免责声明 本内容最终解释权归申万宏源证券有限公司所有。 12月26日，新华社新华网举办"第四届乡村振兴论坛"，会上隆重发布"2025乡 村振兴优秀实践案例"，申万宏源申报的《申万宏源"金融+产业"帮扶实践，助力会 宁乡村振兴高质量可持续发展》在众多参评项目中脱颖而出 、 成功入选。申万宏 源相关负责同志受邀出席颁奖仪式并现场领奖。 该获奖案例总结了申万宏源作为金融国企，立足职责使命，围绕乡村振兴重点 任务，持续推动金融优势与地方特色产业发展的深度融合。通过探索 "金融赋能产 业、产业反哺乡村"的协同推进模式，申万宏源有效助力会宁县实现产业发展 和 群众增收，示范效应显著，推广价值突出。 此次获奖是继申万宏源荣获央广财经 2025年度"金顶"优秀案例后，再次获得 权威媒体的重要肯定。未来，申万宏源将继续聚焦乡村振兴战略重点领域，充分发 挥金融专业优势，深化"金融+产业"帮扶实践，为推进 乡村振兴 和经济社会高质量 发展贡献更多金融力量。 ...

Group 1 - The core viewpoint of the article highlights the successful issuance of a non-public bond by Shandong Tongda Industrial Investment Development Group Co., Ltd., amounting to 300 million yuan, with a term of 5 years and a coupon rate of 2.43%, aimed at supporting the development of small and micro enterprises [2] - Shandong Tongda Industrial is a significant state-owned enterprise in Jinan's Zhangqiao District, focusing on various sectors including engineering construction, cultural tourism, building materials sales, and public municipal services, aligning with the district's development goals [2] - The successful bond issuance strengthens the collaboration between Shenwan Hongyuan and the issuer, marking a significant achievement in the strategy of "deepening regional engagement and serving the real economy," and lays a solid foundation for future quality project expansions in Shandong [2]

Core Viewpoint - Shenwan Hongyuan experienced a decline of 1.69% on January 15, with a trading volume of 701 million yuan, indicating a potential market reaction to recent financial activities [1] Financing Summary - On January 15, Shenwan Hongyuan had a financing buy-in amount of 169 million yuan, with a net financing buy of approximately 80.46 million yuan after repayments [1] - The total financing and securities lending balance reached 3.445 billion yuan, with the financing balance accounting for 2.91% of the circulating market value, indicating a high level compared to the past year [1] - The company repaid 205,800 shares in securities lending and sold 74,400 shares, with a selling amount of 390,600 yuan, while the securities lending balance was 1.3466 million yuan, which is below the 40th percentile of the past year [1] Company Profile - Shenwan Hongyuan Group Co., Ltd. is located in Urumqi, Xinjiang, and was established on September 16, 1996, with its listing date on January 26, 2015 [2] - The company's main business includes financial investment and equity investment, with revenue composition as follows: institutional services and trading 43.86%, personal finance 35.58%, and corporate finance 15.31% [2] - As of September 30, the company reported a total revenue of 19.499 billion yuan for the first nine months of 2025, reflecting a year-on-year growth of 11.70%, and a net profit attributable to shareholders of 8.016 billion yuan, up 108.22% year-on-year [2] Dividend Information - Since its A-share listing, Shenwan Hongyuan has distributed a total of 18.106 billion yuan in dividends, with 4.607 billion yuan distributed over the past three years [3] Shareholding Structure - As of September 30, 2025, the top ten circulating shareholders include China Securities Finance Corporation, holding 635 million shares, and Hong Kong Central Clearing Limited, which increased its holdings by 6.838 million shares to 395 million shares [3]

专题：第二届新浪财经金麒麟最佳投资顾问荣誉 专题：第二届新浪财经金麒麟最佳投资顾问荣誉 "第二届新浪财经金麒麟最佳投资顾问"评选于2025年6月重磅开启，吸引了超70家机构及全国超1.5万名 投资顾问参与，评选历经超过六个月的多维度评比与争夺，超百位顶尖精英投顾脱颖而出。同时，第二 届新浪财经金麒麟最佳投顾服务机构奖项重磅出炉。 第二届新浪财经金麒麟最佳投资顾问服务机构荣誉榜如下： 责任编辑：宋雅芳 "第二届新浪财经金麒麟最佳投资顾问"评选于2025年6月重磅开启，吸引了超70家机构及全国超1.5万名 投资顾问参与，评选历经超过六个月的多维度评比与争夺，超百位顶尖精英投顾脱颖而出。同时，第二 届新浪财经金麒麟最佳投顾服务机构奖项重磅出炉。 第二届新浪财经金麒麟最佳投资顾问服务机构荣誉榜如下： 责任编辑：宋雅芳 ...

