申万宏源集团股份有限公司 （住所：新疆乌鲁木齐市高新区北京南路 358 号大成国际大厦 20 楼 2001 室） 2025 年面向专业投资者公开发行公司债券 （第二期） 发行公告 牵头主承销商、簿记管理人 （住所：上海市徐汇区长乐路 989 号 45 层） 联席主承销商、债券受托管理人： （住所：湖南省长沙市岳麓区茶子山东路 112 号滨江金融中心 T2 栋(B 座)26 层） 签署日期：2025 年 6 月 17 日 本公司及其董事、监事、高级管理人员保证公告内容真实、准确和完整， 并对公告中的虚假记载、误导性陈述或者重大遗漏承担责任。 重要事项提示 1、申万宏源集团股份有限公司（以下简称"发行人"或"公司"）面向专业投 资者公开发行面值总额不超过人民币 102 亿元公司债券（以下简称"本次债券"） 于 2024 年 9 月 5 日经中国证券监督管理委员会注册（证监许可[2024]1245 号）。 发行人本次债券采取分期发行的方式。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）（以下简称"本期债券"）为本次债 券的第三期发行。 2、本期债券发行规模为不超过 30 亿元（含 ...

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）募集说明书 股票简称：申万宏源 股票代码：000166 （住所：新疆乌鲁木齐市高新区北京南路 358 号大成国际大厦 20 楼 2001 室） 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） 募集说明书 发行人：申万宏源集团股份有限公司 牵头主承销商：申万宏源证券有限公司 联席主承销商、受托管理人：财信证券股份有限公司 发行金额：不超过人民币 30 亿元（含 30 亿元） 增信措施情况：无增信措施 信用评级结果：主体评级 AAA/债项评级 AAA 信用评级机构：联合资信评估股份有限公司 牵头主承销商：申万宏源证券有限公司 （上海市徐汇区长乐路 989 号 45 层） 联席主承销商、受托管理人：财信证券股份有限公司 （湖南省长沙市岳麓区茶子山东路 112 号滨江金融中心 T2 栋（B 座）26 层） 签署日期：2025 年 月 日 6 17 1 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）募集说明书 声明 发行人将及时、公平地履行信息披露义务，发行人及其全体董事、监事 ...

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）信用评级报告 | | | www.lhratings.com 联合〔2025〕3948 号 联合资信评估股份有限公司通过对申万宏源集团股份有限公司 及其拟发行的 2025 年面向专业投资者公开发行公司债券（第二期） 的信用状况进行综合分析和评估，确定申万宏源集团股份有限公司 主体长期信用等级为 AAA，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）的信用等级为 AAA，评 级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年六月六日 信用评级报告 | 2 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告 在资料信息获取、评级方法与模型、未来事项预测评估等方面存在局限性。 二、本报告系联合资 ...

申万宏源发布研报称，五一假期出行超预期、节后量价进一步稳定，航空市场正稳步迈入旺季阶段，从 今年市场的供需结构来看，市场供给增长放缓，旅客量自然增长的核心逻辑不变，若后续国内航司票价 持续回暖，将验证支撑航司收益提升逻辑。继续看好航空板块，供给逻辑确定性强，需求端具备弹性， 在外部油汇变化配合下航司能够释放较大业绩提升空间，推荐中国国航（601111）(601111.SH)、华夏航 空（002928）(002928.SZ)、春秋航空（601021）(601021.SH)、吉祥航空（603885）(603885.SH)、国泰 航空(00293)、南方航空（600029）(600029.SH)、中国东航（600115）(600115.SH)。 国际市场：国际运力与运量保持恢复，部分航司恢复情况接近或超过疫情前水平 航司5月数据总体情况：五一假期带动需求旺盛，各航司运力与旅客周转量继续稳步提升 6家上市航司ASK运力同比2024年增长：中国国航(+4%)、中国东航(+9%)、南方航空(+5%)、吉祥航空 (+0.5%)、春秋航空(+11%)、海航控股（600221）(+15%)；各航司RPK旅客周转量同比增长：中国 ...

