本期续发行债券的发行工作已于2025年10月16日结束，发行规模为人民币29亿元，发行价格为106.194 元。经深圳证券交易所审核，本期续发行债券定于2025年10月21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，全称为"申万宏源证券有限公司2023年面向专业投资者公开发行次级债券 (第三期)"，债券简称为"23申证C4"，债券代码为"148540"，保持不变 格隆汇10月22日丨申万宏源(06806.HK)公告，公司所属申万宏源证券有限公司2023年面向专业投资者公 开发行次级债券(第三期)(以下简称"存量债券")于2023年12月8日完成发行，存量债券规模为16亿元。申 万宏源证券有限公司2023年面向专业投资者公开发行次级债券(第三期)(续发行)(以下简称"本期续发行 债券")为前述存量债券的续发行，债券全称、债券简称、债券期限、票面利率与存量债券保持不变。 ...

Core Viewpoint - Shenwan Hongyuan Securities Co., Ltd. has successfully issued a total of 1.6 billion RMB in subordinated bonds aimed at professional investors, with the issuance of the third phase completed on December 8, 2023 [1] Group 1 - The scale of the existing subordinated bonds is 1.6 billion RMB [1] - The new issuance of subordinated bonds, referred to as the "current follow-up issuance bonds," has a total scale of 2.9 billion RMB and was priced at 106.194 RMB [1] - The follow-up issuance bonds will be listed on the Shenzhen Stock Exchange starting October 21, 2025, and will be traded among institutional investors [1]

北京，2025年10月22日 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2023年面向專業投資者公開發行次級債券（第三期）（續發行）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 申万宏源集团股份有限公司董事会 二〇二五年十月二十二日 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。 证券代码：000166 证券简称：申万宏源 公告编号：临2025 ...

证券代码：000166 证券简称：申万宏源 公告编号：临2025-89 申 万 宏 源 集 团 股 份 有 限 公 司 关于申万宏源证券有限公司 2023 年面向专业 投资者公开发行次级债券（第三期）（续发行） 在深圳证券交易所上市的公告 二〇二五年十月二十二日 本期续发行债券的发行工作已于 2025 年 10 月 16 日结束，发行 规模为人民币 29 亿元，发行价格为 106.194 元。（相关情况请详见公 司于 2025 年 10 月 18 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 刊登的公告） 经深圳证券交易所审核，本期续发行债券定于 2025 年 10 月 21 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， 全称为"申万宏源证券有限公司 2023 年面向专业投资者公开发行次 级债券（第三期）"，债券简称为"23 申证 C4"，债券代码为"148540"， 保持不变。 特此公告。 申万宏源集团股份有限公司董事会 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 ...

Core Viewpoint - The express delivery industry in China is experiencing a growth in business volume and revenue, driven by a reduction in internal competition and an increase in pricing [1][2][4] Industry Summary - According to the National Postal Bureau's report, the express delivery business volume is expected to grow by approximately 12% year-on-year in September, while revenue is projected to increase by around 7% year-on-year [1][2] - The average revenue per package in September is estimated at 7.58 yuan, reflecting a month-on-month increase of 3% [1][2] - The trend of reducing internal competition is leading to a continuous rise in express delivery prices across the country [2][4] Company Performance - YTO Express achieved a business volume of 2.627 billion packages in September, a year-on-year increase of 13.64%, with a revenue per package of 2.21 yuan, up 1.4% [1] - Shentong Express reported a business volume of 2.187 billion packages, a year-on-year increase of 9.46%, with a revenue per package of 2.12 yuan, up 4.95% [1] - Yunda Express completed a business volume of 2.110 billion packages, a year-on-year increase of 3.63%, with a revenue per package of 2.02 yuan, up 0.50% [1] Profitability Outlook - The third quarter is expected to show initial profit recovery for express delivery companies due to price increases, with a focus on profit elasticity in the fourth quarter [4][5] - The industry is entering a new phase of reducing internal competition, with potential implications for pricing and profitability [5] Investment Recommendations - Companies with significant profit elasticity such as Shentong Express (002468.SZ) and YTO Express (600233.SH) are recommended for investment, along with J&T Express (01519) benefiting from Southeast Asian e-commerce growth [6]

