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（第五期）（品种一） 本息兑付并摘牌的公告 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2025-38 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 12 月 16 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（第五期）（品种一）（以下简称"本期债券"），发行规模人 民币 6 亿元，票面利率 1.71%，期限 162 天，债券代码 524071，债券 简称 24 申证 D9。（相关情况请详见公司于 2024 年 12 月 18 日、12 月 24 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） 本期债券兑付日为2025年5月27日，摘牌日为2025年5月27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 ...

申万宏源集团股份有限公司 2025 年跟踪评级报告 | | | www.lhratings.com 1 . 联合〔2025〕3296 号 联合资信评估股份有限公司通过对申万宏源集团股份有限公司 主体及其相关债券的信用状况进行跟踪分析和评估，确定维持申万 宏源集团股份有限公司主体长期信用等级为 AAA，维持"21 申宏 02"、 "21 申宏 04"、"21 申宏 06"、"22 申宏 02"、"22 申宏 04"、"22 申宏 06"、"23 申宏 02"、"23 申宏 04"、"24 申宏 02"、"24 申宏 03"、"25 申宏 01"、"25 申宏 02"的信用等级为 AAA，评级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年五月二十七日 跟踪评级报告 | 2 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级工作特性及受 ...

Group 1 - The article highlights that ETFs (Exchange-Traded Funds) are becoming a key driver for brokerage firms' wealth management transformation and business innovation [1] - As of the end of April, the Shanghai Stock Exchange had 846 fund products with a total asset management scale of 3.1 trillion yuan, while the Shenzhen Stock Exchange had 756 fund products with a total asset management scale of 1.13 trillion yuan [2] - The total number of ETF products in the market reached 1,181 as of May 27, showing a year-on-year growth of 23.28%, with total shares of 2.75 trillion, up 28.85% year-on-year [5] Group 2 - Leading brokerages are leveraging their comprehensive strength and rich business experience to rank high in ETF trading volume, with Huatai Securities, China Galaxy, and CITIC Securities leading the Shanghai market in April [2] - The brokerage with the highest market share in ETF holdings as of the end of April was China Galaxy, with a market share of 24.57%, followed by Shenwan Hongyuan Securities at 17.87% [3] - Huatai Securities led the market in the number of ETF trading accounts, holding an 11.8% market share as of the end of April [4] Group 3 - The rapid expansion of the ETF market is expected to drive growth in brokerage retail business and create favorable conditions for expanding institutional services and market-making activities [5] - Brokerages are actively increasing their presence in the ETF market, with firms like China Merchants Securities focusing on expanding quality product offerings and creating an ETF ecosystem [5]

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關於申萬宏源證券有 限公司2022年面向專業投資者公開發行公司債券（第四期）（品種一）本息兌付並摘牌的公告》， 僅供參閱。 承董事會命 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2025-37 申 万 宏 源 集 团 股 份 有 限 公 司 关于申万宏源证券有限公司 2022 年面向专业投资者 公开发行公司债券（第四 ...

证券代码：000166 证券简称：申万宏源 公告编号：临2025-37 申 万 宏 源 集 团 股 份 有 限 公 司 关于申万宏源证券有限公司 2022 年面向专业投资者 公开发行公司债券（第四期）（品种一） 本息兑付并摘牌的公告 特此公告。 公司所属子公司申万宏源证券有限公司于 2022 年 5 月 23 日发行 2022 年面向专业投资者公开发行公司债券（第四期）（品种一）（以 下简称"本期债券"），发行规模人民币 18 亿元，票面利率 2.78%， 期限 3 年，债券代码 112904，债券简称 22 申证 07。（相关情况请详 见公司于 2022 年 5 月 25 日、5 月 31 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） 本期债券兑付日为2025年5月23日，摘牌日为2025年5月23日，申 万宏源证券有限公司已按照《申万宏源证券有限公司2022年面向专业 投资者公开发行公司债券（第四期）募集说明书》相关约定，完成本 期债券本息兑付并予以摘牌。 申万宏源集团股份有限公司董事会 二〇二五年五月二十六日 本公司及董事会全体成员保证信 ...

