证券代码：000166 证券简称：申万宏源 公告编号：临2025-33 根据无异议函，深交所对申万宏源证券申请确认发行面值不超过 200 亿元人民币的申万宏源证券有限公司2025 年面向专业投资者非 公开发行短期公司债券（以下简称"债券"）符合深交所挂牌条件无 异议。债券的发行应当按照报送深交所的相关文件进行。无异议函自 出具之日（2025年4月30日）起12个月内有效。 特此公告。 申万宏源集团股份有限公司董事会 二○二五年五月七日 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 公司债券获得深圳证券交易所无异议函的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 近日，公司所属申万宏源证券有限公司（以下简称"申万宏源证 券"）收到深圳证券交易所（以下简称"深交所"）《关于申万宏源证 券有限公司非公开发行短期公司债券符合深交所挂牌条件的无异议 函》（深证函〔2025〕461 号）（以下简称"无异议函"）。 ...

Core Viewpoint - The report from Shenwan Hongyuan indicates that the performance of A-share insurance companies in Q1 2025 was impacted by rising long-term interest rates and market volatility, leading to a decline in total investment returns and a mixed profit performance across the sector [1][2]. Group 1: Profit Performance - A-share insurance companies achieved a total net profit of 841.76 billion yuan in Q1 2025, representing a year-on-year growth of 1.4%, which was below expectations of 7.9% [2]. - The contribution to profit from insurance services, investment performance, and other pre-tax profits was 75.5%, 16.7%, and 7.8% respectively [2]. - Total investment returns decreased by 11% year-on-year due to significant negative contributions from fair value changes amid stock and bond market pressures [1][2]. Group 2: New Business Value (NBV) Performance - The NBV growth rate for listed insurance companies in Q1 2025 ranged from 4.8% to 67.9%, continuing a growth trend [3]. - New business volume increased by 2.9% year-on-year to 246.84 billion yuan, with growth rates for individual companies varying between -19.5% and 130.8% [3]. - Factors affecting performance included adjustments in preset interest rates, product structures, commission rates, and the fluctuating focus on financial products [3]. Group 3: Property Insurance Performance - The premium growth rate for the "old three" major property insurers was between 1.0% and 7.6% in Q1 2025, with the combined ratio (CR3) decreasing by 0.6 percentage points to 63.8% [4]. - The combined operating ratio (COR) improved more than expected, with notable reductions for major insurers such as PICC and Ping An [4]. Group 4: Investment Yield and Asset Allocation - The annualized total investment yield for listed insurance companies in Q1 2025 varied, with New China Insurance at 5.7% (up 1.1 percentage points) and China Life at 2.75% (down 0.48 percentage points) [5]. - The proportion of FVOCI (Fair Value Through Other Comprehensive Income) assets increased for most insurers, reflecting a strategic shift in asset allocation amid market conditions [5]. Group 5: Recommended Stocks - The report recommends stocks including New China Insurance (601336.SH), PICC (601319.SH), China Property Insurance (02328), China Taiping (601601.SH), Ping An (601318.SH), and China Life (601628.SH) as potential investment opportunities [6].

Core Viewpoint - The white liquor industry is experiencing a slowdown in growth, with revenue growth rates declining from double digits to single digits, and cash flow growth lagging behind revenue growth [1][2]. Fundamental Analysis - The white liquor industry achieved a total revenue of 427.218 billion yuan in 2024, representing a year-on-year growth of 8.38%, and a net profit of 166.805 billion yuan, up 7.41% [2]. - In Q1 2025, the industry reported revenues of 148.535 billion yuan, a year-on-year increase of 2.43%, and a net profit of 63.097 billion yuan, growing by 2.71% [2]. - Combining Q4 2024 and Q1 2025, the industry generated revenues of 247.491 billion yuan, with a year-on-year growth of 2.11%, and a net profit of 98.491 billion yuan, up 0.86% [2]. - Revenue growth rates are highest for high-end liquor, followed by mid-range and then sub-high-end liquor, while net profit growth rates follow the same order [2]. Cash Flow and Prepayments - By the end of 2024, the industry had prepayments of 60.328 billion yuan, an increase of 18.601 billion yuan from Q3 2024 [3]. - In Q1 2025, prepayments decreased to 49.177 billion yuan, down 11.151 billion yuan from Q4 2024 [3]. - The operating cash flow net amount for the industry in 2024 was 148.331 billion yuan, a year-on-year increase of 7.72%, while cash received from sales was 465.847 billion yuan, growing by 6.25% [3]. - In Q1 2025, the operating cash flow net amount was 48.645 billion yuan, up 62.29%, with cash received from sales at 150.192 billion yuan, a 16.65% increase [3]. Valuation Analysis and Dividends - As of April 30, 2025, the absolute PE ratio for the white liquor sector was 19.7x, below the historical average of 30.6x since 2011 [4]. - The relative PE ratio compared to the Shanghai Composite Index was 1.39x, also below the historical average of 2.04x [4]. - Most companies in the sector increased their annual dividend rates in 2024, with dividend yields rising above 3% [4]. - The current valuation reflects market expectations of continued demand pressure, suggesting limited downside for leading brands if demand stabilizes [4]. Recommended Stocks - Key recommendations include Kweichow Moutai (600519), Shanxi Fenjiu (600809), Wuliangye (000858), Jinshiyuan (603369), and Yingjia Gongjiu (603198) [5].

