本期债券兑付日为2025年8月14日，摘牌日为2025年8月14日，申 万宏源证券有限公司已按照《申万宏源证券有限公司2024年面向专业 投资者公开发行短期公司债券（第三期）募集说明书》相关约定，完 成本期债券本息兑付并予以摘牌。 特此公告。 申万宏源集团股份有限公司董事会 二〇二五年八月十五日 证券代码：000166 证券简称：申万宏源 公告编号：临2025-56 申 万 宏 源 集 团 股 份 有 限 公 司 关于申万宏源证券有限公司 2024 年面向专业投资者公开 发行短期公司债券（第三期）（品种一）本息兑付 并摘牌的公告 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。 公司所属子公司申万宏源证券有限公司于 2024 年 11 月 14 日发 行申万宏源证券有限公司 2024 年面向专业投资者公开发行短期公司 债券（第三期）（品种一）（以下简称"本期债券"），发行规模人 民币 30 亿元，票面利率 1.91%，期限 273 天，债券代码 524009，债 券简称 24 申证 D5。（相关情况请详见公司于 2024 年 11 月 16 日在 《中国证券报》 ...

证券代码：000166 证券简称：申万宏源 公告编号：临2025-57 申 万 宏 源 集 团 股 份 有 限 公 司 关于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（第三期）在深圳证券交易所 挂牌转让的公告 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。 公司所属子公司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（第三期）（以下简称"本期债券"）发行工 作于 2025 年 8 月 11 日完成，本期债券发行规模人民币 57 亿元，分 两个品种，其中品种一发行规模人民币 21 亿元，期限 183 天，票面 利率 1.65%；品种二发行规模人民币 36 亿元，期限 273 天，票面利 率 1.69%。（相关情况请详见公司于 2025 年 8 月 13 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） 经深圳证券交易所审核，本期债券定于2025 年8月15日起在深圳 证券交易所挂牌转让，面向专业投资者中的机构投资者交易，品种一 债券简称"25申 ...

Core Viewpoint - The organic silicon industry in China is expected to continue capturing overseas market share due to cost advantages, with both domestic and international demand anticipated to resonate positively, indicating a turning point in the industry with an improved supply-demand structure and significant upward elasticity [1][2]. Group 1: Industry Overview - Organic silicon materials possess excellent properties and are widely used across various sectors of the national economy, including construction, power, electronics, automotive, textiles, and personal care [1]. - The organic silicon industry chain consists of upstream metal silicon, midstream monomers and intermediates, and downstream products such as silicone rubber, silicone oil, and silicone resin, which combine organic and inorganic characteristics [1]. Group 2: Demand Dynamics - Domestic consumption of organic silicon accounts for approximately 60% of the global total, with projected apparent consumption of DMC in China reaching 1.82 million tons in 2024, a year-on-year increase of 21%, and a growth rate of 24% expected in the first half of 2025 [1]. - The demand structure for organic silicon is shifting, with the real estate sector's share of downstream demand declining to below 25%, while demand from the new energy vehicle and photovoltaic sectors remains strong, supporting high domestic consumption levels [1]. Group 3: Supply and Capacity - Overseas production capacity for organic silicon DMC has been decreasing due to cost and environmental constraints, with current total capacity at 800,000 tons per year, and further reductions are anticipated [2]. - Domestic production capacity is expected to peak at 3.44 million tons by the end of 2024, nearly doubling since 2020, with the current expansion cycle concluding and a high industry concentration (CR5 at 62%) [2]. Group 4: Profitability and Market Outlook - The cost differences among manufacturers for organic silicon intermediates are minimal, leading to a prolonged period of losses for the overall sector, with DMC prices and price differentials at 1% and 6%, respectively, indicating a strong demand for profitability recovery [2]. - The supply-demand balance is improving, with domestic operating rates projected to rise from 67% in 2024 to 76% and 83% in 2025 and 2026, respectively, driven by strong demand from photovoltaic and new energy vehicle sectors [2].

