面向专业投资者公开发行公司债券 （第六期）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〔2025〕1570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2025年8月5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） 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000166 证券简称：申万宏源 公告编号：临2025-100 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 2025年11月24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（第六期）（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45亿元，分两个品种，其中品种一发行规模人 民币27亿元，期限2年，票面利率1.81%；品种二发行规模人民币18亿元，期限30个月，票面利率为 1.85 ...

Core Viewpoint - The recent approval of eight additional securities firms for the comprehensive account pilot program indicates a significant acceleration in the transformation of wealth management within the brokerage industry, expanding the total number of participating firms from 12 to 20 [1][2]. Summary by Sections Expansion of Pilot Program - Eight securities firms, including Guolian Minsheng and Dongfang Securities, have been approved for the comprehensive account pilot, marking the third expansion since the program's inception [1]. - The pilot program was initially launched in December 2021 with ten firms, and the number has now increased to 20 [1][2]. Purpose and Significance of the Pilot - The comprehensive account pilot aims to optimize the account management system of securities firms, allowing for seamless internal fund transfers among various account types, enhancing customer experience and service efficiency [4][5]. - The pilot addresses the need for integration and optimization of the account system as brokerage services diversify and client accounts increase [4]. Performance of Newly Approved Firms - The newly approved firms have shown strong performance in brokerage and wealth management, with net income from brokerage services in the first half of the year reaching significant figures, such as 30.49 million for Ping An Securities, reflecting a year-on-year increase of 57.13% [6]. Impact on Client Experience - The optimization of securities accounts is expected to greatly enhance the efficiency and convenience of fund transfers for clients, allowing for direct transfers between different accounts without the need for intermediary steps [7]. - Clients will benefit from a comprehensive view of their assets, enabling better management and allocation of their wealth [7][8]. Competitive Advantage in Wealth Management - The optimization of account functions is seen as a way to enhance the competitiveness of brokerages in the wealth management sector, allowing for a more integrated financial management experience for clients [8]. - The pilot program supports the development of a comprehensive financial account that integrates various services, including stock trading and fund advisory [8][9]. Future Developments - Analysts predict that further optimizations may lead to a more integrated view of client assets and liabilities, potentially allowing for fund transfers across different brokerage accounts [9].

Group 1 - The 2025 First Financial Value Annual Conference (CFV) was held in Shanghai on November 21, where Shenwan Hongyuan was awarded "Top 10 Investment Banking Service Institutions" [1] - Shenwan Hongyuan aims to continue its commitment to practical and diligent work, striving to become a first-class modern investment bank while empowering corporate innovation and growth, contributing to the high-quality development of the national economy [2]

Core Viewpoint - Company maintains a "buy" rating for XPeng Motors (09868), citing the launch of new vehicles, exceeding expectations in external collaborations and internal reforms, and significant improvements in profitability, along with potential breakthroughs in robotics and flying car businesses [1] Performance Summary - For the first three quarters of 2025, the company reported revenue of 54.5 billion, a year-on-year increase of 120%; gross margin at 17.9%, up 3.7 percentage points; and a net loss attributable to shareholders of 1.52 billion, a reduction in loss by 2.94 billion year-on-year [1] - In Q3 2025, revenue reached 20.4 billion, a year-on-year increase of 102% and a quarter-on-quarter increase of 12%; gross margin at 20.1%, up 4.9 percentage points year-on-year and 2.8 percentage points quarter-on-quarter; net loss attributable to shareholders was 380 million, a reduction in loss by 1.43 billion year-on-year and 100 million quarter-on-quarter [1] Sales Structure and Margin Analysis - The launch of the XPeng G7 in Q3 2025 accounted for 13% of total sales; however, the sales proportions of G6, G9, and X9 declined due to pre-launch hesitation regarding the range-extended platform, leading to a decrease in automotive gross margin [2] - The company achieved significant growth in service and other revenues, reaching 2.33 billion, a year-on-year increase of 78.1% and a quarter-on-quarter increase of 67.3%, which positively impacted overall gross margin [2] - The delivery guidance for Q4 is set at 125,000 to 132,000 units, indicating a potential return to profitability in the quarter [2] User Base Expansion - The introduction of MONA M03 and P7+ has increased monthly sales from 10,000 to 30,000 units, with the G7 pushing XPeng's autonomous driving capabilities to Level 3, marking a new era in smart driving [3] - The X9 range-extended version is expected to launch at the Guangzhou Auto Show, with significant sales growth anticipated in Q4, supported by the addition of range-extended systems across various models [3] AI and Robotics Transformation - The company is redefining future vehicles as next-generation robots, integrating internet platform capabilities, with software expected to account for 50% of the value [4] - The seventh-generation humanoid robot focuses on full-stack self-research and cross-domain integration, with plans for orderly production in the coming months, aiming for a sales price comparable to vehicles [4] - The introduction of a high-efficiency L4 fully shared robotaxi model is expected to enhance commercial competitiveness, indicating a strong potential for monetization as the company transitions into an AI enterprise [4]

