证券代码：000166 证券简称：申万宏源 公告编号：临2025-34 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） 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。 根据中国证券监督管理委员会《关于同意申万宏源证券有限公司 向专业投资者公开发行公司债券注册的批复》（证监许可〔2024〕57 号），公司所属申万宏源证券有限公司获准向专业投资者公开发行面 值总额不超过人民币 200 亿元公司债券。（相关情况请详见公司于 2024 年 1 月 20 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 5 月 13 日，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"） 完成发行工作。本期债券发行规模人民币 10 亿元，期限 3 年，票面 利率 1.69%。本期债券登记完成后拟于深圳证券交易所上市交易。 特此公告。 申万宏源集团股份 ...

Group 1 - The core viewpoint of the articles highlights the performance and valuation of Shenwan Hongyuan, noting its recent stock price increase and market position within the securities industry [1][2] - As of May 14, the closing price of Shenwan Hongyuan was 4.92 yuan, reflecting a 2.50% increase, with a rolling PE ratio of 21.24, marking a new low in 26 days and a total market capitalization of 123.197 billion yuan [1] - The average PE ratio for the securities industry is 27.16, with a median of 24.68, positioning Shenwan Hongyuan at 19th among its peers [1][2] Group 2 - For the first quarter of 2025, the company reported an operating income of 5.479 billion yuan, a year-on-year decrease of 3.54%, while net profit reached 1.977 billion yuan, showing a significant year-on-year increase of 42.50% [2] - A total of 41 institutions held shares in Shenwan Hongyuan, including 30 funds, 9 other institutions, and 2 brokerages, with a total holding of 1,701,857,510 shares valued at 83.902 billion yuan [1] - The company's main business areas include corporate finance, personal finance, institutional services, trading, investment management, and various financial products, with a strong reputation in compliance and innovation, evidenced by multiple awards [1]

Core Viewpoint - The report from Shenwan Hongyuan indicates that SUTENG JUCHUANG (02498) is expected to experience significant revenue growth from 2025 to 2027, with projected revenues of 2.62 billion, 3.66 billion, and 4.70 billion yuan respectively, while the net profit is forecasted to be -238 million, 106 million, and 320 million yuan respectively. The company is currently not profitable, leading to a PS valuation method being employed for its assessment [1]. Group 1 - The company is rapidly leading the global LiDAR industry, focusing on providing quality solutions in the field of embodied intelligence. The sales of LiDAR products have seen a non-linear high growth, confirming the explosive demand from automotive companies for LiDAR configurations under the trend of increasing intelligence [2]. - In 2024, the total sales of LiDAR products are expected to reach approximately 544,000 units, representing a significant year-on-year increase of 109.6%. The sales of LiDAR products for ADAS applications are projected to be around 520,000 units. The company is expected to maintain a leading market share of 26% in 2024, ranking first globally [2]. - The product matrix of the company is comprehensive, covering various technical paths including mechanical, semi-solid, and solid-state LiDAR, with performance ranging from short to ultra-long distances and low to high beam configurations. This allows the company to meet a wide range of demands across different price segments [2]. Group 2 - The first driving force is the end-to-end vehicle integration and equalization of intelligent driving. The previous debate over LiDAR configurations in vehicles has been influenced by Tesla's insistence on a pure vision and neural network approach. With advancements in computing power and the maturity of end-to-end algorithms, the integration of multi-sensor fusion with pure vision is becoming more feasible [3]. - The LiDAR industry is expected to enter the "thousand-yuan machine era" by 2025, with prices dropping to the range of 25,000 to 30,000 yuan. This price reduction is anticipated to significantly increase the configuration rate of LiDAR as an "invisible safety airbag" for autonomous driving [3]. - The global market for LiDAR in passenger vehicles is estimated to reach approximately 7 billion yuan by 2025, with the Chinese market accounting for about 6.3 billion yuan. The overseas market is expected to gradually open up and grow rapidly, representing an important direction for LiDAR's incremental growth [3]. Group 3 - The second driving force is the strategic positioning of the robotics technology platform. The company focuses on the development of incremental components such as robotic vision and dexterous hands, launching solutions based on hand-eye coordination for upper body operations and lower body mobility [4]. - The year 2025 is viewed as the year of mass production for humanoid robots, with companies like Tesla aiming to produce 5,000 units of Optimus this year, and domestic companies like Zhiyuan Robotics achieving deliveries in the thousands [4]. - In the niche market of robotic lawn mowers, the demand for LiDAR products is projected to exceed 400,000 units by 2025 and is expected to surpass 900,000 units by 2028 [4].

