本期债券兑付日为2026年1月9日，摘牌日为2026年1月9日，申万宏源证券有限公司已按照《申万宏源证 券有限公司2025年面向专业投资者非公开发行短期公司债券(第一期)募集说明书》相关约定，完成本期 债券本息兑付并予以摘牌。 智通财经APP讯，申万宏源(06806)发布公告，公司所属子公司申万宏源证券有限公司于2025年7月10日 发行申万宏源证券有限公司 2025 年面向专业投资者非公开发行短期公司债券(第一期)(品种二)(以下简 称"本期债券")，发行规模人民币 13 亿元，期限 183 天，票面利率 1.63%，债券代码 134349，债券简称 25 申证 D2。 ...

本期债券兑付日为2026年1月9日，摘牌日为2026年1月9日，申万宏源证券有限公司已按照《申万宏源证 券有限公司2025年面向专业投资者非公开发行短期公司债券(第一期)募集说明书》相关约定，完成本期 债券本息兑付并予以摘牌。追加内容 格隆汇1月12日丨申万宏源(06806.HK)公告，公司所属子公司申万宏源证券有限公司于2025年7月10日发 行申万宏源证券有限公司2025年面向专业投资者非公开发行短期公司债券(第一期)(品种二)(以下简 称"本期债券")，发行规模人民币13亿元，期限183天，票面利率1.63%，债券代码134349，债券简称25 申证D2。相关情况请详见公司于2025年7月12日在《中国证券报》《证券时报》《上海证券报》和巨潮 资讯网www.cninfo.com.cn上刊登的公告) 本文作者可以追加内容哦 ! ...

本期债券兑付日为2026年1月9日，摘牌日为2026年1月9日，申万宏源证券有限公司已按照《申万宏源证 券有限公司2025年面向专业投资者非公开发行短期公司债券(第一期)募集说明书》相关约定，完成本期 债券本息兑付并予以摘牌。 格隆汇1月12日丨申万宏源(06806.HK)公告，公司所属子公司申万宏源证券有限公司于2025年7月10日发 行申万宏源证券有限公司2025年面向专业投资者非公开发行短期公司债券(第一期)(品种二)(以下简 称"本期债券")，发行规模人民币13亿元，期限183天，票面利率1.63%，债券代码134349，债券简称25 申证D2。相关情况请详见公司于2025年7月12日在《中国证券报》《证券时报》《上海证券报》和巨潮 资讯网www.cninfo.com.cn上刊登的公告) ...

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關於申萬宏源證券有 限公司2025年面向專業投資者非公開發行短期公司債券（第一期）（品種二）本息兌付並摘牌的 公告》，僅供參閱。 本期债券兑付日为2026年1月9日，摘牌日为2026年1月9日，申万 宏源证券有限公司已按照《申万宏源证券有限公司2025年面向专业投 资者非公开发行短期公司债券（第一期）募集说明书》相关约定，完 成本期债券本息兑付并予以摘牌。 特此公告。 申万宏源集团股份有限公司董事会 劉健 北京，2026年1月12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 ...

Group 1: Federal Reserve and Employment Data - Goldman Sachs expects the Federal Reserve to maintain its current policy in January, with two rate cuts anticipated in the remainder of 2026 due to initial signs of labor market stability [1] - JPMorgan has removed its forecast for a rate cut in 2026, now predicting a 25 basis point increase in Q3 2027 [1] - Societe Generale believes the decline in unemployment and rising wages provide a stronger rationale for the Fed to hold rates steady in January [1] Group 2: Oil Prices and Geopolitical Risks - Goldman Sachs indicates that despite ongoing geopolitical risks, oil prices may continue to decline due to ample supply, predicting Brent and WTI crude oil prices to average $56 and $52 per barrel respectively in 2026 [2] Group 3: Chinese Economic Outlook - CITIC Securities forecasts a "mild re-inflation" in China in 2026, driven by a slight increase in PPI and CPI, with core CPI expected to rise due to various factors including food prices and service costs [3] - CITIC Securities also notes that the balance between external and internal demand will be crucial for the A-share market, with a higher probability of upward movement in early 2026 [4] Group 4: Commodity Prices and Market Trends - CITIC Jinpu predicts that copper prices will continue to rise, with the market not yet at an end, and expects significant support for copper prices despite short-term corrections [5] - CITIC Securities anticipates that investment in the power grid during the 14th Five-Year Plan period may reach 3.8 trillion yuan, focusing on high-quality development and stability in the energy sector [6] Group 5: Currency and Market Dynamics - Huatai Securities expects the Federal Reserve to pause rate cuts from January to May, with potential cuts occurring after the new Fed chair takes office [7] - Huachuang Securities highlights the commercialization of brain-computer interfaces, indicating a growing market with significant potential for expansion beyond the medical field [8] - Shenwan Hongyuan predicts that the RMB will appreciate by 2-3% annually over the next few years, with a total appreciation of over 30% in the next decade, benefiting the stock market [10]

