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2022年面向專業投資 者公開發行公司債券（第三期）（品種二）2025年付息公告》，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 北京，2025年8月28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 2025-63 债券代码：148054 债券简称：22 申宏 06 申万宏源集团股份有限公司 20 ...

证券代码：000166 证券简称：申万宏源 公告编号：临 2025-63 债券代码：148054 债券简称：22 申宏 06 申万宏源集团股份有限公司 2022年面向专业投资者公开发行公司债券（第三期） (品种二）2025年付息公告 本公司及全体董事会成员保证公告内容的真实、准确和完整，没 有虚假记载、误导性陈述或者重大遗漏。 特别提示： 1、申万宏源集团股份有限公司 2022 年面向专业投资者公开发行 公司债券（第三期）(品种二）（债券简称：22 申宏 06，债券代码： 148054）将于 2025 年 9 月 1 日支付自 2024 年 8 月 30 日至 2025 年 8 月 29 日期间的利息 3.56 元（含税）/张。 2、本次付息的债权登记日为 2025 年 8 月 29 日，凡在 2025 年 8 月 29 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 8 月 29 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 2022 年 8 月 30 日发行的申万宏源集团股份有限公司 2022 年面向专业投资 者公开发行公司债券（ ...

Group 1 - The core viewpoint is that the aviation industry is expected to benefit from the Civil Aviation Administration's "anti-involution" policy, which may optimize the competitive structure and improve airline profitability in the long term [1] - The global aviation market is experiencing a normalization in growth, with a 5.1% year-on-year increase in global passenger turnover (RPK) in the first half of 2025, driven by higher demand than capacity growth [2] - The U.S. airline industry is stabilizing, with a profit margin of 3.6% in the first half of 2025, reflecting a 0.9 percentage point increase year-on-year, despite a decline in ticket prices [3] Group 2 - The European aviation market faces uncertainties, with ticket prices showing volatility; however, core markets are expected to see improvements in profitability and shareholder returns [4] - In Asia, particularly in Southeast Asia and Japan, passenger traffic continues to grow, with significant increases in airport throughput compared to pre-pandemic levels [5]

Core Viewpoint - The successful issuance of the first phase of technology innovation bonds by China Aluminum Capital Holdings Co., Ltd. reflects strong market recognition of the future prospects of industrial finance, with a total issuance scale of 500 million yuan and an oversubscription rate of 2.24 times [2]. Group 1 - The bond has a term of 3 years and a coupon rate of 2.02%, indicating favorable conditions for investors [2]. - The funds raised will support the group's acceleration in new and future industry layouts, aligning with the company's strategic focus on "four strengths" [2]. - The issuance was facilitated by Shenwan Hongyuan, which proactively planned and tracked market changes to capitalize on the supportive policies from the People's Bank of China and the China Securities Regulatory Commission [2]. Group 2 - This project marks a significant achievement for Shenwan Hongyuan in expanding its presence in the central enterprise market, strengthening its partnership with China Aluminum Capital Holdings Co., Ltd. [3]. - The collaboration lays a solid foundation for providing comprehensive financial services to the company in the future [3].

Core Viewpoint - The recent transaction between CICC and Shenwan Hongyuan Securities marks the first interbank market contract-based credit derivative transaction linked to Total Loss Absorbing Capacity (TLAC) non-capital bonds, facilitated by Shanghai Clearing House, which supports the development of a multi-tiered bond market [1][2]. Group 1 - The transaction enhances the price discovery, risk management, and credit release functions of credit derivatives, improving the issuance efficiency of TLAC non-capital bonds in the primary market and increasing trading activity in the secondary market [1]. - This initiative is a significant step in expanding the types of underlying assets for interbank contract-based credit derivatives, which now include a wide range of instruments such as interbank certificates of deposit, financial bonds, panda bonds, sci-tech bonds, green bonds, and non-financial corporate debt financing tools [2]. - Shanghai Clearing House aims to continue fostering the credit derivatives market under the guidance of the People's Bank of China, focusing on product innovation and mechanism optimization to support various institutions in managing risks effectively [2].

