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 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。 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"；品种二债券简称"25 申证D8"，债券代码为"134465"。 特此公告。 申万宏源集团股份有限公司董事会 二〇二五年九月一日 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 1.75%。（相 ...

Core Viewpoint - The company, Brother Technology, has shown positive financial performance in the first half of 2025, with significant growth in net profit and a focus on optimizing production costs and expanding product applications in various industries [6]. Financial Performance - In the first half of 2025, the company reported a main revenue of 1.811 billion yuan, an increase of 3.45% year-on-year [6]. - The net profit attributable to shareholders reached 64.541 million yuan, a substantial increase of 357.17% year-on-year [6]. - The net profit after deducting non-recurring items was 62.531 million yuan, up 463.49% year-on-year [6]. - In Q2 2025, the company recorded a single-quarter main revenue of 892 million yuan, a decrease of 4.16% year-on-year [6]. - The single-quarter net profit attributable to shareholders was 43.6329 million yuan, an increase of 10.96% year-on-year [6]. - The single-quarter net profit after deducting non-recurring items was 43.8077 million yuan, up 18.74% year-on-year [6]. - The company's debt ratio stood at 46.73%, with investment income of -85,800 yuan and financial expenses of 27.1813 million yuan [6]. - The overall gross margin was 18.42% [6]. Product Development and Market Strategy - The company is continuously optimizing production processes and releasing project capacities, particularly in iodine contrast agents and phenol products [2]. - The order method for vitamin products primarily consists of quarterly and monthly orders, with prices based on market conditions [3]. - The company has successfully introduced para-phenol into the PEEK field, completing sample submissions to major domestic PEEK manufacturers, with some clients already validating the product [4]. - The company has a production capacity of 20,000 tons for both ortho-phenol and para-phenol, with applications in various industries including food, daily chemicals, pesticides, pharmaceuticals, dyes, and high polymer materials [5]. - The largest application area currently is in acrylic acid inhibitors, while the PEEK field shows the most growth potential in the future [5]. Industry Context - The iodine contrast agent sector is currently facing challenges due to high raw material prices, centralized procurement policies, and industry competition, but the company's gross margin for these products is expected to improve as market access conditions are met and production capacity is released [6].

证券代码：000166 证券简称：申万宏源 申万宏源集团股份有限公司投资者关系活动记录表 编号：2025-0901 | | □特定对象调研 | □分析师会议 | | --- | --- | --- | | 投资者关系活动 | □媒体采访 □新闻发布会 | ☑业绩说明会 □路演活动 | | 类别 | □现场参观 | | | | □其他 | | | 参与单位名称及 | 参加申万宏源 2025 年半年度业绩说明会的分析师和投资者 | | | 人员姓名 | | | | 时 间 | 2025 年 9 月 1 日 15:00-17:00 | | | 地 点 | 网络平台 | | | | 黄昊，申万宏源集团股份有限公司副董事长、总经理、执委 会副主任 | | | 上市公司接待人 | | | | 员姓名 | 杨小雯，申万宏源集团股份有限公司独立非执行董事 | | | | 任全胜，申万宏源集团股份有限公司执委会成员、财务总监 | | | | 徐亮，申万宏源集团股份有限公司董事会秘书 | | | | 本次投资者关系活动主要内容请见附件。 | | | 投资者关系活动 | 接待过程中，公司接待人员与投资者进行了充分交流与沟通， | ...

Group 1 - The "Second Golden Unicorn Best Investment Advisor Selection" event is currently ongoing, organized by Sina Finance in collaboration with Yinhua Fund, aiming to identify outstanding investment advisors and enhance the investment advisory IP construction [1] - The monthly ranking data for August shows that the top investment advisor in the public fund simulation configuration group is Wu Dayao from Guoyuan Securities, achieving a monthly return of 31.32% [1][2] - The second and third positions are held by Hong Xiaowei from Founder Securities with a return of 26.25% and Zhang Kun from GF Securities with a return of 23.07% respectively [1][2] Group 2 - The top 100 rankings for the public fund simulation configuration group for August include notable advisors such as Zhang Yefeng from Guotai Junan Securities with a return of 22.88% and Liu Jiafeng from Guoxin Securities with a return of 21.04% [2][3] - The performance of the top advisors indicates a competitive environment in the investment advisory sector, with several advisors achieving returns above 20% [2][3] - The rankings reflect the effectiveness of different investment strategies employed by various advisors across multiple securities firms [1][2]

