申万宏源（000166）(06806)公布，2025 年 10 月 23 日，申万宏源证券（000562）有限公司 2025 年面向 专业投资者公开发行短期公司债券(第一期)(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 76 亿元，其中品种一发行规模人民币 13 亿元，期限 92 天，票面利率为 1.66%;品种二发行规模人 民币 63 亿元，期限 231 天，票面利率为 1.73%。本期债券登记完成后拟于深圳证券交易所上市交易。 ...

Market Overview - The three major indices in the market rose collectively, with the Shanghai Composite Index increasing by 0.71%, the Shenzhen Component Index by 2.02%, and the ChiNext Index by 3.57% [1][5] - Several communication sector ETFs saw significant gains, including the Communication Equipment ETF (159583.SZ) which rose by 6.49%, and the AI ETF from Guotai (159388.SZ) which increased by 5.79% [1][12] ETF Market Performance - The ETF market continues to expand, with a total of 935 fund products in the Shanghai market, of which 760 are ETFs, totaling a market value of 40,003.11 billion yuan, an increase of 7.65% [2] - In the Shenzhen market, there are 841 fund products, with 555 being ETFs, and a total market value of 16,255.16 billion yuan [2] - The leading brokers in ETF holdings in the Shanghai market are Galaxy Securities and Shenwan Hongyuan, holding 22.75% and 16.74% of the market respectively, together accounting for 39.49% [2][3] ETF Trading Activity - The average daily trading volume for ETFs through the Shanghai-Hong Kong Stock Connect reached 42 billion HKD (up 128% year-on-year) and 32 billion RMB (up 142% year-on-year) [4] - The number of ETFs eligible for trading through the Shanghai-Hong Kong Stock Connect is set to increase, indicating a potential for continued active cross-border ETF trading [4] Sector Performance - The communication, electronics, and defense sectors performed well today, with daily increases of 4.73%, 4.72%, and 2.34% respectively [9] - In the past five trading days, the communication sector has seen a rise of 11.55%, while the food and beverage sector has declined by 0.95% [9] ETF Category Performance - Among different categories of ETFs, the stock-type scale index ETFs performed the best with an average increase of 1.99%, while commodity ETFs had the worst performance with an average decrease of 0.37% [10] - The top-performing ETFs today included the Communication Equipment ETF (6.49%), the Communication ETF (5.79%), and the AI ETF from Guotai (5.79%) [12][13] Trading Volume by ETF - The top three ETFs by trading volume today were the Sci-Tech Chip ETF (588200.SH) with 5.823 billion yuan, the Sci-Tech 50 ETF (588000.SH) with 5.522 billion yuan, and the A500 ETF (512050.SH) with 4.817 billion yuan [15][17]

Core Viewpoint - Shenwan Hongyuan Securities Co., Ltd. successfully issued short-term corporate bonds aimed at professional investors, raising a total of RMB 7.6 billion [1] Group 1: Bond Issuance Details - The total issuance scale of the bonds is RMB 76 billion [1] - The first type of bond has an issuance scale of RMB 1.3 billion, with a maturity of 92 days and a coupon rate of 1.66% [1] - The second type of bond has an issuance scale of RMB 6.3 billion, with a maturity of 231 days and a coupon rate of 1.73% [1] - The bonds are set to be listed and traded on the Shenzhen Stock Exchange after registration [1]

Core Viewpoint - Shenwan Hongyuan Securities Co., Ltd. successfully issued short-term corporate bonds aimed at professional investors, raising a total of RMB 7.6 billion [1] Group 1: Bond Issuance Details - The total issuance scale of the bonds is RMB 76 billion [1] - The first type of bond has an issuance scale of RMB 1.3 billion, with a maturity of 92 days and a coupon rate of 1.66% [1] - The second type of bond has an issuance scale of RMB 6.3 billion, with a maturity of 231 days and a coupon rate of 1.73% [1] - The bonds are expected to be listed and traded on the Shenzhen Stock Exchange after registration [1]

（ 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（第一期）發行結果的公告》，僅供參閱。 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。 证券代码：000166 证券简称：申万宏源 公告编号：临2025-91 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（第一期）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短期公司债券注 ...

