通报批评，对吴杏辉、雷晨予以6个月内不接受保荐代表人签字的发行上 市申请文件及信息披露文件的纪律处分。 去年4月，深交所公告3份自律监管措施决定，剑指海诺尔IPO项目。深交所现场督导发现，申万宏源保 荐的海诺尔存在研发投入相关内部控制执行不到位、研发费用归集及会计处理不规范等情形，在执业过 程中未予以充分关注并审慎核查，发表的核查意见不准确。 为此，深交所对项目保荐人申万宏源及项目保荐代表人秦明正、王鹏，采取约见谈话自律监管措施的决 定。 不过，去年申万宏源IPO撤否率有所下降。数据显示，申万宏源去年保荐了18个IPO项目，仅新明珠和 德尔科技两家拟IP ...

中国经济网北京1月3日讯深交所近日发布关于终止对新明珠集团股份有限公司(简称"新明珠")首次公开 发行股票并在主板上市审核的决定。 新明珠原拟发行不超过414,026,666股，募集资金200,886.74万元，用于新型节能环保板材项目二期技术 改造项目、湖北新明珠绿色建材1#产线技改项目、陶瓷工艺及材料研发中心建设项目、品牌升级建设项 目、数智平台建设项目、补充流动资金。 | | | | | 单位:万元 | | --- | --- | --- | --- | --- | | 序号 | 项目名称 | 频目 投资 项 | 拟使用 黄景质金 | 比例 | | 1 | 新型节能环保板材项目二期技术改造项目 | 62.795.93 | 62.795.93 | 31.26% | | 2 | 湖北新明珠绿色建材 1#产线技改项目 | 27.655.46 | 27.655.46 | 13.77% | | ਤੇ | 陶瓷工艺及材料研发中心建设项目 | 10.888.80 | 10.888.80 | 5.42% | | ব | 品牌升级建设项目 | 38.980.00 | 38.980.00 | 19.40% | | રે | ...

Core Viewpoint - The competition landscape among securities firms in the A-share IPO market has solidified with the successful listings of companies like Hengdongguang and Xinguoyi, marking the end of the 2025 A-share IPO season [1] Group 1: Overall Market Dynamics - Leading securities firms maintain a strong competitive edge, while smaller firms have made breakthroughs in niche segments. The top five firms account for nearly half of the total IPO projects in the market [2] - In 2025, the top five securities firms by IPO underwriting numbers are Guotai Haitong (19), CITIC Securities (17), CITIC Jianou (12), China Merchants Securities (10), and Huatai United (9) [3] Group 2: Differentiated Competition - The dual innovation board is a key platform for financing technology and emerging industries, raising a total of 633.71 billion yuan, which constitutes nearly half of the annual IPO fundraising total. This area is highly competitive among securities firms [4] - CITIC Securities leads the Sci-Tech Innovation Board with an underwriting scale of 168.95 billion yuan, capturing over 44% of the market share. Notable projects like Moore Threads contributed significantly to this figure [4] - The top five firms for the Sci-Tech Innovation Board in terms of underwriting numbers are CITIC Securities (7), CITIC Jianou (3), CICC (3), Huatai United (2), and others [5] - For the Growth Enterprise Market, Guotai Haitong and China Merchants Securities have a notable lead with 6 and 4 projects respectively, and underwriting amounts of 57.61 billion yuan and 45.46 billion yuan [6] Group 3: Regulatory Environment - The China Securities Association released the 2025 evaluation results for securities firms' investment banking business, indicating a focus on quality control and compliance. Twelve firms received an A rating, with five firms maintaining this rating for two consecutive years [9] - The dynamic optimization of the evaluation system reflects the ongoing trend of strict regulation and compliance in the securities industry [9] Group 4: Outlook for 2026 - The IPO market is expected to remain active in 2026, with a structural optimization characterized by stable volume and improved quality. The dual innovation sector is anticipated to see an expansion in financing and quality [10] - Hard technology companies in sectors such as semiconductors, artificial intelligence, quantum computing, commercial aerospace, and biomedicine are expected to increase their presence in the capital market [10] - The competition among securities firms will intensify, focusing on serving technological innovation and industrial upgrades, with a continued evolution in the competitive landscape between leading firms and niche market leaders [10]

