Summary of Key Points Group 1: New Listings and Fundraising - In January 2025, a total of 12 companies were newly listed on the Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange, with the highest number of new listings on the Sci-Tech Innovation Board and the Growth Enterprise Market, totaling 4 each [1] - The total fundraising amount for these 12 newly listed companies reached 7.102 billion yuan, with Xingfu Electronics leading the fundraising at 1.168 billion yuan [1] - Haibo Sichuang and Tianhe Magnetic Materials ranked second and third in fundraising, raising 861 million yuan and 813 million yuan respectively [1] Group 2: Underwriting and Sponsorship Fees - Thirteen securities firms participated in the underwriting and sponsorship of the new listings, collectively earning underwriting fees of 539 million yuan [1] - CITIC Securities ranked first in underwriting fees for January 2024, earning 71.357 million yuan, having sponsored the listings of Sikan Technology and Saifen Technology [1] - Shenwan Hongyuan and Dongxing Securities ranked second and third in underwriting fees, earning 66.467 million yuan and 64.664 million yuan respectively [1] Group 3: Additional Underwriters - The top five securities firms earned a total of 307 million yuan in underwriting fees, accounting for 57% of the total underwriting fees for January [2] - Ping An Securities, Huatai United Securities, Zhongtai Securities, and China Galaxy Securities ranked sixth to ninth in underwriting fees, with earnings of 34.753 million yuan, 34.012 million yuan, 33.236 million yuan, and 29.781 million yuan respectively [2] - Ping An Securities sponsored the listing of Yalian Machinery, while Huatai United Securities sponsored Junwei Electronics [2]

证券代码：000166 证券简称：申万宏源 公告编号：临 2025-2 申 万 宏 源 集 团 股 份 有 限 公 司 关于为全资子公司提供担保事项的进展公告 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。 一、担保情况概述 申万宏源集团股份有限公司（以下简称"公司"）拟为全资子公 司宏源恒利（上海）实业有限公司（以下简称"宏源恒利"）提供人 民币伍仟万元整的不可撤销连带责任保证担保。 2025 年 1 月 23 日，公司与平安银行股份有限公司上海分行（以 下简称"平安银行上海分行"）为宏源恒利办理综合授信业务签署了 相关担保合同。 公司于 2024 年 11 月 26 日、2024 年 12 月 19 日分别召开董事 会、股东大会审议通过了《关于为宏源恒利（上海）实业有限公司提 供担保的议案》，同意公司在不超过人民币 60,000 万元的额度内（含 已生效未到期的银行授信金额），为宏源恒利对外融资提供担保。详 见公司于 2024 年 11 月 27 日、2024 年 12 月 20 日在《中国证券报》 《证券时报》《上海证券报》及巨潮资讯网（www.cnin ...

证券代码：000166 证券简称：申万宏源 公告编号：临2025-1 特此公告。 申万宏源集团股份有限公司董事会 二〇二五年一月二十二日 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 1 月 21 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 （第一期）（品种一）（以下简称"本期债券"），发行规模人民币 50 亿元，票面利率 2.80%，期限 3 年，债券代码 149789，债券简称 22 申证 01。（相关情况请详见公司于 2022 年 1 月 22 日、1 月 28 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1月21日，摘牌日为2025年1月21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（第一期）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 2 ...

Group 1: Company Strategy and Market Positioning - The company focuses on enhancing the quality of listed companies and supporting long-term capital inflow into the market, aligning with national policies for capital market development [2] - As a state-owned comprehensive securities company, it aims to serve as a gatekeeper for the capital market and a provider of direct financing services [2] - The company is committed to balancing functionality and profitability while adapting to new productive forces and enhancing professional capabilities [2] Group 2: Business Development and Innovations - The company has actively participated in the "Securities, Fund, and Insurance Company Swap Facility" initiative, becoming one of the first 20 financial institutions to receive approval for this business [3] - It emphasizes a customer-centric approach in its investment banking services, focusing on enhancing core competencies in capital, pricing, sales, collaboration, risk control, and technology [3] - The company is transitioning towards client-based trading and capital intermediary services to achieve high-quality business development [4] Group 3: Asset Management and Investment Strategies - The asset management business will focus on improving product performance and strengthening core responsibilities through a dual-driven model of fixed income and equity/derivative products [4] - The company aims to enhance its investment advisory and product creation capabilities to better serve client needs while adhering to a principle of low volatility and absolute returns in its equity and derivative business lines [4] - Continuous improvement in research capabilities and product offerings is essential for delivering stable and favorable investment returns to clients [4]

Group 1 - The China Securities Regulatory Commission (CSRC) has issued a warning letter to Hongyuan Futures Co., Ltd. for failing to establish and maintain a comprehensive compliance management, risk management, and internal control system covering its subsidiaries and their operations [1][2] - Hongyuan Futures, a wholly-owned subsidiary of Shenwan Hongyuan (000166.SZ), violated Article 51 of the Futures Company Supervision and Administration Measures, which mandates the establishment of a robust risk management framework [2] - The regulatory action taken by the Beijing Securities Regulatory Bureau is based on Article 109 of the same measures, allowing for administrative supervision measures such as warning letters for violations [2]

申万宏源集团股份有限公司董事会 二〇二四年十二月三十日 证券代码：000166 证券简称：申万宏源 公告编号：临2024-89 公司所属子公司申万宏源证券有限公司于 2021 年 12 月 27 日发 行申万宏源证券有限公司 2021 年面向专业投资者公开发行次级债券 （第三期）（品种二）（以下简称"本期债券"），发行规模人民币 12 亿元，票面利率 3.20%，期限 3 年，债券代码 149762，债券简称 21 申证 C4。（相关情况请详见公司于 2021 年 12 月 29 日、12 月 31 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2024年12月27日，摘牌日为2024年12月27日， 申万宏源证券有限公司已按照《申万宏源证券有限公司2021年面向专 业投资者公开发行次级债券（第三期）募集说明书》相关约定，完成 本期债券本息兑付并予以摘牌。 特此公告。 申 万 宏 源 集 团 股 份 有 限 公 司 关于申万宏源证券有限公司 2021 年面向专业投资者公开发 行次级债券（第三期）（品种二）兑付兑息并摘牌的公告 本公 ...

