2025年7月18日，申万宏源与腾讯正式签署战略合作协议。双方将深化在金融科技基础设施、自主创新、信息安全等领域的合作，进一步推进在AI大模型领域的 专业内容合作及生态共建。 申万宏源党委书记、董事长刘健，与腾讯集团副总裁、腾讯云与智慧产业事业群COO、腾讯云总裁邱跃鹏举行高层会谈，并见证签署战略合作协议。 申万宏源与腾讯已经在国产化信创工作、基础设施资源、互联网专业内容生产、广告投放与流量合作、基于微信的财富管理等多方面展开深度合作。 此次战略合作，依托申万宏源在证券领域内容生产方面的专业化优势、深厚的行业历史底蕴，以及腾讯云在基础设施、AI技术等方面的领先优势，形成"科技公司 +金融机构"的协同创新模式。 （CIS） 责编： 王璐璐 校对：苏焕文 百万用户都在看 集体拉升！特朗普，突传重磅！ 稳定币法案通过！美联储，降息大消息！ 刚刚！中美，大消息！ 见证历史！暴跌19.4%！ 在人工智能领域，申万宏源将通过AI智能化技术赋能业务场景创新，利用腾讯云AI知识引擎、大模型等技术赋能投研、投顾、投教等核心业务；与腾讯共同探 索智能体创新，赋能申万宏源品牌推广。 在数字化转型方面，双方将共同探索数字化、智能化运 ...

关注、加星，第一时间接收推送！ 文 | 赵伟、屠强 联系人 | 屠强、 浦聚颖 摘要 稀土是重要的战略资源，我国稀土凭借产能规模和完整产业链，在全球内难被替代。当前全球贸易紧张 局势加剧，我国还有哪些商品具备"难替代性"？ 一、稀土为何是我国重要的战略资源？因在军工等领域有关键作用，且仅我国拥有完备产业链 稀土是15种镧系元素以及钪和钇的总称，在军事和高科技领域具有不可替代的作用。 具体而言，钐和钇 在军工领域应用广泛；钕和镨主要用于新能源领域；铈和镧在芯片制造领域至关重要；镧和钇在航空航 天领域发挥关键作用。 我国稀土产量占全球70%，且在全球稀土进口格局中占据主导地位。 过去近20年，中国稀土产量稳居全 球首位，2024年达27万吨，占全球68.5%。同年，全球其他国家自我国稀土进口占比达37.1%，远高于第 二大进口地区东盟的18.0%。此外，尽管中美贸易摩擦不断，美国对华稀土依赖度仍居高不下，近年来稳 定在75%左右。 我国在稀土领域具备从采选到应用的完备产业链，其他国家难以建立替代供应链 。稀土产业链大致分为 上游的稀土矿采选，中游的氧化物分离、金属冶炼及功能材料制备，下游则涵盖永磁体制造等环节。从 ...

Group 1 - Livermore Securities indicates that Shanghai Zhida Technology Development Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange [1] - The exclusive sponsor for the listing is Shenwan Hongyuan Hong Kong [1]

Group 1 - Shanghai Zhida Technology Development Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange [1] - The exclusive sponsor for the listing is Shenwan Hongyuan [1]

