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，並明確表示概不就因本公告全部或任何部分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。 （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股份代號：6806） 海外監管公告 申萬宏源集團股份有限公司 董事長 劉健 北京，2025年8月12日 於本公告日期，董事會成員包括執行董事劉健先生及黃昊先生；非執行董事朱志龍先生、張英女士、邵亞樓先生、 徐一心先生及嚴金國先生；獨立非執行董事楊小雯女士、武常岐先生、陳漢文先生及趙磊先生。 证券代码：000166 证券简称：申万宏源 公告编号：临2025-55 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）发行结果的公告 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。 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〕4 ...

证券代码：000166 证券简称：申万宏源 公告编号：临2025-55 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）发行结果的公告 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。 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 8 月 11 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（第三期）（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 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 ...

Core Viewpoint - The PCB industry is experiencing continuous expansion driven by the demand for AI computing infrastructure, with major companies increasing production capacity to meet this demand [1] Group 1: PCB Equipment Market - The expansion in PCB production is primarily focused on high-layer HDI boards, leading to increased requirements for aperture size and corresponding rises in equipment quantity and prices [1] - Exposure equipment accounts for 10%-15% of the PCB equipment value, with high-end PCB boards requiring higher precision and line width, benefiting leading companies that secure top-tier clients [2] - Drilling equipment constitutes about 25% of the PCB equipment value, with the demand for laser drilling equipment increasing due to the limitations of traditional mechanical drilling methods as PCB complexity grows [2] Group 2: Key Companies and Developments - Domestic companies benefiting from the expansion include Chipbond Technology (688630.SH), Dazhong CNC (301200.SZ), and Tianzhun Technology (688003.SH) [2] - Major players in the drilling needle sector, such as Dingtai High-tech and Jinzhou Precision, are expanding production capacity in response to the rising demand for high-end drilling needles driven by AI server PCB upgrades [3] - The PCB electroplating equipment market is also evolving, with vertical electroplating equipment dominating and companies like Dongwei Technology (688700.SH) seeing significant order growth [4]

Core Viewpoint - A recent post by a self-identified employee of Shenwan Hongyuan raised concerns about the performance of the Shenwan Lingshin Industry Select fund, managed by Jia Chengdong, indicating a discrepancy between the fund's operations and its advertised high dividend strategy [1] Group 1: Fund Performance - The Shenwan Lingshin Industry Select A fund has seen a cumulative decline of over 8% since its inception as of August 11 [1] - The fund manager's approach has been criticized for being overly speculative, which contrasts with the company's promotional focus on high dividends [1] Group 2: Company Response - Shenwan Lingshin Fund acknowledged the market's attention and expectations regarding the Shenwan Lingshin Industry Select fund [1] - The company expressed hope that investors would focus more on the long-term performance of the product, despite its short-term underperformance [1]

Group 1 - The article presents the rankings of various securities firms in different research categories as part of the 23rd New Fortune Best Analyst Awards [1][2][3] - The rankings are based on a phased statistical result as of August 11, indicating that they are not final [1][2] - The categories include macroeconomic research, strategy research, fixed income research, and sector-specific research such as real estate, food and beverage, and healthcare [1][2][3][4] Group 2 - In the macroeconomic research category, the top firms include GF Securities, Huachuang Securities, and Shenwan Hongyuan Securities [1] - For strategy research, the leading firms are CITIC Securities, GF Securities, and Shenwan Hongyuan Securities [2] - In fixed income research, the top firms are Huatai Securities, Shenwan Hongyuan Securities, and GF Securities [3] Group 3 - The rankings for specific sectors show that in real estate, the top firms are Longjiang Securities, Shenwan Hongyuan Securities, and GF Securities [6] - In the food and beverage sector, the leading firms are GF Securities, Shenwan Hongyuan Securities, and CITIC Securities [9] - For healthcare, the top firms include Industrial Securities, CITIC Securities, and Tianfeng Securities [7]

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 《深圳 提前赎回奇正转债的核查意见 申万宏源证券承销保荐有限责任公司（以下简称"保荐人"、 "申万宏源承销 保荐"）作为西藏奇正藏药股份有限公司（以下简称"奇正藏药"、 "公司"）公开 发行可转换公司债券的保荐人，根据《证券发行上市保荐业务管理办法》、 《深圳证券交易所上市公司自律监管指引第 1 号—— 证券交易所股票上市规则》、 主板上市公司规范运作》和《深圳证券交易所上市公司自律监管指引第 15 号— —可转换公司债券》等相关规定，对奇正藏药提前赎回"奇正转债" 的事项进 行了核查，核查情况如下： 一、可转换公司债券基本情况 经中国证券监督管理委员会（以下简称"中国证监会"） 《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 202 ...

