Core Viewpoint - Shenwan Hongyuan Securities Co., Ltd. successfully completed the issuance of subordinated bonds aimed at professional investors, raising a total of RMB 2.5 billion [1] Group 1: Bond Issuance Details - The total issuance scale of the bonds is RMB 2.5 billion [1] - The first type of bonds has an issuance scale of RMB 1.8 billion, with a maturity of 3 years and a coupon rate of 2.00% [1] - The second type of bonds has an issuance scale of RMB 0.7 billion, with a maturity of 5 years and a coupon rate of 2.15% [1] Group 2: Listing Information - The bonds are expected to be listed and traded on the Shenzhen Stock Exchange after registration is completed [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 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11月14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2025-97 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 投资者公开发行次级债券（第二期）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次级债券注册的批复》（证监许可〔2 ...

Core Viewpoint - Hengyi Petrochemical is positioned as a leading integrated enterprise in the "refining-chemical-fiber" industry chain, focusing on technological innovation and green low-carbon upgrades to maintain its competitive edge in both domestic and international markets [2][8]. Group 1: Company Overview and Financial Performance - Hengyi Petrochemical achieved an operating revenue of 83.885 billion yuan and a net profit attributable to shareholders of 231 million yuan for the first three quarters of 2025, reflecting a year-on-year growth of 0.08% [2]. - As of September 30, 2025, the company reported total assets of 111.51 billion yuan and net assets attributable to shareholders of 24.458 billion yuan [2]. Group 2: Market Analysis - The Southeast Asian refined oil market is expected to see a growing supply-demand gap, with the International Energy Agency predicting oil demand in the region to increase from 5 million barrels per day to 6.4 million barrels per day by 2035 [3]. - The region's GDP growth is projected to remain at 4.5% in 2025, with Indonesia, the Philippines, and Vietnam expected to grow at rates of 5.1%, 6.1%, and 6.1% respectively, driving demand for refined products [3]. Group 3: Polyester Industry Insights - The polyester industry is anticipated to experience steady growth in downstream demand, with domestic retail sales increasing by 5% year-on-year in the first half of 2025 [4]. - The new capacity growth in the polyester sector is slowing, with only 650,000 tons of new polyester filament capacity added in the first half of 2025, leading to a higher market concentration among leading enterprises [4]. Group 4: Project Developments - The first phase of the Qinzhou project has successfully entered trial production, featuring a comprehensive integration of various production processes [6]. - The Brunei refining project is progressing smoothly, with updates to be announced in due course [6]. Group 5: Technological Advancements - As of June 30, 2025, Hengyi Petrochemical holds 566 effective patents, with 500 related to research and development, and 66 in intelligent manufacturing [7]. - The proportion of differentiated fibers in the company's product structure has increased to 27%, indicating a strong position in the industry [7].

Core Viewpoint - The photovoltaic industry is actively promoting anti-involution through polysilicon inventory management, but faces challenges due to the involvement of multiple companies and the need for substantial financial support. Technological iteration is seen as a less resistant option to clear excess capacity, with perovskite technology showing significant efficiency advantages over existing crystalline silicon technology, potentially accelerating the exit of outdated capacity and helping the industry recover from cyclical lows [1]. Group 1: Efficiency and Stability - Conversion efficiency of perovskite has significantly improved from 3.8% in 2009 to over 26% currently, with companies like GCL-Poly achieving 19.04% efficiency on 1m*2m panels and tandem cells nearing 30% efficiency [2]. - The stability of high-efficiency laboratory results is being addressed, with notable advancements in stability research, including a perovskite solar cell developed by the Chinese Academy of Sciences that exceeds 27% efficiency with controlled degradation [3]. Group 2: Commercialization and Policy Support - GW-level production lines are set to be launched by companies like Extreme Solar and GCL-Poly in 2025, with more planned capacity expected to come online by 2026. The first full-size perovskite module from GCL-Poly was produced on October 29, 2025, indicating a push towards commercial viability [4]. - Policy support for the development of new photovoltaic technologies is evident, with recent government initiatives focusing on perovskite materials and advanced photovoltaic technologies, which could enhance capacity iteration in the current anti-involution phase of the industry [5]. Group 3: Investment Opportunities - Companies to watch in the perovskite sector include equipment manufacturers such as Dier Laser, Jiejia Weichuang, and others, as well as perovskite module producers like Hangzhou Colin and GCL Technology. Additionally, TCO glass and perovskite encapsulant manufacturers are also highlighted as potential investment opportunities [6].