Group 1 - The core viewpoint of the news is that Shenwan Hongyuan's stock has shown a modest increase in price and trading activity, indicating positive market sentiment towards the company [1] - As of October 21, Shenwan Hongyuan's stock price rose by 2.07% to 5.43 CNY per share, with a total market capitalization of 135.97 billion CNY [1] - The company has seen a net inflow of 37.28 million CNY from major funds, with significant buying activity from large orders [1] Group 2 - Shenwan Hongyuan's main business segments include institutional services and trading (43.86%), personal finance (35.58%), and corporate finance (15.31%) [1] - The company reported a net profit of 4.284 billion CNY for the first half of 2025, representing a year-on-year growth of 101.32% [2] - Cumulative cash distributions since the A-share listing amount to 17.23 billion CNY, with 3.73 billion CNY distributed in the last three years [3]

Core Viewpoint - Chinese brokerage stocks have collectively rebounded, with significant increases in share prices across various firms, indicating a positive market sentiment and potential recovery in the sector [1]. Group 1: Stock Performance - As of the latest update, brokerage stocks have seen gains exceeding 5%, 4%, and 3% respectively [1]. - Notable stock performances include: - Zhongdeng Company: Latest price at 22.240, up by 5.30%, with a trading volume of 402 million [2]. - CITIC Construction Investment Securities: Latest price at 13.780, up by 4.24%, with a trading volume of 77.8149 million [2]. - Huatai Securities: Latest price at 20.800, up by 3.69%, with a trading volume of 98.0652 million [2]. Group 2: Earnings Forecasts - Dongwu Securities announced an earnings forecast, expecting a net profit attributable to shareholders of 2.748 billion to 3.023 billion for the first three quarters of 2025, representing a year-on-year growth of 50% to 65% [2]. - Dongguan Securities, a non-listed brokerage, projected total operating revenue for the first three quarters of this year to be between 2.344 billion and 2.591 billion, reflecting a year-on-year increase of 44.93% to 60.18% [2]. - The net profit forecast for Dongguan Securities is estimated to be between 862 million and 953 million, indicating a year-on-year growth of 77.77% to 96.48% [2]. Group 3: Market Trends and Valuation - According to Founder Securities, the brokerage sector is experiencing a clear trend of fundamental recovery in a high trading environment, with net profit growth expected to accelerate to 70% in the third quarter [2]. - The overall net profit for the brokerage sector is projected to increase by 54% year-on-year for the entire year, with current valuations not aligning with the improving performance, suggesting ample room for valuation adjustments [2].

Core Viewpoint - Shenwan Hongyuan Securities Co., Ltd. maintains its "25 Shen D11" rating at AAA/A-1 with a stable outlook, reflecting its strong market position and financial health [1] Group 1: Company Strengths - The company is recognized as one of the large comprehensive mainstream securities firms in the country, possessing strong shareholder backing and brand influence [1] - It has established a diversified business system with numerous branches, consistently ranking in the top tier of the industry across multiple business lines [1] - The company has demonstrated good governance, achieving an AA regulatory rating from 2022 to 2024, indicating effective risk control capabilities [1] Group 2: Financial Performance - Since 2022, the company's profitability has remained robust, showcasing strong financial performance [1] - As of June 2025, the company is expected to have strong capital strength, good capital adequacy, and high leverage levels, with overall liquidity indicators performing well [1] Group 3: Debt and Liquidity Management - The report highlights the company's debt structure and liquidity management, noting that its debt is primarily short-term, which necessitates ongoing attention to liquidity management [1]