Core Viewpoint - The article discusses the collaboration between Shenwan Hongyuan Securities and Qikuo Intelligent to explore innovative financial solutions for the high-quality development of the cultural tourism industry in Jiangxi Province, focusing on the feasibility of issuing REITs for a specific scenic area [1][6]. Group 1: Exploration of Asset Securitization - The seminar emphasized the creation of quality cultural tourism assets, analyzing the logic and operational pathways for REITs projects [2]. - Digital tools are proposed to address the challenges of revitalizing existing assets, utilizing big data to analyze visitor consumption habits and preferences, thereby optimizing project layouts and service offerings [2]. - A digital asset trading platform is suggested to attract more social capital, facilitating effective investments and promoting industry upgrades [2]. Group 2: Highlighting Quality Assets - Local tourism asset managers presented the achievements of key scenic areas, which maintain high visitor traffic and have established a stable revenue system [3]. - The goal is to create a "phenomenal cultural tourism IP," continuously enhancing service quality and contributing to the local tourism industry's development [3]. - Digital management methods, such as smart navigation systems and visitor flow monitoring, are being actively introduced to improve visitor experience and operational efficiency [3]. Group 3: Operational Strategy - Qikuo Intelligent outlined a dual-driven strategy of "heavy assets + light assets" for tourism asset operations [4]. - In the heavy asset sector, professional valuation of quality assets with mature cash flows will be conducted, focusing on long-term operational planning [4]. - The light asset sector aims to adopt successful experiences from large theme park IP operations, enhancing asset yield through brand effect and digital marketing strategies [4]. Group 4: Deepening Cooperation - The discussion marks a deeper, pragmatic phase of collaboration between Shenwan Hongyuan Securities and Qikuo Intelligent [6]. - The securities firm aims to continue acting as a bridge for financial institutions, fostering a close cooperation mechanism to explore innovative models of industry-finance integration [6]. - The goal is to transform Jiangxi's tourism resources into developmental advantages, promoting sustainable high-quality growth in the local tourism industry [6].

Group 1: A-share IPO Market Overview - The number of new A-share IPOs in the first half of 2025 is expected to be 40, a year-on-year increase of 33.3%, but only 16.3% of the 245 IPOs in the first half of 2021 [1] - The total fundraising amount for A-share IPOs in the first half of 2025 is projected to be 32.75 billion yuan, which is only 15.5% of the 210.96 billion yuan raised in the same period of 2021 [1] - The current IPO issuance remains at a low level, with the absolute number of IPOs in 2025 being the lowest in five years [1] Group 2: Changes in Investment Banking Focus - Many securities firms are shifting towards enhancing comprehensive financial service capabilities and transforming into comprehensive financial service providers [3] - Companies like CITIC Securities and CICC are focusing on serving key clients related to national strategic initiatives and expanding their coverage of quality enterprises [3] - The trend in investment banking emphasizes the importance of professional capability enhancement and risk prevention [3] Group 3: Small and Medium-sized Securities Firms - Smaller securities firms are focusing on niche businesses that align with local industry needs, such as expanding debt business in specific regions [4] - There is a noticeable shift in the A-share IPO landscape, with regulatory support for technology companies and a reduction in the number of companies waiting for IPO approval [4][5] Group 4: Hong Kong IPO Market Dynamics - The Hong Kong IPO market is experiencing a significant recovery, with 42 IPOs in the first half of 2025 raising approximately 106.7 billion HKD, a year-on-year increase of about 708% [5] - The Hong Kong Stock Exchange has introduced reforms to attract more mainland companies to list, including allowing unprofitable tech companies to go public [5][6] - The competitive landscape for IPO sponsorship in Hong Kong is shifting, with Chinese securities firms gaining a stronger position [6] Group 5: Cross-border Capital Operations - Securities firms are actively expanding their cross-border capital operations, focusing on Hong Kong equity financing and overseas debt markets [6] - Companies are enhancing their cross-border service capabilities by collaborating with foreign institutions and developing cross-border business talent [6] - The anticipated increase in A-share companies listing in Hong Kong is expected to boost the revenue of leading investment banks in the region [6]

