申萬宏源集團股份有限公司 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。 承董事會命 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次級債券（第一期）兌付兌息並摘牌的公告》，僅供參 閱。 （第一期）（以下简称"本期债券"），发行规模人民币 30 亿元， 票面利率 3.19%，期限 3 年，债券代码 149904，债券简称 22 申证 C1。 （相关情况请详见公司于 2022 年 4 月 29 日、5 月 11 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4月 ...

Financial Performance - The company's operating revenue for Q1 2025 was RMB 5,479,463,215.33, a decrease of 3.54% compared to RMB 5,680,365,003.03 in the same period last year[9] - Net profit for the quarter increased by 35.62% to RMB 2,246,863,297.16, up from RMB 1,656,724,643.77 year-on-year[9] - The net profit attributable to shareholders of the listed company rose by 42.50% to RMB 1,977,325,721.80, compared to RMB 1,387,612,479.52 in the previous year[9] - Basic and diluted earnings per share increased by 33.33% to RMB 0.08 from RMB 0.06 year-on-year[9] - Operating profit for Q1 2025 was RMB 2,802,014,086.77, an increase of 41.49% from RMB 1,979,375,037.01 in Q1 2024[25] - The total comprehensive income for the first quarter of 2025 was RMB 2,103,569,008.29, a slight decrease from RMB 2,181,401,837.68 in the same period of 2024[26] Cash Flow - The net cash flow from operating activities was RMB 16,857,018,413.64, a significant improvement from a negative cash flow of RMB -12,579,208,313.59 in the same period last year[9] - The cash inflow from operating activities totaled RMB 38,364,221,720.02 in Q1 2025, significantly higher than RMB 11,442,772,354.10 in Q1 2024[27] - The net cash flow from investing activities in Q1 2025 was RMB -12,379,857,745.85, contrasting with a positive cash flow of RMB 14,256,028,577.77 in Q1 2024[27] - The net cash flow from financing activities for Q1 2025 was RMB -13,759,560,683.48, compared to RMB -1,050,627,303.11 in Q1 2024[28] - The company reported a net decrease in cash and cash equivalents of RMB -9,283,665,838.78 for Q1 2025, compared to an increase of RMB 625,487,061.14 in Q1 2024[28] Assets and Liabilities - Total assets at the end of the reporting period were RMB 671,479,514,843.67, a decrease of 3.74% from RMB 697,596,593,301.18 at the end of the previous year[9] - Total liabilities decreased to RMB 536,006,181,827.02 from RMB 564,247,667,656.41 at the end of 2024[24] - Shareholders' equity increased to RMB 135,473,333,016.65 from RMB 133,348,925,644.77 at the end of 2024[24] Investment and Income - Investment banking business net income increased by 79.40% to RMB 307,285,593.06 compared to RMB 171,283,493.82 in the previous year[15] - Net commission and fee income increased to RMB 1,910,800,799.43, up 31.66% from RMB 1,451,792,419.36 in the same period last year[25] - Net interest income turned positive at RMB 19,193,251.22 compared to a net loss of RMB 85,112,561.11 in Q1 2024[25] - Investment income significantly improved to RMB 4,240,046,254.86 from a loss of RMB 1,729,602,177.23 year-over-year[25] Shareholder Information - Total number of common shareholders reached 234,677, with 234,624 being A-share holders[20] - The largest shareholder, China Jianyin Investment, holds 26.34% of shares, totaling 6.60 billion shares[20] - The top ten shareholders collectively hold significant stakes, with the top three accounting for over 56% of total shares[20] Risk and Capital Management - Risk coverage ratio improved to 403.36%, an increase of 19.32 percentage points[17] - Capital leverage ratio rose to 19.02%, up 1.65 percentage points from the previous year[17] - Liquidity coverage ratio decreased to 177.36%, down 22.34 percentage points[17] - The company continues to meet the risk control indicators set by the China Securities Regulatory Commission[18] Other Financial Metrics - The company reported a significant increase in credit impairment losses, which rose by 924.32% to RMB 26,619,082.09 from RMB 2,598,712.17 year-on-year[15] - Core net capital increased to ¥67.50 billion, up 2.19% from the previous year[17] - Total net capital decreased to ¥90.06 billion, down 0.39% year-over-year[17] - Total assets decreased to ¥363.00 billion, a decline of 6.74% compared to the previous year[17]

