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。 根据深圳证券交易所《关于申万宏源证券有限公司非公开发行短 期公司债券符合深交所挂牌条件的无异议函》（深证函〔2025〕461 号），公司所属申万宏源证券有限公司获准面向专业投资者非公开发 行面值总额不超过人民币 200 亿元短期公司债券。（相关情况请详见 公司于 2025 年 5 月 8 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） 2025 年 7 月 10 日，申万宏源证券有限公司 2025 年面向专业投 资者非公开发行短期公司债券（第一期）（以下简称"本期债券"）完 成发行工作。本期债券发行规模人民币 26 亿元，分两个品种，其中 品种一发行规模人民币 13 亿元，期限 92 天，票面利率 1.57%；品种 二发行规模人民币 13 亿元，期限 183 天，票面利率 1.63%。本期债 券登记完成后拟于深圳证券交易所挂牌转让。 特此公告。 证券代码：000166 证券简称：申万宏源 公告编号：临2025-45 申 万 宏 源 集 团 股 份 有 ...

申万宏源集团股份有限公司 股东大会对董事会授权方案 （经 2025 年 7 月 11 日公司第六届董事会第八次会议 审议同意，尚需股东大会审议批准） 为提高申万宏源集团股份有限公司（以下简称"公司"）日常经 营管理效率，依据《中华人民共和国公司法》、公司股票上市地监管 规定、《申万宏源集团股份有限公司章程》（以下简称"《公司章程》"） 等有关规定，除《公司章程》规定的董事会职权外，董事会依照本授 权方案行使职权。 第一部分 投资业务授权 公司董事会有权在满足以下条件的情形下，决定公司及子公司 （不含申万宏源证券有限公司）的日常投资业务及其退出： 申万宏源集团股份有限公司股东大会对董事会授权方案 （一）本年度单一项目累计投资总额不超过公司最近一期经审计 净资产值的 10%； （二）本年度累计投资总余额不超过公司最近一期经审计净资产 值的 50%。 公司新设、并购各级子公司、为各级子公司增资等一般性长期股 权投资及申万宏源证券有限公司需公司作为其股东决定的投资业务， 依照本授权方案第二部分"管理事项授权"执行。 公司与各级子公司之间发生的交易（含对子公司增资、借款等）， 不计入上述投资余额，不受单一项目投资总额的 ...

证券代码：000166 证券简称：申万宏源 公告编号：临 2025-46 二〇二五年七月十一日 申 万 宏 源 集 团 股 份 有 限 公 司 第六届董事会第八次会议决议公告 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 第八次会议于 2025 年 7 月 11 日以通讯方式召开。2025 年 7 月 4 日， 公司以书面方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，符合《公司法》等法律、 行政法规、部门规章和《公司章程》的有关规定。会议经认真审议并 以记名投票方式表决，形成决议如下： 一、同意修订《申万宏源集团股份有限公司股东大会对董事会授 权方案》，并提请公司股东大会审议批准。（详见巨潮资讯网 http://www.cninfo.com.cn） 表决结果：11 票同意，0 票反对，0 票弃权。 二、通过修订的《申万宏源集团股份有限公司董事会对执行委员 会授权方案》。 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 ...

股票代码：000166 股票简称：申万宏源 公告编号：临 2025-44 债券代码：149553 债券简称：21 申宏 04 申万宏源集团股份有限公司 2021年面向专业投资者公开发行公司债券 （第二期）（品种二）2025年付息公告 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 特别提示： 1、申万宏源集团股份有限公司 2021 年面向专业投资者公开发行 公司债券（第二期）（品种二）（债券简称：21 申宏 04，债券代码： 149553）将于 2025 年 7 月 15 日支付自 2024 年 7 月 15 日至 2025 年 7 月 14 日期间的利息 3.65 元（含税）/张。 2、本次付息的债权登记日为 2025 年 7 月 14 日，凡在 2025 年 7 月 14 日（含）前买入并持有本期债券的投资者享有本次派发的利息； 2025 年 7 月 14 日卖出本期债券的投资者不享有本次派发的利息。 由申万宏源集团股份有限公司（以下简称"本公司"）于 2021 年 7 月 15 日发行的申万宏源集团股份有限公司 2021 年面向专业投资 者公开发行公司债券 ...

