Core Viewpoint - The performance of Tonghuashun is significantly influenced by the activity level of the capital market, but it also demonstrates resilience during market downturns due to strategic initiatives and its strong market position [1] Group 1: Company Performance - Tonghuashun's revenue is heavily impacted by the capital market's activity, but it has shown resilience during quieter market periods [1] - The resilience is attributed to proactive strategies in new areas such as product innovation, customer expansion, and technology development [1] - According to data from Analysys Qianfan, Tonghuashun leads the securities app market with a market share of 21%, significantly ahead of its closest competitor, Dongfang Caifu [1] Group 2: Business Strategy - The company possesses four key elements: strategic determination, core product technology, comprehensive layout, and advantages in the consumer end [1] - Both C-end and B-end AI initiatives have started to generate revenue, with recent B-end contracts, such as a major deal with Guotai Junan, showcasing its technical capabilities [1] - The C-end AI service, "WenCai AI," has begun implementing tiered pricing [1] Group 3: Financial Projections - Based on a reassessment of Tonghuashun's business, the projected net profit attributable to shareholders for 2025-2027 is estimated to be 2.854 billion, 3.513 billion, and 4.308 billion yuan, with growth rates of 57%, 23%, and 23% respectively [1] - Previous profit expectations were lower, at 2.286 billion, 2.749 billion, and 3.159 billion yuan [1] - The current PE ratio for 2026 is 51x, indicating over 20% potential upside, maintaining a "buy" rating [1]

Group 1 - The core viewpoint of the articles highlights the decline in the underwriting quality evaluation of Shenwan Hongyuan, which dropped from Class A to Class C, raising market concerns [1] - The Securities Association reported that out of 93 securities firms, 12 were rated Class A, 66 Class B, and 15 Class C, indicating a significant drop for Shenwan Hongyuan [1] - Shenwan Hongyuan has faced multiple regulatory penalties over the past year, which may have contributed to its downgrade in the evaluation [1] Group 2 - In March of the previous year, the Shanghai Stock Exchange issued four disciplinary actions against Shenwan Hongyuan for inadequate fulfillment of its sponsorship responsibilities during the IPO application process for Guohong Tools [1] - In April, the Shenzhen Stock Exchange announced self-regulatory measures against Shenwan Hongyuan related to the IPO project of Hainuoer, citing issues with internal controls and inaccurate verification opinions [1] - The Shanghai Municipal Communications Administration reported that two versions of Shenwan Hongyuan's APP were found to have user rights infringement issues, specifically difficulties in account cancellation [2]

Group 1 - The core viewpoint of the articles highlights the decline in the investment banking quality rating of Shenwan Hongyuan, which dropped from A to C in the recent evaluation by the Securities Association of China, raising market concerns [1] - In the 2025 evaluation, out of 93 securities firms, 12 were rated A, 66 rated B, and 15 rated C, indicating a significant drop for Shenwan Hongyuan [1] - Shenwan Hongyuan has faced multiple regulatory penalties over the past year, which are likely the main reasons for its downgrade [1] Group 2 - Specific incidents leading to penalties include disciplinary actions from the Shanghai Stock Exchange for inadequate performance of sponsorship duties during the IPO application process for Guohong Tools, resulting in a public reprimand and a six-month ban on certain representatives [1] - The Shenzhen Stock Exchange also issued self-regulatory measures against Shenwan Hongyuan for issues related to internal controls and accounting practices in the IPO project of Hainuoer, indicating a lack of due diligence [1] - Additionally, the Shanghai Municipal Communications Administration reported that two apps associated with Shenwan Hongyuan were found to have user rights infringement issues, specifically difficulties in account cancellation [2]

