Core Viewpoint - The report from Shenwan Hongyuan maintains a "buy" rating for Pop Mart (09992), highlighting its strong IP matrix and operational capabilities that continue to activate overseas markets and expand offline channels, leading to sales surges during holiday seasons [1] Group 1: Global Expansion and Market Demand - The globalization process is progressing steadily, with a focus on expanding overseas supply chains and channels to meet global fan demand [1] - The collectible toy category has strong display, social, and gifting attributes, making offline channels crucial for sales and brand marketing [1] - As of October 30, the number of overseas retail stores reached 171, with significant growth potential in North America (62 stores), Europe (28 stores), and Southeast Asia (44 stores) [1] - The recent Halloween product launches in North America have generated strong sales, and the upcoming holiday season is expected to boost social engagement and revenue growth for new IPs like Labubu [1] Group 2: Brand Strength and IP Development - The success of a single IP does not hinder the overall platform development, with the brand's strength significantly improving [2] - Labubu's revenue contribution is healthy, and the company has demonstrated its long-term IP operation capabilities through product innovation and iteration [2] - The global popularity of Labubu and other key IPs has elevated Pop Mart's brand presence, exemplified by participation in the Macy's Thanksgiving Day Parade [2] Group 3: Long-term Business Model Viability - The company is viewed as one of the most competitive globally in terms of IP design, operation, and supply chain, capable of realizing long-term value through effective IP management [3] - Recent product launches have maintained a slight premium, indicating a healthier supply-demand ecosystem compared to June, which is beneficial for cultivating long-term fans [3]

Core Viewpoint - The A-share market is expected to experience an upward breakout in December, driven by improvements in fundamental expectations, macro liquidity, and policy catalysts, leading to a potential early start of the spring rally [1][9][11]. Group 1: Market Outlook - Most brokerages anticipate that December will see a recovery in fundamental expectations and macro liquidity, with policy and industry themes catalyzing market movements [1][7]. - The market has been in a three-month consolidation phase, and the likelihood of an upward breakout to initiate a year-end rally is high [1][9]. - Investors maintain confidence in the medium to long-term market outlook, suggesting that the current bull market is not over [11]. Group 2: Investment Strategies - Investors are advised to prepare for the year-end rally, with a focus on strategic positioning around key events such as the Federal Reserve's interest rate meeting and the Central Economic Work Conference [2][8]. - Emphasis on large-cap stocks with stable earnings is expected to outperform in December, while a balanced allocation between growth and value styles is recommended [12]. - Key sectors to watch include traditional manufacturing, resource revaluation, and companies with overseas expansion potential [4][8]. Group 3: Sector Focus - The technology sector is anticipated to rebound, particularly in areas with favorable cost-performance ratios, such as innovative pharmaceuticals and defense industries [6][7]. - The cyclical sectors, including basic chemicals and industrial technology, are expected to be foundational assets for the spring rally [5][6]. - Consumer sectors, particularly high-quality consumption like liquor and consumer building materials, are seen as mid-term investment opportunities [7][12].

Core Insights - The asset management industry is entering a new phase of high-quality development, with a focus on how securities firms can strategically position themselves in this evolving landscape [1][3] - The "post-public offering era" presents both opportunities and challenges for securities firms in asset management, prompting discussions on differentiation and internal collaboration [3][4] Group 1: Industry Trends - The forum highlighted the importance of "licenses, competition, genes, and collaboration" as key themes for securities firms navigating industry transformation [3] - Securities firms are exploring diverse development paths, with a focus on leveraging their unique advantages in the asset management space [4][9] Group 2: Business Strategies - Securities firms with public offering licenses are considering how to differentiate their offerings, while those without are seeking to optimize their existing frameworks [4][6] - Financial institutions like Huazhong Securities are focusing on "private small collective" products to enhance product returns and diversify their offerings [6][8] Group 3: Competitive Landscape - The relationship between securities firms and other financial institutions, such as banks and public funds, is evolving from pure competition to a mix of competition and collaboration [9][11] - Securities firms are increasingly targeting high-net-worth clients and non-bank institutions, utilizing a variety of tools such as ABS, REITs, and quantitative strategies [9][11] Group 4: Internal Collaboration and Value Creation - The unique "brokerage gene" of securities firms can be transformed into sustainable productivity, driving internal growth and enhancing client services [14][15] - Asset management can serve as a talent development base for other business lines within securities firms, providing valuable insights and strategies [15][16]

