董事長 劉健 （ 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（第一期）（品種一）兌付兌息並摘牌的公告》， 僅供參閱。 承董事會命 申萬宏源集團股份有限公司 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。 北京，2025年1月22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2025-1 申 万 宏 源 集 团 股 份 有 限 公 司 关于申万宏 ...

Group 1: Company Strategy and Market Positioning - The company focuses on enhancing the quality of listed companies and supporting long-term capital inflow into the market, aligning with national policies for capital market development [2] - As a state-owned comprehensive securities company, it aims to serve as a gatekeeper for the capital market and a provider of direct financing services [2] - The company is committed to balancing functionality and profitability while adapting to new productive forces and enhancing professional capabilities [2] Group 2: Business Development and Innovations - The company has actively participated in the "Securities, Fund, and Insurance Company Swap Facility" initiative, becoming one of the first 20 financial institutions to receive approval for this business [3] - It emphasizes a customer-centric approach in its investment banking services, focusing on enhancing core competencies in capital, pricing, sales, collaboration, risk control, and technology [3] - The company is transitioning towards client-based trading and capital intermediary services to achieve high-quality business development [4] Group 3: Asset Management and Investment Strategies - The asset management business will focus on improving product performance and strengthening core responsibilities through a dual-driven model of fixed income and equity/derivative products [4] - The company aims to enhance its investment advisory and product creation capabilities to better serve client needs while adhering to a principle of low volatility and absolute returns in its equity and derivative business lines [4] - Continuous improvement in research capabilities and product offerings is essential for delivering stable and favorable investment returns to clients [4]

Group 1 - The China Securities Regulatory Commission (CSRC) has issued a warning letter to Hongyuan Futures Co., Ltd. for failing to establish and maintain a comprehensive compliance management, risk management, and internal control system covering its subsidiaries and their operations [1][2] - Hongyuan Futures, a wholly-owned subsidiary of Shenwan Hongyuan (000166.SZ), violated Article 51 of the Futures Company Supervision and Administration Measures, which mandates the establishment of a robust risk management framework [2] - The regulatory action taken by the Beijing Securities Regulatory Bureau is based on Article 109 of the same measures, allowing for administrative supervision measures such as warning letters for violations [2]

申万宏源集团股份有限公司董事会 二〇二四年十二月三十日 证券代码：000166 证券简称：申万宏源 公告编号：临2024-89 公司所属子公司申万宏源证券有限公司于 2021 年 12 月 27 日发 行申万宏源证券有限公司 2021 年面向专业投资者公开发行次级债券 （第三期）（品种二）（以下简称"本期债券"），发行规模人民币 12 亿元，票面利率 3.20%，期限 3 年，债券代码 149762，债券简称 21 申证 C4。（相关情况请详见公司于 2021 年 12 月 29 日、12 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2024年12月27日，摘牌日为2024年12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2021年面向专 业投资者公开发行次级债券（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 关于申万宏源证券有限公司 2021 年面向专业投资者公开发 行次级债券（第三期）（品种二）兑付兑息并摘牌的公告 本公 ...

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2021年面向專業投資者公開發行次級債券（第三期）（品種二）兌付兌息並摘牌的公告》， 僅供參閱。 承董事會命 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 申 万 宏 源 集 团 股 份 有 限 公 司 关于申万宏源证券有限公司 2021 年面向专业投资者公开发 行次级债券（第三期）（品种二）兑付兑息并摘牌的公告 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 2021 年 12 月 27 日发 行申万宏源证券有限公司 2021 年面向专业投资者公 ...

Core Viewpoint - The Xinjiang Securities Regulatory Bureau has issued a warning letter to Shenwan Hongyuan Securities Co., Ltd. for inadequate due diligence and non-compliance with regulatory requirements in its role as the lead underwriter for the "23 Xin Hua 01" corporate bond of Xinjiang Zhongtai Chemical Co., Ltd. [1][24] Group 1 - Shenwan Hongyuan Securities failed to properly verify the issuer's non-operating receivables, trade revenue, and the use of previously raised funds [1][24] - The due diligence work papers were found to be non-compliant with the "Guidelines for Due Diligence in Corporate Bond Underwriting" (2020 revision) and other relevant regulations [1][24][18] - The company is required to submit a written rectification report to the Xinjiang Securities Regulatory Bureau within 15 days of receiving the decision [8][23] Group 2 - Shenwan Hongyuan Securities is a wholly-owned subsidiary of Shenwan Hongyuan Group Co., Ltd. [2] - The regulatory decision will be recorded in the securities and futures market integrity file of the company [24][23] - The company is advised to enhance its understanding of securities laws and regulations and improve its professional quality [8][23]

