Group 1 - The core viewpoint is that the pricing power of core assets is gradually shifting southward, driven by the increasing attractiveness of the Hong Kong stock market due to improved asset supply structure, quality, and liquidity [1] - The recent surge in A-share companies going public in Hong Kong is attributed to a combination of outbound strategies, institutional conveniences, and improved liquidity in the Hong Kong market [1] - The historical context indicates that each round of institutional reform in the Hong Kong Stock Exchange has led to bull markets that align with the characteristics of the times [1] Group 2 - The A-share market is expected to remain in a high central tendency oscillation phase in the second quarter, with short-term adjustments anticipated [2] - The upper limit of the oscillation is supported by export resilience, while the lower limit is linked to the relationship between loose monetary policy and capital market stability [2] - Short-term focus remains on sectors like pharmaceuticals (CXO and innovative drugs) and precious metals, while technology is still undergoing a mid-term adjustment phase [2] Group 3 - The market sentiment has shown signs of retreat, with increased trading activity in micro-cap stocks, indicating potential market risks due to crowded trading [3] - The central bank's financial policies aim to support the real economy and may bring fresh capital into the market [3] - The focus is on "new quality domestic demand growth," emphasizing sectors like social services, retail, and pharmaceuticals [3] Group 4 - The recent volatility in overseas financial markets, including rising long-term bond yields, has increased market risk aversion, necessitating a more cautious approach [4] - The micro-cap style has recorded significant relative gains, driven by a market environment characterized by rapid rotation and stock selection for excess returns [4] - The trading volume of the CSI 2000 index has reached a high of 32%, indicating a crowded market that may lead to increased volatility [4] Group 5 - The market is expected to refocus on technology growth, particularly in the AI industry, with attention on upstream and downstream applications [5][6] - Historical patterns suggest that industry rotation typically slows down from mid to late May, indicating a potential consolidation phase for market leadership [5] Group 6 - A-share indices are likely to undergo revaluation as quality indices strengthen, driven by stable cash flows and declining capital expenditures [7] - The trend of a weak dollar and strong renminbi is expected to benefit core assets represented by quality growth indices [7] Group 7 - The recent rise in global risk aversion, primarily due to fluctuating U.S. tariff policies and rising long-term bond yields, may indirectly affect A-share sentiment [8] - The regulatory environment is supportive of the stock market, with expectations of continued inflows from long-term funds [8] Group 8 - The market is currently experiencing a lack of sustained upward momentum, with frequent style switches between large and small caps [9] - Structural opportunities are present, particularly in high-margin assets and sectors benefiting from policy support for consumption [9] Group 9 - The short-term outlook for A-shares is characterized by a consolidation phase, with resilience expected as long as there is no global liquidity crisis [10] - The market's upward potential is contingent on the strength of economic recovery, with "quasi-stabilizing funds" helping to mitigate downside risks [10] Group 10 - The historical performance of dividend assets shows a tendency to underperform in June, suggesting a potential "headwind" period for these assets [12] - Despite this, dividend assets remain a long-term strategic choice for investors amid geopolitical uncertainties and ongoing trade tensions [12]

申万宏源：新疆电力供需发展空间广阔 金十数据5月26日讯，申万宏源发布研报称，"十五五"期间，风光装机规模快速成长，叠加火电机组装 机仍有增长空间，预计十五五末期新疆年发电量有望达9000亿千瓦时，其中风光发电量有望达3700亿千 瓦时，新能源发电占比有望超过40%。随着疆内产业园区发展及外省产能迁入，"十五五"期间新疆用电 量预计将保持高单位数或双位数增速。同时随着疆电外送通道的建成投产，至2030年新疆外年送电规模 有望达2400亿千瓦时，较2024年底接近翻倍。 ...

