Group 1 - The core viewpoint of the article highlights the rapid growth and increasing popularity of ETFs (Exchange-Traded Funds) among investors due to their convenience, low fees, and stable investment styles [1] - Major securities firms are seizing the opportunities presented by the expanding ETF market, with leading firms like Huatai Securities dominating various segments of the ETF business [1][2] - As of the end of May, the total number of ETFs in the Shanghai market reached 691, with a total market value of 3 trillion yuan, while the Shenzhen market had 483 ETFs valued at 1.1 trillion yuan [2] Group 2 - In May, the top three securities firms by ETF trading volume on the Shanghai Stock Exchange were Huatai Securities, CITIC Securities, and Guotai Junan, with market shares of 11.3%, 9.35%, and 7.48% respectively [2] - By the end of May, China Galaxy Securities led in ETF holdings with a market share of 24.63%, followed by Shenwan Hongyuan Securities at 18.05% [3] - The trading account numbers for ETFs in May showed that Huatai Securities and East Money Securities each held over 10% of the market share in the Shanghai market [4] Group 3 - The ETF market has shown strong growth, with the total number of ETFs reaching 1,207 by June 29, a year-on-year increase of 24.05%, and total net assets growing by 73.03% to 4.28 trillion yuan [5] - Analysts predict that the Chinese ETF market is entering a historic expansion phase, with a focus on broad-based ETFs and thematic ETFs in sectors like technology and finance [5] - Securities firms are enhancing their ETF strategies to capture growth opportunities, with firms like China Merchants Securities focusing on the entire ETF value chain and Guohai Securities optimizing their product offerings [5][6]

Core Viewpoint - The intense competition among brokerage firms has led to a focus on attracting fund clients, with Shenwan Hongyuan introducing a high-yield financial coupon linked to fund custody transfers [1][2][3] Group 1: Shenwan Hongyuan's Fund Custody Promotion - Shenwan Hongyuan offers a financial coupon with an annualized yield of 8.18% for clients transferring their equity funds worth at least 5,000 yuan to the brokerage [1][3] - The promotion allows clients to purchase financial coupons equivalent to the transferred fund amount, with potential earnings reaching 1.34 million yuan over two months for a 1 million yuan transfer [1][3] - The promotion claims that there is no upper limit on the coupon amount, which has raised questions about its sustainability and source of high returns [2][3] Group 2: Marketing and Compliance Concerns - The promotion has not been prominently advertised on official platforms, relying instead on social media and self-media channels for marketing [2][4] - Concerns have been raised regarding the legality of the marketing tactics used, including promises of guaranteed returns, which may violate advertising laws and financial regulations [8][10] - The financial coupon is linked to a repurchase agreement, which typically offers much lower yields, raising questions about the feasibility of the promised high returns [8][14] Group 3: Operational Challenges and Client Experience - The process of transferring funds to Shenwan Hongyuan has been reported as cumbersome, taking nearly a month for clients to receive their financial coupons [5][7][18] - Delays in the issuance of financial coupons have been noted, with clients experiencing multiple postponements before receiving their rewards [6][7] - The complexity of the transfer process may deter potential clients, as many find the requirements and procedures difficult to navigate [18][19] Group 4: Industry Implications and Future Outlook - The strategy of offering high-yield financial coupons is seen as a way for brokerage firms to increase their asset management scale and attract new clients [15][16] - However, industry insiders express concerns that such aggressive marketing tactics may not contribute positively to the long-term health of the financial services sector [17][18] - The overall impact of these promotional activities on Shenwan Hongyuan's fund custody volume has been limited, with only modest increases reported in their fund management rankings [19]

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公司債券受託管理事 務報告（2024年度）》，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 北京，2025年6月27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。 申万宏源集团股份有限公司 公司债券受托管理事务报告 （2024 年度） 受托管理人 二〇二五年六月 重要声明 财信证券股份有限公司（以下简称"财信证券"，原名"财信证券有限责任公 司"）编制本报 ...