Financial Performance - The company's operating revenue for Q1 2025 was CNY 5,479,463,215.33, a decrease of 3.54% compared to CNY 5,680,365,003.03 in the same period last year[4] - Net profit for Q1 2025 reached CNY 2,246,863,297.16, representing a significant increase of 35.62% from CNY 1,656,724,643.77 year-on-year[4] - The net profit attributable to shareholders was CNY 1,977,325,721.80, up 42.50% from CNY 1,387,612,479.52 in the previous year[4] - The net cash flow from operating activities was CNY 16,857,018,413.64, a substantial improvement from a negative cash flow of CNY -12,579,208,313.59 in the same period last year[4] - The company's basic earnings per share increased to CNY 0.08, a rise of 33.33% compared to CNY 0.06 in the same period last year[4] - The weighted average return on equity improved to 1.87%, an increase of 0.50 percentage points from 1.37% year-on-year[4] - Net commission and fee income increased to RMB 1,910,800,799.43, up 31.66% from RMB 1,451,792,419.36 in the same period last year[18] - Investment income surged to RMB 4,240,046,254.86, compared to a loss of RMB 1,729,602,177.23 in Q1 2024[18] - The company reported a total comprehensive income of RMB 2,103,569,008.29 for Q1 2025, slightly down from RMB 2,181,401,837.68 in Q1 2024[18] Assets and Liabilities - The total assets at the end of Q1 2025 were CNY 671,479,514,843.67, down 3.74% from CNY 697,596,593,301.18 at the end of the previous year[4] - Total assets as of March 31, 2025, amounted to RMB 671.48 billion, a decrease from RMB 697.60 billion as of December 31, 2024[16] - Total liabilities decreased to RMB 536.01 billion from RMB 564.25 billion during the same period[16] - The company's cash and cash equivalents were RMB 126.43 billion, down from RMB 134.14 billion[16] - Customer deposits decreased to RMB 92.64 billion from RMB 100.27 billion[16] - The total equity attributable to shareholders increased to RMB 106.61 billion from RMB 104.78 billion[16] Shareholder Information - The number of common shareholders at the end of the reporting period was 234,677, with 10 major shareholders holding 73.31% of the shares[12] - The largest shareholder, China Jianyin Investment, held 26.34% of the shares, totaling 6,596,306,947 shares[12] - The total number of shares held by the top 10 unrestricted shareholders was 18,000,000,000 shares[12] Business Segments - The investment banking business net income rose by 79.40% to CNY 307,285,593.06 from CNY 171,283,493.82 in the previous year[9] - The core net capital at the end of the reporting period was CNY 67,501,612,277.13, reflecting a 2.19% increase from CNY 66,054,819,574.41 at the end of the previous year[9] - The risk coverage ratio improved to 403.36%, an increase of 19.32 percentage points from 384.04% at the end of the previous year[9] Cash Flow and Expenses - The operating expenses decreased to RMB 2,677,449,128.56, down 27.54% from RMB 3,700,989,966.02 in the same quarter last year[18] - Total cash and cash equivalents at the end of Q1 2025 amounted to RMB 153,782,260,861.91, compared to RMB 132,925,447,430.94 at the end of Q1 2024[20] Other Information - The company did not report any new product launches or significant market expansion strategies during the conference call[21]

申万宏源（000166）公告，2025年第一季度营业收入54.79亿元，同比下降3.54%。净利润22.47亿元， 同比增长35.62%。归属于上市公司股东的净利润19.77亿元，同比增长42.50%。基本每股收益0.08元/ 股，同比增长33.33%。 ...

