申 万 期 货 员 工 在 公 司 群 里 对 年 终 奖 分 配 提 出 质 疑 ， 他 认 为"30：1的分配比例毫无说服力"。1月8日，该员工对记者 表示，其在群里发送质疑是为了解"30万元与1万元差异"的数 据真实性，但截至目前仍未收到回应。 作者：牛钰 封图：图虫创意 近日，一张显示与申银万国期货有限公司（下称"申万期货"）年终奖相关的截图在网络上流传。 截图顶端一行字为"申万期货移动工作站"，下方主要内容为，一名员工在有531人的企信工作群 内发言，针对2025年度年终奖分配质疑："2025年度年终奖发放后，一级部门领导30万元、普通 员工1万元的巨大差距，让我们全体普通员工深感不公与困惑。" 据了解，申万期货为申万宏源集团股份有限公司（下称"申万宏源"，000166.SZ）的控股子公 司。 资料显示，申万期货成立于2007年12月11日，注册资本金7.76亿元，经营范围包括：商品期货 经纪、金融期货经纪、期货投资咨询、资产管理。申万期货官网公布的组织架构图显示，共设有财 富管理部、机构客户部、网络金融部、金融产品中心等14个一级部门。 图片来源：网络 经济观察报记者联系到了上述发文员工，该员工表 ...

Group 1 - The core point of the news is the decline of Shenwan Hongyuan Securities' underwriting and sponsorship business quality rating from A to C, which has attracted market attention [2] - In September 2024, Shenwan Hongyuan's deputy general manager Wang Zhaoping was taken away by relevant authorities, and he resigned from his position due to personal reasons [1] - Shenwan Hongyuan has faced multiple penalties in 2025 for violations in its underwriting business, including disciplinary actions from the Shanghai Stock Exchange and the Shenzhen Stock Exchange [3] Group 2 - The China Securities Association announced the evaluation results for 93 securities companies' investment banking business quality for 2025, categorizing 12 as A, 66 as B, and 15 as C [2] - Shenwan Hongyuan was specifically criticized for its role as a sponsor for Guohong Tools' IPO on the Sci-Tech Innovation Board, leading to a public reprimand and disciplinary measures against its representatives [3] - The Shenzhen Stock Exchange required Shenwan Hongyuan to implement corrective measures and submit a written report signed by responsible personnel due to issues with a withdrawn project [3]

经济观察报记者联系到了上述发文员工，该员工表示，其在申万期货工作已有5年，每年12月31日发放 当年的年终奖，季度奖金与年终奖在其全部收入中占比过半。2021年至2023年，他的年终奖平均约为4 万元。但2024年公司突然停发年终奖，仅在2025年2月补发了9000元"过节费"；2025年12月31日发放的 年终奖，他仅拿到1万元，叠加这一年的季度奖金也大幅缩水，约等于2025年薪酬减少约45%。 近日，一张显示与申银万国期货有限公司（下称"申万期货"）年终奖相关的截图在网络上流传。截图顶 端一行字为"申万期货移动工作站"，下方主要内容为，一名员工在有531人的企信工作群内发言，针对 2025年度年终奖分配质疑："2025年度年终奖发放后，一级部门领导30万元、普通员工1万元的巨大差 距，让我们全体普通员工深感不公与困惑。" 据了解，申万期货为申万宏源（000166）集团股份有限公司（下称"申万宏源"，000166.SZ）的控股子 公司。 资料显示，申万期货成立于2007年12月11日，注册资本金7.76亿元，经营范围包括：商品期货经纪、金 融期货经纪、期货投资咨询、资产管理。申万期货官网公布的组织架构图显示 ...

Group 1 - In 2025, the capital market's comprehensive reform led to a significant recovery in A-share financing, with total financing amounting to 1.08 trillion yuan, a 2.7-fold increase from the previous year [2][3] - The Hong Kong IPO market is expected to raise approximately 286.3 billion HKD in 2025, more than doubling from 2024, reclaiming the top position globally [6] - The restructuring of Guotai Junan Securities and Haitong Securities has intensified competition among investment banks, impacting the long-standing dominance of the "Big Four" [7][9] Group 2 - In A-share financing, equity issuance accounted for 82% of the total, with a significant contribution from four state-owned banks that completed 520 billion yuan in capital increases [5] - The IPO financing in A-shares reached 131.77 billion yuan, a 95.6% increase year-on-year, although still less than a quarter of the peak in 2022 [5] - The semiconductor industry led the A-share IPO financing with 23.09 billion yuan, followed by automotive and electrical equipment sectors [5] Group 3 - The competitive landscape for underwriting has shifted, with Guotai Haitong Securities rising to second place in A-share underwriting, while CITIC Securities maintained the top position [8][9] - The top ten A-share underwriters included several firms with significant changes in rankings, highlighting a dynamic market environment [9] - The quality evaluation of investment banking services has become more stringent, with a shift from scale to quality in competition among firms [13][14] Group 4 - The internationalization of the securities industry has been a key trend, with several firms experiencing substantial growth in Hong Kong IPO underwriting [11] - The regulatory environment has tightened, leading to a comprehensive penalty system for investment banking activities, affecting numerous firms and individuals [14]

