Core Viewpoint - The successful issuance of the "Shanghai Fengxian Biotechnology Park Development Co., Ltd. 2025 Non-Public Corporate Bonds (First Phase)" led by Shenwan Hongyuan marks a significant milestone, achieving a record low interest rate for private bonds of the same duration and rating in Shanghai [1] Group 1: Bond Issuance Details - The bond issuance scale is 1 billion yuan, with a term of 3+2 years and a coupon rate of 1.80% [1] - The issuance received a subscription multiple of 4.56, indicating strong investor interest [1] Group 2: Issuer Background - The issuer is a first-level state-owned enterprise under the Shanghai Fengxian District, serving as the sole developer within the Shanghai Fengxian Biotechnology Park [1] - The biotechnology park is identified as a core area of the "Oriental Beauty Valley" development strategy by the Shanghai Fengxian District [1] Group 3: Strategic Goals - The park aims to align with Shanghai's strategy to become a globally influential technology innovation center and the district's goals of enhancing its beauty and strength [1] - The focus is on optimizing industrial positioning and developing the beautiful health industry, while actively pursuing external investments and strategic collaborations [1] Group 4: Future Collaboration - This bond issuance represents a continued partnership between Shenwan Hongyuan and the issuer, laying a solid foundation for future business cooperation [1] - Shenwan Hongyuan aims to serve national strategies and the real economy, promoting high-quality regional economic development [1]

Core Viewpoint - The successful issuance of the first phase of targeted debt financing tools by Urumqi Transportation Tourism Investment (Group) Co., Ltd. signifies a strong position in the Xinjiang bond market and highlights the company's importance in infrastructure development and government support [1] Group 1 - The bond issuance scale is 600 million yuan, with a term of 3+2 years and a coupon rate of 2.50% [1] - Urumqi Transportation Tourism Investment (Group) Co., Ltd. is controlled by the Urumqi State-owned Assets Supervision and Administration Commission, with a主体评级 of AA+ [1] - The company is involved in engineering construction, housing sales, and passenger ticketing, playing a crucial role in the transportation and cultural tourism infrastructure in Urumqi [1] Group 2 - The bond issuance marks the first time the company has provided bond financing services to the issuer, receiving high praise for its efficiency and results [1] - The successful issuance reinforces the leading position of Shenwan Hongyuan in the Xinjiang bond market, indicating a commitment to deepening relationships with clients in the region [1] - Shenwan Hongyuan aims to continue expanding its cooperation breadth and depth with clients, leveraging its professional capabilities and efficient communication [1]

FF301 本月底法定/註冊股本總額： RMB 25,039,944,560 | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 000166 | 說明 | | A股 (深圳證券交易所) | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 22,535,944,560 | RMB | | 1 RMB | | 22,535,944,560 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 22,535,944,560 | RMB | | 1 RMB | | 22,535,944,560 | 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, ...

本期债券的发行主体新疆投资发展（集团）有限责任公司是自治区国资委直接监管的一 类企业，承担着政府投融资平台、国有资本运营平台和国有资产管理的职能，肩负着"体现政 府投资意图，服务地方经济发展"的重任。此次中期票据的成功发行对发行人进一步降低融资 成本、优化融资结构具有积极意义。发行人将立足国有资本投资公司的使命任务，持续提升 融资工作质效，助推稳健可持续发展，以产业发展新成效为自治区高质量发展注入新动能。 本期债券在前期承揽、销售询价及簿记过程中，公司西部子公司、深圳金田路证券营业 部、固定收益销售交易总部和固定收益融资总充分发挥大协同优势，深度对接发行人和投资 者，在挖掘拓展投资者维度、引导票面利率等方面作出了突出贡献，发行结果以及工作效率 均获得了发行人高度好评。 近期，由申万宏源担任牵头主承销商的"新疆投资发展（集团）有限责任公司2025年度 第一期中期票据"成功发行，本期债券发行规模6亿元，全场倍数2.80倍，票面利率2.25%， 创发行人中长期债券发行历史最低利率，亦创下自治区级企业中长期信用债券发行利率历史 新纪录！ 未来，申万宏源将继续扎根新疆，服务新疆，以优质的专业能力和高效的沟通协作，进 一 ...

Group 1 - The announcement from Shenwan Hongyuan Securities Asset Management Co., Ltd. states the appointment of Yu Bo as the Chief Compliance Officer and Chief Risk Officer, succeeding Yuan Jin who has left the position [1] - Yu Bo has extensive experience in risk management and compliance, having held various positions in different financial institutions since 2010 [1] - His previous roles include positions at Bank of China Fund Management Co., Shanghai Dongfang Securities Asset Management Co., and Huatai Securities (Shanghai) Asset Management Co. [1] Group 2 - Yu Bo's career trajectory includes roles such as Risk Management Manager at Bank of China Fund Management, Senior Risk Control Manager at Shanghai Dongfang Securities, and Risk Management Head at Huatai Securities [1] - He has been appointed as the Chief Compliance Officer and Chief Risk Officer at Shenwan Hongyuan Securities Asset Management Co. starting from February 2025 [1]

