Management Fee Adjustment - The management fee for the Shenwan Hongyuan Tian Tian Li Money Market Fund has been restored to 0.90% [1] Shareholder Meeting Announcement - A shareholder meeting for the Shenwan Hongyuan Tian Tian Li Money Market Fund will be held via communication methods to discuss the proposal for changing the fund manager and transitioning to the Shenwan Lingshin Tian Tian Li Money Market Fund [1][4] - The record date for voting rights is set for November 12, 2025, with voting open from November 17, 2025, to December 12, 2025, at 17:00 [1] Voting Methods - New voting methods have been introduced, including online and telephone voting, specifically for individual shareholders [2][3] - Online voting can be conducted through the Shenwan Hongyuan Securities APP, PC terminal, or designated web portal during the voting period [2] - Telephone voting will involve verification of shareholder identity through a call, with the entire conversation recorded for protection of shareholder interests [3] Additional Information - The announcement clarifies that other arrangements for the shareholder meeting remain unchanged, and further details can be found in the previous announcement dated November 11, 2025 [4]

Core Viewpoint - The current A-share market is in the high position of "Bull Market 1.0," with insufficient long-term cost-effectiveness in the technology sector and logical breaks in the cyclical market. Conditions for the initiation of Bull Market 2.0 are not yet complete [1] Group 1: Market Conditions - The A-share AI industry chain is in a state of "long-term low cost-effectiveness" similar to previous years in various sectors, indicating a high-level consolidation phase followed by an adjustment phase [2] - The high-level consolidation phase typically lasts at a quarterly level, and adjustments are triggered by mid-level disturbances in the industry trend, but this does not signify the end of the industry trend [2] Group 2: Cyclical Market Analysis - The recent cyclical market is characterized by short-term price increases and expectations of PPI turning positive by mid-2026, but there is significant divergence regarding the pace of PPI improvement [3] - The cyclical market is approaching a differentiation phase as cost-effectiveness decreases, and the sustainability of price increases becomes more critical [3] Group 3: Future Challenges - By spring 2026, the A-share market may face three major challenges: the technology sector's long-term low cost-effectiveness, a critical verification period for demand, and immature conditions for the transition to Bull Market 2.0 [4][5] - The market is expected to experience a two-stage bull market, with the first stage being the structural bull market in 2025 and a potential peak in spring 2026 [4][6] Group 4: Investment Opportunities - In the current high-level consolidation phase, the focus should be on Alpha opportunities in both cyclical and technology sectors, with an emphasis on sectors with favorable supply-demand dynamics and high dividend yields [7] - Short-term opportunities in technology growth are expected to arise from small rebounds, particularly in sectors with new catalysts or significant industry space, such as energy storage and innovative pharmaceuticals [7]

Core Points - The announcement details the issuance results of subordinated bonds by Shenwan Hongyuan Securities Co., Ltd. for professional investors, with a total issuance amount of up to RMB 20 billion approved by the China Securities Regulatory Commission [1] - On November 13, 2025, the company successfully completed the issuance of the second phase of subordinated bonds, totaling RMB 2.5 billion, with two varieties: one with a scale of RMB 1.8 billion and a 3-year term at a coupon rate of 2.00%, and another with a scale of RMB 0.7 billion and a 5-year term at a coupon rate of 2.15% [1] Summary by Sections - **Issuance Approval**: Shenwan Hongyuan Securities Co., Ltd. was granted approval to issue subordinated bonds totaling up to RMB 20 billion for professional investors [1] - **Issuance Completion**: The second phase of the bond issuance was completed on November 13, 2025, with a total issuance of RMB 2.5 billion [1] - **Bond Details**: The bonds consist of two varieties: one for RMB 1.8 billion with a 3-year term and a 2.00% coupon rate, and another for RMB 0.7 billion with a 5-year term and a 2.15% coupon rate [1]

申 万 宏 源 集 团 股 份 有 限 公 司 证券代码：000166 证券简称：申万宏源 公告编号：临2025-97 特此公告。 申万宏源集团股份有限公司董事会 二〇二五年十一月十四日 关于申万宏源证券有限公司 2025 年面向专业 投资者公开发行次级债券（第二期）发行结果的公告 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。 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次级债券注册的批复》（证监许可〔2025〕1557 号），公司所属子公司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 亿元次级债券。（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 13 日，申万宏源证券有限公司 2025 年面向专业投 资者公开发行次级债券（第二期）（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 25 亿元，其中品种一发行规模人民 币 18 亿元，期限为 3 ...

Core Viewpoint - Shenwan Hongyuan Securities Co., Ltd. has successfully completed the issuance of subordinated bonds aimed at professional investors, with a total issuance scale of RMB 2.5 billion [1] Group 1: Bond Issuance Details - The total issuance scale of the bonds is RMB 2.5 billion [1] - The first type of bonds has an issuance scale of RMB 1.8 billion, a term of 3 years, and a coupon rate of 2.00% [1] - The second type of bonds has an issuance scale of RMB 0.7 billion, a term of 5 years, and a coupon rate of 2.15% [1] Group 2: Listing Information - The bonds are expected to be listed and traded on the Shenzhen Stock Exchange after registration is completed [1]

Core Viewpoint - Shenwan Hongyuan Securities Co., Ltd. successfully completed the issuance of subordinated bonds aimed at professional investors, raising a total of RMB 2.5 billion [1] Group 1: Bond Issuance Details - The total issuance scale of the bonds is RMB 2.5 billion [1] - The first type of bonds has an issuance scale of RMB 1.8 billion, with a maturity of 3 years and a coupon rate of 2.00% [1] - The second type of bonds has an issuance scale of RMB 0.7 billion, with a maturity of 5 years and a coupon rate of 2.15% [1] Group 2: Listing Information - The bonds are expected to be listed and traded on the Shenzhen Stock Exchange after registration is completed [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 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11月14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2025-97 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 投资者公开发行次级债券（第二期）发行结果的公告 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。 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次级债券注册的批复》（证监许可〔2 ...

