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 申 万 宏 源 集 团 股 份 有 限 公 司 关于申万宏源证券有限公司 2025 年面向专业 投资者公开发行公司债券（第一期）发行结果的公告 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， 没有虚假记载、误导性陈述或重大遗漏。 根据中国证券监督管理委员会《关于同意申万宏源证券有限公司 向专业投资者公开发行公司债券注册的批复》（证监许可〔2024〕57 号），公司所属申万宏源证券有限公司获准向专业投资者公开发行面 值总额不超过人民币 200 亿元公司债券。（相关情况请详见公司于 2024 年 1 月 20 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） 2025 年 3 月 13 日，申万宏源证券有限公司 202 ...

2025 年 3 月 13 日，申万宏源证券有限公司 2025 年面向专业投 资者公开发行公司债券（第一期）（以下简称"本期债券"）完成发行 工作。本期债券发行规模人民币 28 亿元，分两个品种，其中品种一 发行规模人民币 28 亿元，期限 2 年，票面利率 2.18%；品种二未实 际发行。本期债券登记完成后拟于深圳证券交易所上市交易。 特此公告。 证券代码：000166 证券简称：申万宏源 公告编号：临2025-12 申 万 宏 源 集 团 股 份 有 限 公 司 关于申万宏源证券有限公司 2025 年面向专业 投资者公开发行公司债券（第一期）发行结果的公告 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， 没有虚假记载、误导性陈述或重大遗漏。 根据中国证券监督管理委员会《关于同意申万宏源证券有限公司 向专业投资者公开发行公司债券注册的批复》（证监许可〔2024〕57 号），公司所属申万宏源证券有限公司获准向专业投资者公开发行面 值总额不超过人民币 200 亿元公司债券。（相关情况请详见公司于 2024 年 1 月 20 日在《中国证券报》《证券时报》《上海证券报》和 巨潮资讯网 www.cnin ...

Core Viewpoint - Shenwan Hongyuan Group Co., Ltd. has been recognized for its outstanding performance in sustainable development and ESG practices, receiving "AA" and "AA-" ratings from Huazheng and Zhongchengxin respectively, reflecting its commitment to ESG principles and sustainable development [1][2]. Group 1 - Shenwan Hongyuan has actively responded to national strategies, implementing the "dual carbon" strategy and related policies, and continuously improving its management system to enhance ESG performance [1]. - The Zhongchengxin ESG rating system evaluates over 9,000 A and H-share listed companies, categorizing them into seven levels from AAA to C, with adjustments using "+" and "-" [2]. - The Huazheng ESG rating, developed by Shanghai Huazheng Index Information Service Co., Ltd., combines international ESG practices with China's market characteristics for comprehensive evaluation [3]. Group 2 - In 2024, Shenwan Hongyuan was included in the "Excellent ESG Performance List for Non-Bank Financial Industry A-Share Listed Companies" and the "Top 10 ESG Performance in Financial Industry for Hong Kong Listed Companies" by Huazheng Index [3]. - The company aims to continue supporting the real economy and contribute to the development of a green ecosystem in the capital market, focusing on long-term sustainable development and promoting high-quality financial growth in China [4].

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **Chinese economy** and its macroeconomic trends for **2025**. Core Insights and Arguments - **Shift from Demand to Supply**: The macroeconomic trend for 2025 will transition from demand-driven to supply-driven, with key areas of focus being the recovery of consumer supply, expansion of service sector investment, and optimization of real estate inventory policies, which are expected to release pent-up demand and excess savings [3][4][20]. - **Impact of Weak External Demand**: Weak external demand will significantly affect Chinese exports, with developed countries' import growth slowing down. Even if the U.S. economy remains resilient, Chinese exports will face downward pressure [5][20]. - **Manufacturing Investment Risks**: Manufacturing investment is expected to decline in 2025 due to a weakening natural renewal cycle and limited impact from equipment renewal policies, posing a potential drag on the economy [6][20]. - **Real Estate Market Adjustments**: The primary issues in the real estate market stem from supply-side policy adjustments and completion risks, which lead to deferred demand. Optimizing inventory policies and controlling residential increments can stabilize housing prices and release pent-up demand [8][11][20]. - **Service Sector Investment**: The government aims to expand service sector investment to alleviate supply constraints on service consumption, which has been declining. This is a response to the imbalance between goods and services consumption [10][12][20]. - **Fiscal Policy Adjustments**: The fiscal policy for 2025 is expected to be more proactive, focusing on expanding financing to support key areas such as science and technology, debt servicing, and national defense, while also emphasizing consumer and livelihood protection [3][20][28]. Additional Important Content - **Excess Savings**: There is a significant amount of excess savings (approximately 13 trillion yuan) accumulated by residents over the past four years, which is expected to gradually support domestic demand [7][20]. - **Service Consumption Recovery**: Service consumption is showing signs of recovery, with increased fixed asset investment in the accommodation and catering sectors, indicating a potential rebound in service demand [18][20]. - **Regional Consumption Dynamics**: The central and western regions of China are becoming important consumption destinations due to improved infrastructure and rising disposable incomes, which support cross-regional consumption [19][20]. - **Government Support for Vulnerable Groups**: The government has implemented measures to support vulnerable groups, including increased unemployment benefits and social assistance, to prevent further declines in consumer confidence [33][20]. - **Long-term Institutional Reforms**: The government is focusing on long-term reforms to enhance social security and support for the elderly and children, which will have a significant impact on consumption patterns in the future [41][45][20]. This summary encapsulates the key points discussed in the conference call regarding the Chinese economy's outlook for 2025, highlighting the transition in macroeconomic drivers, potential risks, and government policy responses.

