文/申万宏源证券有限公司大投行金融科技联合工作组 随着全面注册制的推进和"新国九条"的发布，证券公司需要积极履行资本市场"看门人"和融资"保荐 人"的作用，进一步防范风险，践行金融服务实体经济的使命。随着证券行业数字化转型加速推进，投 行业务数字化转型目前已进入从传统投行竖井式模块系统转向一体化智能全业务平台的阶段。申万宏源 证券从2022年开始逐步根据大投行三年金融科技规划，构建基于人工智能、大数据、云原生等技术打造 的投行智能一体化平台。目前已落地流程中心、项目中心、客户中心、文档中心、智能尽调中心等，助 力投行业务降本增效，降低合规风险，聚合投行业务专业知识，赋能投行业务数字化转型，做好"数字 金融"，进一步健全公司内部"一二三道防线"执业风险防范机制。 1. 业务流程方面，基于低代码BPM流程引擎，实现流程精细化管理。投行项目审批中涉及节点多，分 叉多，引入BPM流程引擎重构业务流程。平台建设了一套完整的流程体系，对客户管理、项目管理、 内核、文件合同、底稿、发行、持续督导管理等200+种类型流程进行重构，每个流程节点均进行精细 化的设置并且支持参数配置，提高了流程管理效率。 2. 项目管理方面，通过 ...

Core Insights - The defense and aerospace industry is crucial for national security and development, with aerospace playing a significant role within this sector [1] - China's aerospace industry is rapidly developing, with the market size expected to exceed 2 trillion yuan by the end of 2024, maintaining its position as the second-largest aerospace market globally [1] - Significant breakthroughs in independent innovation have been achieved in key technology areas, overcoming foreign technological blockades [1] Industry Developments - Chinese aerospace companies are actively advancing domestic substitution processes, achieving notable progress in key areas such as high-performance composite materials and launch vehicle capabilities [2] - The Long March series of rockets has undergone continuous technological upgrades, enhancing payload capacity and launch reliability, enabling China to conduct various satellite launches independently [2] - Domestic production of satellites has been realized, with self-developed communication, remote sensing, and meteorological satellites widely applied across various sectors, reducing reliance on foreign satellite products [2] Future Outlook - The future of China's aerospace industry appears promising, driven by growing global demand for air transport and deepening human exploration of space [3] - The successful commercial operation of the C919 marks a significant step for China in the civil aviation sector, with expectations for increased market share and further model development [3] - The general aviation industry is anticipated to experience rapid growth, with the rise of low-altitude economies fostering the widespread use of drones and helicopters [3] - Ongoing major projects in manned spaceflight and deep space exploration will continuously elevate the demand for aerospace technology [3] - The commercial space sector is emerging as a new industry, with increasing participation from private enterprises exploring satellite internet, space tourism, and resource development [3] - Aerospace is expected to become a key driver for the development of high-end manufacturing in China, accelerating the construction of a strong aerospace nation [3]

Core Insights - Logistics automation technology is rapidly penetrating various sectors such as manufacturing, e-commerce, and retail, driven by efficiency improvements and labor cost optimization [1][2] - The application of robotics and unmanned vehicles in logistics is increasing, particularly in the express delivery industry, with major players like SF Express deploying these technologies extensively [2][3] - Despite a slowdown in capital expenditure growth in the express delivery sector, the proportion of automated equipment continues to rise, indicating significant structural opportunities [2][3] Application Areas - Logistics automation can be categorized by application scenarios, including factory logistics automation, commercial delivery logistics automation, and consumer-end logistics automation [1] - Functional divisions include automated warehousing, automated transportation, automated sorting, and control systems [1] - The industry chain can be segmented into core components (motors, reducers), equipment (sorting and transportation devices), system solutions, and end application scenarios [1] Driving Forces - The main drivers for the adoption of robotics and unmanned vehicles in logistics are cost reduction and efficiency enhancement [2] - Rising labor costs and a decreasing supply of young labor force are pushing logistics scenarios that rely heavily on manual labor to seek automation solutions [2] - The maturity of robotic technology significantly improves operational efficiency compared to manual labor, enhancing competitive advantages for companies [2] Market Potential - There remains a vast space for logistics automation and robotics, as many manual tasks still exist in logistics operations, including handling, sorting, quality inspection, packaging, transportation, and last-mile delivery [3] - Advances in AI, sensors, and control technologies are enabling the deployment of humanoid/wheeled robots, unmanned vehicles, and drones in logistics [3] Relevant Companies - Dematic Technology focuses on logistics automation components and systems solutions, recently partnering with Luming Robotics for intelligent logistics applications [4] - Lanjian Intelligent specializes in industrial robotics for handling and warehousing, developing a comprehensive range of core equipment [4] - Zhongyou Technology offers intelligent sorting systems and is advancing the commercialization of unmanned delivery vehicles [4] - Today International provides comprehensive solutions for smart logistics and intelligent manufacturing systems [4] - Zhongke Weizhi is involved in intelligent logistics sorting systems, serving major clients like Zhongtong and SF Express [4] - Yinfeng Storage develops intelligent logistics robots and high-precision shelving equipment [4] - Kunshan Intelligent operates in the tobacco industry, focusing on intelligent logistics systems [4] - Anhui Heli is a leading forklift company also venturing into logistics robotics [4] - Hangcha Group covers a wide range of logistics equipment, including forklifts and automated guided vehicles (AGVs) [4]

