（文章来源：每日经济新闻） 申万宏源表示，军贸有望开启供需共振大格局：随着全球地缘政治不确定性增加，全球军贸需求不断扩 大，国际军贸市场发生新的格局变化。而随着产品迭代加快且体系能力强化，我国产品性能和供给能力 获得高度认可，中国潜在需求明显扩大，中东、亚洲等市场订单催化不断，所以预计我国军贸的需求与 供给将会持续强烈共振，从而造就中国军贸未来大格局。 军工ETF（512660）跟踪的是中证军工指数（399967），该指数从沪深市场中选取涉及航空、航天、船 舶、兵器及军事电子等领域的上市公司证券作为指数样本，以反映中国军工行业上市公司证券的整体表 现。指数成分股呈现中小盘风格，主要聚焦于航空装备与军工电子行业。 ...

Core Viewpoint - Shenwan Hongyuan (000166)(06806) announced the issuance of short-term corporate bonds by its subsidiary Shenwan Hongyuan Securities Co., Ltd. for professional investors, indicating a strategic move to raise capital [1] Group 1: Bond Issuance Details - The company issued the third phase of short-term corporate bonds with a total scale of RMB 3 billion [1] - The bonds have a coupon rate of 1.93% and a maturity period of 365 days [1] - The bond code is 524010, and the bond abbreviation is 24 Shen Zheng D6 [1] Group 2: Redemption and Listing Information - The redemption date for the bonds is set for November 14, 2025 [1] - The bonds will be delisted on the same date, November 14, 2025 [1] - The company has completed the principal and interest payment for this bond issuance as per the relevant agreements in the offering memorandum [1]

Core Viewpoint - Shenwan Hongyuan Securities Co., Ltd. issued a short-term corporate bond aimed at professional investors, with a total issuance size of RMB 3 billion and a coupon rate of 1.93% [1] Group 1: Bond Issuance Details - The bond issuance took place on November 14, 2024, with a maturity period of 365 days [1] - The bond code is 524010, and it is referred to as "24 Shen Zheng D6" [1] - The repayment date for the bond is set for November 14, 2025, and it will be delisted on the same date [1] Group 2: Compliance and Reporting - The company has completed the repayment of both principal and interest for this bond issuance as per the terms outlined in the bond prospectus [1] - Relevant announcements regarding this bond issuance were published in major financial newspapers and on the official website [1]

Core Viewpoint - Shenwan Hongyuan (06806) announced the issuance of short-term corporate bonds aimed at professional investors, indicating a strategic move to raise capital in the current market environment [1] Group 1: Bond Issuance Details - The company’s subsidiary, Shenwan Hongyuan Securities Co., Ltd., will issue short-term corporate bonds (Phase 3, Type 2) on November 14, 2024, with a total issuance scale of RMB 3 billion [1] - The bonds will have a coupon rate of 1.93% and a maturity period of 365 days, with the bond code being 524010 and the bond abbreviation as "24 Shen Zheng D6" [1] - The repayment date for this bond is set for November 14, 2025, and the bonds will be delisted on the same date [1] Group 2: Compliance and Documentation - The issuance has been completed in accordance with the relevant provisions outlined in the "Shenwan Hongyuan Securities Co., Ltd. 2024 Public Offering of Short-term Corporate Bonds (Phase 3) Prospectus" [1] - The company has successfully fulfilled the principal and interest repayment obligations for this bond issuance [1]

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2024年面向專業投資者公開發行短期公司債券（第三期）（品種二）本息兌付並摘牌的公 告》，僅供參閱。 承董事會命 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2025-98 申 万 宏 源 集 团 股 份 有 限 公 司 关于申万宏源证券有限公司 2024 年面向专业投资者公开 发行短期公司债 ...

本期债券兑付日为2025年11月14日，摘牌日为2025年11月14日， 申万宏源证券有限公司已按照《申万宏源证券有限公司2024年面向专 业投资者公开发行短期公司债券（第三期）募集说明书》相关约定， 完成本期债券本息兑付并予以摘牌。 特此公告。 申万宏源集团股份有限公司董事会 证券代码：000166 证券简称：申万宏源 公告编号：临2025-98 申 万 宏 源 集 团 股 份 有 限 公 司 关于申万宏源证券有限公司 2024 年面向专业投资者公开 发行短期公司债券（第三期）（品种二）本息兑付 并摘牌的公告 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。 公司所属子公司申万宏源证券有限公司于 2024 年 11 月 14 日发 行申万宏源证券有限公司 2024 年面向专业投资者公开发行短期公司 债券（第三期）（品种二）（以下简称"本期债券"），发行规模人 民币 30 亿元，票面利率 1.93%，期限 365 天，债券代码 524010，债 券简称 24 申证 D6。（相关情况请详见公司于 2024 年 11 月 16 日在 《中国证券报》《证券时报》《上海 ...