Group 1 - The core viewpoint is that the pricing power of core assets is gradually shifting southward, driven by the increasing attractiveness of the Hong Kong stock market due to improved asset supply structure, quality, and liquidity [1] - The recent surge in A-share companies going public in Hong Kong is attributed to a combination of outbound strategies, institutional conveniences, and improved liquidity in the Hong Kong market [1] - The historical context indicates that each round of institutional reform in the Hong Kong Stock Exchange has led to bull markets that align with the characteristics of the times [1] Group 2 - The A-share market is expected to remain in a high central tendency oscillation phase in the second quarter, with short-term adjustments anticipated [2] - The upper limit of the oscillation is supported by export resilience, while the lower limit is linked to the relationship between loose monetary policy and capital market stability [2] - Short-term focus remains on sectors like pharmaceuticals (CXO and innovative drugs) and precious metals, while technology is still undergoing a mid-term adjustment phase [2] Group 3 - The market sentiment has shown signs of retreat, with increased trading activity in micro-cap stocks, indicating potential market risks due to crowded trading [3] - The central bank's financial policies aim to support the real economy and may bring fresh capital into the market [3] - The focus is on "new quality domestic demand growth," emphasizing sectors like social services, retail, and pharmaceuticals [3] Group 4 - The recent volatility in overseas financial markets, including rising long-term bond yields, has increased market risk aversion, necessitating a more cautious approach [4] - The micro-cap style has recorded significant relative gains, driven by a market environment characterized by rapid rotation and stock selection for excess returns [4] - The trading volume of the CSI 2000 index has reached a high of 32%, indicating a crowded market that may lead to increased volatility [4] Group 5 - The market is expected to refocus on technology growth, particularly in the AI industry, with attention on upstream and downstream applications [5][6] - Historical patterns suggest that industry rotation typically slows down from mid to late May, indicating a potential consolidation phase for market leadership [5] Group 6 - A-share indices are likely to undergo revaluation as quality indices strengthen, driven by stable cash flows and declining capital expenditures [7] - The trend of a weak dollar and strong renminbi is expected to benefit core assets represented by quality growth indices [7] Group 7 - The recent rise in global risk aversion, primarily due to fluctuating U.S. tariff policies and rising long-term bond yields, may indirectly affect A-share sentiment [8] - The regulatory environment is supportive of the stock market, with expectations of continued inflows from long-term funds [8] Group 8 - The market is currently experiencing a lack of sustained upward momentum, with frequent style switches between large and small caps [9] - Structural opportunities are present, particularly in high-margin assets and sectors benefiting from policy support for consumption [9] Group 9 - The short-term outlook for A-shares is characterized by a consolidation phase, with resilience expected as long as there is no global liquidity crisis [10] - The market's upward potential is contingent on the strength of economic recovery, with "quasi-stabilizing funds" helping to mitigate downside risks [10] Group 10 - The historical performance of dividend assets shows a tendency to underperform in June, suggesting a potential "headwind" period for these assets [12] - Despite this, dividend assets remain a long-term strategic choice for investors amid geopolitical uncertainties and ongoing trade tensions [12]

申万宏源：新疆电力供需发展空间广阔 金十数据5月26日讯，申万宏源发布研报称，"十五五"期间，风光装机规模快速成长，叠加火电机组装 机仍有增长空间，预计十五五末期新疆年发电量有望达9000亿千瓦时，其中风光发电量有望达3700亿千 瓦时，新能源发电占比有望超过40%。随着疆内产业园区发展及外省产能迁入，"十五五"期间新疆用电 量预计将保持高单位数或双位数增速。同时随着疆电外送通道的建成投产，至2030年新疆外年送电规模 有望达2400亿千瓦时，较2024年底接近翻倍。 ...

Group 1: Core Perspectives - The 12th Fortune Forum focuses on "Re-evaluating, Reconstructing, and Reigniting - The Leap in Asset Value Driven by AI" and gathers top experts to discuss global order changes, AI industry trends, asset allocation directions, and investment opportunities [1] - The forum features a roundtable discussion on the dual impact of geopolitical tensions and the AI technology revolution, clarifying the core logic for investors amidst changing macroeconomic conditions [1][2] - Experts emphasize that despite external disturbances, Chinese assets exhibit significant allocation value due to policy support, manufacturing resilience, and technological breakthroughs [3] Group 2: Investment Themes - Assets are categorized into three types: strong cyclical (real estate chain), stable (gold, high dividends), and tech emerging (AI, innovative pharmaceuticals), with gold seen as a hedge against weakening dollar credit [2] - The focus on AI applications and service consumption is highlighted as a dual upgrade opportunity, with a particular interest in the downstream applications of AI [3] - The importance of internationalization for external demand enterprises and the need for domestic enterprises to focus on rigid demand and innovation upgrades are discussed [4] Group 3: Sector Insights - The resilience of China's manufacturing sector is emphasized, with companies needing to shift from "manufacturing overseas" to "branding overseas" to enhance value [4] - The AI hardware capital expenditure is still in a deep water zone, indicating that China has broader space for AI applications in the long term [5] - Innovative pharmaceutical companies are seen as capable of withstanding decoupling risks through talent and technological barriers, with global authorization partnerships being key to market expansion [6]

