智通财经APP讯，申万宏源(06806)发布公告，2025年9月15日，申万宏源证券有限公司2025年面向专业 投资者公开发行次级债券(第一期)完成发行工作。本期债券发行规模人民币30亿元，其中品种一发行规 模人民币20亿元，期限为3年，票面利率为2.15%;品种二发行规模人民币10亿元，期限为5年，票面利率 为2.24%。本期债券登记完成后拟于深圳证券交易所上市交易。 ...

Core Viewpoint - Shenwan Hongyuan Securities Co., Ltd. has received approval to publicly issue subordinated bonds totaling up to RMB 20 billion to professional investors [1] Group 1: Bond Issuance Details - The company completed the issuance of subordinated bonds on September 15, 2025, with a total issuance scale of RMB 3 billion [1] - The first type of bond has an issuance scale of RMB 2 billion, a term of 3 years, and a coupon rate of 2.15% [1] - The second type of bond has an issuance scale of RMB 1 billion, a term of 5 years, and a coupon rate of 2.24% [1] Group 2: Regulatory Approval - The issuance is based on the approval from the China Securities Regulatory Commission, allowing the company to issue subordinated bonds to professional investors [1] - The approval reference number is 2025-1557 [1] Group 3: Listing Information - The bonds are expected to be listed and traded on the Shenzhen Stock Exchange after registration is completed [1]

Group 1 - The core point of the article is that Shenwan Hongyuan Securities Co., Ltd. has successfully completed the issuance of subordinated bonds aimed at professional investors, with a total issuance scale of RMB 3 billion [1] Group 2 - The first type of bond has an issuance scale of RMB 2 billion, a maturity of 3 years, and a coupon rate of 2.15% [1] - The second type of bond has an issuance scale of RMB 1 billion, a maturity of 5 years, and a coupon rate of 2.24% [1] - The bonds are expected to be listed and traded on the Shenzhen Stock Exchange after registration [1]

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。 北京，2025年9月16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2025-74 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 投资者公开发行次级债券（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。 （ 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 ...

Group 1 - The core viewpoint is that the recent adjustment pressure in the bond market is largely preparing for a potential rally around the end of 2024 [1] - Currently, the bond market is likely still in a phase of returning to reasonable valuation levels [1]

Core Viewpoint - The current credit bond market remains favorable for capital, with high carry space observed this year, suggesting that mid-to-short term carry leverage strategies may continue to be advantageous [1] Group 1 - The chief analyst of fixed income at Shenwan Hongyuan, Huang Weiping, indicated that as of September 16, the funding environment for credit bonds is still positive [1] - The carry space is at a high level compared to earlier this year, which supports the attractiveness of carry strategies [1] - Mid-to-short term carry leverage strategies are likely to remain dominant in the current market conditions [1]

证券代码：000166 证券简称：申万宏源 公告编号：临2025-74 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 投资者公开发行次级债券（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次级债券注册的批复》（证监许可〔2025〕1557 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 发行面值总额不超过人民币 200 亿元次级债券。（相关情况请详见公 司于 2025 年 8 月 5 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 9 月 15 日，申万宏源证券有限公司 2025 年面向专业投 资者公开发行次级债券（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 30 亿元，其中品种一发行规模人民 币 20 亿元，期限为 3 年，票面利率为 2.15%；品种二发行规模人民 币 10 亿元，期限为 ...

