"十四五"以来，浙商证券从中型券商发展成为中型券商领头羊和浙江省规模最大的本土券商，其高质量 发展实践为行业提供了"浙商样本"。作为浙江省首家省属国有上市券商，浙商证券始终锚定"深耕浙 江、服务浙商、走向全国"的战略，以高质量发展为主线，扎实做好金融"五篇大文章"，在服务实体经 济、推动产业升级、助力共同富裕方面交出亮眼答卷。 深耕浙江 服务实体 金融"活水"精准滴灌经济毛细血管 近年来，浙商证券始终将服务实体经济作为一切业务的出发点和落脚点。"十四五"以来，积极参与浙江 省"凤凰行动"计划，通过打造"凤凰50指数"、开展走进上市公司等活动，系统性挖掘和培育浙商浙企的 投资价值。 当前，浙商证券已经在浙江省内编织了一张深入全省经济毛细血管的金融服务网络。在融资端，公司投 行业务股债双驱，"十四五"以来至今年9月，浙商证券完成股权、债券主承销项目近1300单，融资总规 模超5600亿元，其中债券承销规模超5300亿元，公司债承销排名在浙江省内稳居榜首，为浙江产业转型 升级注入了强劲的资本动能。 在服务中小企业与科技创新上，浙商证券构建了"投早、投小、投科技"的生态链。通过设立浙江省专精 特新母基金等工具，与产业 ...

Core Viewpoint - Hangao Group is a leading enterprise in the domestic hardware and outdoor furniture manufacturing sector, with steady growth in main business revenue and profitability [1] Group 1: Company Performance - The company has increased its self-production ratio, showcasing scale advantages [1] - The company is expected to accelerate capacity expansion and market deployment due to increased operational pressure on overseas enterprises and the rapid replacement of imported products by domestic hardware [1] Group 2: Market Position and Strategy - The company’s hardware products are expected to gain market share as production capacity comes online, supported by brand advantages that enhance profitability and drive consumption upgrades in the domestic hardware industry [1] - In the outdoor furniture segment, the company is leveraging the global expansion of the outdoor goods market, with products being launched both domestically and internationally, creating a second growth curve for the company [1] Group 3: Investment Rating - The initial coverage of the company has been rated as "Buy" [1]

证券代码：601878 证券简称：浙商证券 公告编号：2025-076 2、上海清算所网站，http://www.shclearing.com。 特此公告。 浙商证券股份有限公司董事会 2025年12月17日 浙商证券股份有限公司2025年度第十一期短期融资券已于2025年12月15日发行完毕，相关发行情况如 下： ■ 本期发行短期融资券的相关文件已在以下网站上刊登： 1、中国货币网，http://www.chinamoney.com.cn； 浙商证券股份有限公司2025年度 第十一期短期融资券发行结果公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 ...

Core Viewpoint - The collaboration between Disney and OpenAI marks a new paradigm of "IP + AI," indicating Hollywood's shift towards actively constructing authorization systems and sharing revenue from AI-generated content [1][2]. Related Events - On December 11, 2025, Disney announced a three-year strategic partnership and content licensing agreement with OpenAI [1]. - Disney will license over 200 classic characters, costumes, props, and iconic environments from its franchises, including Marvel, Pixar, and Star Wars, for use in OpenAI's video generation model Sora and image generation tools [2]. - Disney plans to invest $1 billion in OpenAI, securing additional equity warrants, thereby deeply binding the interests of both parties [2]. Collaboration Details - The partnership allows users to create short videos and images using simple prompts based on Disney's IP [2]. - Disney will leverage OpenAI's technology to optimize its internal creative processes and develop new products and experiences for its streaming platform, Disney+ [2]. - This collaboration is expected to significantly enhance the long-tail value and dissemination of Disney's IP, leading to increased active assets and revenue for the company [2]. Industry Impact - The partnership is anticipated to set a benchmark in the industry, encouraging other global and domestic IP holders, such as film companies, streaming platforms, and gaming companies, to establish similar AI licensing and content management systems [3]. - The company has reported that its social media platform currently manages 4.29 million active assets, with a steady increase in top client assets due to ongoing content licensing [3]. - AI-driven secondary creations, such as plot adaptations and mashups, are emerging, with "AI tail frame continuation" accounting for 3% of the company's active assets [3].

