证券代码：000166 证券简称：申万宏源 公告编号：临2025-112 申 万 宏 源 集 团 股 份 有 限 公 司 2025 年中期 A 股利润分配实施公告 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。 申万宏源集团股份有限公司（以下简称"本公司""公司"）2025 年中期利润分配方案已经2025年10月31日召开的2025年第一次临时 股东大会审议通过，现将本次利润分配方案的有关实施事宜公告如下： 一、股东会审议通过利润分配方案等情况 本次利润分配方案自披露至实施期间，公司股本总额未发生变化。 本次实施的利润分配方案与股东大会审议通过的利润分配方案 一致。 本次实施利润分配方案距离股东大会审议通过的时间未超过两 个月。 二、本次实施的利润分配方案 公司 2025 年中期 A 股利润分配方案为： 以公司截止 2025 年 6 月 30 日 A 股总股本 22,535,944,560 股为基 数，向股权登记日登记在册的 A 股股东每 10 股派发现金股利人民币 0.35 元（含税；扣税后，通过深股通持有股份的香港市场投资者、A 股合格境外机构投资者（QF ...

格隆汇12月16日｜申万宏源公告，以公司截止2025年6月30日A股总股本22,535,944,560股为基数，向股 权登记日登记在册的A股股东每10股派发现金股利人民币0.35元（含税；扣税后，通过深股通持有股份 的香港市场投资者、A股合格境外机构投资者（QFII、RQFII）以及持有首发前限售股的个人和证券投 资基金，每10股派现金0.315元；持有首发后限售股、无限售流通股的个人股息红利税实行差别化税率 征收，本公司暂不扣缴个人所得税，待个人转让股票时，根据其持股期限计算应纳税额；持有首发后限 售股、无限售流通股的证券投资基金所涉红利税，对香港投资者持有基金份额部分按10%征收，对内地 投资者持有的基金份额部分实行差别化税率征收）。 ...

申万宏源公告称，2025年第一次临时股东大会已审议通过公司2025年中期利润分配方案。以A股总股本 22,535,944,560股为基数，向A股股东每10股派现金0.35元（含税）。股权登记日为2025年12月23日，除 权除息日为12月24日。公司委托中国结算深圳分公司代派A股股东现金红利，中央汇金等4家股东现金 红利由公司自行派发。 ...

Core Viewpoint - The construction of Shanghai as an international green finance hub is integral to China's modernization strategy, with Shenyin Wanguo (申万宏源) playing a pivotal role in promoting green finance and sustainable development [1][2]. Group 1: Strategic Integration - The establishment of the Shanghai International Green Finance Hub requires collaboration across various market participants, with securities firms like Shenyin Wanguo serving as essential intermediaries [2]. - Shenyin Wanguo has formed a "Green Finance Service Group" to enhance coordination between different business lines, ensuring effective implementation of green finance initiatives [2]. - The company has provided nearly 100 billion yuan in financing services to green industries in the Yangtze River Delta over the past three years, demonstrating its commitment to national responsibilities [2]. Group 2: Implementation Pathways - Shenyin Wanguo leverages its full licensing advantages to offer integrated services, including financing, investment, research, and advisory, to support the transition of industries towards green and high-end development [4]. - The company has facilitated over 200 billion yuan in equity financing for nearly 20 green industry enterprises since 2022, focusing on sectors like renewable energy and high-end manufacturing [4]. - In the debt financing sector, Shenyin Wanguo has underwritten over 30 green corporate bonds totaling nearly 40 billion yuan, including a record 10 billion yuan low-carbon transition bond for China Baowu Steel Group [5]. Group 3: Future Focus - Shenyin Wanguo aims to enhance its service offerings by innovating products such as green REITs and carbon financial derivatives, expanding the boundaries of green finance [8]. - The company plans to strengthen cross-border collaboration to attract more international capital into Shanghai's green assets, thereby increasing the hub's global influence [8]. - There is a commitment to building a professional team skilled in both finance and industry to support the development of the Shanghai International Green Finance Hub [9].