Core Viewpoint - The trend of fund companies shutting down their mobile apps is accelerating, driven by high operational costs and declining user engagement, leading to a shift towards simplified operational strategies in the industry [1][6]. Group 1: Industry Trends - Since 2019, several mid-sized public fund companies have closed their independent app operations, including Qianhai Kaiyuan Fund and Guoshou Anbao Fund [1]. - The overall pressure on fund apps includes shrinking net values, declining monthly active users (MAU), and low operational scales [1]. - The initial goal of fund companies developing their own apps was to reduce reliance on third-party distribution channels, but this has changed due to high maintenance costs and limited direct sales revenue [1][5]. Group 2: User Engagement Data - In the first half of 2025, only five fund apps saw positive growth in monthly active users: E Fund e-Wallet (+26,300 to 138,600), Huaxia Fund Manager (+23,800 to 102,600), and others [2]. - Conversely, many fund apps are experiencing significant user losses, with Tianhong Fund's app dropping to 40,800 MAU, about one-third of its user base three years ago [2]. - Other fund apps, such as Bosera and Xingsheng Global, also reported declines of over 10,000 MAU [2]. Group 3: Competitive Landscape - The competitive landscape shows that brokerage apps maintain higher user engagement, with monthly active users in the hundreds of thousands, contrasting sharply with fund apps [2][5]. - The top-performing brokerage app, "Zhang Le Cai Fu Tong," had 10.97 million MAU, while the second, Ping An Securities, had 8.14 million [5]. - The decline in user numbers for fund apps is attributed to the siphoning effect of third-party distribution platforms, which have rapidly grown due to their traffic and product offerings [5][6]. Group 4: Regulatory Impact - The China Securities Regulatory Commission's 2025 action plan encourages fund companies to optimize resource allocation and reduce inefficient investments, further accelerating the trend of app closures [6]. - The industry is transitioning from "heavy asset direct sales" to "lightweight operations," with a focus on cost-effective models [6]. Group 5: Future Outlook - The future of direct sales channels in public funds is expected to diversify, with smaller institutions likely abandoning independent apps in favor of lighter platforms like WeChat services and official websites [6]. - The industry is predicted to deepen investment advisory services, enhancing competitiveness through professional services and brand building rather than high-frequency trading [6].

Core Viewpoint - The article highlights allegations from employees of Shenwan Hongyuan Securities regarding forced "co-investment" practices, revealing issues of transparency and management within the company [1][9]. Group 1: Fund Performance and Management - Shenwan Lingshin Fund, under Shenwan Hongyuan, launched the "Shenwan Lingshin Industry Select Mixed Fund" in June 2023, which was marketed as a stable product with a focus on high dividends and a slow build-up strategy [2][7]. - The fund has experienced a decline of 6.04% in the past month and a further drop of 1.07% in the past week, with a total net value decrease of 8.29% since its inception, contrasting sharply with the nearly 10% rise in the A-share market during the same period [2][7]. - Fund manager Jia Chengdong's strategy has been criticized for high-risk behavior, including rapid asset allocation into high-priced sectors and subsequent losses, leading to speculation about his management approach [7][9]. Group 2: Employee Concerns and Company Culture - Employees have expressed frustration over being forced to invest in underperforming funds, with complaints about a lack of response from management regarding their grievances [7][9]. - The situation reflects broader industry issues, such as prioritizing sales over risk management and accountability, raising concerns about the treatment and respect of employees within the company [9].

Group 1 - The current market for small and micro-cap stocks needs to slow down, as high valuations and low profitability make it difficult to justify further upward movement [1] - The five strong industries (non-ferrous metals, telecommunications, innovative pharmaceuticals, gaming, and military industry) have more reasonable valuations compared to the small and micro-cap stocks [1] - The main drivers of small and micro-cap stock increases are liquidity and retail investor contributions, rather than structural earnings growth [1] Group 2 - A rebound in A-shares was observed, driven by trading funds, with a focus on themes and sectors that show improvement in earnings [2] - The PPI has reached a low point, indicating potential for price recovery in certain sectors, while the market is expected to experience rotation among sectors [3] - The liquidity environment is improving, supporting a high volatility market, with a focus on sectors like storage, software, and insurance for tactical allocation [4] Group 3 - The export sector showed unexpected improvement, particularly in competitive manufacturing areas like machinery and automotive [3] - The PPI's stability suggests a favorable environment for certain industries, with recommendations for sectors that are expected to see high growth in earnings [3] - The market is expected to maintain a high level of activity, with a focus on sectors benefiting from policy support and technological advancements [4] Group 4 - The current market is characterized by a "slow bull" trend, with potential for continued upward movement in A-shares driven by resident capital inflows [8] - The focus on new technologies and growth sectors is expected to remain a key theme, with recommendations for investments in areas like robotics and solid-state batteries [8] - The market is undergoing a structural shift rather than a complete downturn, with a gradual transition from traditional cyclical sectors to technology sectors [11]

Group 1 - The core viewpoint of the article highlights the significant transfer of shares of Lingbao Gold (03330) from Puyin International Securities to Shenwan Hongyuan Securities, with a market value of HKD 517 million, representing 4.15% of the total shares [1] - Lingbao Gold anticipates revenue for the six months ending June 30, 2025, to be approximately RMB 7.492 billion to RMB 7.92 billion, reflecting an increase of about 75% to 85% compared to the revenue of approximately RMB 4.281 billion for the six months ending June 30, 2024 [1] - The company projects net profit for the same period to be between RMB 656 million and RMB 687 million, which indicates a substantial increase of approximately 330% to 350% compared to the net profit of around RMB 153 million for the six months ending June 30, 2024 [1]