Core Viewpoint - The leadership of Shenwan Hongyuan's research institute is undergoing a significant change, with Wang Sheng set to take over as the new head, reflecting the company's internal talent development strategy and a shift towards younger leadership [2][4][12]. Group 1: Leadership Transition - Wang Sheng, a veteran researcher who joined the company in 2009, is being appointed as the head of the research institute, succeeding Zhou Haichen, who has moved into a higher executive role [2][4]. - Zhou Haichen, who has been with the company since 2006, has transitioned to a senior management position, indicating a trend of promoting internal talent within Shenwan Hongyuan [3][4]. - The appointment of Wang Sheng signifies a new phase for the research institute, emphasizing the importance of internal talent cultivation and continuity in leadership [3][4]. Group 2: Research Institute's Historical Context - Shenwan Hongyuan's research institute has a rich history, tracing back to 1992, and has been recognized as a leading research entity in China's securities market [7][8]. - The institute has been pivotal in developing a systematic industry classification standard, which has become a benchmark for investment research in China [7][8]. - The research institute has evolved through various mergers and reforms, enhancing its operational capabilities and expanding its research coverage [8][9]. Group 3: Focus on Young Talent - The leadership transition is part of a broader trend towards younger management, with Wang Sheng and other key figures being from the post-80s generation [12][13]. - The emphasis on internal promotion and the integration of younger professionals is expected to bring vitality and innovative perspectives to the research institute [12][14]. - The company is also facing challenges, such as declining commission revenues, which necessitate effective leadership and strategic direction from the new generation of leaders [14]. Group 4: Dual Chief Economists - Shenwan Hongyuan currently has two chief economists, Yang Chenguang and Zhao Wei, which is uncommon in the industry [15][16]. - Yang Chenguang, a long-standing member since 2001, focuses on policy research, while Zhao Wei, who joined in 2024, is responsible for macroeconomic research [15][17]. - This dual leadership structure aims to enhance the research capabilities of the institute, ensuring a smooth transition as Zhao Wei prepares to take on more responsibilities [17].

上市券商经纪收入整体增49% 中信、国泰海通、广发、招商、华泰居前五 智通财经4月30日电，记者全面梳理统计上市券商一季报，从经纪业务来看，42家数据可比上市券商经 纪业务净收入合计327.36亿元，同比增48.7%，净收入排名前十券商分别为中信证券（33.25亿）、国泰 海通（26.52亿）、广发证券（20.45亿）、招商证券（19.66亿）、华泰证券（19.36亿）、中国银河 （19.22亿）、国信证券（18.61亿）、中信建投（17.36亿）、申万宏源（13.19亿）、中金公司（12.98 亿）。（智通财经记者 高艳云） ...

证券代码：000166 证券简称：申万宏源 公告编号：临 2025-29 申 万 宏 源 集 团 股 份 有 限 公 司 第六届董事会第七次会议决议公告 三、通过（《关于申万宏源集团股份有限公司高级管理人员调整的 议案》。 同意刘跃同志不再担任申万宏源集团股份有限公司执行委员会 成员。 表决结果：11票同意，0票反对，0票弃权。 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。 申万宏源集团股份有限公司（以下简称"公司"）第六届董事会 第七次会议于 2025 年 4 月 29 日在北京市西城区太平桥大街 19 号公 司会议室以现场、视频和通讯相结合方式召开。2025 年 4 月 15 日， 公司以书面形式向全体董事发出了召开董事会会议的通知。会议由刘 健董事长主持。会议应参加会议董事 11 人，实际参加会议董事 11 人， 其中刘健董事（视频电话）、朱志龙董事（视频电话）、徐一心董事、 严金国董事（（视频电话）、杨小雯独立董事（（视频电话）、武常岐独立 董事（（视频电话）、陈汉文独立董事（（视频电话）、赵磊独立董事（（视 频电话）以通讯方式参加表决。公司部分监事 ...

证券代码：000166 证券简称：申万宏源 公告编号：临2025-32 本期债券兑付日为2025年4月28日，摘牌日为2025年4月28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 投资者公开发行次级债券（第一期）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 关于申万宏源证券有限公司 2022 年面向专业投资者公开发 行次级债券（第一期）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 2022 年 4 月 27 日发行 申万宏源证券有限公司 2022 年面向专业投资者公开发行次级债券 （第一期）（以下简称"本期债券"），发行规模人民币 30 亿元， 票面利率 3.19%，期限 3 年，债券代码 149904，债券简称 22 申证 C1。 （相关情况请详见公司于 2022 年 4 月 29 日、5 月 11 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） ...

