FF301 公司名稱: 申萬宏源集團股份有限公司 呈交日期: 2025年9月2日 I. 法定/註冊股本變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06806 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,504,000,000 | RMB | | 1 RMB | | 2,504,000,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 2,504,000,000 | RMB | | 1 RMB | | 2,504,000,000 | 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 | 1. 股份分類 | 普通股 ...

Core Viewpoint - The securities industry is experiencing mixed performance, with significant growth in the ETF sector, particularly the broker ETF, which has seen substantial inflows and a notable increase in net asset value and share count [1][2][6]. Group 1: ETF Performance - As of September 1, the broker ETF has achieved a net value increase of 61.10% over the past year [2]. - The broker ETF's latest scale reached 31.265 billion, marking a one-year high, and its share count reached 49.801 billion, also a one-year high [1]. - The ETF has seen a daily average net inflow of 248 million over the past three days, with a peak single-day inflow of 462 million [1]. Group 2: Market Dynamics - Major brokerage firms have outperformed the industry average in profit growth, with top firms showing a net profit growth rate of 37% for the first half of the year, surpassing the overall growth rate of 31% for listed brokerages [2]. - The market has seen a significant increase in daily trading volume and margin financing balances since July, enhancing the profitability outlook for the year [2][3]. Group 3: Investment Strategy - Analysts suggest focusing on high-quality brokerages with valuations significantly below the average, as well as those with strong performance potential among smaller firms [2]. - The broker ETF provides an efficient investment tool that encompasses both leading brokerages and smaller firms with high growth potential, with nearly 60% of its holdings concentrated in the top ten brokerages [6].

Group 1 - The construction and decoration industry is facing pressure on revenue and profit in H1 2025, with a focus on cash flow improvement and cost control [1] - Major listed companies in the construction sector achieved operating revenue of 3.75 trillion, a year-on-year decrease of 5.7%, and a net profit of 87.5 billion, down 6.5% year-on-year [1] - The operating revenue for Q1 and Q2 of 2025 was 1.84 trillion and 1.91 trillion respectively, with year-on-year declines of 6.2% and 5.2% [1] Group 2 - The industry gross margin in H1 2025 was 9.9%, a decrease of 0.2 percentage points year-on-year, while the net profit margin was 2.33%, down 0.02 percentage points year-on-year [2] - Quarterly gross margins for Q1 and Q2 were 9.1% and 10.7%, with year-on-year changes of -0.1 percentage points and -0.3 percentage points respectively [2] Group 3 - The operating cash flow in H1 2025 showed improvement, with a net outflow of 477.4 billion, which is 15.1 billion less than the previous year [3] - The cash collection ratios for Q1 and Q2 were 103% and 87%, with year-on-year changes of +0.85 percentage points and +11.65 percentage points respectively [3] Group 4 - The overall return on equity (ROE) for the industry in H1 2025 was 2.50%, a decrease of 0.31 percentage points year-on-year [4] - The decline in industry investment and increased pressure on company receivables have led to a rise in expenses and impairments, impacting the ROE [4]

Group 1 - The article provides a detailed guide for opening a securities account through the "Shenwan Hongyuan Dajiang" app, emphasizing the importance of following the steps accurately to ensure a smooth process [7][8][59] - It outlines the necessary documents required for account opening, including a second-generation ID card and a bank debit card [8][11] - The article highlights the importance of identity verification and personal information completion as critical steps in the account opening process [25][26][49] Group 2 - The article explains the risk assessment process that investors must complete, which helps match their risk tolerance with suitable financial products [29][34] - It details the steps for setting up a trading password and binding a bank account for fund management, ensuring secure transactions [39][41] - The article concludes with a reminder for investors to complete a feedback survey after submitting their account application to facilitate the activation of their accounts [53][55]

【深圳商报讯】（记者 陈燕青）随着中报收官，上市券商集体交出一份亮眼成绩单。根据Wind统计， 上半年共有10家券商营收超百亿元，9家券商净利润增速实现翻倍。由于并购重组，国泰海通超越中信 证券，位居券商净利润榜首。 净利润方面，国泰海通超越中信证券，上半年实现归母净利润157.37亿元，位居榜首；中信证券实现净 利润137.19亿元，位居第二；华泰证券实现净利润75.49亿元，位居第三。此外，中国银河、广发证券、 国信证券、招商证券净利润均超50亿元。 国泰海通上半年归母净利润同比增长213.74%，其业绩大幅预增主要得益于换股吸收合并海通证券产生 的负商誉计入营业外收入。 营业收入方面，上半年中信证券以330.39亿元的营收位居榜首；国泰海通位居第二，上半年实现营收 238.72亿元；华泰证券、广发证券紧随其后，营收均超150亿元；此外，中国银河、中金公司、申万宏 源、国信证券、中信建投、招商证券营收规模均超100亿元。 ...

