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。 根据深圳证券交易所《关于申万宏源证券有限公司非公开发行短 期公司债券符合深交所挂牌条件的无异议函》（深证函〔2025〕461 号），公司所属申万宏源证券有限公司获准面向专业投资者非公开发 行面值总额不超过人民币 200 亿元短期公司债券。（相关情况请详见 公司于 2025 年 5 月 8 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 7 月 10 日，申万宏源证券有限公司 2025 年面向专业投 资者非公开发行短期公司债券（第一期）（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 26 亿元，分两个品种，其中 品种一发行规模人民币 13 亿元，期限 92 天，票面利率 1.57%；品种 二发行规模人民币 13 亿元，期限 183 天，票面利率 1.63%。本期债 券登记完成后拟于深圳证券交易所挂牌转让。 特此公告。 证券代码：000166 证券简称：申万宏源 公告编号：临2025-45 申 万 宏 源 集 团 股 份 有 ...

申万宏源集团股份有限公司 股东大会对董事会授权方案 （经 2025 年 7 月 11 日公司第六届董事会第八次会议 审议同意，尚需股东大会审议批准） 为提高申万宏源集团股份有限公司（以下简称"公司"）日常经 营管理效率，依据《中华人民共和国公司法》、公司股票上市地监管 规定、《申万宏源集团股份有限公司章程》（以下简称"《公司章程》"） 等有关规定，除《公司章程》规定的董事会职权外，董事会依照本授 权方案行使职权。 第一部分 投资业务授权 公司董事会有权在满足以下条件的情形下，决定公司及子公司 （不含申万宏源证券有限公司）的日常投资业务及其退出： 申万宏源集团股份有限公司股东大会对董事会授权方案 （一）本年度单一项目累计投资总额不超过公司最近一期经审计 净资产值的 10%； （二）本年度累计投资总余额不超过公司最近一期经审计净资产 值的 50%。 公司新设、并购各级子公司、为各级子公司增资等一般性长期股 权投资及申万宏源证券有限公司需公司作为其股东决定的投资业务， 依照本授权方案第二部分"管理事项授权"执行。 公司与各级子公司之间发生的交易（含对子公司增资、借款等）， 不计入上述投资余额，不受单一项目投资总额的 ...

证券代码：000166 证券简称：申万宏源 公告编号：临 2025-46 二〇二五年七月十一日 申 万 宏 源 集 团 股 份 有 限 公 司 第六届董事会第八次会议决议公告 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"公司"）第六届董事会 第八次会议于 2025 年 7 月 11 日以通讯方式召开。2025 年 7 月 4 日， 公司以书面方式向全体董事发出了召开董事会会议的通知。会议应参 加表决董事 11 人，实际参加表决董事 11 人，符合《公司法》等法律、 行政法规、部门规章和《公司章程》的有关规定。会议经认真审议并 以记名投票方式表决，形成决议如下： 一、同意修订《申万宏源集团股份有限公司股东大会对董事会授 权方案》，并提请公司股东大会审议批准。（详见巨潮资讯网 http://www.cninfo.com.cn） 表决结果：11 票同意，0 票反对，0 票弃权。 二、通过修订的《申万宏源集团股份有限公司董事会对执行委员 会授权方案》。 表决结果：11 票同意，0 票反对，0 票弃权。 特此公告。 申万宏源集团股 ...

股票代码：000166 股票简称：申万宏源 公告编号：临 2025-44 债券代码：149553 债券简称：21 申宏 04 申万宏源集团股份有限公司 2021年面向专业投资者公开发行公司债券 （第二期）（品种二）2025年付息公告 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 特别提示： 1、申万宏源集团股份有限公司 2021 年面向专业投资者公开发行 公司债券（第二期）（品种二）（债券简称：21 申宏 04，债券代码： 149553）将于 2025 年 7 月 15 日支付自 2024 年 7 月 15 日至 2025 年 7 月 14 日期间的利息 3.65 元（含税）/张。 2、本次付息的债权登记日为 2025 年 7 月 14 日，凡在 2025 年 7 月 14 日（含）前买入并持有本期债券的投资者享有本次派发的利息； 2025 年 7 月 14 日卖出本期债券的投资者不享有本次派发的利息。 由申万宏源集团股份有限公司（以下简称"本公司"）于 2021 年 7 月 15 日发行的申万宏源集团股份有限公司 2021 年面向专业投资 者公开发行公司债券 ...