Group 1 - The core viewpoint is that the spring market rally has started early, and the bull market pattern remains intact, with 2026 expected to be a significant year due to multiple positive factors [1] - Macro policy cycles indicate that 2026 will be the start of the "14th Five-Year Plan," with various departments intensifying the introduction of supporting industrial policies and investment plans, creating a favorable liquidity environment for the market [1] - Institutional funds, particularly from stock ETFs, have shown early entry into the market, with additional inflows expected from insurance funds and foreign capital due to currency appreciation, which may strengthen the spring market trend [1] Group 2 - The spring market is expected to have depth, with the Shanghai Composite Index showing continuous upward movement, indicating a robust spring theme with high elasticity in thematic opportunities [2] - Key themes to focus on include industrial themes (commercial aerospace, robotics, nuclear fusion), funding themes (high dividend recovery and core asset recovery), and policy themes (service consumption, Hainan) [2] - The investment focus is on AI computing power chains and cyclical opportunities, which are expected to have high institutional attention, although their weight in the spring market may be relatively low [2] Group 3 - From a technical perspective, after a significant rebound, the Shanghai Composite Index is approaching the 4100-point mark, and the upward momentum is expected to slow down, with potential for significant fluctuations [3] - Future industry focus remains critical, but caution is advised regarding the risk of significant adjustments following substantial speculation in individual stocks, with attention to high-low switches within sectors [3]

本 期 债券是 贵州省内农商行 首单 绿色 金融债券 ， 是申万宏源证券与 贵阳农 商 银行长期信任与紧密合作的坚实成果 ， 展现出申万宏源 证券 服务区域经济，助 力绿色产业发展、做好绿色金融大文章的核心理念。未来，申万宏源证券将进一步加 大金融服务力度，持续提升服务实体经济的质效，以优质的专业能力和高效的沟通协 作，共同为区域经济高质量发展注入金融动能。 免责声明 近日，由申万宏源担任牵头主承销商的 " 贵阳农村商业银行股份有限公司 2025 年第一期绿色金融债券 " 成功发行，本期债券发行规模 15 亿元，期限 3 年，票面 利率 2.40 % 。 本期债券的发行主体贵阳农商银行成立于 2011 年，是贵州省第三大法人银行。 发行人 连续五年入围 " 中国银行业 200 强 " 、三登贵州百强系列名单、获评 2025 年省级服务业龙头企业、荣获全国五四红旗团委、全国金融系统文化建设优秀 单位 。 本内容最终解释权归申万宏源证券有限公司所有。 ...

Core Viewpoint - The report from Shenwan Hongyuan indicates that MTR Corporation (00066) has a diversified business model, leading to a valuation discount of 20%. The estimated total enterprise equity value is HKD 221.3 billion, with a target share price of HKD 35.55, representing a 19% upside from the current market value. The initial coverage gives a "Buy" rating [1]. Group 1: Company Overview - MTR Corporation has grown to be the core operator of Hong Kong's rail transit since its establishment in 1975. It was listed on the Hong Kong Stock Exchange in 2000 and merged with Kowloon-Canton Railway Corporation in 2007, officially renaming itself to Hong Kong Railway Limited. The company has expanded globally, securing franchise projects in Beijing, Hangzhou, and Australia since 2005 [2]. - The Hong Kong Special Administrative Region Government, represented by the Financial Secretary, is the controlling shareholder of MTR Corporation, holding a 74.45% stake, while the remaining shares are held by public shareholders and institutional investors [2]. Group 2: Business Model and Growth Potential - MTR Corporation employs a "Rail + Property" development model, where the development rights of land along railway lines are granted to the company to fund the high costs of railway construction. This model is expected to benefit from the recovery of the Hong Kong real estate market, which is anticipated to drive long-term growth in property development [2]. - The years 2025 and 2026 are projected to be peak periods for property revenue recognition from the previous cycle [2]. Group 3: Dividend Policy and Financial Projections - The company follows a progressive dividend policy, with dividends per share increasing from HKD 1.06 in 2015 to HKD 1.31 in 2024. Despite a loss in 2020, the company maintained its dividend. Significant earnings growth in recent years is expected to sustain the current dividend level [3]. - Forecasted net profits attributable to shareholders for 2025, 2026, and 2027 are HKD 16.203 billion, HKD 20.166 billion, and HKD 10.138 billion, respectively. The corresponding price-to-earnings ratios for these years are projected to be 12x, 9x, and 19x. The expected dividend yield for 2025-2027 is 4.4% [3]. - The overall enterprise equity value is estimated at HKD 276.6 billion based on a free cash flow to firm (FCFF) valuation for regular operations and a net asset value (NAV) valuation for property development [3].

