承董事會命 申萬宏源集團股份有限公司 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之內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對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之任何損失承擔任 何責任。 6806 董事會召開日期 申萬宏源集團股份有限公司（「本公司」）董事會（「董事會」）茲通告謹定於2025年1 0月3 0 日（星期四）舉行董事會會議，以考慮及批准本公司及其附屬公司截至2025年9月30日止 九個月之第三季度業績及其發佈，以及處理其他事項。 董事長 劉健 中國，北京 2025年10月17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。 ...

Core Viewpoint - The dye industry in China is highly competitive, with the country being the largest producer, trader, and consumer of dyes globally, accounting for approximately 70% of the world's total production [1] Group 1: Industry Overview - China is the world's largest dye producer, with a production capacity concentrated in Zhejiang, Jiangsu, and Shandong provinces [1] - The industry has a high concentration, with major players in disperse dyes including Zhejiang Longsheng and Runtao Co., and in reactive dyes, Runtao Co. and Zhejiang Longsheng are also key players [1] - The increase in dye production capacity both domestically and internationally has intensified market competition [1] Group 2: Company Performance - For the first half of 2025, the company reported a revenue of 2.706 billion yuan, a year-on-year increase of 0.65% [1] - Operating profit for the same period was 205 million yuan, reflecting an 8.78% year-on-year growth [1] - The net profit attributable to shareholders was 150 million yuan, showing a significant year-on-year increase of 43.15% [1] Group 3: Sales and Market Dynamics - The company's export revenue for the first half of 2025 was 226 million yuan, accounting for 8.36% of total revenue, with a year-on-year growth of 32.99% [1] - The domestic H acid production capacity is less than 60,000 tons, with a market supply gap exceeding 100,000 tons [1] - Historical prices for H acid have exceeded 100,000 yuan per ton, while current market prices are around 40,000 yuan per ton [1] Group 4: Strategic Investments - The company has a strong cash flow and is collaborating with professional investment institutions to explore new growth avenues [1] - It holds a 100% stake in Runtao Jinheng (Jiaxing) Investment Partnership, which has invested in semiconductor companies, including Yao Xinwei (Shanghai) Electronic Technology Co., Ltd. [1] - The company has achieved significant results in the production capacity of key intermediates, establishing a complete dye industry chain [1]

格隆汇10月17日丨申万宏源(06806.HK)宣布，谨定于2025年10月30日（星期四）举行董事会会议，以考 虑及批准本公司及其附属公司截至2025年9月30日止九个月的第三季度业绩及其发布，以及处理其他事 项。 ...

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之內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對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之任何損失承擔任 何責任。 申萬宏源集團股份有限公司（「本公司」）董事會（「董事會」）茲通告謹定於2025年1 0月3 0 日（星期四）舉行董事會會議，以考慮及批准本公司及其附屬公司截至2025年9月30日止 九個月之第三季度業績及其發佈，以及處理其他事項。 承董事會命 申萬宏源集團股份有限公司 6806 董事會召開日期 中國，北京 2025年10月17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。 董事長 劉健 ...

Core Viewpoint - The successful issuance of the high-growth industry bonds by Shanxi Construction Investment Group represents a significant step in optimizing financing structures for industrial enterprises, contributing to the support of the real economy through innovative financial instruments [2][3]. Group 1: Bond Issuance Details - The high-growth industry bonds were issued on October 13, 2025, targeting professional investors, marking the first issuance of such bonds by Shenwan Hongyuan [2]. - The bonds include enhanced investor protection clauses and improved information disclosure mechanisms, facilitating better communication between investors and issuers [2]. - The issuance aims to support real enterprises in financing through the bond market, helping to establish a positive capital market image and diversify bondholder composition [2]. Group 2: Company Profile - Shanxi Construction Investment Group is the largest comprehensive state-owned investment and construction group in Shanxi Province, with a full industry chain advantage in planning, surveying, design, consulting, research, construction, and more [2]. - The company holds the right for foreign engineering contracting and trade, showcasing its comprehensive strength in investment, construction, and operation [2]. Group 3: Future Outlook - The bond issuance has strengthened the cooperative relationship between Shenwan Hongyuan Securities and the issuer, reflecting the company's commitment to supporting the development of the real economy [3]. - Shenwan Hongyuan plans to enhance its financial empowerment system and actively implement national development strategies, emphasizing its role as a financial central enterprise [3].