Group 1 - Financial technology has become a significant driving force for the development of the securities industry [1] - The recent recruitment announcements for Chief Information Officers (CIOs) at various securities firms highlight the importance of this role [1][2] - Since 2025, there have been frequent changes in the CIO positions across at least 10 securities firms, indicating a trend of internal promotions to enhance the integration of technology and business management [1][4] Group 2 - Mergers and acquisitions have also led to new CIO appointments, with examples including the hiring of five executives from Minsheng Securities by Guolian Minsheng [2] - The ongoing mergers among major securities firms are expected to result in further CIO adjustments to ensure continuity and integration of technology frameworks [4] Group 3 - There are currently at least 82 CIOs in the securities industry, characterized by a highly educated and experienced demographic [4][8] - The average age of CIOs is approximately 52 years, with a significant concentration between 50 and 55 years old [8] - Nearly 70% of CIOs hold advanced degrees, with 38 having master's degrees and 18 holding doctoral degrees [8] Group 4 - Major securities firms are leading in technology investment, with Huatai Securities investing 2.448 billion yuan, followed by Guotai Junan with 2.2 billion yuan [8][9] - Smaller firms are also increasing their technology investments, with Dongbei Securities allocating 19.45% of its previous year's revenue to technology [9] Group 5 - The integration of AI and financial services is becoming a consensus in the industry, with significant increases in technology investments driven by policy guidance, technological advancements, and business upgrades [9][10] - The digital transformation of the industry is entering a phase focused on quality improvement and efficiency enhancement [10] Group 6 - The application of AI technologies is being rapidly adopted by smaller firms to enhance service quality, with examples of local deployments in compliance consulting and advisory services [10] - The competition among securities firms is shifting towards optimizing the cost and business value of AI technologies, rather than merely increasing technology spending [11]

Core Viewpoint - Bitcoin has reached a new historical high, surpassing $118,000, driven by institutional demand and positive market sentiment, with significant increases in other cryptocurrencies as well [1][2][4]. Group 1: Bitcoin and Cryptocurrency Market Performance - On July 11, Bitcoin's price surged, breaking the $118,000 mark, with a 24-hour increase of over 6% [2]. - Other cryptocurrencies also saw substantial gains, with Ethereum rising by 8.8% to over $3,000, and Cardano and Dogecoin increasing by over 11% [2][3]. - The total market liquidation in the past 24 hours reached over $1.24 billion, with more than 263,000 traders liquidated, predominantly from short positions [3][4]. Group 2: Institutional Interest and Market Sentiment - The rise in Bitcoin's price is partly attributed to increased institutional interest, as evidenced by the growing number of call options at higher strike prices on derivatives exchanges [4]. - Recent comments from former President Trump have positively influenced market sentiment, suggesting a strong economic recovery and advocating for interest rate cuts [5]. - The establishment of new cryptocurrency asset management firms is expected to further drive demand for Bitcoin [5]. Group 3: Regulatory Developments and Market Dynamics - The U.S. House of Representatives has designated the week of July 14 as "Cryptocurrency Week," during which several key legislative proposals will be reviewed [4]. - Shanghai's municipal government is actively exploring the development of digital currencies and stablecoins, indicating a growing interest in regulatory frameworks [6]. - Chinese securities firms are expanding into the virtual asset space, with several firms obtaining licenses to offer cryptocurrency trading services, which may enhance their competitive edge [7].

Core Viewpoint - The article highlights a significant surge in merger and acquisition (M&A) activities in the A-share market, driven by policy optimizations and an increase in the number of major asset restructurings, with a notable year-on-year growth in transaction volume and frequency [1][5]. Group 1: M&A Activity and Statistics - Since September 2024, there have been nearly 200 major asset restructurings in the A-share market, marking a substantial increase compared to previous periods [1]. - In 2024, 44 brokerage firms acted as independent financial advisors for M&A projects, with the top three firms—CICC, CITIC Securities, and Huatai Securities—leading in transaction numbers [2][3]. - The top three brokerages completed 32, 30, and 23 transactions respectively, while six other firms completed more than five transactions each [3]. - The total transaction value for the top three brokerages exceeded 1 trillion yuan, with CITIC Securities leading at 202.46 billion yuan, followed by CICC at 145.736 billion yuan, and China Post Securities at 116.367 billion yuan [3]. Group 2: Policy Support and Regulatory Changes - Recent policy changes have aimed to enhance the M&A environment, including a meeting held by the CSRC in February 2024 to discuss optimizing M&A regulations and supporting listed companies [6]. - The "Eight Measures" released in June 2024 by the CSRC emphasized stronger support for M&A activities, establishing a "green channel" for M&A processes [7]. - In September 2024, the CSRC issued the "Six Opinions" to further reform the M&A market, promoting cross-industry mergers based on transformation and upgrading [8]. Group 3: Industry Trends and Implications - The article notes that M&A activities are crucial for economic transformation and enhancing market vitality, particularly for emerging industries facing funding challenges [9]. - The integration of technology assets through M&A has been facilitated by recent policy changes, allowing companies to overcome previous barriers [10]. - The number of M&A cases in the electronics and computer sectors has significantly increased, with the proportion of M&A events in the Sci-Tech Innovation Board rising from 4% in 2023 to 18% in the first half of 2025 [10]. Group 4: Securities Industry M&A Highlights - The securities industry has seen notable M&A activities, including the merger of Guotai Junan and Haitong Securities, creating the largest A+H dual market merger case [11]. - Other significant transactions include the merger of Xiangcai Co. with Dazhihui and the acquisition of Wanhua Securities by Guoxin Securities [11]. - M&A in the securities sector is viewed as an effective means for firms to achieve external growth and enhance overall industry competitiveness [12].