Core Viewpoint - The report from Shenwan Hongyuan indicates that MTR Corporation (00066) has a diversified business model, leading to a 20% valuation discount, resulting in an estimated total equity value of HKD 221.3 billion and a target share price of HKD 35.55, representing a 19% upside from the current market value. The initial coverage gives a "Buy" rating [1]. Group 1 - MTR Corporation has grown to become the core operator of Hong Kong's rail transit since its establishment in 1975, listed on the Hong Kong Stock Exchange in 2000, and merged with Kowloon-Canton Railway Corporation in 2007. The company has expanded globally with projects in Beijing, Hangzhou, and Australia since 2005 [2]. - The Hong Kong SAR government, represented by the Financial Secretary, is the controlling shareholder of MTR Corporation, holding a 74.45% stake, with the remainder owned by public shareholders and institutional investors [2]. Group 2 - The "Rail + Property" development model allows MTR to fund railway projects through land development rights along railway lines, which the government grants to offset the high costs of railway construction. The recovery in the Hong Kong real estate market is expected to boost long-term property development for the company, with significant revenue recognition anticipated in 2025 and 2026 [3]. Group 3 - The company follows a progressive dividend policy, with dividends per share increasing from HKD 1.06 to HKD 1.31 from 2015 to 2024. Despite a loss in 2020, the company maintained its dividend. Significant profit growth in recent years is expected to sustain current dividend levels. Forecasted net profits for 2025-2027 are HKD 16.203 billion, HKD 20.166 billion, and HKD 10.138 billion, with corresponding P/E ratios of 12x, 9x, and 19x. The dividend yield for 2025-2027 is projected to be 4.4% each year [4].

Group 1 - The core point of the announcement is the change of the management entity for the Shenwan Hongyuan Tian Tian Li Money Market Fund, effective from December 22, 2025 [1] - The management company is changing from Shenwan Hongyuan Securities Asset Management Co., Ltd. to Shenwan Lingxin Fund Management Co., Ltd. [1] - The full audit report regarding the change will be disclosed on January 7, 2026, on the company's website and the China Securities Regulatory Commission's fund electronic disclosure website [1] Group 2 - Investors can contact the company's customer service for any inquiries regarding the management change [1]

Group 1 - The issuer of the bond is China National Railway Group Co., Ltd., which is the new name for the former China Railway Corporation [1][39] - The bond being issued is the "2026 First Phase China Railway Construction Bond" with a total issuance scale of 5 billion yuan [4][40] - The lead underwriter for this bond issuance is CITIC Securities [5][39] Group 2 - The bond will be issued through a single-rate (Dutch-style) bidding process, with the bidding rate range set between 1.15% and 2.15% [41][42] - The bidding will take place on January 8, 2026, with results announced on January 9, 2026 [20][23] - The final interest rate will be determined based on market bidding results and will remain fixed throughout the bond's duration [41][42] Group 3 - The bond proceeds must be paid by the winning bidders by noon on January 9, 2026 [24][26] - In case of default by a winning bidder, the issuer and lead underwriter have the right to dispose of the awarded bonds and the defaulting bidder must compensate for any losses incurred [27][39] - The bonds will be registered and held in a real-name accounting system at the Shanghai Stock Exchange and the Central Clearing Company [28][42]

Group 1 - The company, Riyue Ming (300906), announced the use of idle raised funds amounting to 130 million yuan to purchase customized financial products from Shenwan Hongyuan, specifically the Longding Jinniu SMART3 series, with a term of 352 days and an expected annual return of 0.5% plus floating income [1] - As of January 6, 2026, the company has a remaining cash management balance of 230 million yuan from the raised funds that have not yet matured [1]