Core Viewpoint - The company is actively engaging with investors and stakeholders to discuss its product developments, market strategies, and future growth prospects, particularly in the PVP product line and high-margin offerings like Euriz. Group 1: PVP Product Insights - The prices of PVP series products are expected to gradually recover in 2026 after a period of high margins due to the European energy crisis and the Russia-Ukraine conflict, which had previously inflated raw material costs [3] - The company anticipates that PVP product sales will enter an upward trend based on market demand and supply dynamics [3] Group 2: New Energy and Photovoltaic Applications - In the new energy battery sector, PVP is utilized as a dispersant for carbon nanotubes, with sales projected to reach approximately 4,000 tons in 2025, expecting a 20% increase in 2026 [4] - In the photovoltaic sector, PVP serves as a key surfactant/dispersant for spherical silver powder, which is crucial for silver paste printing performance and battery efficiency, with 2025 shipments estimated at 200 tons and continued growth expected in 2026 [4] Group 3: Euriz Product Advantages - Euriz (ethylene-vinyl ether/maleic anhydride copolymer) is a high-value product with a high price per ton and a gross margin of approximately 60-70%, with an expected shipment volume of around 900 tons in 2025 [5] - The company is the only manufacturer globally using a non-benzene process for Euriz production, creating a significant technical barrier and is actively seeking partnerships to enhance market presence [5] Group 4: Shareholder Communication and Equity Structure - The company emphasizes effective communication with shareholders and has reached consensus with its top ten shareholders on operational and governance matters [6] - The major shareholder plans to increase their stake in the company by liquidating some personal assets, aiming to optimize the equity structure and stabilize control [6] Group 5: Medical Sector Developments - The company has invested in five cell and gene therapy enterprises, with several products progressing well in their development stages, including one product entering NDA approval and others in clinical trials [7] - Some of these enterprises are positioned to potentially achieve NDA approval and initiate IPOs, with the company collaborating closely with them for market promotion and commercialization [7] Group 6: Strategic Transformation Goals - The company is transitioning from a capacity-led approach to a focus on technology and service leadership, with plans to establish itself as a global leader in functional chemicals by 2025-2027 [8]

Group 1 - The core viewpoint of the articles highlights the significant growth and popularity of FOF (Fund of Funds) products in the A-share market, driven by strong demand from bank clients for diversified asset allocation in a low-interest-rate environment [1][6][7] - Since the beginning of 2026, FOF products have seen a surge in issuance, with many products being sold out in just one day, indicating a robust market interest [2][3] - The total issuance scale of new FOF products in 2026 has reached approximately 300 billion yuan, a substantial increase compared to 61.29 billion yuan in the same period of 2025 [2][3] Group 2 - Major banks are actively promoting FOF products, with several banks creating FOF preferred pools to enhance product visibility and growth [4][5] - The collaboration between banks and fund companies has led to significant increases in FOF product sizes, with some products reaching nearly 100 billion yuan in scale [5][6] - The shift from "fixed income +" to "multi-asset allocation" reflects a broader trend in the FOF market, as new products increasingly incorporate diverse asset classes, including equities and commodities [6][7] Group 3 - The unique advantage of FOF products lies in their ability to diversify investments and improve the risk-return profile, making them attractive in the current market environment where traditional fixed-income assets are underperforming [7] - FOF products are positioned as essential tools for investors seeking stable returns and wealth preservation in uncertain market conditions [7][8] - The focus for FOF management in 2026 will be on diversified allocation to mitigate risks rather than solely pursuing returns from individual asset classes [7]

摘要 二、大类资产&海外事件&数据：欧央行2月例会按兵不动，金油共振上涨 金油共振上涨，港股延续下跌。 当周，标普500下跌0.1%；10Y美债收益率下行4bp；美元指数上涨0.5% 至97.6，离岸人民币升至6.93；布油价格下跌3.7%至68.1美元/桶，COMEX金价格上涨1.6%至4958.5美元/ 盎司，COMEX银价格下跌9.4%至76.77美元/盎司。 欧央行2月例会按兵不动，美国12月职位空缺弱于市场预期。 欧央行2月议息会议维持利率不变，欧央行 行长拉加德表示关注欧元走势，可能影响通胀；美国12月JOLT职位空缺654.2万人，市场预期725万人， 金融保险、零售贸易、专业商业服务业空缺率回落幅度最为显著。 风险提示 地缘政治冲突升级；美国经济放缓超预期；美联储超预期转"鹰" 报告正文 二、大类资产&海外事件&数据：欧央行2月例会按兵不动，金油共振上涨 （一）大类资产：金油共振上涨，港股延续下跌 当周，发达市场股指多数上涨、新兴市场股指多数上涨。发达市场股指方面，道琼斯工业平均、法国 CAC40、日经225分别上涨2.5%、1.8%、1.7%；新兴市场股指方面，开罗CASE30、泰国SET指 ...