Group 1: Core Perspectives - The 12th Fortune Forum focuses on "Re-evaluating, Reconstructing, and Reigniting - The Leap in Asset Value Driven by AI" and gathers top experts to discuss global order changes, AI industry trends, asset allocation directions, and investment opportunities [1] - The forum features a roundtable discussion on the dual impact of geopolitical tensions and the AI technology revolution, clarifying the core logic for investors amidst changing macroeconomic conditions [1][2] - Experts emphasize that despite external disturbances, Chinese assets exhibit significant allocation value due to policy support, manufacturing resilience, and technological breakthroughs [3] Group 2: Investment Themes - Assets are categorized into three types: strong cyclical (real estate chain), stable (gold, high dividends), and tech emerging (AI, innovative pharmaceuticals), with gold seen as a hedge against weakening dollar credit [2] - The focus on AI applications and service consumption is highlighted as a dual upgrade opportunity, with a particular interest in the downstream applications of AI [3] - The importance of internationalization for external demand enterprises and the need for domestic enterprises to focus on rigid demand and innovation upgrades are discussed [4] Group 3: Sector Insights - The resilience of China's manufacturing sector is emphasized, with companies needing to shift from "manufacturing overseas" to "branding overseas" to enhance value [4] - The AI hardware capital expenditure is still in a deep water zone, indicating that China has broader space for AI applications in the long term [5] - Innovative pharmaceutical companies are seen as capable of withstanding decoupling risks through talent and technological barriers, with global authorization partnerships being key to market expansion [6]

Group 1: Financial Performance - In Q1 2025, the company achieved a consolidated revenue of CNY 5.479 billion, with a net profit of CNY 2.247 billion, representing a year-on-year growth of 35.62% [3] - The wholly-owned subsidiary, Shenwan Hongyuan Securities, reported a net profit attributable to shareholders of CNY 2.206 billion, up 36.76% year-on-year [3] - Investment income and changes in fair value totaled CNY 3.335 billion, reflecting a year-on-year increase of 13.95% [3] - Brokerage business net commission income grew by 28.83%, while investment banking fee income surged by 79.40% [3] Group 2: Business Strategy and Transformation - The company aims to maintain strategic focus on becoming a leading investment bank and investment institution, adapting to financial pressures and market fluctuations [2] - Emphasis on business transformation and optimizing operational mechanisms to enhance competitiveness in light capital business lines [2] - The company is committed to a customer-centric approach, integrating research, investment, and investment banking services [3] Group 3: Investment Banking Developments - In Q1 2025, investment banking fee income reached CNY 307 million, marking a 79.40% increase year-on-year [3] - The company ranked 5th in the industry for equity financing projects and bond underwriting, while maintaining the top market share in bond distribution [3] - Future plans include expanding business opportunities in alignment with national strategic development [3] Group 4: Technological Advancements - The company has accelerated its digital transformation, launching key customer service platforms such as "Shencai Youdao" and "Yiwan Qiyuan" [4] - Recognition includes 17 provincial financial technology awards and a second prize in the People's Bank of China’s 2023 Financial Technology Development Award [4] - Future initiatives will focus on enhancing operational efficiency through AI technology and building a standardized, digitalized system [4]

3. 权益衍生品业务发展情况和下一步计划？ 证券代码：000166 证券简称：申万宏源 申万宏源集团股份有限公司投资者关系活动记录表 编号：2025-0523-1 | | ☑特定对象调研 □分析师会议 □媒体采访 □业绩说明会 | | --- | --- | | 投资者关系活动 | □新闻发布会 □路演活动 | | 类别 | □现场参观 | | | □其他 | | 参与单位名称及 | 国泰海通证券分析师及其所邀请的投资者 | | 人员姓名 | | | 时 间 | 2025 年 5 月 23 日 10:00-11:20 | | 地 点 | 公司会议室 | | 上市公司接待人 | 李 丹、黄佳怡，申万宏源集团股份有限公司董事会办公室/ | | 员姓名 | 战略管理部人员 | | 1. | 公司一季度业绩增长原因？ | | | 2025 年第一季度，公司实现合并营业收入 54.79 亿元； | | | 净利润 22.47 亿元，同比增长 35.62%。全资子公司申万宏源 | | | 证券实现归母净利润 22.06 亿元，同比增长 36.76%。公司秉 | | | 持"以重促轻，轻重融合"的经营策略，FICC、权益及 ...

药易购于2021年1月27日在深交所创业板上市，发行数量为2391.6671万股，发行价格为12.25元/股，保 荐机构为申万宏源证券（000562）承销保荐有限责任公司，保荐代表人为刘强、杨晓。 药易购募集资金总额为2.93亿元，扣除发行费用后，募集资金净额为2.49亿元。药易购最终募集资金净 额较原计划少1.96亿元。招股说明书显示，公司拟募集资金4.45亿元，分别用于合纵医药电商物流中心 项目、药易达物流配送体系建设项目、电子商务平台优化升级项目、补充流动资金项目。 中国经济网北京5月23日讯药易购（300937）(300937.SZ)昨晚发布股东询价转让计划书称，本次拟参与 询价转让的股东为海南合森、成都合齐。出让方拟转让股份的总数为2,469,000股，占药易购总股本的比 例为2.58%。转让原因均为自身资金需求。 | 拟转让股东 | 拟转让股份数 | 占总股本 | 占所持股份 比例(截至2025 | 转让原因 | | --- | --- | --- | --- | --- | | 名称 | t | 比例 | | | | | (股) | | 年5月22日) | | | 海南合森 | 2,040,00 ...