Group 1 - The Hong Kong stock market saw a significant rise in Chinese brokerage stocks, with Zhongzhou Securities (01375.HK) increasing by over 40% [1] - Other brokerage firms such as Guolian Minsheng (01456.HK), Guotai Junan (02611.HK), Shenwan Hongyuan (06806.HK), and Dongfang Securities (03958.HK) also experienced gains [1] - Recently, several unprofitable companies have had their IPO applications accepted for the Sci-Tech Innovation Board, with 150 IPOs accepted in June alone, accounting for 85% of the total for the first half of the year [1]

Group 1 - The core viewpoint of the articles highlights the performance and market position of Shenwan Hongyuan, noting its current stock price, PE ratio, and market capitalization [1][2] - As of July 10, the stock price of Shenwan Hongyuan closed at 5.12 yuan, with a PE ratio of 22.10, marking a new low in 77 days, and a total market capitalization of 128.205 billion yuan [1] - The average PE ratio in the securities industry is 30.96, with a median of 25.09, placing Shenwan Hongyuan at the 19th position among its peers [1][2] Group 2 - In terms of capital flow, on July 10, Shenwan Hongyuan experienced a net outflow of 10.8364 million yuan, with a total outflow of 26.8193 million yuan over the past five days [1] - The latest quarterly report for Q1 2025 shows that the company achieved an operating income of 5.479 billion yuan, a year-on-year decrease of 3.54%, while net profit was 1.977 billion yuan, reflecting a year-on-year increase of 42.50% [2] - The company’s main business includes corporate finance, personal finance, institutional services, trading, investment management, and various financial products, with a strong reputation in compliance and innovation [1]

Core Insights - The report by Shenwan Hongyuan highlights a significant shift in computing power demand from single-point solutions to system-level integration, driven by the explosive growth of model parameters [1] - Two core dimensions for expanding computing power are identified as Scale-up and Scale-out, which will reshape the computing power industry chain and create investment opportunities [1] Group 1: Scale-up and Scale-out - Scale-up refers to increasing the number of GPUs within a single node, moving beyond traditional single-server limitations to a "super node" era, enabling full interconnectivity of GPUs [1][2] - Scale-out focuses on increasing the number of nodes, allowing for elastic expansion to support loosely coupled tasks like data parallelism, with essential differences in protocol stacks, hardware, and fault tolerance mechanisms [1][2] Group 2: Industry Trends and Mergers - Major chip manufacturers like NVIDIA, Broadcom, Huawei, and Haiguang are expected to deepen their focus on the Scale-up domain, while Ethernet technologies will concentrate on Scale-out [2] - Haiguang Information's planned merger with Zhongke Shuguang reflects the trend of vertical integration in the AI chip sector, aiming to enhance capabilities across communication, storage, and software [3] Group 3: Market Dynamics and Opportunities - AI chip manufacturers are not expected to enter the foundry business, as seen with AMD's divestment of its foundry operations post-acquisition of ZT System [4] - The industry chain may further differentiate into card design foundry suppliers and cabinet foundry suppliers, with card design capabilities becoming a key differentiator for value capture [4] - Companies to watch in this evolving landscape include Haiguang Information, Zhongke Shuguang, Inspur Information, Unisplendour, Digital China, Lenovo Group, and Huaqin Technology [4]