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 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 2025-29 申 万 宏 源 集 团 股 份 有 限 公 司 第六届董事会第七次会议决议公告 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。 申万宏源集团股份有限公司（以下简称"公司"）第六届董事会 第七次会议于 2025 年 4 月 29 日在北京市西城区太平桥大街 19 号公 司会议室以现场、视频和通讯相结合方式召开。2025 年 4 月 15 日， 公司以书面形式向全体董事发出了召开董事会 ...

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為全資子公司提 供擔保事項的進展公告》，僅供參閱。 承董事會命 申萬宏源集團股份有限公司 董事長 劉健 北京，2025年4月29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 2025-31 二、被担保人基本情况 1.公司名称：宏源恒利（上海）实业有限公司 2.成立日期：2013 年 6 月 18 日 申 万 宏 ...

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。 （ 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。 承董事會命 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次級債券（第一期）兌付兌息並摘牌的公告》，僅供參 閱。 （第一期）（以下简称"本期债券"），发行规模人民币 30 亿元， 票面利率 3.19%，期限 3 年，债券代码 149904，债券简称 22 申证 C1。 （相关情况请详见公司于 2022 年 4 月 29 日、5 月 11 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4月 ...

Financial Performance - The company's operating revenue for Q1 2025 was RMB 5,479,463,215.33, a decrease of 3.54% compared to RMB 5,680,365,003.03 in the same period last year[9] - Net profit for the quarter increased by 35.62% to RMB 2,246,863,297.16, up from RMB 1,656,724,643.77 year-on-year[9] - The net profit attributable to shareholders of the listed company rose by 42.50% to RMB 1,977,325,721.80, compared to RMB 1,387,612,479.52 in the previous year[9] - Basic and diluted earnings per share increased by 33.33% to RMB 0.08 from RMB 0.06 year-on-year[9] - Operating profit for Q1 2025 was RMB 2,802,014,086.77, an increase of 41.49% from RMB 1,979,375,037.01 in Q1 2024[25] - The total comprehensive income for the first quarter of 2025 was RMB 2,103,569,008.29, a slight decrease from RMB 2,181,401,837.68 in the same period of 2024[26] Cash Flow - The net cash flow from operating activities was RMB 16,857,018,413.64, a significant improvement from a negative cash flow of RMB -12,579,208,313.59 in the same period last year[9] - The cash inflow from operating activities totaled RMB 38,364,221,720.02 in Q1 2025, significantly higher than RMB 11,442,772,354.10 in Q1 2024[27] - The net cash flow from investing activities in Q1 2025 was RMB -12,379,857,745.85, contrasting with a positive cash flow of RMB 14,256,028,577.77 in Q1 2024[27] - The net cash flow from financing activities for Q1 2025 was RMB -13,759,560,683.48, compared to RMB -1,050,627,303.11 in Q1 2024[28] - The company reported a net decrease in cash and cash equivalents of RMB -9,283,665,838.78 for Q1 2025, compared to an increase of RMB 625,487,061.14 in Q1 2024[28] Assets and Liabilities - Total assets at the end of the reporting period were RMB 671,479,514,843.67, a decrease of 3.74% from RMB 697,596,593,301.18 at the end of the previous year[9] - Total liabilities decreased to RMB 536,006,181,827.02 from RMB 564,247,667,656.41 at the end of 2024[24] - Shareholders' equity increased to RMB 135,473,333,016.65 from RMB 133,348,925,644.77 at the end of 2024[24] Investment and Income - Investment banking business net income increased by 79.40% to RMB 307,285,593.06 compared to RMB 171,283,493.82 in the previous year[15] - Net commission and fee income increased to RMB 1,910,800,799.43, up 31.66% from RMB 1,451,792,419.36 in the same period last year[25] - Net interest income turned positive at RMB 19,193,251.22 compared to a net loss of RMB 85,112,561.11 in Q1 2024[25] - Investment income significantly improved to RMB 4,240,046,254.86 from a loss of RMB 1,729,602,177.23 year-over-year[25] Shareholder Information - Total number of common shareholders reached 234,677, with 234,624 being A-share holders[20] - The largest shareholder, China Jianyin Investment, holds 26.34% of shares, totaling 6.60 billion shares[20] - The top ten shareholders collectively hold significant stakes, with the top three accounting for over 56% of total shares[20] Risk and Capital Management - Risk coverage ratio improved to 403.36%, an increase of 19.32 percentage points[17] - Capital leverage ratio rose to 19.02%, up 1.65 percentage points from the previous year[17] - Liquidity coverage ratio decreased to 177.36%, down 22.34 percentage points[17] - The company continues to meet the risk control indicators set by the China Securities Regulatory Commission[18] Other Financial Metrics - The company reported a significant increase in credit impairment losses, which rose by 924.32% to RMB 26,619,082.09 from RMB 2,598,712.17 year-on-year[15] - Core net capital increased to ¥67.50 billion, up 2.19% from the previous year[17] - Total net capital decreased to ¥90.06 billion, down 0.39% year-over-year[17] - Total assets decreased to ¥363.00 billion, a decline of 6.74% compared to the previous year[17]