日前，申万宏源凭借在环境（E）、社会（S）和公司治理（G）领域的综合表现获评海 南绿色发展信用评级有限公司（以下简称"绿发信评"）ESG评级AA级，在国内市值千亿以上 的11家上市券商中排名并列第二。 时间宏源 SHENWAN HONGYUAN 申万宏源获评 绿发信评ESG评级 s 根据绿发信评公布的评级结果，申万宏源在社会（S）维度处于行业领先。公司在响应国 家政策、公益慈善、客户权益保障、员工福利、供应链管理等方面均获得较高评分。 近年来，申万宏源深度践行ESG理念，MSCI评级连续四年提升至A级，标普CSA评分大幅 提升，中证、万得、国证等国内ESG评级均位于行业第一梯队。公司9次获深交所信息披露考核 最高等级A级，多次入选中国上市公司协会"董事会最佳实践""可持续发展最佳实践""乡村振兴 最佳实践"等奖项。近期，申万宏源还荣获了中国证券报ESG金牛奖百强、复旦大学、上海市市 场学会等机构颁发的"价值共创"可持续金融产品奖项，体现了国内国际评级机构、监管部门、 学术机构、媒体等对公司可持续发展成果的高度认可。 未来，申万宏源将始终秉承"专业服务 创造价值"的使命与愿景，在绿色金融、低碳运营、 投资者教育 ...

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。 202 5 年 12 月 9 日，申万宏源证券助力上海银行股份有限公司 2025年无固定期限资 本债券 成功发行， 本 次 永续债发行规模为人民币 100亿元，期限5+N年，发行利率为 2.42%，全场认购倍数2.53倍。 上海银行 作为 国内 20家系统重要性银行之一，以"精品银行"为战略愿景，秉 持"精诚至上，信义立行"的核心价值观，围绕高质量可持续发展目标，将数字化作为创 新驱动、提升能级的核心力量，加快转型发展，努力实现新的质变。本次为上海银行首 次发行永续债，是上海银行积极贯彻落实国家金融政策、持续优化资本结构、增强服务 实体经济长期动能的重要战略举措。 近年来 ， 申万宏源证券与上海银行建立了良好的合作关系，本次债券的成功发行 彰显了我司强大的资本市场销售实力，申万宏源 各 部门积极协调配合，得到了发行人 的高度评价和充分认可 。 未来，申万宏源将继续以服务国家战略、服务实体经济为主 线，深耕重点地区和核心客户，推动区域经济高质量发展，践行金融央企责任担当。 ...

申万宏源主要观点如下： 申万宏源发布研报称，首次覆盖，给予中创新航(03931)"买入"评级，行业需求景气向上，公司动储放 量后盈利可期。目前锂电下游动力侧商用车加速新能源渗透，储能侧迎来光储平价的建设爆发期。公司 作为锂电行业领军公司，在不断提升行业份额的同时有望充分受益于电芯产品迭代的技术溢价。目前公 司在动力领域不断开拓新客户新车型，储能电芯及储能系统加速外拓海外市场，未来动储电芯出货放量 后规模效应有望逐步彰显。 下游新能源汽车市场持续扩容，1-3Q25，中国新能源车销量达1120万辆，新能源渗透率攀升至46%，商 用车电动化成为重要增量，叠加单车带电量提升，有力支撑动力电池需求。储能市场高景气延续，国内 招标与中标规模稳步增长，投资主体多元，该行预计全球储能电池出货量从2025年530GWh跃升至2028 年1343GWh。锂电行业竞争呈现头部集中与二线崛起态势，公司市占率稳步提升，叠加锂电行业进入 供需改善周期，为企业盈利改善打开新空间。 风险提示 原材料价格大幅上涨的风险;行业竞争加剧导致产品价格大幅下降的风险;海外贸易保护政策风险。 核心壁垒逐步巩固，全力打造全球电池核心品牌 战略聚焦成效显著 ...

Group 1 - The core viewpoint is that the company, Zhongchuang Xinhang, is rated as "buy" by Shenwan Hongyuan due to the upward trend in industry demand and expected profitability after the release of energy storage products [1] - The company has undergone multiple strategic upgrades, transitioning from an industry participant to a global competitor, supported by a stable management team and a mixed ownership structure [1] - The company reported a revenue of 16.4 billion yuan in the first half of 2025, a year-on-year increase of 31.7%, with a net profit of 470 million yuan and a net profit margin of 2.8% [1] Group 2 - The demand for dynamic storage is experiencing a dual explosion, with the Chinese new energy vehicle sales reaching 11.2 million units in the first three quarters of 2025, and the penetration rate of new energy vehicles rising to 46% [2] - The global energy storage battery shipment is expected to increase from 530 GWh in 2025 to 1,343 GWh by 2028, indicating a sustained high demand in the storage market [2] - The company is enhancing its core barriers and optimizing its customer structure, reducing reliance on the top five customers from 71% in 2023 to 55% in 2024, while expanding its global production network [3] Group 3 - The company is focusing on high-end products and technological innovation, with a leading position in cutting-edge technologies such as 430Wh/kg solid-state batteries [3] - The company is experiencing a steady increase in market share as the lithium battery industry enters a supply-demand improvement cycle, opening new opportunities for profitability [2] - The company is establishing a global capacity network with production bases in Portugal and Thailand, enhancing its global competitiveness [3]