Core Viewpoint - The global precious metals market experienced a significant surge, with COMEX gold surpassing $4600 per ounce and Shanghai silver futures rising by 14%, driven by concerns over Federal Reserve independence, geopolitical conflicts, central bank gold purchases, and de-dollarization trends [1][2]. Group 1: Market Performance - On January 12, COMEX gold futures reached a peak of $4612 per ounce, while COMEX silver hit $84.69 per ounce, with a peak intraday increase of over 6% [2]. - In the domestic market, Shanghai gold futures peaked at 1031 yuan per gram, and Shanghai silver futures rose by 14%, closing at 20945 yuan per kilogram, with all seven distant month contracts hitting the limit [2]. - The London Metal Exchange (LME) saw all six base metal futures contracts close higher, with LME tin and copper rising approximately 5% and 2%, respectively [5]. Group 2: Influencing Factors - The recent surge in precious metals is attributed to multiple factors, including the investigation of Federal Reserve Chairman Jerome Powell, which is seen as a long-term threat to the Fed's independence, alongside ongoing geopolitical tensions and central banks' continuous gold accumulation [2][6]. - The U.S. labor department reported a lower-than-expected increase in non-farm payrolls for December, which, combined with a declining unemployment rate and a weakening dollar, provided new support for gold prices [5]. Group 3: Risk Signals - High volatility risks are evident, with global futures exchanges frequently intervening and increasing trading margins for precious metals [3]. - The recent announcement from the Shanghai Gold Exchange highlighted significant price fluctuations and rising uncertainties, prompting a warning for members to monitor market changes closely [3]. Group 4: ETF Adjustments - To manage high inflows, gold ETFs have begun to limit subscriptions, with E Fund's gold ETF announcing a suspension of subscriptions starting January 16, aimed at protecting holder interests and ensuring stable fund operations [8]. - The adjustment in subscription terms includes raising the minimum subscription unit and streamlining the physical redemption contracts, which is expected to mitigate tracking errors due to premium discrepancies [8]. Group 5: Future Outlook - Analysts predict that the ongoing central bank gold purchases, combined with the irreversible trend of global monetary expansion and de-dollarization, will continue to support the upward trajectory of precious metals [7]. - Bloomberg Commodity Index's adjustment of gold and silver weightings is expected to create selling pressure, particularly on silver, which may experience greater volatility due to its smaller market size [9].

（记者 曾健辉） 每经头条（nbdtoutiao）——年产量是传统大田120倍以上，1个人管理1栋楼！实探中国"植物工厂"：水 稻生产期从120天减到60天，没有虫害不用打农药 每经AI快讯，亿道信息发布公告称，2026年1月12日，亿道信息接受申万宏源证券有限公司等投资者调 研，公司副总经理、董事会秘书乔敏洋，投资者关系专员谢蝶参与接待，并回答了投资者提出的问题。 ...

证券代码：000166 证券简称：申万宏源 公告编号：临2026-1 申万宏源集团股份有限公司董事会 二〇二六年一月十二日 公司所属子公司申万宏源证券有限公司于 2025 年 7 月 10 日发行 申万宏源证券有限公司 2025 年面向专业投资者非公开发行短期公司 债券（第一期）（品种二）（以下简称"本期债券"），发行规模人 民币 13 亿元，期限 183 天，票面利率 1.63%，债券代码 134349，债 券简称 25 申证 D2。相关情况请详见公司于 2025 年 7 月 12 日在《中 国 证 券 报 》 《 证 券 时 报 》 《 上 海 证 券 报 》 和 巨 潮 资 讯 网 www.cninfo.com.cn 上刊登的公告） 本期债券兑付日为2026年1月9日，摘牌日为2026年1月9日，申万 宏源证券有限公司已按照《申万宏源证券有限公司2025年面向专业投 资者非公开发行短期公司债券（第一期）募集说明书》相关约定，完 成本期债券本息兑付并予以摘牌。 特此公告。 申 万 宏 源 集 团 股 份 有 限 公 司 关于申万宏源证券有限公司 2025 年面向专业投资者非公开 发行短期公司债券（第一期） ...

Core Insights - As of January 9, a total of 184 stocks in the Shanghai and Shenzhen markets have experienced net financing inflows for five consecutive days or more [1] - The stock with the longest streak of net financing inflows is Haier Smart Home, which has seen net inflows for 13 consecutive trading days [1] - Other notable stocks with significant net financing inflow days include AVIC Optoelectronics, Aerospace Science and Technology, BlueFocus Communication Group, Shenwan Hongyuan, Shanghai University of Electric Power, Yintong Intelligent Control, and Beimo High-tech [1]

Core Viewpoint - The chief economist of Shenwan Hongyuan, Zhao Wei, stated that the Chinese yuan has entered an appreciation channel and is expected to appreciate by at least 2-3% annually over the next few years, potentially leading to a total appreciation of over 30% in about ten years [1] Group 1: Currency Outlook - The yuan's offshore and onshore exchange rates both broke the 7 mark at the end of last year [1] - Long-term, the yuan's exchange rate is expected to exhibit two-way fluctuations, with a single-direction trend being unsustainable [1] Group 2: Market Impact - The appreciation of the yuan is anticipated to benefit the Chinese stock market [1]