Core Insights - The company, Jinma Leisure, is transitioning from a single equipment supplier to an integrated solution provider in the cultural tourism technology ecosystem, focusing on "IP + technology + scenarios" [2] - The company signed multiple cooperation agreements with partners such as Lehua Entertainment and Beifeng Technology to enhance collaboration and strengthen the core components of the embodied intelligence industry chain [2] Group 1: Strategic Direction - Jinma Leisure is upgrading its strategy in the cultural tourism technology field, aiming to integrate technology, content, manufacturing, and scenarios through a "key connector" approach [2] - The company is focusing on two main areas: enhancing the core components of the embodied intelligence industry chain and integrating cultural tourism technology, entertainment IP, smart products, and channel resources [2] Group 2: Globalization and Production Capacity - The company has established brand recognition in Southeast Asia, the Middle East, Latin America, and the CIS markets, and is exporting to high-end markets in Europe and the United States [3] - Jinma Leisure is constructing a complete ecological closed loop from upstream components to downstream application scenarios, with three existing R&D production bases and two new bases planned [3] Group 3: Industry Opportunities - The company highlights that equipment renewal policies will support sightseeing and amusement facilities, which may accelerate domestic equipment replacement and present significant growth opportunities for the industry [4] - The company emphasizes its competitive advantages in embodied intelligence products, focusing on familiar cultural and tourism scenarios with a planned range of ten product series [4] Group 4: Future Outlook - Jinma Leisure aims to deepen collaboration with various parties to promote a systematic upgrade in the cultural tourism and entertainment industry, providing replicable ecological cooperation models [5]

炼化基本面：机遇与挑战并存，景气修复空间较大 国内炼化产能目前已接近10亿吨天花板，未来在税收趋严、风险油种价差收窄等趋势下，地炼行业将面 临洗牌，竞争格局更加有利于头部企业发展。从基本面上看，炼化行业机遇与挑战并存： 申万宏源发布研报称，炼化行业资本开支增速逐步放缓，部分企业资本开支已经进入尾声，分红有望维 持较高水平，未来随业绩提升，股息率存在较大提升空间。油价中枢有所回落，炼化企业成本存在改善 预期，且在海外炼化逐步退出、国内消费税征收趋严以及地炼开工率走低影响下，头部企业竞争格局存 在利好空间，未来炼化景气存在修复预期。 申万宏源主要观点如下： 炼化概况：成本已经回归炼化舒适区 复盘炼化历史走势，该行认为油价、产品景气度、成长性、分红是股价走势主要影响因素。当前在 OPEC联盟增产、非OPEC产量持续提升的背景下，油价已经回归至中性区间，炼化成本端压力改善， 且已经进入舒适区，预计业绩未来存在改善空间。产品景气度上看，当前炼化产品景气均属于历史中低 水平，具有较高的安全边际。炼化行业资本开支增速逐步放缓，部分企业资本开支已经进入尾声，分红 有望维持较高水平，未来随业绩提升，股息率存在较大提升空间。 全 ...