Summary of Key Points from the Conference Call Industry or Company Involved - The conference call discusses the cryptocurrency market, particularly focusing on Bitcoin, and its relationship with traditional assets like gold and the stock market. It also touches on the Hong Kong stock market as a platform for global capital allocation. Core Points and Arguments Bitcoin as an Alternative Asset - Bitcoin has transitioned from being primarily driven by retail speculation to being influenced by institutional investment and U.S. dollar liquidity, showing a negative correlation with U.S. real interest rates [3][4][5] - The price of Bitcoin is highly correlated with mining costs, which increase with greater computational power [3][4] - Bitcoin's long-term annualized return can exceed 80%, but it also exhibits a volatility rate over 60%, posing challenges for institutional investors [5][6] Relationship with Gold - Gold prices are influenced by multiple factors, including central bank purchases, U.S. fiscal deficits, and market dynamics, with a mid-term target price of $3,100 to $3,200 [3][19] - Central bank gold purchases have altered the supply-demand dynamics in the gold market, particularly with China reducing U.S. Treasury holdings while increasing gold reserves [21][22] - The creditworthiness of the U.S. dollar significantly impacts gold prices, with high fiscal deficits undermining dollar credibility and pushing gold prices higher [23][24] Market Dynamics and Risks - Bitcoin faces risks from technological vulnerabilities, potential competition from superior cryptocurrencies, and significant sell-offs by large holders (whales) [8][9] - The correlation between Bitcoin and the Nasdaq index has strengthened since 2020, indicating that both are influenced by macro liquidity conditions [5][15] - The tightening of U.S. dollar liquidity is expected to support gold and Bitcoin prices in the near term [12] Hong Kong Stock Market - The Hong Kong stock market is positioned as a crucial platform for global capital allocation, with mechanisms like ETF cross-listing facilitating cross-border investments [35][36] - The market has seen a significant increase in cross-border investment activities, with a notable rise in the proportion of southbound capital [35][41] - The future of the Hong Kong market is expected to be shaped by its role as an international financial center, with ongoing developments in ETF products and cross-border investment channels [39][40] Other Important but Possibly Overlooked Content - The potential for AI technology to enhance productivity in various sectors, including logistics and transportation, is highlighted as a significant trend that could impact market dynamics [55] - The ongoing geopolitical tensions and their effects on gold demand and pricing are noted, with a focus on how these factors could influence investment strategies [28][29] - The historical context of gold price fluctuations and the factors leading to significant market corrections are discussed, providing insights into potential future trends [32][34] This summary encapsulates the key insights from the conference call, focusing on the cryptocurrency market, particularly Bitcoin, its relationship with gold, and the evolving role of the Hong Kong stock market in global capital allocation.