申万宏源集团股份有限公司 公司债券受托管理事务报告 （2024 年度） 受托管理人 二〇二五年六月 重要声明 财信证券股份有限公司（以下简称"财信证券"，原名"财信证券有限责任公 司"）编制本报告的内容及信息均来源于发行人2025年3月对外披露的《申万宏源 集团股份有限公司2024年年度报告》及其他公开披露文件、第三方中介机构出具 的专业意见以及发行人向财信证券出具的说明文件。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜作出独立判断，而不应将本报告中的任何内容据以作为财信证券所作的承诺 或声明。在任何情况下，未经财信证券书面许可，不得用作其他任何用途。 1 | 重要声明 | | 1 | | --- | --- | --- | | 第一章 | 公司债券概况 | 5 | | 第二章 | 受托管理人履行职责情况 | 15 | | 第三章 | 发行人 2024 年度经营与财务状况 | 17 | | 第四章 | 债券募集资金使用和披露的核查情况 | 21 | | 第五章 | 发行人信息披露义务履行的核查情况 | 22 | | 第六章 | 发行人偿债意愿和能力分析 | 25 | | 第七章 ...

Core Insights - The ETF brokerage rankings for May reveal a competitive landscape with significant shifts in market share among major players, particularly in the Shanghai Stock Exchange [1][2] Group 1: ETF Holdings - Galaxy Securities maintains the top position in ETF holdings with a market share of 24.63%, showing a slight increase of 0.06 percentage points from April [2][3] - Shenyin Wanguo Securities follows in second place with an 18.05% share, which is an increase of 0.18 percentage points, but still trails Galaxy by 6.58 percentage points [2] - The second tier of brokerages remains stable, with CITIC Securities at 6.06%, followed by China Merchants Securities at 4.78% and Guotai Junan Securities at 4.58% [2][3] Group 2: ETF Trading Volume - Huatai Securities leads the trading volume with an 11.30% share in May, maintaining its position as the top brokerage for ETF transactions [4] - CITIC Securities has shown remarkable performance, rising to second place with a trading volume share of 9.17%, surpassing Galaxy Securities, which fell to fifth place with a 5.71% share [4][5] - The trading volume dynamics indicate a competitive environment, with smaller brokerages like Dongfang Securities and Huabao Securities also making significant contributions [5] Group 3: Client Activity and Trading Accounts - Huatai Securities and Dongfang Wealth Securities continue to dominate in terms of trading account numbers, with shares of 11.59% and 11.18% respectively [10][11] - The overall client activity remains concentrated among the top brokerages, with Galaxy Securities and Ping An Securities also showing notable account shares of 5.55% and 5.44% [10][11] - The rankings for trading accounts highlight the importance of retail investor engagement, particularly for brokerages leveraging technology and information services [9][10]

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2025年面向專業投資 者公開發行公司債券（第二期）（品種二）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 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。 申万宏源集团股份有限公司 2025 年面向专业投资者公开发行公司债券（第二期） （品种二）在深圳证券交易所上市的公告 根据深圳证券交易所债券上市的有关规定，申万宏源集团股份有限公司 ...

| 债券名称 | 申万宏源集团股份有限公司 年面向专业投资者公开发行 2025 | | --- | --- | | | 公司债券(第二期)(品种二) | | 债券简称 | 25 申宏 04 | | 债券代码 | 524333 | | 信用评级 | 主体评级 AAA，债项评级 AAA | | 评级机构 | 联合资信评估股份有限公司 | | 发行总额（亿元） | 30 | | 债券期限 | 5年 | | 票面年利率（％） | 1.93 | | 利率形式 | 固定利率 | | 付息频率 | 每年付息 1 次 | | 发行日 | 年 月 日及 年 月 日 2025 6 19 2025 6 20 | | 起息日 | 2025 年 6 月 20 日 | | 上市日 | 2025 年 6 月 27 日 | | 到期日 | 年 月 日 2030 6 20 | | 债券面值 | 100 元/张 | | 开盘参考价 | 100 元/张 | （以下无正文） （本页无正文，为《申万宏源集团股份有限公司 2025 年面向专业投资者公开发 行公司债券（第二期）（品种二）在深圳证券交易所上市的公告》之盖章页） 申万宏源集团股份有限公司 年 ...

