智通财经APP获悉，申万宏源发布研报称，1-8月我国服装鞋帽、针纺织品零售额9400亿元(同比 +2.9%)，其中7/8月分别同比+1.8%/+3.1%，呈现温和复苏态势。运动消费刚需属性突出，叠加户外热潮 催生结构性机会，共同支撑运动板块高景气。板块内部K型分化明显，高端及高性价比市场因契合不同 需求，增长表现更佳。内需改善是25年重要做多线索，优质国牌开启困境反转；纺织制造短期受美 国"对等关税"冲击扰动，优质白马股价超跌显著，建议敢于定价中长期积极因素。 申万宏源主要观点如下： 内需复苏有韧性，纺织品出口好于服装鞋类，越南等海外产能竞争力凸显 1)内需：1-8月我国服装鞋帽、针纺织品零售额9400亿元(同比+2.9%)，其中7/8月分别同比 +1.8%/+3.1%，呈现温和复苏态势。 2)外需：1-8月我国纺织服装出口额1973亿美元(同比-0.3%)，其中纺织品945亿美元(同比+1.6%)，服装 及衣着附件1028亿美元(同比-1.7%)。相较之下，1-9月越南纺织品出口额297亿美元(同比+8.6%)，鞋类 出口额178亿美元(同比+7.4%)。越南出口增速高于我国，反映纺织供应链转移中的产区订单 ...

Core Viewpoint - The Xinjiang Securities Regulatory Bureau has issued warning letters to Shenwan Hongyuan West Securities Co., Ltd. for compliance failures at its Five Channels Zhenxing Street branch, highlighting issues such as improper client solicitation and internal management violations [1][2][10]. Summary by Relevant Sections Compliance Violations - Shenwan Hongyuan's Five Channels Zhenxing Street branch was found to have engaged in client solicitation through bank staff, and the former head of the branch violated internal management rules by hiring interns and misappropriating funds [1][10]. - The actions of the branch reflect inadequate compliance controls, violating multiple regulations including the Securities Brokerage Business Management Measures and the Code of Conduct for Securities and Futures Institutions [1][2][10]. Regulatory Actions - The Xinjiang Securities Regulatory Bureau decided to issue warning letters as an administrative regulatory measure, which will be recorded in the securities and futures market integrity archives [2][11]. - The branch is required to strengthen compliance management and submit a written rectification report within 30 days of receiving the decision [11][12]. Responsibilities of Individuals - Wei Ze, the former head of the branch, is held accountable for the compliance failures and is also subject to a warning letter [12][13]. - The regulations stipulate that individuals in leadership positions must adhere to legal and regulatory standards, and failure to do so can result in administrative penalties [6][13].

Core Viewpoint - The company is building long-term advantages through multi-brand synergy, channel optimization, and increased R&D investment, with strategic implementation showing continuous results [1] Group 1: Brand Strategy and Global Expansion - The company announced Jackson Wang as the global brand ambassador, enhancing its high-end image and international presence [2] - The company has signed popular stars like Ding Yuxi and Tian Xunying, with Tian's first-day sales reaching 50-60 million, indicating strong consumer purchasing power [2] Group 2: Sales Strategy and Product Focus - The company is focusing on profit and core products during the Double Eleven sales event, promoting the X Peptide high-end series and the Hongyun makeup series [3] - The X Peptide series benefits from Jackson Wang's endorsement, while the Hongyun series aligns with the festive season, potentially boosting the makeup segment [3] Group 3: Competitive Advantages - The company has established a strong brand presence and consumer loyalty through extensive marketing during the "big screen exposure era" [4] - The organization employs a "top-tier talent" strategy, attracting high-level professionals and enabling quick responses to online sales platform changes [4] - The company has significant sales volume, enhancing its negotiation power compared to smaller brands, and maintains high gross margins through vertical integration and cost control [4] Group 4: Long-term Growth Strategy - The company achieved an online GMV of 4.5 billion in the first half of 2025, with multiple products exceeding 100 million in sales [5] - Three new brands are set to launch in 2025, with positive performance from skincare and makeup brands, supporting a revenue target of 30 billion by 2030 [5] - The company is expanding globally, with a 300 million investment in Southeast Asia and plans for further expansion into North America and Europe [5]