Core Points - The company will close the Yixing Huankeyuan New Town Road Securities Business Department and migrate all clients to the Yixing Yangquan Middle Road Securities Business Department [1][2] - Clients' account numbers, trading passwords, and fund passwords will remain unchanged after the migration, ensuring no disruption in trading and fund transfers [1][2] - Clients who do not agree to the migration must complete account closure procedures within three working days [2] Summary by Sections - **Closure Announcement**: The company is closing the Yixing Huankeyuan New Town Road Securities Business Department, with operations ceasing at the specified location [1] - **Client Migration**: All clients will be transferred to the Yixing Yangquan Middle Road Securities Business Department, with services continuing seamlessly [1][2] - **Account Information**: Clients' existing account details will remain the same post-migration, ensuring continuity in service [1][2] - **Opt-Out Procedure**: Clients wishing to opt out of the migration must act within three working days to close their accounts [2] - **Contact Information**: The company provides multiple contact options for clients with questions regarding the closure and migration process [2]

Group 1 - The core viewpoint indicates that Shenwan Hongyuan has an excellent competitive moat within the industry, suggesting strong positioning against competitors [1] - The company's profitability is described as average, indicating that while it has a solid market position, its profit margins may not be particularly high [1] - Revenue growth is also characterized as average, implying that the company is not experiencing significant growth compared to industry standards [1] - Overall, the fundamental analysis across various dimensions suggests that the stock price is reasonable, indicating a balanced valuation [1]

Core Viewpoint - The analysis indicates that Shenwan Hongyuan possesses an excellent competitive moat within the industry, while its profitability and revenue growth are considered average, leading to a conclusion that the stock price is reasonable based on various fundamental dimensions [1] Group 1 - The competitive moat of Shenwan Hongyuan is rated as excellent, suggesting strong positioning against competitors [1] - Profitability of the company is described as average, indicating potential challenges in maximizing profit margins [1] - Revenue growth is also characterized as average, reflecting a stable but not exceptional growth trajectory [1] - Overall, the fundamental analysis suggests that the current stock price is justified based on the company's performance metrics [1]

Core Viewpoint - Guangzhou Shiyuan Electronic Technology Co., Ltd. reported a revenue increase of 4.39% year-on-year for the first half of 2025, but net profit decreased by 19.66% due to rising raw material costs and changes in product revenue structure [2][3]. Financial Performance - The company achieved operating revenue of 10.565 billion yuan in the first half of 2025, with a year-on-year growth of 4.39% [2]. - The comprehensive gross profit margin decreased by 1.38 percentage points year-on-year, while gross profit slightly declined [2]. - Net profit attributable to shareholders was 398 million yuan, down 19.66% year-on-year, with a significant drop of 39.72% in net profit excluding non-recurring gains and losses [2]. Business Segments - In the smart control components sector, revenue from LCD display main control boards was 3.083 billion yuan, down 7.26% due to decreased shipments from major TV customers [3]. - Revenue from home appliance controllers increased by 66.43% to 1.299 billion yuan, driven by rising orders [3]. - The automotive electronics business showed steady growth, while the power electronics sector made breakthroughs in market expansion [3]. - In the smart terminal and application sector, domestic education business saw good revenue growth, with the establishment of 19 key application demonstration areas covering over 3,000 schools [3]. - MAXHUB brand revenue declined by 13.63% to 567 million yuan due to supply chain management changes and weak offline market demand [3]. - LED display revenue grew by 52.26%, while overseas ODM business revenue faced pressure, decreasing by 23.69% [3]. Future Outlook - The company is committed to integrating AI with education, with products improving teacher preparation efficiency by 50% [4]. - The education AI product market is expected to grow rapidly, supported by a large user base and significant demand for classroom transformation [4]. - The robotics sector is seeing breakthroughs, with new products entering European, Southeast Asian, and Japanese markets [4]. - The company plans to maintain a research and development investment intensity of around 7%, focusing on core areas and emerging fields [4].

证券之星估值分析提示申万宏源行业内竞争力的护城河优秀，盈利能力一般，营收成长性一般，综合基 本面各维度看，股价合理。更多>> ...