Core Viewpoint - Shenwan Hongyuan initiates coverage on CIMC Enric (03899) with a "Buy" rating, highlighting its strong financial health and robust order backlog, driven by growth in natural gas demand, decarbonization in shipping, and hydrogen industry policies [1] Group 1: Financial Performance - CIMC Enric is a clean energy equipment platform under CIMC Group, with a stable financial position and a major shareholder holding 70% [1] - The company expects a CAGR of 17% in net profit attributable to shareholders from 2020 to 2024, benefiting from the continuous improvement in clean energy equipment performance [1] - The gross profit contributions from clean energy, chemical environment, and liquid food segments for H1 2025 are 71%, 14%, and 15% respectively [1] - The company has maintained a ROE above 10% for the past four years and has a cash-rich position, with a dividend payout ratio exceeding 50% in the last two years [1] Group 2: Order Backlog and Market Potential - As of Q3 2025, CIMC Enric has a total order backlog of 30.8 billion yuan, with clean energy equipment orders amounting to 27.3 billion yuan (20 billion yuan for marine and 7.1 billion yuan for land-based applications, and 300 million yuan for hydrogen) [2] - The company is positioned to benefit from the anticipated decline in natural gas prices, which will enhance LNG infrastructure [2] - The LNG shipping market is expected to double by 2030, driven by environmental and economic advantages, leading to increased orders for LNG bunkering vessels and fuel tanks [2] - The hydrogen sector is expected to benefit from the implementation of the 14th Five-Year Plan for hydrogen and ammonia policies, with the company’s core products covering the entire hydrogen production, storage, transportation, and utilization chain [2] Group 3: Energy Operations - CIMC Enric utilizes coke oven gas to produce blue hydrogen and LNG, with the first project at Angang expected to be profitable in its first year of operation, targeting a cumulative capacity of approximately 200,000 tons of hydrogen and 1 million tons of LNG by 2027 [3] - The potential for green methanol is significant, driven by decarbonization in shipping and renewable energy consumption, with the company’s 50,000-ton biomass methanol project expected to be a frontrunner [3] Group 4: Other Business Segments - The chemical environment segment, with a global market share exceeding 50% in tank containers, is expected to face short-term pressure due to chemical cycle impacts, prompting the company to expand its after-market services [4] - The liquid food segment, which includes well-known brands like Ziemann beer equipment, is experiencing a slowdown in consumer demand, leading to a diversification strategy to enhance resilience [4]

方荣义 方荣义表示，近年来我国居民财富管理呈现三大趋势性新变化：一是居民理财投资者的队伍日渐壮大， 据贝恩咨询数据，中国全市场持有理财产品的投资者数量达1.39亿人；二是居民对权益投资的配置比重 有所提升，当前居民家庭资产配置中股票、基金等权益类资产占金融资产的比例已提升至15%左右；三 是居民理财需求综合化，居民对财富管理的诉求已经从单一的储蓄理财向多元资产配置转变。 尽管当前财富管理市场逐渐庞大，但在方荣义看来，金融体系在服务居民财富管理上还面临两大短板瓶 颈：一方面，财富管理产品的深度广度不足。目前市场上的理财产品多集中在高波动、中低收益区间， 且不同类型投资产品之间的风险关联度很高，低贝塔、低波动、稳定收益的产品供给严重不足，这在很 大程度上制约了居民中长期储蓄向金融投资的转化。另一方面，投资者信任与陪伴不足，尚未形成真正 的买方投顾服务体系。 基于上述判断，方荣义认为证券公司未来要以提升"三率"为抓手，助力居民提升金融投资收益：一是要 着力提升居民投资的含"权"率，为投资者提供更多元的具有中长期稳定收益的权益产品，并加大创设 ETF、指数基金等被动管理产品以降低投资门槛；二是要着力提升居民全球资产配 ...

