证券代码：000166 证券简称：申万宏源 公告编号：临2025-71 申 万 宏 源 集 团 股 份 有 限 公 司 本期债券兑付日为2025年9月1日，摘牌日为2025年9月1日，申万 宏源证券有限公司已按照《申万宏源证券有限公司2023年面向专业投 资者公开发行公司债券（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 二〇二五年九月二日 关于申万宏源证券有限公司 2023 年面向专业投资者公开 发行公司债券（第三期）（品种一）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 2023 年 8 月 30 日发行 申万宏源证券有限公司 2023 年面向专业投资者公开发行公司债券 （第三期）（品种一）（以下简称"本期债券"），发行规模人民币 申证 05。（相关情况请详见公司于 2023 年 9 月 2 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） ...

证券代码：000166 证券简称：申万宏源 公告编号：临2025-71 申 万 宏 源 集 团 股 份 有 限 公 司 关于申万宏源证券有限公司 2023 年面向专业投资者公开 发行公司债券（第三期）（品种一）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 2023 年 8 月 30 日发行 申万宏源证券有限公司 2023 年面向专业投资者公开发行公司债券 （第三期）（品种一）（以下简称"本期债券"），发行规模人民币 5 亿元，票面利率 2.56%，期限 2 年，债券代码 148444，债券简称 23 申证 05。（相关情况请详见公司于 2023 年 9 月 2 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9月1日，摘牌日为2025年9月1日，申万 宏源证券有限公司已按照《申万宏源证券有限公司2023年面向专业投 资者公开发行公司债券（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 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 申萬宏源集團股份有限公司 呈交日期: 2025年9月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06806 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,504,000,000 | RMB | | 1 RMB | | 2,504,000,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 2,504,000,000 | RMB | | 1 RMB | | 2,504,000,000 | | 2. 股份分類 | 普通股 ...

Core Viewpoint - The report from Shenwan Hongyuan maintains a "positive" rating for the basic chemical industry, suggesting investment strategies across four key chains: textile and apparel, agricultural chemicals, export-related chemicals, and sectors benefiting from "anti-involution" policies [1] Group 1: Industry Performance - In Q2 2025, the chemical sector achieved revenue of 548.3 billion yuan (YoY +2%, QoQ +10%) and net profit of 35.5 billion yuan (YoY -5%, QoQ +8%), aligning with market expectations [2] - The overall asset-liability ratio for the chemical industry stands at 50.0%, a year-on-year increase of 0.4%, remaining within historical low ranges [2] - The chemical industry's gross profit margin slightly decreased by 0.05 percentage points year-on-year but increased by 0.3 percentage points quarter-on-quarter to 17.9% [2] Group 2: Supply and Demand Dynamics - The supply side shows strong support, with significant profit increases in sectors such as pesticides, fluorochemicals, potassium fertilizers, and modified plastics [3] - The report highlights a downward trend in oil and coal prices, contributing to improved profitability in various chemical sectors, including civil explosives, nitrogen fertilizers, and phosphates [3] Group 3: Future Outlook - The traditional cycle indicates stabilization at the bottom of oil prices, with overseas inventories nearing 21-year lows, suggesting a long-term upward trend in demand [4] - The chemical sector's capital expenditure is nearing its end, with a continuous decline in ongoing projects for three consecutive quarters, indicating a significant improvement in the supply side [4] - The report emphasizes the importance of focusing on high-growth demand chains such as textiles, agricultural chemicals, and exports, while also considering the benefits from "anti-involution" policies [4]

Core Insights - The wealth management performance of securities firms has shown significant improvement in the first half of 2025, with a notable increase in brokerage fee income and a shift towards wealth management services [2][4]. Group 1: Brokerage Business Performance - In the first half of 2025, 42 listed securities firms generated a total of 74.563 billion yuan in brokerage fee income, representing a year-on-year growth of approximately 50% [2]. - The top ten securities firms accounted for over 60% of the total brokerage income, with CITIC Securities leading at nearly 8 billion yuan [2][6]. - The brokerage income of 21 listed firms exceeded 1 billion yuan, with significant growth rates observed among mid-sized firms such as Guojin Securities and Guoyuan Securities, which saw increases of over 60% [5][8]. Group 2: Revenue Structure and Wealth Management Transition - The traditional trading business remains the primary revenue source for securities firms, but the wealth management transformation is showing early signs of success, with a 30% increase in income from selling financial products [3][10]. - The income from selling financial products reached 5.568 billion yuan in the first half of 2025, marking a 30% year-on-year increase [12]. - The proportion of income from selling financial products is relatively low at about 7.5%, indicating room for growth in this area [11]. Group 3: High Net Worth and Institutional Client Focus - Securities firms are increasingly targeting high net worth clients, with notable growth in client numbers and assets. For instance, CITIC Securities reported a 12.98% increase in new clients [15]. - Institutional business is also gaining importance, with firms like Caifutong Securities reporting a 23.4% increase in institutional client asset scale [18]. - The expansion of services for institutional clients is evident, with firms enhancing their offerings in areas such as equity incentives and wealth management [19]. Group 4: Buy-side Advisory Services - The buy-side advisory business is experiencing positive changes, with several firms reporting growth in their fund advisory services. For example, Dongfang Securities reported a fund advisory business scale of 14.925 billion yuan [20]. - CITIC Jiantou noted a significant increase in their buy-side customized business, with a year-on-year growth of 161.62% [22]. Group 5: International Market Expansion - Large and mid-sized securities firms are continuing to expand their presence in international markets, with CITIC Securities focusing on global wealth management and establishing centers in Hong Kong and Singapore [23]. - The sales scale and income from overseas wealth management products for CITIC Securities doubled year-on-year in the first half of 2025 [24]. - Guangfa Securities also reported growth in its overseas business, transitioning towards wealth management [25].