Core Insights - The "Top Leaders in Listed Securities Firms" ranking by Sina Finance recognized Zhang Jian, General Manager of Shenwan Hongyuan, as the 8th leader among comprehensive securities firms, highlighting his significant contributions and influence in the industry [1] Company Performance - Under Zhang Jian's leadership, Shenwan Hongyuan achieved a revenue of 24.735 billion yuan, a year-on-year increase of 15.04%, and a net profit attributable to shareholders of 5.211 billion yuan, up 13.12% year-on-year [6] - The institutional services and trading business, which includes major brokerage services, research consulting, FICC sales and trading, equity sales and trading, and derivatives, saw a remarkable revenue growth of 44.12%, contributing 12.706 billion yuan to the overall revenue increase [6] Business Segments - The personal financial services segment generated 7.868 billion yuan, a slight increase of 2.37%, while corporate financial services declined by 27.75% to 2.407 billion yuan, and investment management revenue fell by 11.39% to 1.035 billion yuan [7] - The personal financial services segment, which includes securities brokerage, futures brokerage, margin financing, and financial product sales, showed a solid customer base with 763,600 new clients added during the evaluation period [7] Investment Banking - Despite a challenging market environment with a significant decline in IPO projects and financing, Shenwan Hongyuan ranked 2nd in the number of IPO approvals and maintained a strong position in the New Third Board and Beijing Stock Exchange projects [8] - The investment banking quality rating for Shenwan Hongyuan improved to Class A, the highest rating, reflecting its resilience and adaptability in a contracting market [8] Future Outlook - Shenwan Hongyuan is expected to continue enhancing its core competitiveness and expanding its business under Zhang Jian's leadership, focusing on institutional services and trading as the main growth drivers [9]

Core Viewpoint - The article highlights the launch of the third ETF live trading competition by Shenwan Hongyuan Securities, aimed at enhancing investors' skills and knowledge in ETF investments amidst favorable market conditions in 2024 [2][5]. Group 1: Event Background - The competition is set against the backdrop of policy benefits in the capital market for 2024, with ETFs being a significant choice for investors due to their risk diversification and other advantages [1][2]. Group 2: Competition Highlights - The competition features five key highlights, including professional ETF services from a well-established brokerage, support for all on-market ETF varieties (excluding money market ETFs), and a dedicated educational platform for investors [5][7]. - Interactive activities are included, allowing participants to earn rewards, with the potential to receive up to 6.66 yuan in red envelopes [8]. - The competition is structured with dual tracks, catering to different investment styles, and includes awards such as the "Biweekly Expert Award" and "Live Trading Winner Award" [8]. Group 3: Educational Support - A one-stop ETF education zone is established to help investors quickly enhance their knowledge, featuring modules like "Market Insights," "Competition Education Videos," and "ETF Financial Classes" [7]. - Professional investment advisors will provide weekly market insights and analysis to support participants in their trading decisions [8].

Group 1 - The core viewpoint of the article highlights the successful issuance of a non-public corporate bond by Qingdao Laoshan Technology Innovation Development Group Co., Ltd., with a scale of 1 billion yuan and a term of 5 years at a record low interest rate of 2.47% for the AA+ rated issuer in Qingdao [1][2] - The bond issuance marks the first appearance of Qingdao Laoshan Technology Innovation Group in the Shenzhen Stock Exchange market, indicating a significant milestone for the company [1] - Qingdao Laoshan Technology Innovation Group serves as an important platform for innovation and industrial investment in Laoshan District, Qingdao, focusing on technology entrepreneurship financing, technology finance, and incubation of "double innovation" park projects [1] Group 2 - The successful bond issuance demonstrates the strong professional and sales capabilities of Shenwan Hongyuan Securities, earning high recognition from the issuer and laying a solid foundation for future cooperation [2] - Shenwan Hongyuan Securities aims to continue strengthening its partnership with Qingdao Laoshan Technology Innovation Group and provide comprehensive financial services to support the healthy development of various sectors within the group [2] - The company is committed to delivering high-level financial services to safeguard local economic development [2]