股票简称：申万宏源 股票代码：000166 （住所：新疆乌鲁木齐市高新区北京南路 358 号大成国际大厦 20 楼 2001 室） 申万宏源集团股份有限公司 2025 年面向专业投资者公开发行公司债券 （第一期） 募集说明书 发行人：申万宏源集团股份有限公司 牵头主承销商：申万宏源证券有限公司 联席主承销商、受托管理人：财信证券股份有限公司 发行金额：不超过人民币 18 亿元（含 18 亿元） 增信措施情况：无增信措施 信用评级结果：主体评级 AAA/债项评级 AAA 信用评级机构：联合资信评估股份有限公司 牵头主承销商：申万宏源证券有限公司 （上海市徐汇区长乐路 989 号 45 层） 联席主承销商、受托管理人：财信证券股份有限公司 （湖南省长沙市岳麓区茶子山东路 112 号滨江金融中心 T2 栋（B 座）26 层） 签署日期：2025 年 33 月 19 日 申万宏源集团股份有限公司 2025 年面向专业投资者公开发行公司债券（第一期）募集说明书 1 申万宏源集团股份有限公司 2025 年面向专业投资者公开发行公司债券（第一期）募集说明书 声明 发行人将及时、公平地履行信息披露义务，发行人及其全体董事、监 ...

申万宏源集团股份有限公司（以下简称"本公司"）于 2024 年 9 月 5 日获得中国 证券监督管理委员会《关于同意申万宏源集团股份有限公司向专业投资者公开发行 公司债券注册的批复》（证监许可[2024]1245 号），公司获准向专业投资者公开发行 面值总额不超过 102 亿元的公司债券。 本次债券申报时命名为"申万宏源集团股份有限公司 2024 年面向专业投资者 公开发行公司债券"，因分期发行，按照命名规则，本期债券名称确定为"申万宏 源集团股份有限公司 2025 年面向专业投资者公开发行公司债券（第一期）"。本期 债券分为两个品种，品种一债券全称为"申万宏源集团股份有限公司 2025 年面向专 业投资者公开发行公司债券（第一期）（品种一）"，债券简称"25 申宏 01"；品 种二债券全称为"申万宏源集团股份有限公司 2025 年面向专业投资者公开发行公司 债券（第一期）（品种二）"，债券简称"25 申宏 02"。 本次债券分期发行及名称变更不改变原签订的与本次债券发行相关的法律文件 的效力，原签订的相关法律文件对更名后的公司债券继续具有法律效力。前述法律 文件包括但不限于《申万宏源集团股份有限公司（作为甲 ...

申万宏源集团股份有限公司 （住所：新疆乌鲁木齐市高新区北京南路 358 号大成国际大厦 20 楼 2001 室） 2025 年面向专业投资者公开发行公司债券 （第一期） 发行公告 牵头主承销商、簿记管理人 （住所：上海市徐汇区长乐路 989 号 45 层） 联席主承销商、债券受托管理人： （住所：湖南省长沙市岳麓区茶子山东路 112 号滨江金融中心 T2 栋(B 座)26 层） 签署日期：2025 年 3 月 19 日 本公司及其董事、监事、高级管理人员保证公告内容真实、准确和完整，并 对公告中的虚假记载、误导性陈述或者重大遗漏承担责任。 重要事项提示 1、申万宏源集团股份有限公司（以下简称"发行人"或"公司"）面向专业投资 者公开发行面值总额不超过人民币 102 亿元公司债券（以下简称"本次债券"）于 2024 年 9 月 5 日经中国证券监督管理委员会注册（证监许可[2024]1245 号）。 发行人本次债券采取分期发行的方式。申万宏源集团股份有限公司 2025 年 面向专业投资者公开发行公司债券（第一期）（以下简称"本期债券"）为本次债 券的第二期发行。 2、本期债券发行规模为不超过 18 亿元（含 1 ...

经深圳证券交易所审核，本期债券品种一定于 2025 年 3 月 18 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，债 券简称"25 申证 01"，债券代码为"524165"。 特此公告。 申万宏源集团股份有限公司董事会 二〇二五年三月十八日 证券代码：000166 证券简称：申万宏源 公告编号：临2025-13 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 年面向专业投资者公开发 行公司债券（第一期）在深圳证券交易所上市的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 公司所属申万宏源证券有限公司 2025 年面向专业投资者公开发 行公司债券（第一期）（以下简称"本期债券"）发行工作于 2025 年 3 月 13 日结束，本期债券发行规模人民币 28 亿元，分两个品种，其 中品种一发行规模人民币 28 亿元，期限 2 年，票面利率 2.18%；品 种二未实际发行。（相关情况请详见公司于 2025 年 3 月 15 日在《中 国 证 券 报 》《 证 券 时 报 》《 上 海 证 券 报 》 和 巨 ...

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。 承董事會命 申萬宏源集團股份有限公司 董事長 劉健 中國，北京 2025年3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。 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3月28日 （星期五）舉行董事會會議，以考慮及批准本公司及其附屬公司截至2024年12月31日止年 度之全年業績及其發佈，考慮建議派發末期股息（如有），以及處理其他事項。 ...