4月28日新股申购，301636泽润新能，发行价33.06元，市盈率17.57倍，发行总数1597万股，计划募集资金7.2亿，实际募集资金5.28亿，少募集2亿！ 那么泽润新能具体是做什么的？公司业绩怎么样？保荐机构是哪家？保荐费用是多少？我们具体来看看！ | 泽润新能 | | | 查看分时行情 > | | --- | --- | --- | --- | | @ 301636 | | | | | 申购日 | 配号日 | 中签日 | 上市日 | | 04-28 | 04-29 | 04-30 | 待公布 | | 基本信息 | | | | | 申购代码 | 301636 | 发行价 | 33.06元 | | 发行市盈率(TTM) | 16.08 | 发行市盈率(静) | 17.57 | | 净利润增长率 | 9.30% | 行业市盈率 | 17.78 | | 发行方式 | 注册制 | 所属行业 | 光伏设备 | | 发行信息 | | | | | 发行总数 | 1597万股 | 申购上限 | 4500服 | | 网上发行量 | 455.1万股 | 顶格申购 | M 59957 | 泽润新能是一家专注于新能源电气连接 ...

Core Viewpoint - The introduction of the China Government Bond Futures Yield Index by the China Securities Index Company has enabled Shenwan Hongyuan Securities to offer innovative financial products linked to this index, enhancing wealth management options for clients and promoting knowledge of the bond futures market [1][2][3]. Group 1: Product Offerings - Shenwan Hongyuan Securities has launched over 70 series of floating income certificates linked to the 10-year China Government Bond Futures Yield Index, with a total issuance scale exceeding 1.6 billion yuan, providing clients with low-risk investment products [1][2]. - The company has sold nominal principal exceeding 90 million yuan in OTC interest rate options linked to the index, offering clients diverse choices for managing interest rate risks [2]. Group 2: Market Dynamics - The bond futures market is experiencing stable operations, with increasing trading volume and open interest, which enhances market liquidity and the effective linkage between futures and spot markets [2][3]. - The China Government Bond Futures Yield Index serves as an important innovation tool in the domestic bond market, filling a gap in the availability of bond futures indices and demonstrating significant market influence [2][3]. Group 3: Investment Strategies - The index smooths the impact of contract rollovers and accurately reflects the yield of different maturity government bond futures, providing investors with tools for long-term trend analysis and investment [3]. - The product system covers short, medium, and long-term maturities, catering to diverse trading needs and enhancing liquidity and pricing effectiveness in the government bond market [3][4]. Group 4: Future Outlook - The trend of index-based investment is growing, contributing to stable long-term capital allocation and promoting high-quality development in the capital market [4]. - The increasing recognition and influence of index productization in financial markets suggest a promising future for the application of mature index products in asset allocation and risk management [4].

Group 1 - The core point of the news is the personnel adjustment at Shenwan Hongyuan Research Institute, with Wang Sheng being promoted to the director position, indicating stability in the management team amid industry changes [1] - The adjustment reflects a trend of transformation within the brokerage industry, as multiple research institutes have undergone leadership changes in response to the recent public fund fee reduction [1] - Wang Sheng's promotion may enhance the research capabilities of Shenwan Hongyuan, positively impacting the brokerage sector and potentially boosting related stocks [1] Group 2 - The second auction of 60.3 million shares of Jinlong Co. resulted in partial successful transfers, with the actual controller's shareholding decreasing to 4.02%, but he remains the actual controller [2] - The auction's outcome indicates market recognition of Jinlong Co.'s asset value, although it is expected to have limited short-term impact on the stock price [2] - The overall market sentiment is likely to be minimally affected by this event, with a neutral impact on the financial sector [2] Group 3 - The recent appointment of fund managers for multiple products under Baowu Ke's management has drawn market attention, with four products announcing new managers within a short period [3] - The newly appointed fund managers possess extensive experience, which may enhance the quality of fund management [3] - This trend may lead to increased focus on fund manager mobility within the fund management industry [3] Group 4 - There is a noticeable divergence in the establishment of local government investment funds, with strong momentum in regions like Guangdong and Jiangsu-Zhejiang-Shanghai, while some central and western regions see a decline [4] - The introduction of direct investment funds is gaining popularity among local governments, which may improve the efficiency of fund utilization [4] - The new policies are expected to positively influence regional industrial upgrades and the financing environment for enterprises, while also necessitating attention to regional development disparities [4]