服务站揭牌仪式之后，公司与徐汇区商务委员会、徐汇资本、农行徐汇支行等联合主 办了徐汇企业香港上市培训活动，并邀请香港联交所上市服务相关负责人深入解读香 港IPO上市政策，系统阐释上市规则、流程及政策红利，为企业赴港上市明晰路径，与 会企业反响热烈。 7月15日，"申万宏源上市服务站（模速空间融资服务中心）"在徐汇"模速空间"正式 挂牌，申万宏源证券执行委员会成员、投行委主任张翼飞与徐汇区商务委相关负责人 共同为服务站揭牌。上海"模速空间"创新生态社区暨人工智能大模型产业生态集聚区 是全国首个大模型专业孵化和加速载体。"申万宏源上市服务站（模速空间融资服务中 心）"的设立与挂牌，是申万宏源做好科技金融文章，加强对科技产业金融服务的重要 举措。 未来，申万宏源将充分借助境内外市场互联互通的机遇，服务国家科技创新战略，服 务上海、香港两大国际金融中心的建设，为推进金融高水平对外开放、推动金融强国 建设贡献力量，以专业的综合金融服务，陪伴更多优质科技企业实现跨越式发展。 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。 张翼飞在揭牌仪式致辞中指出，申万宏源近年来充分利用全平台优势， 推进国际化及境内外一体化战略 ...

投资基金发起式联接基金 §1 重要提示 基金管理人的董事会、董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗漏， 并对其内容的真实性、准确性和完整性承担个别及连带的法律责任。 鹏华中证光伏产业交易型开放式指数证券 基金管理人：鹏华基金管理有限公司 基金托管人：申万宏源证券有限公司 报告送出日期：2025 年 7 月 18 日 鹏华中证光伏产业 ETF 发起式联接 2025 年第 2 季度报告 基金托管人申万宏源证券有限公司根据本基金合同规定，于 2025 年 07 月 17 日复核了本报告 中的财务指标、净值表现和投资组合报告等内容，保证复核内容不存在虚假记载、误导性陈述或 者重大遗漏。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细阅读本 基金的招募说明书及其更新。 本报告中财务资料未经审计。 本报告期自 2025 年 04 月 01 日起至 2025 年 06 月 30 日止。 基金简称 鹏华中证光伏产业 ETF 发起式联接 基金主代码 021084 基金运作方式 契约型开放式 基金合同 ...

Core Insights - The National Equities Exchange and Quotations (NEEQ) has released the market maker evaluation results for Q2 2025, highlighting the performance of various securities firms in the market-making business [1][2] Group 1: Market Maker Evaluation Results - In Q2 2025, three firms, Northeast Securities, Kaiyuan Securities, and Shanghai Securities, ranked in the top 5% and received a 100% fee exemption [1][2] - Six firms, including Haitong Securities and Shenwan Hongyuan, ranked between the top 10% and 20%, receiving a 50% fee exemption [2] - Notable changes in rankings include Guangfa Securities moving from the top 10% to the top 5% and Shenwan Hongyuan entering the top 10% to 20% for the first time [2] Group 2: Industry Trends and Insights - The competition among market makers appears to be less intense, with rankings showing relative stability and some fluctuations due to short-term business variations [3] - Smaller securities firms are gaining an advantage in the NEEQ market-making space, as larger firms focus on other areas [3] - Companies like Guoyuan Securities and Guosen Securities are actively enhancing their market-making capabilities to provide liquidity for small and medium enterprises [3][4] Group 3: Evaluation Criteria and Importance - The evaluation criteria for market makers include trading scale, liquidity provision, and quote quality, with a total score of 100 points [6] - The NEEQ emphasizes the significance of the market maker system in improving market liquidity and facilitating price discovery [6] - Continuous assessment and optimization of the evaluation mechanism are planned to promote the healthy development of the market maker system [6]

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 非公开发行短期公司债券（第一期）在深圳证券交易所 挂牌转让的公告 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。 证券代码：000166 证券简称：申万宏源 公告编号：临2025-49 申万宏源集团股份有限公司董事会 二〇二五年七月十七日 公司所属子公司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（第一期）（以下简称"本期债券"）发行工 作于 2025 年 7 月 10 日完成，本期债券发行规模人民币 26 亿元，分 两个品种，其中品种一发行规模人民币 13 亿元，期限 92 天，票面利 率 1.57%；品种二发行规模人民币 13 亿元，期限 183 天，票面利率 1.63%。（相关情况请详见公司于 2025 年 7 月 12 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） 经深圳证券交易所审核，本期债券定于2025 年7月17日起在深圳 证券交易所挂牌转让，面向专业 ...