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2025年面向專業投資 者公開發行公司債券（第二期）（品種二）在深圳證券交易所上市的公告》，僅供參閱。 承董事會命 申萬宏源集團股份有限公司 董事長 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 2025 年面向专业投资者公开发行公司债券（第二期） （品种二）在深圳证券交易所上市的公告 根据深圳证券交易所债券上市的有关规定，申万宏源集团股份有限公司 ...

| 债券名称 | 申万宏源集团股份有限公司 年面向专业投资者公开发行 2025 | | --- | --- | | | 公司债券(第二期)(品种二) | | 债券简称 | 25 申宏 04 | | 债券代码 | 524333 | | 信用评级 | 主体评级 AAA，债项评级 AAA | | 评级机构 | 联合资信评估股份有限公司 | | 发行总额（亿元） | 30 | | 债券期限 | 5年 | | 票面年利率（％） | 1.93 | | 利率形式 | 固定利率 | | 付息频率 | 每年付息 1 次 | | 发行日 | 年 月 日及 年 月 日 2025 6 19 2025 6 20 | | 起息日 | 2025 年 6 月 20 日 | | 上市日 | 2025 年 6 月 27 日 | | 到期日 | 年 月 日 2030 6 20 | | 债券面值 | 100 元/张 | | 开盘参考价 | 100 元/张 | （以下无正文） （本页无正文，为《申万宏源集团股份有限公司 2025 年面向专业投资者公开发 行公司债券（第二期）（品种二）在深圳证券交易所上市的公告》之盖章页） 申万宏源集团股份有限公司 年 ...

Core Insights - The "Top Leaders in Listed Securities Firms" ranking by Sina Finance recognized Zhang Jian, General Manager of Shenwan Hongyuan, as the 8th leader among comprehensive securities firms, highlighting his significant contributions and influence in the industry [1] Company Performance - Under Zhang Jian's leadership, Shenwan Hongyuan achieved a revenue of 24.735 billion yuan, a year-on-year increase of 15.04%, and a net profit attributable to shareholders of 5.211 billion yuan, up 13.12% year-on-year [6] - The institutional services and trading business, which includes major brokerage services, research consulting, FICC sales and trading, equity sales and trading, and derivatives, saw a remarkable revenue growth of 44.12%, contributing 12.706 billion yuan to the overall revenue increase [6] Business Segments - The personal financial services segment generated 7.868 billion yuan, a slight increase of 2.37%, while corporate financial services declined by 27.75% to 2.407 billion yuan, and investment management revenue fell by 11.39% to 1.035 billion yuan [7] - The personal financial services segment, which includes securities brokerage, futures brokerage, margin financing, and financial product sales, showed a solid customer base with 763,600 new clients added during the evaluation period [7] Investment Banking - Despite a challenging market environment with a significant decline in IPO projects and financing, Shenwan Hongyuan ranked 2nd in the number of IPO approvals and maintained a strong position in the New Third Board and Beijing Stock Exchange projects [8] - The investment banking quality rating for Shenwan Hongyuan improved to Class A, the highest rating, reflecting its resilience and adaptability in a contracting market [8] Future Outlook - Shenwan Hongyuan is expected to continue enhancing its core competitiveness and expanding its business under Zhang Jian's leadership, focusing on institutional services and trading as the main growth drivers [9]

港股中资券商股盘初快速回调，申万宏源(06806.HK)跌超3%，华泰证券(06886.HK)跌超2%，弘业期货 (03678.HK)涨幅收窄至不足3%。 ...

Group 1 - The core focus of Shenwan Hongyuan Securities Shandong Branch is to support key areas such as technological innovation, green low-carbon initiatives, and inclusive livelihood to promote high-quality economic development in Shandong [1][4] - The "Yantai Guofeng Shenwan Aerospace Fund" project was recognized as a "typical product of technology finance," being the only brokerage case on the list, with a total fund size of 2 billion yuan and an initial phase of 1 billion yuan [1][2] - The fund aims to invest in high-quality private equity and venture capital projects related to the aerospace industry, having already invested in four high-growth enterprises covering critical areas such as rocket development and satellite payload technology [1][2] Group 2 - The Shenwan Hongyuan Securities Shandong Branch has achieved three major breakthroughs with the Yantai Guofeng Shenwan Aerospace Fund, including capital empowerment, project implementation, and mechanism formation [2] - The company has expanded the issuance scale of bonds in key areas, successfully issuing seven technology innovation and carbon neutrality bonds in 2024, raising 3.5 billion yuan to support enterprise transformation and upgrade [2] - A carbon fiber industry fund is being established in Weihai, with an expected scale of 1 billion yuan over the next three years, aimed at promoting local industrial upgrades [3] Group 3 - The company is actively involved in the construction of the "Dingzi Bay New Energy Innovation Zone" in Yantai, focusing on clean energy, aerospace, and new materials [3] - Shenwan Hongyuan Securities has signed a cooperation agreement with a well-known aerospace company to assist in the development and industrialization of heavy liquid rocket core systems, aiming to facilitate financing of no less than 200 million yuan over the next three years [3]