2 合我们资源 · 人 就您的梦想 申万宏源政企与机构客户服务品牌 图走进申万宏源 2024年度 可持续发展暨环境、社会及管治报告 过去一年,申万宏源坚持以习近平新时代中国 特色社会主义思想为指导,坚定不移走好中国 特色金融发展之路,积极培育和弘扬中国特色 金融文化,扎实践行主力军压舱石职责,以"金 融报国、金融为民"为使命,着力做好"五篇大文 章". 不断提升金融服务实体经济能力,扎实推 进可持续发展与ESG工作,助力加快金融强国 建设,为进一步全面深化改革、推进中国式现 代化作出新的更大贡献。 积极服务国家战略 做好"五篇大文章" 强化投早、投小、投硬科技的业务布局 科技领域股债承销金额超过400亿元 197 主承销科技创新债券195.56亿元 500 助力多家科技企业发行上市、6家国家 會 级专精特新企业在新三板挂牌、7家国 家级专精特新企业开展新三板定向发行 累计发布171篇产业研究报告, 积极引导 (9:5 投资者挖掘专精特新中小企业投资价值 13.2 47 开展绿色投融资业务 绿色金融领域存续投资规 主承低碳转型债券 22.50亿元 186.90 亿元 落地多个首单项目 发行全国首单碳中和绿色/科 ...

专业服务 创造价值 能为值得信赖一波数算得发现有 申门宏源证券 SHENWAN HONGYUAN SECURITIES 劳动谱写时代华章_ 奋斗创造美好未来 2025.05.01 | 劳动节 2025年劳动节休市安排 星期四 星期三 星期五 星期六 星期日 星期一 星期二 4月30日 2月1日 5月2日 2月3日 5月4日 2月2日 2月2日 仿前可 仿面市 优质量 优标可 'カマテラ A 开市 开市 股 港 Ell 司 s M 开通 开通 股 ill 注: 2025年劳动节期间, A股5月1日(星期四)至5月5日(星期一)休市, 5月6日(星期二)起照常开市; 港股通5月1日(星期四)至5月5日(星期一)不提供港股通服务,5月6日(星期二)起照常开通港股通服务。 另外,4月27日(星期日)为周末休市。 拒绝持印过节 让闲线动起来 情前夕会 電筒逆回购 ::::: 国债逆回购小贴士 ::::::: 1 国债逆回购参与门槛1000元起，有多个品种期限供您按需选择。 ② 当不同品种期限计息天数相同时,可考虑挑选收益较高的品种。 ③ 休市前T-2交易日（T为休市首日）操作1天期国债逆回购，既可 获得假期收益,又不影 ...

以下文章来源于申万宏源策略 ，作者申万宏源策略 申万宏源策略 . 我们强调体系性、实战性 一、A股政策预期保持稳定的三个条件：1. 增量政策布局的保留空间。2. 存量政策加速落地执行。3. 政府债券发行加速，为三季度稳增长储备资 源。4月政治局会议存量政策"用好用足"，增量政策"备足预案"，资本市场"稳定"基础上还要"活跃"，全面覆盖市场期待。政策关键验证期，A 股预期将保持稳定。 此前，我们讨论了二季度A股政策预期保持基本稳定的三个必要条件：1. 对股价而言，后续政策空间比已落地的政策更加重要，保留增量政策布 局的空间是市场预期稳定的首要条件。2. 存量政策加速落地，特别是消费增量刺激，以及重点项目要落实到基建产业链中微观改善上。3. 三季度 稳增长压力可能大于二季度，同时从政府债券发行到落实实物量有一定滞后。所以，市场期待二季度专项债和特别国债发行放量，为三季度稳增 长进一步发力做好准备。 4月25日政治局会议召开，政策布局基本覆盖了上述三个条件，全面契合市场期待。政策关键验证期，A股预期能够保持基本稳定。这里我们具 体讨论5个政策要点： 1. 存量政策"用好用足"。 针对关税冲击压力，会议强调"加紧实施 ...