Core Viewpoint - The total credit impairment losses for 42 A-share listed securities firms in 2024 reached 3.156 billion yuan, an increase of 15.74% compared to 2023 [1] Group 1: Credit Impairment Losses Overview - Among the 42 firms, Shenwan Hongyuan reported the highest credit impairment loss of 474 million yuan in 2024, while CITIC Securities reported the lowest at -1.114 billion yuan [1] - Huatai Securities experienced the largest increase in credit impairment losses, rising by 657 million yuan compared to 2023, while CITIC Securities saw a decrease of 749 million yuan [1] - The most significant increases in credit impairment losses, exceeding 12 times, were observed in CICC and China Galaxy [1][13] Group 2: Shenwan Hongyuan's Credit Impairment Details - Shenwan Hongyuan's 474 million yuan credit impairment loss primarily stemmed from other bond investments, with 379 million yuan attributed to bond investment impairment provisions [4] - The firm has faced ongoing high credit impairment losses, with figures from 2020 to 2024 being 798 million yuan, 522 million yuan, 1.424 billion yuan, 341 million yuan, and 474 million yuan respectively, marking a 38.85% increase in 2024 [6] - Shenwan Hongyuan's significant losses are linked to its stock pledge business, which has resulted in substantial financial losses due to poor-quality client financing [6][7] Group 3: Other Firms' Credit Impairment Losses - Tianfeng Securities reported a credit impairment loss exceeding its net profit in 2024, while Huaxi Securities and Guohai Securities had credit impairment losses exceeding 30% of their net profits [9][10] - Huaxi Securities has consistently high credit impairment losses, with figures from 2021 to 2024 being 205 million yuan, 332 million yuan, 87 million yuan, and 255 million yuan respectively [11] - China Galaxy's credit impairment losses surged by over 12 times, with losses increasing from 34 million yuan in 2023 to 441 million yuan in 2024, primarily due to increased expected credit losses in credit-related businesses [15][16]

Core Viewpoint - The report summarizes the sponsorship work of Shenwan Hongyuan Securities for Pengyao Environmental Protection Co., Ltd. regarding its stock issuance through a simplified procedure to specific targets, covering the period from December 2, 2022, to December 31, 2024 [1]. Group 1: Company Overview - The issuer, Pengyao Environmental Protection Co., Ltd., has a registered capital of 759,812,332 yuan and is located in Yixing City, Jiangsu Province [1]. - The company’s stock code is 300664, and it was listed on the Shenzhen Stock Exchange on December 2, 2022 [1]. Group 2: Sponsorship Work Overview - Shenwan Hongyuan Securities appointed representatives Zheng Chunding and Tang Pin for continuous supervision during the stock issuance process [1]. - The sponsorship period for the stock issuance is set to end on December 31, 2024, with the company required to disclose its annual report by April 29, 2025 [1]. Group 3: Major Events During Sponsorship - The actual controller of the company, Wang Hongchun, was placed under residential surveillance due to allegations of insider trading, but this did not significantly impact the company's operations [3]. - The Jiangsu Securities Regulatory Bureau issued a warning letter to the company due to issues related to its equity incentive plan and inaccurate disclosures regarding related guarantees [3]. - The company reported a decline in net profit for 2024 compared to the previous year, prompting the sponsor to urge management to address the underlying causes [4]. Group 4: Company Compliance and Cooperation - Throughout the sponsorship period, the company complied with relevant laws and regulations, maintaining timely and accurate information disclosure [5]. - The company cooperated well with the sponsor, providing necessary documents and facilitating on-site inspections and training [5]. Group 5: Fund Management and Usage - The sponsor monitored the use of raised funds, confirming that the management and usage of these funds complied with regulatory requirements, with no violations reported [6].