每经头条（nbdtoutiao）——个人消费贷贴息明日开闸！贷30万元最多可享贴息3000元，一文读懂→ （记者 胡玲） 2024年1至12月份，金马游乐的营业收入构成为：大型游乐设施占比90.49%，游乐投资运营业务占比 9.51%。 每经AI快讯，金马游乐（SZ 300756，最新价：38.32元）发布公告称，2025年8月29日09:30-10:30，金 马游乐接受申万宏源证券调研，公司副总经理兼董事会秘书曾庆远参与接待，并回答了投资者提出的问 题。 ...

Core Insights - The brokerage industry is experiencing a significant decline in fund commission income, with a 35.27% drop in the first half of 2025 compared to the same period in 2024, totaling 4.284 billion yuan [1][2] - Despite a 22.84% increase in stock trading volume by funds, the commission rate has decreased sharply, falling to 0.3688% from 0.6998% in the previous year, marking a 47% decline [1][2] - The overall trend indicates a shift in the brokerage sector, with firms seeking to transform their research capabilities and explore new service directions due to declining commission revenues [4][6] Brokerage Commission Income - In the first half of 2025, the top five brokerages by fund commission income are CITIC Securities, Guotai Junan, GF Securities, Changjiang Securities, and Huatai Securities [2][4] - CITIC Securities remains the leader with 312 million yuan in commission, despite a 35.93% decrease from the previous year [3][10] - Guotai Junan, after merging with GF Securities, saw its ranking rise to second place, earning 276 million yuan, nearly unchanged from the previous year [2][4] Changes in Rankings - The rankings of the top ten brokerages by commission income have shifted, with notable movements including Guotai Junan rising from seventh to second place and CITIC Securities maintaining its first position [2][3] - Other brokerages like Longjiang Securities and Huatai Securities have seen slight changes in their rankings, with Longjiang dropping one position and Huatai rising one position [4][10] Regulatory Impact - New regulations effective from July 1, 2024, have set stricter limits on commission rates for public fund transactions, further pressuring brokerage income [4] - The commission rate for passive equity funds is capped at 0.262%, while other types cannot exceed 0.524%, which has led to a reevaluation of brokerage strategies [4] Resilience Among Smaller Brokerages - Some smaller brokerages, such as Huayuan and Huafu, have reported significant growth in commission income despite the overall industry decline, indicating a potential shift in market dynamics [5][6] - Notably, Guolian Minsheng Securities and Zheshang Securities have improved their rankings significantly, with Guolian Minsheng's commission income increasing by 138.83% due to a low base from the previous year [6][9]