Group 1: Swine Breeding Industry - The swine breeding sector is experiencing intensified losses, with the average loss per head for self-breeding sows exceeding 120 CNY [1] - As of December 14, the national average selling price of external three-yuan pigs is 11.54 CNY/kg, reflecting a week-on-week increase of 2.9% [1] - The losses are expected to continue, with self-breeding sows under 50 heads facing an average loss of approximately 128.3 CNY per head, and those with 5000-10000 heads facing about 146.5 CNY per head [1] - The industry is likely to see accelerated capacity reduction due to the ongoing losses and seasonal disease outbreaks [1] - Recommended stocks for left-side investment opportunities include Muyuan Foods, Wens Foodstuff Group, Dekang Agriculture, and Tiankang Biological [1] Group 2: Pet Food Industry - The pet food industry continues to show growth, with online GMV for October-November increasing by 17% year-on-year [2] - The combined sales for Tmall, JD, and Douyin platforms in October-November reached 7.02 billion CNY, reflecting a 17% year-on-year increase [2] - Notable growth in specific brands includes a 40% increase for Guibao Pet, and 76% for Zhongchong Co., with individual products showing significant year-on-year growth [2] Group 3: Broiler Chicken Industry - The price of broiler chickens has seen a slight rebound, with the average selling price of broiler chicks at 3.33 CNY per chick, up 1.22% week-on-week [3] - The average selling price of broiler meat is 3.57 CNY/kg, reflecting a week-on-week increase of 0.85% [3] - The industry is expected to maintain a focus on leading enterprises and long-term value, with an emphasis on demand-side improvements [3] Group 4: Beef Industry - Prices for beef and calves have shown slight increases, with the average price for fattened bulls at 25.56 CNY/kg, up 0.08% week-on-week [4] - The average price for calves is 32.12 CNY/kg, reflecting a week-on-week increase of 0.09% [4] - However, the wholesale market price for beef has decreased to 66.17 CNY/kg, down 0.59% week-on-week [4]

Group 1 - The core viewpoint emphasizes that the technological revolution is irreversible, supported by China's vast market, which allows for multiple rounds of trial and error, forming a complete industrial and supply chain that is resilient to external fluctuations [1] - In 2026, the economy is expected to enter a "non-typical recovery" phase characterized by "stable volume and rising prices," with a shift from a downward spiral in prices to a moderate recovery, leading to improved corporate profits and micro confidence [1] - Structural differentiation will continue, with significant disparities in policy support across different economic sectors, resulting in an uneven recovery [1] Group 2 - Regarding the current discussion on the revaluation of A-shares, the focus should shift from "value revaluation" to "capital rebalancing," as the market has been overly pessimistic about fundamentals since 2022 [2] - Four key events have reversed market expectations: changes in the policy environment post-September 2024, the emergence of DeepSeek shifting investment thinking from macro to micro, concerns over U.S. policy stability due to "reciprocal tariffs," and discussions on "anti-involution" leading to a shift of fixed-income funds towards equity assets [2] - The scale of "fixed income + products" has more than doubled in a few months, reflecting this context [2] Group 3 - The outlook on the AI bubble is optimistic, with the belief that the fourth technological revolution will not be halted by short-term market fluctuations, highlighting China's unique advantages in consumer market size and the ability to develop substantial industrial and supply chains through iterative innovation [2] - Geopolitical factors are noted as a potential risk, with the possibility of new changes in international relations leading to unexpected global inflation, which could become a risk point in 2026 [2] - The market's ups and downs will not affect the onset of this new era, and as the "capital rebalancing" process deepens, opportunities in the A-share market are expected to emerge continuously [3]