Core Viewpoint - China Gezhouba Group Co., Ltd. successfully issued the first market bond supporting the Western Development strategy, showcasing its commitment to national strategic initiatives and economic development [2]. Group 1: Bond Issuance Details - The bond issuance consists of two varieties: the first with a term of 3+N years, a scale of 1 billion yuan, and a coupon rate of 1.93%, with a subscription multiple of 4.80 times; the second with a term of 5+N years, a scale of 2 billion yuan, and a coupon rate of 2.05%, with a subscription multiple of 2.71 times [2]. - Both varieties set historical lowest rates for central enterprises' bonds of the same term in the central region [2]. Group 2: Company Background and Strategic Focus - As a central enterprise directly under the State-owned Assets Supervision and Administration Commission, China Gezhouba Group has integrated deeply into national strategies such as the New Era Western Development [2]. - The company focuses on six major sectors: engineering construction, comprehensive transportation, ecological environment protection, cement materials, clean energy, and new materials and equipment [2]. Group 3: Future Outlook - With the continued development of the western region, China Gezhouba Group aims to support the economic and social development of the area [2]. - Shenwan Hongyuan Securities will deepen its cooperation with China Gezhouba Group to serve national strategies and the real economy [2].

Core Viewpoint - The article introduces the "Combination Equity Package" investment advisory service by Shenwan Hongyuan Securities, emphasizing its tailored approach to assist investors in navigating the complexities of the market and enhancing their investment strategies [1][11]. Summary by Sections What is the "Combination Equity Package"? - The "Combination Equity Package" is a comprehensive investment advisory service provided by a team of experienced advisors at Shenwan Hongyuan Securities. It includes simulated trading, method teaching, stock diagnostics, market analysis, and philosophy sharing, catering to various investment needs from stock selection to position guidance [2]. Quality Proven Over Time - The advisory community has several service products that have been operational for over several years, showcasing their effectiveness through metrics such as total return, relative return, and maximum drawdown, which provide a clear understanding of the product's historical performance [3]. Six Major Service Rights - The service offers stock selection and timing guidance through in-depth analysis across fundamental, technical, and capital dimensions, providing continuous updates on selected stocks and key trading nodes to reduce decision-making costs [4]. Expert Stock Diagnosis and Analysis - The "Combination Equity Package" includes expert stock diagnosis services, where the main creators provide detailed analyses of specific stocks, helping investors understand the underlying investment and trading logic [5]. Exclusive Video Content - The service features exclusive videos where the advisory team simplifies complex market dynamics and investment strategies, aiding investors in their growth journey [6]. Market Insights and Trading Experience - The service closely monitors market trends and provides timely insights on selected stocks, helping investors decode market fluctuations and make informed decisions [7]. Educational Courses - The "Combination Equity Package" offers specialized courses covering various aspects of investing, from basic theories to practical skills, enabling investors to understand the mature investment methods behind the recommendations [8]. Monthly Reports and Deep Reviews - Monthly reports are provided to summarize the performance of the "Combination Equity Package," allowing investors to review operations and adjust strategies based on lessons learned [9]. Comprehensive Support - Shenwan Hongyuan's "Combination Equity Package" aims to provide all-encompassing support for both novice and experienced investors, ensuring that all necessary content is available for effective investment [10].

