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]

承董事會命 申萬宏源集團股份有限公司 董事長 劉健 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2025年面向專業投資者公開發行公司債券（第六期）發行結果的公告》，僅供參閱。 北京，2025年11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。 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 ...

二〇二五年十一月二十五日 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。 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） 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%。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2025-100 申 万 宏 源 ...

Core Viewpoint - The bull market is far from over, supported by solid fundamentals, particularly in the technology sector, which is undergoing significant changes [1] Group 1: Artificial Intelligence and Market Dynamics - The development of artificial intelligence (AI) is crucial regardless of whether there is a bubble, as it is tied to major power competition [1] - China has a comparative advantage in the application phase of AI, and the emergence of successful applications may take time but is inevitable [1] - Concerns about an AI bubble may not reflect the true market situation, as structural highlights in China's AI industry are already evident [1] Group 2: Foreign Investment and Market Sentiment - Foreign investment in China is expected to increase by 2026, with a shift in focus towards technology sectors, particularly in AI, reflecting a change in perception [2] - The current level of foreign investment in China remains historically low, but an influx could lead to systemic changes in leading companies in the Hong Kong and A-share markets [2] - By mid-next year, improvements in fixed asset growth, PPI recovery, and real estate fundamentals are anticipated to boost market confidence in a fundamental bull market [2] Group 3: Currency and Global Economic Trends - The long-term outlook for the Chinese yuan is stable with potential appreciation against the US dollar, although the dollar remains strong due to its competition with other developed currencies [2] - The rise of China relative to the US is an undeniable trend, and the future may see the dollar sharing its monetary authority with other currencies [2] - Gold is expected to play a significant role in the restructured global monetary order, with clear long-term investment value despite potential short-term volatility [2]

中国经济网北京11月25日讯 新浪财经昨日发布消息《申万宏源收警示函：私募资管业务存在未及 时披露重大事项等两项违规》，10月22日，中国证券监督管理委员会上海监管局（以下简称"上海证监 局"）发布行政监管措施公告，申万宏源证券有限公司（以下简称"申万宏源"）因在私募资产管理业务中 存在两项违规行为，被出具警示函。公告显示，上述违规行为涉及未及时披露重大事项及投后检查不到 位等问题。 中国证券监督管理委员会上海监管局8月11日发布关于对申万宏源证券资产管理有限公司采取出具 警示函措施的决定。经查，申万宏源证券资产管理有限公司在开展业务过程中存在以下行为： 私募资产管理业务投资管理不规范，个别私募资产管理计划主动管理不足，违反了《证券期货经营 机构私募资产管理业务管理办法》（证监会令第203号，以下简称《私募资管业务办法》）第四十七条 第三项的规定。 根据《私募资管业务办法》第七十八条的规定，上海监管局决定对申万宏源证券资产管理有限公司 采取出具警示函的行政监管措施。 申万宏源(000166.SZ)年报显示，2015年1月16日 ，中国证监会印发《关于核准设立申万宏源证券 有限公司及其2家子公司的批复》（证监许 ...

Group 1 - The core viewpoint emphasizes the necessity of pursuing artificial intelligence regardless of potential bubbles, as it is tied to major power competition [2][26] - The article suggests that while AI stocks in the US may experience significant volatility, a collapse of the AI bubble in the US stock market is unlikely given the current interest rate environment and liquidity conditions [31][30] - The long-term value of gold as an asset is highlighted, with a caution about its phase volatility, especially when leveraged funds amplify fluctuations [2][108] Group 2 - The discussion on the real estate market indicates a "dark before dawn" sentiment, similar to the stock market outlook for the first half of 2024 [2][66] - The article notes that the long-term trend for the RMB is stable with a slight upward bias against the USD, but the USD index remains strong as long as the US economy outperforms other developed nations [2][107] - The analysis of the capital market suggests that the current bull market is far from over, with structural opportunities emerging, particularly in the technology sector [5][6][72] Group 3 - The article discusses the importance of structural solutions to address market issues, emphasizing that all problems are fundamentally structural and should be approached with appropriate methods [9][19] - It highlights the significant changes in the technology sector, particularly the emergence of DeepSeek, which underscores China's technological capabilities and the role of the private sector in innovation [21][23] - The article also points out that the current bull market is supported by solid fundamentals, with a gradual transition towards a comprehensive bull market as structural opportunities develop [40][43] Group 4 - The article addresses the need for a financial strong nation to have a capital market that effectively prices future industries and reduces equity risk premiums [86][92] - It suggests that high-dividend assets still have substantial absolute return potential, with current valuations being attractive compared to historical standards [95][96] - The discussion on the Hong Kong market emphasizes the importance of professional investment strategies for ordinary investors due to its higher volatility and information asymmetry [99]

