Core Viewpoint - On December 24, Chongqing Qianli Technology Co., Ltd. announced that Mercedes-Benz (Shanghai) Digital Technology Co., Ltd. has completed the equity transfer registration, acquiring 3.00% of Qianli Technology's total share capital through a share transfer agreement [1] Group 1: Share Acquisition Details - Mercedes-Benz Digital acquired 135,633,002 shares of Qianli Technology at a price of 9.87 yuan per share, making it the fifth largest shareholder of Qianli Technology [1] - The transaction was initiated due to Lifan Holdings' failure to complete a stock pledge repurchase transaction as per the agreement, leading to the decision by the pledgees, Shenwan Hongyuan and Huachuang Securities, to dispose of the relevant shares through an agreement transfer [1] Group 2: Company Background - Mercedes-Benz Digital is a wholly-owned subsidiary of Mercedes-Benz (China) Investment, while Qianli Technology primarily engages in two main business segments: terminal business and technology business [1] - Qianli Technology's terminal business mainly covers automotive and motorcycle sectors, while its technology business focuses on intelligent assisted driving and smart cockpit fields [1]

Core Viewpoint - Shenwan Hongyuan Securities has successfully launched its first swap linked to the Shenwan Ruiyan Gold Futures Enhanced Yield Strategy Index, with a business scale exceeding 1 billion yuan, combining index product innovation with the flexibility of OTC derivatives to enhance wealth management for residents and support the high-quality development of the gold industry [1][2] Group 1: Product Innovation - The strategy integrates professional index development with the flexibility of OTC derivatives, aiming to diversify financial product offerings for various institutions [1] - The Shenwan Ruiyan Gold Futures Enhanced Yield Strategy Index retains long positions in gold futures while systematically selling out-of-the-money call options to continuously capture option premiums, enhancing returns and optimizing volatility [1][2] Group 2: Market Context and Strategy Advantages - In the context of increasing global economic uncertainty and market volatility, gold serves as a traditional safe-haven asset, providing multiple functions such as diversification, inflation and interest rate risk hedging, and protection against extreme market shocks [1] - The strategy captures the "volatility smile" phenomenon in gold futures options, where implied volatility is significantly higher for deep out-of-the-money and deep in-the-money options compared to at-the-money options, allowing for higher volatility premiums [2] - Historical backtesting indicates that the covered call strategy maintains participation in gold price increases while effectively reducing overall portfolio volatility, resulting in a Sharpe ratio that significantly outperforms simple gold futures holdings [2] Group 3: Future Outlook - Shenwan Hongyuan Securities plans to strengthen its commitment to responsibility, enhance its index development capabilities across all categories, deepen multi-asset trading and hedging techniques, and expand the product offerings to cater to diverse risk preferences, market views, and investment horizons [2]

根据中国证券监督管理委员会《关于同意申万宏源证券有限公司向专业投资者公开发行短期公司债券注 册的批复》（证监许可〔2025〕2123号），公司所属子公司申万宏源证券有限公司获准向专业投资者公 开发行面值余额不超过人民币300亿元短期公司债券。（相关情况请详见公司于2025年10月9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） 2025年12月24日，申万宏源证券有限公司2025年面向专业投资者公开发行短期公司债券（第四期）（以 下简称"本期债券"）完成发行工作。本期债券发行规模人民币60亿元，其中品种一发行规模人民币24亿 元，期限50天，票面利率为1.68%；品种二发行规模人民币36亿元，期限365天，票面利率为1.72%。本 期债券登记完成后拟于深圳证券交易所上市交易。 特此公告。 申万宏源集团股份有限公司董事会 二〇二五年十二月二十五日 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000166 证券简称：申万宏源 公告编号：临2025-115 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年面向专业投资者公开发行短 ...

Core Viewpoint - Sichuan Development (Holding) Co., Ltd. successfully issued "Belt and Road" technology innovation corporate bonds, with a total issuance scale of 1.6 billion yuan, reflecting its strong financial position and commitment to optimizing debt structure and accelerating the development of new productive forces [2][3]. Group 1: Company Overview - Sichuan Development (Holding) Co., Ltd. was established in December 2008 and is one of the most important core state-owned enterprises in Sichuan, maintaining an "AAA" domestic credit rating for 15 consecutive years and an A-range international rating for 9 years [3]. - The company has over 28,000 employees, directly controls 24 secondary enterprises, and holds stakes in 3 listed companies, with strategic investments in 5 listed companies [3]. - Its business focuses on aerospace, biomedicine, advanced materials, ecological environment protection, capital operations, and technology innovation services, with operations spread across the province and nationwide [3]. Group 2: Bond Issuance Details - The bonds issued include two varieties with a term of 3 years and 7 years, featuring a coupon rate of 1.85% for the 3-year bond and 2.29% for the 7-year bond [2]. - The successful issuance of these bonds is a significant step for Sichuan Development in responding to financial strategies and enhancing its operational capabilities [3]. - The collaboration with Shenwan Hongyuan as the lead underwriter and book manager is expected to deepen future cooperation and expand project opportunities in Sichuan Province [3].

