北京，2025年10月22日 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2023年面向專業投資者公開發行次級債券（第三期）（續發行）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 申万宏源集团股份有限公司董事会 二〇二五年十月二十二日 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 ...

Core Points - The Shenzhen State-Owned Enterprises ESGR Index (470055) closed at 1592.08 points, down 0.02%, with a trading volume of 30.197 billion yuan and a turnover rate of 0.94% [1] - Among the index constituents, 24 stocks rose while 21 fell, with Tongyu Heavy Industry leading the gainers at 3.95% and Guangdong Hongda leading the decliners at 5.35% [1] Index Constituents Summary - The top ten constituents of the Shenzhen State-Owned Enterprises ESGR Index are as follows: - Hikvision (sz002415): Weight 9.64%, Latest Price 33.47, Change 2.73%, Market Cap 306.748 billion yuan, Industry: Computer [1] - BOE Technology Group (sz000725): Weight 9.31%, Latest Price 4.02, Change 0.00%, Market Cap 150.404 billion yuan, Industry: Electronics [1] - Wuliangye Yibin (sz000858): Weight 8.62%, Latest Price 120.10, Change -0.35%, Market Cap 466.181 billion yuan, Industry: Food & Beverage [1] - Inspur Information (sz000977): Weight 7.30%, Latest Price 66.52, Change -1.03%, Market Cap 97.926 billion yuan, Industry: Computer [1] - Weichai Power (sz000338): Weight 6.78%, Latest Price 14.63, Change 0.34%, Market Cap 127.480 billion yuan, Industry: Automotive [1] - AVIC Optoelectronics (sz002179): Weight 4.48%, Latest Price 37.17, Change -1.43%, Market Cap 78.736 billion yuan, Industry: Defense [1] - Shenwan Hongyuan (sz000166): Weight 4.14%, Latest Price 5.37, Change 0.00%, Market Cap 134.464 billion yuan, Industry: Non-Bank Financial [1] - Yunnan Aluminum (sz000807): Weight 4.08%, Latest Price 22.18, Change 0.82%, Market Cap 76.919 billion yuan, Industry: Nonferrous Metals [1] - Changchun High & New Technology (sz000661): Weight 3.73%, Latest Price 119.11, Change -0.97%, Market Cap 48.589 billion yuan, Industry: Pharmaceuticals [1] - China Merchants Shekou (sz001979): Weight 3.31%, Latest Price 9.88, Change -1.50%, Market Cap 89.521 billion yuan, Industry: Real Estate [1] Capital Flow Analysis - The net outflow of main funds from the ESGR index constituents totaled 340 million yuan, while retail investors saw a net inflow of 126 million yuan [1] - The detailed capital flow for key stocks includes: - Hikvision: Main net inflow 374 million yuan, retail net outflow 29.5 million yuan [2] - Zhongcai Technology: Main net inflow 141 million yuan, retail net outflow 18.8 million yuan [2] - Yunnan Aluminum: Main net inflow 137 million yuan, retail net outflow 121 million yuan [2] - Weichai Power: Main net inflow 27.6 million yuan, retail net outflow 2.33 million yuan [2]

证券代码：000166 证券简称：申万宏源 公告编号：临2025-89 申 万 宏 源 集 团 股 份 有 限 公 司 关于申万宏源证券有限公司 2023 年面向专业 投资者公开发行次级债券（第三期）（续发行） 在深圳证券交易所上市的公告 二〇二五年十月二十二日 本期续发行债券的发行工作已于 2025 年 10 月 16 日结束，发行 规模为人民币 29 亿元，发行价格为 106.194 元。（相关情况请详见公 司于 2025 年 10 月 18 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 刊登的公告） 经深圳证券交易所审核，本期续发行债券定于 2025 年 10 月 21 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， 全称为"申万宏源证券有限公司 2023 年面向专业投资者公开发行次 级债券（第三期）"，债券简称为"23 申证 C4"，债券代码为"148540"， 保持不变。 特此公告。 申万宏源集团股份有限公司董事会 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。 公司所属申万宏源证券有限 ...

Core Viewpoint - The express delivery industry in China is experiencing a growth in business volume and revenue, driven by a reduction in internal competition and an increase in pricing [1][2][4] Industry Summary - According to the National Postal Bureau's report, the express delivery business volume is expected to grow by approximately 12% year-on-year in September, while revenue is projected to increase by around 7% year-on-year [1][2] - The average revenue per package in September is estimated at 7.58 yuan, reflecting a month-on-month increase of 3% [1][2] - The trend of reducing internal competition is leading to a continuous rise in express delivery prices across the country [2][4] Company Performance - YTO Express achieved a business volume of 2.627 billion packages in September, a year-on-year increase of 13.64%, with a revenue per package of 2.21 yuan, up 1.4% [1] - Shentong Express reported a business volume of 2.187 billion packages, a year-on-year increase of 9.46%, with a revenue per package of 2.12 yuan, up 4.95% [1] - Yunda Express completed a business volume of 2.110 billion packages, a year-on-year increase of 3.63%, with a revenue per package of 2.02 yuan, up 0.50% [1] Profitability Outlook - The third quarter is expected to show initial profit recovery for express delivery companies due to price increases, with a focus on profit elasticity in the fourth quarter [4][5] - The industry is entering a new phase of reducing internal competition, with potential implications for pricing and profitability [5] Investment Recommendations - Companies with significant profit elasticity such as Shentong Express (002468.SZ) and YTO Express (600233.SH) are recommended for investment, along with J&T Express (01519) benefiting from Southeast Asian e-commerce growth [6]

