Core Viewpoint - Shenwan Hongyuan Securities has received approval from the China Securities Regulatory Commission to publicly issue corporate bonds totaling up to RMB 20 billion to professional investors [1] Group 1: Bond Issuance Details - The company successfully completed the issuance of its sixth phase of corporate bonds on November 24, 2025, with a total issuance scale of RMB 4.5 billion [1] - The bonds are divided into two varieties: the first variety has an issuance scale of RMB 2.7 billion with a 2-year term and a coupon rate of 1.81%, while the second variety has an issuance scale of RMB 1.8 billion with a 30-month term and a coupon rate of 1.85% [1] - The bonds are set to be listed and traded on the Shenzhen Stock Exchange after registration is completed [1]

承董事會命 申萬宏源集團股份有限公司 董事長 劉健 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申萬宏源證券有 限公司2025年面向專業投資者公開發行公司債券（第六期）發行結果的公告》，僅供參閱。 北京，2025年11月25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。 根据中国证券监督管理委员会《关于同意申万宏源证券有限公司 向专业投资者公开发行公司债券注册的批复》（证监许可〔2025〕1570 号），公司所属 ...

二〇二五年十一月二十五日 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。 根据中国证券监督管理委员会《关于同意申万宏源证券有限公司 向专业投资者公开发行公司债券注册的批复》（证监许可〔2025〕1570 号），公司所属申万宏源证券有限公司获准向专业投资者公开发行面 值总额不超过人民币 200 亿元公司债券。（相关情况请详见公司于 2025 年 8 月 5 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） 2025 年 11 月 24 日，申万宏源证券有限公司 2025 年面向专业投 资者公开发行公司债券（第六期）（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 45 亿元，分两个品种，其中品种一 发行规模人民币 27 亿元，期限 2 年，票面利率 1.81%；品种二发行 规模人民币 18 亿元，期限 30 个月，票面利率为 1.85%。本期债券登 记完成后拟于深圳证券交易所上市交易。 特此公告。 证券代码：000166 证券简称：申万宏源 公告编号：临2025-100 申 万 宏 源 ...

Core Viewpoint - The bull market is far from over, supported by solid fundamentals, particularly in the technology sector, which is undergoing significant changes [1] Group 1: Artificial Intelligence and Market Dynamics - The development of artificial intelligence (AI) is crucial regardless of whether there is a bubble, as it is tied to major power competition [1] - China has a comparative advantage in the application phase of AI, and the emergence of successful applications may take time but is inevitable [1] - Concerns about an AI bubble may not reflect the true market situation, as structural highlights in China's AI industry are already evident [1] Group 2: Foreign Investment and Market Sentiment - Foreign investment in China is expected to increase by 2026, with a shift in focus towards technology sectors, particularly in AI, reflecting a change in perception [2] - The current level of foreign investment in China remains historically low, but an influx could lead to systemic changes in leading companies in the Hong Kong and A-share markets [2] - By mid-next year, improvements in fixed asset growth, PPI recovery, and real estate fundamentals are anticipated to boost market confidence in a fundamental bull market [2] Group 3: Currency and Global Economic Trends - The long-term outlook for the Chinese yuan is stable with potential appreciation against the US dollar, although the dollar remains strong due to its competition with other developed currencies [2] - The rise of China relative to the US is an undeniable trend, and the future may see the dollar sharing its monetary authority with other currencies [2] - Gold is expected to play a significant role in the restructured global monetary order, with clear long-term investment value despite potential short-term volatility [2]

Core Viewpoint - Shenwan Hongyuan Securities Co., Ltd. received a warning letter from the Shanghai Securities Regulatory Bureau due to two violations in its private asset management business, including failure to timely disclose significant matters and inadequate post-investment inspections [1][2]. Group 1: Violations - The company failed to disclose significant matters that could affect investors' interests within five days of their occurrence, violating the Private Asset Management Business Management Measures [1][2]. - The company did not conduct post-investment inspections as required by its internal policies, indicating a lack of due diligence and caution in its private asset management operations [2]. Group 2: Regulatory Framework - The Private Asset Management Business Management Measures stipulate that securities firms must adhere to principles of voluntary, fair, and honest conduct, prioritizing client interests and maintaining investor rights [4]. - The measures also require timely and accurate disclosure of asset management plan information, ensuring that investors can access relevant information as per the asset management contract [5]. Group 3: Company Background - Shenwan Hongyuan Securities was established on January 16, 2015, following the merger of Shenwan Guojin Securities and Hongyuan Securities, and has since been involved in various securities-related activities [3]. - Shenwan Hongyuan Asset Management Co., Ltd., a wholly-owned subsidiary of Shenwan Hongyuan, was established on December 20, 2022, to manage private asset management businesses [4].

