本期债券兑付日为2025年11月14日，摘牌日为2025年11月14日， 申万宏源证券有限公司已按照《申万宏源证券有限公司2024年面向专 业投资者公开发行短期公司债券（第三期）募集说明书》相关约定， 完成本期债券本息兑付并予以摘牌。 特此公告。 申万宏源集团股份有限公司董事会 证券代码：000166 证券简称：申万宏源 公告编号：临2025-98 申 万 宏 源 集 团 股 份 有 限 公 司 关于申万宏源证券有限公司 2024 年面向专业投资者公开 发行短期公司债券（第三期）（品种二）本息兑付 并摘牌的公告 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。 公司所属子公司申万宏源证券有限公司于 2024 年 11 月 14 日发 行申万宏源证券有限公司 2024 年面向专业投资者公开发行短期公司 债券（第三期）（品种二）（以下简称"本期债券"），发行规模人 民币 30 亿元，票面利率 1.93%，期限 365 天，债券代码 524010，债 券简称 24 申证 D6。（相关情况请详见公司于 2024 年 11 月 16 日在 《中国证券报》《证券时报》《上海 ...

| | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | 増減 | | 年同期增减 | | 营业收入(元) | 528,026,517.24 | 31.58% | 1,304,695,961.92 | 31.96% | | 归属于上市公司股东 的净利润(元) | 5,531,661.86 | -65. 67% | 7,858,732.98 | -79. 40% | | 归属于上市公司股东 | | | | | | 的扣除非经常性损益 | 4.084.497.74 | -70.06% | 5, 863, 859. 55 | -80. 73% | | 的净利润(元) | | | | | | 经营活动产生的现金 | | | 85, 796, 675. 28 | 9.60% | | 流量净额(元) | | | | | 南王科技于2023年6月12日在深交所创业板上市，发行数量为48,780,000股，占发行后总股本的25.00%， 本次发行全部为新股，无老股转让，发行价格为17.55元/股。公司保荐人(主承销商) ...

Core Viewpoint - The report from Shenwan Hongyuan indicates that the current "Bull Market 1.0" is at a high point, with insufficient long-term cost-effectiveness in the technology sector. The technology structural bull market of 2025 is part of this phase, and a potential peak may occur in the spring of 2026 [1][2]. Group 1: Market Phases - The "Bull Market 1.0" is characterized by high resistance to further upward movement, with cyclical trends still in a "running ahead" phase. The conditions for the initiation of "Bull Market 2.0" are not yet complete [2][4]. - The current A-share AI industry chain is compared to previous market phases, indicating a state of "ongoing industry trend with small fluctuations and long-term low cost-effectiveness." Future movements are expected to be divided into "high-level oscillation" and "adjustment" phases [2][3]. Group 2: High-Level Oscillation Phase - In the high-level oscillation phase, it becomes increasingly difficult to earn valuation gains, and new industry catalysts or sustained high growth in performance are less likely to lead to upward breakthroughs. This phase typically lasts at a quarterly level [3][4]. - The adjustment phase is usually triggered by intermediate disturbances in industry trends, which do not signify the end of the structural bull market but may lead to reasonable adjustments [3][4]. Group 3: Investment Opportunities - Short-term opportunities in technology growth are expected to arise from small rebounds, focusing on sectors with new catalysts and significant industry space, particularly in energy storage and storage solutions [4][5]. - The report emphasizes the importance of focusing on Alpha logic in both cyclical and technology investments, with a particular interest in sectors like basic chemicals, industrial metals, innovative pharmaceuticals, and national defense [5]. Group 4: 2026 Outlook - The spring of 2026 is anticipated to be a potential peak, but it is unlikely to represent the highest point of the entire bull market. The market is expected to face three challenges: long-term low cost-effectiveness in technology, intermediate disturbances in industry trends, and the conditions for "Bull Market 2.0" not being mature yet [4][5]. - The report suggests that the A-share market will continue to see mid-term gains from cyclical improvements, asset allocation shifts towards equities, and China's increasing global influence [5].

Management Fee Adjustment - The management fee for the Shenwan Hongyuan Tian Tian Li Money Market Fund has been restored to 0.90% [1] Shareholder Meeting Announcement - A shareholder meeting for the Shenwan Hongyuan Tian Tian Li Money Market Fund will be held via communication methods to discuss the proposal for changing the fund manager and transitioning to the Shenwan Lingshin Tian Tian Li Money Market Fund [1][4] - The record date for voting rights is set for November 12, 2025, with voting open from November 17, 2025, to December 12, 2025, at 17:00 [1] Voting Methods - New voting methods have been introduced, including online and telephone voting, specifically for individual shareholders [2][3] - Online voting can be conducted through the Shenwan Hongyuan Securities APP, PC terminal, or designated web portal during the voting period [2] - Telephone voting will involve verification of shareholder identity through a call, with the entire conversation recorded for protection of shareholder interests [3] Additional Information - The announcement clarifies that other arrangements for the shareholder meeting remain unchanged, and further details can be found in the previous announcement dated November 11, 2025 [4]