Core Viewpoint - Central Huijin's direct or indirect control over listed companies forms the "national team" of China's securities industry, providing significant advantages in investment banking, asset management, and wealth management [1] Group 1: Central Huijin's Role - Central Huijin enhances resource allocation efficiency through specialized management, creating opportunities for mergers and acquisitions in the brokerage industry [1][16] Group 2: Company Profiles - China International Capital Corporation (CICC) was established on July 31, 1995, with a registered capital of 4.827 billion yuan, and is recognized as the flagship enterprise in Central Huijin's securities sector, focusing on high-net-worth client services and cross-border investment banking [3] - Shenwan Hongyuan Group was formed through the merger of the first joint-stock securities company and the first listed securities company in China, with a registered capital of 25.04 billion yuan, and has a comprehensive service model combining research, investment, and investment banking [5] - China Galaxy Securities, established on January 26, 2007, has a registered capital of 10.934 billion yuan and strong capabilities in brokerage and asset management [9] - CITIC Securities, founded on November 2, 2005, with a registered capital of 7.757 billion yuan, is a large comprehensive securities company with a wide range of services [11] - Xinda Securities, established on September 4, 2007, has a registered capital of 3.243 billion yuan and is the first securities company under an asset management company [13] - Dongxing Securities, founded on May 28, 2008, has a registered capital of 3.232 billion yuan and offers a variety of financial services [15] Group 3: Shareholding Structure - CICC's largest shareholder is Central Huijin Investment Co., holding 1.936 billion shares, accounting for 40.11% of circulating shares [3] - Shenwan Hongyuan's largest shareholder is China Jianyin Investment Co., holding 6.596 billion shares, accounting for 26.34% of circulating shares, with Central Huijin as the second-largest shareholder [5] - China Galaxy's largest shareholder is China Galaxy Financial Holdings, holding 5.187 billion shares, accounting for 47.43% of circulating shares, with Central Huijin holding approximately 48.20% control [9] - CITIC Securities' largest shareholder is Beijing Financial Holdings Group, holding 2.777 billion shares, accounting for 35.81% of circulating shares, with Central Huijin as the second-largest shareholder [11] - Xinda Securities is primarily controlled by China Cinda Asset Management, holding 2.551 billion shares, accounting for 78.67% of circulating shares [13] - Dongxing Securities is primarily controlled by China Orient Asset Management, holding 1.455 billion shares, accounting for 45.00% of circulating shares [15]

智通财经记者 | 陈靖 科创债发行主体范围扩大后，券商等积极响应。 5月8日，沪深交易所公告显示，中信证券（600030.SH）、国泰海通证券（601211.SH）、中信建投证 券（601066.SH）等12家证券公司拟发行总额超177亿元的科创债。 12家券商募集资金的主要用途为，将不低于70%资金专项用于支持科技创新领域，通过股权、债券、基 金等多元化投资形式实施。 以招商证券（600999.SH）为例，其计划募集资金50亿元，其中10亿元用于符合资本市场要求的投资； 25亿元投入科技创新类债券、ETF及公募基金的做市与风险对冲服务；剩余资金将用于科技创新类证券 承销业务。 截至发稿，沪深两市交易所拟发行科创债总额为330.65亿元，其中上交所规模为309.65亿元，深交所规 模为21亿元。多家头部券商发行量较大，其中招商证券（600999.SH）（50亿元）、中信建投（25亿 元）、国泰海通证券（20亿元）、中信证券（20亿元）、中国银河（601881.SH）（20亿元）、平安证 券（601318.SH）（10亿元）、申万宏源（000166.SZ）（10亿元）、东方证券（600958.SH）（10亿 元 ...