Core Viewpoint - Nanwang Technology (301355.SZ) reported significant growth in revenue for the first three quarters of 2025, but faced a substantial decline in net profit, indicating potential challenges in profitability despite increased sales [1][2]. Financial Performance - The company achieved operating revenue of 1.305 billion yuan, representing a year-on-year increase of 79.40% [1][2]. - Net profit attributable to shareholders was 7.858 million yuan, down 79.40% year-on-year [1][2]. - The net profit after deducting non-recurring gains and losses was 5.864 million yuan, reflecting an 80.73% decrease compared to the previous year [1][2]. - The net cash flow from operating activities was 85.797 million yuan, showing a growth of 9.60% year-on-year [1][2]. Initial Public Offering (IPO) Details - Nanwang Technology was listed on the Shenzhen Stock Exchange's ChiNext board on June 12, 2023, with an issuance of 48.78 million shares, accounting for 25.00% of the total share capital post-issuance [2]. - The IPO price was set at 17.55 yuan per share, and the total funds raised amounted to approximately 856.09 million yuan, with a net amount of 773.81 million yuan after deducting issuance costs [3]. - The company planned to use the raised funds for the construction of a green and environmentally friendly paper product smart factory and for paper product packaging production and sales projects [3].

Core Points - The Beijing Stock Exchange (BSE) celebrated its fourth anniversary on November 15, with a total of 282 listed companies as of now, having raised a net amount of 51.05 billion yuan through initial public offerings (IPOs) [1] Group 1: Listing Statistics - In 2021, 79 companies were listed, followed by 83 in 2022, 77 in 2023, 23 in 2024, and 20 so far in 2025 [1] - The statistics exclude companies that have transferred to other exchanges, such as Guandian Defense, Taixiang Co., and Hanbo High-tech [1] Group 2: Underwriting Institutions Performance - A total of 60 underwriting institutions provided IPO sponsorship services for the 282 listed companies, resulting in 284 business transactions [2][6] - The top three underwriting institutions by the number of deals are: 1. CITIC Securities with 27 deals 2. Shenwan Hongyuan with 23 deals 3. Dongwu Securities with 16 deals [2] Group 3: Legal Services Performance - 79 law firms provided legal services for the IPOs of the 282 listed companies [6] - The top three law firms by the number of deals are: 1. Shanghai Jintiancheng with 40 deals 2. Beijing Zhonglun with 20 deals 3. Beijing Deheng and Beijing Kangda, each with 16 deals [6][7] Group 4: Accounting Firms Performance - 32 accounting firms provided auditing services for the IPOs of the 282 listed companies [12] - The top three accounting firms by the number of deals are: 1. Tianjian with 43 deals 2. Lixin with 35 deals 3. Rongcheng with 31 deals [12][13]

Core Viewpoint - The article discusses the upcoming shareholder meeting for the Shenwan Hongyuan Tian Tian Zeng and Tian Tian Li money market funds, focusing on the proposed change of management to Shenwan Lixin Fund Management Co., Ltd. and the transformation of the funds into money market funds [1]. Group 1: Meeting Proposals - The main proposal involves changing the management of the Shenwan Hongyuan Tian Tian Li and Tian Tian Zeng money market funds to Shenwan Lixin Fund Management Co., Ltd. [1] - If the proposal is approved, the asset management contracts will be modified accordingly, with detailed changes provided in the meeting announcement [1]. Group 2: Voting Methods - Various voting methods are available for shareholders, including paper voting, SMS voting, online voting, and telephone voting [2]. - SMS and online voting are highlighted as the most convenient options for individual investors [3]. Group 3: Voting Participation Guide - For SMS voting, shareholders will receive a voting message and must respond with their choice before the deadline [3]. - Online voting can be conducted through the Shenwan Hongyuan Securities app or WeChat official account, requiring personal information verification [4][5]. Group 4: Voting Timeline - The voting period starts on November 17, 2025, and ends on December 12, 2025, with specific dates for the rights registration and voting commencement [7].

Core Viewpoint - The A-share market is expected to maintain a long-term upward trend despite short-term fluctuations, with a focus on sector rotation and investment opportunities in technology and cyclical industries [1][3][10]. Market Performance - The A-share market has been oscillating around the 4000-point mark, with a slowdown in the upward slope of the index, but this does not indicate the end of the current market cycle [1][10]. - The market is currently in a "systematic slow bull" phase, with a positive long-term outlook [1][12]. Sector Rotation - There is a notable rotation among sectors, with funds shifting from previously high-performing technology stocks to sectors like lithium batteries and consumer goods, benefiting from policy support [3][10][11]. - Investment themes to watch include anti-involution and dividend opportunities, as well as specific technology segments that may see a rebound [2][4]. Institutional Behavior - As the year-end approaches, institutional allocations are expected to stabilize, leading to a focus on balanced investment strategies [3][8]. - The upcoming Central Economic Work Conference is anticipated to set the tone for macroeconomic policies and investment priorities for the following year [8][11]. Economic Indicators - Recent economic indicators show a decline in M1 growth, suggesting a weakening macro liquidity environment, which may impact market dynamics [10]. - The market is currently experiencing a "high position oscillation," with expectations of a gradual recovery in economic conditions [5][16]. Investment Strategies - Investors are advised to focus on sectors with potential for performance improvement, such as AI, engineering machinery, and renewable energy, while also considering the implications of global market trends [7][17]. - The emphasis on "small and mid-cap + thematic investment" is seen as a favorable strategy in the current market environment [15].