Group 1 - The core viewpoint of the report is that Guoguang Electric Co., Ltd. is facing challenges in the progress of its fundraising projects, particularly in the automotive audio project and VR machine project, which have not met the expected investment timelines and amounts [1][4][5] - The company reported a net profit of 244 million yuan, a year-on-year decrease of 21.79%, primarily due to a loss of control over an investment in a subsidiary, which previously contributed significant investment income [1][4] - The company has been urged by its sponsor to ensure timely use of raised funds and to disclose any delays in project progress [1][4][5] Group 2 - The company has held multiple board meetings to address the delays in fundraising projects, including a resolution to extend the timeline for these projects and to change the use of funds from the automotive audio project to a production project in Vietnam [4][6][7] - The company is actively communicating with the industrial park company regarding overdue financial assistance and is considering legal actions to recover the funds [4][7] - The company has conducted training on standardized operations for listed companies, indicating a focus on compliance and governance [5]

Group 1 - The company Hongxing Co., Ltd. announced a share reduction plan involving its board members and senior management due to personal funding needs [1] - Board Secretary and CFO Liu Genxiang plans to reduce his holdings by up to 42,613 shares, representing 0.03% of the total share capital after excluding shares in the repurchase account [1] - Vice President Cheng Shengxiang intends to reduce his holdings by up to 47,348 shares, representing 0.04% of the total share capital after excluding shares in the repurchase account [1] Group 2 - Hongxing Co., Ltd. was listed on the Shenzhen Stock Exchange on July 23, 2021, with an initial public offering of 23.4865 million shares at a price of 29.88 yuan per share [2] - The stock reached its highest point at 47.33 yuan on July 27, 2021, but has since experienced a decline and is currently in a state of loss [2] - The total funds raised from the IPO amounted to 702 million yuan, with a net amount of 641 million yuan after deducting issuance costs [2] Group 3 - On June 17, 2022, the company announced a capital reserve distribution plan, proposing to increase its share capital by 37,577,920 shares, resulting in a total share capital of 131,522,720 shares [3] - The distribution was based on a ratio of 4 shares for every 10 shares held, with no cash dividends or redemptions for that year [3] - The record date for the distribution was set for June 22, 2022, with the ex-dividend date on June 23, 2022 [3]

Group 1 - Hongta Securities announced a proposal for share buyback to optimize capital structure and enhance shareholder value [1] - As of May 11, 2023, 359 listed companies in A-share market have initiated buyback plans, with 265 companies specifically for stock repurchase, totaling a maximum buyback amount of 46.9 billion [1] - The State-owned Assets Supervision and Administration Commission supports central enterprises in increasing buyback efforts, leading to several securities firms, including Guotai Junan and Dongfang Securities, to propose buyback plans [4] Group 2 - The combined buyback amount from six major securities firms is estimated to reach 3.8 billion, with potential total buyback including Hongta Securities reaching up to 4 billion [4] - The People's Bank of China announced a combined usage of stock repurchase and loan increase tools with a total limit of 800 billion, enhancing the convenience and flexibility of these tools [4] - Analysts suggest that the buyback actions by securities firms signal strong confidence in their development, which can instill investor confidence in a volatile market [4] Group 3 - The current wave of buybacks is seen as a combination of policy guidance and market-driven behavior, which is expected to stabilize market confidence in the short term [5] - A series of financial policies, including interest rate cuts and increased liquidity, are contributing to the buyback trend, reinforcing the dual drive of policy and capital [5] - There are concerns regarding the sustainability of buyback funding, especially if economic pressures increase, which could lead to cash flow challenges for some firms [5] Group 4 - The A-share market is expected to experience a rotation of investment themes, with a focus on technology, consumption, and healthcare sectors in the short term [6][7] - Analysts highlight three main investment lines: TMT sector, low-cycle stocks under growth policies, and stable sectors like public utilities and transportation [6] - The overall performance of A-share companies is stabilizing, with improvements noted in both large and small-cap stocks [6]

Group 1 - The core viewpoint of the articles highlights the performance and market position of Shenwan Hongyuan, noting its recent stock price increase and market capitalization [1][2] - As of May 12, the stock price of Shenwan Hongyuan closed at 4.81 yuan, with a rolling PE ratio of 20.76, marking a new low in 24 days, and a total market value of 120.44 billion yuan [1] - The average PE ratio for the securities industry is 26.58, with a median of 23.94, placing Shenwan Hongyuan at the 18th position within the industry [1][2] Group 2 - For the first quarter of 2025, the company reported an operating income of 5.479 billion yuan, a year-on-year decrease of 3.54%, while net profit reached 1.977 billion yuan, reflecting a year-on-year increase of 42.50% [2] - The company has a PE (TTM) of 20.76, a static PE of 23.11, and a price-to-book ratio of 1.13 [2] - Shenwan Hongyuan's main business includes corporate finance, personal finance, institutional services, trading, investment management, and various financial products, showcasing its diverse service offerings [1]

