Core Viewpoint - The company has signed a sales agreement with Shenwan Hongyuan Securities and Shenwan Hongyuan West Securities to enhance investor services by allowing these institutions to sell certain funds starting from July 7, 2025 [1][5]. Group 1: Fund Sales Information - The agreement allows Shenwan Hongyuan Securities and Shenwan Hongyuan West Securities to sell specific funds managed by the company, with details on business processes and handling times to be determined by the sales institutions [1]. - The announcement includes a list of applicable funds and their business opening status, indicating whether they support regular investment, conversion, and fee rate discounts for purchases through these sales institutions [1]. Group 2: Sales Institution Details - Shenwan Hongyuan Securities is located at 989 Chang Le Road, Shanghai, with contact details provided for customer service [2]. - Shenwan Hongyuan West Securities is based in Urumqi, Xinjiang, with similar contact information for investor inquiries [2]. Group 3: Business Operations - The purchase and redemption processes are applicable only during normal subscription periods and specific open days, with special rules for closed periods detailed in the relevant legal documents [3]. - Regular investment allows investors to set up automatic deductions for fund purchases, with specific rules and procedures to be followed as per the sales institutions [3]. - If conversion services are available, investors must ensure that the funds are in a redeemable state and follow the sales institutions' guidelines for submitting applications [3]. - Discounts on purchase fees may be available for certain funds, with specific rules determined by the sales institutions [3]. - Any future adjustments to investment thresholds or limits will be governed by the latest regulations from the sales institutions [3]. Group 4: Investor Consultation - Investors can contact the company or the sales institutions for further details through provided customer service numbers and websites [4].

Group 1 - The construction and decoration sector showed a weekly increase of 0.63%, while the CSI 300 index rose by 1.54%, resulting in a relative return of -0.91 percentage points [1] - The top three sub-industries with the highest weekly gains were infrastructure private enterprises (+3.19%), steel structure (+2.85%), and ecological landscaping (+2.46%), with corresponding companies: Chengbang Co. (+42.23%), Honglu Steel Structure (+7.53%), and Hangzhou Landscaping (+31.16%) [1] - The sub-industries with the largest annual gains were ecological landscaping (+21.25%), infrastructure private enterprises (+16.54%), and decorative curtain walls (+13.15%), with corresponding companies: Hangzhou Landscaping (+95.79%), Chengbang Co. (+147.23%), and ST Keli Da (+79.66%) [1] Group 2 - The manufacturing PMI for June was reported at 49.7%, an increase of 0.2 percentage points from the previous month, while the non-manufacturing PMI was at 50.5%, also up by 0.2 percentage points [2] - The construction business activity index stood at 52.8%, reflecting a rise of 1.8 percentage points from the previous month [2] - China Railway and China Railway Construction both won contracts for the China-Kyrgyzstan-Uzbekistan railway project, with contract amounts of approximately RMB 53.43 billion and RMB 37.81 billion, respectively, representing 0.462% and 0.354% of their 2024 revenue [2]

FF301 本月底法定/註冊股本總額： RMB 25,039,944,560 | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 000166 | 說明 | | A股 (深圳證券交易所) | | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 22,535,944,560 | RMB | | 1 RMB | | 22,535,944,560 | | 增加 / 減少 (-) | | | | 0 | | RMB | | 0 | | 本月底結存 | | | 22,535,944,560 | RMB | | 1 RMB | | 22,535,944,560 | | 1. 股份分類 | 普通股 | 股份類別 H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | -- ...

Core Viewpoint - Shenwan Hongyuan Securities has successfully issued China's first American-style call shark fin structured product linked to the China Securities Commodity Futures Index (CCICFI), with initial subscriptions exceeding 300 million yuan, showcasing innovation in capital market services for the real economy [1][2] Group 1: Product Innovation and Collaboration - The collaboration between Shenwan Hongyuan Securities and the China Securities Index Company focuses on leveraging the index licensing and product development to create structured products that mitigate downside risks while allowing clients to capitalize on commodity futures market opportunities [2] - The CCICFI includes all commodity futures listed on domestic exchanges, assessing contract liquidity and the economic significance of the underlying commodities, thus establishing a comprehensive and authoritative commodity index series in China [2] Group 2: Strategic Importance of Commodity Futures - As the world's largest consumer of commodities, China's economy is closely linked to the commodity futures market, which plays a crucial role in risk management for enterprises, stabilizing production costs and ensuring supply chain stability [3] - The demand for commodity futures investment tools is increasing due to the optimization of economic structure and the rise of emerging industries, aligning with national industrial policy and driving long-term economic prosperity [3] Group 3: Future Directions and Commitment - Shenwan Hongyuan Securities aims to enhance its core competencies in index research, multi-category trading hedging, and structured product creation to meet diverse wealth management needs of investors with varying risk preferences [4] - The company is committed to providing innovative financial products and professional services, contributing to the construction of a strong financial nation and supporting high-quality development [4]

