Core Viewpoint - Shenwan Hongyuan Securities has received a no-objection letter from the Shenzhen Stock Exchange regarding its application for a non-public issuance of corporate bonds, confirming that the issuance meets the listing conditions [1] Group 1: Company Information - Shenwan Hongyuan Securities is set to issue corporate bonds with a face value not exceeding 40 billion RMB [1] - The no-objection letter from the Shenzhen Stock Exchange is valid for 12 months from the date of issuance [1]

申万宏源（000166）(06806)发布公告，近日，公司所属申万宏源证券（000562）有限公司(简称"申万宏 源证券")收到深圳证券交易所《关于申万宏源证券有限公司非公开发行公司债券符合深交所挂牌条件的 无异议函》(深证函〔2025〕1216号)。根据无异议函，深交所对申万宏源证券申请确认发行面值不超过 400亿元人民币的申万宏源证券有限公司2025年面向专业投资者非公开发行公司债券符合其挂牌条件无 异议。无异议函自出具之日起12个月内有效。 ...

申万宏源(06806)发布公告，近日，公司所属申万宏源证券有限公司(简称"申万宏源证券")收到深圳证券 交易所《关于申万宏源证券有限公司非公开发行公司债券符合深交所挂牌条件的无异议函》(深证函 〔2025〕1216号)。根据无异议函，深交所对申万宏源证券申请确认发行面值不超过400亿元人民币的申 万宏源证券有限公司2025年面向专业投资者非公开发行公司债券符合其挂牌条件无异议。无异议函自出 具之日起12个月内有效。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ ...

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 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2025年面向專業投資者非公開發行公司債券獲得深圳證券交易所無異議函的公告》，僅 供參閱。 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12月9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2025-107 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 非公开发行公司债券获得深圳证券交易所 无异议函的公告 本公司及董事会全 ...

申万宏源集团股份有限公司董事会 二○二五年十二月九日 根据无异议函，深交所对申万宏源证券申请确认发行面值不超过 400亿元人民币的申万宏源证券有限公司2025年面向专业投资者非公 开发行公司债券符合其挂牌条件无异议。无异议函自出具之日起12 个月内有效。 证券代码：000166 证券简称：申万宏源 公告编号：临2025-107 特此公告。 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 非公开发行公司债券获得深圳证券交易所 无异议函的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 近日，公司所属申万宏源证券有限公司（以下简称"申万宏源 证券"）收到深圳证券交易所（以下简称"深交所"）《关于申万宏源 证券有限公司非公开发行公司债券符合深交所挂牌条件的无异议函》 （深证函〔2025〕1216号）。 ...

申万宏源公告称，近日，所属申万宏源证券收到深交所《关于申万宏源证券有限公司非公开发行公司债 券符合深交所挂牌条件的无异议函》。深交所对申万宏源证券申请确认发行面值不超一定金额的2025年 面向专业投资者非公开发行公司债券符合其挂牌条件无异议，无异议函自出具之日起12个月内有效。 ...

Core Viewpoint - The report from Shenwan Hongyuan indicates a positive trend in the excavator market, with a projected sales increase of 13.9% year-on-year in November 2025, totaling 20,027 units sold, including 9,842 units domestically and 10,185 units for export [1] Domestic Market - Domestic excavator sales are expected to approach 120,000 units this year, showing significant growth potential compared to 290,000 units sold in 2020 [2] - The domestic sales in November 2025 reached 9,842 units, marking a year-on-year increase of 9.11% [1] - For the period from January to November 2025, total excavator sales amounted to 212,162 units, reflecting a year-on-year growth of 16.7% [1] Export Market - November 2025 saw monthly excavator sales exceed 10,000 units, with annual exports projected to surpass 110,000 units, potentially setting a historical record [2] - The export volume in November 2025 was 10,185 units, representing an 18.8% year-on-year increase [1] Construction Activity - The average working hours for major construction machinery in November 2025 were 84.2 hours, showing a year-on-year decline of 13% but a month-on-month increase of 4.08% [3] - The working rate for major construction machinery was 56.5%, down 12.1 percentage points year-on-year but up 1.5 percentage points month-on-month, indicating a less optimistic construction intensity [3] Infrastructure Investment - Infrastructure investment in China from January to October 2025 saw a slight decline of 0.1% year-on-year, with specific sectors like pipeline transportation and water transportation showing growth [4] - Real estate fixed asset investment totaled 7.36 trillion yuan, down 14.7% year-on-year, with new construction area declining by 19.8% [4] - However, there are signs of recovery in construction demand, as indicated by an increase in the utilization rate of tower cranes [4] Global Market Outlook - According to Off-Highway Research, a 2% decline in global construction machinery is expected in 2025, followed by a return to growth in 2026 [5] - The overseas market is anticipated to expand, driven by mining and infrastructure demand, supported by a declining interest rate environment and high mineral prices [5] Investment Recommendations - The engineering machinery sector is viewed positively for 2026, with key manufacturers to watch including SANY Heavy Industry, XCMG, Zoomlion, LiuGong, and Shantui [6] - In the components segment, companies like Hengli Hydraulic, Aidi Precision, Fushite, and Weiman Sealing are highlighted as important players [6]

2025第五届21世纪金牌分析师评选由《21世纪经济报道》发起的年度评选盛事，恪守专业、公正、透明的原则，为广大投资者甄选出最具实力 与价值的分析师及研究机构。本届评选由来自公募基金、保险公司、私募机构、银行理财子公司，以及学界与上市公司核心高管组成的权威专家委 员会，共同为评选结果的专业与公正保驾护航。 上海申银万国证券研究所有限公司（简称"申万宏源研究"）创建于1992年，隶属于申万宏源证券有限公司，是中国大陆成立早、规模大、具有 独立法人资格的综合性证券研究咨询机构。截至目前，申万宏源研究拥有300余人的证券研究服务团队，聚焦研究千余家海内外重点上市公司，开 展涵盖宏观经济、行业公司、股票债券及衍生品投资策略、指数与产品设计、制度与发展等综合领域的投资研究，以及产业研究、政策研究，强 调"出思想、建体系"，以培育"百年团队"为梦想，为资本市场提供了以体系见长、长期稳定的专业研究服务。 申万宏源研究获21世纪金牌分析师评选 多项大奖 12月6日，21世纪经济报道主办的2025年第五届"21世纪金牌分析师"评选结果正式揭晓。申万宏源研究荣获"年度践行金融五篇大文章最佳研究 机构"、"年度影响力券商研究所"2 ...