Core Points - The Shenzhen State-Owned Enterprises Shareholder Return Index (470064) closed at 2305.1 points, down 0.29%, with a trading volume of 34.285 billion yuan and a turnover rate of 1.32% [1] - Among the index constituents, 20 stocks rose while 28 stocks fell, with China National Materials Technology leading the gainers at 5.67% and Shenzhen Properties A leading the decliners at 8.41% [1] Index Constituents Summary - The top ten constituents of the Shenzhen State-Owned Enterprises Shareholder Return Index include: - BOE Technology Group (sz000725) with a weight of 9.64%, latest price at 4.05, and total market value of 151.26 billion yuan [1] - Wuliangye Yibin (sz000858) with a weight of 7.95%, latest price at 120.29, and total market value of 466.92 billion yuan [1] - Hikvision (sz002415) with a weight of 7.72%, latest price at 33.29, and total market value of 305.10 billion yuan [1] - Luzhou Laojiao (sz000568) with a weight of 6.53%, latest price at 130.24, and total market value of 191.71 billion yuan [1] - XCMG Machinery (sz000425) with a weight of 6.28%, latest price at 11.37, and total market value of 133.63 billion yuan [1] - Changan Automobile (sz000625) with a weight of 3.87%, latest price at 12.72, and total market value of 126.11 billion yuan [1] - Shenwan Hongyuan (sz000166) with a weight of 3.78%, latest price at 5.46, and total market value of 136.72 billion yuan [1] - Yunnan Aluminum (sz000807) with a weight of 3.45%, latest price at 23.18, and total market value of 80.39 billion yuan [1] - Yanghe Brewery (sz002304) with a weight of 3.27%, latest price at 69.22, and total market value of 104.28 billion yuan [1] - Changchun High & New Technology (sz000661) with a weight of 3.17%, latest price at 117.84, and total market value of 48.07 billion yuan [1] Capital Flow Summary - The net outflow of main funds from the index constituents totaled 0.881 billion yuan, while speculative funds saw a net inflow of 0.65 billion yuan and retail funds a net inflow of 0.231 billion yuan [3] - Notable capital flows include: - Changan Automobile (000625) with a net inflow of 204 million yuan from main funds [3] - Yunnan Copper (000878) with a net inflow of 71.86 million yuan from main funds [3] - Hubei Energy (000883) with a significant net inflow of 44.39 million yuan from main funds [3]

Core Viewpoint - The Shenzhen State-owned Enterprise ESG Index (970055) closed at 1402.3 points on October 24, with a gain of 0.39% and a trading volume of 35.566 billion yuan, indicating a stable performance in the market [1]. Group 1: Index Performance - On the same day, 24 constituent stocks of the index rose, with Deep Technology leading at a 6.01% increase, while 25 stocks declined, with China National Chemical leading the decline at 4.16% [1]. - The turnover rate of the index was 1.02%, reflecting moderate trading activity [1]. Group 2: Constituent Stocks Details - The top ten constituent stocks of the Shenzhen State-owned Enterprise ESG Index are as follows: - Hikvision (sz002415) with a weight of 9.64% and a latest price of 33.29 yuan, down 0.42% [1]. - BOE Technology Group (sz000725) with a weight of 9.31% and a latest price of 4.05 yuan, unchanged [1]. - Wuliangye Yibin (sz000858) with a weight of 8.62% and a latest price of 120.29 yuan, down 0.86% [1]. - Inspur Information (sz000977) with a weight of 7.30% and a latest price of 67.80 yuan, up 3.23% [1]. - Weichai Power (sz000338) with a weight of 6.78% and a latest price of 14.20 yuan, up 0.14% [1]. - AVIC Optoelectronics (sz002179) with a weight of 4.48% and a latest price of 37.45 yuan, up 1.22% [1]. - Shenwan Hongyuan (sz000166) with a weight of 4.14% and a latest price of 5.46 yuan, up 0.55% [1]. - Yunnan Aluminum (sz000807) with a weight of 4.08% and a latest price of 23.18 yuan, up 1.09% [1]. - Changchun High-tech (sz000661) with a weight of 3.73% and a latest price of 117.84 yuan, up 0.16% [1]. - China Merchants Shekou (sz001979) with a weight of 3.31% and a latest price of 9.50 yuan, down 2.56% [1]. Group 3: Capital Flow - The net inflow of main funds into the constituent stocks of the Shenzhen State-owned Enterprise ESG Index totaled 86.5205 million yuan, while the net outflow of speculative funds was 306 million yuan, and the net inflow of retail funds was 21.9 million yuan [1]. - Detailed capital flow for specific stocks shows that Inspur Information had a net inflow of 34.2 million yuan from main funds, while Deep Technology experienced a net outflow of 12.26 million yuan from speculative funds [2].

