服务站揭牌仪式之后，公司与徐汇区商务委员会、徐汇资本、农行徐汇支行等联合主 办了徐汇企业香港上市培训活动，并邀请香港联交所上市服务相关负责人深入解读香 港IPO上市政策，系统阐释上市规则、流程及政策红利，为企业赴港上市明晰路径，与 会企业反响热烈。 7月15日，"申万宏源上市服务站（模速空间融资服务中心）"在徐汇"模速空间"正式 挂牌，申万宏源证券执行委员会成员、投行委主任张翼飞与徐汇区商务委相关负责人 共同为服务站揭牌。上海"模速空间"创新生态社区暨人工智能大模型产业生态集聚区 是全国首个大模型专业孵化和加速载体。"申万宏源上市服务站（模速空间融资服务中 心）"的设立与挂牌，是申万宏源做好科技金融文章，加强对科技产业金融服务的重要 举措。 未来，申万宏源将充分借助境内外市场互联互通的机遇，服务国家科技创新战略，服 务上海、香港两大国际金融中心的建设，为推进金融高水平对外开放、推动金融强国 建设贡献力量，以专业的综合金融服务，陪伴更多优质科技企业实现跨越式发展。 免责声明 本内容最终解释权归申万宏源证券有限公司所有。 张翼飞在揭牌仪式致辞中指出，申万宏源近年来充分利用全平台优势， 推进国际化及境内外一体化战略 ...

Core Viewpoint - The report provides an overview of the performance and investment strategy of the Penghua CSI Photovoltaic Industry ETF Fund, highlighting its tracking objectives and recent financial results. Fund Overview - Fund Name: Penghua CSI Photovoltaic Industry ETF Initiated Link Fund [2] - Fund Manager: Penghua Fund Management Co., Ltd. [6] - Fund Custodian: Shenwan Hongyuan Securities Co., Ltd. [7] - Total Fund Shares at Period End: 43,910,128.34 shares [2] - Investment Objective: The fund aims to closely track the target index with a daily tracking deviation of less than 0.35% and an annualized tracking error of less than 4% [2][3]. Investment Strategy - The fund primarily invests in the Penghua CSI Photovoltaic Industry ETF to achieve close tracking of the target index [3]. - The fund may invest in index constituent stocks and alternative stocks to better track the index [4]. - The fund employs a replication method to construct its investment portfolio based on the composition and weight of the target index [4]. Financial Performance - The report period covers from April 1, 2025, to June 30, 2025 [1]. - A Class Share Profit: -447,324.41 RMB, with a net value growth rate of -0.0418 [13]. - C Class Share Profit: -1,165,098.20 RMB, with a net value growth rate of -0.0457 [13]. - I Class Share Profit: -102.10 RMB, with a net value growth rate of -0.0281 [13]. - The fund's performance over the past three months shows a net value growth rate of -5.39% for A Class, -5.42% for C Class, and -5.41% for I Class, compared to a benchmark growth rate of -6.07% [21]. Market Context - The photovoltaic sector experienced a surge in domestic installations, with May's new installations reaching 92.92 GW, the highest monthly record [20]. - The report indicates that the supply side still faces pressure, and government reports emphasize the need to address "involution" competition [20]. Risk Management - The fund utilizes hedging strategies with liquid and actively traded index futures to improve investment outcomes [5]. - The fund's tracking error is influenced by factors such as fund positioning, large subscriptions and redemptions, and adjustments to constituent stocks [20].

Core Insights - The National Equities Exchange and Quotations (NEEQ) has released the market maker evaluation results for Q2 2025, highlighting the performance of various securities firms in the market-making business [1][2] Group 1: Market Maker Evaluation Results - In Q2 2025, three firms, Northeast Securities, Kaiyuan Securities, and Shanghai Securities, ranked in the top 5% and received a 100% fee exemption [1][2] - Six firms, including Haitong Securities and Shenwan Hongyuan, ranked between the top 10% and 20%, receiving a 50% fee exemption [2] - Notable changes in rankings include Guangfa Securities moving from the top 10% to the top 5% and Shenwan Hongyuan entering the top 10% to 20% for the first time [2] Group 2: Industry Trends and Insights - The competition among market makers appears to be less intense, with rankings showing relative stability and some fluctuations due to short-term business variations [3] - Smaller securities firms are gaining an advantage in the NEEQ market-making space, as larger firms focus on other areas [3] - Companies like Guoyuan Securities and Guosen Securities are actively enhancing their market-making capabilities to provide liquidity for small and medium enterprises [3][4] Group 3: Evaluation Criteria and Importance - The evaluation criteria for market makers include trading scale, liquidity provision, and quote quality, with a total score of 100 points [6] - The NEEQ emphasizes the significance of the market maker system in improving market liquidity and facilitating price discovery [6] - Continuous assessment and optimization of the evaluation mechanism are planned to promote the healthy development of the market maker system [6]

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2025年面向專業投資者非公開發行短期公司債券（第一期）在深圳證券交易所掛牌轉讓 的公告》，僅供參閱。 董事長 劉健 北京，2025年7月17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2025-49 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 ...

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2024年面向專業投資者公開發行短期公司債券（第一期）（品種二）本息兌付並摘牌的公 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 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2025-48 申 万 宏 源 集 团 股 份 有 限 公 司 关于申万宏源证券有限公司 202 ...

