第一章 总则 申万宏源集团股份有限公司对外担保管理制度 申万宏源集团股份有限公司对外担保管理制度 第一条 为规范申万宏源集团股份有限公司（以下简称"公司"） 对外担保行为，有效控制公司对外担保风险，保护投资者合法权益， 根据《中华人民共和国民法典》《中华人民共和国公司法》《中华人民 共和国证券法》《上市公司治理准则》《深圳证券交易所股票上市规则》 《香港联合交易所有限公司证券上市规则》（以下简称"《香港上市规 则》"）《深圳证券交易所上市公司自律监管指引第 1 号——主板上市 公司规范运作》等法律、行政法规、部门规章、其他监管规定及《公 司章程》的要求，结合公司实际情况，制定本制度。 第二条 本制度的对外担保，是指公司以第三人身份为他人债务 提供的担保，包括公司为控股子公司提供的担保，担保形式包括但不 限于保证、抵押、质押等。 第三条 公司发生对外担保，应根据《公司章程》及本制度规定 的程序和权限，提交公司股东会或董事会审议和批准，非经公司股东 会或董事会同意，公司不得对外提供担保。 （经 2025 年 10 月 31 日，公司 2025 年第一次临时股东大会审议修订） 法律、行政法规、部门规章及其他监管规定 ...

Core Viewpoint - The market's primary focus on photovoltaic supply-side reform is the establishment of a joint platform involving 17 major companies, aimed at addressing the supply-side contradictions in the polysilicon sector through capacity coordination, quality grading, and self-discipline in production cuts [1][3]. Group 1: Joint Platform and Industry Reform - The joint platform's formation is crucial for accelerating supply-side reforms in the polysilicon sector, which is characterized by capital and technology intensity, and is key to determining costs and profit distribution across the entire industry chain [3]. - The joint platform aims to mitigate the chaotic expansion of the industry, which has been exacerbated by previous overcapacity and price wars, leading to a "low price-loss" vicious cycle [3]. Group 2: Price Recovery and Profit Restoration - Since the initiation of the "anti-involution" measures, the number of participants has increased, and there has been a significant recovery in product prices. By the third quarter of 2025, the polysilicon industry is expected to start price increases under the "no less than cost sales" regulation, gradually returning prices above the comprehensive cost line [4]. - This price recovery has led to notable profit restoration for companies, with Daqo Energy reporting a net profit of 73.48 million yuan in the third quarter of 2025, ending a five-quarter streak of losses, and GCL-Poly Energy also achieving profitability in its photovoltaic materials business [4]. Group 3: Investment Recommendations - Companies to watch include polysilicon firms that are central to the anti-involution efforts: Tongwei Co., Ltd. (600438.SH), Daqo Energy (688303.SH), and GCL-Poly Energy (03800) [5]. - Additionally, companies with independent alpha trends in the BC sector such as Aiko Solar (600732.SH) and LONGi Green Energy (601012.SH) are recommended for attention [5]. - As the sector's valuation and profitability recover, the supply-side reform is expected to extend to auxiliary material segments, suggesting a focus on photovoltaic film companies like Foster (603806.SH) and glass manufacturers like Flat Glass Group (601865.SH) [5].

消息面上，10月30日，申万宏源发布公告，2025年前三季度该集团取得营业收入194.99亿元，同比增加 55.22%；归母净利润80.16亿元，同比增加108.22%；基本每股收益0.32元。 申万宏源(06806)绩后涨超4%，截至发稿，涨2.69%，报3.44港元，成交额4761.33万港元。 ...

申万宏源（000166）(06806)公布，2025 年 10 月 29 日，申万宏源证券（000562）有限公司 2025 年面向 专业投资者公开发行短期公司债券(第二期)(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 34 亿元，其中品种一发行规模人民币 12 亿元，期限 135 天，票面利率为 1.67%;品种二发行规模 人民币 22 亿元，期限 254 天，票面利率为 1.72%。本期债券登记完成后拟于深圳证券交易所上市交 易。 ...