Core Viewpoint - Shenwan Hongyuan's research report indicates that Sanqi Interactive Entertainment is undervalued with high dividends and significant growth potential, especially following the recent fine resolution [1] Company Performance - The company's long-standing product has maintained stability, while the new self-developed MMO "Douluo Dalu: Hunting Soul World," launched in July, has met expectations but has not contributed significantly in the short term [1] - The new RPG mini-game "Survival for 33 Days" has quickly entered the top 25-30 of WeChat mini-game sales charts [1] - Continuous improvement in profitability is primarily attributed to the profit release from mini-games, including new products launched in the first half of the year [1] Product Pipeline and Strategy - The product pipeline is rich but expectations are low, with 2026 being a year for new product validation [1] - The company is enhancing its capabilities through investments and team acquisitions, such as investing in former Funplus producer Cui Bing's Happy Ark [1] - Direct or indirect investments have been made in companies like Zhipu Huazhang, Moon's Dark Side, and Starry Sky Technology, establishing a comprehensive industrial chain layout from "computing power infrastructure to large model algorithms to AI applications" [1] Dividend and Investment Outlook - The company continues to show impressive dividends, and considering the positive trend in marginal profit release, the dividend yield is notable, maintaining a "buy" rating [1]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Overseas experience shows that a low - interest - rate environment is not a "safe haven" for low bond - market volatility. Bond market adjustments in low - interest - rate environments are often rapid and significant, and bond convexity amplifies market volatility [4][82]. - The "homogeneous strategies" and crowded trading behaviors of institutions in a low - interest - rate environment are the micro - foundations of bond - market vulnerability. Reversals in macro - fundamental expectations can trigger sharp bond - market declines, and the "stock - bond seesaw" due to rising risk appetite exacerbates market adjustments [82]. - In 2026, the economy is expected to shift from "confidence building" to an "atypical" recovery. The process of capital "rebalancing" during nominal GDP repair may increase bond - market volatility [6][82]. Summary by Relevant Catalogs Overseas Experience "Mirror"? "Low - Interest - Rate" Environment, May Not Be a "Safe Haven" for Volatility - Low - interest - rate environments are not synonymous with low bond - market volatility. For example, after 1990, the rule that "lower interest rates lead to narrower volatility" in US Treasuries failed. In other developed economies, bond - market volatility did not converge as interest rates declined from 2% to 1% [4][12]. - Bond - market adjustments in low - interest - rate environments are large in amplitude, fast in speed, and often accompanied by rising term premiums. The average adjustment amplitudes in the US, Germany, France, and Japan are 81bp, 53bp, 59bp, and 74bp respectively. The adjustment usually occurs within 1 - 2 months [4][20]. - Bond convexity magnifies market volatility in low - interest - rate environments. As interest rates fall, bond duration lengthens non - linearly, increasing price sensitivity. A 50bp yield increase in 30 - year Treasuries at a 1% interest rate leads to a price decline 1.7 times that at a 5% interest rate [4][25]. Behind the "High - Volatility" Trap? Extreme Deduction of Consensus Expectations, Backlash under Changing Macro - Environments - In low - interest - rate environments, institutional "homogeneous strategies" and crowded trading are the micro - foundations of bond - market vulnerability. For example, US life - insurance institutions increased their allocation of bonds with a duration of over 10 years by 6.3% from 2008 - 2015, and trading institutions tend to increase leverage [30][82]. - Reversals in macro - fundamental expectations are the direct cause of high bond - market volatility. High bond - market volatility in low - interest - rate eras does not require actual tightening of monetary policy; "less - than - expected rate cuts" or "slightly increased rate - hike expectations" can trigger rapid bond - market adjustments. Nominal GDP repair is an important inducement for high volatility [38][82]. - Capital "rebalancing" under changing macro - environments is an important catalyst for increased bond - market volatility. During low - interest - rate periods, 9 times when US Treasury yields rebounded by over 50bp, the S&P 500 rose, and 7 times when Japanese Treasury yields rebounded, the Nikkei 225 rose by an average of 9.7% [46][82]. Current "Reflection"? In the "Atypical" Recovery of 2026, Be Wary of the Bond - Market's "High - Volatility" Trap - In 2026, the economy is expected to experience an "atypical" recovery. Domestically, expanding domestic demand policies and debt reduction will boost consumption and investment. Externally, export resilience will remain strong. Inflation will improve, and monetary policy will be more cautious about rate cuts [6][60]. - Historical experience shows that nominal GDP repair often leads to capital "rebalancing" and a "strong - stock, weak - bond" pattern. Currently, the difference between the 10 - year Treasury yield and the all - A dividend yield is still below 0%, and the proportion of public - fund stock allocation is relatively low [6][65]. - The domestic bond market may have insufficient awareness of the "high - volatility" trap in low - interest - rate environments. With the record - high wealth - management scale and large - scale excess savings, the capital "rebalancing" process when large - scale deposits mature may increase bond - market volatility [70][82].