股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2026年1月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 申萬宏源(香港)有限公司 | | | 呈交日期: | 2026年2月2日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.2.0 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 1. 股份分類 普通股 股份類別 不適用 於香港聯交所上市 (註1) 是 證券代號 (如上市) 00218 說明 已發行股份（不包括庫存股份）數目 庫存股份數目 已發行股份總數 上月底結存 1,561,138,689 1,561,138,689 增加 / 減少 (-) 本月底結存 1,561,138,689 0 1,561,138,689 足夠公眾持股量的確認(註4) | 根據《主板上市規則》第13.32D(1)條或第19A.28D(1)條 / 《GEM上市規則》第17.37D(1)條或第25.21D(1)條 ...

本期为证券社交媒体指数(2025年12月)。 本期为证券社交媒体指数(2025年12月)。 中信证券TALK 平安训 80.69 03 大同证券 国泰海议 80.51 04 国金证券 中彩顶 79.30 05 财富零 国投证券 79.17 06 渤海证券 山西订 76.42 07 太平洋证券 德邦ü 75.61 08 兴业! 申万宏源投教基地 75.31 09 国信订 中原证券 75.25 10 视频号指数榜 | 排名 | 名称 | 指数 | 雷达图 | 排名 | 名称 | | --- | --- | --- | --- | --- | --- | | 01 | 东方财富 | 81.06 | | 11 | 德邦训 | | 02 | 中信证券 | 77.83 | | 12 | 东方订 | | 03 | 申万宏源投教基地 | 76.80 | | 13 | 金融街 | | 04 | 开源证券 | 75.55 | | 14 | 国金i | | 05 | 广发头条 | 75.49 | | 15 | 长江证券丈 | | 06 | 国泰海通君弘 | 74.42 | | 16 | 招商订 | | 07 | 红塔证券 | 73 ...

Core Viewpoint - The report from Kaiyuan Securities expresses optimism about the brokerage sector, highlighting the sustained growth of brokerage performance and the pressure on the funding side, indicating a significant lag in the brokerage sector [1] Group 1: Regulatory Developments - On January 16, the China Securities Regulatory Commission (CSRC) solicited opinions on the draft of the "Supervision and Management Measures for Derivative Transactions (Trial) (Draft for Comments)" [2] - The policy aims to strengthen the standardized management of the derivatives market, clarifying the CSRC's regulatory scope and emphasizing enhanced monitoring and cross-market regulation [3] - The policy supports the steady development of the derivatives market, encouraging risk management activities and limiting excessive speculation [3] Group 2: Impact on Brokerage Firms - The enhanced transparency in derivatives regulation is expected to benefit the long-term development of brokerage firms' derivatives business, providing a more stable operational framework for brokers and investors [4] - The derivatives business is highly concentrated, with top-tier brokers holding significant advantages; as of November 2023, the market share of the top five firms in swap and OTC options was 66% and 59%, respectively [4] - Top-tier brokers, such as CITIC Securities and Guotai Junan, can directly engage in stock hedging transactions, while secondary brokers are limited in their trading capabilities [4] Group 3: Market Stability and Investment Recommendations - Derivative tools are seen as beneficial for stabilizing market fluctuations, with the potential for relaxed scale restrictions favoring leading brokers [5] - The CSRC's commitment to a robust monitoring system for derivatives trading is expected to facilitate high-quality development in the derivatives business, contributing to market stability [5] - Investment recommendations include top brokers with strong international business and undervalued stocks, such as Huatai Securities and Guotai Junan, as well as firms with significant wealth management advantages like GF Securities [5]

