Core Viewpoint - Shenwan Hongyuan (06806.HK) announced the completion of the issuance of subordinated bonds aimed at professional investors, with a total issuance size of RMB 2.5 billion [1] Group 1: Bond Issuance Details - The issuance was completed on November 13, 2025, with two types of bonds: Type One with an issuance size of RMB 1.8 billion, a term of 3 years, and a coupon rate of 2.00% [1] - Type Two has an issuance size of RMB 0.7 billion, a term of 5 years, and a coupon rate of 2.15% [1] - The bonds are scheduled to be listed on the Shenzhen Stock Exchange starting November 19, 2025, and will be traded among institutional investors [1] Group 2: Bond Identification - Type One bond is referred to as "25申证C3" with the bond code "524526" [1] - Type Two bond is referred to as "25申证C4" with the bond code "524527" [1]

Core Viewpoint - Shenwan Hongyuan (06806) announced the completion of its subsidiary Shenwan Hongyuan Securities Co., Ltd.'s issuance of subordinated bonds aimed at professional investors, with a total issuance size of RMB 2.5 billion [1] Group 1: Bond Issuance Details - The bond issuance was completed on November 13, 2025, with a total scale of RMB 2.5 billion [1] - The first type of bond has an issuance size of RMB 1.8 billion, a term of 3 years, and a coupon rate of 2.00% [1] - The second type of bond has an issuance size 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 scheduled to be listed on the Shenzhen Stock Exchange starting November 19, 2025 [1] - The first type of bond will be referred to as "25申证C3" with the bond code "524526" [1] - The second type of bond will be referred to as "25申证C4" with the bond code "524527" [1]

Core Viewpoint - Shenwan Hongyuan (06806.HK) announced the successful issuance of subordinated bonds aimed at professional investors, indicating a strategic move to enhance capital structure and liquidity [1] Group 1: Bond Issuance Details - The total issuance size of the bonds is RMB 2.5 billion [1] - The first type of bond has an issuance size of RMB 1.8 billion, a maturity of 3 years, and a coupon rate of 2.00% [1] - The second type of bond has an issuance size of RMB 0.7 billion, a maturity of 5 years, and a coupon rate of 2.15% [1] Group 2: Listing Information - The bonds are scheduled to be listed on the Shenzhen Stock Exchange starting November 19, 2025 [1] - The first type of bond is referred to as "25申证C3" with the bond code "524526" [1] - The second type of bond is referred to as "25申证C4" with the bond code "524527" [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2025年面向專業投資者公開發行次級債券（第二期）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 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2025-99 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 ...

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）在深圳证券交易所上市的公告 证券代码：000166 证券简称：申万宏源 公告编号：临2025-99 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 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"）发行工作于 2025 年 11 月 13 日完成。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 年，票面利率为 2.00%；品 种二发行规模人民币 7 亿元，期限为 5 年，票面利率为 2.15%。（相 关情况请详见公司于 2025 年 11 月 15 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） 经深圳证券交易所审核，本期债券定于 2025 年 11 月 19 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，本期债 券品种一债券简称"25 申证 C3"，债 ...

Core Viewpoint - 惠通科技 reported a significant decline in revenue and net profit for the first three quarters of 2025, indicating potential challenges in its business operations and financial health [1][2]. Financial Performance - The company achieved operating revenue of 361 million yuan, a year-on-year decrease of 28.90% [1][2]. - Net profit attributable to shareholders was 22.46 million yuan, down 74.67% compared to the previous year [1][2]. - The net profit after deducting non-recurring gains and losses was 20.25 million yuan, reflecting a decline of 76.58% year-on-year [1][2]. - The net cash flow from operating activities was -29.69 million yuan, a significant drop from 204 million yuan in the same period last year, representing a decrease of 114.53% [1][2]. Fundraising and Use of Proceeds - 惠通科技 raised a total of 414.42 million yuan from its public offering, with a net amount of 353.72 million yuan after deducting issuance costs, which was 48.74 million yuan less than originally planned [3]. - The funds are intended for projects including the intelligent upgrade of high-end chemical equipment production lines and the establishment of a technology research center [3]. Issuance Details - The company issued 35,120,000 shares at a price of 11.80 yuan per share, accounting for 25% of the total share capital post-issuance [1][2]. - The total issuance costs amounted to 60.70 million yuan, with underwriting fees constituting 33.23 million yuan [4].