Core Viewpoint - Hengyi Petrochemical is positioned as a leading integrated enterprise in the "refining-chemical-fiber" industry chain, focusing on technological innovation and green low-carbon upgrades to maintain its competitive edge in both domestic and international markets [2][8]. Group 1: Company Overview and Financial Performance - Hengyi Petrochemical achieved an operating revenue of 83.885 billion yuan and a net profit attributable to shareholders of 231 million yuan for the first three quarters of 2025, reflecting a year-on-year growth of 0.08% [2]. - As of September 30, 2025, the company reported total assets of 111.51 billion yuan and net assets attributable to shareholders of 24.458 billion yuan [2]. Group 2: Market Analysis - The Southeast Asian refined oil market is expected to see a growing supply-demand gap, with the International Energy Agency predicting oil demand in the region to increase from 5 million barrels per day to 6.4 million barrels per day by 2035 [3]. - The region's GDP growth is projected to remain at 4.5% in 2025, with Indonesia, the Philippines, and Vietnam expected to grow at rates of 5.1%, 6.1%, and 6.1% respectively, driving demand for refined products [3]. Group 3: Polyester Industry Insights - The polyester industry is anticipated to experience steady growth in downstream demand, with domestic retail sales increasing by 5% year-on-year in the first half of 2025 [4]. - The new capacity growth in the polyester sector is slowing, with only 650,000 tons of new polyester filament capacity added in the first half of 2025, leading to a higher market concentration among leading enterprises [4]. Group 4: Project Developments - The first phase of the Qinzhou project has successfully entered trial production, featuring a comprehensive integration of various production processes [6]. - The Brunei refining project is progressing smoothly, with updates to be announced in due course [6]. Group 5: Technological Advancements - As of June 30, 2025, Hengyi Petrochemical holds 566 effective patents, with 500 related to research and development, and 66 in intelligent manufacturing [7]. - The proportion of differentiated fibers in the company's product structure has increased to 27%, indicating a strong position in the industry [7].

Group 1 - The core viewpoint of the article highlights the high valuation levels of the Sci-Tech 100 Index, with a current PE of 241.8 times and a PB of 5.7 times, indicating that these figures are at the 65th and 94th historical percentiles respectively [1] - The semiconductor industry within the TMT sector shows strong performance, with China's semiconductor sales expected to grow by 15.0% year-on-year by September 2025, an increase of 2.6 percentage points from August [1] - The global semiconductor market is projected to grow by 25.1% year-on-year, with significant growth in regions outside of China and Japan (47.9%) and the Americas (30.6%) [1] Group 2 - The PB valuations for the electronics (semiconductors) and communications sectors are above the 85th historical percentile, indicating sustained high prosperity in the technology sector [1] - The PE valuations for the computer sector (IT services, software development) are also above the 85th historical percentile, reflecting long-term market optimism towards the technology innovation field [1] - The Sci-Tech 100 ETF (588120) tracks the Sci-Tech 100 Index (000698), which has a daily fluctuation limit of 20%, and includes 100 securities selected from the Sci-Tech Board based on market capitalization and liquidity, covering various high-tech and strategic emerging industries [1]

Core Viewpoint - The photovoltaic industry is actively promoting anti-involution through polysilicon inventory management, but faces challenges due to the involvement of multiple companies and the need for substantial financial support. Technological iteration is seen as a less resistant option to clear excess capacity, with perovskite technology showing significant efficiency advantages over existing crystalline silicon technology, potentially accelerating the exit of outdated capacity and helping the industry recover from cyclical lows [1]. Group 1: Efficiency and Stability - Conversion efficiency of perovskite has significantly improved from 3.8% in 2009 to over 26% currently, with companies like GCL-Poly achieving 19.04% efficiency on 1m*2m panels and tandem cells nearing 30% efficiency [2]. - The stability of high-efficiency laboratory results is being addressed, with notable advancements in stability research, including a perovskite solar cell developed by the Chinese Academy of Sciences that exceeds 27% efficiency with controlled degradation [3]. Group 2: Commercialization and Policy Support - GW-level production lines are set to be launched by companies like Extreme Solar and GCL-Poly in 2025, with more planned capacity expected to come online by 2026. The first full-size perovskite module from GCL-Poly was produced on October 29, 2025, indicating a push towards commercial viability [4]. - Policy support for the development of new photovoltaic technologies is evident, with recent government initiatives focusing on perovskite materials and advanced photovoltaic technologies, which could enhance capacity iteration in the current anti-involution phase of the industry [5]. Group 3: Investment Opportunities - Companies to watch in the perovskite sector include equipment manufacturers such as Dier Laser, Jiejia Weichuang, and others, as well as perovskite module producers like Hangzhou Colin and GCL Technology. Additionally, TCO glass and perovskite encapsulant manufacturers are also highlighted as potential investment opportunities [6].