证券代码：000166 证券简称：申万宏源 公告编号：临2025-91 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（第一期）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短期公司债券注册的批复》（证监许可〔2025〕 2123 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 公开发行面值余额不超过人民币 300 亿元短期公司债券。（相关情况 请详见公司于 2025 年 10 月 9 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 10 月 23 日，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（第一期）（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 76 亿元，其中品种一发行规模 人民币 13 亿元，期限 92 天，票面利率为 1.66%；品种二发行规模人 民 ...

Core Viewpoint - The financial performance of YaoYigou (药易购) for the first three quarters of 2025 shows a slight increase in revenue but significant losses in net profit and cash flow, indicating potential challenges in operational efficiency and profitability [1][2]. Financial Performance Summary - For the first nine months of 2025, the company achieved a revenue of 3.242 billion yuan, representing a year-on-year growth of 0.21% [1][2]. - The net profit attributable to shareholders was -8.36 million yuan, a decline of 159.98% compared to the same period last year, which reported a profit of 13.93 million yuan [1][2]. - The net profit after excluding non-recurring items was -10.15 million yuan, down 208.41% from the previous year's profit of 9.37 million yuan [1][2]. - The net cash flow from operating activities was -114.16 million yuan, a significant decrease of 397.91% compared to the previous year's cash flow of 38.32 million yuan [1][2]. Initial Public Offering (IPO) Details - YaoYigou was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on January 27, 2021, with an issuance of 23.92 million shares at a price of 12.25 yuan per share, raising a total of 293 million yuan [3]. - The net amount raised after deducting issuance costs was 249 million yuan, which was 196 million yuan less than the original plan of 445 million yuan [3]. Previous Year Comparison - In 2024, the company reported a revenue of 4.381 billion yuan, a decrease of 1.12% year-on-year [4]. - The net profit attributable to shareholders for 2024 was 16.36 million yuan, down 72.52% from the previous year [4]. - The net profit after excluding non-recurring items was 12.37 million yuan, a decline of 77.10% compared to the previous year [4]. - The net cash flow from operating activities for 2024 was 128 million yuan, an increase of 210.58% year-on-year [4].

Core Viewpoint - The shipping decarbonization policies from IMO and the EU are becoming more frequent, marking the transition of shipping decarbonization into a practical phase, with low-carbon fuel materials entering a favorable market environment [1][2] Group 1: Policy Developments - The EU will include the shipping industry in its carbon market starting in 2024, imposing fines of 100 EURO/tCO2e for non-compliance, and requires a 2% reduction in carbon emissions by 2025 and an 80% reduction by 2050, with penalties of 642 EURO/tCO2e for violations [2] - The IMO has proposed a net-zero strategy by 2050 and approved a net-zero framework draft in April 2025, establishing a unified carbon price of $380 or $100/tCO2e to significantly promote shipping decarbonization [2] - China is initiating green fuel pilot projects and has set a target for zero net emissions (ZNZ) usage of 5-10% by 2030, with compliance costs expected to drive ZNZ demand [2] Group 2: Supply and Demand Analysis - According to DNV's statistics as of August 2025, the demand for biodiesel, LNG, and green methanol is projected to be approximately 200 million tons, 40 million tons, and 6 million tons respectively, while the supply of ship fuel is only 70,000 tons, 10,000 tons, and 10,000 tons, indicating a severe shortage of low-carbon fuel supply [2] - The compliance costs in the EU are higher than those under the IMO framework and are expected to increase annually, with projected costs for 2025, 2030, 2040, and 2050 being $741, $953, $1649, and $3014 per ton respectively, compared to $525, $583, and $1362 per ton under the IMO framework [2] Group 3: Sector-Specific Insights - Biodiesel is identified as a core decarbonization measure for existing vessels, with a significant increase in biodiesel refueling at Singapore ports since 2022, reflecting a growing demand [3] - The demand for renewable natural gas (RNG) is expected to surge, driven by the IMO's net-zero framework and the potential for green premiums, with historical RNG development being slow due to high costs [4] - The number of methanol ships is rapidly increasing, with current estimates of 406 ships corresponding to a demand of over 800,000 tons of methanol, while global green methanol production capacity is expected to be only 124,000 tons by the end of 2025 [5]