Core Viewpoint - The article discusses the outlook for the A-share market in 2026, emphasizing the importance of economic work and investment strategies as China enters a critical period of its "14th Five-Year Plan" [1][2]. Group 1: Market Trends and Economic Outlook - A-share company profit growth is expected to show a "low first, high later" trend in 2026, influenced by the US-China trade dynamics and the upcoming US midterm elections [3][5]. - The international order's restructuring and China's industrial innovation are anticipated to support A-share performance, with a market trend of initial growth followed by stabilization [6][8]. - The nominal GDP growth in China is projected to reach 6.45% in 2026, significantly higher than in 2025, indicating a recovery in corporate earnings [21]. Group 2: Investment Opportunities and Sector Focus - Key investment themes include the global pricing power in manufacturing, the expansion of Chinese companies overseas, the continuation of the tech trend with AI, and the potential recovery in domestic demand [5][8][19]. - Analysts suggest focusing on sectors with clear growth trends, such as AI applications, machinery, innovative pharmaceuticals, and energy equipment [5][8][19]. - The A-share market is expected to maintain a "slow bull" pattern, with a focus on industries experiencing supply constraints and clear growth trends, such as AI and energy storage [11][25]. Group 3: Policy and Structural Changes - The article highlights the need for policies that support long-term market stability and the development of new industries, particularly in technology and innovation [6][17][24]. - The "anti-involution" policies are expected to improve competition in traditional industries and stimulate domestic demand, contributing to overall market recovery [15][17]. - The capital market is anticipated to transition from valuation-driven to profit-driven dynamics, with a focus on sectors that can benefit from both traditional and emerging growth drivers [15][19].

登录新浪财经APP 搜索【信披】查看更多考评等级 根据中国证监会《证券发行上市保荐业务管理办法》、《上海证券交易所上市公司自律监管指引第11号 ——持续督导》等有关法律法规的要求，申万宏源证券承销保荐有限责任公司（以下简称"申万宏源承 销保荐"或"保荐人"）作为润本生物技术股份有限公司（以下简称"润本股份"或"公司"）首次公开发行 股票并上市及持续督导的保荐人，于2025年12月26日至12月29日对润本股份2025年度有关情况进行了现 场检查。 一、本次现场检查的基本情况 申万宏源承销保荐针对润本股份实际情况制订了2025年度现场检查工作计划。为顺利实施本次现场工 作，提高现场工作效率，切实履行持续督导工作，保荐人以邮件方式将现场检查事宜通知润本股份，并 要求公司提前准备现场检查工作所需的相关文件和资料。2025年12月26日至12月29日，申万宏源承销保 荐保荐代表人根据事先制订的现场检查工作计划，采取与公司董事、高级管理人员及有关人员进行沟通 和询问、查看公司生产经营场所、查阅公司原始凭证及其他相关资料等形式，对包括公司治理和内部控 制情况、三会运作情况、信息披露情况、独立性以及与控股股东、实际控制人及 ...

4 1 11 100 6395 r 626- (Cir (56- (0 ed 陈亮 : . , . 111- ( = ) Ma 刘健 t the O T . 4. Jh 顾伟 0 l P t . t . 范力 钱文海 黄德良 王海河 陈戈 张东 钟文岳 刘宗治 高云程 王庆 中金公司党委书记、董事长陈亮： 坚守初心 奋力谱写一流投行建设新篇章 2026年是"十五五"规划开局之年，我国经济长期向好的坚实基础和积极态势将持续巩固，中央经济工作 会议为今年工作指明了方向，助力"十五五"稳健开篇。在这一关键时期，资本市场肩负着服务国家战 略、赋能实体经济的重要使命，金融作为国之重器，更需要在应对外部挑战、维护经济金融安全稳定中 展现更大担当。 2025年恰逢中金公司成立三十周年。三十年来，中金公司始终与国家发展同频共振，以专业服务助力资 本市场建设。站在新的历史起点上，中金公司将坚定不移围绕金融强国建设目标，以打造"让党放心、 让人民满意的国际一流投行"为愿景，积极贡献专业力量。 我们将着力打造"财富投行"与"资产投行"，把握居民财富多元配置趋势，努力做大社会财富"蛋糕"，服 务扩大内需、提振市场信心；深耕"产业投行 ...