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通告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本通告全部或任何部份內容 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。 申萬宏源(香港)有限公司 （於香港註冊成立的有限公司） 由二零二六年一月九日起, 有關本公司之股份過戶及登記手續將由卓佳證券 登記有限公司辦理。於二零二六年一月八日下午四時三十分後仍未領取之股 票, 可於二零二六年一月九日起從卓佳證券登記有限公司領取。 承董事局命 申萬宏源(香港)有限公司 執行董事兼行政總裁 梁鈞 香港, 二零二六年一月七日 於本公告日期，本公司董事局由九位董事組成，其中吳萌女士、李守偉先生、 梁鈞先生及胡憬先生為執行董事；張磊先生及張英女士為非執行董事；而郭 琳廣先生、劉持金先生及趙麗娟女士為獨立非執行董事。 （股份代號：00218） 更改股份過戶登記處 申萬宏源(香港)有限公司 (「本公司」) 董事會宣佈自二零二六年一月九日 起, 本公司之股份過戶登記處將更改為: - 卓佳證券登記有限公司 香港夏慤道 16 號 遠東金融中心 17 樓 電話 : (852) 2980 1333 傳真 ...

Group 1 - The Hong Kong stock market showed positive performance with the Hang Seng Index rising by 1.38% to 26,710.45 points, and the Hang Seng Tech Index increasing by 1.46% to 5,825.26 points, indicating a bullish sentiment in the market [1] - The brokerage sector led the gains, with notable increases such as China Merchants Securities up over 12%, Guotai Junan International up over 11%, and CICC up over 8% [1] - In the large tech stocks, Tencent Holdings rose by 1.28%, JD.com increased by 1.58%, while Alibaba fell by 1.31%, reflecting mixed performance among major tech companies [1] Group 2 - Goldman Sachs forecasts stable performance for Macau gaming stocks in Q4, with gross gaming revenue in the previous month rising by 15% year-on-year to 20.9 billion MOP, slightly above market expectations [2] - The annual gross gaming revenue growth is projected to be slightly above 9%, compared to market expectations of 7% to 8%, indicating a positive outlook for the sector [2] - The increase in inbound travelers to Macau, particularly from mainland China, is expected to support the gaming sector, with a 22% year-on-year increase in mainland visitors [2] Group 3 - Galaxy Securities expresses optimism about the AI sector, noting a slight decline in December but highlighting opportunities for left-side positioning in AI hardware such as optical modules and PCBs [3] - The report indicates that the market is currently experiencing a divergence, with a focus on short-term trading opportunities, while the overall sentiment is influenced by external factors like interest rate expectations [3] - Some AI application companies have shown marginal improvements in Q3 earnings, suggesting potential for growth in specific sub-sectors and leading companies [3] Group 4 - Huafu Securities emphasizes the importance of solid-state batteries as a transformative technology in the industry, recognized for their high energy density and safety [4] - The shift towards solid-state battery technology is expected to disrupt existing material and equipment systems, prompting global innovation and competition [4] - The year 2027 is identified as a critical milestone for achieving small-scale production and process standardization in solid-state battery development [4]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年12月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 申萬宏源(香港)有限公司 | | | 呈交日期: | 2026年1月2日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00218 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 1,561,138,689 | | 0 | | 1,561,138,689 | | 增加 / ...

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，概不對因本公告全部 或任何部份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。 SHENWAN HONGYUAN (H.K.) LIMITED 申 萬 宏 源 （ 香 港 ） 有 限 公 司 （於香港註冊成立之有限公司） （股份代號：218） 提名委員會的權責範圍 任命 會議法定人數 5. 會議法定人數應由兩位委員會成員組成。 會議次數 6. 委員會會議應每年至少舉行一次。 權力 7. 由董事局授權，制定提名董事的政策及向董事局提出建議。 1. 董事局議決通過成立提名委員會（「委員會」）。 成員 2. 委員會成員由董事局委任；且多數為獨立非執行董事。 3. 委員會主席應由董事局委任，並由董事局主席或獨立非執行董事擔任。 4. 本公司應為提名委員會委任至少一名不同性別的董事。 1 責任 匯報程序 10.委員會應將委員會會議記錄向各委員傳閱。 11.委員會應向董事局匯報其決定或建議，除非受法律或監管限制所限而不能作此匯報。 2025 年 12 月 2 8. 為協助委員會委員履行其責任 ...

