申万宏源证券有限公司（以下称"本公司"）近期发现有人冒用本公司分支机构名义创建自媒体社交 账号，假冒分支机构名义发布跟股市行情、个股操作相关的内容，开展非法证券活动。假冒自媒体 社交账号及截图如下： 1.微信短视频平台 2.小红书平台 7、证券经纪业务对外展业信息系统和替代交易方式公示： https://www.swhysc.com/swhysc/publicChannel?channel=00010002000100080017 8、公司互联网公众账号公示： https://www.swhysc.com/swhysc/publicChannel?channel=00010002000100080019，除公 示范围之外的带"申万宏源证券""申万宏源"字样、商标、标志、职务信息的互联网公众账号，均非 申万宏源证券有限公司/申万宏源西部证券有限公司认可或授权的公众账号(申万宏源证券有限公司 母公司、子公司等关联机构认可或授权的公众账号除外〉，投资者如发现相关互联网公众账号，请 注意辨别真伪、 不要轻易相信，并可通过95523或营业网点向申万宏源证券有限公司/申万宏源西 部证券有限公司反馈或核实。 三、凡假冒本公 ...

近日，由申万宏源证券担任主承销商的"中建投租赁股份有限公司2025年面向专业 投资者公开发行公司债券（第二期）"成功发行，本期债券发行规模8亿元，期限3年， 票面利率2.38%。本期债券是我司在商租领域公司债券领域的又一力作。 本期债券的发行主体中建投租赁聚焦绿色低碳、装备制造、信息技术等领域，为国 家重大战略、重点领域和薄弱环节提供优质金融服务，积极促进科技创新、先进制造、 绿色能源等业务发展，通过"融资租赁"特色服务为助力科技创新和现代化产业体系建 设、服务绿色发展战略、支持中小微企业及促进区域协调发展等领域提供金融"活水"。 免责 声 明 本内容最终解释权归申万宏源证券有限公司所有。 在本期债券发行过程中，公司充分发挥综合金融服务优势，实现票面利率精准引 导，获得发行人的高度认可。本次合作是公司第十三次担任该发行人公司债券的主承销 商，持续巩固了我司在商租领域债券融资服务市场的地位。未来，公司将深度把握国家 增强金融服务实体经济能力政策导向，以专业价值服务国家经济高质量发展。 ...

本内容最终解释权归申万宏源证券有限公司所有。 本次合作是申万宏源证券服务动车小镇发行的首期债券，也是申万宏源证券与青岛 城阳区的首次合作。在发行过程中，申万宏源证券充分发挥专业精湛的承销优势，把握 优质发行窗口，深度洞察客户需求，圆满完成各项发行工作。这一成果不仅促成了双方 从互信默契到深度协同的进阶，更以长期稳定的合作关系为基石，持续夯实申万宏源证 券在青岛市债券市场的专业品牌形象，树立区域服务标杆。 免责 声 明 近日，由申万宏源证券担任主承销商的青岛动车小镇投资集团有限公司2025年度 第二期定向债务融资工具成功发行，本期定向融资工具发行规模5.00亿元，期限为3 年，主体评级AA，票面利率2.78%。 青岛动车小镇投资集团有限公司（简称"动车小镇"）成立于2017年3月31日，是青 岛城阳区出资设立的大型国有独资企业。动车小镇所运营的青岛轨交示范园区是中国唯 一集高铁地铁整车生产、轨道交通关键核心系统研发制造、国家基础应用技术协同创新 平台于一体的产业集聚区，代表青岛市战略性新兴产业集群入选国务院督查激励名单和 国家绿色工业园区。 ...

Core Viewpoint - The successful execution of the first northbound commodity futures return swap transaction by Shenwan Hongyuan Securities marks a significant step in enhancing cross-border financial services and aligns with national strategies for stabilizing foreign investment and promoting high-level opening-up [1][2]. Group 1: Transaction Details - The FICC Division collaborated with Shenwan Hongyuan (International) Group to complete the first northbound return swap transaction linked to domestic commodity futures, expanding the range of cross-border return swap products offered by the company [1]. - This transaction facilitates a foreign bank's participation in the domestic commodity futures market, addressing the limited pathways and low convenience for foreign institutions in accessing this market [2]. Group 2: Future Outlook - The collaboration highlights the company's capabilities in cross-border derivatives and comprehensive financial services, with plans to deepen cooperation with Shenwan Hongyuan (International) Group [2]. - The FICC Division aims to enhance cross-border trading capabilities and product creation, attracting diverse participants such as sovereign funds, financial institutions, and private equity products to engage in the Chinese market [2].

