据同花顺（300033）iFinD数据统计，这98家上市企业合计募资总额为1003.59亿元。华电新能 （600930）募资181.71亿元，为1-10月的募资王。西安奕材、中策橡胶（603049）分别募资46.36亿元、 40.66亿元，分列募资额第二、三名。 1-11月，共有34家券商参与了新增上市企业的保荐承销工作，合计赚得承销保荐费用49.46亿元。 其中，国泰海通（601211）成为2025年1-11月券商承销保荐费用的第一名，合计赚得承销保荐费用 74332.14万元。 国泰海通保荐了长江能科、联合动力（301656）、友升股份（603418）、悍高集团（001221）、首航新 能（301658）、浙江华业（301616）、浙江华远（301535）、常友科技（301557）、毓恬冠佳 （301173）、大明电子（603376）、丰倍生物（603334）11家企业上市，与华英证券、天风证券 （601162）担任了兴福电子的联合主承销商，与中信建投（601066）、中信证券（600030）、川财证 券、中金公司（601995）、华泰联合担任了华电新能的联合主承销商，与中金公司担任了屹唐股份的联 合主承 ...

2025年11月26日，由中国证券报与中国国新联合主办的"2025金牛企业可持续发 展论坛暨第三届国新杯·ESG金牛奖颁奖典礼"在苏州举行，申万宏源凭借在可持续发展 与ESG治理方面的卓越表现，成功入选"ESG金牛奖百强"，彰显了公司在环境、社会与 治理领域的领先实践与行业影响力，这是申万宏源再次获得该奖项。 在公司治理层面， 申万宏源 持续完善"1+N"全面风险管理体系，深交所信息披露评价九 次获评A级，投行业务质量评价获A类最高等级，筑牢了资本市场"看门人"的坚实防线。 在社会责任方面，申万宏源积极探索"金融赋能+产业帮扶"双轮驱动模式，累计投入无偿 帮扶资金超3.5亿元，实施帮扶项目200余个；红枣"保险+期货"项目入选联合国"全球减贫案 例"，形成可复制、可推广的乡村振兴"申万宏源经验"。 在环境与绿色金融领域， 申万宏源 积极服务"双碳"目标，发行绿色债券525亿元，支持 绿色企业股权融资296亿元，助力科技金融、绿色金融、普惠金融、养老金融、数字金融"五篇 大文章"落地见效。 此外， 申万宏源 持续推进金融科技融合，率先应用AI模型优化服务流程，提升客户体验； 构建"研究+投资+投行"全生命周期金 ...

Core Viewpoint - The successful issuance of the bond by Changde City Urban Construction Investment Group marks a significant achievement for both the issuer and the underwriter, Shenwan Hongyuan, highlighting a strong partnership and setting a precedent for future collaborations [2][3]. Group 1 - The bond issuance scale is 700 million yuan, with a term of 3+2 years and a coupon rate of 2.12%, which is the lowest coupon rate in the issuer's history [2]. - Shenwan Hongyuan has been a key service provider for the issuer, which is the largest urban investment platform in Changde City, indicating a long-term relationship [2]. - The successful issuance is expected to enhance Shenwan Hongyuan's brand recognition and professional competitiveness in the bond market within Hunan Province [3]. Group 2 - This project is seen as a significant outcome of Shenwan Hongyuan's strategy of "deepening regional engagement and serving the real economy," laying a solid foundation for expanding quality projects in Hunan Province [3]. - The collaboration is anticipated to deepen the breadth and depth of future cooperation between Shenwan Hongyuan and the issuer, reinforcing their partnership [3].

Group 1 - The core viewpoint is that Pop Mart (09992) maintains a "buy" rating due to its rich IP matrix and mature operational capabilities, which continue to activate overseas markets and expand offline channels, leading to sales surges during holiday seasons [1][2] - The company has successfully expanded its global presence, with a total of 171 overseas retail stores as of October 30, including 62 in North America, 28 in Europe, and 44 in Southeast Asia, indicating significant growth potential in new regions [2] - The popularity of the Labubu IP and other new products is expected to drive social engagement and revenue growth during the upcoming holiday season, particularly around Halloween and year-end festivities [2][3] Group 2 - The company has demonstrated its long-term IP operation capabilities, with successful product innovation maintaining fan engagement, while the overall brand strength has significantly improved due to the global success of Labubu and other leading IPs [3][4] - The business model is viewed as having strong competitive barriers, with the ability to realize long-term value from IP through effective operations, as evidenced by the healthy supply-demand ecosystem for its products [4]

Core Viewpoint - The report from Shenwan Hongyuan maintains a "buy" rating for Pop Mart (09992), highlighting its strong IP matrix and operational capabilities that continue to activate overseas markets and expand offline channels, leading to sales surges during holiday seasons [1] Group 1: Global Expansion and Market Demand - The globalization process is progressing steadily, with a focus on expanding overseas supply chains and channels to meet global fan demand [1] - The collectible toy category has strong display, social, and gifting attributes, making offline channels crucial for sales and brand marketing [1] - As of October 30, the number of overseas retail stores reached 171, with significant growth potential in North America (62 stores), Europe (28 stores), and Southeast Asia (44 stores) [1] - The recent Halloween product launches in North America have generated strong sales, and the upcoming holiday season is expected to boost social engagement and revenue growth for new IPs like Labubu [1] Group 2: Brand Strength and IP Development - The success of a single IP does not hinder the overall platform development, with the brand's strength significantly improving [2] - Labubu's revenue contribution is healthy, and the company has demonstrated its long-term IP operation capabilities through product innovation and iteration [2] - The global popularity of Labubu and other key IPs has elevated Pop Mart's brand presence, exemplified by participation in the Macy's Thanksgiving Day Parade [2] Group 3: Long-term Business Model Viability - The company is viewed as one of the most competitive globally in terms of IP design, operation, and supply chain, capable of realizing long-term value through effective IP management [3] - Recent product launches have maintained a slight premium, indicating a healthier supply-demand ecosystem compared to June, which is beneficial for cultivating long-term fans [3]

