Group 1: Core Insights - Domestic demand is steadily improving, with sports goods leading the growth, while external demand shows a clear "export grabbing" effect [2] - The retail sales of clothing, shoes, hats, and textiles reached 369.4 billion yuan in Q1 2025, a year-on-year increase of 2.5% [2] - The retail sales of sports and entertainment goods reached 30.7 billion yuan in Q1 2025, growing by 14.2%, the fastest growth among all categories [2] Group 2: Company Performance - Anta's brands, including Anta and FILA, experienced high single-digit growth in Q1 2025, with new brands achieving over 65% growth [3] - 361 Degrees saw a 10-15% growth in offline adult and children's clothing, with e-commerce growth of 35-40% [3] - Li Ning is expected to have low single-digit retail growth in Q1 2025, maintaining stable inventory levels [3] Group 3: Apparel Sector - Men's clothing is recovering, with expected revenue growth of 5% for brands like YOUNGOR and 3% for HLA in Q1 2025 [4] - Children's clothing is anticipated to see new growth driven by an increase in newborns and supportive national policies, with expected revenue growth of 3% for Semir and 10% for Jiaman in 2024 [4] Group 4: Home Textiles - The retail effect of national subsidies is expected to manifest in 2025, with the wedding market likely to recover, driving a significant turning point for the sector [5] - Luolai is nearing the end of its inventory reduction phase, with expected revenue and net profit growth of 3% and 25% respectively in Q1 2025 [5] Group 5: Textile Manufacturing - The impact of tariffs on end demand and order prospects is increasing uncertainty [6] - Major manufacturers are expected to maintain stable orders due to deep ties with top brands, with Huayi projected to see a 12% revenue increase and a 20% net profit increase in Q1 2025 [6] - Zhejiang's outdoor equipment sector is expected to achieve a 35% revenue increase and a 90% net profit increase in Q1 2025 [6]

申万宏源证券荣获中债指数创新引领先锋机构奖 近日，中债金融估值中心有限公司公布2024年度中债指数用户综合评价结果， 申万宏源证券FICC事业部凭借去年在债券指数上的突出表现，荣获 "创新引领先 锋机构" 奖项。本奖项反映了业内权威机构对FICC事业部在指数业务产品创新能 力上的高度肯定，彰显了FICC事业部在推动债券市场创新发展进程中的引领作 用。 来源：申万宏源FICC 作者：固定收益外汇商品事业部 童琳 章雨欣 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。 FICC事业部携手中债金融估值中心，聚焦绿色金融与普惠金融两大关键领 域，先后合作发布了"中债-申万宏源ESG绿色信用债精选指数"和"中债- 申万宏源中小微主题优选信用债指数"。 在此基础上，FICC事业部将创新成果与场外衍生品有机结合，发行了挂钩 上述定制指数的收益凭证和收益互换等场外衍生品，丰富了绿色金融和普 惠金融产品的供给，助力绿色金融发展，有效激发中小微债券市场的交投 活力。 与此同时，FICC事业部在满足客户需求的基础上，充分运用中债指数产品 的优势，积极开展挂钩中债指数的场外衍生品业务，进一步拓展了产品类 型，提升服务客户 ...

探索市场脉动，洞悉行业趋势。申万宏源研究特别推出系列访谈—— "走近申万宏源研究 人" ，我们将聚焦所内的杰出分析师，深刻探索他们的从业经历、研究见解，向您展现分析师 的多面性，带您走进Ta背后的成长故事。 本期"走近申万宏源研究人"带您了解 机械行业首席分析师—王珂。 王珂，申万宏源研究 机械行业首席分析师、机器人产业链 链长。 厦门大学核科学与工程专业硕 士，在校期间荣获厦门市科技进步二等奖、国家发明专利2项。 具有10年机械行业研究经验，2015-2020年作为核心成员荣获 新财富最佳分析师、金牛奖最佳分析 师 等。 Q&A 对话王珂 01 【专业领域知识】 您如何看待机械行业的研究价值、产业定位？ 装备制造业是典型的中游行业，几乎所有的工业部门都有对应的生产装备，甚至生产机械的机械也 是一个独立行当，也就是我们说的"工业母机"， 因此机械行业是研究各类下游行业乃至景气周期的重要 参考系， 观察机械细分行业的需求变化往往能起到见微知著的中观效果。 同时，作为生产工具， 机械是衡量 生产力发展水平的客观尺度，是划分经济时代的客观依据 ，我 们国家工业经济的每个阶段都有对应的机械品类大发展，并涌现出一批时代 ...

