Core Viewpoint - The A-share bull market is far from over, with "Bull Market 1.0" expected to peak in spring 2026, followed by a potential "Bull Market 2.0" in the second half of 2026 [1][2] Group 1: Market Dynamics - Global competition is intensifying, necessitating a shift in mindset for A-shares to embrace competitive thinking, which will drive market dynamics [1] - The transition of Chinese residents' asset allocation towards equities is still in its early stages, indicating further potential for A-share liquidity improvement [1][2] Group 2: Bull Market Phases - "Bull Market 1.0" is anticipated to reach a peak in spring 2026, with a subsequent transition to "Bull Market 2.0" in the latter half of 2026 [2] - The second phase, "Bull Market 2.0," is expected to be a comprehensive bull market driven by improvements in fundamental cycles, emerging industry trends, and increased global influence of China [2][3] Group 3: Profit Forecasts - Predictions for 2026 indicate two significant milestones: the first effective rebound in profitability for all A-shares in five years and the first double-digit growth in net profit attributable to shareholders in five years [3] - Forecasted year-on-year growth rates for net profit attributable to shareholders are 7% for 2025 and 14% for 2026, with substantial quarterly growth expected [3] Group 4: Sector Trends - The transition from "Bull Market 1.0" to "Bull Market 2.0" will see high-dividend defensive stocks outperforming, while the latter phase will focus on cyclical recovery and growth sectors [3] - Key structural themes for 2026 include recovery trades in cyclical sectors, technology industry trends with opportunities in AI, and enhanced manufacturing influence [3]

Group 1 - The core viewpoint of the article emphasizes that 2026 marks the beginning of a new phase of high-quality development for China's economy and capital markets, as stated by Liu Jian, Chairman of Shenwan Hongyuan Securities [1] Group 2 - A new factor system is expected to activate new engines for economic growth, shifting from reliance on investment and exports to new drivers such as knowledge, technology, data, computing power, and talent [3] - The future growth of China's economy will be driven by new factor dynamics, opening up new investment opportunities in the capital market [3] Group 3 - The new institutional framework aims to reshape the capital market's structure, emphasizing the combination of an effective market and a proactive government [3] - The direct financing scale in China has been expanding, with direct financing accounting for over 30% of the total, and the bond market exceeding 190 trillion yuan, while the stock market's market value has surpassed 100 trillion yuan [3] - The securitization rate has improved to nearly 80%, and the Shanghai and Shenzhen stock exchanges have maintained a leading position in global financing scale [3] Group 4 - A new service system is being developed to adapt to changes in the economic landscape, with Shenwan Hongyuan Securities innovating its service framework to encompass a full business chain, tool system, and lifecycle approach [4]

Core Viewpoint - The 2026 Capital Market Investment Annual Conference emphasizes the transition of China's economy and capital markets towards high-quality development, driven by new factors such as knowledge, technology, and data, which will create new investment opportunities in the capital market [1][2][4]. Group 1: New Element System Activating Economic Growth - China's economic growth is shifting from traditional investment and export-driven models to new drivers represented by knowledge, technology, data, computing power, and talent [2]. - The R&D expenditure in China is projected to exceed 3.6 trillion yuan in 2024, with a GDP ratio of approximately 2.69%, surpassing Japan and South Korea in scale [4]. - The digital economy's added value is expected to reach 59.6 trillion yuan in 2024, accounting for over 43% of GDP, reflecting an increase of about 8 percentage points over the past five years [5]. Group 2: Restructuring Capital Market New Pattern - The "15th Five-Year Plan" emphasizes the combination of an effective market and a proactive government, enhancing the role of the capital market in resource allocation [6]. - Direct financing in China has expanded, with its proportion exceeding 30%, and the bond market's scale surpassing 190 trillion yuan, while the stock market's market capitalization has exceeded 100 trillion yuan [6][7]. - The capital market's reform aims to improve inclusivity and adaptability, with significant achievements in supporting innovative enterprises through various financing products [7]. Group 3: New Service System Opening Investment Tool Space - The company is innovating its service system to adapt to changes in the economic landscape, focusing on comprehensive capital services that include risk investment, IPOs, mergers and acquisitions, and ESG consulting [9]. - Investment services are being enhanced to meet diverse asset allocation needs, with a focus on providing a rich array of products for different risk preferences [9]. - The trading service system is being developed to support liquidity through capital intermediary transactions and innovative products like carbon finance [9].

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 involves changing the management of the Shenwan Hongyuan Tian Tian Li and Tian Tian Zeng 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 the most 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].

