Core Viewpoint - Shenwan Hongyuan (06806.HK) has successfully completed the issuance of its third phase of short-term corporate bonds aimed at professional investors, with a total issuance size of RMB 3 billion [1] Group 1: Bond Issuance Details - The total issuance size of the bonds is RMB 30 billion, consisting of two varieties: Variety One with an issuance size of RMB 19 billion and a maturity of 97 days at a coupon rate of 1.64% [1] - Variety Two has an issuance size of RMB 11 billion, a maturity of 335 days, and a coupon rate of 1.70% [1] - The bonds are scheduled to be listed on the Shenzhen Stock Exchange starting December 5, 2025, and will be traded among institutional investors [1] Group 2: Bond Identification - Variety One bonds are referred to as "25申D15" with the bond code "524566" [1] - Variety Two bonds are referred to as "25申D16" with the bond code "524567" [1]

Core Viewpoint - Shenwan Hongyuan (06806) has announced the completion of its short-term corporate bond issuance aimed at professional investors, with a total issuance scale of RMB 3 billion [1] Summary by Categories Bond Issuance Details - The bond issuance work for Shenwan Hongyuan Securities Co., Ltd. ended on November 27, 2025, with a total issuance scale of RMB 3 billion [1] - The first type of bond has an issuance scale of RMB 1.9 billion, a term of 97 days, and a coupon rate of 1.64% [1] - The second type of bond has an issuance scale of RMB 1.1 billion, a term of 335 days, and a coupon rate of 1.70% [1] Listing Information - The bonds are scheduled to be listed on the Shenzhen Stock Exchange starting December 5, 2025 [1] - The first type of bond is referred to as "25申D15" with bond code "524566" [1] - The second type of bond is referred to as "25申D16" with bond code "524567" [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。 （ 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短期公司債券（第三期）在深圳證券交易所上市的公 告》，僅供參閱。 承董事會命 申萬宏源集團股份有限公司 董事長 劉健 北京，2025年12月5日 证券代码：000166 证券简称：申万宏源 公告编号：临2025-106 申 万 宏 源 集 团 股 份 有 限 公 司 关于申 ...

Core Viewpoint - Shenwan Hongyuan announced the completion of the issuance of short-term corporate bonds (third phase) by its subsidiary Shenwan Hongyuan Securities, with a total issuance scale of 3 billion yuan [1] Group 1: Bond Issuance Details - The bond issuance work ended on November 27, 2023, with a total scale of 3 billion yuan [1] - The first type of bond has a scale of 1.9 billion yuan, a term of 97 days, and a coupon rate of 1.64% [1] - The second type of bond has a scale of 1.1 billion yuan and a coupon rate of 1.70% [1] Group 2: Listing Information - The bonds will be listed on the Shenzhen Stock Exchange starting in 2025 [1] - The first type of bond is referred to as "25申D15" with the code "524566" [1] - The second type of bond is referred to as "25申D16" with the code "524567" [1]

经深圳证券交易所审核，本期债券定于2025年12月5日起在深圳 证券交易所上市，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D15"，债券代码为"524566"；品种二债券简称"25 申 D16"，债券代码为"524567"。 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2025-106 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 年面向专业投资者公开 发行短期公司债券（第三期）在深圳证券交易所 上市的公告 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。 公司所属申万宏源证券有限公司 2025 年面向专业投资者公开发 行短期公司债券（第三期）（以下简称"本期债券"）发行工作于 2025 年 11 月 27 日结束，本期债券发行规模人民币 30 亿元，其中品种一 发行规模人民币 19 亿元，期限 97 天，票面利率为 1.64%；品种二发 行规模人民币 11 亿元，期限 335 天，票面利率为 1.70%（相关情况 请详见公司于 2025 年 11 月 ...