Group 1 - The issuer of the bonds is China National Railway Group Co., Ltd., which is the restructured entity of the former China Railway Corporation [1][42] - The total issuance scale of the bonds is 10 billion yuan, specifically the "2025 Fifth Phase China Railway Construction Bonds" [4][43] - The lead underwriter for this bond issuance is CITIC Securities [5][42] Group 2 - The bonds are divided into two types: a 10-year bond with a scale of 5 billion yuan and a 30-year bond also with a scale of 5 billion yuan, totaling 10 billion yuan [43] - The coupon rate for the 10-year bond is based on the Shibor benchmark rate plus a basic spread ranging from -0.5% to 0.5%, while the 30-year bond has a spread range of -0.4% to 0.6% [43] - The Shibor benchmark rate used for this issuance is the average of the one-year Shibor rate over the five working days prior to the announcement, which is 1.68% [43] Group 3 - The bidding for the bonds will take place on May 20, 2025, with the issuance results announced on May 21, 2025 [20][44] - The bonds will be issued through a single-rate (Dutch-style) bidding process, and the final coupon rate will be determined based on market results [18][44] - The bonds will be listed on the interbank bond market and the Shanghai Stock Exchange, allowing participation from both institutional and individual investors [28][44]

Summary of Key Points from Conference Call Records Industry or Company Involved - Focus on the impact of tariffs on the China-U.S. trade relationship, particularly regarding Chinese manufacturing and exports to the U.S. [1][3] Core Insights and Arguments - Despite a 145% tariff increase by the U.S., China's exports to the U.S. only decreased by 20% in April, indicating that Chinese manufacturing is difficult to replace in the short term [1][3] - The U.S. has exempted 26.3% of Chinese goods from tariffs, reflecting the pressure on U.S. importers and consumers to seek exemptions due to high tariff burdens [1][3] - Chinese industries such as electric vehicles, domestic smartphones, and athletic shoes maintain a significant price advantage, making them resilient to tariff increases [1][7] - U.S. imports of rubber, plastics, chemicals, leather, and textiles from China have seen price increases but have not reduced dependency, indicating strong demand characteristics [1][8] - Key U.S. industries reliant on Chinese imports include apparel, leather, electrical equipment, machinery, and consumer electronics, which continue to import despite rising prices due to strong supply chain dependencies [1][9] - Port logistics have improved, with a rebound in foreign trade cargo volume at key ports, indicating ongoing export activities [1][15] Other Important but Possibly Overlooked Content - The April U.S. Consumer Price Index (CPI) rose by 2.3%, slightly below expectations, with retail data showing a 0.1% month-on-month increase, suggesting a potential future softening in economic performance [2][27] - The resilience of Chinese manufacturing is highlighted by the lower-than-expected impact of tariffs on exports, contrasting with the significant declines seen during the previous tariff conflicts in 2018-2019 [3][4] - The evaluation of industry replaceability under current tariff conditions can be analyzed through six dimensions, providing a comprehensive understanding of the trade relationship and its economic impacts [4] - The potential for other countries to replace China in supply chains is limited, with Vietnam and Mexico facing challenges in matching China's production capabilities [10][11] - Recent industrial production has remained stable, with some sectors showing improvement, while investment performance has been weak, particularly in the real estate sector [12][13] - The outlook for U.S. economic performance suggests a potential shift towards stagnation or recession, with inflation pressures and consumer spending being critical areas to monitor [17][24]

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 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發佈之《申萬宏源集團股份有限公司關於參加新疆轄區上 市公司2025年投資者網上集體接待日活動的公告》，僅供參閱。 承董事會命 申 万 宏 源 集 团 股 份 有 限 公 司 关于参加新疆辖区上市公司 2025 年 投资者网上集体接待日活动的公告 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。 为进一步加强与投资者的互动交流，公司将参加由新疆上市公司 协会根据新疆证监局工作部署，联合深圳市全景网络有限公司举办的 "2025 年新疆辖区上市公司投资者网上集体接待日活动"，现将相关 事项公告如下： 本次 ...

证券代码：000166 证券简称：申万宏源 公告编号：临 2025-35 申 万 宏 源 集 团 股 份 有 限 公 司 关于参加新疆辖区上市公司 2025 年 投资者网上集体接待日活动的公告 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。 二〇二五年五月十六日 为进一步加强与投资者的互动交流，公司将参加由新疆上市公司 协会根据新疆证监局工作部署，联合深圳市全景网络有限公司举办的 "2025 年新疆辖区上市公司投资者网上集体接待日活动"，现将相关 事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演" 网站（http://rs.p5w.net），或关注微信公众号：全景财经，或下载全 景路演APP，参与本次互动交流，活动时间为2025年5月23日（周五） 15:00-17:30。届时公司高管将在线就公司2024年度业绩、公司治理、 发展战略、经营状况和可持续发展等投资者关心的问题，与投资者进 行沟通与交流，欢迎广大投资者踊跃参与。 特此公告。 申万宏源集团股份有限公司董事会 ...