Core Viewpoint - The A-share market is expected to experience a "structural bull" in 2025, followed by a potential "full bull" market in the second half of 2026 [1] Group 1: Market Phases - The A-share bull market follows a "two-stage" pattern, with previous examples being the structural bull in 2013 followed by a full bull in 2015, and another structural bull from 2016 to 2017 followed by a full bull from 2020 to 2021 [1] - During the structural bull phase, institutional holdings and valuations of core sectors reach initial high points, leading to a qualitative change in the accumulation of institutional profit effects [1] Group 2: Future Expectations - The potential full bull market in 2026 is supported by cyclical improvements in fundamentals, a new phase in technology industry trends, and a positive cycle of incremental capital inflow [1] - The A-share market is expected to embrace global "competitive thinking," transitioning from "following" to "leading" in external circulation, which opens up transformation space for China's development [1] Group 3: Investment Focus - The leading investment themes for the 2026 bull market will focus on three main areas: the extension of AI industry trends from computing power to applications, breakthroughs in the robotics industry, and the revaluation of advanced manufacturing in energy storage and photovoltaics [1] - In the first half of 2026, cyclical and value sectors are likely to have relative advantages during market consolidation, with particular attention on excess returns in the basic chemicals and industrial metals sectors [1]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：深圳商报 责任编辑：何俊熹 责任编辑：何俊熹 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：深圳商报 ...

来源：申万宏源 一、25 年12 月PMI 环比超季节性改善，强化了春季没有下行风险的格局。25 年12 月PMI、生产、新订 单和新出口订单环比差值均显著好于季节性。我们认为，这与26 年春节较晚，出口订单前置直接相 关。这在春节前的窗口，都构成支撑经济数据验证的因素。 排除经济下行风险后，一个没有重大下行风险 + 有利因素可期的窗口随之展开。我们继续提示，春季 支撑风险偏好的时间窗口连续：2 月春节前反弹是A 股胜率最高的日历特征之一，同时这也是科技领域 可能兑现重磅催化的窗口。3 月两会可能审议十五五规划正式稿，政策催化可能更加丰富。4 月特朗普 可能访华，中美经贸关系缓和确认期，也是稳定资本市场预期的关键窗口。上证综指连续阳线后，春季 行情仍有纵深。 二、经济和产业是慢变量，资金供需是快变量，这个特征在春季行情中可能更加突出。25年底中证 A500ETF 冲量已进入稳定期，年初增量资金可能是保险开门红 + 年初人民币汇率升值共振外资活跃度 恢复。岁末年初不缺增量资金，A 股开门红可期，赚钱效应可能普遍扩散。板块轮动，主题活跃特征可 能延续。 三、2026 年全面牛条件会逐步完备，这是一个动态发展的过程 ...

Core Viewpoint - The recent evaluation results of the securities companies' investment banking business quality by the Securities Association indicate a significant downgrade for Shenwan Hongyuan, which has raised market concerns due to its compliance issues and regulatory penalties [1][2]. Group 1: Evaluation Results - Among 93 securities companies evaluated, 12 were rated as Class A, 66 as Class B, and 15 as Class C [1]. - Shenwan Hongyuan has been downgraded from Class A to Class C, marking a two-level drop [1]. Group 2: Regulatory Issues - Shenwan Hongyuan has faced multiple regulatory penalties since last year, which are likely the primary reasons for its downgrade [1]. - The company’s former deputy general manager of investment banking was detained by supervisory authorities in September 2024, leading to a series of violations being exposed [1]. - The Shanghai Stock Exchange issued four disciplinary actions against Shenwan Hongyuan for failing to fulfill its sponsorship responsibilities during the IPO application process for Guohong Tools [1]. - The Shenzhen Stock Exchange also took self-regulatory measures against Shenwan Hongyuan for inadequate internal controls and inaccurate verification opinions related to the IPO project of Hainuoer [1]. Group 3: IPO Performance - Despite the regulatory issues, Shenwan Hongyuan's IPO withdrawal rate decreased last year, with only 11.1% of the 18 IPO projects it sponsored being withdrawn, a significant improvement year-on-year [2]. - The company received a warning letter from the Shanghai Securities Regulatory Bureau for violations in its private asset management business, highlighting issues with timely disclosure of significant matters and inadequate post-investment inspections [2]. Group 4: Industry Standards - The China Securities Regulatory Commission has emphasized the principle of "responsibility upon application" for IPOs, insisting on thorough investigations for issuers and intermediaries involved in significant violations, even if they withdraw their applications [2]. - The Securities Association has revised the evaluation criteria for investment banking quality, including stricter scoring standards for major negative events and withdrawal situations [2].