Core Viewpoint - The current A-share market is in the high position of "Bull Market 1.0," with insufficient long-term cost-effectiveness in the technology sector and logical breaks in the cyclical market. Conditions for the initiation of Bull Market 2.0 are not yet complete [1] Group 1: Market Conditions - The A-share AI industry chain is in a state of "long-term low cost-effectiveness" similar to previous years in various sectors, indicating a high-level consolidation phase followed by an adjustment phase [2] - The high-level consolidation phase typically lasts at a quarterly level, and adjustments are triggered by mid-level disturbances in the industry trend, but this does not signify the end of the industry trend [2] Group 2: Cyclical Market Analysis - The recent cyclical market is characterized by short-term price increases and expectations of PPI turning positive by mid-2026, but there is significant divergence regarding the pace of PPI improvement [3] - The cyclical market is approaching a differentiation phase as cost-effectiveness decreases, and the sustainability of price increases becomes more critical [3] Group 3: Future Challenges - By spring 2026, the A-share market may face three major challenges: the technology sector's long-term low cost-effectiveness, a critical verification period for demand, and immature conditions for the transition to Bull Market 2.0 [4][5] - The market is expected to experience a two-stage bull market, with the first stage being the structural bull market in 2025 and a potential peak in spring 2026 [4][6] Group 4: Investment Opportunities - In the current high-level consolidation phase, the focus should be on Alpha opportunities in both cyclical and technology sectors, with an emphasis on sectors with favorable supply-demand dynamics and high dividend yields [7] - Short-term opportunities in technology growth are expected to arise from small rebounds, particularly in sectors with new catalysts or significant industry space, such as energy storage and innovative pharmaceuticals [7]

Core Points - The announcement details the issuance results of subordinated bonds by Shenwan Hongyuan Securities Co., Ltd. for professional investors, with a total issuance amount of up to RMB 20 billion approved by the China Securities Regulatory Commission [1] - On November 13, 2025, the company successfully completed the issuance of the second phase of subordinated bonds, totaling RMB 2.5 billion, with two varieties: one with a scale of RMB 1.8 billion and a 3-year term at a coupon rate of 2.00%, and another with a scale of RMB 0.7 billion and a 5-year term at a coupon rate of 2.15% [1] Summary by Sections - **Issuance Approval**: Shenwan Hongyuan Securities Co., Ltd. was granted approval to issue subordinated bonds totaling up to RMB 20 billion for professional investors [1] - **Issuance Completion**: The second phase of the bond issuance was completed on November 13, 2025, with a total issuance of RMB 2.5 billion [1] - **Bond Details**: The bonds consist of two varieties: one for RMB 1.8 billion with a 3-year term and a 2.00% coupon rate, and another for RMB 0.7 billion with a 5-year term and a 2.15% coupon rate [1]

申 万 宏 源 集 团 股 份 有 限 公 司 证券代码：000166 证券简称：申万宏源 公告编号：临2025-97 特此公告。 申万宏源集团股份有限公司董事会 二〇二五年十一月十四日 关于申万宏源证券有限公司 2025 年面向专业 投资者公开发行次级债券（第二期）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次级债券注册的批复》（证监许可〔2025〕1557 号），公司所属子公司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 亿元次级债券。（相关情况请详见公 司于 2025 年 8 月 5 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 11 月 13 日，申万宏源证券有限公司 2025 年面向专业投 资者公开发行次级债券（第二期）（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 25 亿元，其中品种一发行规模人民 币 18 亿元，期限为 3 ...

Core Viewpoint - Shenwan Hongyuan Securities Co., Ltd. has successfully completed the issuance of subordinated bonds aimed at professional investors, with a total issuance scale of RMB 2.5 billion [1] Group 1: Bond Issuance Details - The total issuance scale of the bonds is RMB 2.5 billion [1] - The first type of bonds has an issuance scale of RMB 1.8 billion, a term of 3 years, and a coupon rate of 2.00% [1] - The second type of bonds has an issuance scale of RMB 0.7 billion, a term of 5 years, and a coupon rate of 2.15% [1] Group 2: Listing Information - The bonds are expected to be listed and traded on the Shenzhen Stock Exchange after registration is completed [1]

Core Viewpoint - Shenwan Hongyuan Securities Co., Ltd. successfully completed the issuance of subordinated bonds aimed at professional investors, raising a total of RMB 2.5 billion [1] Group 1: Bond Issuance Details - The total issuance scale of the bonds is RMB 2.5 billion [1] - The first type of bonds has an issuance scale of RMB 1.8 billion, with a maturity of 3 years and a coupon rate of 2.00% [1] - The second type of bonds has an issuance scale of RMB 0.7 billion, with a maturity of 5 years and a coupon rate of 2.15% [1] Group 2: Listing Information - The bonds are expected to be listed and traded on the Shenzhen Stock Exchange after registration is completed [1]

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 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11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。 证券代码：000166 证券简称：申万宏源 公告编号：临2025-97 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 投资者公开发行次级债券（第二期）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次级债券注册的批复》（证监许可〔2 ...