Group 1: Company Overview - China Hongqiao (01378) is a leading integrated electrolytic aluminum producer with significant advantages in resource layout and high self-sufficiency in alumina and electricity [1] - The company has a prominent cost advantage due to the low price of thermal coal and a decreasing dependence on imported bauxite [1] Group 2: Financial Performance - The company expects a 35% year-on-year increase in net profit for the first half of 2025, projecting approximately 135.1 billion RMB compared to 100.1 billion RMB in the first half of 2024 [2] - The increase in profit is attributed to higher sales prices and volumes of alloy and alumina products, along with reduced electricity costs due to falling thermal coal prices [2] Group 3: Cost Structure - As of June 24, 2025, the average price of thermal coal has decreased by 22% year-on-year, leading to a reduction in self-generated electricity costs and electrolytic aluminum production costs [3] - The company's self-generated electricity rate is 46%, and the ongoing decline in coal prices is expected to further enhance its cost advantages [3] Group 4: Dividend Policy - The company declared a final dividend of 0.102 HKD per share for 2024, with a total annual dividend of 0.161 HKD per share, resulting in a dividend payout ratio of approximately 63% and a dividend yield of about 11% [4] - The company has consistently paid dividends since its listing in 2011, with a stable payout ratio above 47% over the past five years, indicating strong long-term investment value [4] Group 5: Market Dynamics - Domestic electrolytic aluminum production capacity is nearing its limit, while overseas supply growth is slow, leading to a constrained supply outlook [5] - Demand from the electric vehicle and power sectors is expected to offset the decline in real estate demand, resulting in a favorable long-term supply-demand balance for electrolytic aluminum [5]

Group 1 - The core viewpoint of the article is the release of the first leadership TOP list for listed securities firms, ranking 50 firms based on their revenue scale for 2024 and evaluating their performance across multiple dimensions [1] - The ranking categorizes firms into three groups: comprehensive securities firms (1-10), industry-featured development firms (11-20), and growth development firms (21-50) [1] - The evaluation committee consists of senior management from securities research institutions, independent wealth management agencies, and media, assessing leadership capabilities across five dimensions: foresight, control, innovation, compliance, and influence [1] Group 2 - Zhang Jian from Shenwan Hongyuan Securities scored 87.16 in the peer evaluation, ranking 13th among listed securities firms [1] - The highest score in the compliance dimension was 89.66, while the influence dimension received a lower score of 84.98 [1] - In the foresight dimension, the industry ranking was 11th, with the lowest score from evaluators being 8; in the control dimension, the ranking was 14th with a minimum score of 6; in the innovation dimension, the ranking was 13th with a minimum score of 5; in the compliance dimension, the ranking was 14th with a minimum score of 7; and in the influence dimension, the ranking was 14th with a minimum score of 7 [1] Group 3 - Zhang Jian, born in November 1977, holds a PhD in economics and is a senior economist [3] - He joined Shenwan Hongyuan Securities at the end of 2017 and has held various positions, including executive committee member, deputy general manager, and was appointed general manager in February 2024 [3]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 从基本面来看，刘健认为，上市公司质量的提升为资本市场走稳走强提供坚实基础。上市公司是资本市 场之基，2024年A股上市公司合计实现营业收入72万亿元，近六成上市公司实现营收正增长，合计实现 净利润5.22万亿元，近八成上市公司实现盈利，有力支持资本市场企稳回升。分行业领域看，代表中国 经济新动能的人工智能、先进制造、生物医药等行业盈利快速提升，其中芯片设计和集成电路、消费电 子、创新药2024年分别实现净利润同比增长19%、13%、13%。与此同时，市场现金分红的稳定性、持 续性和可预期性均持续提升，2022年至2024年间，A股上市公司现金分红规模分别为2.1万亿元、2.2万 亿元、2.4万亿元，分红公司的平均股利支付率持续提升，当前沪深300指数成分股年化股息率重新回到 3%以上。另外，2024年有超过2000家上市公司实施了股份回购，累计回购金额超1500亿元。 从资金面来看，境内中长期资金成为市场稳定的 "压舱石"。近十年来，专业投资机构持股市值占比逐 年提升，特别是2022年以来，各类中长期资金持有A股市值和占比进一步上升，对 ...

