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（第五期）（品种一） 本息兑付并摘牌的公告 特此公告。 申万宏源集团股份有限公司董事会 证券代码：000166 证券简称：申万宏源 公告编号：临2025-38 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 2024 年 12 月 16 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（第五期）（品种一）（以下简称"本期债券"），发行规模人 民币 6 亿元，票面利率 1.71%，期限 162 天，债券代码 524071，债券 简称 24 申证 D9。（相关情况请详见公司于 2024 年 12 月 18 日、12 月 24 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5月27日，摘牌日为2025年5月27日，申 万宏源证券有限公司已按照《申万宏源证券有限公司2024年面向专业 投资者 ...

申万宏源集团股份有限公司 2025 年跟踪评级报告 | | | www.lhratings.com 1 . 联合〔2025〕3296 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 主体及其相关债券的信用状况进行跟踪分析和评估，确定维持申万 宏源集团股份有限公司主体长期信用等级为 AAA，维持"21 申宏 02"、 "21 申宏 04"、"21 申宏 06"、"22 申宏 02"、"22 申宏 04"、"22 申宏 06"、"23 申宏 02"、"23 申宏 04"、"24 申宏 02"、"24 申宏 03"、"25 申宏 01"、"25 申宏 02"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： 二〇二五年五月二十七日 跟踪评级报告 | 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 ...

Investment Rating - The report does not explicitly state an investment rating for the securities industry Core Insights - The securities industry in China experienced a "first suppression and then rise" pattern in 2024, with significant policy support leading to a rapid increase in stock indices and trading activity in the latter part of the year [4][5] - In Q1 2025, both stock and bond markets showed volatility, with a substantial year-on-year increase in trading volume for stocks, while bond market indices saw a notable decline [4][6] - The overall performance of securities companies improved in 2024, with significant increases in revenue and profit, driven by a recovery in the stock market [11][16] Summary by Sections Industry Overview - In 2024, the total trading volume of the Shanghai and Shenzhen stock exchanges reached 254.78 trillion yuan, a year-on-year increase of 20.41% [5] - By the end of Q1 2025, the total number of listed companies was 5,383, with a total market capitalization of 85.86 trillion yuan, reflecting a 10.61% increase from the beginning of the year [6] - The bond market saw a total trading amount of 27.35 trillion yuan in Q1 2025, a year-on-year increase of 6.33% [7][8] Financial Performance of Securities Companies - In 2024, the securities industry saw a 11.15% increase in operating income and a 21.35% increase in net profit, with securities investment income rising significantly by 43.02% [11][16] - The top ten securities firms accounted for 70.13% of total industry revenue and 65.72% of net profit, indicating a high level of industry concentration [16] Regulatory Environment - The "New National Nine Articles" and the "1+N" policy framework were introduced to enhance market confidence and promote capital market reforms [21][32] - In Q1 2025, regulatory bodies issued 55 penalties against securities companies, indicating a continued strict regulatory environment [24][32] Future Trends - The report anticipates that the securities industry will continue to see growth driven by favorable policies, although uncertainties in the domestic economy and international environment may pose risks [29][30] - Mergers and acquisitions within the securities industry are expected to accelerate, leading to increased concentration and competitive pressure on smaller firms [34][35]

Group 1 - The article highlights that ETFs (Exchange-Traded Funds) are becoming a key driver for brokerage firms' wealth management transformation and business innovation [1] - As of the end of April, the Shanghai Stock Exchange had 846 fund products with a total asset management scale of 3.1 trillion yuan, while the Shenzhen Stock Exchange had 756 fund products with a total asset management scale of 1.13 trillion yuan [2] - The total number of ETF products in the market reached 1,181 as of May 27, showing a year-on-year growth of 23.28%, with total shares of 2.75 trillion, up 28.85% year-on-year [5] Group 2 - Leading brokerages are leveraging their comprehensive strength and rich business experience to rank high in ETF trading volume, with Huatai Securities, China Galaxy, and CITIC Securities leading the Shanghai market in April [2] - The brokerage with the highest market share in ETF holdings as of the end of April was China Galaxy, with a market share of 24.57%, followed by Shenwan Hongyuan Securities at 17.87% [3] - Huatai Securities led the market in the number of ETF trading accounts, holding an 11.8% market share as of the end of April [4] Group 3 - The rapid expansion of the ETF market is expected to drive growth in brokerage retail business and create favorable conditions for expanding institutional services and market-making activities [5] - Brokerages are actively increasing their presence in the ETF market, with firms like China Merchants Securities focusing on expanding quality product offerings and creating an ETF ecosystem [5]