北交所策略专题报告 2026 年 02 月 08 日 2025 北交所券商执业全景：特色券商优势巩固，头部券商逐渐跃居前列 ——北交所策略专题报告 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 专题：2025 年格局重塑：头部券商成为执业主力军，特色券商优势巩固 2026 年 1 月 30 日北京证券交易所、全国股转公司根据对证券公司 2025 年的执 业质量情况进行了评价。2025 年度，115 家证券公司中，14 家证券公司子公司 纳入其母公司合并评价，由高到低分别被评为一、二、三、四档，其中，一档占 比 19.80%；二档占比 39.60%；三档占比 19.80%；四档占比 20.79%。从一档券 商变化来看，北交所市场券商执业格局"大洗牌"，头部券商逐渐跃居前列。2025 年排名前十名分别为国泰海通、华泰证券、招商证券、申万宏源、中信证券、国 金证券、东吴证券、开源证券、中信建投、平安证券，其中华泰证券、中信证券、 平安证券分别由 2024 年的第二档跃升为第一档。从专业质量总分变化来看，头 部券商进步明显。2025 年排名前五名分别为 ...

Group 1 - Fushun Special Steel announced the receipt of an underwriting and sponsorship letter from Shenwan Hongyuan [2] - The previous financial advisor, Tao Hualing, has left due to job changes, and Bao Chengjiang will take over [2] - Bao Chengjiang will jointly fulfill the continuous supervision responsibilities for the acquisition project of Ningbo Meishan Free Trade Port Zone Jincheng Shazhou Equity Investment Co., Ltd. with Wang Zhichao [2]

=由洗智盈= 新闻 - 1 IED 申选智盈服务包全解析 -- 功能、签约、佣金一站式指南 简介 申选智盈是申万宏源证券APP推出的一款增值工具产 品包,侧重选股场景,通过整合多元投研工具,为投资 者提供从盘前到盘后的全时段信息支持,辅助提升选 股效率与决策科学性。该服务包整包现金价格为1298 元/月,但签约佣金方案后,交易服务费仅为0.025%。 核心功能 在前锦量 产品特点 每个交易日晨间 9:00 推送,聚焦当日市场主线、龙头板 块、热点前瞻及海外市场映射等关键信息,帮助投资者 快速把握全天交易方向。 功能介绍 < 市场主线:汇总并分析近期A股整体走势,辅 助建立投资框架 龙头板块:精选人气最高的1-2个板块,并详 细解读 热点前瞻:聚焦未来市场趋势,梳理细分方向 潜在机会 海外映射:以近期海外股市表现为基础,梳理 A股映射的题材方向 订阅后使用方式 【盘中执点】 (答计 【我的权益】 【盘中执点】 【增值资讯】 VIE 最新 试算 潜机 洞祭 产品特点 基于大资金流入、公告利好、机构覆盖三大因素,实时 扫描全市场个股,筛选高潜力标的并解析潜在利好逻 辑。 功能介绍 全市场扫描 每个交易日, 动态扫描 ...

根据建信基金管理有限责任公司与申万宏源证券有限公司、申万宏源西部证券有限公司签署的销售协 议，自2026年2月6日起，以上证券公司将销售本公司旗下基金如下： ■ 自2026年2月6日起，投资者可在以上销售机构的营业网点办理上述基金的业务，具体业务的办理请参照 本公司及以上销售机构的相关业务规则和流程。投资者欲了解基金产品的详细情况，请仔细阅读基金产 品的基金合同、招募说明书、基金产品资料概要等法律文件。 地址：新疆乌鲁木齐市高新区（新市区）北京南路358号大成国际大厦20楼2005室 客服电话：95523 网址：https://www.swhysc.com/ 二、建信基金管理有限责任公司联系方式 投资者通过以上券商办理业务时，请按照各代销网点的具体规定执行。 一、新增销售机构如下： 1.申万宏源证券有限公司 地址：上海市徐汇区长乐路989号45层 客服电话：95523 网址：https://www.swhysc.com/ 2.申万宏源西部证券有限公司 客户服务热线：400-81-95533(免长途通话费)、010-66228000 网址：http://www.ccbfund.cn 风险提示：本公司承诺以诚实信 ...

申万宏源（000166）(06806)发布公告，方荣义先生获提名为公司第六届董事会执行董事候选人。 ...

格隆汇2月5日丨申万宏源(06806.HK)公告，方荣义获提名为公司第六届董事会执行董事候选人。 ...

（ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股份代號：6806） 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。 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。 茲載列本公司於深圳證券交易所網站發佈之《申萬宏源集團股份有限公司第六屆董事會第十四 次會議決議公告》，僅供參閱。 承董事會命 申萬宏源集團股份有限公司 董事長 劉健 北京，2026年2月5日 於本公告日期，董事會成員包括執行董事劉健先生及黃昊先生；非執行董事朱志龍先生、張英女士、邵亞樓先生、 徐一心先生及嚴金國先生；獨立非執行董事楊小雯女士、武常岐先生、陳漢文先生及趙磊先生。 证券代码：000166 证券简称：申万宏源 公告编号：临 2026-12 执行董事的薪酬将根据国家有关政策及公司相关规定确定。 表决结果：11 票同意，0 票反对，0 票弃权。 董事会中兼任公司高级管理人 ...