格隆汇12月19日丨申万宏源(06806.HK)发布公告，公司所属申万宏源证券有限公司2025年面向专业投资 者公开发行公司债券(第七期)发行工作于2025年12月15日结束，本期债券发行规模人民币20亿元，期限 2年，票面利率1.84%。经深交所审核，本期债券定于2025年12月19日起在深交所上市，面向专业投资 者中的机构投资者交易，债券简称"25申证13"，债券代码为"524598"。 ...

智通财经APP讯，申万宏源(06806)发布公告，公司所属申万宏源证券有限公司2025年面向专业投资者公 开发行公司债券(第七期)(以下简称"本期债券")发行工作于2025年12月15日结束，本期债券发行规模人 民币20亿元，期限2年，票面利率1.84%。经深圳证券交易所审核，本期债券定于2025年12月19日起在 深圳证券交易所上市，面向专业投资者中的机构投资者交易，债券简称"25申证13"，债券代码 为"524598"。 ...

董事長 劉健 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲 明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股份代號：6806） 海外監管公告 本公告乃由申萬宏源集團股份有限公司（「本公司」）根據香港聯合交易所有限公司證券上市規 則第13.10B條作出。 茲載列本公司於深圳證券交易所網站發佈之《申萬宏源集團股份有限公司關於申萬宏源證券有 限公司2025年面向專業投資者公開發行公司債券（第七期）在深圳證券交易所上市的公告》，僅 供參閱。 承董事會命 申萬宏源集團股份有限公司 北京，2025年12月19日 於本公告日期，董事會成員包括執行董事劉健先生及黃昊先生；非執行董事朱志龍先生、張英女士、邵亞樓先生、 徐一心先生及嚴金國先生；獨立非執行董事楊小雯女士、武常岐先生、陳漢文先生及趙磊先生。 证券代码：000166 证券简称：申万宏源 公告编号：临2025-114 申 万 宏 源 集 团 股 份 有 限 公 司 关于申万 ...

证券代码：000166 证券简称：申万宏源 公告编号：临2025-114 申万宏源集团股份有限公司董事会 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 发行公司债券（第七期）在深圳证券交易所上市的公告 二〇二五年十二月十九日 经深圳证券交易所审核，本期债券定于2025年12月19日起在深圳 证券交易所上市，面向专业投资者中的机构投资者交易，债券简称"25 申证13"，债券代码为"524598"。 特此公告。 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。 公司所属申万宏源证券有限公司 2025 年面向专业投资者公开发 行公司债券（第七期）（以下简称"本期债券"）发行工作于 2025 年 12 月 15 日结束，本期债券发行规模人民币 20 亿元，期限 2 年，票 面利率 1.84%。（相关情况请详见公司于 2025 年 12 月 17 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） ...