Core Viewpoint - The rapid development of AI technology is reshaping the global tech landscape, with China's AI industry at the forefront, showcasing both significant advancements and challenges for investors [1]. Group 1: Technological Advancements - China's language models are closing the gap with international standards, although there is still room for improvement [1]. - Tools like DeepSeek demonstrate China's capabilities in Chinese text processing, achieving international levels in language models [3]. - The trend of local deployment of AI models is driven by factors such as data security concerns and the democratization of technology [3]. Group 2: Investment Strategies - Investment should follow industry development logic, focusing on interdisciplinary fields where AI intersects with hardware, software, and manufacturing [2]. - Prioritizing investments in hard technology is recommended, as it aligns better with traditional financial frameworks [2][10]. - Investors are advised to select representative large-cap stocks or popular stocks and funds in trending sectors [2][10]. Group 3: Market Dynamics - The shift in investment focus from hardware to software and cloud services is a natural progression as application adoption accelerates [6]. - The AI industry development cycle typically progresses from algorithm development to computing power, followed by application growth, creating opportunities in sectors like smart glasses and memory storage [7]. - The market is expected to see increased demand for computing power in real-time calculations and applications, despite initial concerns about reduced demand due to algorithm optimization [6]. Group 4: Future Outlook - The next 3-5 years will see significant opportunities in hard technology AI fields, particularly in robotics, low-altitude economy, and smart vehicles [8]. - Long-term prospects (5-10 years) should focus on foundational research areas like AI in pharmaceuticals and materials science, where there is substantial growth potential [8]. - The unique trajectory of China's tech development, characterized by widespread participation and innovation, contrasts with Western investment theories, suggesting a need for a tailored valuation approach [9].

Core Viewpoint - The company, Shenwan Hongyuan, has achieved significant success in participating in local government bond sales, ranking second in the industry with actual winning bids exceeding 30 billion yuan in 2024, demonstrating its strong market presence and commitment to supporting local governments [1]. Group 1 - Shenwan Hongyuan actively engages with local financial departments across 35 provinces, cities, and regions, providing valuable insights and recommendations on bond issuance timing, institutional trends, and market analysis [1]. - The company has received multiple letters of appreciation from local financial departments for its contributions to helping them issue bonds at relatively low financing costs, thereby aiding in the gradual resolution of local government debt [1]. - The firm has been recognized for its excellence in underwriting local government bonds and interest rate bonds by the Shanghai Stock Exchange and Shenzhen Stock Exchange for several consecutive years [1]. Group 2 - Looking ahead, Shenwan Hongyuan aims to deepen its commitment to the principle of serving the country through finance and supporting the development of the real economy, while enhancing collaboration among its headquarters and branches [1]. - The company is focused on increasing its brand influence in the fixed income sector and achieving high-quality development through continuous efforts and dedication [1].

今后，公司将继续培育中国特色金融文化，积极践行社会责任，通过创新宣传教育活动 形式，强化行业文化建设。持之以恒，久久为功，推动中国特色金融文化在本单位落地生 根，形成与推动金融高质量发展相适应的文化生态，坚定走好中国特色金融发展之路。 本内容最终解释权归申万宏源证券有限公司所有。 近日，中共上海市金融工作委员会发布了《关于表彰中国特色金融文化海报大赛获奖作 品和获奖单位的通知》，对主题鲜明、设计精美、创意独特、感染力强、传播效果佳的优秀 作品以及积极组织参与比赛的机构进行了表彰。申万宏源荣获优秀组织奖，申万宏源上海分 公司参赛人员张吟霜荣获三等奖。 ...

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2022年面向專業投資者公開發行公司債券（第二期）（品種一）兌付兌息並摘牌的公告》， 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2月25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。 证券代码：000166 证券简称：申万宏源 公告编号：临2025-5 申 万 宏 源 集 团 股 份 有 限 公 司 关于申万宏 ...

证券代码：000166 证券简称：申万宏源 公告编号：临2025-5 特此公告。 申万宏源集团股份有限公司董事会 二〇二五年二月二十五日 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。 公司所属子公司申万宏源证券有限公司于 2022 年 2 月 23 日发行 申万宏源证券有限公司 2022 年面向专业投资者公开发行公司债券 （第二期）（品种一）（以下简称"本期债券"），发行规模人民币 22 亿元，票面利率 2.95%，期限 3 年，债券代码 149809，债券简称 22 申证 03。（相关情况请详见公司于 2022 年 2 月 24 日、3 月 3 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2月24日，摘牌日为2025年2月24日，申 万宏源证券有限公司已按照《申万宏源证券有限公司2022年面向专业 投资者公开发行公司债券（第二期）募集说明书》相关约定，完成本 期债券本息兑付并予以摘牌。 申 万 宏 源 集 团 股 份 有 限 公 司 关于申万宏源证券有限公司 20 ...