Core Insights - The instant retail industry is transforming the consumption ecosystem with a focus on "30-minute delivery" and comprehensive category coverage, with major players like Meituan, Alibaba (Taobao Flash Purchase), and JD (Seconds Delivery) competing on differentiated strategies. The industry scale is expected to reach 3.8 trillion yuan by 2029, but risks such as subsidy withdrawal and slower-than-expected consumer recovery should be monitored [1][2][3] Industry Overview - Instant retail is characterized by its ability to meet "immediate demand" through a model of "online ordering + offline delivery," distinguishing itself from traditional e-commerce and community e-commerce. The rise of smaller households (17.8% single-person households) and a young consumer base (72% aged 18-35) are driving high-frequency instant consumption, with 66% of consumers willing to pay a premium for convenience [1][2][3] Market Size and Competitive Landscape - The non-food instant retail market is projected to reach 751.5 billion yuan in 2024, growing to 1.6 trillion yuan by 2029 (CAGR of 16%). When combined with the food delivery market (2.2 trillion yuan, CAGR of 7%), the total market size will reach 3.8 trillion yuan. Competition is concentrated among Meituan, Alibaba, and JD, each leveraging their strengths in merchant resources, user engagement, and delivery efficiency [2][3][4] Differentiated Strategies - Meituan focuses on a "flash warehouse + rider network + digital operations" model, aiming for over 30,000 flash warehouses by 2024 and achieving daily orders exceeding 150 million. Alibaba integrates Ele.me's 4 million riders with Taobao's traffic, while JD emphasizes quality delivery with a 40% merchant approval rate and low commission rates to attract quality merchants [2][3][4] Future Trends - The industry is shifting from price competition to a focus on "quality + efficiency," with lower-tier markets becoming new battlegrounds as rural income growth outpaces urban areas. The product range is expanding from food to include electronics and fresh produce. Investment opportunities are seen in companies with supply chain and fulfillment advantages, such as Alibaba, JD, and Meituan [3][4][5] Consumer Behavior - The demand for convenience and the willingness to pay for it are driving the growth of instant retail. The average household size is declining, leading to a shift in consumption patterns towards on-demand purchasing. In 2023, 47% of consumers reported purchasing on demand, and 29% indicated a preference for immediate replenishment [1][2][3][4] Supply Chain and Technology - The growth of instant retail is supported by an increasing number of delivery riders, which reached 0.12 billion in 2023, and advancements in technology such as AI scheduling and unmanned delivery systems. For instance, Meituan's drone deliveries exceeded 450,000 orders in a year, showcasing the efficiency improvements in the sector [1][2][3][4] Investment Recommendations - Companies with strong supply chain capabilities, precise user operations, and efficient instant delivery systems are expected to lead the industry. The market is projected to expand significantly, with major platforms investing heavily to cultivate the market and create a competitive environment that fosters healthy growth [3][4][5]

Core Viewpoint - Shenwan Hongyuan reported significant growth in revenue and net profit for the first half of 2025, indicating strong operational performance and effective business strategies [2][3]. Financial Performance - The company achieved operating revenue of RMB 11.695 billion, a year-on-year increase of 44.44% [3]. - Net profit attributable to shareholders reached RMB 4.284 billion, reflecting a growth of 101.32% compared to the previous year [2][3]. - Basic and diluted earnings per share were both RMB 0.17, up 112.50% from the previous year [3]. Profit Distribution - Shenwan Hongyuan announced a cash dividend of RMB 0.35 per share, totaling RMB 876 million to be distributed to shareholders [2]. Business Segments - The institutional services and trading business generated the highest revenue at RMB 5.130 billion, a 71.20% increase year-on-year [4]. - The principal investment business saw the largest revenue growth at 152.14%, totaling RMB 903 million [4]. - Investment banking revenue was RMB 887 million, up 22.97% year-on-year, with notable rankings in equity underwriting and bond issuance [5]. Asset Management - The company's asset management scale reached RMB 193.875 billion, a 5.97% increase from the previous year, with a significant portion in actively managed assets [6]. - A total of 81 new asset management products were launched, marking a 131.43% increase compared to the same period last year [6].