Group 1 - The core viewpoint of the news highlights the significant rise in the Southern Securities ETF (512900) and the strong performance of the China Securities Company Index, indicating a bullish trend in the securities market [1] - The approval of Guotai Junan Securities (Hong Kong) to provide virtual asset trading services marks a pivotal moment for traditional Chinese financial institutions to engage in the virtual asset market [1] - Hong Kong is positioning itself as a global hub for virtual assets, leveraging its mature financial infrastructure and international regulatory framework, which is expected to accelerate the development of the virtual asset industry [1] Group 2 - The current regulatory environment encourages consolidation within the securities industry, with mergers and acquisitions seen as effective means for brokers to achieve external growth and enhance overall industry competitiveness [2] - The Southern Securities ETF closely tracks the China Securities Company Index, which categorizes companies into various industry levels, providing a comprehensive analysis tool for investors [2] - The top ten weighted stocks in the index include major players such as CITIC Securities, Dongfang Wealth, and Guotai Haitong, reflecting the concentration of market power within a few key firms [2]

Core Viewpoint - The investment banking division of Shenwan Hongyuan has faced increased regulatory scrutiny and penalties, impacting its operational credibility and financial performance [1][2][3]. Regulatory Actions - Shenwan Hongyuan's underwriting subsidiary has been subjected to self-regulatory measures by the Shenzhen Stock Exchange due to issues in the IPO project of Hainuoer Environmental Industry Co., Ltd. [2] - The company has received multiple penalties in recent months, including a reprimand for failing to adequately verify the qualifications of R&D personnel and governance issues in another IPO project [3][4]. Performance Metrics - In 2024, Shenwan Hongyuan's underwriting business saw a significant decline in net income from fees, dropping by 32.64% to 973 million yuan, with equity underwriting volume plummeting by 92.45% to 1.104 billion yuan [6]. - The company has experienced a high withdrawal rate of 56% in its underwriting projects, with 14 out of 25 projects being withdrawn in the current year [4][6]. Market Position - Shenwan Hongyuan's investment banking quality rating has decreased from A to B class, reflecting challenges in compliance and performance [6]. - The company's ranking in the securities industry has fluctuated, with positions of 12th, 5th, and 18th in the first three quarters of 2024 [6]. Impact on Business - The ongoing regulatory issues and high withdrawal rates are likely to damage the company's reputation and trust among clients, potentially leading to a loss of business opportunities [3][6]. - The overall decline in performance may hinder the company's ability to attract talent and secure market financing, further exacerbating its competitive disadvantage [6].

Core Insights - The report from Shenwan Hongyuan indicates that from January to May, the national railway fixed asset investment reached 242.1 billion yuan, a year-on-year increase of 5.9% [1] - In May alone, railway fixed asset investment accelerated to 47.4 billion yuan, up 8.72% year-on-year, surpassing the growth rate for the first five months [1] - The "14th Five-Year Plan" aims for a national railway operating mileage of 165,000 kilometers by 2025, with high-speed rail reaching 50,000 kilometers, indicating significant future investment in new lines [3] Investment and Demand - The railway passenger volume in May was 406 million trips, a year-on-year increase of 12.6%, while freight volume reached 440 million tons, up 0.7% [2] - From January to May, coal transportation by rail totaled 845 million tons, with electric coal accounting for 575 million tons, indicating strong demand for coal transport [2] - The railway sector is actively promoting logistics services and has signed 655 logistics contracts in the first five months, with a total transport volume of 979 million tons [2] Equipment and Maintenance - The railway equipment sector is expected to remain a highly certain investment direction, with significant demand for maintenance and updates of trains, locomotives, and signaling equipment [3] - The upcoming peak in railway operations and major maintenance years in 2025 further solidifies the investment outlook for vehicle and equipment suppliers [4] Recommended Companies - Key suppliers in the vehicle and equipment sector include CRRC Corporation Limited (601766.SH), Sensing Technology (603508.SH), and others focused on traction systems, signaling, and noise reduction components [4]