Core Viewpoint - The collaboration between Disney and OpenAI marks a new paradigm in the entertainment industry, transitioning from passive defense against AI-generated content to an active model of IP licensing and revenue sharing [1][2]. Group 1: Related Events - Disney and OpenAI announced a three-year strategic partnership on December 11, 2025, focusing on content licensing [1]. - This partnership establishes a new "IP+AI" paradigm, indicating Hollywood's embrace of AI technology [2]. Group 2: Core Content of the Collaboration - IP Licensing: Disney has authorized OpenAI to use over 200 classic characters, costumes, props, and iconic environments from Disney, Marvel, Pixar, and Star Wars in its video generation model Sora and image generation tools [2]. - Equity Investment: Disney will invest $1 billion in OpenAI and gain additional equity subscription warrants, creating a deep alignment of interests between the two companies [2]. - Technology Application: Disney plans to utilize OpenAI's technology to optimize its internal creative processes and develop new products and experiences for its streaming platform, Disney+ [2]. Group 3: Impact on the Company - Fubo Group, a core service provider in digital rights management, is expected to benefit directly from the Disney-OpenAI collaboration, particularly with the influx of AI-generated content on Disney+ [3]. - The company reported managing 4.29 million active assets on social media platforms, with a steady increase in top client assets due to ongoing film releases and content licensing [3]. - The partnership is anticipated to set a benchmark in the industry, encouraging other global and domestic IP holders to establish similar AI licensing and content management systems [3].

证券代码：601878 证券简称：浙商证券 公告编号：2025-076 2、上海清算所网站，http://www.shclearing.com。 浙商证券股份有限公司 特此公告。 2025 年度第十一期短期融资券发行结果公告 浙商证券股份有限公司董事会 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 浙商证券股份有限公司 2025 年度第十一期短期融资券已于 2025 年 12 月 15 日发行完毕，相关发行情况如下： | 短期融资券名称 | | 浙商证券股份有限公司 | | 2025 年度第十一期短期融资券 | | | --- | --- | --- | --- | --- | --- | | 短期融资券发行简称 | 25 | 浙商证券 | CP011 | 短期融资券流通代码 | 072510312 | | 发行日 | 2025 | 年 12 月 | 12 日 | 起息日期 | 2025 年 12 月 15 日 | | 兑付日期 | 2026 | 年 9 月 | 17 日 | 期限 | 276D | | 计划发行总额 ...

格隆汇12月16日丨浙商证券(601878.SH)公布，浙商证券股份有限公司2025年度第十一期短期融资券已 于2025年12月15日发行完毕。短期融资券名称：浙商证券股份有限公司 2025 年度第十一期短期融资 券，短期融资券发行简称：25 浙商证券 CP011，短期融资券流通代码：072510312，债券期限：276D， 兑付日期：2026年9月17日，实际发行总额：15亿元人民币，票面利率：1.74%，发行价格：100元/张。 ...

格隆汇12月16日丨浙商证券(601878.SH)公布，浙商证券股份有限公司2025年度第十一期短期融资券已 于2025年12月15日发行完毕。短期融资券名称：浙商证券股份有限公司 2025 年度第十一期短期融资 券，短期融资券发行简称：25 浙商证券 CP011，短期融资券流通代码：072510312，债券期限：276D， 兑付日期：2026年9月17日，实际发行总额：15亿元人民币，票面利率：1.74%，发行价格：100元/张。 ...

浙商证券研报指出，领益智造以前是智能手机A客户的部件核心供应商，在与下游客户供应交流的过往 中，不断积累关键终端智能制造解决方案的能力，通过内生外延并举的方式，构建了"高端材料-精密功 能件-结构件-功能模组组装-整机组装"的完整产业链条，当下业务领域已全面覆盖ai终端硬件、汽车与 低空经济、机器人、AI服务器和光伏、清洁能源等市场，该行预计公司在AI服务器和机器人为代表的 新兴业务方面的推进和斩获有望超预期。当下市值对应的PE分别为39.15、28.37和22.97倍，维持"买 入"评级。 ...

证券之星消息，12月16日发布《浙商证券沪杭甬杭徽高速封闭式基础设施证券投资基金2025年第二次分 红公告》。本次分红为本基金2025年度第二次分红。公告显示，本次分红的收益分配基准日为6月6日， 详细分红方案如下： 本次分红对象为权益登记日登记在册的本基金全体基金份额持有人。，权益登记日为12月18日，现金红 利发放日为12月24日。本基金收益分配方式为现金分红，不支持红利再投资。根据财政部、国家税务总 局的相关规定，基金向基金份额持有人分配的基金收益，暂免征收所得税。本次分红免收分红手续费。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...