Core Viewpoint - The company maintains a "buy" rating for Damai Entertainment (01060) due to high growth in its IP business and steady expansion in its performance business, indicating strong long-term value in the live entertainment sector [1] Performance Summary - For FY26H1 (ending September 30, 2025), the company reported revenue of 4.05 billion, a year-on-year increase of 33%; net profit attributable to shareholders was 520 million, up 54% [2] - Adjusted EBITDA was 550 million, reflecting a 14% year-on-year growth after excluding a one-time financial asset impairment reversal of 160 million from FY25H1 [2] IP Business Performance - Revenue from IP derivative business doubled year-on-year, with ToB licensing business showing significant growth and ToC starting to ramp up. FY26H1 revenue reached 1.16 billion, a 105% increase, with segment performance (gross profit minus allocated sales expenses) at 230 million, up 44% [3] - Profit margin decline was influenced by a one-time impact from the closure of Jinli Naku, while core Alibaba Fish business revenue grew over 100% with profits nearly doubling [3] - ToB licensing includes high-quality IPs such as Sanrio family, Gigi Kawa, and Pokémon, with new additions from Universal Pictures. Alibaba Fish plans to increase team investment and expand downstream partnerships [3] - Retail brand operations have opened several domestic flagship stores, with future plans for more experiential formats like restaurants and small indoor amusement parks [3] Performance Business - Core domestic concert categories showed steady growth, with revenue of 1.34 billion in FY26H1, a 14.5% increase, and segment performance at 750 million, up 4.7% [3] - Profit margin decline may be due to early internationalization efforts and lower margins in performance content investment [3] - Ticketing for core concert categories faced supply constraints, but overall GMV on the Damai platform remained stable, with a 17% increase in ticket buyers year-on-year. The company provided one-stop solutions for over 2,500 performances, a 19% increase [3] - Revenue from live entertainment content grew by 50%, with participation in major concerts and events, extending upstream in the industry [3] - The company is also expanding internationally, with increasing performances by overseas artists in China and growing demand from domestic audiences for cross-border events, starting with Southeast Asia and Japan/Korea [3] Film and Television Content Business - The film segment reported revenue of 1.06 billion in FY26H1, with segment performance at 95 million. The company is adjusting its film investment strategy to focus on lower-risk, high-quality content, with the summer release "Chasing the Wind" exceeding return expectations [4] - The series production segment generated revenue of 480 million, with profits of 40 million [4] Management Efficiency - Management efficiency has improved, with a notable reduction in investment risks from the previous year. The management expense ratio decreased to 16.5% in FY26H1, down 3.1 percentage points year-on-year [5]

Core Viewpoint - The company maintains a "buy" rating for Damai Entertainment (01060) due to high growth in its IP business and steady expansion in its performance business, indicating strong long-term value in the live entertainment sector [1] Performance Summary - For FY26H1 (ending September 30, 2025), the company reported revenue of 4.05 billion, a year-on-year increase of 33%; net profit attributable to shareholders was 520 million, up 54% [2] - Adjusted EBITDA was 550 million, reflecting a 14% year-on-year growth after excluding a 160 million financial asset impairment reversal from FY25H1 [2] IP Business Performance - Revenue from IP derivative business doubled year-on-year, with ToB licensing business showing significant growth and ToC rapidly starting [3] - FY26H1 revenue for IP business reached 1.16 billion, a 105% increase, with segment performance (gross profit minus allocated sales expenses) at 230 million, up 44% [3] - Profit margin decline was influenced by a one-time impact from the closure of Jinli Naku, while core Alibaba Fish business revenue growth exceeded 100% with profits nearly doubling [3] - The company is expanding its team and partnerships in the ToB licensing sector, with notable IPs like Sanrio, Gigi Kawa, and Pokémon [3] - Retail brand operations are being developed with multiple brand flagship stores opened, and plans for more experiential formats like restaurants and indoor parks [3] Performance Business Overview - Core domestic concert categories are steadily increasing, with expansion into international markets and upstream investments [3] - FY26H1 revenue from performances was 1.34 billion, a 14.5% increase, with segment performance at 750 million, up 4.7% [3] - The decline in profit margin may be due to early internationalization efforts and lower margins in performance content investments [3] - Ticketing for core concert categories faced supply constraints, but overall demand remains strong, with a 17% increase in ticket buyers [3] - The company provided services for over 2,500 performances in FY26H1, a 19% year-on-year increase [3] - Revenue from live entertainment content grew by 50%, with participation in major concerts and events [3] - The company is actively pursuing international opportunities, with plans to invite top global artists to perform in Asia [3] Film and Television Content Business - The film segment reported revenue of 1.06 billion in FY26H1, with segment performance at 95 million; the company is adjusting its investment strategy to focus on lower-risk, high-quality films [4] - Revenue from series production was 480 million, with a profit of 40 million [4] Management Efficiency - Management efficiency has improved, with a notable reduction in investment risks from the previous year [5] - Management expense ratio decreased to 16.5% in FY26H1, down 3.1 percentage points year-on-year [5]