Core Viewpoint - The report from Shenwan Hongyuan maintains a "Buy" rating for XPeng Motors (09868), highlighting the commencement of a new vehicle cycle, exceeding expectations in external collaborations and internal reforms, significantly enhancing profitability, and potential breakthroughs in robotics and flying car businesses [1] Performance Summary - For the first three quarters of 2025, the company reported revenue of 54.5 billion, a year-on-year increase of 120%; gross margin at 17.9%, up 3.7 percentage points; and a net loss attributable to shareholders of 1.52 billion, a reduction in loss by 2.94 billion [2] - In Q3 2025, revenue reached 20.4 billion, a year-on-year increase of 102% and a quarter-on-quarter increase of 12%; gross margin at 20.1%, up 4.9 percentage points year-on-year and 2.8 percentage points quarter-on-quarter; net loss attributable to shareholders was 380 million, a reduction in loss by 1.43 billion year-on-year and 100 million quarter-on-quarter [2] Sales Structure and Margin Analysis - The launch of the XPeng G7 in Q3 2025 accounted for 13% of total sales; however, the sales proportion of G6, G9, and X9 declined due to a wait-and-see attitude before the launch of the extended-range platform, leading to a slight decrease in automotive gross margin [3] - The collaboration with Volkswagen resulted in service and other income of 2.33 billion, a year-on-year increase of 78.1% and a quarter-on-quarter increase of 67.3%, significantly boosting overall gross margin [3] - The delivery guidance for Q4 is set at 125,000 to 132,000 units, indicating a potential return to profitability in a single quarter [3] Expansion of User Base - The MONA M03 and P7+ models are expected to increase monthly sales from 10,000 to 30,000 units, with the G7 pushing XPeng's autonomous driving capabilities to Level 3, marking a new era in smart driving [4] - The X9 extended-range version is set to launch at the Guangzhou Auto Show, with anticipated significant sales growth in Q4, and future models will be equipped with extended-range systems to drive sales expansion [4] AI and Robotics Transformation - The company is redefining future vehicles as next-generation robots, integrating internet platform capabilities, with software expected to account for 50% of the value [5] - The seventh-generation humanoid robot focuses on full-stack self-research and cross-domain integration, with plans for orderly mass production in the coming months, aiming for a sales price close to that of cars [5] - The introduction of a highly economical L4 fully shared robotaxi model is expected to have competitive commercial logic, enhancing the company's transformation into an AI enterprise with significant monetization potential [5]

Group 1 - The core viewpoint is that during the peak of the current bull market, China is likely to see the emergence of the largest company by market capitalization globally, which could be listed in either the A-share or Hong Kong stock market [1][2]. Group 2 - The company emphasizes the importance of categorizing all companies under the Hong Kong Stock Connect according to a unified standard for horizontal industry comparison, which is crucial for investment decision-making [2]. - Due to the absence of a price limit mechanism in the Hong Kong market, it exhibits greater volatility than the A-share market, making it more challenging for individual investors to participate [2]. - For ordinary investors, it is recommended to adopt a diversified investment approach, utilizing professional institutions or products with a high proportion of southbound capital, or through ETFs and other professional tools for more stable allocation [2].

Core Insights - The 19th Shanghai Financial Services for the Real Economy Conference (referred to as "Jinhui Conference") successfully held a special docking event in the Huangpu District, focusing on how financial services can empower the real economy [1] Group 1: Financial Support for SMEs - Representatives from companies such as Shanghai KooBan Biotechnology Co., Ltd. and Shanghai Wind Leading New Energy Co., Ltd. discussed challenges like high financing costs and difficulties in obtaining funds [3] - Financial advisors suggested that banks could provide comprehensive financial support for SMEs' debt financing needs before going public, including policy-backed guarantees and intellectual property pledge financing to reduce costs [3] - Online financing products with flexible repayment options can better match the cash flow needs of enterprises, enhancing capital efficiency [3] Group 2: Role of Insurance in Financing - Insurance companies can play a dual role in risk protection and credit enhancement, with research and development insurance creating a safety net for R&D investments [4] - Loan performance guarantee insurance can replace traditional collateral, effectively reducing banks' credit concerns and broadening financing channels for enterprises [4] Group 3: Integrated Financial Services Ecosystem - Financial institutions are leveraging diversified licenses to create an integrated service ecosystem, offering tailored financial services to SMEs [5] - The Shanghai Inclusive Finance Advisor system, launched in September 2022, aims to bridge the information gap between financial institutions and enterprises, providing professional consulting services [5] - The Jinhui Conference has been innovating its format and content to enhance the quality and effectiveness of financial services, reinforcing the commitment of Shanghai's financial sector to support the real economy [5]