Core Insights - The hardware maturity of humanoid robots is currently higher than that of software, with software being the key to commercialization [1] - Tesla's Optimus is focusing on algorithm improvements, highlighting the importance of controllers, operational technology, chips, and data collection equipment [1] Algorithms: The Core of Embodied Intelligence - The algorithm framework is divided into two levels: the upper "brain" focuses on task-level planning and decision-making, while the lower "cerebellum" handles real-time motion planning and joint control [2] - The upper control utilizes visual-language-action (VLA) models for semantic understanding and action generation, while the lower control is transitioning from traditional model-based control to modern reinforcement learning (RL) and imitation learning (IL) [2] - Future breakthroughs in algorithms need to address challenges such as multi-modal integration, long-term task planning, and Sim-to-Real transfer [2] Data: The Foundation of Algorithm Learning - The quality and diversity of data directly impact algorithm performance, with three main sources: real data (highest precision but lowest volume), synthetic data (cost-effective but domain gap issues), and web data (large scale but requires cleaning) [3] - Real data is primarily collected through teleoperation and motion capture technologies, while synthetic data is generated via simulation platforms like NVIDIA Omniverse [3] Control Systems: The Foundation of Embodied Intelligence - There is no consensus in the industry regarding the division of humanoid robots into "brain" and "cerebellum," with the brain handling complex algorithms and data processing, and the cerebellum managing motion control [4] - The hardware consists of SoC chips, including CPU, GPU, and NPU, along with processors, storage units, communication interfaces, and I/O interfaces [4] - The software includes the operating system, middleware, and upper-layer software, with chips being the core of the controller, often utilizing NVIDIA solutions [4] Investment Opportunities in the Industry - Software is the focus for the next phase of commercialization in robotics, with Tesla's Optimus showing marginal changes primarily in algorithms [5] - Key investment targets include: - Controllers: Tianzhun Technology (embodied intelligence controllers), Zhiwei Intelligent (humanoid robot-specific controllers), Desay SV (leading vehicle domain controller) [5] - Operational technology: Huichuan Technology (PLC and drivers), Xinjie Electric (PLC), Leisai Intelligent (PC-based controllers and boards), Gokong Technology (PC-based controllers and boards), Tuosida (industrial controllers) [5] - Chips: Rockchip (SoC chips), Horizon Robotics (robotics layout) [5] - Data collection equipment: Lingyun Optical (optical motion capture equipment), Aofei Entertainment (stake in Noyton, optical-inertial integrated motion capture solutions) [5]

Investment Rating - The report maintains an "Overweight" rating for the securities industry [1] Core Insights - The report emphasizes the importance of a "sustained, stable, and active capital market" as a key driver for market sentiment and growth [6][7] - It highlights the significant growth in the securities industry, particularly in brokerage and proprietary trading, with a notable increase in revenue and net profit for listed brokers in Q1 2025 [36][37] Summary by Sections 1. Policy Interpretation on "Sustained, Stable, and Active Capital Market" - The report discusses recent policy measures aimed at stabilizing and invigorating the capital market, including support for long-term capital inflows and the promotion of new regulatory frameworks [8][7] - It outlines specific actions from the China Securities Regulatory Commission (CSRC) to enhance market liquidity and investor confidence [8] 2. Securities Industry Q1 2025 Performance Overview and Outlook - In Q1 2025, 42 listed brokers achieved revenues of CNY 125.93 billion, a year-on-year increase of 19%, and a net profit of CNY 52.18 billion, up 77.8% [37][38] - The fastest-growing segments were proprietary trading (up 45.5%) and brokerage services (up 43.2%), while investment banking and asset management saw slight declines [36][37] - The report notes that the average return on equity (ROE) for listed brokers improved to 8.05%, reflecting enhanced profitability across the sector [47][46] 3. Investment Recommendations - The report suggests that the ongoing reforms and market conditions present favorable investment opportunities within the securities sector, particularly in brokerage and proprietary trading [36][37] - It identifies potential benefits for underweighted sectors, indicating a shift in investment strategies towards areas with lower current allocations [15]

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 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發佈之《申萬宏源集團股份有限公司關於申萬宏源證券有 限公司2025年面向專業投資者公開發行科技創新公司債券（第一期）發行結果的公告》，僅供參 閱。 承董事會命 申萬宏源集團股份有限公司 董事長 劉健 北京，2025年5月14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。 䇱ࡨԓ⸱˖000166 䇱ࡨㆰ〠˖⭩нᇅⓆޜ㕆ਧ˖ং2025-34 ⭩нᇅⓆ䳼ഘ㛗Գᴿ䲆ޢਮ ީӄ⭩нᇅⓆ䇷ᴿ䲆ޢਮ ᒪ䶘ੇщѐ δㅢж ...