2025 年 3 月 13 日，申万宏源证券有限公司 2025 年面向专业投 资者公开发行公司债券（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 28 亿元，分两个品种，其中品种一 发行规模人民币 28 亿元，期限 2 年，票面利率 2.18%；品种二未实 际发行。本期债券登记完成后拟于深圳证券交易所上市交易。 特此公告。 证券代码：000166 证券简称：申万宏源 公告编号：临2025-12 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 投资者公开发行公司债券（第一期）发行结果的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 根据中国证券监督管理委员会《关于同意申万宏源证券有限公司 向专业投资者公开发行公司债券注册的批复》（证监许可〔2024〕57 号），公司所属申万宏源证券有限公司获准向专业投资者公开发行面 值总额不超过人民币 200 亿元公司债券。（相关情况请详见公司于 2024 年 1 月 20 日在《中国证券报》《证券时报》《上海证券报》和 巨潮资讯网 www.cnin ...

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **Chinese economy** and its macroeconomic trends for **2025**. Core Insights and Arguments - **Shift from Demand to Supply**: The macroeconomic trend for 2025 will transition from demand-driven to supply-driven, with key areas of focus being the recovery of consumer supply, expansion of service sector investment, and optimization of real estate inventory policies, which are expected to release pent-up demand and excess savings [3][4][20]. - **Impact of Weak External Demand**: Weak external demand will significantly affect Chinese exports, with developed countries' import growth slowing down. Even if the U.S. economy remains resilient, Chinese exports will face downward pressure [5][20]. - **Manufacturing Investment Risks**: Manufacturing investment is expected to decline in 2025 due to a weakening natural renewal cycle and limited impact from equipment renewal policies, posing a potential drag on the economy [6][20]. - **Real Estate Market Adjustments**: The primary issues in the real estate market stem from supply-side policy adjustments and completion risks, which lead to deferred demand. Optimizing inventory policies and controlling residential increments can stabilize housing prices and release pent-up demand [8][11][20]. - **Service Sector Investment**: The government aims to expand service sector investment to alleviate supply constraints on service consumption, which has been declining. This is a response to the imbalance between goods and services consumption [10][12][20]. - **Fiscal Policy Adjustments**: The fiscal policy for 2025 is expected to be more proactive, focusing on expanding financing to support key areas such as science and technology, debt servicing, and national defense, while also emphasizing consumer and livelihood protection [3][20][28]. Additional Important Content - **Excess Savings**: There is a significant amount of excess savings (approximately 13 trillion yuan) accumulated by residents over the past four years, which is expected to gradually support domestic demand [7][20]. - **Service Consumption Recovery**: Service consumption is showing signs of recovery, with increased fixed asset investment in the accommodation and catering sectors, indicating a potential rebound in service demand [18][20]. - **Regional Consumption Dynamics**: The central and western regions of China are becoming important consumption destinations due to improved infrastructure and rising disposable incomes, which support cross-regional consumption [19][20]. - **Government Support for Vulnerable Groups**: The government has implemented measures to support vulnerable groups, including increased unemployment benefits and social assistance, to prevent further declines in consumer confidence [33][20]. - **Long-term Institutional Reforms**: The government is focusing on long-term reforms to enhance social security and support for the elderly and children, which will have a significant impact on consumption patterns in the future [41][45][20]. This summary encapsulates the key points discussed in the conference call regarding the Chinese economy's outlook for 2025, highlighting the transition in macroeconomic drivers, potential risks, and government policy responses.

Summary of Key Points from the Conference Call Industry or Company Involved - The conference call discusses the cryptocurrency market, particularly focusing on Bitcoin, and its relationship with traditional assets like gold and the stock market. It also touches on the Hong Kong stock market as a platform for global capital allocation. Core Points and Arguments Bitcoin as an Alternative Asset - Bitcoin has transitioned from being primarily driven by retail speculation to being influenced by institutional investment and U.S. dollar liquidity, showing a negative correlation with U.S. real interest rates [3][4][5] - The price of Bitcoin is highly correlated with mining costs, which increase with greater computational power [3][4] - Bitcoin's long-term annualized return can exceed 80%, but it also exhibits a volatility rate over 60%, posing challenges for institutional investors [5][6] Relationship with Gold - Gold prices are influenced by multiple factors, including central bank purchases, U.S. fiscal deficits, and market dynamics, with a mid-term target price of $3,100 to $3,200 [3][19] - Central bank gold purchases have altered the supply-demand dynamics in the gold market, particularly with China reducing U.S. Treasury holdings while increasing gold reserves [21][22] - The creditworthiness of the U.S. dollar significantly impacts gold prices, with high fiscal deficits undermining dollar credibility and pushing gold prices higher [23][24] Market Dynamics and Risks - Bitcoin faces risks from technological vulnerabilities, potential competition from superior cryptocurrencies, and significant sell-offs by large holders (whales) [8][9] - The correlation between Bitcoin and the Nasdaq index has strengthened since 2020, indicating that both are influenced by macro liquidity conditions [5][15] - The tightening of U.S. dollar liquidity is expected to support gold and Bitcoin prices in the near term [12] Hong Kong Stock Market - The Hong Kong stock market is positioned as a crucial platform for global capital allocation, with mechanisms like ETF cross-listing facilitating cross-border investments [35][36] - The market has seen a significant increase in cross-border investment activities, with a notable rise in the proportion of southbound capital [35][41] - The future of the Hong Kong market is expected to be shaped by its role as an international financial center, with ongoing developments in ETF products and cross-border investment channels [39][40] Other Important but Possibly Overlooked Content - The potential for AI technology to enhance productivity in various sectors, including logistics and transportation, is highlighted as a significant trend that could impact market dynamics [55] - The ongoing geopolitical tensions and their effects on gold demand and pricing are noted, with a focus on how these factors could influence investment strategies [28][29] - The historical context of gold price fluctuations and the factors leading to significant market corrections are discussed, providing insights into potential future trends [32][34] This summary encapsulates the key insights from the conference call, focusing on the cryptocurrency market, particularly Bitcoin, its relationship with gold, and the evolving role of the Hong Kong stock market in global capital allocation.