申万宏源（000166）(06806)发布公告，公司所属申万宏源证券（000562）有限公司2025年面向专业投 资者公开发行短期公司债券(第一期)发行工作于2025年10月23日结束，本期债券发行规模人民币76亿 元，其中品种一发行规模人民币13亿元，期限92天，票面利率为1.66%;品种二发行规模人民币63亿元， 期限231天，票面利率为1.73%。经深圳证券交易所审核，本期债券定于2025年10月30日起在深圳证券 交易所上市，面向专业投资者中的机构投资者交易，品种一债券简称"25申D11"，债券代码为"524481"; 品种二债券简称"25申D12"，债券代码为"524482"。 ...

Core Insights - MSCI upgraded the ESG rating of Shenwan Hongyuan from "BBB" to "A," while S&P's CSA score also saw significant improvement, placing the company among the top in the securities industry, indicating enhanced recognition of its sustainable development capabilities in the international capital market [2] Group 1: ESG Performance and Ratings - Shenwan Hongyuan has achieved a notable upgrade in its MSCI ESG rating, moving from "BBB" to "A," reflecting its strong performance in sustainable development [2] - The company has also received a substantial boost in its S&P CSA score, further solidifying its position in the securities sector [2] Group 2: Commitment to Sustainable Development - The company has been actively implementing social responsibilities as a state-owned financial enterprise, integrating national strategic priorities with sustainable development [3] - Shenwan Hongyuan has optimized its top-level design and conducted surveys to assess the effectiveness of its ESG initiatives, aiming to enhance management and execution capabilities [3] - The firm is committed to incorporating ESG factors into its investment and financing operations, improving risk management mechanisms, and expanding its green finance products and services [3] Group 3: Future Directions - Moving forward, Shenwan Hongyuan aims to deepen its sustainable development and ESG management practices, focusing on three pillars: serving national strategies, providing high-quality financial services, and enabling green low-carbon development [4] - The company is dedicated to becoming a trusted first-class investment bank and institution, aligning with the expectations of various stakeholders, including the state, society, customers, shareholders, and employees [4]

Core Insights - The third quarter performance of 50 A-share listed securities firms shows that all achieved profitability, but only 32 firms experienced both revenue and net profit growth, indicating a recovery in the industry beyond traditional brokerage and proprietary trading businesses [1][3]. Revenue Performance - CITIC Securities led the revenue rankings with 55.815 billion yuan, followed by Guotai Junan at 45.892 billion yuan, creating a significant gap with other firms [1]. - Huatai Securities, GF Securities, and China Galaxy ranked third, fourth, and fifth, with revenues of 27.129 billion yuan, 26.164 billion yuan, and 22.751 billion yuan respectively [1]. Net Profit Rankings - The top ten securities firms by net profit for the first three quarters are CITIC Securities, Guotai Junan, Huatai Securities, China Galaxy, GF Securities, Guoxin Securities, Dongfang Caifu Securities,招商证券, Shenwan Hongyuan, and CITIC Construction Investment [3]. - CITIC Securities achieved a net profit of 23.159 billion yuan, while Guotai Junan followed closely with 22.074 billion yuan [3]. Year-on-Year Changes - The top ten firms saw slight changes in rankings compared to the previous year, with Huatai Securities and CITIC Construction Investment dropping one position, and招商证券 falling four places [3]. - Notably, Guoxin Securities improved by two positions, while China Galaxy, GF Securities, Shenwan Hongyuan, and Zhongjin Company each moved up one position [3]. Performance of Smaller Firms - Smaller securities firms demonstrated stronger performance resilience, with 12 firms doubling their net profit year-on-year, including Guolian Minsheng and Huaxi Securities [5]. - Guolian Minsheng's net profit surged by 345.3%, while Huaxi Securities increased by 316.89% compared to the previous year [5]. Business Segment Performance - The significant growth in the securities industry is attributed to the recovery of market conditions, with brokerage business fees reaching 112.785 billion yuan, a 72.24% increase year-on-year [6]. - Investment banking revenue also showed signs of recovery, with a total of 28.294 billion yuan, reflecting a 37.52% year-on-year growth [6]. - Asset management revenue saw a slight increase of 2.32%, totaling 33.305 billion yuan [6].