Core Viewpoint - Shenwan Hongyuan is transforming its wealth management as a core engine, shifting from traditional brokerage to a "customer demand-driven" comprehensive service model [1][2][3] Summary by Sections Wealth Management Transformation - Shenwan Hongyuan aims for a "three-dimensional transformation" focusing on increasing the number of effective retail clients, high-net-worth clients, and monthly active users of its app [4][5] - The company identifies three major pain points in wealth management and explores unique paths to address them, providing new ideas for the industry to overcome homogenization challenges [1][4] Strategic Initiatives - The company has developed four strategic initiatives to support its wealth management transformation, emphasizing collaboration and top-level design [6][7] - Key strategies include enhancing internal resource collaboration, optimizing personnel and business capabilities, and leveraging financial technology [6][7] Transformation Tactics - **Internal Resource Collaboration**: Shenwan Hongyuan integrates its research, investment, investment banking, and wealth management services to create a comprehensive service system [7] - **Long-termism**: The company adopts a "slow is fast" approach, focusing on long-term value creation rather than short-term profit chasing [8] - **Precise Customer Service**: The company employs a multi-dimensional customer segmentation strategy to tailor services to different client needs [9][10] Investor Education and Protection - Investor education has been incorporated into the company's development strategy, with quantifiable metrics and numerous educational activities benefiting small and medium investors [12][13] Core Competencies - The wealth management core capabilities are defined by a model of "channel strength, service strength, product strength, and digital strength," creating a complete logic loop for client engagement [14][15] Branch Function Redefinition - The company redefines the role of its branches from traditional transaction channels to client-centered advisory services, focusing on asset allocation and comprehensive financial services [19][20] Digital Empowerment - Shenwan Hongyuan is building a digital platform that covers the entire wealth management process, enhancing service efficiency and client experience through technology [21][22] ETF Business Development - The company emphasizes the growth of its ETF business, aligning with market demands and client services through ecosystem development and investor education [23] Conclusion - Shenwan Hongyuan's wealth management transformation addresses industry challenges by reconstructing profit models, enhancing customer service, and accelerating digital transformation, ultimately focusing on long-term client relationships and value creation [24][25]

近日，由申万宏源担任联席主承销商的 "中国水利水电第十四工程局有限公司 2025 年度第一期中期票据"成功发行， 发行人主体评级为 AA+,本期债券发行期限3+N 年 期，发行规模 10.00 亿元，票面利率 2.12 % ，创 2025年至今银行间市场同评级 同期限永续中票最低发行利率 。 中国水利水电第十四工程局有限公司（简称水电十四局或公司）成立于 1954年5 月10日，是国务院国资委直属中央企业、世界500强中国电力建设集团（股份）有限 公司的控股骨干子企业 ，主要负责国内及国际领域的能源工程建设及基础设施建设业 务。在行业内，被誉为 "地下铁军""水电劲旅""抽蓄王牌" 。 本期债券发行工作为申万宏源与发行人的首次合作，取得了发行人的高度认可， 为深化合作奠定了基础，是申万宏源助力云南资本市场复苏、深耕央企优质客户的重 要成果。未来，申万宏源将继续深化与发行人的合作，以优质的专业能力和高效的沟 通协作，进一步扩展与客户的合作广度与深度，主动融入和服务国家重大战略 。 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。 ...

7月10日，申万宏源今日收盘5.12元，上涨1.19%，滚动市盈率PE（当前股价与前四季度每股收益总和的 比值）达到22.10倍，创77天以来新低，总市值1282.05亿元。 序号股票简称PE(TTM)PE(静)市净率总市值(元)13申万宏源22.1024.601.201282.05亿行业平均 30.9633.631.55707.09亿行业中值25.0927.081.25391.53亿1华泰证券9.8410.710.981643.87亿2国信证券 12.1313.761.251130.42亿3广发证券12.2313.781.081327.98亿4招商证券14.4914.701.311527.11亿5国元证券 14.5615.710.95352.59亿6国泰海通15.0126.251.103418.40亿7东吴证券15.7019.171.07453.64亿8长江证券 16.2321.341.15391.53亿9华安证券16.2518.931.25281.17亿10中国银河16.5018.781.681884.00亿11国投资本 16.5518.580.96500.65亿12财通证券17.2916.061.043 ...