Core Viewpoint - Shenwan Hongyuan (000166)(06806) announced the issuance of short-term corporate bonds by its subsidiary Shenwan Hongyuan Securities Co., Ltd. for professional investors, indicating a strategic move to raise capital [1] Group 1: Bond Issuance Details - The company issued the third phase of short-term corporate bonds with a total scale of RMB 3 billion [1] - The bonds have a coupon rate of 1.93% and a maturity period of 365 days [1] - The bond code is 524010, and the bond abbreviation is 24 Shen Zheng D6 [1] Group 2: Redemption and Listing Information - The redemption date for the bonds is set for November 14, 2025 [1] - The bonds will be delisted on the same date, November 14, 2025 [1] - The company has completed the principal and interest payment for this bond issuance as per the relevant agreements in the offering memorandum [1]

Core Viewpoint - Shenwan Hongyuan Securities Co., Ltd. issued a short-term corporate bond aimed at professional investors, with a total issuance size of RMB 3 billion and a coupon rate of 1.93% [1] Group 1: Bond Issuance Details - The bond issuance took place on November 14, 2024, with a maturity period of 365 days [1] - The bond code is 524010, and it is referred to as "24 Shen Zheng D6" [1] - The repayment date for the bond is set for November 14, 2025, and it will be delisted on the same date [1] Group 2: Compliance and Reporting - The company has completed the repayment of both principal and interest for this bond issuance as per the terms outlined in the bond prospectus [1] - Relevant announcements regarding this bond issuance were published in major financial newspapers and on the official website [1]

Core Viewpoint - Shenwan Hongyuan (06806) announced the issuance of short-term corporate bonds aimed at professional investors, indicating a strategic move to raise capital in the current market environment [1] Group 1: Bond Issuance Details - The company’s subsidiary, Shenwan Hongyuan Securities Co., Ltd., will issue short-term corporate bonds (Phase 3, Type 2) on November 14, 2024, with a total issuance scale of RMB 3 billion [1] - The bonds will have a coupon rate of 1.93% and a maturity period of 365 days, with the bond code being 524010 and the bond abbreviation as "24 Shen Zheng D6" [1] - The repayment date for this bond is set for November 14, 2025, and the bonds will be delisted on the same date [1] Group 2: Compliance and Documentation - The issuance has been completed in accordance with the relevant provisions outlined in the "Shenwan Hongyuan Securities Co., Ltd. 2024 Public Offering of Short-term Corporate Bonds (Phase 3) Prospectus" [1] - The company has successfully fulfilled the principal and interest repayment obligations for this bond issuance [1]

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2024年面向專業投資者公開發行短期公司債券（第三期）（品種二）本息兌付並摘牌的公 告》，僅供參閱。 承董事會命 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。 证券代码：000166 证券简称：申万宏源 公告编号：临2025-98 申 万 宏 源 集 团 股 份 有 限 公 司 关于申万宏源证券有限公司 2024 年面向专业投资者公开 发行短期公司债 ...

本期债券兑付日为2025年11月14日，摘牌日为2025年11月14日， 申万宏源证券有限公司已按照《申万宏源证券有限公司2024年面向专 业投资者公开发行短期公司债券（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 证券代码：000166 证券简称：申万宏源 公告编号：临2025-98 申 万 宏 源 集 团 股 份 有 限 公 司 关于申万宏源证券有限公司 2024 年面向专业投资者公开 发行短期公司债券（第三期）（品种二）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 2024 年 11 月 14 日发 行申万宏源证券有限公司 2024 年面向专业投资者公开发行短期公司 债券（第三期）（品种二）（以下简称"本期债券"），发行规模人 民币 30 亿元，票面利率 1.93%，期限 365 天，债券代码 524010，债 券简称 24 申证 D6。（相关情况请详见公司于 2024 年 11 月 16 日在 《中国证券报》《证券时报》《上海 ...

Core Viewpoint - Nanwang Technology (301355.SZ) reported significant growth in revenue for the first three quarters of 2025, but faced a substantial decline in net profit, indicating potential challenges in profitability despite increased sales [1][2]. Financial Performance - The company achieved operating revenue of 1.305 billion yuan, representing a year-on-year increase of 79.40% [1][2]. - Net profit attributable to shareholders was 7.858 million yuan, down 79.40% year-on-year [1][2]. - The net profit after deducting non-recurring gains and losses was 5.864 million yuan, reflecting an 80.73% decrease compared to the previous year [1][2]. - The net cash flow from operating activities was 85.797 million yuan, showing a growth of 9.60% year-on-year [1][2]. Initial Public Offering (IPO) Details - Nanwang Technology was listed on the Shenzhen Stock Exchange's ChiNext board on June 12, 2023, with an issuance of 48.78 million shares, accounting for 25.00% of the total share capital post-issuance [2]. - The IPO price was set at 17.55 yuan per share, and the total funds raised amounted to approximately 856.09 million yuan, with a net amount of 773.81 million yuan after deducting issuance costs [3]. - The company planned to use the raised funds for the construction of a green and environmentally friendly paper product smart factory and for paper product packaging production and sales projects [3].