Core Viewpoint - The article highlights the recent interactions between securities firms and investors, focusing on performance disclosures, dividend policies, mergers, and strategic initiatives in response to market conditions [1][2]. Dividend and Market Value Management - Several securities firms, including Shanxi Securities and Changjiang Securities, have announced their dividend plans, with Shanxi Securities proposing a cash dividend of 0.9 yuan per 10 shares for 2023 and 1 yuan for 2024, representing 50.43% of net profit attributable to shareholders [3][4]. - Changjiang Securities plans to distribute 1.50 yuan per 10 shares for the 2024 fiscal year, emphasizing a commitment to stable and sustainable returns for investors [3][4]. - Shanxi Securities aims to increase its cash dividend payout ratio from at least 10% to at least 30% over the next three years [3]. Mergers and Shareholding Changes - West Securities is in the process of acquiring control of Guorong Securities, with the acquisition currently under regulatory review [5]. - Guosheng Jinkong has received approval from the CSRC for its absorption merger with Guosheng Securities, which will lead to the dissolution of Guosheng Securities [5][6]. - Changjiang Securities is undergoing a potential share transfer that could make Hubei State-owned Assets the largest shareholder, pending regulatory approval [6]. Research Business Adaptation - Changjiang Securities has risen to third in commission income rankings amid declining public fund commission rates, focusing on expanding services to non-public clients and enhancing research capabilities [7]. - West Securities plans to establish an industry research institute to better serve local economies and key industries, aiming to enhance its research brand [7]. Financial Technology Transformation - Shenwan Hongyuan is advancing its digital transformation by integrating technology into its services, including the development of wealth management and client service platforms [8]. - Shanxi Securities has deployed AI technologies, including the DeepSeek model, to enhance operational efficiency and improve client services through various applications [9].

2025年5月9日，由申万宏源证券担任主承销商的"中国工商银行股份有限公司 2025年科技创新债券（第一期）（债券通）"成功发行，本期债券发行规模200亿元， 期限3年，票面利率1.65%，为市场首批金融类科技创新债券，创商业银行金融债最低 票面利率，同类产品单期规模之最。 2025年5月7日，中国人民银行、中国证监会联合发布《关于支持发行科技创新债 券有关事宜的公告》。工商银行高效响应，于5月9日率先落地首批科技创新债券，助力 债券市场"科技板"和多层次债券市场建设，拓宽科技创新企业融资渠道，激发科技创新 动力和市场活力。 本期债券发行结果获得了发行人高度认可，进一步夯实了申万宏源证券与发行人的 良好合作关系，提升了公司在科技创新债券领域的影响力。未来，公司将继续完善全链 条金融赋能体系，加大对国家重大发展战略的贯彻落实，为打造新质生产力、实现高水 平科技自立自强提供澎湃的金融势能，扎实做好"五篇大文章"，践行金融央企使命担 当。 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。 近年来，工商银行作为全球资产规模最大的商业银行，始终走在金融支持科技创新 的前沿，在服务高水平科技自立自强上发挥国有大 ...