Group 1: Financial Performance - In Q1 2025, the company achieved a consolidated revenue of CNY 5.479 billion, with a net profit of CNY 2.247 billion, representing a year-on-year growth of 35.62% [3] - The wholly-owned subsidiary, Shenwan Hongyuan Securities, reported a net profit attributable to shareholders of CNY 2.206 billion, up 36.76% year-on-year [3] - Investment income and changes in fair value totaled CNY 3.335 billion, reflecting a year-on-year increase of 13.95% [3] - Brokerage business net commission income grew by 28.83%, while investment banking fee income surged by 79.40% [3] Group 2: Business Strategy and Transformation - The company aims to maintain strategic focus on becoming a leading investment bank and investment institution, adapting to financial pressures and market fluctuations [2] - Emphasis on business transformation and optimizing operational mechanisms to enhance competitiveness in light capital business lines [2] - The company is committed to a customer-centric approach, integrating research, investment, and investment banking services [3] Group 3: Investment Banking Developments - In Q1 2025, investment banking fee income reached CNY 307 million, marking a 79.40% increase year-on-year [3] - The company ranked 5th in the industry for equity financing projects and bond underwriting, while maintaining the top market share in bond distribution [3] - Future plans include expanding business opportunities in alignment with national strategic development [3] Group 4: Technological Advancements - The company has accelerated its digital transformation, launching key customer service platforms such as "Shencai Youdao" and "Yiwan Qiyuan" [4] - Recognition includes 17 provincial financial technology awards and a second prize in the People's Bank of China’s 2023 Financial Technology Development Award [4] - Future initiatives will focus on enhancing operational efficiency through AI technology and building a standardized, digitalized system [4]

Group 1: Financial Performance - In Q1 2025, the company achieved a consolidated revenue of CNY 5.479 billion and a net profit of CNY 2.247 billion, representing a year-on-year growth of 35.62% [2] - The wholly-owned subsidiary, Shenwan Hongyuan Securities, reported a net profit attributable to shareholders of CNY 2.206 billion, with a year-on-year increase of 36.76% [2] - Investment income and fair value changes totaled CNY 3.335 billion, reflecting a growth of 13.95% year-on-year [2] - The net income from brokerage services increased by 28.83%, while investment banking fees surged by 79.40% [2] Group 2: International Business Development - The company has established a comprehensive overseas business platform centered in Hong Kong, expanding its services to surrounding overseas markets [3] - In 2024, the company participated in 15 IPO underwriting projects, ranking 6th among Chinese securities firms, and completed 312 overseas bond projects, ranking 5th in offshore bond underwriting [3] - The company is enhancing its cross-border business capabilities to meet investor needs for cross-border investment and risk management [3] Group 3: Derivative Products and Future Plans - The company is focused on enhancing its core competencies in risk pricing, strategy development, and financial technology within its derivative business [4] - Future plans include developing equity capital intermediary services centered on client needs, particularly in risk management and asset allocation [4] Group 4: Asset Allocation Strategy - The company aims to respond to central government policies by maintaining market stability and supporting the real economy [5] - Key areas of focus include strengthening FICC asset allocation, enhancing research capabilities, and exploring opportunities in derivative products and cross-border transactions [6] - The company plans to improve its credit business competitiveness and support client financing needs through stable development of stock pledge repurchase and agreed repurchase businesses [6] Group 5: Wealth Management Highlights - The company is committed to a customer-centric approach, enhancing service capabilities and optimizing investment advisory services [6] - In Q1, the net income from brokerage services increased by 28.83%, with a steady rise in new account openings and margin financing balances [6]