Core Viewpoint - Jinma Amusement (SZ 300756, latest price: 56.32 yuan) announced that on October 30, 2025, it will accept investor research from Shenwan Hongyuan Securities, with the participation of the company's deputy general manager and board secretary, Zeng Qingyuan, who will address investor inquiries [1] Group 1: Company Overview - For the fiscal year 2024, Jinma Amusement's revenue composition is as follows: large amusement facilities account for 90.49%, while amusement investment and operation business account for 9.51% [1]

Core Viewpoint - The photovoltaic industry is expected to establish a joint platform by the end of 2025, with a clear supply-side reform strategy focusing on top-level policies, industry self-discipline, and technological iteration. The sector has completed price and profit stabilization, indicating a positive market outlook [1]. Group 1: Joint Platform and Supply-Side Reform - The establishment of the joint platform is crucial for accelerating supply-side reforms in the polysilicon sector, which is the most upstream part of the photovoltaic industry chain. This initiative involves 17 major companies and aims to address the severe overcapacity and price wars that have led to a "low price-loss" cycle [2]. - The collaborative mechanism of the joint platform will facilitate the elimination of outdated production capacity and help polysilicon prices return to levels above the cost line, thereby laying a solid foundation for profit recovery across the entire industry chain [2]. Group 2: Price and Profit Recovery - The ongoing "anti-involution" efforts have led to a significant expansion of participating entities and noticeable recovery in product prices. By the third quarter of 2025, polysilicon prices began to rise above the comprehensive cost line, resulting in substantial profit recovery for companies [3]. - For instance, Daqo Energy reported a net profit of 73.48 million yuan in the third quarter of 2025, marking the end of five consecutive quarters of losses, while GCL-Poly also achieved profitability in its photovoltaic materials business during the same period [3].

Core Insights - In the period from January to October 2025, a total of 87 new companies were listed on the A-share market, representing an 8.75% increase compared to the same period last year, which had 80 new listings [1] - The total net fundraising amount for these 87 new listings reached 833.81 billion yuan, marking a significant 77.02% increase from 471.02 billion yuan in the same period last year [1] Underwriting Institutions Performance Ranking - A total of 29 underwriting institutions participated in the IPOs of these 87 new companies, with a total of 88 deals completed [2] - The top five underwriting institutions by number of deals are: - 1st: Guotai Junan with 11 deals - 2nd: CITIC Securities with 10 deals - 3rd: Huatai United with 8 deals - 4th: CITIC Jianzhong with 7 deals - 5th: China Merchants Securities with 5 deals [2][3] Law Firms Performance Ranking - In the same period, 28 law firms provided legal services for the IPOs of the 87 new companies [6] - The top five law firms by number of deals are: - 1st: Shanghai Jintiancheng with 13 deals - 2nd: Beijing Deheng and Beijing Zhonglun, both with 7 deals - 4th: Beijing Guofeng with 6 deals - 5th: Shanghai Tongli with 5 deals [6][7] Accounting Firms Performance Ranking - A total of 16 accounting firms provided auditing services for the 87 new listings [9] - The top five accounting firms by number of deals are: - 1st: Rongcheng with 20 deals - 2nd: Tianjian with 16 deals - 3rd: Lixin and Zhonghui, both with 11 deals - 5th: Ernst & Young Hua Ming, KPMG Huazhen, and Zhongshen Zhonghuan, each with 4 deals [9][10]