Core Viewpoint - The article highlights the ongoing trends in gold investment, particularly the actions of central banks and the implications for gold prices in the context of monetary policy changes and market conditions [1]. Group 1: Central Bank Actions - The Federal Reserve is expected to lower interest rates by 25 basis points in October, aligning with market expectations [1]. - The People's Bank of China has increased its gold holdings for 12 consecutive months, purchasing 30,000 ounces of gold in October, indicating a long-term trend towards gold accumulation [1]. Group 2: Market Conditions and Price Trends - Short-term gold prices are experiencing a pullback due to easing tensions in Russia-Ukraine and improved China-U.S. trade relations [1]. - However, the long-term outlook suggests that the restructuring of monetary credit conditions and rising U.S. fiscal deficit rates will support an upward trend in gold prices [1]. - The current valuation of precious metals is at the lower end of historical averages, indicating potential for continued recovery [1]. Group 3: Investment Strategies - The decline in real interest rates post-rate cut is expected to attract inflows into gold ETFs [1]. - Investors are advised to consider participating in the market during subsequent pullbacks and to gradually accumulate positions [1]. - Direct investment in physical gold is recommended, as it is exempt from value-added tax, alongside gold ETFs that cover the entire industry chain [1].

二、重要提示 经东方基金管理股份有限公司（以下简称"本公司"）与申万宏源证券有限公司（以下简称"申万宏源证 券"）、申万宏源西部证券有限公司（以下简称"申万宏源西部证券"）及兴业证券股份有限公司（以下 简称"兴业证券"）协商一致，自2025年11月17日起，新增申万宏源证券、申万宏源西部证券、兴业证券 三家机构办理本公司旗下部分基金的销售业务（仅限前端申购模式）。现将有关事项公告如下： 一、新增销售基金及业务范围 ■ 1.上述基金费率请详见基金的《基金合同》、《招募说明书（更新）》、《基金产品资料概要》等相关 法律文件及本公司发布的最新业务公告。 2.定期定额投资业务不额外收取手续费用，定期定额申购费率与相关基金的日常的申购费率相同。 3.基金转换是指投资者可将其持有的本公司旗下某只开放式基金的全部或部分基金份额转换为本公司管 理的另一只开放式基金份额的交易行为。上述基金列表中的基金，若同时采用前端收费和后端收费，则 只开通前端收费模式下的转换业务。 4.业务办理的业务规则和流程以上述机构的安排和规定为准。相关活动的具体规定如有变化，以上述机 构网站或平台的最新公告为准，敬请投资者关注。 三、投资者可通过以下 ...

Group 1: Major Assets & Overseas Events & Data - Global stock indices mostly declined, with the S&P 500 down 1.6% and the Nasdaq down 3.0% [2][3] - The US government ended its shutdown after a bipartisan agreement, affecting 670,000 federal employees [52] - The US ADP employment data for October showed an increase of 42,000 jobs, surpassing the market expectation of 30,000 [65] Group 2: Employment and Economic Indicators - The ISM manufacturing PMI for October fell to 48.7, while the services PMI rose to 52.4, indicating mixed signals in the economy [61] - The US high-frequency job vacancy numbers and retail index showed a decline, suggesting a slight cooling in consumer activity [67] Group 3: Currency and Commodity Markets - The US dollar index decreased by 0.2% to 99.55, while major currencies like the euro and yen appreciated against the dollar [25][32] - WTI crude oil prices fell by 2.0% to $59.8 per barrel, and most commodity prices declined during the week [36][41]