文 | 赵伟、陈达飞、赵宇、王茂宇、李欣越 联系人 | 陈达飞 摘要 二、大类资产&海外事件&数据：美联储FOMC会议偏鸽，关注下周经济数据 多数发达国家国债利率上行，贵金属价格大涨 。当周，标普500下跌0.6%，纳指下跌1.6%；10Y美债收益 率上行5.0bp至4.19%；美元指数下跌0.6%至98.40，离岸人民币升至7.0535；WTI原油下跌4.4%至57.4美 元/桶，COMEX黄金上涨2.5%至4302.7美元/盎司。 欧元区2026年财政基调为总体中性 。12月11日，欧元区发布2026年欧元区财政预算声明。声明指出， 2026年将保持总体中性立场。预计2025年欧元区赤字率3.2%，2026年为3.3%。政府债务率预计从2025 年 的88.8%小幅上升至2026年的89.8%。 12月美联储FOMC会议偏鸽，关注下周公布的美国11月就业、CPI数据 。12月FOMC例会：降息25BP， 重启"扩表"，首月购买短期美债400亿美元，降息投票出现三张反对票；10月美国JOLT职位空缺767万 人，高于市场预期；重点关注下周公布的美国就业、CPI数据。 风险提示 地缘政治冲突升级；美国经济放缓 ...

Group 1 - The article discusses the emergence of "jobless growth" and "K-shaped recovery" in the U.S. economy since mid-2025, questioning whether the economy can escape these characteristics in 2026 [2][5][89] - "Jobless growth" refers to a situation where economic growth occurs without corresponding job creation, with non-farm payrolls declining to an average of 18,000 per month from June to August 2025, significantly below historical non-recession averages [2][6][89] - The "K-shaped economy" is characterized by a divergence in consumption, employment, wages, and wealth, where high-income households experience significantly higher consumption growth compared to low-income households [2][23][89] Group 2 - The causes of the "K-shaped economy" are identified as economic slowdown, monetary easing, the impact of Trump's policies, and a structural bull market in U.S. stocks [3][50][74] - The article highlights that the labor market has become "looser," with low-wage groups being the first to feel the economic downturn and the last to benefit from recovery, indicating a structural imbalance in income and wealth distribution [3][50][62] - Long-term trends show that income and wealth inequality in the U.S. began in the 1980s, with real labor income growth lagging behind productivity growth, reflecting the rise of capital and technology over labor [3][77][110] Group 3 - The article emphasizes the difficulty in bridging the "K-shaped gap," questioning whether the economy will experience inclusive growth or a recession that erases wealth [4][90][110] - Historical examples of "jobless recoveries" are provided, illustrating that after past recessions, unemployment rates continued to rise despite economic recovery, with the path to recovery typically involving sustained demand expansion and tightening labor markets [4][90][91] - The article suggests that the U.S. economy in 2026 may transition from "jobless growth" to "low employment growth," but the characteristics of the "K-shaped economy" may not significantly change due to a persistently weak labor market [4][90][98]

Group 1 - Chengdu Hongming Electronics Co., Ltd. has been approved for its initial public offering (IPO) on the Shenzhen Stock Exchange, marking it as the 91st company to pass the review this year [1] - The company specializes in the research, production, and sales of new electronic components, primarily focusing on capacitors and resistors, with applications in consumer electronics and new energy sectors [1][2] - The company plans to issue up to 30.39 million shares, aiming to raise approximately 195.07 million yuan for various projects, including the industrialization of high-energy pulse capacitors and the enhancement of precision component capabilities [2] Group 2 - The actual controller of Hongming Electronics is the Sichuan Provincial State-owned Assets Supervision and Administration Commission, which holds a significant stake in the company through its subsidiaries [2] - The company is backed by Shenwan Hongyuan Securities, which has successfully sponsored two IPO projects this year, including Hongming Electronics and Chongqing Zhixin Industrial Co., Ltd. [1][2] - The company is expected to address inquiries regarding its competitive landscape, market demand, product pricing trends, and future R&D investments during the listing committee meeting [3]