文 | 赵伟、陈达飞、赵宇 联系人 | 赵宇 大类资产&海外事件&数据：众议院通过减税法案，市场再现"股债汇"三杀 美国再现"股债汇"三杀，金价再度"异军突起"。 当周，纳指下跌2.5%，日经225下跌1.6%；10Y美债收益 率上行8bp至4.51%；美元指数下跌1.8%至99.12，离岸人民币升至7.1722；WTI原油下跌1.5%至61.5美元/ 桶，COMEX黄金上涨5.0%至3351.0美元/盎司。 美国众议院通过减税法案。 5月22日，美国众议院以215票赞成、214票反对的微弱优势通过了《美丽大 法案》，法案旨在永久延续2017年《减税与就业法案》中的多项减税措施，并引入新的税收优惠。该法 案已提交参议院，共和党计划将在7月4日之前完成表决。 5月美国Markit制造业、服务业PMI反弹，日本4月核心CPI升温。 美国5月Markit制造业、服务业PMI均 提升至 52.3，前值分别为50.2、50.8，或反映中美关税缓和影响；4月日本CPI同比3.6%，核心通胀（剔除 食品、能源口径）同比3.0%，后者维持上升趋势。 风险提示 地缘政治冲突升级；美国经济放缓超预期；美联储超预期转"鹰" 报告正 ...

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2022年面向專業投資者公開發行公司債券（第四期）（品種一）本息兌付並摘牌的公告》， 僅供參閱。 承董事會命 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2025-37 申 万 宏 源 集 团 股 份 有 限 公 司 关于申万宏源证券有限公司 2022 年面向专业投资者 公开发行公司债券（第四 ...

Core Viewpoint - The recent update from the China Securities Association (CSA) has added eight new individuals to the D-class (suspended business) list of sponsor representatives, bringing the total to 15, reflecting the regulatory body's strict oversight of the underwriting industry [1][6]. Group 1: D-Class Sponsor Representatives - The newly added eight D-class sponsor representatives come from six brokerage firms, including Shenwan Hongyuan, Guoyuan Securities, Caixin Securities, GF Securities, Dongwu Securities, and China International Capital Corporation [1]. - The specific cases leading to the addition of these representatives include disciplinary actions related to various IPO and private placement projects, highlighting the consequences of inadequate due diligence [5][6]. Group 2: Regulatory Environment - The D-class list is part of a dynamic updating mechanism established by the CSA to enhance the negative evaluation public disclosure system, which now includes four categories: A (comprehensive practice information), B (institution verification), C (punishment information), and D (suspended business) [6]. - The CSA has reported a reduction of 168 individuals in the A-class sponsor representatives since last September, indicating a tightening of standards and increased scrutiny on compliance within the industry [6]. Group 3: Industry Response - Affected brokerage firms have expressed their commitment to accept penalties sincerely, reflect deeply, and enhance internal management to improve the quality of their investment banking services [7]. - The regulatory actions underscore the importance of intermediary institutions in maintaining the integrity of the capital market, with the China Securities Regulatory Commission (CSRC) intensifying its efforts to hold these entities accountable for their professional conduct [6][7].

证券代码：000166 证券简称：申万宏源 公告编号：临2025-37 申 万 宏 源 集 团 股 份 有 限 公 司 关于申万宏源证券有限公司 2022 年面向专业投资者 公开发行公司债券（第四期）（品种一） 本息兑付并摘牌的公告 特此公告。 公司所属子公司申万宏源证券有限公司于 2022 年 5 月 23 日发行 2022 年面向专业投资者公开发行公司债券（第四期）（品种一）（以 下简称"本期债券"），发行规模人民币 18 亿元，票面利率 2.78%， 期限 3 年，债券代码 112904，债券简称 22 申证 07。（相关情况请详 见公司于 2022 年 5 月 25 日、5 月 31 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5月23日，摘牌日为2025年5月23日，申 万宏源证券有限公司已按照《申万宏源证券有限公司2022年面向专业 投资者公开发行公司债券（第四期）募集说明书》相关约定，完成本 期债券本息兑付并予以摘牌。 申万宏源集团股份有限公司董事会 二〇二五年五月二十六日 本公司及董事会全体成员保证信 ...