Core Viewpoint - The company is building long-term advantages through multi-brand collaboration, channel optimization, and increased R&D investment, with strategic implementation showing continuous results [1] Group 1: Brand Strategy - The company announced Jackson Wang as the global brand ambassador, enhancing its high-end image and international presence [2] - The company has signed popular stars like Ding Yuxi and Tian Xunying, with the latter achieving significant sales on the first day of announcement [2] Group 2: Sales Strategy - The company is focusing on profit and core products during the Double Eleven promotion, leveraging partnerships with influencers like Li Jiaqi to promote high-end series [3] - The X peptide series is reinforced by Jackson Wang's endorsement, while the "Red Luck" concept aligns with the festive season, aiming to boost the cosmetics segment [3] Group 3: Competitive Advantages - The company has a strong brand presence and consumer recognition, benefiting from extensive marketing coverage [4] - The organization employs a "top-tier talent" strategy, attracting high-level professionals and enabling quick responses to market changes [4] - The company has significant negotiation power due to its large sales volume, allowing it to secure resources effectively [4] - The supply chain is vertically integrated, enabling rapid product launches and maintaining high profit margins [4] Group 4: Growth Strategy - The company achieved an online GMV of 4.5 billion yuan in the first half of 2025, with multiple products exceeding 100 million yuan in sales [5] - Three new brands are set to launch in 2025, with positive performance from existing brands, supporting a long-term revenue target of 30 billion yuan by 2030 [5] - The company is expanding globally, with a factory investment of 300 million yuan in Southeast Asia and plans for further expansion into North America and Europe [5]

板块业绩预计持续分化，强者Q3淡季不淡，业绩保持双位数以上的相对高增长 国货稳抓线上渠道优势，淘系+抖音Q3国货持续霸榜。据蝉妈妈数据/魔镜数据，韩束Q3GMV位居抖音 护肤销售榜TOP1，合计取得超20亿GMV，极方、安敏优、聚光白等子品牌也在快速放量。若羽臣旗下 美容保健品斐萃表现持续超预期，助力Q3营收端高速增长，抖音渠道斐萃单月最高GMV突破2亿元， 势能不断向上，品类持续破圈。上海家化三大品牌淘系+抖音双渠道Q3合计GMV增速超50%，六神大单 品驱蚊蛋、佰草集新品护肤油、玉泽代言人樊振东等助力Q3营收高增。毛戈平淘系、抖音两大渠道表 现亮眼，预计Q3表现符合预期。 业绩边际改善趋势明显，Q3同比扭亏为盈，水羊股份、贝泰妮等公司迎接新征程 24Q3因宏观原因叠加自身战略调整，部分公司利润端陷入亏损，25年以来，宏观趋势改善、战略变革 初见成效，水羊股份、贝泰妮等公司季度间环比改善明显，预计25Q3扭亏为盈。同时，水羊股份高端 品牌矩阵初成，伊菲丹线上线下（300959）gmv高增，PA+RV构建第二成长曲线，未来业绩与股价前景 广阔。贝泰妮双十一多品牌合作李佳琦，预计Q4业绩持续边际改善。 申万宏源 ...

申万宏源发布研报称，预计3Q25 A股上市险企合计归母净利润yoy+26.7%至1864.86亿元。受益于权益 市场亮眼表现，截至10月15日，已有1家上市险企发布业绩预增公告，1-3Q25新华保险（601336）归母 净利润预计yoy+45%-65%至93.06-134.42亿元，在超高基数的基础上表现持续超预期。整体来看，预计 1-3Q25 A股上市险企归母净利润合计yoy+14.3%至3646.78亿元，同比增速较1H25进一步提升10.6pct； 其中，3Q25单季度A股上市险企合计利润增速yoy+26.7%至1864.86亿元，表现亮眼。 细分公司来看，预计1-3Q25归母净利润表现新华保险(yoy+54.2%)、中国人寿(yoy+18.1%)、中国太保 (yoy+14.1%)、中国人保(yoy+13.6%)、中国平安(yoy+4.3%)；其中，预计3Q25单季度归母净利润增速表 现新华保险(yoy+78.1%)、中国平安(yoy+26.3%)、中国人寿(yoy+24.6%)、中国太保(yoy+20.2%)、中国 人保(yoy+8.1%)。 申万宏源主要观点如下： 人身险：受益于预定利率调降预期，预 ...