Core Viewpoint - The successful issuance of the first green financial bond by Guoyin Financial Leasing Co., Ltd. marks a significant step in promoting green finance and supporting China's "dual carbon" strategy [1]. Group 1: Bond Issuance Details - The bond issuance scale is 3 billion yuan, with a term of 3 years and a coupon rate of 1.84%, representing the lowest coupon rate for the issuer's financial bonds [1]. - This issuance is the issuer's first green financial bond, highlighting its commitment to sustainable finance [1]. Group 2: Company Background and Market Position - Guoyin Financial Leasing Co., Ltd. is a leasing company controlled by the China Development Bank, with a strong brand presence in sectors such as aircraft, shipping, regional development leasing, inclusive finance, and green energy [1]. - The company holds a leading position in the domestic leasing industry [1]. Group 3: Commitment to Green Development - The company integrates social responsibility into its development strategy, actively supporting the green transformation of traditional industries and expanding its involvement in clean energy projects [1]. - The issuance of this bond enhances the issuer's capacity for green financial services and contributes to the high-quality development of green finance, aiding in the construction of a beautiful China [1]. Group 4: Future Outlook - The successful bond issuance strengthens the partnership between the issuer and the underwriter, enhancing the latter's influence in the green financial bond sector [1]. - The company plans to continue deepening its engagement in the bond market, serving the real economy, and supporting major national development strategies [1].

Core Viewpoint - The successful issuance of the fourth phase of medium-term notes by Shaanxi Transportation Holding Group Co., Ltd. highlights the company's strong financial standing and the effective collaboration with Shenwan Hongyuan Securities, reinforcing its position in the bond market [1] Group 1: Company Overview - Shaanxi Transportation Holding Group Co., Ltd. was established on January 30, 2021, as a large state-owned enterprise funded by the Shaanxi provincial government [1] - The company has a registered capital of 50 billion yuan and operates in various sectors including transportation infrastructure design, investment, construction, operation, and logistics [1] - Total assets of the company exceed 610 billion yuan, with a management network of 6,582 kilometers of roads, of which 5,783 kilometers are expressways, accounting for approximately 90% of the expressways in Shaanxi province [1] Group 2: Financial Performance - The recent medium-term note issuance was for a scale of 2 billion yuan, with a term of 5+N years and a coupon rate of 2.22% [1] - This issuance marks the fifth medium-term note that Shenwan Hongyuan Securities has assisted in issuing for Shaanxi Transportation Holding Group since September 2024, with a cumulative underwriting scale of 8.5 billion yuan [1] - Shenwan Hongyuan Securities has successfully underwritten over 1 billion yuan of the total issuance, demonstrating its underwriting expertise and ability to meet client needs [1] Group 3: Strategic Collaboration - The partnership between Shaanxi Transportation Holding Group and Shenwan Hongyuan Securities has evolved from mutual trust to deep collaboration, establishing a long-term stable relationship [1] - This collaboration has solidified Shenwan Hongyuan Securities' professional brand image in the Shaanxi bond market and set a benchmark for regional service [1]

Core Viewpoint - The successful issuance of the corporate bonds by Chengtong Commercial Factoring Co., Ltd. marks a significant achievement in the market, with a focus on optimizing capital structure and reducing financing costs [1] Group 1: Bond Issuance Details - The bond issuance was led by Shenwan Hongyuan Securities, with a total scale of 500 million yuan and a maturity of 2 years, featuring a coupon rate of 2.12% [1] - This bond represents the issuer's first public credit bond and is also the first public issuance of a factoring company led by Shenwan Hongyuan Securities, achieving the lowest coupon rate for medium to long-term credit bonds in the industry [1] Group 2: Company Background and Impact - Chengtong Commercial Factoring Co., Ltd. is a core enterprise under China Chengtong Holdings Group, recognized as a leading state-owned enterprise in the commercial factoring sector [1] - The successful issuance of the bonds will facilitate the issuer in obtaining the necessary medium to long-term funds, optimizing its capital structure, and enhancing overall operational capabilities [1] Group 3: Future Outlook - The company aims to continue deepening its bond business, leveraging its advantages to actively support the real economy and promote high-quality economic development [1]

