（ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股份代號：6806） 承董事會命 申萬宏源集團股份有限公司 董事長 劉健 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。 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2023年面向專業投資者公開發行公司債券（第二期）（品種一）本息兌付並摘牌的公告》， 僅供參閱。 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于 2023 年 8 月 17 日发行 2023 年面向专业投资者公开发行公司债券（第二期）（品种一）（以 下简称"本期债券"），发行规模人民币 22 亿元，票面利率 2.50%， 期限 2 年，债券代码 148 ...

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。 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之內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對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之任何損失承擔任 何責任。 6806 董事會召開日期 申萬宏源集團股份有限公司（「本公司」）董事會（「董事會」）茲通告謹定於2025年8月29日 （星期五）舉行董事會會議，以考慮及批准本公司及其附屬公司截至2025年6月30日止六 個月的未經審計的中期業績及其發佈，考慮建議派發中期股息（如有），以及處理其他事 項。 承董事會命 申萬宏源集團股份有限公司 董事長 劉健 中國，北京 2025年8月19日 ...

申 万 宏 源 集 团 股 份 有 限 公 司 关于申万宏源证券有限公司 2023 年面向专业投资者 公开发行公司债券（第二期）（品种一） 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。 公司所属子公司申万宏源证券有限公司于 2023 年 8 月 17 日发行 2023 年面向专业投资者公开发行公司债券（第二期）（品种一）（以 下简称"本期债券"），发行规模人民币 22 亿元，票面利率 2.50%， 期限 2 年，债券代码 148429，债券简称 23 申证 03。（相关情况请详 见公司于 2023 年 8 月 19 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） 本期债券兑付日为2025年8月18日，摘牌日为2025年8月18日，申 万宏源证券有限公司已按照《申万宏源证券有限公司2023年面向专业 投资者公开发行公司债券（第二期）募集说明书》相关约定，完成本 期债券本息兑付并予以摘牌。 证券代码：000166 证券简称：申万宏源 公告编号：临2025-58 特此公告。 申万 ...

Market Overview - On August 19, the A-share market showed a mixed performance with all three major indices experiencing a pullback, while the trading volume exceeded 2.6 trillion yuan for two consecutive days, marking five consecutive days above 2 trillion yuan [1] - The leading Securities ETF (560090) experienced a decline of 1.84% after two days of gains, but attracted over 660 million yuan in inflows yesterday [1] Sector Performance - The majority of the constituent stocks of the Securities ETF (560090) saw declines, with Dongfang Caifu dropping over 3%, CITIC Securities down over 2%, and other major firms like Guotai Junan and China Merchants Securities also experiencing declines of over 1% [2][3] Key Stocks and Their Performance - The top ten constituent stocks of the Securities ETF (560090) showed the following performance: - Dongfang Caifu: -3.41%, trading volume of 24.657 billion yuan - CITIC Securities: -2.15%, trading volume of 6.158 billion yuan - Guotai Junan: -1.50%, trading volume of 2.675 billion yuan - Huatai Securities: -0.93%, trading volume of 2.204 billion yuan - China Merchants Securities: -1.33%, trading volume of 785 million yuan [4] Financial Trends - There is a noticeable trend of "deposit migration," with a significant shift of residents' deposits towards non-bank financial institutions. In July, residents' deposits decreased by 1.11 trillion yuan, while non-bank financial institutions saw an increase of 2.14 trillion yuan in deposits [5] - The M2-M1 spread narrowed by 0.5 percentage points to 3.2% in July, indicating a shift in investment preferences towards financial markets due to low deposit rates [5] Market Outlook - Analysts from Zhonghang Securities suggest that residents' allocation to A-shares has just moved away from the bottom range, indicating substantial potential for further investment. The ratio of A-share total market value to residents' savings has been rising for two consecutive months, suggesting increased liquidity contribution from savings to the A-share market [7] - Huatai Securities highlights that the brokerage sector is expected to experience a "Davis double hit" in terms of valuation and performance, with a steady increase in trading volume and financing balance, indicating a robust recovery in the sector [9]

格隆汇8月19日丨申万宏源(06806.HK)公布，谨定于2025年8月29日(星期五)举行董事会会议，以考虑及 批准公司及其附属公司截至2025年6月30日止六个月的未经审计的中期业绩及其发布，考虑建议派发中 期股息(如有)，以及处理其他事项。 ...

格隆汇8月19日丨申万宏源(06806.HK)公布，谨定于2025年8月29日(星期五)举行董事会会议，以考虑及 批准公司及其附属公司截至2025年6月30日止六个月的未经审计的中期业绩及其发布，考虑建议派发中 期股息(如有)，以及处理其他事项。 ...

6806 董事會召開日期 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之內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對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之任何損失承擔任 何責任。 中國，北京 2025年8月19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。 申萬宏源集團股份有限公司（「本公司」）董事會（「董事會」）茲通告謹定於2025年8月29日 （星期五）舉行董事會會議，以考慮及批准本公司及其附屬公司截至2025年6月30日止六 個月的未經審計的中期業績及其發佈，考慮建議派發中期股息（如有），以及處理其他事 項。 承董事會命 申萬宏源集團股份有限公司 董事長 劉健 ...