申万宏源研究所宏观高级分析师贾东旭从全球经济格局、国内政策导向及大宗商品市场走势三个维度，深入剖析了2025年棉花产业面临的宏观环境，建议企 业关注政策红利，灵活运用金融工具对冲风险。中国棉花信息网总经理张曼结合最新市场数据，分析了2024、2025年度棉花供需格局与价格走势；演讲嘉宾 张静分享了2025年新疆棉花种植的实地调研成果；申万宏源证券FICC事业部客盘业务团队高级产品经理张泰立通过案例分析，展示了棉花期货、期权及"保 险+期货"模式如何帮助企业锁定利润、降低采购成本。他特别指出："2024年新疆棉企通过场外期权工具，平均降低了风险敞口，金融工具的应用已成为产 业升级的关键推手。" 宏源期货新疆分公司负责人在闭幕总结中表示："未来，我们将持续发挥期货市场功能，为新疆棉花产业提供精准的风险管理服务，助力'稳企安农 护航实 体'目标实现。" 期货日报网讯（记者 谭亚敏）近日，新疆证券期货业协会携手宏源期货在乌鲁木齐举办"稳企安农 护航实体"——新疆棉花产业风险管理交流会，本次会议 汇聚了行业专家及棉花产业链企业代表，共同探讨2025年棉花产业面临的机遇与挑战，分享风险管理最新实践，助力新疆棉花产业高质量 ...

尊敬的投资者: 为进一步优化网点布局,我公司将撤销申万宏源证券有限公司宁波大榭信拓路证券营业部(以下简称"申万宏源证券 宁波大榭信拓路营业部"),届时位于浙江省宁波市大榭开发区信拓路168号海华楼A座111室、410室的经营场所将予 以关闭并停止营业。为保障您证券交易、资金划转的正常进行,现将相关事项公告如下: 一、申万宏源证券宁波大榭信拓路营业部客户将整体迁移至申万宏源证券有限公司宁波泰康中路证券营业部(以下 简称"申万宏源证券宁波泰康中路营业部")。整体迁移完成后,您将直接转变成为申万宏源证券宁波泰康中路营业部 客户,由该营业部为您提供后续服务。迁移后您的资金账号、交易密码和资金密码不变,您原先使用的交易方式及交 易软件等保持不变,您的证券交易及资金划转不受任何影响。 二、如果您不同意迁移成为申万宏源证券宁波泰康中路营业部客户,请自本公告发布之日起三个工作日内，携带本 人有效身份证明文件至申万宏源证券各营业部网点通柜办理销户及撤销指定、转托管等手续。网上开户的客户亦 可通过网上办理销户手续,详情请拨打95523咨询。 三、逾期未办理销户及撤销指定、转托管手续的客户,我公司视同您同意整体迁移成为申万宏源证券 ...

Group 1 - The A-share market has rebounded with a trading volume exceeding 1.2 trillion yuan, indicating a recovery in investor sentiment [1] - The leading securities ETF (560090) saw a significant increase in trading volume, rising by 1.65% with a turnover of nearly 95 million yuan, marking a 148% increase compared to the previous trading day [1][3] - Major components of the securities ETF index all experienced gains, with notable increases from Huaxin Co. and Dongwu Securities, both rising over 4% [3] Group 2 - In May 2025, fixed asset investment in China reached 191,947 billion yuan, reflecting a year-on-year growth of 3.7% [4] - The retail sales of consumer goods totaled 41,326 billion yuan in May, showing a year-on-year increase of 6.4% [4] - The industrial added value for large-scale enterprises grew by 5.8% year-on-year in May, indicating stable economic performance [4] Group 3 - The overall economic operation in May 2025 was stable, providing support for the upward movement of A-share listings [5] - The securities industry has shown significant recovery in performance, with a continuous increase in trading volume and a favorable policy environment [5][6] - The self-operated income of listed securities firms has maintained rapid growth, contributing to the overall performance recovery of the industry [5] Group 4 - The merger and acquisition market remains active, with several significant transactions and restructuring efforts underway, which are expected to enhance the synergy effects within the industry [6] - The valuation of the securities sector remains low, with the latest price-to-book ratio at 1.38x, indicating strong investment value [10] - The securities ETF (560090) tracks the CSI All Share Securities Companies Index, providing an efficient investment tool for exposure to the securities sector [10]

