Group 1 - The core issue revolves around Hainuo Environmental Industry Co., Ltd.'s application for an initial public offering (IPO) being terminated by the Shenzhen Stock Exchange due to internal control deficiencies in R&D investment and improper accounting practices [2] - Shenwan Hongyuan Securities, the sponsor for Hainuo's IPO, failed to adequately address and verify these issues, leading to inaccurate verification opinions and incomplete documentation [2][3] - This incident marks the second disciplinary action against Shenwan Hongyuan in a month, following a previous reprimand related to another company's IPO process [2][4] Group 2 - The Shanghai Stock Exchange highlighted that Shenwan Hongyuan's sponsorship duties were not fulfilled adequately, including insufficient verification of R&D personnel and investment accuracy, governance deficiencies, and risks related to accounts receivable [3] - On April 18, the Shenzhen Stock Exchange announced self-regulatory measures against Shenwan Hongyuan and its representatives, indicating ongoing scrutiny of their practices [4]

Core Viewpoint - The report from Shenwan Hongyuan indicates that after the unexpected tariff policy on April 2, 2025, which caused liquidity shocks, gold prices surged and briefly exceeded $3,500 per ounce, before quickly retreating to $3,300 due to fluctuating attitudes from Trump regarding tariffs. The medium to long-term trend for gold prices remains upward, with a projected range of $3,209 to $3,905 per ounce in 2025 [1][3]. Group 1: Recent Gold Price Trends - Recent rapid increases in gold prices are characterized by significant volatility, driven by physical demand, Asian capital inflows, and a substantial decline in the US dollar index [2]. - Gold price volatility has risen sharply, currently at the 89.2 percentile historically, as uncertainty surrounding Trump's policies has led to increased safe-haven investments in gold [2]. - The divergence between COMEX gold net long positions and gold price trends indicates a shift from speculative pricing to a supply-demand pricing model, with physical investment funds like SPDR Gold ETF increasing their holdings [2]. Group 2: Future Outlook - In the short term, after adjustments, a favorable allocation window for gold is anticipated, with a focus on monitoring gold price volatility trends [3]. - If Trump's tariff stance significantly eases or if negotiations with other countries progress positively, gold prices may experience high-level fluctuations and a downward trend in volatility [3]. - Key fundamental events to watch include the progress of US tariff policy negotiations and short-term fluctuations in central bank gold purchases, which have been a core driver of gold price increases in 2023 [3]. Group 3: Medium-Term Considerations - The ongoing decline in the credibility of the US dollar and its reserve status may lead to a sustained increase in gold price levels [4]. - The backdrop of de-globalization suggests a long-term downtrend for the US dollar index, exacerbated by rising fiscal deficits and the challenges of implementing tax cuts [4]. - High policy uncertainty surrounding Trump's tariff policies is expected to continue supporting gold prices, as the current environment is markedly different from 2018 [4]. Group 4: Quantitative Analysis - The quantitative model projects that gold prices will fluctuate between $3,209 and $3,905 per ounce in 2025, based on a framework that has shown a high correlation with historical gold prices [5]. - The model identifies four key pricing factors for gold since 2022: global central bank gold reserves, US fiscal deficit rates, economic policy uncertainty in the US, and the real yield on 10-year US Treasury bonds [5].

Core Points - The Shenzhen Stock Exchange has issued three penalties related to the IPO application of Hainuoer, involving multiple violations by the company and its associated institutions [1][3][6] - Hainuoer has attempted to apply for an IPO three times, but each attempt was hindered by regulatory issues and penalties [4][5] Group 1: Company Violations - Hainuoer was found to have inadequate internal controls regarding R&D expenditures and improper accounting treatment of R&D costs [3][6] - The actual controller and chairman of Hainuoer, Luo Yili, along with the financial officer, were criticized for failing to act with integrity [3][6] - Hainuoer has a history of environmental law violations and issues with project management, which have led to multiple failed IPO attempts [4][5] Group 2: Regulatory Actions - The Shenzhen Stock Exchange has taken disciplinary actions against Hainuoer, including a public reprimand and a requirement for the chairman to attend a meeting [3][6] - The underwriting institution, Shenwan Hongyuan, and its associated accountants also received warnings for failing to conduct thorough due diligence [6][8] - Shenwan Hongyuan has faced multiple regulatory penalties in 2024, indicating ongoing issues with compliance in its underwriting practices [8][9]

（ 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2022年面向專業投資 者公開發行公司債券（第二期）（品種二）2025年付息公告》，僅供參閱。 承董事會命 申萬宏源集團股份有限公司 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。 董事長 劉健 北京，2025年4月24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。 股票代码：000166 股票简称：申万宏源 公告编号：临 2025-28 债券代码：149899 债券简称：22 申宏 04 申万宏源集团股份有限公司 20 ...

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2022年面向專業投資 者公開發行公司債券（第二期）（品種一）2025年兌付兌息及摘牌的公告》，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4月24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。 股票代码：000166 股票简称：申万宏源 公告编号：临 2025-27 债券代码：149898 债券简称：22 申宏 03 申万宏源集团股份有 ...