Core Insights - The market is warming up in 2025, leading to significant performance growth among brokerage firms, prompting many professionals to transition to listed companies [2] - Since July 2025, nearly 20 brokerage personnel have moved to listed companies, taking on key roles such as secretaries and financial directors [2] Group 1: Transition of Brokerage Professionals - Notable transitions include Tong Hongjie from CITIC Securities to Gobi Jia as the board secretary, highlighting a common career path from underwriting to corporate roles [3] - Ma Wei, previously with Shenwan Hongyuan, also transitioned to Longji Logistics as the board secretary, showcasing the trend of brokerage professionals moving into executive positions [3][4] - Zhao Rui from Shenwan Hongyuan became the board secretary of Jin Hong Holdings in July 2025, further illustrating this trend [4] Group 2: Financial Director Transitions - Wang Qiaoqiao transitioned from CITIC Securities to Hongwei Technology as the financial director, indicating a longer accumulation of experience before assuming this role [5] - Hu Jingbao, formerly with Guotai Junan, was appointed financial director of Saiwei Microelectronics, demonstrating a similar trajectory of moving from brokerage to corporate finance [6] Group 3: Younger Professionals in Transition - The trend of younger professionals, particularly those born in the 1990s, entering corporate roles is increasing, with individuals like Zhao Rui and Zhang Jinyuan making notable transitions [7] - The experience in brokerage firms, especially in IPO projects, is valued by listed companies, aiding these younger professionals in their integration into corporate environments [7] Group 4: Broader Trends in Career Transitions - The trend of brokerage professionals transitioning to various fields, including public service and entrepreneurship, is becoming more common, reflecting a shift in career aspirations [8] - The current challenges in the financial industry are prompting many young professionals to seek opportunities outside traditional brokerage roles [8]

Core Viewpoint - Xiamen Yanjing New Materials Co., Ltd. has attracted significant attention from the capital market, as evidenced by recent institutional research activities, indicating strong investor interest in the company's development [1] Group 1: Company Overview - The company specializes in surface materials for disposable hygiene products, with a focus on 3D perforated non-woven fabric used in high-end diapers [1] - Since its listing, the company's main business has remained stable, establishing good partnerships with well-known brands and setting up overseas production bases in Egypt, the USA, and India since 2017 to cater to different markets [1] - The company is advancing its strategy of "exchanging technology for efficiency," deepening its domestic and international market presence, and launching high-end products, resulting in steady growth in operating scale [1] Group 2: Key Insights from Investor Relations Activity - Order expectations indicate steady growth in domestic orders, with optimistic growth in overseas demand, particularly for perforated hot air non-woven fabric [2] - The top two customers remain stable, while there have been changes among the third to fifth largest customers since 2023 [2] - The trend for hot air non-woven fabric is increasing, as the market penetration of perforated hot air non-woven fabric products rises due to e-commerce, leading to significant sales growth starting in 2025 [2] - Current production capacity includes approximately 15,000 to 20,000 tons/year for PE perforated film and 60,000 to 65,000 tons/year for hot air non-woven fabric [2] - The company's gross margins for hot air non-woven fabric and perforated non-woven fabric are generally stable, influenced by production costs and market positioning, with proprietary technologies providing a competitive edge [2] - The company is one of the few Chinese enterprises recognized as global brand suppliers with overseas supply chains, having taken 7 to 8 years to gain customer acceptance [2] - Tax rates are 15% for the parent company (high-tech enterprise), 22% for Egypt, and 18% to 20% for India/USA; the debt ratio is around 50%, with limited probability of significant increases in the future [2] - The company generates an annual operating cash flow of 100 to 200 million and has maintained positive net cash flow in recent years, planning to choose suitable financing methods for large capital expenditures [2] - The company has a unique R&D advantage, engaging in joint R&D with customers and developing its own process equipment [2]

（於中華人民共和國註冊成立的股份有限公司） (A joint stock company incorporated in the People's Republic of China with limited liability) Stock Code 股份代號 : 6806.HK 000166.SZ 公司制定2025年度利潤分配方案時，將考慮本次已派發的中期利潤分配金額。如在本利潤分配方案披露之日起至 實施權益分派股權登記日期間，公司總股本發生變動的，公司擬維持分配總額不變，相應調整每股分配比例。 此預案尚需提請公司股東大會審議批准。 2025 INTERIM REPORT 中期報告 重要提示 第一節 重要提示、目錄和釋義 備查文件目錄 中期報告 2025 申萬宏源集團股份有限公司 3 一、 中期財務資料審閱報告文本（H股）。 二、 報告期內公開披露過的所有公司文件的正本及公告的原稿。 三、 在其他證券市場公佈的中期報告。 中期報告 2025 申萬宏源集團股份有限公司 1 一、 本公司董事會、監事會及董事、監事、高級管理人員保證中期報告內容的真實、準確、完整，不存在虛假記 載、誤導性陳述或重大遺漏，並承擔個 ...