Core Points - The stock price of Shenwan Hongyuan (000166) closed at 5.51 yuan on November 6, 2025, with an increase of 1.1% and a turnover rate of 0.46% [1] - The company reported a total issued share capital of 25,039,944,560 yuan, with no changes in the number of H-shares and A-shares as of October 31, 2025 [2] - Shenwan Hongyuan Securities Co., Ltd. completed the issuance of its second phase of short-term corporate bonds for professional investors, totaling 34 billion yuan, with different maturities and interest rates [2][4] Trading Information - On November 6, 2025, the net inflow of main funds was 319.76 million yuan, while retail investors saw a net inflow of 944.49 million yuan [2][4] - The trading volume for Shenwan Hongyuan on the same day was 1,035,800 shares, with a transaction amount of 571 million yuan [1] Company Announcements - The company’s H-share and A-share capital remained unchanged, with H-shares totaling 2,504,000,000 shares and A-shares totaling 22,535,944,560 shares [2] - The short-term corporate bonds issued include two varieties: one with a scale of 12 billion yuan and a maturity of 135 days at an interest rate of 1.67%, and another with a scale of 22 billion yuan and a maturity of 254 days at an interest rate of 1.72% [2][4]

证券代码：000166 证券简称：申万宏源 公告编号：临2025-96 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 发行短期公司债券（第二期）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。 经深圳证券交易所审核，本期债券定于2025年11月4日起在深圳 证券交易所上市，面向专业投资者中的机构投资者交易，品种一债券 简称"25申D13"，债券代码为"524501"；品种二债券简称"25 申 D14"，债券代码为"524502"。 特此公告。 申万宏源集团股份有限公司董事会 二〇二五年十一月六日 公司所属申万宏源证券有限公司 2025 年面向专业投资者公开发 行短期公司债券（第二期）（以下简称"本期债券"）发行工作于 2025 年 10 月 29 日结束，本期债券发行规模人民币 34 亿元，其中品种一 发行规模人民币 12 亿元，期限 135 天，票面利率为 1.67%；品种二 发行规模人民币 22 亿元，期限 254 天，票面利率为 1.72%。（相关情 况请详见公司于 ...

Group 1: Company Strategic Development - The company aims to integrate securities services into national strategic development, aspiring to become a trusted first-class investment bank and institution [2] - Focus on large wealth and asset management to capture the certainty of long-term capital market opportunities, enhancing client service efficiency and precision [2] - Development of a one-stop service platform for large institutions, emphasizing capital intermediary business and improving stable investment return capabilities [2] - Continuous optimization of research, investment, and investment banking business strategies to support emerging industries and enhance service systems [2] Group 2: Financial Technology in Wealth Management - Significant investment in financial technology, with the development of the "Shencai Youdao APP" for integrated financial services [3] - Exploration of innovative applications of AI and large models in wealth management to enhance digital capabilities and service efficiency [3] - Provision of comprehensive, high-quality, and efficient digital inclusive financial services to small and medium investors [3] Group 3: Research and Consulting Business - The research consulting business operates on a "research + industry research + government research" framework, aligning with national strategic deployments [4] - Establishment of a systematic industry research framework with a strong market reputation and deep service capabilities [4] - Comprehensive research layout around key industrial chains, providing long-term investment strategies and insights into macroeconomic policies [4] Group 4: Talent Development - Commitment to a "people-oriented" talent strategy, fostering an open and competitive work environment [5] - Focus on practical performance and accountability in talent selection, promoting career advancement for key personnel [5] - Continuous improvement of organizational structure, compensation incentives, and business collaboration to enhance employee engagement and sense of belonging [5]

Core Viewpoint - Shenwan Hongyuan (000166)(06806) announced the completion of the issuance of short-term corporate bonds aimed at professional investors, with a total issuance size of RMB 3.4 billion [1] Group 1: Bond Issuance Details - The bond issuance consists of two varieties: Variety One with an issuance size of RMB 1.2 billion, a term of 135 days, and a coupon rate of 1.67% [1] - Variety Two has an issuance size of RMB 2.2 billion, a term of 254 days, and a coupon rate of 1.72% [1] - The bonds are scheduled to be listed on the Shenzhen Stock Exchange starting November 4, 2025, and will be traded among institutional investors [1] Group 2: Bond Identification - Variety One bonds are referred to as "25申D13" with the bond code "524501" [1] - Variety Two bonds are referred to as "25申D14" with the bond code "524502" [1]

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2025年面向專業投資者公開發行短期公司債券（第二期）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 劉健 北京，2025年11月6日 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 2025 年面向专业投资者公开 发行短期公司债券（第二期）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。 公司所属申万宏源证券有限公司 2025 年面向专业投资者 ...