Core Viewpoint - The intense competition among brokerage firms has led to a focus on attracting fund clients, with Shenwan Hongyuan introducing a high-yield financial coupon linked to fund custody transfers [1][2][3] Group 1: Shenwan Hongyuan's Fund Custody Promotion - Shenwan Hongyuan offers a financial coupon with an annualized yield of 8.18% for clients transferring their equity funds worth at least 5,000 yuan to the brokerage [1][3] - The promotion allows clients to purchase financial coupons equivalent to the transferred fund amount, with potential earnings reaching 1.34 million yuan over two months for a 1 million yuan transfer [1][3] - The promotion claims that there is no upper limit on the coupon amount, which has raised questions about its sustainability and source of high returns [2][3] Group 2: Marketing and Compliance Concerns - The promotion has not been prominently advertised on official platforms, relying instead on social media and self-media channels for marketing [2][4] - Concerns have been raised regarding the legality of the marketing tactics used, including promises of guaranteed returns, which may violate advertising laws and financial regulations [8][10] - The financial coupon is linked to a repurchase agreement, which typically offers much lower yields, raising questions about the feasibility of the promised high returns [8][14] Group 3: Operational Challenges and Client Experience - The process of transferring funds to Shenwan Hongyuan has been reported as cumbersome, taking nearly a month for clients to receive their financial coupons [5][7][18] - Delays in the issuance of financial coupons have been noted, with clients experiencing multiple postponements before receiving their rewards [6][7] - The complexity of the transfer process may deter potential clients, as many find the requirements and procedures difficult to navigate [18][19] Group 4: Industry Implications and Future Outlook - The strategy of offering high-yield financial coupons is seen as a way for brokerage firms to increase their asset management scale and attract new clients [15][16] - However, industry insiders express concerns that such aggressive marketing tactics may not contribute positively to the long-term health of the financial services sector [17][18] - The overall impact of these promotional activities on Shenwan Hongyuan's fund custody volume has been limited, with only modest increases reported in their fund management rankings [19]

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公司債券受託管理事 務報告（2024年度）》，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6月27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。 申万宏源集团股份有限公司 公司债券受托管理事务报告 （2024 年度） 受托管理人 二〇二五年六月 重要声明 财信证券股份有限公司（以下简称"财信证券"，原名"财信证券有限责任公 司"）编制本报 ...

申万宏源集团股份有限公司 公司债券受托管理事务报告 （2024 年度） 受托管理人 二〇二五年六月 重要声明 财信证券股份有限公司（以下简称"财信证券"，原名"财信证券有限责任公 司"）编制本报告的内容及信息均来源于发行人2025年3月对外披露的《申万宏源 集团股份有限公司2024年年度报告》及其他公开披露文件、第三方中介机构出具 的专业意见以及发行人向财信证券出具的说明文件。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜作出独立判断，而不应将本报告中的任何内容据以作为财信证券所作的承诺 或声明。在任何情况下，未经财信证券书面许可，不得用作其他任何用途。 1 | 重要声明 | | 1 | | --- | --- | --- | | 第一章 | 公司债券概况 | 5 | | 第二章 | 受托管理人履行职责情况 | 15 | | 第三章 | 发行人 2024 年度经营与财务状况 | 17 | | 第四章 | 债券募集资金使用和披露的核查情况 | 21 | | 第五章 | 发行人信息披露义务履行的核查情况 | 22 | | 第六章 | 发行人偿债意愿和能力分析 | 25 | | 第七章 ...