Core Viewpoint - The domestic recycled aluminum industry is currently fragmented with low recycling utilization levels, but policies are expected to strengthen, promoting the improvement of the recycling system and transitioning from a "small and scattered" model to "scale," thereby unlocking the potential of urban mining [1] Group 1: Industry Growth and Potential - The recycled aluminum industry chain is short with high recovery value, becoming an important growth driver for China's aluminum supply [1] - The production of recycled aluminum in China is projected to reach approximately 10.5 million tons in 2024, accounting for about 19% of total aluminum supply, with a CAGR of 13% expected from 2024 to 2027 [1] Group 2: Resource Security and Domestic Supply Chain - The demand for resource security is increasing, and recycled aluminum is key to addressing the high dependence on imported bauxite, with over 77.6% reliance on imports from January to August 2025 [2] - The main source of raw materials for recycled aluminum is domestic waste aluminum, which is expected to account for over 80% of the recycling volume in 2024 [2] Group 3: Environmental Impact and Market Dynamics - The carbon emissions from producing one ton of electrolytic aluminum are approximately 11.2 tons, while recycled aluminum only emits 0.23 tons, representing 2.1% of the emissions from electrolytic aluminum production [3] - The inclusion of the aluminum smelting industry in the national carbon market by 2025 is expected to tighten quotas and increase carbon prices, enhancing the green premium for recycled aluminum products [3] Group 4: Recycling System Development - The potential of urban mining is significant, and the construction of the recycling system is accelerating, supported by policies and initiatives from state-owned enterprises and key companies [4] - The introduction of tax policies and the establishment of a national recycling platform are expected to alleviate raw material bottlenecks, especially as vehicle scrappage is anticipated to peak around 2026 [4]

Core Points - The New Silk Road Index (399429) closed at 1575.16 points, down 0.69%, with a trading volume of 58.815 billion yuan and a turnover rate of 2.12% [1] - Among the index constituents, 23 stocks rose, with Baiyin Nonferrous leading with a 10.0% increase, while 75 stocks fell, with Western Gold leading the decline at 6.2% [1] Index Constituents Summary - The top ten constituents of the New Silk Road Index include: - TBEA Co., Ltd. (6.10% weight, latest price 20.07, 1.01% increase, market cap 101.41 billion yuan) in the Power Equipment sector - Salt Lake Industry (5.25% weight, latest price 22.34, 1.93% decrease, market cap 118.21 billion yuan) in the Basic Chemicals sector - LONGi Green Energy (5.13% weight, latest price 20.25, 2.69% increase, market cap 153.46 billion yuan) in the Power Equipment sector - AVIC Aviation Power (4.56% weight, latest price 41.96, 1.04% decrease, market cap 111.85 billion yuan) in the Defense and Military sector - Shaanxi Coal and Chemical Industry (4.11% weight, latest price 22.54, 3.25% increase, market cap 218.53 billion yuan) in the Coal sector - Shenwan Hongyuan (3.47% weight, latest price 5.45, 0.18% increase, market cap 136.47 billion yuan) in the Non-Bank Financial sector - Zangge Mining (3.33% weight, latest price 57.39, 1.86% decrease, market cap 90.12 billion yuan) in the Nonferrous Metals sector - Yuxing Energy (3.19% weight, latest price 17.13, 1.27% decrease, market cap 125.62 billion yuan) in the Basic Chemicals sector - Goldwind Technology (3.06% weight, latest price 16.00, 4.36% decrease, market cap 67.60 billion yuan) in the Power Equipment sector - Western Mining (3.00% weight, latest price 22.87, 1.42% decrease, market cap 54.50 billion yuan) in the Nonferrous Metals sector [1] Capital Flow Summary - The New Silk Road Index constituents experienced a total net outflow of 1.81 billion yuan from main funds, while retail investors saw a net inflow of 1.744 billion yuan [3] - Notable capital flows include: - Baiyin Nonferrous: 5.16 million yuan net inflow from main funds, 2.30 million yuan net outflow from retail investors - LONGi Green Energy: 172 million yuan net inflow from main funds, 15.1 million yuan net outflow from retail investors - New Mileage: 1.59 million yuan net inflow from main funds, 93.05 million yuan net outflow from retail investors - Other companies like China Western Electric and Zhongcai Zihuan also showed varying degrees of net inflows and outflows [3]