Core Viewpoint - In the context of a cooling equity financing environment, mergers and acquisitions (M&A) have become a primary path for investment banks to seek new revenue streams, leading to a mixed performance in the financial advisory business among listed brokers [1][2]. Group 1: Financial Advisory Business Performance - Among 25 listed brokers, 11 achieved positive growth in financial advisory business net income, with the highest increase reaching 53%, while 14 experienced declines, with the largest drop at 61% [1][2]. - The total net income from financial advisory services for these brokers was 3.351 billion yuan, a slight decrease of 2% compared to 2023, indicating significant divergence among individual brokers [2]. - The top eight brokers captured a significant share of the financial advisory market, with their combined net income accounting for 79% of the total, an increase of 4 percentage points from the previous year [4]. Group 2: M&A Market Trends - The number of major asset restructuring announcements in the A-share market reached 112 in 2024, a year-on-year increase of 9.8%, largely influenced by the "M&A Six Guidelines" policy [2]. - However, the actual completion scale of major asset restructuring transactions fell to 81.241 billion yuan, a decline of 76% year-on-year, reflecting the complexities of M&A transactions [2]. - Despite the high concentration in the financial advisory market, there is a notable income stratification among the top brokers, with significant gaps in revenue between the leading firms [4][5]. Group 3: Future Outlook - The M&A market is expected to remain active, with projections indicating a double-digit growth in transaction volume in 2025, driven by ongoing state-owned enterprise reforms and increasing overseas investment demands [7]. - Several brokers have emphasized their commitment to seizing M&A opportunities, particularly in supporting technology companies and emerging industries [8].

Group 1 - The brokerage business, traditionally a core area for securities firms, has shown positive performance in 2024 due to increased market activity and trading volume [1][2] - The overall net income from brokerage services for 150 securities firms reached 115.15 billion yuan, a year-on-year increase of 16.98% [2] - Among 25 listed securities firms, the total net income from brokerage fees was 81.42 billion yuan, reflecting a year-on-year growth of 8.77%, with 21 firms reporting growth [2][3] Group 2 - Leading firms such as CITIC Securities reported a net income of 10.71 billion yuan from brokerage fees, a growth of 4.79%, while other top firms also performed well [3] - Smaller firms like Guolian Minsheng and Hualin Securities showed remarkable growth rates of 39.44% and 30.02% respectively in their brokerage income [3] Group 3 - The ability to sell financial products has become a key indicator of the success of wealth management transformation for securities firms, with CITIC Securities leading in this area [4] - The total income from selling financial products among the 25 firms reached significant figures, with Guolian Minsheng and Hualin Securities showing high growth rates in this segment [4] Group 4 - Securities firms are enhancing their wealth management capabilities by improving service models and expanding product offerings to meet diverse client needs [5][6] - By the end of 2024, firms managed a total of 84.1 trillion yuan in client assets, with a 19.9% year-on-year increase in the scale of financial products sold [5] Group 5 - The construction of a buyer advisory system is becoming a core element of wealth management strategies, with firms focusing on differentiated strategies in client operations and product innovation [6] - CITIC Securities has adopted a comprehensive financial solution approach, while Guolian Minsheng is building a service system centered on asset allocation for different client categories [6] Group 6 - Looking ahead, firms like Shenwan Hongyuan and Huatai Securities are planning to enhance their asset allocation capabilities and develop a diverse product matrix to strengthen their wealth management brands [7]

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2023年面向專業投資者公開發行公司債券（第一期）（品種一）兌付兌息並摘牌的公告》， 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2025-26 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（第一 ...

公司所属子公司申万宏源证券有限公司于 2023 年 4 月 14 日发行 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 （第一期）（品种一）（以下简称"本期债券"），发行规模人民币 8 亿元，票面利率 2.85%，期限 2 年，债券代码 148247，债券简称 23 申证 01。（相关情况请详见公司于 2023 年 4 月 18 日、4 月 22 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14日，摘牌日为2025年4月14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（第一期）募集说明书》相关约定，完成本 期债券本息兑付并予以摘牌。 特此公告。 证券代码：000166 证券简称：申万宏源 公告编号：临2025-26 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（第一期）（品种一）兑付兑息并摘牌的公告 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 ...

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。 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4月15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。 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4月29日 （星期二）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3月31日止三 個月的季度業績及其發佈，以及處理其他事項。 ...

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4月29日 （星期二）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3月31日止三 個月的季度業績及其發佈，以及處理其他事項。 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。 申萬宏源集團股份有限公司 董事長 劉健 中國，北京 2025年4月15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。 承董事會命 ...

Core Points - The issuance of the "2025 Fourth Phase China Railway Construction Bonds" has been approved, with a total issuance scale of 100 billion yuan, consisting of 50 billion yuan for 10-year bonds and 50 billion yuan for 30-year bonds [1][4] - The bonds will have a fixed interest rate based on the Shibor benchmark rate plus a basic spread, with the 10-year bonds having a spread range of (-0.6% to 0.4%) and the 30-year bonds having a spread range of (-0.5% to 0.5%) [1][2] - The bonds are subject to preferential tax policies, with corporate investors facing a 50% reduction in corporate income tax on interest income, and individual investors having 50% of interest income included in taxable income [2][3] Issuance Details - The bonds will be issued through a bidding process, with the final interest rate determined based on market results and reported to relevant authorities [2][13] - The bidding will take place on April 16, 2025, with results announced on April 17, 2025 [15][16] - The bonds will be managed and settled by the Central Government Securities Depository and Clearing Co., Ltd. [20] Investor Participation - Institutional investors can participate in the bidding through underwriting members, while direct investors can bid through the designated system [13][14] - The bonds will be available for trading after listing, allowing both institutional and individual investors to participate [2][20] Contact Information - The lead underwriter for the bond issuance is CITIC Securities Co., Ltd., with contact details provided for investor inquiries [21]