Core Viewpoint - The latest financial quarter shows that most international sports brands, including Deckers, Adidas, VF, Nike, and Lululemon, have exceeded expectations, while Puma continues to face revenue and profit pressures but remains in line with expectations [1] Group 1: Financial Performance - Deckers, Lululemon, Adidas, VF, and Nike reported revenue growth of +9.1%, +7.1%, +3.0%, +1.6%, and +1.1% respectively, while Puma's revenue declined by -15.3% [1] - Net profit for Deckers, Lululemon, Adidas, VF, and Nike increased by +10.7%, decreased by -12.8%, increased by +4.1%, increased by +263.7%, and decreased by -30.8% respectively, with Puma reporting a loss [1] Group 2: Future Guidance - Nike expects a low single-digit revenue decline for the next quarter, while VF anticipates a revenue drop of 1-3% [2] - Most sports brands forecast a full-year revenue growth of about single digits, with Deckers projecting $5.35 billion for FY26 (up 7%), Adidas expecting a 9% increase for FY25, and Lululemon forecasting a 4% growth for FY25 [2] Group 3: Regional Sales Performance - North America: Adidas, Lululemon, Puma, VF, and Deckers reported revenue declines of -4.7%, -3.0%, -22.3%, -0.9%, and -1.7% respectively, while Nike's revenue grew by +4.0% [3] - Greater China: Lululemon and Adidas saw revenue increases of +42.4% and +0.1%, respectively, while Nike's revenue declined by -9.2% [3] - Europe: Adidas, VF, and Nike reported revenue growth of +8.2%, +6.3%, and +6.0%, while Puma's revenue fell by -9.4% [3] Group 4: Inventory Situation - Nike's inventory decreased by -1.7%, with successful inventory reduction in EMEA and Greater China, while North America saw an increase due to tariff impacts [4] - Adidas' inventory rose significantly by +20.9% as a strategy to ensure timely supply of World Cup-related products [4] Group 5: Domestic Brands Performance - Anta's outdoor brand showed strong growth, while the main brand's guidance was lowered from low single digits to low single digits due to a weak consumption environment [5] - Xtep's main brand experienced low single-digit growth, while its Saucony brand saw over 20% growth [5] - 361 Degrees continued double-digit growth with approximately 10% growth in its main brand and children's line [5] Group 6: Investment Opportunities - Suggested investment directions include global supply chain manufacturers such as Shenzhou International, Huayi Group, Xin'ao Co., and Weixing Co. [6] - Recommended brands for attention include Bosideng, Anta, Tabo, 361 Degrees, and others [7]

申万宏源研究研报指出，五粮液近期召开2025年1218经销商大会。产品端，持续完善产品矩阵；渠道 端，深耕细作优化渠道。大力培育新兴渠道，25年公司在新兴渠道持续发力，与光伏、医药等新兴企业 实现直销45亿元，名酒进名企专项活动实现动销超9 亿元，26年公司计划加强与异业渠道的名企合作， 坚持推进相关直销渠道扩展。面对行业深度调整压力加剧，公司务实调整价格策略，加强补贴费用。认 为五粮液作为浓香白酒与千元价格带头部企业，品牌基础深厚，消费者基础稳固，短期调整后，中长期 仍将回到稳健良性增长通道。分红率角度来看，参照前期现金分红回报规划，公司年分红底线达200亿 元（25-26年），隐含股息率达4.1%，安全边际较足，维持"买入"评级。 ...

Core Insights - The 2025 Securities Times Analyst Annual Conference and Best Analyst Awards Ceremony was held in Suzhou on December 17, showcasing significant achievements in the investment research sector [1] Individual Awards - Qiu Guanhua from Zheshang Securities won the Master Analyst SSR award, emphasizing a commitment to professional research and the financial industry [2] - Wu Bohua from Changjiang Securities and Guan Quansen from Guolian Minsheng Securities received the Star Analyst SSR awards, highlighting their contributions to the new energy and home appliance sectors respectively [3] - Sun Yuanyuan from Industrial Securities and He Yaxuan from Guosheng Securities were awarded the Golden Analyst SSR, recognizing their work in the pharmaceutical and construction industries [4][5] Team Awards - The Best Research Team SSR award was shared among several institutions, including Changjiang Securities, GF Securities, Industrial Securities, and others, reflecting a collective effort in research excellence [1][6] - Each winning team expressed gratitude towards their colleagues, investors, and the platforms that support their research endeavors, emphasizing teamwork and dedication [6][7]

Group 1 - The core viewpoint of the article highlights that Shenwan Hongyuan Research was awarded the "Best Golden Bull Research Institution" at the 2025 Wealth Allocation and Asset Management Conference held by China Securities Journal, with 12 research fields recognized for the "Best Golden Bull Analyst" awards [1][7] - The conference featured a roundtable forum with Dong Liang, Vice Chairman of Shenwan Hongyuan Research, discussing the outlook for the A-share market in 2026, including market trends, styles, positive factors, and investment opportunities [3] - The "Golden Bull Analyst Award" has been held annually since 2010, aiming to showcase outstanding institutions and analysts in the securities research field, encouraging continuous improvement in research capabilities and enhancing the industry's social influence [7] Group 2 - Shenwan Hongyuan Research, established in 1992, is a comprehensive securities research consulting institution under Shenwan Hongyuan Securities Co., Ltd., with over 300 research service team members focusing on more than 1,000 key listed companies domestically and internationally [9] - The institution conducts extensive investment research covering macroeconomics, industry companies, stock and bond investment strategies, product design, and policy research, emphasizing the development of a long-term stable professional research service [9]