2025年4月17日，由申万宏源证券担任主承销商的"大唐国际发电股份有限公司 2025年度第三期中期票据"成功发行，本期债券发行规模24亿元，期限5+N年，票面利 率2.14%，创发行人同期限中期票据最低票面利率！ 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。 大唐国际发电股份有限公司是我国五大电力央企之一中国大唐集团有限公司下属核 心子公司，发电业务分布于全国多个省、市、自治区，拥有较强的市场竞争力。本期中 期票据的成功发行有利于发行人获取发展所需的中长期资金，提高了发行人运营效益， 有利于发行人可持续发展。 本期中期票据达到了发行人较满意的发行结果，进一步夯实了我司与发行人的合作 关系。未来，公司将持续深耕债券业务，继续发挥公司优势，积极服务实体经济，推动 经济高质量发展。 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the bond market and macroeconomic conditions in China, particularly following the National People's Congress (NPC) meetings in March 2023. Core Insights and Arguments 1. **Market Logic Changes**: Significant changes in market logic were observed in March, shifting from a tight funding balance in January and February to a more stable environment post-NPC, with the ten-year government bond yield fluctuating between 1.8% and 1.9% after a peak of 1.89% on March 11 [2][3][4]. 2. **Stable Funding Environment**: Post-NPC, the overnight repo rate remained stable around 1.8%, and the rates for three-month to one-year deposits were approximately 1.95%, indicating a balanced funding environment [3][4]. 3. **Government Bond Yield Curve**: The yield curve showed signs of short-end over-adjustment, with one-year and three-year bond yields exceeding their 2024 highs, suggesting potential for a correction [5][6]. 4. **Macroeconomic Data**: Recent macroeconomic data indicated a recovery in industrial production, high operating rates in the consumption chain, and strong export performance, reflecting overall economic vitality [7][8]. 5. **Central Bank Policy**: The central bank's monetary policy remained stable, with no significant tightening observed. The net liquidity provided by the central bank was 191.7 billion yuan, indicating a cautious approach to liquidity management [8][10]. 6. **Focus on Structural Monetary Tools**: The preference for structural monetary tools over broad interest rate cuts is driven by a shift from supply constraints to demand constraints in the economy. This approach aims to avoid excessive liquidity and target key sectors [11]. 7. **Investment Opportunities**: The ten-year government bond equilibrium point is projected to be between 1.9% and 2.0%, while the 30-year bond is expected to be between 2.1% and 2.2%, suggesting potential investment opportunities in short-term bonds [6][10]. Other Important but Possibly Overlooked Content 1. **Liquidity Pressures**: Upcoming liquidity pressures from tax payments and maturing financial instruments need to be monitored closely, as they could impact the funding environment [10]. 2. **Redemption Pressure on Wealth Management Products**: The redemption pressure on wealth management products has eased, but caution is advised as significant adjustments in credit bonds and government bond yields could trigger redemption waves [12]. 3. **Market Sentiment on Convertible Bonds**: There is a cautious sentiment among institutional investors regarding convertible bonds due to high valuations, but a potential upward trend is anticipated if equity indices break key resistance levels [14][15]. 4. **Focus on Low-Valuation Opportunities**: In the current market environment, attention should be directed towards low-valuation stocks and their volatility, as they may present better risk-reward scenarios [15][16]. 5. **Solar Industry Outlook**: The solar industry is expected to face challenges due to concerns over demand and supply policies, but it remains a significant sector for investment, especially with ongoing adjustments in convertible bonds [17][18]. This summary encapsulates the key points discussed in the conference call, providing insights into the current state of the bond market, macroeconomic conditions, and investment strategies.

致：香港交易及結算所有限公司 公司名稱: 申萬宏源集團股份有限公司 呈交日期: 2025年5月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06806 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,504,000,000 | RMB | | 1 RMB | | 2,504,000,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 2,504,000,000 | RMB | | 1 RMB | | 2,504,000,000 | FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年4月30日 狀態: 新提交 | 2. 股份分類 | 普通股 ...

