2024年面向专业投资者公开发行公司债券（第二期） （品种一） 2025年付息公告 证券代码：000166 证券简称：申万宏源 公告编号：临 2025-102 债券代码：524051 债券简称：24 申宏 03 申万宏源集团股份有限公司 本公司及全体董事会成员保证公告内容的真实、准确和完整，没 有虚假记载、误导性陈述或者重大遗漏。 特别提示： 1.申万宏源集团股份有限公司 2024 年面向专业投资者公开发行 公司债券（第二期）（品种一）（债券简称：24 申宏 03，债券代码： 524051）将于 2025 年 12 月 2 日支付自 2024 年 12 月 2 日至 2025 年 12 月 1 日期间的利息 2.06 元（含税）/张。 2.本次付息的债权登记日为 2025 年 12 月 1 日，凡在 2025 年 12 月 1 日（含）前买入并持有本期债券的投资者享有本次派发的利息； 2025 年 12 月 1 日卖出本期债券的投资者不享有本次派发的利息。 由申万宏源集团股份有限公司（以下简称"本公司"）于 2024 年 12 月 2 日发行的申万宏源集团股份有限公司 2024 年面向专业投资 者公开发行公司 ...

第三名 东方证券研究团队 （首席分析师：刘洋；团队成员：无） 11月28日，2025分析师大会暨第七届新浪财经"金麒麟"最佳分析师颁奖盛典隆重召开。逾300名权威学 者、公私募掌舵人、上市公司董事长、顶级基金经理、首席分析师齐聚上海，共同探讨中国资本市场的 未来机遇。 同时，第七届新浪财经金麒麟菁英分析师评选结果隆重揭晓。 第七届新浪财经金麒麟新金属材料行业"菁英分析师"荣誉榜如下： 第一名 广发证券研究团队 （首席分析师：宫帅；团队成员：王乐、陈琪玮） 第二名 申万宏源证券研究团队 （首席分析师：郭中伟；团队成员：马焰明、陈松涛） 专题：2025分析师大会：资本市场"奥斯卡"启幕 第四名 华福证券研究团队 （首席分析师：王保庆；团队成员：无） 第五名 浙商证券研究团队 （首席分析师：沈皓俊；团队成员：王南清、何玉静、沈家悦） 责任编辑：凌辰 ...

第一名 长江证券研究团队 （首席分析师：陈佳；团队成员：顾熀乾、高一岑、卜凡星） 第二名 广发证券研究团队 专题：2025分析师大会：资本市场"奥斯卡"启幕 11月28日，2025分析师大会暨第七届新浪财经"金麒麟"最佳分析师颁奖盛典隆重召开。逾300名权威学 者、公私募掌舵人、上市公司董事长、顶级基金经理、首席分析师齐聚上海，共同探讨中国资本市场的 未来机遇。 同时，第七届新浪财经金麒麟最佳分析师评选结果隆重揭晓。 第七届新浪财经金麒麟农林牧渔行业"最佳分析师"荣誉榜如下： （首席分析师：钟凯锋；团队成员：张心怡） 第六名 申万宏源证券研究团队 （首席分析师：吕昌；团队成员：盛瀚、朱珺逸、胡静航） 责任编辑：郭栩彤 第四名 天风证券研究团队 （首席分析师：陈潇；联席首席：吴立；团队成员：黄建霖、陈炼、林毓鑫、戴飞、周新宇） 第五名 华源证券研究团队 （首席分析师：雷轶；团队成员：冯佳文、顾超） （首席分析师：钱浩；团队成员：郑颖欣、周舒玥、李雅琦） 第三名 浙商证券研究团队 ...

专题：第七届新浪财经金麒麟最佳分析师荣誉榜 （首席分析师：张欣劼；团队成员：郭好格） 第二名 申万宏源证券研究团队 （首席分析师：任杰；团队成员：宋涛、郝子禹、唐猛） 第三名 兴业证券研究团队 （首席分析师：黄杨；联席首席：季贤东；团队成员：李明、陈宣屹） 第四名 西部证券研究团队 11月28日，2025分析师大会暨第七届新浪财经"金麒麟"最佳分析师颁奖盛典隆重召开。逾300名权威学 者、公私募掌舵人、上市公司董事长、顶级基金经理、首席分析师齐聚上海，共同探讨中国资本市场的 未来机遇。 同时，第七届新浪财经金麒麟菁英分析师评选结果隆重揭晓。 第七届新浪财经金麒麟建筑与建材行业"菁英分析师"荣誉榜如下： 第一名 光大证券研究团队 （首席分析师：孙伟风；团队成员：吴钰洁、鲁俊） 第五名 华源证券研究团队 （首席分析师：戴铭余；联席首席：王彬鹏；团队成员：邓力 、赵梦妮、郦悦轩） 责任编辑：郭栩彤 ...