Summary of Conference Call Notes Industry or Company Involved - The notes primarily focus on the **Chinese economy** and **local government debt management** strategies, particularly regarding the **new round of large-scale debt resolution**. Core Points and Arguments 1. **New Round of Large-Scale Debt Resolution**: A new round of large-scale debt resolution has been initiated, characterized by three main differences compared to previous rounds: clearer mechanisms, enhanced regulatory collaboration, and more targeted approaches [34][84][101]. 2. **Debt Management Mechanism**: The debt resolution mechanism is more transparent and stable, with a total debt amount approved at once and allocated annually based on local government debt levels [84][101]. 3. **Special Bonds Issuance**: As of late December 2024, the issuance of new replacement bonds has been largely completed, with significant amounts allocated to special refinancing bonds [63][75][101]. 4. **Longer Maturity of Bonds**: The current round of special refinancing bonds has a significantly longer maturity, with 53% of general bonds issued in 2024 having a 10-year maturity, an increase of nearly 33 percentage points from 2023 [75][97]. 5. **Focus on Economic Growth**: The current debt resolution strategy not only aims to mitigate risks but also to promote economic growth, particularly in economically significant provinces like Jiangsu and Shandong [84][101]. 6. **Support for Underdeveloped Regions**: The issuance of special refinancing bonds has increased in central and western regions, indicating a focus on supporting underdeveloped areas [99][101]. 7. **Government's Role in Debt Management**: The government emphasizes the importance of resolving enterprise debt issues, which is crucial for improving the business environment and economic recovery [59][71][101]. Other Important but Possibly Overlooked Content 1. **Regulatory Oversight**: The government is enhancing oversight of local government debt management, including stricter regulations on the use of special bonds and the establishment of a negative list for bond allocation [71][73]. 2. **Administrative Law Enforcement**: There are ongoing efforts to standardize administrative law enforcement to prevent abuse of discretion and ensure fair treatment across different regions [71][73]. 3. **Impact on M1 Growth**: The rapid issuance of bonds and the expected improvement in cash flow for enterprises may positively impact M1 growth in early 2025 [65][101]. 4. **Sector-Specific Benefits**: Industries such as military electronics, environmental infrastructure, and pharmaceutical commerce are expected to benefit more from the current debt resolution efforts due to their high accounts receivable ratios [25][101]. This summary encapsulates the key insights from the conference call, focusing on the strategic direction of local government debt management and its implications for the broader economy.

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。 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） 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） 在深圳证券交易所上市的公告 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 2024 年面向专业投资者 公开发行短期公司债券（第五期）（以下简称"本期债券"）发行工作 于 2024 年 12 月 16 日结束，本期债券发行规模为人民币 20 亿元，其 中品种一发行规模为人民币 6 亿元，期限 162 天，票面利率为 1.71%； 品种二发行规模为人民币 14 亿 ...

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。 证券代码：000166 证券简称：申万宏源公告编号：临2024-88 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） 在深圳证券交易所上市的公告 特此公告。 申万宏源集团股份有限公司董事会 二〇二四年十二月二十三日 公司所属子公司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）（以下简称"本期债券"）发行工作 于 2024 年 12 月 16 日结束，本期债券发行规模为人民币 20 亿元，其 中品种一发行规模为人民币 6 亿元，期限 162 天，票面利率为 1.71%； 品种二发行规模为人民币 14 亿元，期限 301 天，票面利率为 1.73%。 （相关情况请详见公司于 2024 年 12 月 18 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） 经深圳证券交易所审核，本期债券定于 2024 年 12 月 20 日起在 深圳证券交 ...

Group 1 - The core viewpoint of the event is to raise awareness about financial telecom fraud and illegal securities activities, particularly targeting university students who may lack social experience and are more vulnerable to such scams [3][5]. - The event was organized by Shenwan Hongyuan West Securities in collaboration with the investor education base, attracting 120 students to participate in the lecture [3]. - The lecture included practical strategies for students to recognize and prevent financial fraud, emphasizing the importance of vigilance in protecting personal financial security [2][4]. Group 2 - The speaker highlighted that fraudsters often lure investors with promises of high returns, which can lead to significant risks, thereby enhancing the audience's understanding of the dangers associated with such scams [5]. - The interactive segment of the lecture allowed students to engage actively, thereby reinforcing their theoretical knowledge and practical confidence in resisting illegal securities activities [4]. - Shenwan Hongyuan West Securities plans to continue collaborating with universities to conduct more financial education activities, aiming to foster a healthy and secure financial environment while protecting investors' rights [6].