Core Viewpoint - The company has made significant strides in the fixed income financing sector, achieving notable milestones in supporting various national strategies and economic initiatives, including technological innovation, rural revitalization, and the Belt and Road Initiative. Group 1: Technological Innovation - The fixed income financing team is committed to supporting high-quality development of new productive forces through innovative financial solutions, particularly in the context of the newly launched "technology board" in the bond market [2][3] - The team faced challenges in sourcing quality projects that meet regulatory requirements for technology bonds, leading to a rigorous selection process that involved extensive collaboration and late-night discussions [2][3] - The successful issuance of the first batch of technology bonds marked a significant achievement, injecting vital financial resources into the technology sector and enhancing the momentum for new productive forces [3] Group 2: Rural Revitalization - The fixed income financing headquarters has embraced a culture of social responsibility, actively participating in rural revitalization and the construction of a beautiful China [4] - The team identified and developed projects that align with the "beautiful China" initiative, successfully issuing the first rural revitalization project revenue bonds in October 2021, which received recognition for its innovative approach [4][5] - The company has continued to lead in the issuance of rural revitalization bonds, earning the title of "first bond issuer for rural revitalization" through numerous successful projects [5] Group 3: Belt and Road Initiative - The fixed income financing headquarters has positioned itself as a key player in the high-quality development of the Belt and Road Initiative, leveraging its innovative capabilities in bond issuance [6][7] - The team successfully designed a composite bond product that integrates "Belt and Road," technological innovation, and low-carbon transformation to address the funding challenges of international mining projects [7] - The issuance of the China Baowu "Belt and Road" corporate bonds not only achieved a record low interest rate for state-owned enterprise bonds but also secured significant funding for the Simandou iron ore project, reinforcing China's position in global iron ore pricing [7] Group 4: Cultural Commitment - The company's achievements in supporting national strategies and economic development are deeply rooted in its commitment to corporate culture and the principles of Chinese financial culture [8] - The fixed income financing headquarters aims to continue fostering a professional and dedicated team, driving high-quality development and contributing to the realization of national rejuvenation [8]

Core Viewpoint - The article highlights the results of the "Third China Bond Valuation Cup - Fixed Income Quantitative Special" essay competition, emphasizing the importance of quantitative strategies in fixed income investment and risk management [1]. Group 1: Winning Essays - The first prize was awarded to the essay titled "Hedging Strategy for Government Bond Investment Portfolio Based on Synthetic Options," which introduces a practical hedging and pricing solution to improve the risk-return characteristics of government bond futures portfolios [2]. - The third prize was given to the essay "Empirical Research on Government Bond Futures Option Pricing Model and SABR Model of Volatility Surface," which supports investors in dissecting and recombining specific dimensions of risk [3][4]. Group 2: Quantitative Strategies - The fixed income foreign exchange commodity division has made significant progress in quantitative strategy research, algorithmic trading, automated market making, and the construction of quantitative analysis platforms, covering core products such as interest rate bonds, government bond futures, and interest rate swaps (IRS) [2]. - The division's quantitative strategies encompass high-frequency, medium-frequency, and low-frequency trading, gradually establishing a robust strategy system characterized by multiple products and low correlation [2]. Group 3: Future Outlook - The fixed income foreign exchange commodity division aims to continuously explore innovation in the quantitative and derivatives fields, building a comprehensive quantitative analysis and investment system to support high-quality development [5]. - The division emphasizes the integration of financial technology into investment research to promote the steady growth of FICC (Fixed Income, Currencies, and Commodities) business [5].