Group 1 - The 2025 Analyst Conference and the 7th Sina Finance "Golden Unicorn" Best Analyst Award Ceremony took place on November 28, gathering over 300 authoritative scholars, public and private fund leaders, listed company chairpersons, top fund managers, and chief analysts in Shanghai to discuss future opportunities in the Chinese capital market [1] - The results of the 7th Sina Finance Golden Unicorn Best Analyst selection were announced [2] Group 2 - The top analysts in the financial engineering research category were recognized, with the first place awarded to the Guosen Securities research team led by Chief Analyst Zhang Xinwei, followed by the Industrial Securities team led by Zheng Zhaolei, and the China Merchants Securities team led by Ren Tong [3] - The rankings continued with the Guangfa Securities team in fourth place, the Changjiang Securities team in fifth, the Guosheng Securities team in sixth, and the Shenwan Hongyuan Securities team in seventh [3]

人民财讯11月28日电，企查查APP显示，近日，福州申万智行投资合伙企业（有限合伙）成立，出资额 约1.6亿元，经营范围为以自有资金从事投资活动、企业管理、企业管理咨询、信息咨询服务。企查查 股权穿透显示，该企业由申万宏源（000166）旗下申银万国投资有限公司、福州申万智联股权投资合伙 企业（有限合伙）共同出资。 ...

Core Insights - The A-share market has been strong since July 2025, leading to a significant increase in bond issuance by brokerages, with a total issuance exceeding 1.7 trillion yuan, a nearly 50% year-on-year increase [1] - The expansion of brokerages' balance sheets is driven by increased operational settlement funds due to market conditions and a strategic shift towards heavier asset management businesses [1] - Major brokerages like China Galaxy, Guotai Junan, and Huatai Securities have issued the most bonds this year, with issuance amounts of 138.9 billion, 127.3 billion, and 125.6 billion yuan respectively, yet their leverage ratios remain relatively low [1][2] Debt Structure and Financing Costs - As of Q3 2025, the equity multipliers (excluding client transaction margins) for the top three brokerages are 4.23, 4.69, and 3.86, ranking them ninth, sixth, and thirteenth among 43 listed brokerages [2] - The highest equity multipliers are held by CICC, Shenwan Hongyuan, and CITIC Securities, at 5.42, 5.26, and 4.83 respectively, indicating a reliance on interbank financing rather than bond issuance [3] - The sell-buyback financial assets account for 24.40% and 17.53% of total liabilities for the 43 listed brokerages, with other liabilities not exceeding 8% [3] Sell-Buyback Financing - Shenwan Hongyuan's sell-buyback financial assets account for 32.72% of its total liabilities, ranking third in the industry, indicating a strong reliance on this financing method [4] - The average financing cost for CITIC Securities is 2.65%, with a significant portion of its liabilities coming from sell-buyback agreements, which typically have lower interest rates compared to bond issuance [4] - The financing cost structure shows that brokerages with higher sell-buyback ratios tend to have lower overall financing costs, with the lowest costs observed in Guosheng Securities, Dongwu Securities, Guohai Securities, and Hualin Securities [5] Market Trends and Historical Context - The reliance on sell-buyback financing peaked in 2014, with a total of 788.6 billion yuan, but decreased significantly after 2015 due to tighter liquidity and regulatory changes [10] - Following the resolution of major health issues in 2022, the capital market entered a new "interest rate reduction" cycle, leading to a 25% increase in sell-buyback financial assets from 1.96 trillion yuan in 2022 to 2.46 trillion yuan in 2024 [11] - The current trend indicates that brokerages favor sell-buyback financing for its lower costs and flexibility, but this approach carries risks related to market volatility and liquidity [11]

Core Viewpoint - The bull market is far from over, and concerns about an artificial intelligence bubble may be premature, suggesting that it might not be a true "bubble" yet [2] Group 1 - The current market sentiment indicates a strong belief in the sustainability of the bull market, particularly in sectors related to artificial intelligence [2] - Analysts are observing that while some investors express caution regarding AI investments, the underlying fundamentals may still support growth [2] - The potential for AI technologies to drive significant economic value is highlighted, suggesting that the market may be underestimating their long-term impact [2]

Core Viewpoint - Recently, Fuzhou Shenwan Zhixing Investment Partnership (Limited Partnership) was established, with a capital contribution of approximately 160 million RMB, focusing on investment activities and management consulting services [1] Group 1 - The executing partner of the newly established investment partnership is Shenwan Hongyuan's subsidiary, Shenwan Guotai Investment Co., Ltd. [1] - The partnership is co-funded by Shenwan Guotai Investment Co., Ltd. and Fuzhou Shenwan Zhilian Equity Investment Partnership (Limited Partnership) [1] - The business scope includes investment activities, enterprise management, and information consulting services [1]

Core Viewpoint - The article discusses the upcoming shareholder meeting for the Shenwan Hongyuan Tian Tian Zeng and Tian Tian Li money market funds, focusing on the proposed change of management to Shenwan Lixin Fund Management Co., Ltd. and the transformation of the funds into money market funds [1]. Group 1: Meeting Proposals - The main proposal is to change the management of the Shenwan Hongyuan Tian Tian Zeng and Tian Tian Li money market funds to Shenwan Lixin Fund Management Co., Ltd. [1] - If the proposal is approved, the asset management contracts will be modified accordingly, with detailed changes provided in the meeting announcement [1]. Group 2: Voting Methods - Various voting methods are available for shareholders, including paper voting, SMS voting, online voting, and telephone voting [2]. - SMS and online voting are highlighted as convenient options for individual investors [3]. Group 3: Voting Participation Guide - For SMS voting, shareholders will receive a voting message and must respond with their choice by a specified deadline [3]. - Online voting can be conducted through the Shenwan Hongyuan Securities app or WeChat official account, requiring personal information verification [4][5]. Group 4: Voting Timeline - The voting period starts on November 17, 2025, and ends on December 12, 2025, with specific dates for the rights registration and voting commencement [7].