Core Viewpoint - The launch of the China Securities Energy and Chemical Industry Index series fills a gap in the domestic authoritative commodity index system and promotes the development of off-exchange derivatives in the commodity sector [1][4]. Group 1: Index Characteristics - The index series includes the China Securities Energy and Chemical Industry Futures Index, the China Securities Energy Chemical Finished Product Futures Index, and the China Securities Organic Chemical Product Futures Index, designed to meet diverse needs [2]. - The indices focus on different segments: the finished product index targets downstream products like fuel oil and polypropylene, the industry index covers the entire supply chain including crude oil and thermal coal, and the organic chemical index emphasizes high-value organic chemicals [2][3]. Group 2: Economic Impact and Usage - The index series is closely linked to macroeconomic factors and is highly correlated with the Producer Price Index (PPI), serving as a "barometer" for economic trends [3]. - Manufacturing companies can use the index to anticipate changes in raw material costs and adjust procurement and pricing strategies accordingly [3]. Group 3: Investment Opportunities - The index series provides a foundation for developing specialized energy and chemical-themed ETFs, enhancing the diversity of commodity index fund products in China [3][4]. - Financial institutions can create various products linked to the index, such as commodity futures index ETFs, structured deposits, and public fund of funds (FOF) to meet diverse investor needs [4].

Group 1: Investment Banking Business - The company achieved a net income of 307 million CNY from investment banking fees in Q1 2025, representing a year-on-year growth of 79.40% [2] - The company ranked 5th in the number of equity financing projects completed and 5th in bond underwriting scale within the industry [2] - The company aims to continue expanding its business scope while adhering to national strategic development [2] Group 2: Asset Allocation - The company focuses on optimizing financial service models and promoting long-term capital market participation [3] - It emphasizes the development of FICC asset allocation and aims for comprehensive growth in commodity, quantitative, and cross-border investments [3] - The company is exploring opportunities in product creation, hedging, and cross-border trading to meet diverse client needs [3] Group 3: International Business - The company has established a comprehensive overseas business platform centered in Hong Kong, extending its services to surrounding markets [4] - In 2024, the company participated in 15 IPO underwriting projects, ranking 6th among Chinese brokers, and completed 312 offshore bond projects, ranking 5th in offshore bond underwriting [4] - The company is leveraging cross-border business qualifications to enhance its service offerings in derivatives and institutional business [4] Group 4: Wealth Management and Advisory Services - The company actively develops buy-side advisory services, focusing on asset allocation, value enhancement, and financial technology [5] - By the end of 2024, the company had over 70,000 signed clients for public fund advisory services, with a reinvestment rate exceeding 98% [6] - Clients on average utilized investment advisory services for over 1,300 days [6]

Core Viewpoint - *ST Zhengping has experienced a decline in stock price, currently trading at 2.79 yuan, with a drop of 3.46% [1] Group 1: Company Overview - *ST Zhengping was listed on the Shanghai Stock Exchange on September 5, 2016, with an issuance of 99.7 million shares at a price of 5.03 yuan per share [1] - The total amount raised during the IPO was 501.49 million yuan, with a net amount of 450 million yuan after expenses [1] - The underwriting institution for the IPO was Shenwan Hongyuan Securities, with representatives Huang Cheng and Dong Benjun [1] Group 2: Fundraising Activities - In a non-public offering disclosed on August 27, 2021, *ST Zhengping issued 140 million A-shares at a price of 3.15 yuan per share, raising a total of 440 million yuan [2] - After deducting underwriting fees of 3.8 million yuan and other expenses of 1.32 million yuan, the net amount raised was 435 million yuan, increasing the share capital by 140 million yuan and capital reserves by 295 million yuan [2] - Since its listing, *ST Zhengping has raised a total of 941 million yuan through two fundraising activities [2] Group 3: Current Status - *ST Zhengping is currently in a state of stock price decline, having experienced a significant drop since its IPO [2] - The company announced a dividend plan in July 2019, proposing a stock bonus of 4 shares for every 10 shares held, along with a cash dividend of 0.3 yuan per share [2]