Group 1 - The core viewpoint of the article highlights the successful issuance of 4.5 billion yuan in bonds by Xi'an Economic Development Financial Holding Co., aimed at supporting small and micro enterprises, reflecting a strong commitment to regional economic development and national policies [1][2] - The bond issuance was oversubscribed by 3.02 times, with a coupon rate of 2.90%, indicating strong investor interest and confidence in the initiative [1] - The funds raised will be utilized through various financial instruments such as entrusted loans, financing leases, and commercial factoring, specifically targeting liquidity support for small and micro enterprises in Xi'an [1] Group 2 - The bond issuance set a record for the lowest financing cost for similar-rated, same-term, and unsecured bonds in the province, showcasing the effectiveness of the credit issuance method [2] - The company, as the lead underwriter, plays a crucial role in enhancing the financial supply-side reform and diversifying product offerings, contributing to the regional economic transformation and industrial upgrading [2]

近日，"海尔融资租赁股份有限公司2025年面向专业投资者非公开发行中小微企业支持债券（第一期）"在 上海证券交易所成功簿记发行。本期债券发行规模5亿元，期限为"1+1"年，票面利率2.50%，市场认购热烈， 是租赁行业首单非公开发行中小微企业支持债券，也是民营企业首单非公开发行中小微企业支持债券。本期债 券由申万宏源证券有限公司担任主承销商和簿记管理人。 中小微企业是社会主义市场经济的重要组成部分,是我国经济发展中不可或缺的重要力量。作为业内首单 聚焦中小微企业融资需求的非公开发行公司债券，本期债券的发行标志着海尔融资租赁在服务实体经济、践行 金融五篇大文章、深化普惠金融领域的又一突破。本期债券募集资金主要用于支持智能制造、医疗健康、教育 文化、农牧食品等领域的民营中小微企业，着力支持民营中小微企业技术升级、设备更新等关键性需求，助力 普惠金融服务提质增效。未来，海尔融资租赁将继续秉持"为产业，而金融"的经营理念，不断优化融资结构， 创新多元化融资产品，持续提升金融服务质效，助力实体经济高质量发展。 来源：申万宏源证券固收融资 近年来，申万宏源证券在青岛区域着力深耕债券业务，截止目前，公司服务青岛市重点国资及 ...

Core Viewpoint - The article highlights the various financial services and support provided by Shenwan Hongyuan Securities to promote inclusive finance, technological innovation, and regional development through successful bond issuances and financial products. Inclusive Finance - Shenwan Hongyuan assisted Haier Financing Leasing in successfully issuing the first non-public offering of bonds supporting small and micro enterprises in the leasing industry, with a scale of 500 million yuan and a coupon rate of 2.50% [2] - The company supported Zhuzhou Kent Hard Alloy Co., Ltd. in its successful listing on the New Third Board, contributing to the development of specialized and innovative enterprises [3] Technology Finance - Shenwan Hongyuan helped China State Construction Engineering Corporation's Eighth Engineering Bureau issue bonds supporting technological innovation for small and micro enterprises, with a total scale of 1 billion yuan [4] - The company facilitated the issuance of perpetual bonds for China Railway Construction Corporation and China Railway Group, with total scales of 3 billion yuan and 2.5 billion yuan respectively, aimed at enhancing technological innovation capabilities [5] Green Finance - Shenwan Hongyuan successfully completed its first carbon asset repurchase business in the Hubei carbon market, providing flexible financing channels for enterprises and supporting their green development initiatives [10] Regional Finance - The company acted as the sole lead underwriter for the issuance of bonds totaling 200 million yuan for the Hami State-owned Assets Investment and Operation Co., Ltd. in Xinjiang [11] - Shenwan Hongyuan also supported the issuance of various bonds in Shaanxi, including a 2 billion yuan bond for Shaanxi Transportation Holding Group and a 600 million yuan bond for Shaanxi Tourism Group [12] Financial Innovation - Shenwan Hongyuan launched its first batch of early interest dual-value income certificates linked to gold spot contracts, with total subscriptions exceeding 50 million yuan, showcasing its strength in financial innovation [16]