Core Viewpoint - Shenwan Hongyuan Securities Co., Ltd. successfully completed the issuance of short-term corporate bonds aimed at professional investors, indicating strong market demand and the company's solid financial position [1] Group 1: Bond Issuance Details - The total issuance scale of the bonds is RMB 3 billion [1] - Type one bonds have an issuance scale of RMB 1.9 billion, with a maturity of 97 days and a coupon rate of 1.64% [1] - Type two bonds have an issuance scale of RMB 1.1 billion, with a maturity of 335 days and a coupon rate of 1.70% [1] - The bonds are set to be listed and traded on the Shenzhen Stock Exchange after registration [1]

Group 1 - The company, Shenwan Hongyuan Group Co., Ltd., announced the issuance of corporate bonds aimed at professional investors, with a total issuance scale of RMB 1.6 billion [1] - The bonds, referred to as "24 Shenhong 03," have a maturity period of 2 years and a coupon rate of 2.06% [1] - The bonds will be issued on December 2, 2024, and will mature on December 2, 2025 [1]

Core Viewpoint - Shenwan Hongyuan Securities Co., Ltd. successfully issued short-term corporate bonds aimed at professional investors, with a total issuance scale of RMB 3 billion [1] Group 1: Bond Issuance Details - The total issuance scale of the bonds is RMB 3 billion [1] - Type one bonds have an issuance scale of RMB 1.9 billion, a term of 97 days, and a coupon rate of 1.64% [1] - Type two bonds have an issuance scale of RMB 1.1 billion, a term of 335 days, and a coupon rate of 1.70% [1] Group 2: Listing Information - The bonds are set to be listed and traded on the Shenzhen Stock Exchange after registration is completed [1]

Group 1 - The core point of the article is that Shenwan Hongyuan Securities Co., Ltd. successfully issued a short-term corporate bond aimed at professional investors, with a total issuance scale of RMB 3 billion [1] Group 2 - The bond issuance consists of two varieties: Variety One has an issuance scale of RMB 1.9 billion, a term of 97 days, and a coupon rate of 1.64% [1] - Variety Two has an issuance scale of RMB 1.1 billion, a term of 335 days, and a coupon rate of 1.70% [1] - The bonds are set to be listed and traded on the Shenzhen Stock Exchange after registration is completed [1]

（ 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。 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十二 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 北京，2025年11月28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。 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。 证券代码：000166 证券简称：申万宏源 公告编号：临 2025-101 申 万 宏 源 集 团 股 份 有 限 公 司 第六届董事会第十二次会议决议公告 本公司及董事会全体成员保证信息披露的内容真 ...

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。 第二条 本制度适用于申万宏源集团股份有限公司（以下简称： 公司）各总部及所属公司（以下简称：子公司）。申万宏源证券有限 公司可根据监管规定和实际情况另行制定其内部审计制度。 第三条 本制度是公司内部审计工作基本管理制度。制度适用单 位应根据自身经营业务特点、公司架构等情况，遵照本制度制订和完 善各项规定和办法，保证内部审计工作制度化、标准化、规范化。 第四条 本制度所称内部审计，是一种独立、客观的确认和咨询 活动，它通过运用系统、规范的方法，审查和评价公司的业务活动、 内部控制和风险管理的适当性和有效性，以促进公司完善治理、增加 价值和实现目标。 茲載列本公司於深圳證券交易所網 ...

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。 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內幕信息知情人登記 管理制度》，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 北京，2025年11月28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。 申万宏源集团股份有限公司内幕信息知情人登记管理制度 申 万 宏 源 集 团 股 份 有 限 公 司 内幕信息知情人登记管理制度 （经 2025 年 11 月 28 日，公司第六届董事会第十二次会议审议修订） ...