Core Viewpoint - The successful issuance of the first medium-term notes by Meishan Investment Holding Group Co., Ltd. marks a significant achievement, with the bond's interest rate being the lowest in the history of Meishan and the lowest among similar-rated bonds in Southwest China [2] Group 1: Bond Issuance Details - The bond issuance scale is 760 million yuan, with a term of 3+2 years and a coupon rate of 2.05% [2] - This issuance sets a record for the lowest bond cost in Meishan's history [2] - The issuer holds a credit rating of AAA with a stable outlook [2] Group 2: Company Background - Meishan Investment Holding Group Co., Ltd. was established in November 2024 with a registered capital of 5 billion yuan [2] - The company is a state-owned enterprise approved by the Meishan municipal government, focusing on five main business sectors: industrial investment and operation, real estate and construction, culture and tourism, non-ferrous metal manufacturing, and financial services [2] Group 3: Future Prospects - The successful bond issuance is expected to enhance the collaboration between Shenwan Hongyuan and the issuer, increasing brand recognition and competitive strength in Meishan's bond market [2] - Shenwan Hongyuan aims to leverage its professional capabilities and efficient communication to expand cooperation with the issuer's affiliated companies and establish a solid foundation for future projects in Meishan [2]

今年以来，申万宏源先后荣获"2025年上市公司可持续发展最佳实践案例"，责任100·中国教育榜颁发的"最佳责任企业品牌"和"ESG行动力奖"以及入选中国 国土经济学会"2025 乡村振兴创新实践案例"等多项荣誉。 近日，中央广播电视总台央广网举办"央广财经年度对话2025（第三届）"，现场重磅发布2025年 度"金顶"优秀案例榜单，申万宏源帮扶实践案例 《申万宏源金融赋能+产业振兴：双轮驱动的"三建三 促"新模式》 从众多参评项目中脱颖而出，成功入选。 获奖案例阐述了申万宏源立足金融国企职责使命，围绕乡村振兴重点任务，探索形成了"金融赋能+产业振兴"双轮驱动的发展模式，将金融工具与地方产业 发展需求深度融合，形成了可复制、可推广的实践路径。 ...

Group 1 - The core viewpoint of the article highlights the successful issuance of the 2025 fourth phase medium-term notes by Shanxi Coking Coal Group, with a scale of 1 billion yuan and a coupon rate of 2.16%, reflecting strong market confidence in the issuer's creditworthiness and development prospects [2] - Shanxi Coking Coal Group is recognized as the largest coking coal producer in China and a key supplier in the coking coal market, being one of the first 300 large enterprises prioritized for development by the state, and it has a stable issuer rating of AAA [2] - The successful issuance of the bonds is expected to deepen the cooperation between Shenwan Hongyuan and the issuer, enhancing the brand recognition and professional competitiveness of Shenwan Hongyuan in the bond business within Shanxi Province [3]

申万宏源证券发布的研报认为，近期人民币汇率的升值可能由于不同阶段的驱动因素所致。2025年10月 下旬人民币汇率的升值或与央行逆周期调节有关。10月至11月人民币兑美元中间价、离岸人民币兑美 元、在岸人民币兑美元基本实现"三价合一"。12月的升值则可能更多得益于美元走弱。数据显示，12月 以来，人民币与美元的1个月动态相关性已快速回升至0.95。 12月25日，人民币兑美元中间价报7.0392，较上日调升79个基点，升至2024年9月30日以来最高水平， 且升幅创2025年8月27日以来最大纪录 11月下旬以来，美元指数震荡下行，连续跌破100和99整数关口。11月20日至12月24日，美元指数累计 下行幅度超过2.15%。 文 | 《财经》研究员 顾欣宇 记者 唐郡 自2025年11月21日左右，人民币兑美元汇率从约7.11左右持续攀升。 编辑 | 张威 拉长视线，2025年4月，在经历连续三个月的升值后，离岸人民币一度回调，月内贬值至7.42以下，随 后又反弹至7.26附近。在此之后，其汇率虽仍有起伏，但整体呈现升值方向。自10月中旬本轮上涨行情 启动以来，离岸人民币兑美元累计升值幅度已超过1200个基点 ...

证券代码：000166 证券简称：申万宏源 公告编号：临2025-115 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特此公告。 申万宏源集团股份有限公司董事会 二〇二五年十二月二十五日 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 年面向专业投资者公开 发行短期公司债券（第四期）发行结果的公告 根据中国证券监督管理委员会《关于同意申万宏源证券有限公司 向专业投资者公开发行短期公司债券注册的批复》（证监许可〔2025〕 2123 号），公司所属子公司申万宏源证券有限公司获准向专业投资者 公开发行面值余额不超过人民币 300 亿元短期公司债券。（相关情况 请详见公司于 2025 年 10 月 9 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） 2025 年 12 月 24 日，申万宏源证券有限公司 2025 年面向专业投 资者公开发行短期公司债券（第四期）（以下简称"本期债券"）完成 发行工作。本期债券发行规模人民币 60 亿元，其中品种一发行规模 人民币 ...

Core Viewpoint - The article emphasizes the importance of rational, value, and long-term investment in the context of China's capital market reforms, particularly focusing on hard technology as a key driver for new productive forces and the opportunities and challenges it faces [1]. Group 1: Event Overview - The "Value and Investment" program, initiated by the Shanghai Stock Exchange and Yicai, aims to enhance the demonstration effect of state-owned enterprises and companies listed on the Sci-Tech Innovation Board, providing a professional platform for accurately conveying investment value [1]. - A roundtable discussion was held during the "2025 Yicai Capital Annual Conference," featuring industry leaders discussing the policy dividends supporting technological innovation and the pathways for hard technology industries to overcome challenges [1]. Group 2: Participants and Contributions - Key participants included Xu Runsheng, Assistant to the Chairman of Srei New Materials; Zhang Zhe, Deputy General Manager and Secretary of the Board of Haitian Ruisheng; Wang Bing, Partner and General Manager of Shanghai Headquarters at Dongfang Fuhai; and Liu Yang, Assistant Director of Shenwan Hongyuan Research Institute and Chief Analyst for TMT [1]. - The discussion aimed to build consensus on the collaborative efforts of policy, industry, and capital for high-quality industrial development [1].