Core Viewpoint - The 2025 Securities Times Analyst Annual Conference and Best Analyst Awards Ceremony was held in Suzhou, highlighting the achievements of analysts and research teams in the financial industry [2]. Awards and Recognitions - The event awarded three major individual awards: Master Analyst SSR to Qiu Guanhua from Zheshang Securities, Star Analyst SSR to Wu Bohua from Changjiang Securities and Guan Quansen from Guolian Minsheng Securities, and Golden Analyst SSR to Sun Yuanyuan from Industrial Securities and He Yaxuan from Guosheng Securities [3][6][7][8]. - The Best Research Team SSR award was given to multiple institutions including Changjiang Securities, GF Securities, Industrial Securities, Shenwan Hongyuan Securities, Guotai Junan Securities, Guosheng Securities, Dongwu Securities, Huachuang Securities, Zheshang Securities, and CITIC Construction Investment Securities [3]. Individual Award Highlights - Qiu Guanhua emphasized the importance of dedication and professionalism in research, aiming to establish a top-tier research institute [6]. - Wu Bohua expressed gratitude for the support from investors and highlighted the opportunities in the new energy sector [7]. - Guan Quansen acknowledged the platform provided by the Securities Times and New Fortune magazine for sell-side research [7]. - Sun Yuanyuan noted the exciting prospects for the pharmaceutical industry in 2025 and the importance of innovation [8]. - He Yaxuan recognized the responsibility that comes with the "Golden Analyst" title and committed to delivering better research outcomes [8]. Team Award Highlights - Changjiang Securities highlighted the collective effort of its team and the growth fostered by its culture [9]. - GF Securities expressed gratitude to the judges and fellow analysts, emphasizing continuous improvement [9]. - Industrial Securities thanked the platform provided by the Securities Times and the support from institutional investors [9]. - Shenwan Hongyuan Securities reflected on its long-standing history and commitment to seizing new opportunities [9]. - Guotai Junan Securities aimed to build a competitive investment bank through professional research [10].

Core Viewpoint - The 2025 Securities Times Analyst Annual Conference and Best Analyst Awards Ceremony was held in Suzhou, focusing on enhancing financial service quality and supporting the development of the real economy [2][4]. Group 1: Event Overview - The conference gathered over 60 securities firms, nearly 100 listed companies, and more than 300 financial institutions, totaling around 2,000 attendees [4]. - Keynote speeches were delivered by prominent figures, including the Chief Economist of Changjiang Securities and the Chairman of Jiemai Technology [4]. - The main forum emphasized the importance of financial services in supporting the real economy, with subsequent specialized forums addressing hot investment topics [4]. Group 2: Best Analyst Awards - The 2025 Best Analyst Awards were announced, showcasing a strong lineup of analysts in the Chinese securities research field [5]. - The Superior Super Research (SSR) team award was given to top firms including Changjiang Securities, GF Securities, and others, highlighting their industry influence [6]. - In macroeconomic research, GF Securities' research team led by Guo Lei won first place, followed by teams from Huachuang Securities and others [6]. Group 3: Investment Strategy Discussion - From December 18 to 19, top analysts discussed macroeconomic trends and investment strategies for 2026 with representatives from major investment institutions [8]. - Guo Lei noted two key characteristics for 2025's pricing: the rise of global narratives and the differentiation of economic fundamentals, with precious metals and emerging market stocks expected to perform well [8]. - Looking ahead to 2026, Guo Lei predicted a convergence of global narratives and a narrowing of domestic economic disparities, with potential for improved investment conditions [9].