申万宏源集团股份有限公司 2021年面向专业投资者公开发行公司债券 （第一期）（品种二）2025年付息公告 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。 特别提示： （1）申万宏源集团股份有限公司 2021 年面向专业投资者公开发 行公司债券（第一期）（品种二）（债券简称：21 申宏 02，债券代 码：149394）将于 2025 年 3 月 10 日支付自 2024 年 3 月 8 日至 2025 年 3 月 7 日期间的利息 3.95 元（含税）/张。 （2）本次付息的债权登记日为 2025 年 3 月 7 日，凡在 2025 年 3 月 7 日（含）前买入并持有本期债券的投资者享有本次派发的利息； 2025 年 3 月 7 日卖出本期债券的投资者不享有本次派发的利息。 由申万宏源集团股份有限公司（以下简称"本公司"）于 2021 年 3 月 8 日发行的申万宏源集团股份有限公司 2021 年面向专业投资 者公开发行公司债券（第一期）（品种二）（以下简称"本期债券"） 至 2025 年 3 月 8 日将期满 4 年。根据本期债券《募集说明书》和《上 市公 ...

Summary of Key Points from the Conference Call Industry or Company Involved - The conference call primarily discusses the Chinese economy and various sectors influenced by the 2025 government work report, including technology, capital markets, real estate, and consumer sectors. Core Points and Arguments 1. **Economic Development Focus**: The government emphasizes expanding domestic demand, boosting consumption, promoting technological innovation, and supporting the development of the private economy. Consumption is highlighted as a key component of domestic demand policies [3][4][5] 2. **Capital Market Development**: The report stresses the importance of stabilizing the real estate and stock markets, with monetary policy support and capital market reforms being crucial. The management aims to create a favorable environment for the capital market [3][6][8] 3. **Investment Opportunities**: Key investment opportunities for the upcoming year are identified in technology sectors, particularly in AI computing, humanoid robots, and low-altitude economy. High-dividend sectors are also expected to see trends as recovery expectations grow [3][10] 4. **Monetary and Fiscal Policy**: The report indicates a shift towards moderately loose monetary policy and more proactive fiscal policy, with a focus on the supply of government bonds and local government debt [3][11] 5. **Real Estate Sector Outlook**: The government maintains a positive stance on the real estate sector, emphasizing the need for stable housing prices to support consumption. Specific measures include potential interest rate cuts and easing purchase restrictions in first-tier cities [3][14] 6. **Technological Innovation Initiatives**: The government outlines new initiatives in technological innovation, including advancements in AI, 6G technology, and smart devices, positioning these as core drivers of high-quality development [3][5] 7. **Consumer Electronics and Emerging Industries**: The report highlights the importance of consumer electronics, with government subsidies for products like smartphones and AR/VR devices, which will stimulate market demand [3][24] 8. **Cultural Industry Growth**: The cultural industry is seen as having significant growth potential, with support for the application of large models and the opening of the internet and cultural sectors to promote international trade [3][22] 9. **Food and Beverage Sector**: The food and beverage sector is expected to recover as the economy stabilizes, with a focus on national brands and regional leaders in the market [3][41][42] Other Important but Possibly Overlooked Content 1. **Debt Management**: The government acknowledges the need to address debt issues within the development framework, particularly concerning private enterprises [3][4] 2. **Transportation and Logistics**: The report emphasizes the need for innovation in transportation and logistics to enhance efficiency and reduce costs, particularly in cold chain and cross-border logistics [3][27][28] 3. **Green Transition**: The government is committed to promoting a green and low-carbon transition in transportation, integrating new technologies to improve operational efficiency [3][29] 4. **Banking Sector Support**: The report indicates the necessity of injecting capital into state-owned banks to support the real economy, with a projected issuance of special bonds to bolster bank capital [3][43][44] 5. **Non-Bank Financial Sector**: The focus is on comprehensive reform in the non-bank financial sector, promoting long-term capital inflows and addressing risks in smaller financial institutions [3][45] 6. **Construction Industry Trends**: The construction industry is expected to shift towards maintaining and renovating existing structures, with an emphasis on overseas expansion to compensate for domestic market saturation [3][58] This summary encapsulates the key insights and implications from the conference call, providing a comprehensive overview of the government's economic strategies and their potential impact on various sectors.

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 證券代號 (如上市) 06806 說明 H股 法定/註冊股份數目 面值 法定/註冊股本 上月底結存 2,504,000, ...