Group 1 - Alibaba's strategic upgrade for Taobao Flash Purchase aims to secure a dominant position in the instant delivery market, which is expected to inject strong demand into the industry [1] - The competition in the instant retail sector is becoming more compliant under antitrust regulations, potentially driving a shift from low-priced categories like food and beverages to higher-priced categories, thus creating more growth opportunities for logistics [1] - Increased investment in high-frequency subsidies is likely to boost consumer habits and directly drive the growth of instant delivery order volumes, becoming a key source of industry demand [1] Group 2 - Instant delivery is becoming an essential channel for merchants, leading to a new round of competition among brands and businesses, which may disrupt traditional high-efficiency business models [2] - The expansion of subsidies beyond food and beverages into general merchandise is expected to accelerate the scale effects on the logistics side, creating a positive feedback loop [2] Group 3 - Third-party logistics service providers, such as SF Express, are benefiting from the competitive landscape, with significant growth in business and profit expectations [3] - During the "Double Eleven" shopping festival, SF Express saw a more than 50% year-on-year increase in daily same-city delivery orders, with beverage orders up over 160% and fast food orders up over 110% [3] - As a neutral third-party platform, SF Express experienced notable growth in orders from various channels, including Douyin, Meituan-W, Taobao Flash Purchase, and JD Instant Delivery, with positive growth and profit expectations for the delivery business in 2026 [3]

Core Viewpoint - The A-share bull market is not over, but the subsequent development will exhibit a clear two-phase characteristic: "structural bull" and "comprehensive bull" [1][6]. Group 1: Conditions for Comprehensive Bull Market - Three overlapping factors are necessary for the initiation of a comprehensive bull market: cyclical improvement in fundamentals, reinforcement of technology industry trends, and a positive cycle of incremental resident funds [3][8]. - By the second half of 2026, conditions for a comprehensive bull market are expected to mature, with the market likely to enter this phase [3][8]. Group 2: Earnings and Investment Opportunities - The improvement in listed companies' performance is more certain than the overall economic improvement [3][8]. - The core background driving advanced manufacturing is that the supply clearance in midstream manufacturing has reached historically high levels, suggesting that midstream manufacturing is likely to emerge from deflation first [3][8]. - Two significant occurrences are anticipated in 2026: a meaningful upward marginal improvement in A-share overall profitability and the market achieving double-digit growth for the first time in five years [3][8]. Group 3: Market Dynamics and Fund Flow - Concerns regarding fund flow in the current market reflect that funds have not yet entered a true inflow phase, but once a genuine bull market arrives, actively managed products will likely outperform [3][8]. - The next phase of the bull market may not be driven by fundamental earnings but rather by comprehensive valuation increases and a positive cycle of incremental funds [4][9].

Core Viewpoint - The A-share bull market is not over, but the subsequent development will exhibit a clear two-phase characteristic: "structural bull" and "comprehensive bull" [1][6]. Group 1: Conditions for Comprehensive Bull Market - Three overlapping factors are necessary for the initiation of a comprehensive bull market: cyclical improvement in fundamentals, reinforcement of technology industry trends, and a positive cycle of incremental resident funds [3][8]. - By the second half of 2026, conditions for a comprehensive bull market are expected to mature, with the potential for significant market opportunities [3][8]. Group 2: Earnings and Investment Focus - Company earnings improvement is more certain than overall economic improvement, indicating a focus on midstream manufacturing, which is expected to emerge from deflation first [3][8]. - The A-share market may witness effective marginal upward movement in overall profitability and achieve double-digit growth for the first time in five years [3][8]. Group 3: Market Dynamics and Fund Flow - The current market concerns regarding fund flow reflect that funds have not yet entered a true inflow phase, but once a bull market arrives, actively managed products will likely outperform [3][8]. - The next phase of the bull market may not be driven by fundamental earnings but rather by comprehensive valuation increases and a positive cycle of incremental funds [4][9].