Group 1 - The current Buffett indicator for A-shares is 73.71%, indicating it is in a relatively high range and currently within a safe zone [2] - Among major broad market indices, only the ChiNext Index has a TTM PE valuation below 20%, specifically at 14.70%. The TTM PE valuations for the CSI A100, STAR 50, and Northern Exchange 50 are at the 94.44%, 99.69%, and 100.00% historical percentile levels, respectively, suggesting relatively high valuations and potential risks [3] - In terms of industry analysis, only the agriculture, forestry, animal husbandry, and fishery sector has TTM PE, PB, and PS valuations below the 20th percentile of the past decade. The TTM PE valuation is at the 3.46th percentile, PB at the 3.27th percentile, and PS at the 11.40th percentile, indicating a relatively low level and warranting attention [4] Group 2 - The computer and real estate sectors have TTM PE valuations at the 91.23% and 98.35% historical percentile levels, respectively, indicating significant investment risks [4]

风险提示：国际贸易、地缘冲突超出预期；上市公司业绩增速回落超预期；全球经济衰退超预期。 从市场运行节奏看，沪指在周线箱体中轨线找到支撑，正在展开超跌反弹。沪指于 4 月中旬逐步企 稳反弹，目前已经回补了 4 月 7日的向下跳空缺口，上方正面临着今年一季度高点和去年四季度的成交 密集区的压力，预计继续反弹的阻力将有所增大，建议保持震荡市思维。 首先，中美贸易谈判取得实质性进展，市场风险偏好有所提升。新华社 5 月 11 日晚报道"中美经贸 高层会谈坦诚、深入、具有建设性，达成重要共识，并取得实质性进展。双方一致同意建立中美经贸磋 商机制。中美双方将尽快敲定相关细节，并将于 5 月 12 日发布会谈达成的联合声明"。周一下午三点， 新华社发布了《中美日内瓦经贸会谈联合声明》，中美两国同时大幅下调之前加征的关税。中美经贸谈 判的效率和互相减免关税的幅度总体超出投资者预期，市场风险偏好有所上升。当然，4 月中旬以来市 场始终在交易贸易冲突的缓和，要看到市场已经计入一定改善预期。不悲不喜，谨慎应对仍是基本原 则。 其次，沪指高开高收，成交放大。周一，两市高开后一路向上反弹，收盘接近全天最高点。两市量 能在 1.3 万亿 ...

本次合作是自2024年9月以来，申万宏源证券服务陕西交控集团发行的第五只中期 票据，五只中期票据的累计承销规模达85亿元，其中申万宏源证券实际承销规模超过 10亿元。历次发行过程中，申万宏源证券充分发挥专业精湛的承销优势，把握优质发行 窗口，深度洞察客户需求，圆满完成各项发行工作。这一系列成果不仅促成了双方从互 信默契到深度协同的进阶，更以长期稳定的合作关系为基石，持续夯实申万宏源证券在 陕西省债券市场的专业品牌形象，树立区域服务标杆。 免责 声 明 近日，由申万宏源证券担任主承销商的陕西交通控股集团有限公司2025年度第四 期中期票据成功发行，本期中期票据发行规模20.00亿元，期限5+N年，主体评级 AAA，票面利率2.22%。 陕西交通控股集团有限公司（简称"陕西交控集团"）成立于2021年1月30日，是陕 西省政府出资设立的大型国有独资企业。公司注册资本500亿元，经营范围涵盖交通基 础设施勘察设计、投资、建设、运营，交通运输、航空货运、物资贸易等。公司总资产 突破6,100亿元，养管公路里程6,582公里，其中高速公路5,783公里，占陕西省的 90%左右，综合实力已步入全国同行业第一方阵。 本内容 ...