Core Viewpoint - The company has announced a delay in the investment projects funded by raised capital, extending the expected completion dates for two key projects to December 31, 2026 [1][2]. Group 1: Project Delay Announcement - The board of directors approved the extension of the "Intelligent Upgrade of High-end Chemical Equipment Production Line" and "Technical Research Center (Huitong Research Institute)" projects [1][2]. - The delay is attributed to fluctuations in the macroeconomic environment and changes in downstream market demand, leading to an optimization of the investment pace for the projects [2][3]. Group 2: Financial Details of Investment Projects - The total amount of raised funds for the projects is 353.72 million yuan, with 252.30 million yuan allocated for the Technical Research Center project [2][3]. - As of November 30, 2025, the cumulative investment in the Technical Research Center project reached 109.07 million yuan, representing 43.23% of the planned investment [2][3]. Group 3: Impact of the Delay - The delay does not involve changes to the project implementation entities, methods, content, purposes, or investment scales, and is not expected to materially affect the implementation of the projects [2][3]. - The decision to extend the project timeline is considered prudent and aligns with the company's long-term development strategy, aiming to enhance the projects' benefits [2][3].

Core Viewpoint - Kuaishou-W (01024) has seen a stock price increase of 3.69%, currently trading at 74.55 HKD, with a trading volume of 1.357 billion HKD, driven by significant updates in its Kuailing AI technology [1][5]. Group 1: Company Updates - Shenwan Hongyuan maintains a "Buy" rating for Kuaishou-W, citing the growth potential from recent major updates in Kuailing AI [1][5]. - In December, Kuaishou launched the world's first full-modal video model, Kuailing O1, and the first audio-visual synchronous model, Kuailing 2.6 [1][5]. - Kuailing O1 enhances workflow efficiency through full-modal editing, while Kuailing 2.6 integrates closely with various sectors such as gaming, advertising, short dramas, and live streaming [1][5]. Group 2: Market Performance - According to Similar Web data, Kuailing AI's global website traffic has significantly increased, surpassing competitors like Minimax, Runway, and Midjourney by the end of December 2025 [1][5]. - Kuailing 2.6 and Kuailing O1 offer clear pricing advantages over Google Veo3.1 and Sora2, with Kuailing 2.6's high-quality audio-visual synchronous version priced between 0.44 to 0.88 RMB per second, showcasing strong cost performance [6]. - Kuailing AI's revenue exceeded 300 million RMB in Q3 2025, with expectations for annual revenue to reach 140 million USD, potentially driving stock price increases [6].

每经记者｜王海慜 每经编辑｜金冥羽 叶峰 最近，有自称为申银万国期货（以下简称申万期货）的员工在社交平台上开设"公司降薪维权专场"进行直播引发了大量关注。据网传的部分直播视频片段 显示，该人士在进行交涉时，遭到了对方袭击导致摔倒。 今天，每经记者和视频中被打一方——申万期货员工刘凯（化名）取得了联系，他表示，2024年、2025年连续两年申银万国期货都大幅削减员工年终奖， 他这次和公司总经理陆某江交涉也是想给自己和其他同事讨个说法，没料到对方会出手打人。 据他介绍，对于被公司总经理袭击受伤一事，他已经报警，警方已经立案。另外，从1月5日起他已被公司停职，还收到了公司的警告信。就此事件，记者 已向申万期货及母公司申万宏源证券提出采访请求，截至发稿尚未获得回应。 申万期货员工直播维权遭停职警告 最近，有申银万国期货员工在社交平台上开设"公司降薪维权专场"进行直播。后续相关视频画面显示，在他和公司某人士交涉时，遭到对方袭击，导致他 摔倒。公开信息显示，申万期货是上市公司申万宏源旗下申万宏源证券的控股子公司，持股比例近98%。 最近刘凯的降薪维权直播视频在网上流传 刘凯日前在公司内部群上发的信息 图 片来自:网络 今 ...

（文章来源：证券日报） 证券日报网1月8日讯 ，申万宏源在接受调研者提问时表示，公司全面落实"以客户为中心"理念，围 绕"渠道力、服务力、产品力、数字力、精细化管理能力"建设加大布局投入，完善矩阵式客户服务，持 续丰富综合金融服务手段，提升客户体验和服务效率，积极优化投资顾问服务，做优产品货架，稳步提 升代理和双融"基本盘"，并加快向买方投顾业务模式转型，打造公司财富管理品牌。2025年前三季度， 公司经纪业务手续费净收入44.85亿元，同比增长65.55%。 ...

Group 1 - The core viewpoint of the article highlights the company's accelerated digital transformation and integration of technology with business innovation [2] - The company has developed a one-stop intelligent wealth management platform called "Shencai Youdao," which integrates comprehensive financial service resources [2] - The "Yiwan Qiyuan" platform for institutional clients includes modules for intelligent research, trading support, and a full range of product offerings, addressing complex market demands [2] Group 2 - The company aims to further enhance its financial technology capabilities by leveraging AI to improve customer service experiences and internal operational efficiency [2] - There is a focus on building a standardized and intelligent system to inject digital momentum into the company's core competitiveness [2]

Core Viewpoint - The company reported a significant increase in investment income and fair value changes, indicating strong performance in its financial operations [1] Group 1: Financial Performance - The company achieved investment income and fair value changes of 12.629 billion yuan, representing a year-on-year growth of 57.15% [1] Group 2: Business Operations - The FICC (Fixed Income, Currencies, and Commodities) business focuses on in-depth research and seizing market opportunities, maintaining a strong market presence [1] - The equity business line adheres to a value investment philosophy and actively participates in swap convenience business [1] - The derivatives business maintains a competitive advantage by adapting strategies to market changes, ensuring stable business development and ranking among industry leaders [1]