期货日报网讯（记者 韩雨芙）5月23日上午，在上海期货交易所与中国有色金属工业协会共同举办的 2025上衍有色论坛上，申万宏源证券首席经济学家赵伟发表主题为"春华秋实——中国宏观经济形势思 考"的主题演讲。赵伟认为，未来我国经济的潜在风险主要来自外部，人民币汇率或可作为观测指标。 考虑到特朗普2.0面临诸多现实约束，通过外政突破为内政解围大概率是其执政期间的重要手段，赵伟 认为，未来全球经济或将面临更多不确定性。 这是因为，在经济周期的自然规律下，特朗普加剧的不确定性叠加财富效应的负反馈，可能导致美国迎 来一次迟到的"衰退"。要知道，当前美国高收入群体持有权益资产更多，最高1%收入分位群体的资产 中公司权益占比达45.6%；而美国居民消费中，80-100%收入分位的高收入群体也贡献了39%、边际消 费倾向接近50%。在这样的背景下，赵伟道，"一旦美国股市持续下跌或加速该国消费走弱与'衰退'的到 来"。 尤其近期在经济周期下，美国不仅面临货币政策在就业与通胀间艰难平衡，持续扩张下利息支出占比明 显抬升还将带来财政两难，叠加，产业层面，强美元与制造业回流的难以兼容。在这样的情况下，特朗 普政府发起的"对等关税"， ...

中国经济网北京5月23日讯天山电子（301379）(301379.SZ)昨日晚间发布关于部分高级管理人员、监事 减持股份计划预披露公告。公司于近日收到副总裁兼董事会秘书叶小翠、副总裁兼财务负责人陈元涛、 监事劳萍、监事黄万梁及监事劳玉娟分别出具的《关于拟减持公司股份的告知函》。 公司本次拟减持股份的部分高级管理人员、监事合计持股2,933,000股，占公司总股本的2.0673%(占剔除 公司回购专用账户中的股份数量后总股本的2.1064%)；计划通过集合竞价方式合计拟减持股份总数为 733,250股，占公司总股本的0.5168%(占剔除公司回购专用账户中的股份数量后总股本的0.5266%)。 本次拟减持计划期间为自公告披露之日起十五个交易日后的三个月内(即2025年6月16日至2025年9月15 日)。 | 股东名称 | 职务 | (股) | 拟减持数量 占公司总股本 占公司总股本(剔除回购 的比例(%) | 账户股份)的比例(%) | | --- | --- | --- | --- | --- | | 叶小翠 | 副总裁兼董事 | 315.000 | 0.2220% | 0.2262% | | | 会秘书 ...

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 北京，2025年5月20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2025-36 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 投资者公开发行科技创新公司债券（第一期） 在深圳证券交易所上市的公告 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。 本公告乃由申萬宏源集團股份有限公司（「本公司」）根據香港聯合交易所有限公司證券上市規 則第13.10B條作出。 茲載列本公司於深圳證券交易所網站 ...

经深圳证券交易所审核，本期债券定于 2025 年 5 月 20 日起在深 圳证券交易所上市，面向专业投资者中的机构投资者交易，债券简称 "25 申证 K1"，债券代码为"524269"。 特此公告。 申万宏源集团股份有限公司董事会 证券代码：000166 证券简称：申万宏源 公告编号：临2025-36 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 投资者公开发行科技创新公司债券（第一期） 在深圳证券交易所上市的公告 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。 公司所属申万宏源证券有限公司 2025 年面向专业投资者公开发 行科技创新公司债券（第一期）（以下简称"本期债券"）发行工作于 2025 年 5 月 13 日结束，本期债券发行规模人民币 10 亿元，期限 3 年，票面利率 1.69%。（相关情况请详见公司于 2025 年 5 月 15 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 刊登的公告） 二〇二五年五 ...