FF301 公司名稱: 申萬宏源集團股份有限公司 呈交日期: 2025年9月2日 I. 法定/註冊股本變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06806 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,504,000,000 | RMB | | 1 RMB | | 2,504,000,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 2,504,000,000 | RMB | | 1 RMB | | 2,504,000,000 | 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 | 1. 股份分類 | 普通股 ...

Group 1 - The construction and decoration industry is facing pressure on revenue and profit in H1 2025, with a focus on cash flow improvement and cost control [1] - Major listed companies in the construction sector achieved operating revenue of 3.75 trillion, a year-on-year decrease of 5.7%, and a net profit of 87.5 billion, down 6.5% year-on-year [1] - The operating revenue for Q1 and Q2 of 2025 was 1.84 trillion and 1.91 trillion respectively, with year-on-year declines of 6.2% and 5.2% [1] Group 2 - The industry gross margin in H1 2025 was 9.9%, a decrease of 0.2 percentage points year-on-year, while the net profit margin was 2.33%, down 0.02 percentage points year-on-year [2] - Quarterly gross margins for Q1 and Q2 were 9.1% and 10.7%, with year-on-year changes of -0.1 percentage points and -0.3 percentage points respectively [2] Group 3 - The operating cash flow in H1 2025 showed improvement, with a net outflow of 477.4 billion, which is 15.1 billion less than the previous year [3] - The cash collection ratios for Q1 and Q2 were 103% and 87%, with year-on-year changes of +0.85 percentage points and +11.65 percentage points respectively [3] Group 4 - The overall return on equity (ROE) for the industry in H1 2025 was 2.50%, a decrease of 0.31 percentage points year-on-year [4] - The decline in industry investment and increased pressure on company receivables have led to a rise in expenses and impairments, impacting the ROE [4]

证券代码：000166 证券简称：申万宏源 公告编号：临2025-70 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 经深圳证券交易所审核，本期债券定于2025 年8月29日起在深圳 证券交易所挂牌转让，面向专业投资者中的机构投资者交易，品种一 债券简称"25申证D7"，债券代码为"134464" 非公开发行短期公司债券（第四期）在深圳证券交易所 挂牌转让的公告 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 2025 年面向专业投资者 非公开发行短期公司债券（第四期） （以下简称"本期债券"）发行工 作于 2025 年 8 月 25 日完成，本期债券发行规模人民币 39 亿元，分 两个品种，其中品种一发行规模人民币 8 亿元，期限 186 天，票面利 率 1.70%；品种二发行规模人民币 31 亿元，期限 242 天，票面利率 （相关情况请详见公司于 2025 年 8 月 27 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. ...

Core Viewpoint - Shenwan Hongyuan Securities achieved significant growth in the first half of 2025, with a revenue of 11.695 billion yuan, representing a year-on-year increase of 44.44%, which is notably higher than the industry average growth rate [1][2]. Revenue Performance - The company maintained its revenue ranking at seventh in the industry, despite a slight drop of one position [1]. - The revenue increased by 819 million yuan compared to the previous year, indicating stable growth [1][2]. Profitability - Shenwan Hongyuan reported a net profit attributable to shareholders of 4.284 billion yuan, which is a substantial year-on-year growth of 101.32%, effectively doubling its profit [1][5]. - The net profit increased by 2.156 billion yuan compared to the previous year, showcasing strong performance elasticity [1][5]. Competitive Landscape - Despite the impressive profit growth, the company's net profit ranking remained at eleventh, indicating that competitors are also experiencing rapid growth [1][5]. - Under the leadership of General Manager Huang Hao, the company continued to leverage its traditional strengths in research and fixed income while expanding into wealth management and other transformation areas [1]. Future Outlook - The high profit growth rate reflects the company's intrinsic value and growth potential, suggesting promising future development prospects [1].

格隆汇9月1日丨申万宏源(06806.HK)公告，根据深圳证券交易所《关于申万宏源证券有限公司非公开发 行短期公司债券符合深交所挂牌条件的无异议函》(深证函〔2025〕461号)，公司所属申万宏源证券有 限公司获准面向专业投资者非公开发行面值总额不超过人民币200亿元短期公司债券。 2025年8月29日，申万宏源证券有限公司2025年面向专业投资者非公开发行短期公司债券(第五期)(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36亿元，分两个品种，其中品种一发行规模 人民币10亿元，期限181天，票面利率1.71%；品种二发行规模人民币26亿元，期限243天，票面利率 1.75%。本期债券登记完成后拟于深圳证券交易所挂牌转让。 ...