Summary of Conference Call Records Industry Overview: Agriculture, Forestry, Animal Husbandry, and Fishery Key Points - The agriculture, forestry, animal husbandry, and fishery industry is expected to turn profitable in 2024, but profits in Q1 2025 are projected to decline by 30% quarter-on-quarter due to falling pig prices and seasonal weakness in meat consumption [1][2] - Major pig farming companies, such as Wens Foodstuffs and Muyuan Foods, contributed 88% of the industry's profits, indicating a concentration of profitability among leading firms [1][3] - The cost optimization in pig farming for 2024 is primarily driven by a 9%-10% decrease in feed prices, while improvements in farming performance contributed only 2%-3% [1][5] - The asset-liability ratio of listed pig farming companies stabilized in Q1 2025, but production biological assets decreased by 4% year-on-year and 5.8% quarter-on-quarter, reflecting a strategic reduction in breeding sows to mitigate future market risks [1][6] - The forecast for pig prices in 2025 suggests a downward trend, although post-Spring Festival performance may exceed expectations, necessitating a reassessment of the impact of secondary fattening [1][7] Subsector Analysis: Pig Farming Key Points - In 2024, listed pig farming companies saw a revenue increase of 2%-3% and a net profit of 31 billion yuan, marking a significant turnaround after three years of losses [3][4] - The average profit per head for leading companies remains robust, with Shennong Group maintaining profits above 300 yuan per head, while other companies face potential losses [8] Subsector Analysis: Poultry Farming Key Points - The white feather chicken market is experiencing price declines, with a 15% increase in supply in Q1 2025 leading to a 40% drop in chick prices [9][10] - Despite price pressures, the profitability of parent stock chickens remains strong, while the commodity chicken segment faces significant supply-demand challenges [10] Subsector Analysis: Pet Food Industry Key Points - The pet food industry has shown sustained high growth, with a 20% revenue increase in 2024 and a 23% increase in Q1 2025, driven by strong domestic and international demand [12][14] - Export growth is expected to slow, but domestic sales are projected to accelerate due to increased consumer spending and e-commerce support [15] Subsector Analysis: Pharmaceutical Industry Key Points - The pharmaceutical sector's performance in Q1 2025 was slightly below expectations, with a 3%-4% decline in revenue primarily due to the vaccine and traditional Chinese medicine sectors [31] - Notable growth was observed in the CXO, innovative drugs, and consumer healthcare segments, with leading companies like WuXi AppTec and Innovent Biologics showing strong performance [30][33] - The medical device sector is anticipated to recover in the latter half of the year, with increased procurement indicating a rebound in hospital demand [34] Additional Insights - The overall food and beverage sector is facing pressure, with traditional industries experiencing high concentration and competition, while emerging sectors like beverages and snacks show potential for growth [17][22] - The liquor industry has seen modest growth, with high-end brands outperforming mid-range products, indicating a shift in consumer preferences [18][21] This summary encapsulates the key insights from the conference call records, highlighting the performance and outlook of various sectors within the agriculture and food industries, as well as the pharmaceutical sector.

一、召开会议基本情况 根据《中华人民共和国证券投资基金法》（以下简称"《基金法》"）、《公开募集证券投资基金运作管 理办法》和《申万宏源红利成长灵活配置混合型集合资产管理计划资产管理合同》（以下简称"《红利 成长灵活配置混合资管合同》"）的有关规定，申万宏源红利成长灵活配置混合型集合资产管理计划 （以下简称"本集合计划"）的管理人申万宏源证券资产管理有限公司（以下简称"管理人"）决定以通讯 方式召开本集合计划的份额持有人大会，会议的具体安排如下： 1、会议召开方式：通讯方式开会。 2、会议投票表决起止时间：自2025年【5】月【15】日起，至2025年【6】月【13】日17：00止（纸质 投票表决时间以本公告列明的表决票的寄送地点收到表决票的时间为准，短信投票以短信表决通道的记 录时间为准）。 3、表决票的提交方式 （1）以邮寄方式提交表决票 纸质表决票寄送地点： 管理人：申万宏源证券资产管理有限公司 地址：北京市西城区太平桥大街19号恒奥中心B座2层 邮政编码：100033 联系人：唐玮 联系电话：010-88085035 请在信封表面注明："申万宏源红利成长灵活配置混合型集合资产管理计划份额持有人大会表决 ...

申万宏源证券认为，此次出台的丰富科技创新债券产品体系和完善科技创新债券配套支持机制的一系列 举措，拓宽了科技创新企业融资渠道，有利于激发科技创新动力和市场活力，助力培育新质生产力。发 行科技创新债券为公司支持科技创新、服务新质生产力提供了新的方式，通过向科技创新公司提供发展 必要的资金支持，助力科技创新公司提升市场竞争力和综合实力，推动相关科技创新领域产业加快发 展。 申万宏源证券表示，未来将继续紧跟政策动向，聚焦主责主业，发挥专业优势，切实提高科技金融服务 质效，为做好金融科技大文章、助力培育新质生产力贡献力量。 中证报中证网讯(记者林倩)近日中国人民银行、中国证监会联合发布《关于支持发行科技创新债券有关 事宜的公告》，对支持科技创新债券发行提出多项重要举措，包括支持金融机构、科技型企业、私募股 权投资机构和创业机构发行科技创新债券。同时，深交所发布《关于进一步支持发行科技创新债券服务 新质生产力的通知》，明确将进一步拓宽发行主体和募集资金使用范围，简化信息披露安排，完善配套 支持机制。中国证券报记者从申万宏源证券（000562）获悉，公司积极响应，于5月9日作为首批券商在 深交所成功簿记发行科技创新公司债 ...