Core Viewpoint - Shenwan Hongyuan has faced significant challenges in its IPO underwriting business, leading to a drastic decline in its performance and reputation due to regulatory issues and high project withdrawal rates [2][11][15]. Group 1: IPO Performance and Regulatory Issues - Shenwan Hongyuan's IPO underwriting income dropped by 97% in 2024 compared to 2023, with only one successful IPO project remaining [2][10]. - The company received seven penalties in 2024, a stark contrast to zero penalties in 2023, indicating a deterioration in compliance and operational standards [2][11]. - The IPO withdrawal rate reached 90% in 2024, significantly higher than the 33.3% rate in 2023, raising concerns about the firm's ability to maintain its A-class rating in the upcoming evaluations [11][15]. Group 2: Specific Cases of Regulatory Failures - Shenwan Hongyuan was criticized for its role in the IPO application of Guohong Tools, which was found to have falsified information regarding its R&D personnel and expenditures [3][4]. - The company failed to adequately verify the qualifications of R&D personnel, leading to a misrepresentation of the company's compliance with the Sci-Tech Innovation Board's requirements [4][5]. - Regulatory bodies have issued warnings and penalties against Shenwan Hongyuan for its inadequate due diligence and oversight in various projects, including the handling of the Hainuoer and Guohong Tools IPOs [16][17]. Group 3: Future Outlook - With only three IPO projects in total, including one from the Beijing Stock Exchange, Shenwan Hongyuan's competitive position in the IPO market is under scrutiny [9][10]. - The company's ability to recover its A-class rating in the 2025 evaluation is uncertain, given the current trajectory of its IPO performance and regulatory challenges [11][18].

股票代码：000166 股票简称：申万宏源 公告编号：临 2025-27 债券代码：149898 债券简称：22 申宏 03 申万宏源集团股份有限公司 2022年面向专业投资者公开发行公司债券 （第二期）（品种一）2025年兑付兑息及摘牌的公告 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。 特别提示： （1）申万宏源集团股份有限公司 2022 年面向专业投资者公开发 行公司债券（第二期）（品种一）（债券简称：22 申宏 03，债券代 码：149898）将于 2025 年 4 月 28 日支付自 2024 年 4 月 26 日至 2025 年 4 月 25 日期间的利息及本期债券的本金。 （2）本次付息的债权登记日为 2025 年 4 月 25 日，最后交易日 为 2025 年 4 月 25 日，摘牌日为 2025 年 4 月 28 日，凡在 2025 年 4 月 25 日（含）前买入并持有本期债券的投资者享有本次派发的利息； 2025 年 4 月 25 日卖出本期债券的投资者不享有本次派发的利息。 由申万宏源集团股份有限公司（以下简称"本公司"）于 2022 ...

股票代码：000166 股票简称：申万宏源 公告编号：临 2025-28 债券代码：149899 债券简称：22 申宏 04 申万宏源集团股份有限公司 2022年面向专业投资者公开发行公司债券 （第二期）（品种二）2025年付息公告 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 特别提示： （1）申万宏源集团股份有限公司 2022 年面向专业投资者公开 发行公司债券（第二期）（品种二）（债券简称：22 申宏 04，债券 代码：149899）将于 2025 年 4 月 28 日支付自 2024 年 4 月 26 日至 2025 年 4 月 25 日期间的利息 3.45 元（含税）/张。 （2）本次付息的债权登记日为 2025 年 4 月 25 日，凡在 2025 年 4 月 25 日（含）前买入并持有本期债券的投资者享有本次派发的利 息；2025年4月25日卖出本期债券的投资者不享有本次派发的利息。 由申万宏源集团股份有限公司（以下简称"本公司"）于 2022 年 4 月 26 日发行的申万宏源集团股份有限公司 2022 年面向专业投 资者公开发行公司债券（第二 ...

临沂城市发展集团有限公司是经山东省临沂市政府批准成立的国有全资企业，于 2006年6月8日注册成立，注册资本25亿元。公司从资本运作、资产管理、项目建设、 市场拓展等方面精准发力，逐步构建起了以乡村振兴、工业科技、人才教育、文化旅 游、数字智慧、商业运营、建设开发、国际贸易、产城服务、金融金控为主的产业经营 体系。 本期债券发行工作取得了发行人的高度认可，为深化合作奠定了基础。未来，公司 将继续深化与发行人的合作，以优质的专业能力和高效的沟通协作，进一步扩展与客户 的合作广度与深度，主动融入和服务国家重大战略。 本内容最终解释权归申万宏源证券有限公司所有。 免责 声 明 近日，由申万宏源担任联席主承销商的"临沂城市发展集团有限公司2025年度第一 期定向债务融资工具"成功发行，发行人主体评级为AA+，本期债券发行期限3年期，发 行规模13.50亿元，票面利率2.38%。 ...

本次活动汇聚了新财富最佳分析师、公募基金经理、证券公司财富管理业务负责人、优秀投 资顾问代表、行业专家等超过3 0 0位资本圈大咖，共论财富管理高质量发展之路，释放资本 市场最强音，并共同见证第七届新财富最佳投资顾问现场荣誉加冕。 0 1 积极拥抱财富管理转型浪潮， 2 0 2 5 年 4 月 2 2 日 ， 第 七 届 新 财 富 最 佳 投 资 顾 问 颁 奖 典 礼 暨 财 富 管 理 发 展 论 坛 ， 在 上 海 隆 重举行。本次活动由新财富主办，广发基金作为特约合作伙伴，朝阳永续协办，全景网作为 战略支持机构。 本次论坛以"破茧.重构.共生"为主题。"破茧" 是突破依赖佣金和产品销售的传统模式，直面 投 顾 转 型 难 题 ；" 重 构 " 是 重 塑 服 务 模 式 、 考 核 机 制 和 技 术 工 具 ， 促 进 不 同 机 构 在 竞 争 中 合 作，找准生态位；"共生" 是构建各方价值共同体，实现相互依存与良性循环，推动行业可持 续发展。 当前资本市场风云变幻，机遇与挑战并存。全面注册制让 A 股市场生态焕然一新，资管新规 落地促使财富管理迈向规范化；指数化投资快速发展，ETF 规模目标 ...