通过《关于申万宏源集团股份有限公司监事会改革有关组织架构调整的议案》。 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2025-110 申 万 宏 源 集 团 股 份 有 限 公 司 第六届董事会第十三次会议决议公告 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。 申万宏源集团股份有限公司（以下简称"公司"）第六届董事会第十三次会议于2025年12月12日以通讯方 式召开。2025年12月4日，公司以书面形式向全体董事发出了召开董事会会议的通知。会议应参加表决 董事11人，实际参加表决董事11人。会议的召集、召开符合有关法律、行政法规、部门规章、规范性文 件和《公司章程》的规定。会议经认真审议并以记名投票方式表决，形成决议如下： 表决结果：11票同意，0票反对，0票弃权。 特此公告。 申万宏源集团股份有限公司董事会 二〇二五年十二月十二日 ...

Core Viewpoint - The future focus for securities companies should be on enhancing the "three rates" to assist residents in improving their financial investment returns [1][2][4] Group 1: Trends in Wealth Management - The number of investors holding wealth management products in China has reached 139 million, indicating a growing investor base [3] - The proportion of equity investments in residents' asset allocation has increased to approximately 15%, reflecting a shift towards equity assets [3] - There is a trend towards diversified wealth management needs, moving from single savings products to multi-asset allocation [3] Group 2: Challenges in Wealth Management - The financial system faces two main bottlenecks in serving residents' wealth management needs: insufficient depth and breadth of wealth management products, with a concentration in high volatility and low to medium yield products [3] - There is a lack of trust and support for investors, as a true buyer advisory service system has not yet been established [3] Group 3: Strategic Recommendations for Securities Companies - Securities companies should focus on increasing the "right" rate by providing more diversified, medium to long-term stable return equity products and enhancing the creation of ETFs and index funds to lower investment thresholds [4] - There is a need to improve the global asset allocation ratio for residents by leveraging the advantages of securities companies in global asset allocation strategies and cross-border product design [4] - Enhancing long-term investment returns for residents is crucial, which can be achieved by developing buyer advisory services and establishing a wealth management system centered on customer needs, empowered by digital technology [4]

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 2025-110 申 万 宏 源 集 团 股 份 有 限 公 司 第六届董事会第十三次会议决议公告 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。 （ 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第六屆董事會第十三 次會議決議公告》，僅供參閱。 承董事會命 申萬宏源集團股 ...

Group 1 - The core point of the article is that Shenwan Hongyuan (SZ 000166) held a board meeting on December 12, 2025, to discuss organizational restructuring related to the supervisory board reform [1] - For the first half of 2025, Shenwan Hongyuan's revenue composition was as follows: Institutional services and trading accounted for 43.86%, personal finance for 35.58%, principal investment for 7.72%, investment banking for 7.58%, and asset management for 5.25% [1] - As of the report date, Shenwan Hongyuan's market capitalization was 131 billion yuan [1]

申 万 宏 源 集 团 股 份 有 限 公 司 第六届董事会第十三次会议决议公告 证券代码：000166 证券简称：申万宏源 公告编号：临 2025-110 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。 申万宏源集团股份有限公司（以下简称"公司"）第六届董事会 第十三次会议于 2025 年 12 月 12 日以通讯方式召开。2025 年 12 月 4 日，公司以书面形式向全体董事发出了召开董事会会议的通知。会议 应参加表决董事 11 人，实际参加表决董事 11 人。会议的召集、召开 符合有关法律、行政法规、部门规章、规范性文件和《公司章程》的 规定。会议经认真审议并以记名投票方式表决，形成决议如下： 特此公告。 申万宏源集团股份有限公司董事会 二〇二五年十二月十二日 通过《关于申万宏源集团股份有限公司监事会改革有关组织架构 调整的议案》。 表决结果：11票同意，0票反对，0票弃权。 ...