助力上海经济发展 2025 年 11 月 13 日，申万宏源作为联席主承销商，助力"上海国有资产经营有限 公司 2025 年面向专业投资者公开发行公司债券（第五期）"成功簿记发行，本期债 券发行规模 13 亿元，发行期限为 5 年，票面利率 1.90% 。 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 投资有风险，入市需谨慎。本内容不构成任何投资建议。投 资者不应以该等信息取代其独立判断或仅根据该等信息做出 决策。申万宏源对这些信息的准确性或完整性不作保证，亦 不对因使用该等信息而引发或可能引游躲损豢秃拐չ-α葛磊 上海国资经营公司是上海国际集团系统战略性金融资产的重要持股公司，亦是公司长 期合作、深度服务的重要战略客户。 2025 年以来，公司助力上海国资经营公司先后 完成多期债券发行，并成功获批 160 亿元公司债券注册额度。本期债券为批文项下的 首期发行，发行准备期间，公司密切关注宏观经济形势与债市利率走向，协助上海国 资经营公司持续研判最优发行窗口，充分调动投资机构积极性。本期债券簿记当日获 得近 50 亿元的超高全场认购规模，充分体现了市场投资者对上海国资经营公司优质 主体的高度认可。 未 ...

12 月 17 日，由申万宏源 作为联席销售机构的 国泰海通 - 世博发展第 1 期绿 色资产支持专项计划 成功发行 。 发行 总 规模 16.51 亿元， 其中，优先级发行规 模 16.50 亿元， 评级 A AA ， 由上海世博发展（集团）有限公司提供差额支付、流 动性支持承诺， 票面利率 2. 1 % ， 次级发行规模 0.01 亿元，原始权益人上海世博 会运营有限公司自持 。 项目 发行期限 为 18 年（ 3 年 *6 ），每 3 年设置开放期 。 项目 入池 资产为 上海世博城市最佳实践区物业项目，位于上海黄浦区，区位优 异，依托上海世博会存量建筑和设施进行转型开发，运营情况良好。 原始权益人上海世博会运营有限公司是国内一流的园区运营管理综合集成服务 商。由原上海世博会事务协调局为投资、建设和运营中国馆而于 2008 年 9 月专门设 立，注册资金 28.6 亿元，是上海世博发展（集团） 有限公司的全资子公司。主营业 务包括物业管理服务、区域运营管理、信息服务、租赁服务、商业服务、广告经营、 会展活动、停车场管理等。 申万宏源助力上海经济发展 本资产证券化项目成功发行，不仅是践行绿色金融发展的重要 ...

Group 1 - The core viewpoint of the article highlights the successful issuance of TCL Technology Group's 2025 technology innovation corporate bonds, with a total scale of 2 billion yuan and an AAA rating for both the issuer and the bonds [2] - The bond issuance consists of two varieties: the first with a scale of 500 million yuan, a term of 170 days, and a coupon rate of 1.74%, achieving a subscription multiple of 3.6 times; the second with a scale of 1.5 billion yuan, a term of 3 years, and a coupon rate of 2.24%, achieving a subscription multiple of 3.8 times [2] - TCL Technology Group, founded in 1981, focuses on two core businesses: semiconductor display and new energy photovoltaic, aiming to become a leading global technology industry group [2] Group 2 - In the semiconductor display sector, TCL Huaxing ranks among the top two globally in TV panel shipments, holding the largest market share for 55-inch, 65-inch, and 75-inch products, and is second in monitor panels, with the highest market share in gaming and LTPS laptop/tablet panels [2] - In the new energy photovoltaic sector, TCL Zhonghuan leads the G12 large-size and N-type technology trends, with a projected global market share of silicon wafers ranking first in 2024, continuously promoting high-efficiency and low-carbon transformation in the industry [2] - Shenwan Hongyuan, as the lead underwriter for this bond issuance, demonstrated professionalism and strong sales capabilities, laying a solid foundation for future cooperation with the issuer and emphasizing the importance of deepening bond business in the Greater Bay Area [3]