Core Points - The Shenzhen State-Owned Enterprises Shareholder Return Index (970064) closed at 1612.77 points, up 0.73%, with a trading volume of 20.124 billion yuan and a turnover rate of 0.78% [1] - Among the index constituents, 33 stocks rose, with China National Materials Technology leading at a 10.01% increase, while 12 stocks fell, with CITIC Special Steel leading the decline at 2.97% [1] Index Constituents Summary - The top ten constituents of the Shenzhen State-Owned Enterprises Shareholder Return Index include: - BOE Technology Group (sz000725) with a weight of 9.31%, latest price at 3.85, and a market cap of 144.043 billion yuan [1] - Hikvision (sz002415) with a weight of 7.97%, latest price at 29.99, and a market cap of 274.855 billion yuan [1] - Wuliangye Yibin (sz000858) with a weight of 7.71%, latest price at 118.51, and a market cap of 460.009 billion yuan [1] - Luzhou Laojiao (sz000568) with a weight of 6.59%, latest price at 133.59, and a market cap of 196.637 billion yuan [1] - XCMG Machinery (sz000425) with a weight of 5.75%, latest price at 10.30, and a market cap of 121.056 billion yuan [1] - Changan Automobile (sz000625) with a weight of 3.88%, latest price at 11.91, and a market cap of 118.077 billion yuan [1] - Shenwan Hongyuan (sz000166) with a weight of 3.84%, latest price at 5.14, and a market cap of 128.705 billion yuan [1] - Yunnan Aluminum (sz000807) with a weight of 3.81%, latest price at 23.54, and a market cap of 81.636 billion yuan [1] - Yanghe Brewery (sz002304) with a weight of 3.37%, latest price at 65.71, and a market cap of 68.686 billion yuan [1] - Tongling Nonferrous Metals (sz000630) with a weight of 3.18%, latest price at 6.67, and a market cap of 66.913 billion yuan [1] Capital Flow Summary - The net inflow of main funds into the index constituents totaled 425 million yuan, while retail funds saw a net outflow of 319 million yuan [3] - Key stocks with significant capital flow include: - China National Materials Technology with a net inflow of 210 million yuan from main funds [3] - Luzhou Laojiao with a net inflow of 91.542 million yuan from main funds [3] - Tongling Nonferrous Metals with a net inflow of 60.685 million yuan from main funds [3]

Core Viewpoint - Shenwan Hongyuan Securities Co., Ltd. successfully issued its sixth tranche of corporate bonds aimed at professional investors, raising a total of RMB 4.5 billion [1] Group 1: Bond Issuance Details - The total issuance size of the bonds is RMB 4.5 billion, divided into two varieties [1] - Variety one has an issuance size of RMB 2.7 billion, with a maturity of 2 years and a coupon rate of 1.81% [1] - Variety two has an issuance size of RMB 1.8 billion, with a maturity of 30 months and a coupon rate of 1.85% [1] Group 2: Listing Information - The bonds are expected to be listed and traded on the Shenzhen Stock Exchange after registration is completed [1]

Core Viewpoint - Shenwan Hongyuan Securities has received approval from the China Securities Regulatory Commission to publicly issue corporate bonds totaling up to RMB 20 billion to professional investors [1] Group 1: Bond Issuance Details - The company successfully completed the issuance of its sixth phase of corporate bonds on November 24, 2025, with a total issuance scale of RMB 4.5 billion [1] - The bonds are divided into two varieties: the first variety has an issuance scale of RMB 2.7 billion with a 2-year term and a coupon rate of 1.81%, while the second variety has an issuance scale of RMB 1.8 billion with a 30-month term and a coupon rate of 1.85% [1] - The bonds are set to be listed and traded on the Shenzhen Stock Exchange after registration is completed [1]