Core Viewpoint - The narrative of "American exceptionalism" is being challenged as global asset allocation shifts away from US assets towards other markets, driven by factors such as tariffs, stagflation, and AI industry developments [1][2][4]. Global Asset Reallocation - The transition from "American exceptionalism" to "American denialism" is seen as a potential long-term paradigm shift rather than a short-term narrative [5]. - As of June 2, 2023, major global equity markets like Germany's DAX and Hong Kong's Hang Seng Index have risen by 20.2% and 15.6% respectively, while US indices have remained flat [3]. - The US Treasury bond yields have seen a decline, with the 20-year yield at approximately 5% and the 10-year yield at about 4.5%, indicating a loss of confidence in US debt [4]. Market Performance and Predictions - The macroeconomic environment suggests that the US may be entering a phase of simultaneous declines in stocks, bonds, and currency, termed "triple kill" [3]. - The potential for a decline in the US dollar's attractiveness could lead to capital outflows, further exacerbating the situation [3]. - The impact of tariffs on the US economy is expected to manifest in the latter half of the year, increasing the risk of economic downturn and putting pressure on the dollar [6]. Investment Opportunities - Emerging markets and alternative assets like gold and cryptocurrencies are anticipated to gain traction as the narrative around US assets weakens [8][9]. - The focus on European markets is increasing, particularly in sectors like defense and infrastructure, which may benefit from geopolitical developments [10]. - The Chinese market is viewed positively, especially in the technology sector, which is expected to perform well due to lower valuations and less correlation with the US market [11].

Group 1: Economic Outlook - The chief economist of Shenwan Hongyuan, Zhao Wei, emphasized that increasing support for the service sector may be a crucial point for breaking the current economic deadlock [2][3] - The service sector is identified as the largest employment absorber, but it faces supply shortages and mismatched demand, particularly in lifestyle services [2] - A structural shift in macroeconomic indicators is expected, with manufacturing showing strength in early 2024 and 2025, while service sector investment and consumption are improving [3] Group 2: A-Share Market Potential - Shenwan Hongyuan's A-share strategy chief analyst, Fu Jingtao, indicated that the A-share market has the potential to enter a bull market phase, primarily between 2026 and 2027 [4][5] - Factors contributing to this potential include increasing household asset allocation towards equities and improvements in corporate governance and shareholder returns [5] - The current market may evolve into a "Chinese-style slow bull," characterized by prolonged but gradual improvements in fundamentals [6] Group 3: Monetary Policy Insights - Huang Weiping, the chief analyst for bonds, noted that there is still room for interest rate cuts, with expectations of a 10 to 20 basis point reduction in the second half of the year [7] - The central bank's focus is on stabilizing asset prices, with potential further measures to support the service sector and manage liquidity through government bond purchases [7] Group 4: Hong Kong Market Dynamics - The overseas strategy senior analyst, Dong Yi, suggested that the Hong Kong stock market is on the verge of a systemic redefinition, becoming a key market for both domestic and foreign investments [8] - The market is expected to play a significant role in the internationalization of the Renminbi, providing important investment channels for offshore Renminbi holders [8][9] - Recent trends show a recovery in Hong Kong's financing activities, with numerous A-share companies applying for listings, indicating improved liquidity conditions [9]

Core Viewpoint - The successful issuance of the "Yunnan Tin Industry Group (Holding) Co., Ltd. 2025 First Phase Technology Innovation Medium-Term Notes" marks a significant milestone for Yunnan Province's bond market, establishing a new benchmark for technology board bonds [1][2]. Group 1 - The bond issuance was for a scale of 500 million yuan, with a term of 3 years and a coupon rate of 2.28%, making it the first successful technology board bond in Yunnan Province [1]. - The issuance was in response to the Yunnan Provincial State-owned Assets Supervision and Administration Commission's policy to encourage state-owned enterprises to issue technology innovation bonds to promote industrial upgrades [1]. - Yunnan Tin, as a state-owned enterprise with a 141-year history, leads in technological innovation within the non-ferrous metal industry and has the most complete tin industry chain globally, consistently ranking first in tin metal production and sales [1]. Group 2 - The successful bond issuance demonstrates Shenwan Hongyuan Securities' expertise in developing and pricing industrial bonds, achieving an oversubscription of over 3 times, which reflects strong market recognition [2]. - The partnership between Shenwan Hongyuan Securities and Yunnan Tin has been further solidified through this issuance, with plans for continued innovation in technology financial services to support the development of new productive forces and breakthroughs in key material technologies [2].