本期债券的成功发行体现了申万宏源强大的专业能力和销售能力，是申万宏源践 行 "深耕区域、服务实体"战略的重要成果，为后续在拓展大西南区域更多优质项目、深 化与当地各类发行主体的合作关系筑牢了坚实根基。 免责声明 贯彻国家战略 助力实体经济 2025 年 12 月 22 日，由申万宏源证券担任联席主承销商的"绵阳新兴投资控股有 限公司 2025 年面向专业投资者非公开发行公司债券（第二期） "成功发行。其中品种 一由天府信用增进公司担保，债项评级 AAA ，票面利率为 2.7% ，金额 4 亿元，期限 5 年；品种二由重庆三峡集团担保，债项评级 AAA ，票面利率为 2.85% ，金额 2.5 亿 元，期限 5 年。本期债券品种一创发行人信用债利率历史最低，获得发行人高度评价。 绵阳新兴投资控股有限公司的实际控制人绵阳科技城管委会是四川省政府派出的正 厅级机构，委托绵阳市管理。绵阳是四川第二大经济体和成渝城市群区域中心城市，是 党中央、国务院批准建设的中国唯一科技城。 本内容最终解释权归申万宏源证券有限公司所有。 ...

Core Viewpoint - The article emphasizes the importance of rational, objective, and in-depth professional research as the foundation for identifying long-term value in the capital market amidst a plethora of information and opinions [1][16]. Group 1: Award Recipients - The "2025 Capital Market Professional Voices" list highlights top research leaders and seasoned investors who provide critical insights and decision-making support through solid research and prudent judgment [1][15]. - Notable individuals on the list include: - Chen Guo, Deputy Director and Chief Strategist at Dongfang Caifu Securities - Huang Yanming, Director of Dongfang Securities Research Institute - Li Chao, Chief Economist at Zheshang Securities - Lin Yuan, Chairman of Lin Yuan Investment - Liu Chenming, Chief Strategy Analyst at GF Securities - Luo Zhiheng, Chief Economist and Director of Research Institute at Yuekai Securities - Wang Qing, Chairman of Chongyang Investment - Wang Sheng, General Manager and Chief Strategy Analyst at Shenwan Hongyuan - Wang Yiping, Founder of Evolutionary Assets - Xun Yugen, Chief Economist and Director of Research Institute at Guosen Securities [2][17]. Group 2: Evaluation Criteria - The selection process adheres to principles of fairness, justice, and transparency, utilizing a comprehensive assessment system that combines quantitative data and professional evaluations [2][13]. - Specific evaluation metrics and their weights include: - Weibo comprehensive data (35%): Assessed based on total posts, effective reading volume, exposure volume, interaction numbers, and interaction volume [2][13]. - Baidu Index (35%): Evaluated based on daily average indices to reflect sustained attention and influence across the internet [2][13]. - Professional recommendations (30%): Involves consulting seasoned institutional investors, brokerage research heads, financial media leaders, and academics to assess the professionalism, depth, and market impact of their views [2][13].

广东弘景光电科技股份有限公司 江苏天工科技股份有限公司 申万宏源集团股份有限公司 三维协同 以全周期服务护航新质生产力发展 ——证券行业服务科技创新调研之申万宏源样本 站在"十五五"即将开启的重要历史节点，资本市场服务新质生产力的路径日益清晰。随着制度创新持续 深化、耐心资本规模壮大、专业服务能力提升，证券行业将进一步打通"科技—产业—金融"的良性循 环，为高水平科技自立自强提供坚实支撑，为中国式现代化注入更强劲的资本动能 ◎记者 徐蔚 常佩琦 弘景光电车间内，搭载4800万像素超高清广角镜头的摄像模组正有序下线，即将成为影石创新全景相机 的核心部件；天工股份智能生产基地里，钛合金粉材生产线高速运转，为航空航天、医疗器械、消费电 子等战略性新兴产业提供更加稳定、安全和高性能的新材料支撑。 从光学技术突破到新材料产业化，这些企业的成长离不开资本市场的专业支持。申万宏源证券立足"产 业资本赋能平台与资本市场桥梁"的定位，以"产研+投资+投行"三维协同模式，衔接科技、资本、产 业，用全周期综合金融服务为科技创新"浇水施肥"，让新质生产力在资本市场沃土中加速成长。 科创板、创业板改革向纵深推进，北交所专精特新培育体系 ...