Core Viewpoint - The news highlights allegations from a whistleblower claiming that employees of Shenwan Hongyuan Securities were coerced into purchasing the Shenwan Lingshin Industry Select Mixed Fund, resulting in significant losses within a short period. The fund's performance has been notably poor compared to market indices, raising concerns about management practices and potential regulatory violations. Group 1: Allegations and Fund Performance - A Shenwan Hongyuan employee reported being forced to invest 1.5 million yuan in the Shenwan Lingshin Industry Select Mixed Fund, which lost 85,400 yuan in just two months [1][2] - The fund, managed by star fund manager Jia Chengdong, was established on June 3, 2025, and has seen its A-class shares decline by 8.23%, ranking 4672 out of 4673 similar funds, while the Shanghai Composite Index rose by 8.96% during the same period [3][5] - The fund's strategy promised high dividends and a gradual investment approach, but it reportedly built a 60% position within three days and made aggressive trades that led to losses [3][5] Group 2: Company Response and Implications - Shenwan Lingshin denied the allegations of forcing employees to buy the fund, stating that there was no coercion and that the management personnel's subscription volume was zero [5] - The company acknowledged that the fund's short-term performance has not met expectations but encouraged investors to focus on long-term results [5] - If the allegations are proven true, they could violate regulations regarding investor suitability and prohibition of forced purchases, indicating potential governance issues within the company [5][6]

Global Market Overview - In July, global asset prices increased due to the passing of the "Big and Beautiful" bill, which reduced policy uncertainty and enhanced global risk appetite, leading to significant gains in equity markets, particularly in the Asia-Pacific region [1][8] - The "Big and Beautiful" bill, passed on July 3, includes various spending adjustments across defense, border security, energy policy, and social welfare, with plans to reduce taxes by $4 trillion and cut spending by at least $1.5 trillion over the next decade [2][17] - Major stock indices in China, Hong Kong, the US, and Europe recorded positive returns, with the CSI 300 index rising by 3.5%, the Hang Seng index by 2.9%, the S&P 500 by 2.2%, the Nikkei by 1.4%, and the Stoxx Europe 600 by 0.9% [2][17] Asset Flow Analysis - In July, there was a significant slowdown in inflows to money market funds, with approximately $63 billion flowing in compared to $156 billion in June, while government bonds saw accelerated inflows [3][26] - Developed market equities attracted $43 billion in July, up from $39 billion in June, while emerging market equities saw a decrease in inflows, dropping to $5 billion from $8 billion [3][26] - In the US equity market, there was a notable outflow from technology and healthcare sectors, while financials, industrials, and utilities saw inflows [33][37] China Market Insights - In July, China emerged as a major recipient of inflows in the emerging market fixed income sector, with $83.78 billion flowing into Chinese fixed income funds, accounting for 54.81% of total inflows [4][44] - However, the Chinese equity market experienced a cumulative outflow of $15.70 billion in July, contrasting with the inflow of $3.13 billion in passive equity funds, indicating a shift in investor sentiment [4][28] - The passive equity funds in emerging markets saw a reversal, with inflows of $113.26 billion in July compared to outflows of $139.79 billion in June [4][43] Global Fund Allocation Trends - As of June, the allocation of global funds to the US increased to 61.0%, while the allocation to China remained stable at 25.1%, indicating potential for further growth [5][28] - The allocation of emerging market funds to China decreased slightly to 42.7%, nearing historical averages, while Taiwan and South Korea saw increased allocations [5][28] - The overall trend indicates a reallocation of global funds towards US equities, with a corresponding decrease in allocations to European and Japanese markets [5][42]