Core Viewpoint - The Xinjiang Securities Regulatory Bureau has issued a warning letter to Shenwan Hongyuan Securities Co., Ltd. for inadequate due diligence and non-compliance with regulatory requirements in its role as the lead underwriter for the "23 Xin Hua 01" corporate bond of Xinjiang Zhongtai Chemical Co., Ltd. [1][24] Group 1 - Shenwan Hongyuan Securities failed to properly verify the issuer's non-operating receivables, trade revenue, and the use of previously raised funds [1][24] - The due diligence work papers were found to be non-compliant with the "Guidelines for Due Diligence in Corporate Bond Underwriting" (2020 revision) and other relevant regulations [1][24][18] - The company is required to submit a written rectification report to the Xinjiang Securities Regulatory Bureau within 15 days of receiving the decision [8][23] Group 2 - Shenwan Hongyuan Securities is a wholly-owned subsidiary of Shenwan Hongyuan Group Co., Ltd. [2] - The regulatory decision will be recorded in the securities and futures market integrity file of the company [24][23] - The company is advised to enhance its understanding of securities laws and regulations and improve its professional quality [8][23]

Summary of Conference Call Notes Industry or Company Involved - The notes primarily focus on the **Chinese economy** and **local government debt management** strategies, particularly regarding the **new round of large-scale debt resolution**. Core Points and Arguments 1. **New Round of Large-Scale Debt Resolution**: A new round of large-scale debt resolution has been initiated, characterized by three main differences compared to previous rounds: clearer mechanisms, enhanced regulatory collaboration, and more targeted approaches [34][84][101]. 2. **Debt Management Mechanism**: The debt resolution mechanism is more transparent and stable, with a total debt amount approved at once and allocated annually based on local government debt levels [84][101]. 3. **Special Bonds Issuance**: As of late December 2024, the issuance of new replacement bonds has been largely completed, with significant amounts allocated to special refinancing bonds [63][75][101]. 4. **Longer Maturity of Bonds**: The current round of special refinancing bonds has a significantly longer maturity, with 53% of general bonds issued in 2024 having a 10-year maturity, an increase of nearly 33 percentage points from 2023 [75][97]. 5. **Focus on Economic Growth**: The current debt resolution strategy not only aims to mitigate risks but also to promote economic growth, particularly in economically significant provinces like Jiangsu and Shandong [84][101]. 6. **Support for Underdeveloped Regions**: The issuance of special refinancing bonds has increased in central and western regions, indicating a focus on supporting underdeveloped areas [99][101]. 7. **Government's Role in Debt Management**: The government emphasizes the importance of resolving enterprise debt issues, which is crucial for improving the business environment and economic recovery [59][71][101]. Other Important but Possibly Overlooked Content 1. **Regulatory Oversight**: The government is enhancing oversight of local government debt management, including stricter regulations on the use of special bonds and the establishment of a negative list for bond allocation [71][73]. 2. **Administrative Law Enforcement**: There are ongoing efforts to standardize administrative law enforcement to prevent abuse of discretion and ensure fair treatment across different regions [71][73]. 3. **Impact on M1 Growth**: The rapid issuance of bonds and the expected improvement in cash flow for enterprises may positively impact M1 growth in early 2025 [65][101]. 4. **Sector-Specific Benefits**: Industries such as military electronics, environmental infrastructure, and pharmaceutical commerce are expected to benefit more from the current debt resolution efforts due to their high accounts receivable ratios [25][101]. This summary encapsulates the key insights from the conference call, focusing on the strategic direction of local government debt management and its implications for the broader economy.

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。 证券代码：000166 证券简称：申万宏源公告编号：临2024-88 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（第五期） 在深圳证券交易所上市的公告 特此公告。 申万宏源集团股份有限公司董事会 二〇二四年十二月二十三日 公司所属子公司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（第五期）（以下简称"本期债券"）发行工作 于 2024 年 12 月 16 日结束，本期债券发行规模为人民币 20 亿元，其 中品种一发行规模为人民币 6 亿元，期限 162 天，票面利率为 1.71%； 品种二发行规模为人民币 14 亿元，期限 301 天，票面利率为 1.73%。 （相关情况请详见公司于 2024 年 12 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 上刊登的公 告） 经深圳证券交易所审核，本期债券定于 2024 年 12 月 20 日起在 深圳证券交 ...

Group 1 - The event aimed to enhance practical skills and professional qualities of students through industry-education integration and collaboration between the financial college and local securities firm [1][4] - A career planning session was organized, where industry professionals provided valuable advice on career choices, development paths, and skill enhancement, including insights on regulatory practices and awareness of financial fraud [2][4] - The educational base staff presented an overview of the securities market, its history, and trading rules, helping students gain a clearer understanding of market operations and broadening their knowledge in finance [3][4] Group 2 - A knowledge quiz was conducted to engage students actively, reinforcing their learning in a fun and interactive manner, which contributed to a lively atmosphere [4] - The successful execution of the event provided students with a valuable opportunity to connect with the financial industry and established a solid platform for further collaboration between the securities firm and local financial institutions [4]