Core Viewpoint - 2025 is a pivotal year for the Chinese securities industry, focusing on deepening functional positioning and high-quality development, with an emphasis on mergers and acquisitions, international expansion, and technological innovation [2][4]. Group 1: Industry Development Strategy - The industry development strategy is projected in two dimensions: internally, to create a first-class investment bank through mergers and acquisitions; externally, to recommend the value of Chinese assets to global markets [2]. - High-quality development is the main theme, requiring securities firms to act as both market participants and builders, as well as to become "boosters" of technological innovation and "guardians" of residents' wealth [2]. Group 2: Mergers and Acquisitions - 2025 marks a critical year for mergers and acquisitions in the Chinese securities industry, with major firms merging and smaller institutions seeking transformation [4]. - Notable mergers include the formation of "Guotai Haitong Securities" from Guotai Junan and Haitong Securities, and the merger of Guolian Securities and Minsheng Securities, which has significantly improved their profitability rankings [4][5]. - The merger wave is reshaping the competitive landscape, with the top firms now dominating profit rankings [4]. Group 3: Classification Evaluation - The classification evaluation of securities firms is undergoing significant revisions in 2025, emphasizing the need for firms to enhance their functional roles and professional capabilities [6]. - New regulations remove the revenue bonus while increasing the emphasis on return on equity (ROE), guiding firms to focus on operational efficiency rather than mere scale [6][7]. Group 4: Margin Trading and Financing - The margin trading market is heating up, with a record balance of 2.54 trillion yuan, reflecting a 36.6% increase from the beginning of the year [9]. - Competition among firms has intensified, with some lowering financing rates below 4% to attract clients, indicating a shift towards long-term client retention strategies [9][10]. Group 5: Investment Banking and Technology - The securities industry is adapting to the "hard technology" era, with reforms aimed at providing more inclusive financing paths for tech companies [11]. - Firms are establishing research institutes focused on emerging industries and enhancing their service capabilities through collaboration and talent development [13]. Group 6: AI Integration - The adoption of AI technologies is rapidly transforming the securities industry, with firms implementing AI across various business functions, significantly improving efficiency [15]. - The shift towards AI-driven services is seen as a critical factor in maintaining competitive advantage, with some firms fully committing to AI integration [15]. Group 7: Internationalization - Chinese securities firms are deepening their internationalization efforts, expanding their service offerings beyond traditional roles to include cross-border wealth management and derivatives trading [17]. - The internationalization process is driven by both market demand and strategic goals, positioning firms as key players in the global market [17][18]. Group 8: Asset Management Transformation - The public offering process for asset management is reaching a turning point, with firms reassessing their roles in the broader asset management landscape [19]. - The transition of collective investment products is a priority, with many firms adapting to regulatory changes and focusing on private equity and other specialized products [20][21]. Group 9: Capital Space Optimization - Regulatory changes are encouraging firms to optimize capital management, with a focus on enhancing capital utilization efficiency [25]. - The average leverage ratio of listed securities firms is currently at 3.45 times, indicating room for improvement compared to other financial institutions [25]. Group 10: Name Changes Reflecting Strategic Shifts - A wave of name changes among securities firms signals strategic realignments and resource restructuring following mergers and acquisitions [26]. - The name changes often reflect deeper integration and new strategic directions, indicating a shift in focus and operational capabilities [26][28].