Core Insights - The article emphasizes the importance of rapid retrieval and precise understanding of internal regulations in enhancing operational efficiency and strengthening risk management in the context of stringent securities regulations [1][2][6] Group 1: Digital Transformation and Compliance Knowledge Management - Shenyin Wanguo Securities is collaborating with Zhongguancun KJ to develop a proprietary compliance knowledge Q&A intelligent system, leveraging advanced model technology to facilitate quick retrieval of compliance knowledge [1][4] - The traditional compliance knowledge management model is criticized for being passive, characterized by document accumulation and manual retrieval, prompting financial firms to seek more dynamic and efficient solutions [2][6] Group 2: Challenges in Knowledge Asset Application - There is a need to enhance compliance response agility by achieving precise positioning and analysis of complex regulatory frameworks to support rapid decision-making at the business front [3] - The goal is to transform scattered regulatory content into structured, interactive knowledge assets, reducing reliance on experience and manual effort [3] Group 3: Intelligent Compliance Knowledge Q&A System - The intelligent Q&A system is designed to understand business context, perform logical reasoning, and evolve over time, addressing the challenges of precise parsing and contextual relevance of complex regulations [4][5] - The system integrates various modules to improve knowledge parsing accuracy, enabling efficient extraction of key information from both structured and unstructured compliance documents [5] Group 4: Value Realization and Efficiency Improvement - Since the system's launch, the efficiency of regulatory queries among Shenyin Wanguo Securities employees has significantly improved, with complex inquiries receiving responses in seconds [6][7] - The system supports compliance audits and risk management through traceable processes, creating a secure and efficient compliance knowledge management foundation [6][7] Group 5: Future Prospects and Industry Impact - The collaboration between Shenyin Wanguo Securities and Zhongguancun KJ represents a benchmark practice of advanced model technology in the financial compliance sector, driven by a shared vision of technological innovation [7] - Zhongguancun KJ aims to deepen the integration of advanced model technology with compliance, operations, and service sectors, expanding the possibilities of intelligent knowledge services for high-quality industry development [7]

Core Insights - LeMo Technology Service Co., Ltd. successfully listed on the Hong Kong Stock Exchange on December 3, 2025, with a share price of HKD 40.00, raising a total of HKD 222 million [3][4] - The company is recognized as the leading provider of machine massage services in China, with over 48,000 service points and more than 533,000 massage machines deployed across 31 provincial-level regions and 337 cities [3][4] - The public offering received significant market interest, with a subscription rate of 7,324.29 times, allowing the company to achieve a high-end pricing within the offering range [3][4] Company Highlights - LeMo Technology launched the "LeMo Bar" brand in 2016, focusing on providing machine massage services in commercial complexes, cinemas, and transportation hubs [3] - The company has served over 174 million identifiable consumers, solidifying its market position [3] - According to Frost & Sullivan, LeMo Technology ranks first among all machine massage service providers in China by transaction volume for three consecutive years from 2022 to 2024 [3] Project Highlights - Shenwan Hongyuan played a crucial role in the successful IPO by leveraging its comprehensive financial services and extensive experience in the Hong Kong market [3][4] - The project team customized a marketing strategy and organized high-quality investor meetings to effectively communicate the company's investment value [4] - The successful issuance reflects Shenwan Hongyuan's strength in the Hong Kong IPO market and its commitment to serving the real economy [4]