Core Viewpoint - The A-share market is expected to experience an upward breakout in December, driven by improvements in fundamental expectations, macro liquidity, and policy catalysts, leading to a potential early start of the spring rally [1][9][11]. Group 1: Market Outlook - Most brokerages anticipate that December will see a recovery in fundamental expectations and macro liquidity, with policy and industry themes catalyzing market movements [1][7]. - The market has been in a three-month consolidation phase, and the likelihood of an upward breakout to initiate a year-end rally is high [1][9]. - Investors maintain confidence in the medium to long-term market outlook, suggesting that the current bull market is not over [11]. Group 2: Investment Strategies - Investors are advised to prepare for the year-end rally, with a focus on strategic positioning around key events such as the Federal Reserve's interest rate meeting and the Central Economic Work Conference [2][8]. - Emphasis on large-cap stocks with stable earnings is expected to outperform in December, while a balanced allocation between growth and value styles is recommended [12]. - Key sectors to watch include traditional manufacturing, resource revaluation, and companies with overseas expansion potential [4][8]. Group 3: Sector Focus - The technology sector is anticipated to rebound, particularly in areas with favorable cost-performance ratios, such as innovative pharmaceuticals and defense industries [6][7]. - The cyclical sectors, including basic chemicals and industrial technology, are expected to be foundational assets for the spring rally [5][6]. - Consumer sectors, particularly high-quality consumption like liquor and consumer building materials, are seen as mid-term investment opportunities [7][12].

Core Insights - The asset management industry is entering a new phase of high-quality development, with a focus on how securities firms can strategically position themselves in this evolving landscape [1][3] - The "post-public offering era" presents both opportunities and challenges for securities firms in asset management, prompting discussions on differentiation and internal collaboration [3][4] Group 1: Industry Trends - The forum highlighted the importance of "licenses, competition, genes, and collaboration" as key themes for securities firms navigating industry transformation [3] - Securities firms are exploring diverse development paths, with a focus on leveraging their unique advantages in the asset management space [4][9] Group 2: Business Strategies - Securities firms with public offering licenses are considering how to differentiate their offerings, while those without are seeking to optimize their existing frameworks [4][6] - Financial institutions like Huazhong Securities are focusing on "private small collective" products to enhance product returns and diversify their offerings [6][8] Group 3: Competitive Landscape - The relationship between securities firms and other financial institutions, such as banks and public funds, is evolving from pure competition to a mix of competition and collaboration [9][11] - Securities firms are increasingly targeting high-net-worth clients and non-bank institutions, utilizing a variety of tools such as ABS, REITs, and quantitative strategies [9][11] Group 4: Internal Collaboration and Value Creation - The unique "brokerage gene" of securities firms can be transformed into sustainable productivity, driving internal growth and enhancing client services [14][15] - Asset management can serve as a talent development base for other business lines within securities firms, providing valuable insights and strategies [15][16]

Core Viewpoint - Shenwan Hongyuan Securities Co., Ltd. successfully completed the issuance of short-term corporate bonds aimed at professional investors, indicating strong market demand and the company's solid financial position [1] Group 1: Bond Issuance Details - The total issuance scale of the bonds is RMB 3 billion [1] - Type one bonds have an issuance scale of RMB 1.9 billion, with a maturity of 97 days and a coupon rate of 1.64% [1] - Type two bonds have an issuance scale of RMB 1.1 billion, with a maturity of 335 days and a coupon rate of 1.70% [1] - The bonds are set to be listed and traded on the Shenzhen Stock Exchange after registration [1]

Group 1 - The company, Shenwan Hongyuan Group Co., Ltd., announced the issuance of corporate bonds aimed at professional investors, with a total issuance scale of RMB 1.6 billion [1] - The bonds, referred to as "24 Shenhong 03," have a maturity period of 2 years and a coupon rate of 2.06% [1] - The bonds will be issued on December 2, 2024, and will mature on December 2, 2025 [1]

Core Viewpoint - Shenwan Hongyuan Securities Co., Ltd. successfully issued short-term corporate bonds aimed at professional investors, with a total issuance scale of RMB 3 billion [1] Group 1: Bond Issuance Details - The total issuance scale of the bonds is RMB 3 billion [1] - Type one bonds have an issuance scale of RMB 1.9 billion, a term of 97 days, and a coupon rate of 1.64% [1] - Type two bonds have an issuance scale of RMB 1.1 billion, a term of 335 days, and a coupon rate of 1.70% [1] Group 2: Listing Information - The bonds are set to be listed and traded on the Shenzhen Stock Exchange after registration is completed [1]