Market Overview - On October 21, the securities sector rose by 0.89% compared to the previous trading day, with Tianfeng Securities leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Individual Stock Performance - Tianfeng Securities (601162) closed at 5.38, with a gain of 5.70% and a trading volume of 9.26 million shares, amounting to a turnover of 5.017 billion [1] - Guosheng Financial Holdings (002670) closed at 21.94, up 3.10%, with a trading volume of 1.0592 million shares [1] - Changjiang Securities (000783) closed at 8.45, increasing by 2.67%, with a trading volume of 1.5026 million shares [1] - Dongfang Fortune (300059) closed at 25.36, up 1.36%, with a trading volume of 2.9742 million shares, resulting in a turnover of 7.531 billion [1] Capital Flow Analysis - The net inflow of main funds in the securities sector was 1.436 billion, while retail funds experienced a net outflow of 0.607 billion [2][3] - Tianfeng Securities saw a net inflow of 1.18 billion from main funds, but a net outflow of 0.655 billion from retail investors [3] - Dongfang Fortune had a net inflow of 294 million from main funds, with retail investors experiencing a net outflow of 130 million [3]

Group 1 - The core viewpoint of the news is that Shenwan Hongyuan's stock has shown a modest increase in price and trading activity, indicating positive market sentiment towards the company [1] - As of October 21, Shenwan Hongyuan's stock price rose by 2.07% to 5.43 CNY per share, with a total market capitalization of 135.97 billion CNY [1] - The company has seen a net inflow of 37.28 million CNY from major funds, with significant buying activity from large orders [1] Group 2 - Shenwan Hongyuan's main business segments include institutional services and trading (43.86%), personal finance (35.58%), and corporate finance (15.31%) [1] - The company reported a net profit of 4.284 billion CNY for the first half of 2025, representing a year-on-year growth of 101.32% [2] - Cumulative cash distributions since the A-share listing amount to 17.23 billion CNY, with 3.73 billion CNY distributed in the last three years [3]

Core Viewpoint - Chinese brokerage stocks have collectively rebounded, with significant increases in share prices across various firms, indicating a positive market sentiment and potential recovery in the sector [1]. Group 1: Stock Performance - As of the latest update, brokerage stocks have seen gains exceeding 5%, 4%, and 3% respectively [1]. - Notable stock performances include: - Zhongdeng Company: Latest price at 22.240, up by 5.30%, with a trading volume of 402 million [2]. - CITIC Construction Investment Securities: Latest price at 13.780, up by 4.24%, with a trading volume of 77.8149 million [2]. - Huatai Securities: Latest price at 20.800, up by 3.69%, with a trading volume of 98.0652 million [2]. Group 2: Earnings Forecasts - Dongwu Securities announced an earnings forecast, expecting a net profit attributable to shareholders of 2.748 billion to 3.023 billion for the first three quarters of 2025, representing a year-on-year growth of 50% to 65% [2]. - Dongguan Securities, a non-listed brokerage, projected total operating revenue for the first three quarters of this year to be between 2.344 billion and 2.591 billion, reflecting a year-on-year increase of 44.93% to 60.18% [2]. - The net profit forecast for Dongguan Securities is estimated to be between 862 million and 953 million, indicating a year-on-year growth of 77.77% to 96.48% [2]. Group 3: Market Trends and Valuation - According to Founder Securities, the brokerage sector is experiencing a clear trend of fundamental recovery in a high trading environment, with net profit growth expected to accelerate to 70% in the third quarter [2]. - The overall net profit for the brokerage sector is projected to increase by 54% year-on-year for the entire year, with current valuations not aligning with the improving performance, suggesting ample room for valuation adjustments [2].