Group 1 - The announcement from Shenwan Hongyuan Securities Asset Management Co., Ltd. states the appointment of Yu Bo as the Chief Compliance Officer and Chief Risk Officer, succeeding Yuan Jin who has left the position [1] - Yu Bo has extensive experience in risk management and compliance, having held various positions in different financial institutions since 2010 [1] - His previous roles include positions at Bank of China Fund Management Co., Shanghai Dongfang Securities Asset Management Co., and Huatai Securities (Shanghai) Asset Management Co. [1] Group 2 - Yu Bo's career trajectory includes roles such as Risk Management Manager at Bank of China Fund Management, Senior Risk Control Manager at Shanghai Dongfang Securities, and Risk Management Head at Huatai Securities [1] - He has been appointed as the Chief Compliance Officer and Chief Risk Officer at Shenwan Hongyuan Securities Asset Management Co. starting from February 2025 [1]

Core Viewpoint - The rapid development of AI technology is reshaping the global tech landscape, with China's AI industry at the forefront, showcasing both significant advancements and challenges for investors [1]. Group 1: Technological Advancements - China's language models are closing the gap with international standards, although there is still room for improvement [1]. - Tools like DeepSeek demonstrate China's capabilities in Chinese text processing, achieving international levels in language models [3]. - The trend of local deployment of AI models is driven by factors such as data security concerns and the democratization of technology [3]. Group 2: Investment Strategies - Investment should follow industry development logic, focusing on interdisciplinary fields where AI intersects with hardware, software, and manufacturing [2]. - Prioritizing investments in hard technology is recommended, as it aligns better with traditional financial frameworks [2][10]. - Investors are advised to select representative large-cap stocks or popular stocks and funds in trending sectors [2][10]. Group 3: Market Dynamics - The shift in investment focus from hardware to software and cloud services is a natural progression as application adoption accelerates [6]. - The AI industry development cycle typically progresses from algorithm development to computing power, followed by application growth, creating opportunities in sectors like smart glasses and memory storage [7]. - The market is expected to see increased demand for computing power in real-time calculations and applications, despite initial concerns about reduced demand due to algorithm optimization [6]. Group 4: Future Outlook - The next 3-5 years will see significant opportunities in hard technology AI fields, particularly in robotics, low-altitude economy, and smart vehicles [8]. - Long-term prospects (5-10 years) should focus on foundational research areas like AI in pharmaceuticals and materials science, where there is substantial growth potential [8]. - The unique trajectory of China's tech development, characterized by widespread participation and innovation, contrasts with Western investment theories, suggesting a need for a tailored valuation approach [9].

证券代码：000166 证券简称：申万宏源 公告编号：临2025-5 特此公告。 申万宏源集团股份有限公司董事会 二〇二五年二月二十五日 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 2022 年 2 月 23 日发行 申万宏源证券有限公司 2022 年面向专业投资者公开发行公司债券 （第二期）（品种一）（以下简称"本期债券"），发行规模人民币 22 亿元，票面利率 2.95%，期限 3 年，债券代码 149809，债券简称 22 申证 03。（相关情况请详见公司于 2022 年 2 月 24 日、3 月 3 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） 本期债券兑付日为2025年2月24日，摘牌日为2025年2月24日，申 万宏源证券有限公司已按照《申万宏源证券有限公司2022年面向专业 投资者公开发行公司债券（第二期）募集说明书》相关约定，完成本 期债券本息兑付并予以摘牌。 申 万 宏 源 集 团 股 份 有 限 公 司 关于申万宏源证券有限公司 20 ...

Core Viewpoint - The controversy surrounding Shenwan Hongyuan Securities' "Baolixin" product highlights issues in customer experience and product supply, leading to dissatisfaction among investors who were unable to utilize their financial coupons effectively [1][5][6] Group 1: Customer Experience - Many investors, including Ms. Chen, expressed frustration over the inability to use their financial coupons due to a lack of available quotas, despite having earned multiple coupons through referrals [1][4] - The promotional activity allowed existing customers to invite new clients to earn high-interest financial coupons, but the actual purchasing experience was disappointing due to limited product availability [2][3] Group 2: Product and Activity Design - The "Baolixin" product is based on a repurchase agreement business model, which was marketed as low-risk with a promised annual yield of 8.18%, significantly higher than the typical 5%-6% in the market [2][6] - The activity was abruptly suspended, with the company citing system upgrades as the reason, indicating potential mismanagement in planning and execution [5][6] Group 3: Industry Implications - The incident reflects broader challenges in the wealth management sector, particularly the balance between attracting customers and managing operational costs [5][6] - The high yield offered in the promotional activity suggests that the company may have to absorb additional costs, raising questions about the sustainability of such high-return products in a declining interest rate environment [6]

申万宏源集团股份有限公司（以下简称公司）于 2025 年 2 月 14 日接到中央汇金投资有限责任公司（以下简称汇金公司）通知，中国 证券金融股份有限公司 66.7%股权拟划转至汇金公司。根据香港《证 券及期货条例》，汇金公司已就持有公司股份情况在香港提交披露。 根据《证券法》等监管要求，同步在 A 股发布本次公告。 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 2025-4 申 万 宏 源 集 团 股 份 有 限 公 司 关于汇金公司所持本公司 A 股股份情况的公告 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。 2025 年 2 月 14 日 ...

证券代码：000166 证券简称：申万宏源 公告编号：临2025-3 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（第二期）（品种一）兑付兑息 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 10 月 22 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（第二期）（品种一）（以下简称"本期债券"），发行规模人 民币 20 亿元，票面利率 1.97%，期限 112 天，债券代码 148955，债 券简称 24 申证 D3。（相关情况请详见公司于 2024 年 10 月 25 日、 10 月 29 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） 本期债券兑付日为2025年2月11日，摘牌日为2025年2月11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（第二期）募集说明书》 ...

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 | | | --- | --- | --- | --- | --- | --- | -- ...