Core Viewpoint - The article highlights the 2025 Analyst Conference and the 7th Sina Finance "Golden Unicorn" Best Analyst Award Ceremony, which gathered over 300 influential figures from academia, public and private equity, and top fund managers to discuss future opportunities in the Chinese capital market [2]. Macro Economic Research | Best Analysts - The top analysts in macroeconomic research were recognized, with Zhejiang Securities leading the list, followed by Guangfa Securities and Dongwu Securities [5]. - The ranking includes various institutions and their respective research teams, showcasing the competitive landscape in the analysis of macroeconomic trends [5]. Strategy Research | Best Analysts - Guangfa Securities topped the strategy research category, with a strong team recognized for their analytical capabilities [6]. - Other notable institutions include Shenwan Hongyuan Securities and Guolian Minsheng Securities, reflecting a diverse range of expertise in strategic analysis [6]. Financial Engineering | Best Analysts - The best analysts in financial engineering were led by Guosen Securities, indicating a strong focus on innovative financial solutions [8]. - Other institutions like Shenwan Hongyuan Securities and China Merchants Securities also featured prominently in the rankings [8]. Fixed Income Research | Best Analysts - Zhejiang Securities was recognized as the top firm in fixed income research, highlighting its expertise in this critical area [10]. - The rankings included several other firms, indicating a robust competition in fixed income analysis [10]. Banking Industry | Best Analysts - Zhejiang Securities emerged as the leader in the banking industry analysis, showcasing its strong research capabilities [12]. - Other firms like Zhongtai Securities and Dongfang Securities also made significant contributions to the rankings [12]. Non-Banking Financial Industry | Best Analysts - The top analysts in the non-banking financial sector were led by Guangfa Securities, reflecting its strong analytical team [13]. - Other notable firms included Dongwu Securities and Xinyuan Securities, indicating a competitive environment in this sector [13]. Real Estate Industry | Best Analysts - Guangfa Securities was recognized as the top analyst in the real estate sector, demonstrating its expertise in this critical market [15]. - Other firms like Changjiang Securities and China Merchants Securities also ranked highly, indicating a strong focus on real estate analysis [15]. Media Industry | Best Analysts - Guangfa Securities led the media industry analysis, showcasing its strong research capabilities [17]. - Other firms like Guohai Securities and Shenwan Hongyuan Securities also made significant contributions to the rankings [17]. Innovative Drug Industry | Best Analysts - The top analysts in the innovative drug sector were led by Industrial Securities, indicating a strong focus on healthcare research [18]. - Other notable firms included CITIC Securities and Dongwu Securities, reflecting a competitive landscape in this industry [18]. New Energy Equipment Industry | Best Analysts - Changjiang Securities was recognized as the top analyst in the new energy equipment sector, highlighting its expertise in this growing field [20]. - Other firms like Dongwu Securities and Tianfeng Securities also ranked highly, indicating a robust competition in new energy analysis [20]. Robotics and High-End Manufacturing Industry | Best Analysts - Guangfa Securities topped the rankings in the robotics and high-end manufacturing sector, showcasing its analytical strengths [21]. - Other firms like Changjiang Securities and Zhejiang Securities also made significant contributions to the rankings [21]. Public Utilities Industry | Best Analysts - Changjiang Securities was recognized as the top analyst in the public utilities sector, reflecting its strong research capabilities [24]. - Guangfa Securities and Huayuan Securities also ranked highly, indicating a competitive environment in public utility analysis [24]. Environmental Protection Industry | Best Analysts - Guangfa Securities led the environmental protection sector analysis, showcasing its expertise in sustainability [26]. - Other firms like Dongwu Securities and Tianfeng Securities also made significant contributions to the rankings [26]. Computer Industry | Best Analysts - Guolian Minsheng Securities was recognized as the top analyst in the computer industry, reflecting its strong research capabilities [29]. - Other notable firms included Guangfa Securities and Changjiang Securities, indicating a competitive landscape in computer analysis [29]. Home Appliances Industry | Best Analysts - Guolian Minsheng Securities topped the rankings in the home appliances sector, showcasing its analytical strengths [31]. - Other firms like Changjiang Securities and Kaiyuan Securities also ranked highly, indicating a robust competition in this industry [31]. Transportation and Logistics Industry | Best Analysts - Changjiang Securities was recognized as the top analyst in the transportation and logistics sector, reflecting its strong research capabilities [33]. - Other firms like Shenwan Hongyuan Securities and Huachuang Securities also made significant contributions to the rankings [33]. Military Industry | Best Analysts - Guangfa Securities led the military industry analysis, showcasing its expertise in defense-related research [34]. - Other firms like Industrial Securities and Changjiang Securities also ranked highly, indicating a competitive environment in military analysis [34].

Core Viewpoint - New Higher Education Group (02001) reported a revenue of 2.6 billion yuan for the fiscal year 25, representing a year-on-year growth of 7.8%, with adjusted net profit at 812 million yuan, up 5.2%, aligning with expectations [1] Group 1: Financial Performance - The company adjusted profit forecasts for fiscal years 26 and 27 to 880 million yuan and 1 billion yuan respectively, with a new forecast for fiscal year 28 at 1.14 billion yuan [1] - The target price was raised to 3.38 HKD from the previous 2.99 HKD, maintaining a buy rating [1] Group 2: Student Structure and Revenue - The total number of enrolled students in fiscal year 25 was 139,000, a slight decrease of 0.6% from fiscal year 24, but the structure of students improved with a 4 percentage point increase in the proportion of new undergraduate students [2] - The average tuition fee increased by 8.1% to 16,700 yuan per academic year, while accommodation fees rose by 5.2% to 1,998 yuan per academic year, contributing to the revenue growth [2] Group 3: Cost and Investment - The company's cost of revenue for fiscal year 25 was 1.68 billion yuan, a year-on-year increase of 9.2%, with labor costs at 1.08 billion yuan, up 14.7% [3] - The company is investing significantly in educational infrastructure, with depreciation and amortization costs rising by 10.8% to 260 million yuan [3] Group 4: Future Outlook - Capital expenditures peaked at 920 million yuan in fiscal year 24 but decreased to 690 million yuan in fiscal year 25, with expectations of further declines as schools pass teaching evaluations [4] - The company anticipates an improvement in operational efficiency and a potential rebound in profit margins starting from fiscal year 26, as the period of rapid cost growth is expected to end [4]

FF301 本月底法定/註冊股本總額： RMB 25,039,944,560 | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 000166 | 說明 | | A股 (深圳證券交易所) | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 22,535,944,560 | RMB | | 1 RMB | | 22,535,944,560 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 22,535,944,560 | RMB | | 1 RMB | | 22,535,944,560 | | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | -- ...