Group 1 - The core viewpoint of the articles highlights the performance and market position of Shenwan Hongyuan, noting its current stock price, market capitalization, and earnings metrics [1][2] - As of August 19, the closing stock price of Shenwan Hongyuan was 5.51 yuan, with a decline of 1.25%, resulting in a rolling PE ratio of 23.79 times and a total market value of 137.97 billion yuan [1] - The average PE ratio for the securities industry is 29.35 times, with a median of 27.11 times, placing Shenwan Hongyuan at the 17th position among its peers [1][2] Group 2 - For the first quarter of 2025, the company reported an operating income of 5.479 billion yuan, a year-on-year decrease of 3.54%, while net profit reached 1.977 billion yuan, reflecting a year-on-year increase of 42.50% [2] - The company has 40 institutional investors holding a total of 406.31 million shares, with a combined market value of 2.04 billion yuan [1] - Shenwan Hongyuan's main business includes corporate finance, personal finance, institutional services, trading, and investment management, with a diverse range of financial products and services [1]

Core Viewpoint - The company is actively expanding its semiconductor and international logistics businesses, aiming to enhance service capabilities and optimize supply chain management while leveraging technological advancements for digital transformation [2][3][4][6]. Semiconductor Business - The company is expanding its customer base in the semiconductor sector and has established new partnerships with domestic and international semiconductor firms [2]. - It aims to provide rapid response services for lithography machine consignment and maintenance, focusing on integrated circuit manufacturing enterprises in the South China region [2]. - The company plans to enhance its supply chain management products and establish industry standards for consignment and maintenance services in the semiconductor equipment sector [2]. International Logistics - In the first half of 2025, the international logistics segment experienced a revenue increase of 329.56% year-on-year [2]. - The company is developing a comprehensive supply chain service network, integrating various transportation modes to improve logistics efficiency and resilience [2][3]. - Future plans include leveraging IoT and AI technologies to optimize logistics processes and enhance end-to-end service capabilities [2][4]. Global Expansion - The company is focusing on global expansion through strategic initiatives in regions such as the Belt and Road, Europe, Southeast Asia, and Central Asia [3]. - It aims to enhance its cross-border e-commerce capabilities and improve local operational efficiency to better serve international markets [3]. Digital Transformation - The company is investing in big data and AI to enhance logistics efficiency and service quality, with a focus on digital customs clearance services [4]. - Plans include increasing R&D investments in digital supply chain management to reduce costs and improve operational efficiency [4]. Self-built Warehousing Projects - The company is making progress in self-built warehousing projects in Chongqing and Kunming, which are expected to contribute positively to its performance [5]. - Ongoing projects in Shenzhen are aimed at serving the cross-border e-commerce and semiconductor industries [5]. Financial Performance - For the first half of 2025, the company reported a main revenue of 2.112 billion yuan, a year-on-year increase of 35.18%, while net profit decreased by 38.29% [6]. - The company attributes the disparity between revenue growth and net profit decline to non-recurring gains and seasonal factors in international logistics [6].

Core Viewpoint - Immersion liquid cooling is a promising solution for high power density scenarios in data centers, with potential market opportunities driven by increasing demand for cooling solutions due to rising power densities from AI and 5G applications [1][2][4][6]. Group 1: Liquid Cooling Technology - Liquid cooling technology is essential for addressing heat dissipation challenges in data centers, especially with the increasing power density of AI servers, which can reach 2000-3000W compared to traditional servers at 300W-1000W [2]. - The current mainstream cooling solution is cold plate liquid cooling, which primarily uses water and ethylene glycol as cooling mediums, accounting for approximately 70% of the liquid cooling market [3]. - Two types of cold plate liquid cooling exist: single-phase (no phase change) and two-phase (with phase change), with the latter offering higher cooling efficiency suitable for higher power densities [3]. Group 2: Immersion Liquid Cooling - Immersion liquid cooling is more efficient than traditional cold plate systems, utilizing non-conductive cooling liquids to dissipate heat through convection and phase change [4]. - Single-phase immersion cooling is currently favored due to lower deployment costs and reduced risk of coolant spillage, while two-phase immersion cooling, although more efficient, faces challenges in cost and technology maturity [4]. Group 3: Market Potential and Demand - The International Energy Agency (IEA) predicts that global data center installed capacity will reach 114.3 GW by 2025, with annual additions ranging from 9 GW to 24 GW between 2024 and 2030, leading to a potential demand for 40,000 tons of fluorinated liquids [6]. - The estimated market space for immersion cooling solutions, based on a fluorinated liquid price of 250,000 CNY per ton, is approximately 10 billion CNY [6]. Group 4: Key Players and Recommendations - Companies in the fluorinated liquid space, such as Dongyangguang (600673.SH), Juhua Co. (600160.SH), and Yonghe Co. (605020.SH), are recommended for investment due to the growth potential in the cooling medium market [7][8].