来源：市场资讯 （来源：申万宏源融成） 美国弱通胀+日央行鸽派加息，流动性担忧缓解 ——全球资产配置每周聚焦 (20251213-20251219) 本期投资提示： 全球资本市场回顾：本周 (20251212-20251219) 美国市场核心矛盾聚焦美联储政策走向的博弈，美联储此前的降息与扩表操作引发通胀反弹的担忧，而 11 月核心 CPI 同比上涨 2.6% 创 2021 年以来新低，又推动市场升温 2026 年更早降息的押注，加上本周五日本央行鸽派加息，全球流动性担忧缓解，市场风 险偏好先下后上。1）固收方面，10Y美债收益率录得4.16%，本周下降3BPs，美元指数上涨0.32%，当前点位为98.7；2）权益方面，本周阿根廷、越南、 欧洲股市上涨较多，而科创板、恒生指数则出现下跌，韩国、日本股市跌幅较大；3）商品方面，本周黄金上涨1.25%，在俄乌冲突缓和叠加供应过剩影 响下，原油本周下跌0.93%。 全球资金流向跟踪：截止到2025/12/17，过去一周来看，内外资均流入中国股市；海外资金主动和被动方面，海外主动基金过去一周流出3.12亿美元，而 海外被动基金过去一周流入14.67亿美元；内资和外资方 ...

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：申万宏源策略 一、日央行鸽派加息，美联储非鹰派降息，下一任美联储主席人选必须"超级鸽派"。12月全球货币政策 关键验证期，有望平稳收官。美国中期选举年，货币 + 财政双宽重新成为主导资产定价的预期。A股面 临的海外环境可能趋于平稳。 日央行加息25基点符合预期，而后续加息的幅度和时机取决于通胀与经济的演变，日央行鸽派加息，日 元兑美元进一步贬值。套息交易退潮担忧缓解。此前，美联储降息符合预期，重启扩表早于预期，且表 述并不鹰派，叠加特朗普表示下一任美联储主席人选必须"超级鸽派"。至此，12月全球货币政策关键验 证期，资本市场大概率能平稳度过。后续，美国中期选举年，货币 + 财政双宽的中期预期，可能重新 主导资产定价。增量财政发力的窗口期，可能在美国政府关门问题解决后，2026年2月后才是观察期。 未来一段时间，A股面临的海外环境可能趋于平稳。 二、春季股市流动性仍宽松：10月高净值投资者回调增配私募；保险开门红可期，但提前博弈不足；沪 深300和A500 ETF净申购放量。春季稳定资本市场预期窗口较多：2月春节，3月两会，4月特朗 ...

Core Viewpoint - On December 19, Canggang Railway (02169) shareholders transferred stocks from Shenwan Hongyuan Securities Hong Kong to Ju Cheng Securities, with a transfer market value of HKD 162 million, accounting for 5.54% of the total shares [1][1]. Financial Performance - Canggang Railway reported a revenue of RMB 132 million for the mid-term of 2025, representing a year-on-year decrease of 0.3% [1]. - The company's profit attributable to equity shareholders was RMB 30.878 million, showing a year-on-year increase of 17.2% [1]. - Basic earnings per share were reported at 0.80 cents [1].

Core Viewpoint - Canggang Railway (02169) has seen a shareholder transfer of stocks from Shenwan Hongyuan Securities Hong Kong to Jucheng Securities, with a market value of HKD 162 million, representing 5.54% of the total shares [1] Financial Performance - For the first half of 2025, Canggang Railway reported revenue of RMB 132 million, reflecting a year-on-year decrease of 0.3% [1] - The company's net profit attributable to equity shareholders was RMB 30.878 million, showing a year-on-year increase of 17.2% [1] - Basic earnings per share were reported at 0.80 cents [1]

Group 1 - The core viewpoint of the article highlights the recent stock transfer of Canggang Railway (02169) from Shenwan Hongyuan Securities Hong Kong to Jucheng Securities, with a market value of HKD 162 million, representing 5.54% of the total shares [1] - Canggang Railway reported a revenue of RMB 132 million for the first half of 2025, reflecting a year-on-year decrease of 0.3% [1] - The company's profit attributable to equity shareholders was RMB 30.878 million, showing a year-on-year increase of 17.2% [1] - Basic earnings per share for the company stood at 0.80 cents [1]