Core Insights - The retail sales of clothing, shoes, hats, and textiles in China reached 940 billion yuan from January to August, showing a year-on-year increase of 2.9%, indicating a mild recovery trend [1][2] - The domestic demand recovery is a significant investment theme for 2025, with high-quality domestic brands beginning to reverse their challenges [1][9] - The textile manufacturing sector is currently facing short-term disruptions due to the U.S. "reciprocal tariffs," but high-quality stocks are significantly undervalued, suggesting a long-term positive outlook [1][9] Domestic Demand - From January to August, retail sales in the clothing and textile sectors reached 940 billion yuan, with July and August showing year-on-year increases of 1.8% and 3.1% respectively, reflecting a mild recovery [2] - The recovery in domestic demand is expected to be resilient, with high-end and cost-effective markets performing better due to differing consumer needs [3][4] External Demand - China's textile and apparel exports totaled $197.3 billion from January to August, with a year-on-year decrease of 0.3%. Textile exports were $94.5 billion (up 1.6%), while apparel exports were $102.8 billion (down 1.7%) [2] - Vietnam's textile exports grew by 8.6% to $29.7 billion, indicating a shift in the textile supply chain and competitive pressures on Chinese exports [2] Sports and Outdoor Sector - The sports consumption sector is characterized by strong demand, supported by an outdoor trend that creates structural opportunities, with high-end and cost-effective brands showing better growth [3] - Anta, FILA, and outdoor brands are expected to see significant revenue growth in Q3 2025, with outdoor brands continuing to experience high growth rates [3] Apparel Sector - Most brands in the men's and children's clothing segments are still in the recovery phase, with expectations of revenue growth for brands like Hai Lan and a stable performance for high-end men's clothing [4] - Women's clothing is also recovering, with brands like Xinhe and Ge Lisi expected to see revenue growth, while children's clothing is anticipated to benefit from policies promoting childbirth [4] Home Textiles - The home textile sector is expected to see short-term retail boosts from national subsidies, with brands like Luolai and Mercury projected to perform well in Q3 2025 [5] Personal Care and Household Cleaning - The personal care and household cleaning sectors are experiencing a quality upgrade and demand expansion, with companies like Yanjing and Nobon expected to report significant revenue and profit growth [6] Textile Manufacturing - The textile manufacturing sector is facing challenges due to U.S. tariff policies, but companies with global production capabilities are expected to benefit in the long term [7][8] Investment Recommendations - The improvement in domestic demand is a key investment theme for 2025, with recommendations for companies in the sports, outdoor, and home textile sectors, as well as personal care and household cleaning [9]

Core Viewpoint - The Xinjiang Securities Regulatory Bureau has issued warning letters to Shenwan Hongyuan West Securities Co., Ltd. for compliance failures at its Five Channels Zhenxing Street branch, highlighting issues such as improper client solicitation and internal management violations [1][2][10]. Summary by Relevant Sections Compliance Violations - Shenwan Hongyuan's Five Channels Zhenxing Street branch was found to have engaged in client solicitation through bank staff, and the former head of the branch violated internal management rules by hiring interns and misappropriating funds [1][10]. - The actions of the branch reflect inadequate compliance controls, violating multiple regulations including the Securities Brokerage Business Management Measures and the Code of Conduct for Securities and Futures Institutions [1][2][10]. Regulatory Actions - The Xinjiang Securities Regulatory Bureau decided to issue warning letters as an administrative regulatory measure, which will be recorded in the securities and futures market integrity archives [2][11]. - The branch is required to strengthen compliance management and submit a written rectification report within 30 days of receiving the decision [11][12]. Responsibilities of Individuals - Wei Ze, the former head of the branch, is held accountable for the compliance failures and is also subject to a warning letter [12][13]. - The regulations stipulate that individuals in leadership positions must adhere to legal and regulatory standards, and failure to do so can result in administrative penalties [6][13].

Core Viewpoint - The company is building long-term advantages through multi-brand synergy, channel optimization, and increased R&D investment, with strategic implementation showing continuous results [1] Group 1: Brand Strategy and Global Expansion - The company announced Jackson Wang as the global brand ambassador, enhancing its high-end image and international presence [2] - The company has signed popular stars like Ding Yuxi and Tian Xunying, with Tian's first-day sales reaching 50-60 million, indicating strong consumer purchasing power [2] Group 2: Sales Strategy and Product Focus - The company is focusing on profit and core products during the Double Eleven sales event, promoting the X Peptide high-end series and the Hongyun makeup series [3] - The X Peptide series benefits from Jackson Wang's endorsement, while the Hongyun series aligns with the festive season, potentially boosting the makeup segment [3] Group 3: Competitive Advantages - The company has established a strong brand presence and consumer loyalty through extensive marketing during the "big screen exposure era" [4] - The organization employs a "top-tier talent" strategy, attracting high-level professionals and enabling quick responses to online sales platform changes [4] - The company has significant sales volume, enhancing its negotiation power compared to smaller brands, and maintains high gross margins through vertical integration and cost control [4] Group 4: Long-term Growth Strategy - The company achieved an online GMV of 4.5 billion in the first half of 2025, with multiple products exceeding 100 million in sales [5] - Three new brands are set to launch in 2025, with positive performance from skincare and makeup brands, supporting a revenue target of 30 billion by 2030 [5] - The company is expanding globally, with a 300 million investment in Southeast Asia and plans for further expansion into North America and Europe [5]