Summary of Key Points from the Conference Call Industry or Company Involved - The conference call focuses on the **State-Owned Enterprises (SOEs)** in China and their **capital market reforms** as outlined in the new "Nine Articles" policy document. Core Points and Arguments - The new "Nine Articles" signify a new phase in capital market reform, emphasizing the need for investment and financing function reforms, improving the quality of listed companies, and creating an environment conducive to long-term capital returns, guiding companies to consider shareholder returns more seriously [2][4] - The policy draws on international experiences, such as Japan's "Nihon Tokei" document, which focuses on the ROE levels of companies with low valuations and their communication with the capital market [2][5] - SOEs are required to strictly adhere to guidelines from the China Securities Regulatory Commission (CSRC) and the State-owned Assets Supervision and Administration Commission (SASAC), focusing on enhancing development quality and improving communication with the capital market [2][6] - The SASAC document highlights dividends, buybacks, and mergers and acquisitions as primary tools in the capital market. SOEs with good cash flow are expected to increase dividend payouts, enhancing stability and predictability [2][8] - Buybacks are projected to significantly impact ROE, especially when conducted during deep undervaluation, preventing state asset loss and promoting asset preservation and appreciation [2][10] - Cross-industry mergers and acquisitions are becoming a trend, encouraging traditional industries to acquire new productivity targets, exemplified by China Telecom's acquisition of Guandun Quantum [2][12] - The introduction of mandatory ESG (Environmental, Social, and Governance) disclosure guidelines by the three major exchanges marks a shift towards compulsory reporting, aligning with international standards [2][15] Other Important but Possibly Overlooked Content - The year 2025 is referred to as the "Year of Value Management," with SOEs expected to utilize various tools to maximize value, including stricter adherence to guidelines and enhancing internal evaluation systems [3][6] - The focus on improving dividend stability and increasing the frequency of payouts is evident, with a significant rise in mid-term dividend companies from 186 to 706 and total amounts from 261 billion to nearly 800 billion yuan in 2024 [9] - The importance of buybacks is expected to rise, with the A-share market removing restrictions on buyback windows and introducing commercial loans for buyback purposes, indicating a shift towards a more proactive approach in managing company valuations [9][10] - The trend of cross-industry mergers is supported by government policies, with a focus on acquiring new productivity and enhancing growth potential in strategic sectors [12][52] - The ongoing reforms in state-owned enterprises aim to optimize the structure and enhance core competitiveness, with a focus on strategic restructuring and professional integration [53][55] This summary encapsulates the key insights from the conference call, highlighting the strategic direction and regulatory changes impacting China's state-owned enterprises and their approach to capital market management.

破内卷困局，创多元发展新局——申万宏源·2025 资本市场 春季策略会 20250312 摘要 Q&A 环保行业的红利资产在当前市场环境中的表现如何？ 环保红利资产在当前市场环境中表现出一定的优势。尽管过去由于现金流较差 和分红比例不高，环保红利资产一直处于边缘地位，但目前情况有所改善。首 • 环保红利资产确定性强，供水、污水处理、垃圾焚烧等受宏观影响小，政 府化债缓解应收账款问题，行业成熟期资本开支下降，自由现金流提升， 分红水平逐步提高，如粤海投资、汉南环境、永兴股份等公司表现突出。 • 环保行业低估值，市盈率约十倍，利润增速 5%-10%，A 股股息率 3%-5%， 港股 6%-8%。去年大幅提升分红，承诺高分红基础上实现 10%的每股收益增 长。军信股份完成收购，实现长沙垃圾焚烧到餐厨一体化运营，协同空间 大。 • 财政部化债方案落地，环保企业应收账款有望改善，关注低估值高股息标 的如红城、新荣，应收账款较高环卫企业如玉禾田、侨银，受益于化债和 国企央企市值考核的企业如瀚蓝环境、武汉控股。 • 生物航煤（SAF）是航空减碳刚需，全球航空煤油消费量巨大，国际民航组 织（ICAO）已进入正式阶段，欧盟和英 ...