Core Viewpoint - Shenwan Hongyuan is committed to serving the financial sector and contributing to the construction of a financial powerhouse, aligning with national policies and focusing on innovation and excellence [1]. Group 1: Service to Technology Finance - Shenwan Hongyuan launched the first technology innovation fund in Xinjiang, with an initial scale of 500 million yuan, aimed at supporting the growth of technology enterprises in the region [4]. - The company assisted TCL Technology Group in completing a major asset acquisition project with a total transaction value of 11.562 billion yuan, marking the largest equity purchase in the electronics sector since 2021 [5]. - In Q3, Shenwan Hongyuan helped various companies issue a total of 12.5 billion yuan in technology innovation bonds, including 6 billion yuan for the National Oil and Gas Pipeline Group [7]. - The company supported Tianyue Advanced Technology in successfully listing on the Hong Kong Stock Exchange, raising approximately 2.044 billion HKD [8]. Group 2: Service to Green Finance - Shenwan Hongyuan acted as the lead underwriter for Hebei Bank's successful issuance of 5 billion yuan in green financial bonds, with a 3-year term and a low coupon rate of 1.83% [10]. - The company facilitated the issuance of the first green technology innovation REITs in the market, with a scale of 1.406 billion yuan, marking a significant milestone in the steel industry [11]. Group 3: Service to Digital Finance - Shenwan Hongyuan assisted Health 160 in its successful listing on the Hong Kong Stock Exchange, raising 400 million HKD, focusing on digital healthcare services [13]. Group 4: Service to External Opening - Shenwan Hongyuan participated in the 25th China International Investment Trade Fair, showcasing its commitment to the financial powerhouse strategy and internationalization efforts [16]. Group 5: Service to Regional Finance - The company established a listing service station in Xuhui District to provide tailored services for technology enterprises seeking to go public [19]. - Shenwan Hongyuan collaborated with China Gezhouba Group to issue 3 billion yuan in technology innovation bonds to support the western development strategy [20]. - The company invested 492 million yuan in a city renewal project in Shunyi District, Beijing, aimed at transforming the area into a new commercial landmark [22].

Core Viewpoint - The global wealth management market is undergoing significant changes, with a shift towards diversified asset allocation and increased demand for innovative financial products to meet evolving investor needs [4][6][8]. Group 1: Market Trends - Major financial institutions are increasing their focus on wealth and asset management, with some international investment banks deriving over 50% of their revenue from these sectors [4]. - Chinese household wealth has seen exponential growth over the past two decades, with investable assets exceeding 300 trillion RMB, positioning China as the second-largest high-net-worth population globally [4]. - The asset allocation structure of Chinese households is transitioning from a heavy reliance on real estate to a more diversified approach, with equities and funds now representing approximately 15% of financial assets [4]. Group 2: Investment Product Supply - The current financial product offerings do not adequately meet the diverse investment needs of residents, particularly in innovative areas such as green finance, cross-border ETFs, and derivatives [6]. - There is a growing demand for stable investment products, but existing offerings primarily rely on fixed-income assets, lacking the integration of commodities, alternative assets, and quantitative strategies [6][10]. - The cross-border investment channels, while improved, still fall short in terms of convenience and coverage, with only 41 mutual funds available for public sale in mainland China as of September 2025, totaling around 240 billion RMB [6]. Group 3: Wealth Management Service Layering - There is a notable deficiency in the supply of inclusive investment products for ordinary investors, with wealth management institutions exploring offerings for high-net-worth individuals but lacking a mature tiered service system [7][12]. - The wealth management market is becoming increasingly digital and personalized, necessitating the development of innovative products that resonate with younger investors' values and preferences [12][14]. Group 4: Recommendations for Improvement - To enhance the financial market's ability to serve wealth management needs, there is a call to accelerate the diversification of directly investable assets and product types, particularly in ETFs and green financial products [9]. - Expanding product strategies to create a comprehensive product system that covers all asset classes and strategies is essential, including the development of index futures and options markets [10]. - Strengthening cross-border product offerings and mechanisms is crucial to meet the growing demand for global asset allocation among residents [11]. Group 5: Future Directions - The company aims to collaborate with various asset management institutions to enhance product interconnectivity and service quality, focusing on areas like pension finance and inclusive finance [15]. - Emphasizing a diverse product range that caters to different risk preferences and market views will be key to improving investor experience and satisfaction [15].

Core Viewpoint - Shenwan Hongyuan Securities Co., Ltd. maintains its "25 Shen D11" rating at AAA/A-1 with a stable outlook, reflecting its strong market position and financial health [1] Group 1: Company Strengths - The company is recognized as one of the large comprehensive mainstream securities firms in the country, possessing strong shareholder backing and brand influence [1] - It has established a diversified business system with numerous branches, consistently ranking in the top tier of the industry across multiple business lines [1] - The company has demonstrated good governance, achieving an AA regulatory rating from 2022 to 2024, indicating effective risk control capabilities [1] Group 2: Financial Performance - Since 2022, the company's profitability has remained robust, showcasing strong financial performance [1] - As of June 2025, the company is expected to have strong capital strength, good capital adequacy, and high leverage levels, with overall liquidity indicators performing well [1] Group 3: Debt and Liquidity Management - The report highlights the company's debt structure and liquidity management, noting that its debt is primarily short-term, which necessitates ongoing attention to liquidity management [1]