证 券 研 究 报 证券分析师 傅静涛 A0230516110001 fujt@swsresearch.com 王胜 A0230511060001 wangsheng@swsresearch.com 研究支持 韦春泽 A0230524060005 weicz@swsresearch.com 程翔 A0230518080007 chengxiang@swsresearch.com 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 2026 年 01 月 04 日 开门红 ——申万宏源策略一周回顾展望(25/12/29-26/01/04) 请务必仔细阅读正文之后的各项信息披露与声明 策 略 研 究 一 周 回 顾 展 望 告 联系人 ⚫ 一、25 年 12 月 PMI 环比超季节性改善，强化了春季没有下行风险的格局。25 年 12 月 PMI、生产、新订单和新出口订单环比差值均显著好于季节性。我们认为，这与 26 年春 节较晚，出口订单前置直接相关。这在春节前的窗口，都构成支撑经济数据验证的因素。 ⚫ 排除经济下行风险后，一个没有重大下行风 ...

Global Macro Assets - Major overseas stock indices showed mixed performance during the New Year holiday, with the US indices collectively declining: Nasdaq down 1.6%, Dow Jones down 1.4%, and S&P 500 down 1.1% [2][7] - Long-term government bond yields in major developed countries mostly rebounded, with the 10Y US Treasury yield rising by 5.0 basis points to 4.19% [9][12] - Oil prices continued to weaken, with WTI and Brent crude down 1.8% and 2.4% respectively, while gold prices quickly retreated by 3.7% after reaching a historical high [12][13] Overseas Fundamentals & Data - The Federal Reserve's December meeting minutes revealed a division of opinions among officials regarding future interest rate cuts, with some supporting a pause in rate cuts [15][19] - Initial jobless claims in the US for the week ending December 27 were 199,000, lower than the expected 218,000 [17][18] - The US military conducted a large-scale airstrike in Venezuela, marking an escalation in military pressure on President Maduro's regime [20][19] - President Trump announced a delay in tariff increases on imported furniture and kitchen cabinets from January 1, 2026, to January 1, 2027 [25][26] Domestic Events & Data - The intensity of domestic travel during the New Year holiday increased significantly, with a year-on-year increase of 20.3% in cross-regional daily passenger flow [30][37] - Domestic tourism, particularly "ice and snow tourism" and "winter escape tourism," saw a notable rise, while cross-border travel experienced a decline [43][28] - The average ticket price for economy class flights during the New Year holiday was 597 yuan, showing a slight decrease of 1.1% year-on-year [50] - The film market showed steady recovery, with average daily box office revenue increasing by 42.5% compared to the same period in 2025 [53]

Core Viewpoint - The Shenzhen Stock Exchange has decided to terminate the review of Xinjing Group's application for an initial public offering (IPO) and listing on the main board after the company submitted a request to withdraw its application [1][2]. Company Overview - Xinjing Group is a large building materials enterprise that integrates design, research and development, production, sales, and service of architectural ceramics, with products widely used in building space decoration [2]. IPO Details - Xinjing Group originally planned to issue no more than 414,026,666 shares and raise approximately 2,008.87 million yuan for various projects, including: - Phase II technical transformation project of new energy-saving and environmentally friendly board materials (31.26% of funds) - Technical transformation project of Hubei Xinjing Green Building Materials production line No. 1 (13.77% of funds) - Construction of a ceramic technology and materials research center (5.42% of funds) - Brand upgrade construction project (19.40% of funds) - Smart platform construction project (7.25% of funds) - Supplementing working capital (22.90% of funds) [2][3]. Sponsorship Information - The sponsor for Xinjing Group's IPO was Shenwan Hongyuan Securities Co., Ltd., with representatives Sheng Peifeng and Wu Longtai [3].