Financial Performance - The company's operating revenue for Q1 2025 was CNY 5,479,463,215.33, a decrease of 3.54% compared to CNY 5,680,365,003.03 in the same period last year[4] - Net profit for Q1 2025 reached CNY 2,246,863,297.16, representing a significant increase of 35.62% from CNY 1,656,724,643.77 year-on-year[4] - The net profit attributable to shareholders was CNY 1,977,325,721.80, up 42.50% from CNY 1,387,612,479.52 in the previous year[4] - The net cash flow from operating activities was CNY 16,857,018,413.64, a substantial improvement from a negative cash flow of CNY -12,579,208,313.59 in the same period last year[4] - The company's basic earnings per share increased to CNY 0.08, a rise of 33.33% compared to CNY 0.06 in the same period last year[4] - The weighted average return on equity improved to 1.87%, an increase of 0.50 percentage points from 1.37% year-on-year[4] - Net commission and fee income increased to RMB 1,910,800,799.43, up 31.66% from RMB 1,451,792,419.36 in the same period last year[18] - Investment income surged to RMB 4,240,046,254.86, compared to a loss of RMB 1,729,602,177.23 in Q1 2024[18] - The company reported a total comprehensive income of RMB 2,103,569,008.29 for Q1 2025, slightly down from RMB 2,181,401,837.68 in Q1 2024[18] Assets and Liabilities - The total assets at the end of Q1 2025 were CNY 671,479,514,843.67, down 3.74% from CNY 697,596,593,301.18 at the end of the previous year[4] - Total assets as of March 31, 2025, amounted to RMB 671.48 billion, a decrease from RMB 697.60 billion as of December 31, 2024[16] - Total liabilities decreased to RMB 536.01 billion from RMB 564.25 billion during the same period[16] - The company's cash and cash equivalents were RMB 126.43 billion, down from RMB 134.14 billion[16] - Customer deposits decreased to RMB 92.64 billion from RMB 100.27 billion[16] - The total equity attributable to shareholders increased to RMB 106.61 billion from RMB 104.78 billion[16] Shareholder Information - The number of common shareholders at the end of the reporting period was 234,677, with 10 major shareholders holding 73.31% of the shares[12] - The largest shareholder, China Jianyin Investment, held 26.34% of the shares, totaling 6,596,306,947 shares[12] - The total number of shares held by the top 10 unrestricted shareholders was 18,000,000,000 shares[12] Business Segments - The investment banking business net income rose by 79.40% to CNY 307,285,593.06 from CNY 171,283,493.82 in the previous year[9] - The core net capital at the end of the reporting period was CNY 67,501,612,277.13, reflecting a 2.19% increase from CNY 66,054,819,574.41 at the end of the previous year[9] - The risk coverage ratio improved to 403.36%, an increase of 19.32 percentage points from 384.04% at the end of the previous year[9] Cash Flow and Expenses - The operating expenses decreased to RMB 2,677,449,128.56, down 27.54% from RMB 3,700,989,966.02 in the same quarter last year[18] - Total cash and cash equivalents at the end of Q1 2025 amounted to RMB 153,782,260,861.91, compared to RMB 132,925,447,430.94 at the end of Q1 2024[20] Other Information - The company did not report any new product launches or significant market expansion strategies during the conference call[21]

申万宏源（000166）公告，2025年第一季度营业收入54.79亿元，同比下降3.54%。净利润22.47亿元， 同比增长35.62%。归属于上市公司股东的净利润19.77亿元，同比增长42.50%。基本每股收益0.08元/ 股，同比增长33.33%。 ...