上天天基金APP搜索【777】领 98 元券包 ，优选基金10元起投！限量发放！先到先得！ 中信证券：A股将继续呈现风偏回暖、主题轮动特征 展望5月，中信证券预计风险偏好还有回升空间，A股将继续呈现风偏回暖、主题轮动的特征，以低机构持仓 的主题型交易机会为主。但从经济层面来看，真实的影响已经悄然发生，中信证券预计中美经济在二季度尾声 可能会面临新的变数。 配置上，除了短期的热点主题轮动，中信证券依然建议聚焦三个不变的大趋势：一是中国自主科技能力的提升 趋势不会动摇；二是欧洲重建自主防务，提升能源、基建和资源储备的趋势不会动摇；三是中国势必要走 通"双循环"，加速完善社会保障并激发内需潜力是政策的必选项。 广发证券：景气投资回归 短期A股考虑三重因素：一是一些负面的一季报靴子落地；二是TMT反应度模型已经处于下限位置；三是国内 外大厂在大模型、算力芯片、端侧、AI应用的进展不断，5月—6月继续看好科技股的机会。 中期角度来说，回到三类资产对应的三个模型，在出现地产周期大反弹或科技应用大爆发之前，中长期对中性 股息组合保持关注。另外，考虑到国内科技大厂资本开支正在加大、产业链订单开始释放，景气成长组合以及 所代表 ...

自标准利率互换业务推出以来，申万宏源证券FICC事业部积极参与业务报价、交 易，是市场最活跃的交易机构之一。未来申万宏源证券将继续履行报价机构职责，助力 提升衍生品市场的交易活跃度，为银行间市场的蓬勃发展贡献力量。 来源：申万宏源FICC 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。 申万宏源证券 于上线首日 达成多笔 挂钩PrimeNCD1Y利率的合约交易 2025年4月7日，为进一步丰富标准利率互换合约标的，满足市场机构对更长期限 的利率风险管理需求，中国外汇交易中心与上海清算所联合推出1年期同业存单标准利 率 互 换 合 约 。 申 万 宏 源 证 券 FICC 事 业 部 利 率 投 资 团 队 于 上 线 首 日 达 成 多 笔 挂 钩 PrimeNCD1Y利率的合约交易。 标准利率互换 标准利率互换是指在银行间市场交易的参考利率、到期日、期限等产品要素标准化 的利率互换合约。此次新品种的推出实现了对1-2年关键期限点的覆盖，有利于完善短 端利率定价曲线，提升价格发现效率。 ...

Core Insights - The performance of listed securities firms in Q1 2025 shows significant growth, with over 70% of firms reporting increases in both revenue and net profit, indicating a potential new upward cycle for the securities industry [2][3] Group 1: Financial Performance - Total revenue for 42 listed securities firms reached 125.93 billion yuan, a year-on-year increase of 27.6%, while net profit attributable to shareholders was 52.18 billion yuan, up 83.48% [3] - CITIC Securities led the revenue rankings with 17.76 billion yuan, followed by the merged Guotai Junan and Haitong Securities at 11.77 billion yuan, and Huatai Securities at 8.23 billion yuan [3] - Over 70% of firms reported revenue growth, with Guolian Minsheng Securities showing the highest increase at 800.98% [3][4] Group 2: Profitability - More than 80% of securities firms experienced year-on-year net profit growth, with Northeast Securities showing the most significant increase at 859.84% [4] - Guotai Junan Securities achieved a net profit of 12.24 billion yuan, surpassing CITIC Securities, making it the only firm to exceed 10 billion yuan in net profit for the quarter [3][4] Group 3: Revenue Structure - Proprietary trading and brokerage services accounted for nearly 65% of total revenue, with net income from proprietary trading and brokerage services increasing by 51.02% and 48.70%, respectively [5] - 17 firms reported brokerage service net income growth exceeding 50%, with Guolian Minsheng Securities leading at 333.69% [5] Group 4: Market Conditions - The A-share market saw a significant increase in trading volume and new account openings, with 7.47 million new accounts opened in Q1 2025, a 31.7% increase from the previous year [6] - The average daily trading volume reached 1.7 trillion yuan, a 70% year-on-year increase, indicating a robust market environment [6] Group 5: Future Outlook - Analysts expect the securities industry to maintain a high level of prosperity in 2025, driven by high trading volumes and a recovering capital market [7] - The industry is anticipated to enter a new upward cycle, supported by ongoing policy initiatives and improving market sentiment [7]

Group 1 - The establishment of the Graphene Life and Health Alliance marks a new starting point for the high-quality development of the graphene life and health industry [5] - Chinese clothing enterprises should focus on brand building and market expansion during their overseas ventures [12] - The quality of raw milk in China is improving, supported by better cold chain technology and increasing consumer awareness [12] Group 2 - Wu Qian has been appointed as the new chairman of ICBC Wealth Management, taking over a company with nearly 2 trillion yuan in assets under management [15] - The first batch of Haobo HL vehicles was delivered, with GAC Group's chairman personally handing over keys to customers [17] - The financial industry may experience a wave of executive turnover as many bank leaders approach the retirement age of 60 [24] Group 3 - The appointment of Lin Xuebing as a director of Guangfa Bank marks a significant personnel change in the banking sector [22] - Wang Sheng has been appointed as the new head of Shenwan Hongyuan Research Institute, indicating a leadership transition within the research sector [23] - The resignation of Northeast Securities' chief economist due to health reasons highlights the impact of personal circumstances on leadership roles [21]