Core Viewpoint - The report from Shenwan Hongyuan emphasizes the necessity for humanoid robots to achieve complex and fluid movements, highlighting the critical role of motors that must meet various demanding requirements such as high torque density, rapid response, lightweight, low noise, high efficiency, high reliability, and low cost. Traditional motor solutions have limited room for upgrades, necessitating the introduction of disruptive motor technologies. The technology route for humanoid robots is still evolving, with leading companies actively seeking new motor solutions, among which PCB axial flux motors are identified as a potential option [1][3]. Group 1: Axial Flux Motors - Axial flux motors exhibit significant advantages in torque density and efficiency, with existing applications in robotics. For instance, the YASA axial flux motor achieves torque density and power density of 160 Nm/L and 14.9 kW/kg, respectively, which is four times that of traditional radial flux motors. These motors typically exceed 96% efficiency and operate with low noise and vibration. They are widely used in new energy vehicles and aerospace, and are beginning to extend into robotic joints to meet the requirements for rapid response, low inertia, high torque density, and high load [2][3]. Group 2: PCB Motors - PCB motors, a branch of axial flux motors, have gained more application potential due to advancements in PCB technology. These motors replace traditional iron core stators with printed circuit boards (PCBs), allowing for a significant reduction in copper usage by 66% and a substantial decrease in weight. The axial flux structure minimizes magnetic path losses and enhances efficiency by reducing hysteresis and eddy current losses. PCB motors also offer superior thermal stability, low noise operation, and flexible design capabilities, making them suitable for rapid product iterations in robotics [3][4]. Group 3: Investment Opportunities - The PCB axial flux motor in the robotics sector is poised for new development opportunities, with several companies recommended for attention: 1. Wolong Electric Drive (600580.SH): A comprehensive motor supplier focusing on high torque density axial flux motors 2. Xiamen Precision (001306.SZ): Holds a 10% stake in ZhiJian ZhiQing, specializing in micro motors and has launched micro axial flux joint modules 3. Mingyang Circuit (300739.SZ): Possesses full PCB manufacturing capabilities and is focused on small batch production with robotics-related layouts 4. Dongmu Co., Ltd. (600114.SH): Holds a 22% stake in Xiaoxiang Motor, which specializes in axial flux motors with leading technology 5. Yidelong (603380.SH): A flexible EMS manufacturer offering products including PCBA, assembly, wiring harnesses, sensors, and coils [4].

申万宏源证券承销保荐有限责任公司 关于 西藏奇正藏药股份有限公司 公开发行可转换公司债券受托管理事务 第三次临时报告 （2025 年度） 二〇二五年八月 重要声明 本报告依据《公司债券发行与交易管理办法》、 《西藏奇正藏药股份有限公司 公开发行可转换公司债券受托管理协议》（以下简称"《受托管理协议》"）《西藏 奇正藏药股份有限公司公开发行可转换公司债券募集说明书》 《关于核准西藏奇正 藏药股份有限公司公开发行可转换公司债券的批复》 （证监许可【2020】1766 号） 核准，公司公开发行可转换公司债券，每张面值为人民币 100 元，共计 800 万 张，按面值发行，发行总额 8.00 亿元，债券期限为六年。 经深圳证券交易所（以下简称"深交所"）"深证上[2020]952 号"文同意， 公司 8.00 亿元可转换公司债券于 2020 年 10 月 27 日起在深交所挂牌交易，债券 简称"奇正转债"，债券代码"128133"。 （以下简称"《募集 说明书》"）等相关规定，由本次债券受托管理人申万宏源证券承销保荐有限责任 公司（以下简称"申万宏源承销保荐"）编制。申万宏源承销保荐对本报告中所 包含的从上述文件中引 ...

公司于2021年8月27日披露的《非公开发行情况报告书》显示，2021年8月5日，希格玛会计师事务所(特 殊普通合伙)出具了希会验字(2021)0039号《验资报告》。经审验，截止2021年8月5日止，正平股份本次 实际非公开发行A股股票1.40亿股，每股发行价人民币3.15元，募集资金总额为人民币4.40亿元，扣除承 销保荐费人民币380.00万元(不含增值税)及其他发行费用人民币132.04万元(不含增值税)后，本次非公开 发行A股募集资金净额为人民币4.35亿元，其中增加股本人民币1.40亿元，增加资本公积人民币2.95亿 元。 *ST正平上市以来2次募资共计募集9.41亿元。 *ST正平2019年7月公布分红方案，每10股转增4股派息0.3元。除权除息日为2019年7月12日。 中国经济网北京8月14日讯*ST正平（603843）(603843.SH)今日收报2.60元，跌幅4.76%。目前该股处于 破发状态。 *ST正平2016年9月5日在上海证券交易所上市，发行数量为9970万股，发行价格为5.03元/股。*ST正平 上市发行募集资金总额50149.10万元，募集资金净额为45000.00万元。 ...