Summary of Key Points from the Conference Call Industry or Company Involved - The conference call focuses on the **State-Owned Enterprises (SOEs)** in China and their **capital market reforms** as outlined in the new "Nine Articles" policy document. Core Points and Arguments - The new "Nine Articles" signify a new phase in capital market reform, emphasizing the need for investment and financing function reforms, improving the quality of listed companies, and creating an environment conducive to long-term capital returns, guiding companies to consider shareholder returns more seriously [2][4] - The policy draws on international experiences, such as Japan's "Nihon Tokei" document, which focuses on the ROE levels of companies with low valuations and their communication with the capital market [2][5] - SOEs are required to strictly adhere to guidelines from the China Securities Regulatory Commission (CSRC) and the State-owned Assets Supervision and Administration Commission (SASAC), focusing on enhancing development quality and improving communication with the capital market [2][6] - The SASAC document highlights dividends, buybacks, and mergers and acquisitions as primary tools in the capital market. SOEs with good cash flow are expected to increase dividend payouts, enhancing stability and predictability [2][8] - Buybacks are projected to significantly impact ROE, especially when conducted during deep undervaluation, preventing state asset loss and promoting asset preservation and appreciation [2][10] - Cross-industry mergers and acquisitions are becoming a trend, encouraging traditional industries to acquire new productivity targets, exemplified by China Telecom's acquisition of Guandun Quantum [2][12] - The introduction of mandatory ESG (Environmental, Social, and Governance) disclosure guidelines by the three major exchanges marks a shift towards compulsory reporting, aligning with international standards [2][15] Other Important but Possibly Overlooked Content - The year 2025 is referred to as the "Year of Value Management," with SOEs expected to utilize various tools to maximize value, including stricter adherence to guidelines and enhancing internal evaluation systems [3][6] - The focus on improving dividend stability and increasing the frequency of payouts is evident, with a significant rise in mid-term dividend companies from 186 to 706 and total amounts from 261 billion to nearly 800 billion yuan in 2024 [9] - The importance of buybacks is expected to rise, with the A-share market removing restrictions on buyback windows and introducing commercial loans for buyback purposes, indicating a shift towards a more proactive approach in managing company valuations [9][10] - The trend of cross-industry mergers is supported by government policies, with a focus on acquiring new productivity and enhancing growth potential in strategic sectors [12][52] - The ongoing reforms in state-owned enterprises aim to optimize the structure and enhance core competitiveness, with a focus on strategic restructuring and professional integration [53][55] This summary encapsulates the key insights from the conference call, highlighting the strategic direction and regulatory changes impacting China's state-owned enterprises and their approach to capital market management.

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **environmental protection industry** and its current market dynamics, including the performance of **environmental dividend assets** in the current market environment [3][4][6]. Core Insights and Arguments - **Environmental Dividend Assets Performance**: These assets are showing certain advantages in the current market. The cash flow and dividend ratios have improved, with companies like **Yuehai Investment**, **Hannan Environment**, and **Yongxing Co.** performing notably well [3][4]. - **Valuation and Growth**: The environmental industry is currently undervalued, with a price-to-earnings ratio of about **10 times**, profit growth of **5%-10%**, and dividend yields of **3%-5%** in A-shares and **6%-8%** in Hong Kong stocks. Companies have significantly increased dividends, promising a **10% growth** in earnings per share [3][8]. - **Government Debt Relief**: The implementation of the Ministry of Finance's debt relief plan is expected to improve accounts receivable for environmental companies, benefiting those with high dividend yields and those involved in waste management [3][9]. - **Biological Aviation Fuel (SAF)**: SAF is identified as a critical need for carbon reduction in aviation, with significant global consumption projected. The International Civil Aviation Organization (ICAO) has initiated policies to promote SAF usage, with the EU and UK setting specific blending targets [3][10]. - **Electricity Demand and Supply**: The national electricity growth rate is projected at **6.8%** for 2024, driven by the new energy manufacturing and computer equipment sectors. The share of new wind and solar installations is expected to exceed **67%** by 2025 [3][14]. - **Coal Price Impact**: The decline in coal prices at the beginning of 2025 is beneficial for thermal power companies, but regional disparities in coal price reductions may lead to varied performance among companies [3][15]. Notable Companies and Investment Recommendations - Recommended companies include **Yuehai Investment**, **Hannan Environment**, **Yongxing Co.**, and **Junxin Co.**, which possess unique resources and stable profitability [3][7]. - **Yuehai Investment** is highlighted for its strong cash flow and profit from Hong Kong water supply, while **Hannan Environment** and **Yongxing Co.** are noted for their high dividend rates and expected profit growth [5][7]. Future Trends in the Environmental Industry - The environmental industry is expected to benefit from government initiatives aimed at debt relief, reduced capital expenditures, and increased dividend levels. Water price adjustments are anticipated to enhance profit margins for related companies [3][6]. - The industry is entering a mature phase, with significant improvements in free cash flow and dividend payouts expected [4][6]. Additional Insights - The environmental sector is experiencing a surge due to downstream processing and raw material processing segments. Companies like **Sanhai Environmental** are expanding their production capacity, which is expected to reflect positively in their financial statements [3][13]. - The SAF market is projected to grow significantly, with various countries implementing supportive policies to encourage its development, despite existing challenges in raw material procurement and technological barriers [3][10][11]. This summary encapsulates the key points discussed in the conference call, focusing on the environmental protection industry, its current performance, future trends, and investment opportunities.