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 非公开发行短期公司债券（第一期）在深圳证券交易所 挂牌转让的公告 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。 证券代码：000166 证券简称：申万宏源 公告编号：临2025-49 申万宏源集团股份有限公司董事会 二〇二五年七月十七日 公司所属子公司申万宏源证券有限公司 2025 年面向专业投资者 非公开发行短期公司债券（第一期）（以下简称"本期债券"）发行工 作于 2025 年 7 月 10 日完成，本期债券发行规模人民币 26 亿元，分 两个品种，其中品种一发行规模人民币 13 亿元，期限 92 天，票面利 率 1.57%；品种二发行规模人民币 13 亿元，期限 183 天，票面利率 1.63%。（相关情况请详见公司于 2025 年 7 月 12 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2025 年7月17日起在深圳 证券交易所挂牌转让，面向专业 ...

公司所属子公司申万宏源证券有限公司于 2024 年 9 月 6 日发行 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（第一期）（品种二）（以下简称"本期债券"），发行规模人民 币 38 亿元，票面利率 1.99%，期限 313 天，债券代码 148903，债券 简称 24 申证 D2。（相关情况请详见公司于 2024 年 9 月 10 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） 证券代码：000166 证券简称：申万宏源 公告编号：临2025-48 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（第一期）（品种二）本息兑付 并摘牌的公告 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。 申万宏源集团股份有限公司董事会 二〇二五年七月十七日 本期债券兑付日为2025年7月16日，摘牌日为2025年7月16日，申 万宏源证券有限公司已按照《申万宏源证券有 ...

Core Viewpoint - The evaluation results for market makers in the second quarter of 2025 have been released by the National Equities Exchange and Quotations (NEEQ), highlighting the performance and fee exemptions of various securities firms [1][4]. Group 1: Market Maker Rankings and Fee Exemptions - Northeast Securities, Kaiyuan Securities, and Shanghai Securities ranked in the top 5%, receiving a 100% exemption on transaction fees [2][4]. - In the top 20%, firms like GF Securities and Shenwan Hongyuan saw improvements in their rankings compared to the first quarter of this year [2][5]. - A total of 12 market makers qualified for transaction fee exemptions, with 6 firms in the 10%-20% ranking receiving a 50% exemption [4][5]. Group 2: Market Dynamics and Competitive Landscape - The rankings of market makers show limited volatility over several quarters, indicating a stable competitive landscape, although individual rankings may fluctuate due to short-term business variations [6]. - The list of ranked firms primarily includes smaller securities companies, suggesting a differentiation in competitive strategies, as larger firms tend to dominate in other areas and invest less in the New Third Board market-making business [7]. Group 3: Business Strategies and Market Positioning - Guoyuan Securities emphasized a return to core business principles in its market-making activities, aiming to enhance trading capabilities [8]. - First Capital Securities is adjusting its portfolio based on market conditions to provide liquidity for quality New Third Board companies [8]. - Caida Securities reported a modest involvement in market-making, with a small proportion of its trading assets allocated to this business [8]. Group 4: Evaluation System and Future Directions - The NEEQ's market maker evaluation system, revised multiple times, assesses firms based on various criteria, including market-making scale, liquidity provision, and quote quality [9]. - The NEEQ aims to continuously evaluate the effectiveness of this system to enhance market liquidity and promote a healthy market-making environment [9].

Group 1 - The article discusses the successful issuance of a non-public corporate bond by Beijing Tongzhou Urban Construction Operation Group Co., Ltd., led by Shenwan Hongyuan Securities, with a scale of 790 million yuan and a term of 3+2 years, rated AAA [1] - The funds raised from this bond will be used to repay maturing corporate bond principal, helping the issuer lock in financial costs and providing long-term stable operating funds [1] - The issuer is positioned as a comprehensive urban operation service provider in Tongzhou District, playing a significant role in the development of the Beijing sub-center and the implementation of the 14th Five-Year Plan [1] Group 2 - The issuer operates over ten wholly-owned and holding subsidiaries, focusing on urban land development, real estate development, infrastructure construction, public service support, and industrial development [1] - The bond issuance is expected to enhance the competitiveness of the urban sub-center by ensuring the rational allocation and efficient utilization of state-owned resources [1] - The company aims to meet regional development needs and provide public services, contributing significantly to the economic and social development of Tongzhou District [1]

Core Viewpoint - The establishment of the "Shenwan Hongyuan Listing Service Station" aims to provide comprehensive support for technology innovation enterprises in Xuhui District to facilitate their listing processes and enhance their development in the capital market [5]. Group 1: Listing Service Station - Shenwan Hongyuan Securities has set up a listing service station at the Moso Space Financing Service Center to offer integrated services combining research, investment, and investment banking for local tech enterprises [5]. - The service station will provide precise and convenient full-process listing services to support high-quality development of technology innovation companies in Xuhui District [5]. Group 2: Training Activities - A training event for Xuhui enterprises regarding listing in Hong Kong was held, featuring insights from the Hong Kong Stock Exchange on IPO policies, which received positive feedback from participating companies [5]. - The event is part of Shenwan Hongyuan's strategy to align with national technology innovation initiatives and support the development of Shanghai and Hong Kong as international financial centers [5].