Market Overview - The A-share market showed strong performance today, with the Shanghai Composite Index recovering above 3900 points, and both the ChiNext Index and the STAR Market Index rising over 2% [1] - The total market turnover increased to 1.88 trillion yuan, indicating a moderate rise in trading activity [1] Sector Performance - Leading sectors included Hainan local stocks, communication equipment, precious metals, and electrical machinery, all showing significant gains [1] - Conversely, sectors such as film and theater, real estate, telecommunications services, and pharmaceutical commerce experienced declines [1] Stock Movements - Some previously popular stocks experienced volatility, with Zhongtian Service (002188) opening at the daily limit but quickly falling, even touching the limit down during trading [1] - Huati Technology (603679) also opened at the daily limit but faced a sharp decline, closing just above the limit down price [3] - Other stocks like Bona Film Group (001330), Luokai Co. (603829), and Nanjing Commercial Travel (600250) closed at the limit down [3] Fund Flows - The electronics sector saw a net inflow of over 25.4 billion yuan, while the communication sector received over 11.9 billion yuan [5] - Other sectors with significant net inflows included power equipment (over 9.7 billion yuan), basic chemicals, and non-ferrous metals (each over 6 billion yuan) [5] - The banking sector experienced a net outflow of over 2.2 billion yuan, with media and public utilities also seeing outflows exceeding 1 billion yuan [6] Precious Metals Market - Precious metals stocks surged, with the sector index rising over 4%, reaching a two-month high, and all stocks in the sector recording gains [6] - As of the report, spot gold prices in London surpassed $4420 per ounce, setting a historical high, while silver approached $70 per ounce, also a record [6] - Domestic gold futures contracts broke through 1000 yuan, nearing historical highs, with silver futures rising over 6% to set new records [6] Global Gold Market Trends - According to the World Gold Council, global physical gold ETF inflows reached $5.2 billion in November, marking six consecutive months of inflows [7] - By the end of November, total assets under management increased to $530 billion, a 5.4% month-over-month growth, with total holdings rising 1% to 3932 tons, both reaching new highs [7] - Long-term projections suggest that if real interest rates decline by 100 basis points and central bank gold purchases remain around 1000 tons, gold prices could stabilize between $5400 and $5600 per ounce by 2026 [7]

Market Overview - The A-share market showed strong performance today, with the Shanghai Composite Index recovering above 3900 points, and the ChiNext Index and STAR Market Index both rising over 2% [1] - The total market turnover increased to 1.88 trillion yuan, indicating a moderate rise in trading activity [1] Sector Performance - Leading sectors included Hainan local stocks, communication equipment, precious metals, and electrical machinery, all showing significant gains [1] - Conversely, sectors such as film and television, real estate, telecommunications services, and pharmaceutical commerce experienced declines [1] Stock Movements - Some previously popular stocks experienced significant volatility, with Zhongtian Service (002188) opening with a limit-up but quickly falling, even touching the limit-down during the day [1] - Huati Technology (603679) also opened with a limit-up but faced a sharp decline, closing just above the limit-down price [3] Fund Flows - The electronics sector saw a net inflow of over 25.4 billion yuan, while the communication sector received over 11.9 billion yuan in net inflows [5] - Other sectors with notable inflows included power equipment (over 9.7 billion yuan), basic chemicals, and non-ferrous metals (each over 6 billion yuan) [5] - The banking sector experienced a net outflow of over 2.2 billion yuan, with media and public utilities also seeing outflows exceeding 1 billion yuan [5] Future Outlook - Huafu Securities suggests that a year-end rally may have begun, driven by consumer demand, with technology remaining a dominant theme [6] - The precious metals sector is experiencing a significant upward trend, with all stocks in the sector rising, and the index reaching a two-month high [6] - Gold prices have reached historical highs, with spot gold surpassing 4420 USD/ounce, and silver nearing 70 USD/ounce [6] Global Gold Market - The World Gold Council reported that global physical gold ETF inflows reached 5.2 billion USD in November, marking six consecutive months of inflows [7] - The total assets under management for gold ETFs increased to 530 billion USD, reflecting a 5.4% month-on-month growth [7] - Projections for gold prices in 2026 suggest a potential range of 5400 to 5600 USD/ounce, assuming certain economic conditions [7]