Core Viewpoint - The company maintains a "buy" rating for Damai Entertainment (01060) due to high growth in its IP business and steady expansion in its performance business, indicating strong long-term value in the live entertainment sector [1] Performance Summary - For FY26H1 (ending September 30, 2025), the company reported revenue of 4.05 billion, a year-on-year increase of 33%; net profit attributable to shareholders was 520 million, up 54% [2] - Adjusted EBITDA was 550 million, reflecting a 14% year-on-year growth after excluding a one-time financial asset impairment reversal of 160 million from FY25H1 [2] IP Business Performance - Revenue from IP derivative business doubled year-on-year, with ToB licensing business showing significant growth and ToC starting to ramp up. FY26H1 revenue reached 1.16 billion, a 105% increase, with segment performance (gross profit minus allocated sales expenses) at 230 million, up 44% [3] - Profit margin decline was influenced by a one-time impact from the closure of Jinli Naku, while core Alibaba Fish business revenue grew over 100% with profits nearly doubling [3] - ToB licensing includes high-quality IPs such as Sanrio family, Gigi Kawa, and Pokémon, with new additions from Universal Pictures. Alibaba Fish plans to increase team investment and expand downstream partnerships [3] - Retail brand operations have opened several domestic flagship stores, with future plans for more experiential formats like restaurants and small indoor amusement parks [3] Performance Business - Core domestic concert categories showed steady growth, with revenue of 1.34 billion in FY26H1, a 14.5% increase, and segment performance at 750 million, up 4.7% [3] - Profit margin decline may be due to early internationalization efforts and lower margins in performance content investment [3] - Ticketing for core concert categories faced supply constraints, but overall GMV on the Damai platform remained stable, with a 17% increase in ticket buyers year-on-year. The company provided one-stop solutions for over 2,500 performances, a 19% increase [3] - Revenue from live entertainment content grew by 50%, with participation in major concerts and events, extending upstream in the industry [3] - The company is also expanding internationally, with increasing performances by overseas artists in China and growing demand from domestic audiences for cross-border events, starting with Southeast Asia and Japan/Korea [3] Film and Television Content Business - The film segment reported revenue of 1.06 billion in FY26H1, with segment performance at 95 million. The company is adjusting its film investment strategy to focus on lower-risk, high-quality content, with the summer release "Chasing the Wind" exceeding return expectations [4] - The series production segment generated revenue of 480 million, with profits of 40 million [4] Management Efficiency - Management efficiency has improved, with a notable reduction in investment risks from the previous year. The management expense ratio decreased to 16.5% in FY26H1, down 3.1 percentage points year-on-year [5]

Core Viewpoint - The company maintains a "buy" rating for Damai Entertainment (01060) due to high growth in its IP business and steady expansion in its performance business, indicating strong long-term value in the live entertainment sector [1] Performance Summary - For FY26H1 (ending September 30, 2025), the company reported revenue of 4.05 billion, a year-on-year increase of 33%; net profit attributable to shareholders was 520 million, up 54% [2] - Adjusted EBITDA was 550 million, reflecting a 14% year-on-year growth after excluding a 160 million financial asset impairment reversal from FY25H1 [2] IP Business Performance - Revenue from IP derivative business doubled year-on-year, with ToB licensing business showing significant growth and ToC rapidly starting [3] - FY26H1 revenue for IP business reached 1.16 billion, a 105% increase, with segment performance (gross profit minus allocated sales expenses) at 230 million, up 44% [3] - Profit margin decline was influenced by a one-time impact from the closure of Jinli Naku, while core Alibaba Fish business revenue growth exceeded 100% with profits nearly doubling [3] - The company is expanding its team and partnerships in the ToB licensing sector, with notable IPs like Sanrio, Gigi Kawa, and Pokémon [3] - Retail brand operations are being developed with multiple brand flagship stores opened, and plans for more experiential formats like restaurants and indoor parks [3] Performance Business Overview - Core domestic concert categories are steadily increasing, with expansion into international markets and upstream investments [3] - FY26H1 revenue from performances was 1.34 billion, a 14.5% increase, with segment performance at 750 million, up 4.7% [3] - The decline in profit margin may be due to early internationalization efforts and lower margins in performance content investments [3] - Ticketing for core concert categories faced supply constraints, but overall demand remains strong, with a 17% increase in ticket buyers [3] - The company provided services for over 2,500 performances in FY26H1, a 19% year-on-year increase [3] - Revenue from live entertainment content grew by 50%, with participation in major concerts and events [3] - The company is actively pursuing international opportunities, with plans to invite top global artists to perform in Asia [3] Film and Television Content Business - The film segment reported revenue of 1.06 billion in FY26H1, with segment performance at 95 million; the company is adjusting its investment strategy to focus on lower-risk, high-quality films [4] - Revenue from series production was 480 million, with a profit of 40 million [4] Management Efficiency - Management efficiency has improved, with a notable reduction in investment risks from the previous year [5] - Management expense ratio decreased to 16.5% in FY26H1, down 3.1 percentage points year-on-year [5]