Core Viewpoint - The article highlights the recognition of Shenwan Hongyuan's sustainable development practices, emphasizing its commitment to integrating financial services with national strategies and enhancing ESG (Environmental, Social, and Governance) ratings [1][4]. Group 1: Sustainable Development Initiatives - Shenwan Hongyuan's report titled "Financial Empowerment + Industrial Support: Effectively Addressing Three Major Challenges of Rural Revitalization" was selected as a best practice case at the China Listed Companies Sustainable Development Conference [1]. - The China Listed Companies Association has been collecting ESG practice cases since 2021 to promote best practices among listed companies [1]. Group 2: Company Milestones and Strategies - 2025 marks the 40th anniversary of Shenwan Hongyuan's establishment and the 10th anniversary of its merger and restructuring [4]. - The company aims to enhance its management mechanisms and governance to strengthen its role as a "gatekeeper" of the capital market [4]. - Shenwan Hongyuan is optimizing its "research + investment + investment banking" strategy to create a comprehensive financial service system for corporate clients [4]. Group 3: Technological Integration and ESG Ratings - The company is embracing financial technology, utilizing AI models to improve the quality and efficiency of its financial services [4]. - Shenwan Hongyuan has achieved a four-year consecutive improvement in its ESG external ratings, with its MSCI ESG rating rising to A, and other ratings from S&P CSA, Wind, and CSI ranking among the industry leaders [4]. Group 4: Future Commitments - The company plans to continue collaborating with stakeholders to deeply integrate sustainable development and ESG principles into its value framework [4]. - Shenwan Hongyuan is committed to enhancing corporate governance and fulfilling social responsibilities while supporting the high-quality development of the real economy [4].

Core Viewpoint - The AI industry is at a critical intersection of technological and industrial revolutions, with artificial intelligence as a core driver transforming production relationships and accelerating the formation of "intelligent-driven" new productive forces [1]. Group 1: Challenges in AI Development - Insufficient data supply is a major challenge, as AI model capabilities depend on large-scale, structured, and labeled data. Issues like "data silos" and low-quality data are prevalent, necessitating the establishment of industry data standards and promoting data assetization and trustworthy transactions [1]. - The green energy gap poses another challenge, as the surge in computing power demand leads to significant energy consumption, surpassing traditional internet services. Some regions face electricity shortages, and while China ranks high in computing power, there is a mismatch in energy supply and demand across regions, with low green computing power ratios and infrastructure growth lagging behind AI needs [1]. - Insufficient product scenario implementation is also a concern, as AI innovation is hindered not by algorithms but by a lack of deep business scenario support. The future competition in the industry will shift from "large model competition" to "productization and scenario capability competition" [1]. Group 2: Strategies for Overcoming Bottlenecks - Collaboration among government, enterprises, and investment institutions is essential to break through AI industrialization bottlenecks. The focus should be on ecosystem building, where industry sectors concentrate on scenarios and data governance, enterprises accelerate product iteration and delivery, and the government promotes public data platform construction and scenario openness [2]. - Financial empowerment is crucial, leveraging the characteristics of the AI industry, which requires heavy assets, long cycles, and significant investments. The company aims to support equity financing and mergers and acquisitions, enhance professional research and valuation in new technology fields, and establish industry funds and investment platforms [2]. - The emphasis on "technology for good" is vital, ensuring AI empowers rather than replaces core functions, promoting trustworthy AI with safety as a baseline, and making AI accessible and effective for small and medium enterprises and grassroots industries, ultimately improving service quality in the livelihood sector [2].

Core Viewpoint - The report from Shenwan Hongyuan indicates a downward revision of earnings per share forecasts for CSPC Pharmaceutical Group due to increased R&D investment, with target price adjusted from HKD 12.7 to HKD 9.7, reflecting a potential upside of 31% while maintaining a buy rating [1] Group 1: Financial Performance - For the first three quarters of 2025, CSPC's revenue decreased by 12.3% year-on-year to CNY 19.89 billion, and net profit attributable to shareholders fell by 7.1% to CNY 3.51 billion, with Q3 showing a revenue increase of 3.4% to CNY 6.62 billion and net profit growth of 27.2% to CNY 0.964 billion, aligning with expectations [2] - The overall gross margin for the first three quarters declined by 4.9 percentage points to 65.6%, with the contribution from the prescription drug segment dropping from 82.3% to 77.7% [2] Group 2: Prescription Drug Segment - The sales of the prescription drug segment for the first three quarters fell by 17.3% to CNY 15.45 billion, including licensing revenue of CNY 1.54 billion, while Q3 sales rebounded to CNY 5.20 billion, marking a 1.6% year-on-year increase and a 9.6% quarter-on-quarter increase [3] - The sales of oncology products in the first three quarters plummeted by 56.8% to CNY 1.65 billion, accounting for 10.7% of the prescription drug segment's revenue, down from 20.4% in the previous year [3] - The raw material drug business saw a 22.3% year-on-year increase in vitamin C raw material revenue to CNY 1.79 billion, while antibiotic raw material revenue slightly decreased by 3.7% [3] Group 3: R&D and Pipeline - CSPC's R&D expenses increased by 7.9% year-on-year to CNY 4.19 billion, with the R&D expense ratio rising by 3.9 percentage points to 21.0% [5] - The company has 28 key pipelines in II/III phase clinical trials, nine products in phase II, and approximately 40 products in phase I, covering both oncology and non-oncology areas [5] - The SYS6010 (EGFR ADC) has received fast track designation from the FDA and breakthrough therapy designation from NMPA, with multiple clinical trials ongoing and data readouts expected in 2026 [4]