Core Viewpoint - The report from Shenwan Hongyuan indicates a shift in China's steel consumption structure from the construction industry to the manufacturing sector, suggesting a focus on undervalued, high-dividend plate stocks and high-end stainless steel pipe materials in the context of industry transformation [1] Group 1: Industry Transition - The steel industry is expected to undergo a transformation with a focus on manufacturing, leading to stable demand for certain steel products [1] - Special steel consumption in sectors such as energy, new infrastructure, aerospace, and national defense is becoming increasingly significant [1] Group 2: Profitability Improvement Factors - Cost side: The decline in raw material prices and a more reasonable profit distribution within the industry are anticipated, with the West Mangu Iron Mine expected to start production in November 2025, leading to increased iron ore supply and a forecasted drop in iron ore prices [1] - Supply side: Policy-driven production limits and cash flow pressures on some companies are accelerating supply clearance, with a long-term focus on reducing steel production and improving industry concentration through mergers and acquisitions [1] - Demand side: Manufacturing demand remains resilient, supporting the profitability of plate and special steel sectors, while construction demand stabilizes [1]

（文章来源：每日经济新闻） 每经AI快讯，11月20日，港股中资券商股普遍高开，截至发稿，中国银河(06881.HK)涨4.62%，报11.09 港元；东方证券(03958.HK)涨4.46%，报7.5港元；光大证券(06178.HK)涨4.41%，报9.71港元；申万宏源 (06806.HK)涨4.08%，报3.32港元。 ...

| 代码 | 名称 | | 涨跌幅 √ | 最新价 | 总市值 | 年初至今涨跌 | | --- | --- | --- | --- | --- | --- | --- | | 06881 | 中国银河 | | 4.62% | 11.090 | 1212.63亿 | 64.58% | | 03958 | 东方证券 | | 4.46% | 7.500 | 637.25 Z | 55.61% | | 06178 | 光大证券 | | 4.41% | 9.710 | 447.71亿 | 25.11% | | 06806 | 申万宏源 | | 4.08% | 3.320 | 831.33亿 | 49.46% | | 01375 | 中州证券 | | 3.91% | 2.390 | 110.96亿 | 41.20% | | 06066 | 中信建投证券 | | 3.61% | 12.900 | 1000.61亿 | 33.83% | | 06030 | 中信证券 | | 3.25% | 28.580 | 4235.71亿 | 35.81% | | 06886 | 华泰证券 | | 2.75% | 19.400 | 17 ...

Core Insights - The conference focused on the importance of multi-asset allocation strategies in the current economic and market environment, emphasizing the shift in investor demand towards diversified wealth management solutions [2][3] - The launch of the "Shenxiang·Custody Operation Service Platform" marks a significant step in the company's commitment to financial innovation and digital transformation [3] Group 1: Conference Overview - The "2026 Capital Market Investment Annual Conference" was held in Shanghai, featuring discussions on index investment, asset allocation strategies, and the impact of technology on investment [1][2] - The event included three keynote speeches and two roundtable discussions, providing valuable insights for investors [1] Group 2: Keynote Presentations - The first keynote by MSCI's Zhao Piwei discussed index investment and innovation, highlighting the new global private equity return tracking index as a case study [2] - The second keynote by Professor Wu Fei from Shanghai Jiao Tong University focused on the structure and investment strategies of family offices, offering unique perspectives for investors [2] - The third keynote by Shen Siyu from Shenwan Hongyuan analyzed market trends and investment strategies using factor models, providing practical guidance for investors [3] Group 3: Roundtable Discussions - The roundtable discussions featured experts from various sectors, including brokerage, banking, and private equity, sharing insights on asset allocation strategies and innovative investment tools [3] - The discussions emphasized the importance of adapting to the current macroeconomic environment and leveraging new technologies in investment practices [3] Group 4: Platform Launch - The "Shenxiang·Custody Operation Service Platform" was officially launched, designed to enhance operational efficiency and security in fund custody services [3] - The platform is noted for its autonomous control and intelligent collaboration capabilities, reflecting the company's commitment to providing high-quality financial services [3]