Core Viewpoint - The announcement details the addition of new sales institutions for certain funds managed by Ping An Fund Management Co., effective from November 13, 2025, allowing investors to conduct various transactions through these institutions [1][8]. Group 1: New Sales Institutions - Ping An Fund Management Co. has signed a sales agreement with Shenwan Hongyuan Securities Co., Ltd. and Shenwan Hongyuan West Securities Co., Ltd. to add them as sales institutions for its products starting from November 13, 2025 [1][8]. - Investors will be able to open accounts, subscribe, redeem, invest regularly, and convert funds through these institutions from the specified date [2][8]. Group 2: Fee Discounts - Investors who subscribe or regularly invest through the new sales institutions will enjoy fee discounts, with the specifics of these discounts determined and executed by the sales institutions [3][12]. - The company does not impose any discount limits on subscription fees, regular investment fees, or conversion fees, and any changes to the discount activities will be based on the announcements from the sales institutions [3][12]. Group 3: Important Notes - Regular investment is a method of fund subscription where investors can set up automatic deductions for fund purchases through the sales institutions [10]. - Fund conversion allows investors to exchange their holdings in one fund for shares in another fund managed by the same fund manager, subject to the rules outlined in the fund contract [4][11].

Meeting Overview - The meeting will be held via communication method to discuss the proposal for changing the management of the Shenwan Hongyuan Tian Tian Li Money Market Fund and transforming it into the Shenwan Lingshin Tian Tian Li Money Market Fund [1][3][28] - Voting will take place from November 17, 2025, to December 12, 2025, with specific submission methods for ballots [1][6][9] Voting Procedures - Shareholders can submit votes via mail or SMS, with detailed requirements for both individual and institutional investors [5][7][8] - The voting process will be supervised by designated personnel and will be validated by a notary [11][12] Proposal Details - The proposal includes changing the fund manager from Shenwan Hongyuan Securities Asset Management Co., Ltd. to Shenwan Lingshin Fund Management Co., Ltd. and renaming the fund [20][29] - The fund's category will change from a money market collective asset management plan to a money market fund, with an indefinite duration post-December 31, 2025 [30][31] Legal and Technical Feasibility - The proposal requires a two-thirds majority approval from participating shareholders to be valid, in accordance with relevant laws [32][34] - The management has established a working group to ensure the smooth execution of the meeting and has communicated with investors to facilitate participation [33] Risk Management - The management has outlined measures to mitigate risks associated with the potential failure to convene the meeting or obtain the necessary approvals [35][36]

Core Viewpoint - The article emphasizes the role of Shenwan Hongyuan Group in supporting the transformation and upgrading of the real economy through its futures business, highlighting its commitment to providing deep and warm financial services in line with national strategies [1]. Group 1: Financial Services and Support - Shenwan Hongyuan Group focuses on enhancing the real economy by leveraging its futures and derivatives capabilities, aiming to provide "hard power" for service by 2025 [1]. - In the green finance sector, the company acts as a "risk protection shield" for new energy enterprises, utilizing tools like hedging and basis trading to help businesses withstand price fluctuations [1]. - In the inclusive finance sector, the company has reduced costs for nearly 100 small and micro enterprises by 1.1791 million yuan and injected 149 million yuan into the spot trade of various sectors [2]. Group 2: Elderly and Technological Financial Services - In the pension finance sector, the company focuses on protecting elderly investors' funds by enhancing product suitability management and providing easy-to-understand investment education [2]. - The company has established a robust technological foundation by deploying comprehensive trading platforms and accelerating AI development to enhance customer service experiences [4]. Group 3: Industry Recognition and Future Plans - Shenwan Hongyuan has been recognized in the top 10 for its effectiveness in serving small and micro enterprises for two consecutive years and has a case study included in the "2024 Annual Outstanding Cases of Futures Operating Institutions Serving the Real Economy" [4]. - The company plans to continue prioritizing service to the real economy, integrating resources to create a comprehensive financial service system that meets diverse risk management needs [4].