Core Viewpoint - The current market is in a "structural bull" phase, with expected limited corrections despite potential fluctuations [1][9]. Group 1: Market Characteristics - "Structural bull" refers to a stage where industry trends are not yet mature, leading to a premature increase in market capitalization and valuation, which may result in adjustments when perceived as overvalued [3][11]. - A "comprehensive bull" occurs when industry trends mature, driven by capital strength and optimistic market expectations, potentially leading to true bubbles [3][11]. - Two key judgments were made: the major bull market is nearing its end, and after the spring rally, a quarterly phase of correction may follow [3][11]. Group 2: Market Trends from 2025 Onwards - The market from 2025 to present exhibits typical characteristics of a "structural bull" year, with extreme positioning by institutional investors, particularly in the electronics and TMT sectors [4][12][14]. - There has been a noticeable upward trend in the net value of public funds and the accumulated profit effect for institutional investors, with new products from 2020 to 2021 recovering above the baseline [6][12][14]. - Concerns have arisen regarding the valuations of key sectors, with investors feeling that the AI industry chain, commercial aerospace, and AI applications are overvalued or have overly optimistic expectations [6][12][14]. Group 3: Spring Market Dynamics - The current spring market is characterized as a continuous expansion within the structural bull framework, with a focus on electronics and communication hardware [15]. - Since September 2025, new industry directions have emerged, including active performance in the power equipment and renewable energy sectors, and themes like commercial aerospace and AI applications have gained traction [15]. - The rapid increase in valuations to historically high levels often leads to stagnation and volatility, indicating a transition from unilateral growth to a waiting phase for new industry trends to develop [15].

Core Viewpoint - The 2025 China Enterprise ESG "Golden Responsibility Award" aims to recognize companies and institutions that have made significant contributions to ESG initiatives in China, reflecting a shift from voluntary practices to compliance requirements in ESG performance [1][12]. Group 1: ESG Development and Awards Overview - By 2025, China's ESG development has transitioned from "setting standards" to "strengthening regulations," with a comprehensive disclosure standard system being established [1][12]. - The award selection attracted over 5,000 companies, with results based on ESG performance, online voting, and professional evaluations [2][12]. Group 2: Award Categories and Winners - The award categories include Excellent Environmental Responsibility Award, Excellent Social Responsibility Award, Excellent Corporate Governance Responsibility Award, Excellent Responsibility Initiative Award, Excellent Sustainable Development Award, and various responsibility investment awards [1][12]. - Notable winners of the Excellent Environmental Responsibility Award include Great Wall Motors, Hikvision, and China Petroleum [7][24]. - The Excellent Social Responsibility Award was awarded to companies such as YF Communication, ZTE, and Ningde Times [7][24]. - Winners of the Excellent Corporate Governance Responsibility Award include China Petroleum, Hikvision, and WuXi AppTec [7][24]. - The Excellent Responsibility Initiative Award was given to companies like ZTE, Sunlight Power, and Industrial and Commercial Bank of China [7][24]. - The Excellent Sustainable Development Award included companies such as WanHua Chemical, China Bank, and China Petroleum [7][24]. Group 3: Responsibility Investment Awards - The Responsibility Investment Excellent Bank Award was given to institutions like CITIC Bank and Minsheng Bank [5][21]. - The Responsibility Investment Excellent Securities Company Award included firms such as Shenwan Hongyuan and CITIC Securities [5][22]. - The Responsibility Investment Excellent Insurance Company Award recognized companies like New China Life and AIA [5][26]. - The Responsibility Investment Excellent Fund Company Award included firms such as Xinhua Fund and Harvest Fund [5][27]. - The Responsibility Investment Excellent Asset Management Institution Award recognized institutions like Ping An Asset Management and Sunshine Asset Management [5][28]. Group 4: Call to Action and Future Directions - The award committee encourages more Chinese enterprises to integrate ESG principles into their operations and strategic planning, emphasizing the importance of balancing commercial and social values [10][29].

Core Viewpoint - As of January 14, a total of 159 stocks in the Shanghai and Shenzhen markets have experienced net financing inflows for five consecutive days or more, indicating strong investor interest in these stocks [1] Group 1: Stocks with Notable Financing Inflows - The stock with the longest consecutive net inflow is Shenwan Hongyuan, which has seen net buying for 12 consecutive trading days [1] - Other stocks with significant consecutive net inflows include BlueFocus Communication Group, Lens Technology, Bertel, Zhongchen Technology, Qianeng Hengxin, Jiayuan Technology, Tianwei Food, and Nanmo Biology [1]