Suspension and Resumption of Trading - SMIC is planning to issue A-shares to acquire minority stakes in its subsidiary, SMIC North, leading to a suspension of its stock trading [1] - Huahong Semiconductor intends to issue shares and pay cash to acquire 97.5% of Huali Micro's equity and will resume trading [2] - Tailin Micro plans to acquire 100% of Panqi Micro, both companies operate in the low-power wireless IoT chip design sector, and will resume trading [2] Mergers and Acquisitions - Xingchen Technology plans to acquire 53.3087% of Furui Kun for 214 million yuan, aiming to enhance its capabilities in connectivity, audio, and low power, thereby strengthening its SoC self-developed IP platform [3] - Huijin Co. intends to cash purchase 20% of Cooper New Energy's equity, which is expected to constitute a major asset restructuring [3] Share Buybacks - Kweichow Moutai's controlling shareholder plans to increase its stake by purchasing 3 to 3.3 billion yuan worth of company shares [4] - Kaiying Network intends to repurchase shares worth 100 to 200 million yuan [4] Investment Cooperation and Operational Status - Jiayuan Technology plans to invest 500 million yuan to acquire a portion of Endatong's equity, which is related to the optical module industry [5] - Zhiyang Innovation plans to establish a wholly-owned subsidiary with an investment of 20 million yuan to promote embodied intelligence technology innovation [6] - Yunzhu Technology plans to raise no more than 876 million yuan through a private placement for the upgrade and expansion of chip insertion integrated (CMI) component projects [6] Performance Changes - Sails reported a net profit of 2.941 billion yuan for the first half of 2025, an increase of 81.03% year-on-year [8] - BYD's net profit for the first half reached 15.51 billion yuan, up 13.79% year-on-year [8] - Lanke Technology reported a net profit of 1.159 billion yuan for the first half, a significant increase of 95.41% year-on-year [8] - Yilake Co. reported a net profit of 2.515 billion yuan for the first half, up 13.69% year-on-year, with a lithium salt project expected to start trial operations by the end of September [8] - Haowei Group reported a net profit of 2.028 billion yuan for the first half, an increase of 48.34% year-on-year, and has entered NVIDIA's supply chain [9] - Tianqi Lithium reported a net profit of 84.41 million yuan for the first half, marking a return to profitability [10] - China Rare Earth reported a net profit of 162 million yuan for the first half, also returning to profitability [10] - BeiGene reported a net profit of 450 million yuan for the first half, returning to profitability [10] - Guoxuan High-Tech reported a net profit of 367 million yuan for the first half, an increase of 35.22% year-on-year, and plans to invest up to 4 billion yuan in a new lithium-ion battery manufacturing base [10] - Lingyi Technology reported a net profit of 930 million yuan for the first half, an increase of 35.94% year-on-year [10] - Shenwan Hongyuan reported a net profit of 4.284 billion yuan for the first half, an increase of 101% year-on-year [10] - Zhongtai Securities reported a net profit of 711 million yuan for the first half, an increase of 77.26% year-on-year [10] - Guotai Junan reported a net profit of 15.737 billion yuan for the first half, an increase of 213.74% year-on-year [10] - China Shipbuilding reported a net profit of 2.946 billion yuan for the first half, an increase of 108.59% year-on-year [10] - Yangtze Power reported a net profit of 13.056 billion yuan for the first half, an increase of 14.86% year-on-year [10] - TCL Technology reported a net profit of 1.883 billion yuan for the first half, an increase of 89.26% year-on-year [10] - ST Huatuo reported a net profit of 2.656 billion yuan for the first half, an increase of 129% year-on-year [10] - Wentai Technology reported a net profit of 474 million yuan for the first half, an increase of 237.36% year-on-year [10]

Core Viewpoint - Dingjie Smart Co., Ltd. held an investor communication event in Shanghai, attracting 14 institutional investors, where company executives discussed the company's performance and strategic direction for the first half of 2025 [1] Company Performance - In the first half of 2025, Dingjie Smart achieved revenue of 1.045 billion yuan and a net profit attributable to shareholders of 45.0267 million yuan, indicating growth in both revenue and profit through resource optimization [2] - Revenue from mainland China reached 476 million yuan, a year-on-year increase of 4.61%, while revenue from non-mainland China was 569 million yuan, up 3.65% year-on-year [2] - The net profit attributable to shareholders showed a slight recovery, and the management expense ratio decreased by 0.04 percentage points year-on-year [2] Strategic Initiatives - The company plans to continue promoting "AI +" products in the second half of the year and strengthen the management of various financial indicators to enhance returns for shareholders and society [3] - In mainland China, despite a strategic contraction in the AIoT business, the company achieved stable growth by focusing on high-demand segments such as electronics and automotive parts [4] - In Taiwan, the company has integrated AI capabilities into ERP, HRM, and BI systems, signing contracts with dozens of clients and developing multiple AI application scenarios in green manufacturing and information security [4] Market Insights - In Southeast Asia, the demand for refined management in manufacturing continues to rise, with the overall digitalization level being in its early stages, primarily requiring digital management and production control products [4] - The company has developed numerous AI applications based on its Indepth AI platform, significantly reducing raw material costs by approximately 15% and improving product qualification rates by 8% [4] - The "Data + AI" initiative has led to the release of several products, including a smart data engine, to meet diverse customer needs [4] Growth Drivers - Revenue from R&D design-related businesses reached 57 million yuan, an increase of 11.05% year-on-year, driven by the launch of the industry's first AI-integrated PLM product [4] - The company has signed contracts with nearly 100 clients for its PLM system, enhancing customer value and deepening ecosystem cooperation to provide efficient and intelligent R&D management tools for manufacturing clients [4]