Group 1 - The issuance of technology innovation bonds (科创债) by 12 securities firms has reached a total scale of 17.7 billion yuan, aimed at funding strategic emerging industries such as integrated circuits, artificial intelligence, and renewable energy [1] - The expansion of the bond issuance is expected to enhance the confidence in the technology innovation sector and attract capital inflows into related industries [1] - Overall, the issuance of technology innovation bonds is beneficial for optimizing the capital market structure and injecting new vitality into the stock market [1] Group 2 - The scale of newly issued public funds has surpassed 340 billion yuan this year, with equity funds accounting for over 50% of the total, indicating a growing demand for equity assets [2] - Leading institutions such as Fortune Fund, Huaxia Fund, and E Fund have shown significant issuance scales, reflecting investor trust in top-tier fund managers [2] - This trend is likely to promote the development of equity funds and enhance market activity [2] Group 3 - In April 2025, the number of new A-share accounts reached 1.92 million, showing a significant year-on-year increase of 30.6% compared to April 2024 [3] - Despite a slight decline from the previous month, the new account openings indicate a high level of market participation and a recovery in investor confidence [3] - The increase in new accounts may positively impact the brokerage sector and enhance stock market liquidity [3] Group 4 - In the past six months, four vice presidents have left Cinda Australia Fund, including a prominent fund manager, reflecting intensified competition and performance pressure in the public fund industry [4][5] - Over 60% of the active equity products from Cinda Australia Fund have reported negative returns over the past three years, suggesting a need for strategy adjustments [5] - The personnel changes may temporarily affect investor confidence, but the ongoing industry reshuffling is expected to promote healthier development and improve overall management standards [5]

Summary of Key Points Overall Economic Insights - Manufacturing PMI has significantly declined, with production and new orders indices both showing downward trends, indicating a weakening demand in the manufacturing sector [7] - Non-manufacturing PMI remains in the expansion zone, with service sector performance being relatively stable despite a drag from the construction industry [7] Strategy and Performance Verification - The performance verification for Q1 2025 shows a recovery in net profit for the A-share market, with a year-on-year growth of 6.3%, contrasting with a significant decline in Q4 2024 [8] - The supply-demand dynamics in the manufacturing sector remain weak, with fixed asset turnover rates declining, which negatively impacts profitability [9] - The export chain is under pressure, with the performance of companies involved in overseas operations outperforming those reliant on exports [10] Industry-Specific Insights Financial Sector - Banks are expected to maintain stable performance with better-than-expected interest margins, focusing on high-dividend stocks [18] - Non-bank financial institutions are showing strong performance on the liability side, with profit differentiation influenced by fair value changes [19] - The real estate sector is under pressure but is expected to stabilize due to government policies aimed at boosting demand and maintaining property prices [20] Materials Sector - Oil prices are expected to enter a second bottoming process, with OPEC likely to increase production in June [23] - The chemical sector is showing signs of recovery, with Q1 2025 performance indicating a bottoming out of profitability [27] - The non-ferrous metals sector is experiencing price support from inventory reductions, particularly in copper and aluminum [29] Consumer Goods - The agricultural sector is facing challenges due to rising feed costs and potential supply constraints from the U.S. due to tariffs [35] - The food and beverage industry is focusing on health-oriented products and targeting younger demographics, indicating a shift in consumer preferences [35] - The pharmaceutical sector is emphasizing domestic production of key drugs and medical devices, highlighting a trend towards self-sufficiency [35] Manufacturing Sector - The machinery and equipment sector is expected to benefit from infrastructure investments and a focus on self-sufficiency [10] - The defense industry is seeing a positive impact from geopolitical tensions, leading to increased investment [10] - The home appliance sector is experiencing growth in exports and domestic sales, driven by consumer incentives [10] Policy and Market Trends - The government is focusing on expanding domestic demand through new consumption policies, particularly in the food and beverage sector [3] - The construction and decoration sectors are expected to benefit from increased infrastructure investment, with a focus on high-elasticity sectors [22] - The overall market sentiment is cautious, with expectations of a volatile market in the second quarter of 2025 due to potential economic pressures [11]

（ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股份代號：6806） 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2025-33 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 限公司非公開發行短期公司債券獲得深圳證券交易所無異議函的公告》，僅供參閱。 承董事會命 申萬宏源集團股份有限公司 董事長 劉健 北京，2025年5月7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非公开发行短期 ...