Q&A 扩内需下的新消费趋势 ——申万宏源·2025 资本市场春季策 略会 20250312 摘要 2025 年食品饮料行业的投资策略是什么？ 2025 年食品饮料行业的投资策略仍然沿用申万宏源证券去年（2024 年）年度策 略中的"不破不立"观点。自去年（2024 年）10 月底以来，市场和基本面的走 势基本符合预期，因此今年（2025 年）的策略重点在于重申中长期判断，包括 股价和市场标的。食品饮料板块中，白酒板块由于政策转向预期先行，是顺周 期的重要领域。今年（2025 年）的市场配置建议是逐步加大对白酒板块的配置， 上半年特别是一季度由预期驱动，二季度进入验证期，下半年则主要看基本面 • 白酒板块是顺周期重要领域，2025 年策略建议逐步加大配置，上半年预期 驱动，下半年看基本面。短期基本面承压，但经济预期改善或推动股价领 先反弹。 • 高端白酒价格调整已较充分，茅台与城镇居民月均工资比值已回落至历史 中位数以下。未来高端白酒合理价格应在 2000 元以内，长期看，2030 年 容量或接近 5 万吨，价格区间 2000-2,500 元。 • 大众消费品领域，乳制品行业全年看好，传统龙头拥抱新零售或实现 ...

地产止跌回稳后的投资机遇——申万宏源·2025 资本市场春 季策略会 20250312 摘要 Q&A 2025 年初以来房地产市场的整体表现如何？ 当前房地产价格走势如何？是否出现波动？ 2025 年初以来，房地产市场在春节后出现了明显回暖。数据显示，主流的 20 个城市二手房认购成交量同比增长了 27%，其中杭州和东莞的表现尤为突出， 甚至翻倍。然而，与 2023 年同期相比，这一数据下降了 17%。需要注意的是， 2023 年的基数较高，因为当时疫情放开导致市场表现异常强劲。尽管如此，一 些城市如杭州、成都、深圳、长沙和沈阳在今年的表现仍超过了 2023 年同期水 • 房地产市场需求在房价下跌后自然回升，杭州、成都、深圳等城市认购销 售数据优于过去两年，北京、上海表现稳定。春节后带看量显著回升，预 示认购量有望进一步改善。 • 房地产价格走势略有走弱，挂牌价格下降但成交价格稳定，受季节性因素 和居民资产负债表影响。新房成交推盘比提升至 2.4 倍，表明新房市场去 化速度加快，市场信心有所恢复。 • 土地市场出现积极变化，北京、上海、杭州等地拍出新"地王"，3 月份 溢价率达 16%，头部企业拿地强度上升， ...

Summary of Key Points from the Conference Call Industry Overview - The focus is on the bond market and the behavior of financial institutions in 2024, indicating a shift in the main contradictions within the bond market towards institutional behavior [2] Core Insights and Arguments - **Differences Between Financial Products and Public Fixed Income Funds**: - Financial products face a tax disadvantage, requiring payment of value-added tax (approximately 3%) and income tax, while public fixed income funds have a lighter tax burden [3][4] - As of Q4 2024, the scale of bank financial products reached 32 trillion yuan, primarily concentrated in fixed income, cash management, and fixed income plus categories, with a focus on short-term products [5] - **Seasonal Patterns in Financial Product Scale**: - Bank financial product scales exhibit clear seasonal patterns, typically declining at the end of the quarter and rebounding at the beginning, influenced by client manager guidance and product maturity dates [6] - **Growth of Short-Term Fixed Income Financial Products**: - There has been significant growth in short-term fixed income financial products, contributing increasingly to overall financial product scale growth, reflecting residents' preference for capital preservation and low volatility [7] - **Post-Redemption Changes in Resident Preferences**: - Following the redemption wave in 2022, residents have shown a stronger preference for capital-preserving short-term fixed income products, shifting towards daily open products for higher returns [8] - **Implementation of the Barbell Strategy**: - The barbell strategy has led to a reduction in allocation to interest rate bonds while increasing investments in interbank certificates of deposit and reverse repos, enhancing liquidity and cost-effectiveness [9] - **Structural Changes in Long-End Barbell Strategy**: - The average remaining maturity of government bonds has increased, with local government bonds reaching 13-14 years, indicating a proactive choice for longer maturities [10][11] - **Duration Strategy Variations**: - Both long-term and short-term financial products are extending their durations, with long-term products showing a more pronounced increase [12] - **Changes in Credit Bond Allocation**: - Despite holding longer-term interest rate bonds, the average remaining maturity of credit bonds has decreased due to a reduction in quality credit bond targets and a shift towards public funds [13] - **Significant Changes in Public Fund Selection**: - Banks are increasingly favoring short-term pure bond funds while reducing allocations to mixed funds, reflecting a trend towards stability in net asset value [14] - **Response to Asset Scarcity and Low Yield Environment**: - In response to asset scarcity and declining yields, banks are adopting an extreme barbell strategy, focusing on high liquidity short-term products and extending durations in the long end [15][16] Other Important Insights - **Scenario Assumptions and Potential Impacts**: - In scenarios of shrinking high-yield asset scales, trading long-term interest rates could amplify market volatility and increase withdrawal risks, while maintaining low volatility with better-than-deposit returns could lead to net value fluctuation risks [17]