Core Viewpoint - The report from Shenwan Hongyuan raises the profit forecast for Hong Kong Exchanges and Clearing Limited (00388) and maintains a "buy" rating, citing strong trading activity in the Hong Kong stock market and expectations for continued market engagement due to the return of quality Chinese assets and the extension of cross-border connectivity to IPOs [1][2]. Financial Performance - For the first nine months of 2025 (9M25), Hong Kong Exchanges reported total revenue of HKD 21.85 billion, a year-on-year increase of 37%, with main revenue at HKD 20.44 billion, up 41% [2]. - Net profit for 9M25 reached HKD 13.42 billion, reflecting a year-on-year growth of 45% [2]. - In the third quarter of 2025 (3Q25), main revenue was HKD 7.48 billion, up 54% year-on-year and 13% quarter-on-quarter, while net profit was HKD 4.90 billion, increasing by 56% year-on-year and 10% quarter-on-quarter [2]. Revenue Breakdown - Revenue sources for 9M25 include: trading fees at HKD 7.83 billion (39%), clearing and settlement fees at HKD 5.27 billion (26%), investment income at HKD 3.89 billion (19%), listing fees at HKD 1.27 billion (6%), and market data fees at HKD 0.87 billion (4%) [3]. - Year-on-year growth rates for various fees include: trading fees +57%, clearing and settlement fees +66%, listing fees +17%, and market data fees +8% [3]. Trading Activity - The average daily turnover (ADT) for Hong Kong stocks in 9M25 was HKD 238.7 billion, a year-on-year increase of 132%, with 3Q25 ADT reaching a record high of HKD 267.9 billion, up 150% year-on-year [3]. - Southbound ADT for 9M25 was HKD 125.9 billion, up 229%, while northbound ADT was RMB 206.4 billion, up 67% [3]. IPO Market - In 9M25, the Hong Kong IPO market raised HKD 188.3 billion, three times the amount raised in the same period last year, with 69 new IPOs [5]. - As of the end of 3Q25, there were 297 IPO applications in process, compared to 84 at the end of 2024 [5]. Investment Income - Investment income for 3Q25 was HKD 1.02 billion, down 16% year-on-year and 34% quarter-on-quarter, contributing 21% to net profit [6]. - The decline in investment income was attributed to reduced external fund composition and narrowed exchange rate gains [6].

Core Viewpoint - The report from Shenwan Hongyuan sets a target price of HKD 26.4 for Kerry Properties (00683), initiating coverage with a "Buy" rating, highlighting the synergy between high-end residential development and quality IP leasing [1] Group 1: Business Overview - Kerry Properties is expected to achieve a revenue of HKD 19.5 billion in 2024, representing a year-on-year increase of 49%, with property development, IP rental, and hotel operations contributing 66%, 25%, and 9% respectively [2] - The company focuses on high-end residential properties and IP in key cities including Beijing, Shanghai, Shenzhen, Hangzhou, and Hong Kong, with land reserves totaling 49.71 million square feet as of the end of H1 2025 [2] Group 2: IP and Hotel Operations - The total value of the company's IP as of H1 2025 is HKD 86.3 billion, a year-on-year increase of 14%, with mainland China and Hong Kong accounting for 67% and 33% respectively [2] - The company plans to increase its IP and hotel area by 36% to 28.93 million square feet by 2031, with a projected 7-year CAGR of 7% from 2024 to 2031 [2] Group 3: Real Estate Development - In H1 2025, the company achieved sales of HKD 16.2 billion, a year-on-year increase of 130%, with mainland China and Hong Kong contributing 66% and 34% respectively [3] - The Shanghai Jinling Huating project is a key driver for mainland sales, with significant sales figures and a strong market response [3] Group 4: Financials and Dividends - As of H1 2025, the company's total borrowing stood at HKD 59.6 billion, a decrease of 2% year-on-year, with a net debt ratio of 38.4% [4] - The company has maintained a stable dividend payout since 2017, with a dividend per share (DPS) of HKD 1.35 and a high dividend yield of 6.9% [4]

Core Viewpoint - The report from Shenwan Hongyuan initiates coverage on Kerry Properties (00683) with a target price of HKD 26.4 and a "Buy" rating, highlighting the synergy between high-end residential development and quality IP leasing [1] Business Overview - Kerry Properties is expected to achieve a revenue of HKD 19.5 billion in 2024, representing a year-on-year increase of 49%, with property development, IP rental, and hotel operations contributing 66%, 25%, and 9% respectively [2] - The company's land bank totals 49.71 million square feet, with 42% in development properties, 37% in investment properties, 11% in hotels, and 10% in properties held for sale, primarily located in mainland China and Hong Kong [2] IP and Hotel Operations - The company's IP value reached HKD 86.3 billion in the first half of 2025, a year-on-year increase of 14%, with 67% from mainland China and 33% from Hong Kong [3] - Total IP and hotel area is 21.33 million square feet, with major cities accounting for 73% of the total area; rental income from IP and hotels showed slight declines due to market conditions, but occupancy rates remain above market averages [3] - The company plans to increase its IP and hotel area by 760,000 square feet by 2031, achieving a compound annual growth rate (CAGR) of 7% from 2024 to 2031 [3] Real Estate Development - In the first half of 2025, the company achieved sales of HKD 16.2 billion, a year-on-year increase of 130%, with mainland China and Hong Kong contributing 66% and 34% respectively [3] - The Shanghai Jinling Huating project is a key driver for mainland sales, with significant sales figures and expected profitability due to relaxed price limits [3] - In Hong Kong, sales from luxury projects have been crucial, with the company focusing on high-end residential developments [3] Financial Health and Dividends - The company maintains a strong financial position with total borrowings of HKD 59.6 billion, a year-on-year decrease of 2%, and a net debt ratio of 38.4% as of the first half of 2025 [4] - The company has consistently paid dividends since 2017, with a dividend per share (DPS) of HKD 1.35, resulting in a high dividend yield of 6.9% [4]

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FF301 本月底法定/註冊股本總額： RMB 25,039,944,560 | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 000166 | 說明 | | A股 (深圳證券交易所) | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 22,535,944,560 | RMB | | 1 RMB | | 22,535,944,560 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 22,535,944,560 | RMB | | 1 RMB | | 22,535,944,560 | | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | -- ...