Overview of the Convertible Bond Issuance - Monalisa Group Co., Ltd. has approved the issuance of convertible bonds with a total scale not exceeding 116,893 million RMB, equivalent to 1,168.93 million bonds at a face value of 100 RMB each [2][3] - The bonds will be listed on the Shenzhen Stock Exchange and have a maturity period of 6 years from the issuance date [3][4] - The coupon rate will be determined based on market conditions and company specifics, with annual interest payments [3][4] Financial Performance - For the fiscal year 2024, Monalisa reported a net profit of 12,496.18 million RMB, a decrease of 53.06% year-on-year, primarily due to intensified market competition and a decline in sales and prices [12][14] - The company's total revenue for 2024 was 463,083.71 million RMB, down 21.79% from the previous year [14] - The total assets decreased by 20.47% to 771,023.15 million RMB, while the net assets fell by 3.56% to 333,340.88 million RMB [14][15] Use of Proceeds from Bond Issuance - The net proceeds from the bond issuance will be allocated to various investment projects, with a total planned investment of 128,893 million RMB [11] - The company has decided to change the use of some funds from the "Digital Management System and Smart Warehouse Construction Project" to permanently supplement working capital due to reduced necessity for the project [16][23] Credit Rating - The issuer's credit rating is AA- with a stable outlook, as assessed by Zhongjian Pengyuan Credit Rating Co., Ltd. [11][21] Bondholder Rights and Conditions - The bondholders have the right to sell back their bonds to the company under certain conditions, such as if the stock price falls below 70% of the conversion price during the last two interest years [10][19] - The conversion price for the bonds has been adjusted to 20.00 RMB per share, effective from November 1, 2024, due to market conditions [24]

Summary of Key Points from Conference Call Records Company: Apple Inc. Financial Performance - Apple reported a revenue growth of only 2% in Q2 2025, despite a 15.6% increase in iPhone shipments, indicating a slowdown in revenue growth [1][2] - iPhone revenue for the quarter was $46.8 billion, with Mac and iPad sales exceeding expectations due to a shift in product structure [2] - The company announced a 14% increase in cash dividends to $0.26 per share and a new $100 billion share repurchase plan, reflecting strong cash flow [1][2] AI Strategy - Apple's AI strategy is considered relatively slow, with the release of Apple Intelligence followed by slow updates to features, and the launch of Siri's AI capabilities delayed [1][4] - CEO Tim Cook acknowledged the need for more time to enhance AI functionalities and to navigate regulatory approvals in China [1][4] - Apple plans to build its own data centers and foundational models while collaborating with Alibaba [1][4] Cost and Supply Chain Management - The company anticipates an increase of $900 million in costs for Q2, with a projected gross margin decline of about 1% [1][5] - Most iPhones sold in the U.S. are expected to be produced in India, while other devices will primarily come from Vietnam [1][5] - By 2026, Apple expects to manufacture 80 million iPhones in India, up from 15 million in 2024 [1][5] Regulatory and Antitrust Challenges - Apple faces significant data regulation and antitrust pressures, with service revenue growth rate declining to 11.6% from 13.9% [1][6][7] - The U.S. Department of Justice's antitrust lawsuit against Google may impact Apple's revenue, and a court ruling requiring Apple to loosen its App Store control could lead to increased service subscription pricing or monetization through AI features [1][7] Company: Qualcomm Inc. Financial Performance - Qualcomm's Q2 2025 performance slightly exceeded expectations, with a 15% year-over-year revenue growth and GAAP net profit above expectations [3][10] - The company expects Q3 2025 revenue to be between $9.9 billion and $10.7 billion, which is below market expectations [3][9] Business Segments - The QTL business revenue forecast is lower than expected, while the QCT business is in line with expectations [3][9] - Mobile business is projected to grow by 10% year-over-year, with IoT and automotive businesses expected to grow by 15% and 20%, respectively [3][9] Strategic Acquisitions and Partnerships - Qualcomm has made strategic acquisitions of Edge Impulse and Focus AI to enhance its edge AI capabilities and has partnered with Palantir to integrate AI solutions [3][11] Market Position and Future Outlook - Qualcomm has made significant progress in diversifying its business, particularly in the automotive sector, with 30 new design wins expected to generate $8 billion in revenue by 2029 [3][12] - The company aims to increase its market share in the smartphone and PC sectors, with a target of 12% in the Windows PC market [3][13] Industry Insights - The software industry has shown strong defensive characteristics in the current market environment, outperforming the Nasdaq index [26][27] - The media industry is experiencing a recovery, with a revenue growth rate of 5.6% and a net profit growth rate of 39% driven by key players like Century Huatong and Light Media [17] - The gaming sector is expected to see a 20% revenue growth due to new product launches in the upcoming quarter [17]