Core Viewpoint - Xtep International (01368) is optimizing its multi-brand matrix by divesting its fashion sports brand in 2024 to focus on its core running business, which will enhance resource allocation and strengthen its professional sports position. The company is expected to begin its DTC transformation in 2025, exploring more efficient and high-quality channel layouts, maintaining a "Buy" rating and profit forecasts for 2025-2027 [1] Group 1 - In Q3 2025, Xtep's main brand achieved a low single-digit year-on-year growth in total channel revenue, continuing the stable trend from Q2, with online sales outperforming offline sales and children's products outperforming adult products [2] - The running and outdoor product categories saw double-digit growth, while lifestyle products experienced slight fluctuations due to macroeconomic conditions. Over 60% of Xtep's brand products are functional, stabilizing the core business [2] Group 2 - Saucony brand experienced over 20% year-on-year growth in total channel revenue in Q3, with offline revenue increasing by over 30%. The brand opened 16 new stores, primarily in key business districts of first and second-tier cities, maintaining an annual store opening target of 30-50 [3] - Saucony's online business has been actively adjusted since Q2 to reduce low-priced products and tighten discounts, aiming to strengthen its high-end brand positioning for the Q4 sales season [3] Group 3 - Xtep's main brand maintained a healthy inventory level with a stock-to-sales ratio of 4-4.5 months and discount levels between 70-75%, reflecting good supply chain management and terminal sales efficiency [4] - Saucony's inventory and discount levels are also under control, allowing flexibility for Q4 promotional activities [4] Group 4 - Xtep is continuously optimizing its channel structure and upgrading store images, with over 70% of its new store formats being the 9th generation and leading stores. The company is accelerating its layout in shopping centers and outlet stores [5] - The outlet channel, represented by leading and selected outlets, has a significant area and is expected to contribute to offline sales growth, with plans to expand the number of stores to 70-100 by 2026 [5] Group 5 - The DTC transformation is progressing steadily, with plans to reclaim approximately 100 stores in Q4 and a total of 400 stores by the end of 2025, with related capital expenditures of about 400 million yuan, which will enhance long-term channel competitiveness [6]

Core Viewpoint - Xtep International is optimizing its multi-brand matrix by divesting its fashion sports brand in 2024, focusing on its core running business, and enhancing resource allocation. The company plans to initiate a DTC transformation in 2025, which is expected to solidify its position in the professional sports sector and maintain a "Buy" rating [1] Group 1: Financial Performance - In Q3 2025, Xtep's main brand achieved a low single-digit year-on-year growth in total channel revenue, consistent with Q2's performance, with online sales showing double-digit growth and children's products outperforming adult categories [2] - The net profit forecasts for Xtep are projected at 1.37 billion, 1.49 billion, and 1.6 billion yuan for 2025, 2026, and 2027 respectively, corresponding to PE ratios of 11, 10, and 9 [1] Group 2: Brand and Product Development - Saucony brand experienced over 20% year-on-year growth in total channel revenue in Q3, with offline revenue increasing by over 30%. The brand opened 16 new stores, primarily in first and second-tier city core business districts, maintaining an annual store opening target of 30-50 [3] - Saucony is focusing on the running scene and expanding its apparel and OG series, receiving positive market feedback, and is confident in achieving over 30% growth for the year [3] Group 3: Inventory and Discount Management - Xtep's main brand maintained a healthy inventory turnover ratio of 4-4.5 months and discount levels between 70-75%, indicating effective supply chain management and terminal sales efficiency [4] - Saucony's inventory and discount levels are also within controllable ranges, allowing flexibility for promotions in Q4 [4] Group 4: Channel Innovation and Expansion - Xtep is continuously optimizing its channel structure, with over 70% of its stores upgraded to the new 9th generation and leading stores. The company is accelerating its presence in shopping centers and outlet stores [5] - The outlet channel, represented by leading and selected outlets, is expected to expand to 70-100 stores by 2026, aligning with positive market trends in outlet traffic and sales [5] Group 5: DTC Transformation - Xtep plans to reclaim approximately 100 stores in Q4, with a total of 400 stores by the end of 2025, involving a capital expenditure of around 400 million yuan. This move is expected to enhance the company's long-term channel competitiveness [6]