Market Overview - The Shanghai Composite Index rose by 0.05% to close at 3836.77 points, with a daily high of 3854.33 points [1] - The Shenzhen Component Index increased by 0.37% to close at 12585.08 points, reaching a high of 12655.29 points [1] - The ChiNext Index gained 0.31%, closing at 2929.04 points, with a peak of 2951.43 points [1] ETF Market Performance - The median return of stock ETFs was 0.2%, with the highest return from the Penghua SSE Sci-Tech Innovation Board 200 ETF at 3.01% [2] - The highest performing industry ETF was the China Securities Satellite Industry ETF, yielding 4.25% [2] - The highest return among thematic ETFs was the China Securities Aerospace Industry ETF, which achieved 5.01% [2] ETF Gain and Loss Rankings - The top three ETFs by gain were: - Huaxia China Securities Aerospace Industry ETF (5.01%) - Tianhong China Securities Aerospace Industry ETF (4.66%) - Wanji China Securities Aerospace Industry ETF (4.64%) [4] - The top three ETFs by loss were: - Xingyin SSE Sci-Tech Innovation Board Comprehensive Price ETF (-2.14%) - Huaxia China Securities Sci-Tech Innovation 50 ETF (-1.88%) - Jiashi China Securities Rare Metals Thematic ETF (-1.68%) [4] ETF Fund Flow - The top three ETFs by fund inflow were: - Huatai-PB SSE 300 ETF (inflow of 3.665 billion yuan) - Huaxia SSE 50 ETF (inflow of 1.53 billion yuan) - Southern CSI 500 ETF (inflow of 895 million yuan) [6] - The top three ETFs by fund outflow were: - Huabao CSI Bank ETF (outflow of 211 million yuan) - Fuguo CSI Military Industry Leaders ETF (outflow of 209 million yuan) - Guotai CSI Coal ETF (outflow of 207 million yuan) [6] ETF Margin Trading Overview - The highest margin buy amounts were for: - Huaxia SSE Sci-Tech Innovation 50 ETF (593 million yuan) - E Fund ChiNext ETF (440 million yuan) - Guotai CSI All-Share Securities Company ETF (415 million yuan) [8] - The highest margin sell amounts were for: - Huatai-PB SSE 300 ETF (34.95 million yuan) - Southern CSI 500 ETF (7.56 million yuan) - Huaxia SSE 50 ETF (3.97 million yuan) [9] Institutional Insights - Shenwan Hongyuan expects strong resonance between demand and supply in China's military trade, driven by expanding global military trade demand and enhanced product capabilities [10] - Debon Securities highlights a historic opportunity for the commercial aerospace industry, transitioning from manufacturing to application, with significant growth in low-orbit satellite demand [11]

2025年是申万宏源创业40周年、合并重组10周年，在公司党委和董事会的领导和推动 下，申万宏源将自身发展融入国家战略大局，持续做好金融服务"五篇大文章"；不断完善管理 机制，以扎实的治理筑牢"资本市场看门人"防线；持续优化"研究+投资+投行"业务策略，构建 服务企业客户的全生命周期的金融服务体系；积极拥抱金融科技浪潮，率先应用AI模型，使金 融服务更优质、更高效；探索深化"金融赋能+产业振兴"双轮驱动帮扶模式，有力将专业能力 转化为支持产业发展的实践。公司ESG外部评级实现"四年四连升"，MSCI ESG评级跃升至 A，标普CSA、万得、中证等ESG评级也位居行业前列。 未来，申万宏源将继续与各利益相关方共同努力，将可持续发展与ESG理念深度融入自身 价值框架，积极服务国家战略，持续完善公司治理，践行社会责任，实现提升自身发展质量的 同时助力资本市场持续健康发展，为实体经济高质量发展提供更优质的金融服务。 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。 11月18日，中国上市公司协会在北京召开中国上市公司可持续发展大会。大会发布了 2025年上市公司可持续发展最佳实践案例评选结果，申万宏源上报的《金 ...