Group 1 - The overall commission from brokerage firms in the first half of the year reached 4.472 billion yuan, a year-on-year decrease of 33.98% [1] - Leading brokerage firms dominate the market, with CITIC Securities leading at 347 million yuan in commission, followed by Guotai Junan at 283 million yuan [1][2] - The top 20 brokerages accounted for 75% of the total commission, with individual firms surpassing 100 million yuan in commission income [2] Group 2 - Some mid-sized brokerages achieved significant growth in commission revenue, with Huafu Securities seeing a 312.34% increase to 86.83 million yuan [3] - Zhezhang Securities and Xinyu Securities also reported substantial growth, with increases of 2163.26% to 48.20 million yuan [3] - The research business is undergoing a comprehensive transformation, focusing on returning to value and exploring new development paths [4][5] Group 3 - CITIC Securities is expanding its research capabilities and global reach, enhancing service for institutional clients [4][6] - Guolian Minsheng plans to improve market share through differentiated and forward-looking research [6] - The industry is witnessing a shift towards integrated financial services, combining research with business operations to meet client needs [5][6]

证券代码：000166 证券简称：申万宏源 公告编号：临2025-70 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 经深圳证券交易所审核，本期债券定于2025 年8月29日起在深圳 证券交易所挂牌转让，面向专业投资者中的机构投资者交易，品种一 债券简称"25申证D7"，债券代码为"134464" 非公开发行短期公司债券（第四期）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。 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（第四期） （以下简称"本期债券"）发行工 作于 2025 年 8 月 25 日完成，本期债券发行规模人民币 39 亿元，分 两个品种，其中品种一发行规模人民币 8 亿元，期限 186 天，票面利 率 1.70%；品种二发行规模人民币 31 亿元，期限 242 天，票面利率 （相关情况请详见公司于 2025 年 8 月 27 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. ...

Group 1 - The core viewpoint of the article is that after 2020, the fiscal policies of the US, Europe, and Japan have shifted towards proactive expansion, marking a new era of fiscal activism that directly influences their economic strength and stability [1][6][64] - The fiscal policies of developed economies are no longer limited to being passive stabilizers; they are now actively guiding economic development, particularly in sectors like semiconductors and defense [1][6][64] - The tolerance for high deficits is increasing among Western countries, with the US political parties showing a narrowing gap in their attitudes towards fiscal deficits, and Japan delaying its budget surplus targets [1][6][15] Group 2 - The correlation between fiscal deficit rates and GDP growth rates has been positive from 2019 to 2025, indicating that higher deficits lead to higher GDP growth, with the US benefiting the most from this trend [2][20] - The US is expected to expand its fiscal spending significantly through the "Inflation Reduction Act," which includes tax cuts and increased defense spending, potentially raising its deficit rate to around 7% [3][25][34] - Europe is also shifting towards a more expansionary fiscal stance, with Germany loosening its debt brake rules and establishing a special fund of €500 billion for direct investments and climate transition [3][34][38] Group 3 - The expected economic growth rates for 2026 are projected to be 2.0% for the US, 1.2% for the Eurozone, and 0.5% for Japan, with the US maintaining a lead in growth due to its fiscal policies [4][56] - Germany is anticipated to see a significant improvement in its GDP growth rate, potentially reaching 0.9% in 2026, driven by increased defense and infrastructure spending [4][56] - The fiscal stimulus effects are expected to be 0.6% for the US, 0.2% for the Eurozone, and only 0.1% for Japan, indicating varying levels of fiscal impact across these regions [4][52][56]

Core Viewpoint - Shenwan Hongyuan Securities achieved significant growth in the first half of 2025, with a revenue of 11.695 billion yuan, representing a year-on-year increase of 44.44%, which is notably higher than the industry average growth rate [1][2]. Revenue Performance - The company maintained its revenue ranking at seventh in the industry, despite a slight drop of one position [1]. - The revenue increased by 819 million yuan compared to the previous year, indicating stable growth [1][2]. Profitability - Shenwan Hongyuan reported a net profit attributable to shareholders of 4.284 billion yuan, which is a substantial year-on-year growth of 101.32%, effectively doubling its profit [1][5]. - The net profit increased by 2.156 billion yuan compared to the previous year, showcasing strong performance elasticity [1][5]. Competitive Landscape - Despite the impressive profit growth, the company's net profit ranking remained at eleventh, indicating that competitors are also experiencing rapid growth [1][5]. - Under the leadership of General Manager Huang Hao, the company continued to leverage its traditional strengths in research and fixed income while expanding into wealth management and other transformation areas [1]. Future Outlook - The high profit growth rate reflects the company's intrinsic value and growth potential, suggesting promising future development prospects [1].

Core Viewpoint - Shenwan Hongyuan Securities Co., Ltd. has been approved to issue short-term corporate bonds totaling up to RMB 20 billion, with the first phase of issuance completed at RMB 3.6 billion [1] Group 1: Bond Issuance Details - The company completed the issuance of the fifth phase of short-term corporate bonds on August 29, 2025, targeting professional investors [1] - The total issuance scale for this phase is RMB 3.6 billion, divided into two varieties: - Variety one has an issuance scale of RMB 1 billion, with a term of 181 days and a coupon rate of 1.71% - Variety two has an issuance scale of RMB 2.6 billion, with a term of 243 days and a coupon rate of 1.75% [1] - The bonds are set to be listed and traded on the Shenzhen Stock Exchange after registration [1]