据新疆证监局网站消息，10月15日，新疆证监局发布关于对申万宏源西部证券有限公司五家渠振兴街营 业部采取出具警示函措施的决定。 文件显示，经查，该营业部存在委托银行工作人员进行客户招揽，前任负责人违反内部管理规定引入实 习生并列支费用、规避内部管理规定借用营业部员工名义挂靠客户并获取业绩提成等行为，反映出该营 业部合规管控不到位。上述行为违反多项规定。 根据有关规定，新疆证监局决定对该营业部采取出具警示函的行政监管措施，并记入证券期货市场诚信 档案。该营业部应切实强化合规管理，做好合规教育，严守合规底线，杜绝此类问题再次发生。该营业 部应在收到本决定书之日起30日内完成整改工作，并向新疆证监局提交书面整改报告。 此外，新疆证监局当日还发布关于对魏泽采取出具警示函措施的决定。 局网站截图 局网站截图 据申万宏源证券有限公司官网介绍，申万宏源证券有限公司是由新中国第一家股份制证券公司申银万国 证券股份有限公司与国内资本市场第一家上市证券公司宏源证券股份有限公司，于2015年1月16日合并 组建而成。申万宏源西部证券有限公司是该公司的全资子公司。 新疆证监 文件显示，经查，魏泽在担任该营业部负责人期间，营业部存在委 ...

申万宏源是一家根植于上海的头部金融机构，始终秉承"有信仰、敢担当"的经营 理念，聚焦上海"四大功能"、"五个中心"和"五型经济"建设。近年来，申万宏源已助 力上海实体企业在资本市场成功进行多次固定收益融资，在金融赋能上海实体经济方 面取得了一定成果。 本项目的成功发行得到了发行人的高度评价和充分认可，是聚焦支持长三角一体 化发展的重要举措。未来，申万宏源将 持续发挥资本中介和综合金融服务优势，坚守 金融服务实体经济根本宗旨，提升金融央企服务国家战略能级，为助力上海实体经济 高质量发展做出新贡献。 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。 免责声明 赋能申城 助力金桥 近日，申万宏源证券助力上海金桥（集团）有限公司2025年面向专业投资者非公开发行公司债券（第四期）成功发行，本期债券分为两 个品种，其中品种一发行规模11.60亿元，期限9（3+3+3）年，票面利率2.05%，全场认购倍数为3.05倍；其中品种二发行规模8.20亿元， 期限10（5+5）年，票面利率2.29%，全场认购倍数为2.61倍。 上海金桥（集团）有限公司成立于 1997年，是承担国务院批准设立的国家级经济 开发区上海金桥开发 ...

近日，首批科创板成长层3只新股在陆续申购。这3只新股在网下申购环节，均采用了约定限售方式，这 是A股首次出现这一限售方式。此为落实"科创板八条"的要求，在科创板试点对未盈利企业公开发行股 票锁定比例更高、锁定期限更长的网下投资机构，相应提高其配售比例。"在传统的摇号限售和比例限 售基础上，新增约定限售方式。预期后续未盈利企业网下限售和配售安排更为灵活，也对承销商定价与 销售能力提出更高要求。"申万宏源证券称。（券商中国） ...

（原标题：沙迦政府授权发行熊猫债券） ZAWYA新闻网10月10日消息，沙迦政府已通过其财政部（评级为Ba1/BBB-/AAA）授权多家银行 发行熊猫债券。中国银行担任主承销商和账簿管理人。法国农业信贷银行（中国）、摩根大通（中 国）、中国工商银行、中国渤海银行、中信证券、中国进出口银行和申万宏源证券担任联席主承销商和 账簿管理人。沙迦政府上一次进入熊猫债券市场是在2018年2月，发行了20亿元人民币（3.16亿美 元），成为首个进入中国国内债券市场的中东发行人。 ...