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 ...

Core Insights - The report by Shenwan Hongyuan highlights a significant shift in computing power demand from single-point solutions to system-level integration, driven by the explosive growth of model parameters [1] - Two core dimensions for expanding computing power are identified as Scale-up and Scale-out, which will reshape the computing power industry chain and create investment opportunities [1] Group 1: Scale-up and Scale-out - Scale-up refers to increasing the number of GPUs within a single node, moving beyond traditional single-server limitations to a "super node" era, enabling full interconnectivity of GPUs [1][2] - Scale-out focuses on increasing the number of nodes, allowing for elastic expansion to support loosely coupled tasks like data parallelism, with essential differences in protocol stacks, hardware, and fault tolerance mechanisms [1][2] Group 2: Industry Trends and Mergers - Major chip manufacturers like NVIDIA, Broadcom, Huawei, and Haiguang are expected to deepen their focus on the Scale-up domain, while Ethernet technologies will concentrate on Scale-out [2] - Haiguang Information's planned merger with Zhongke Shuguang reflects the trend of vertical integration in the AI chip sector, aiming to enhance capabilities across communication, storage, and software [3] Group 3: Market Dynamics and Opportunities - AI chip manufacturers are not expected to enter the foundry business, as seen with AMD's divestment of its foundry operations post-acquisition of ZT System [4] - The industry chain may further differentiate into card design foundry suppliers and cabinet foundry suppliers, with card design capabilities becoming a key differentiator for value capture [4] - Companies to watch in this evolving landscape include Haiguang Information, Zhongke Shuguang, Inspur Information, Unisplendour, Digital China, Lenovo Group, and Huaqin Technology [4]

Group 1 - The core viewpoint of the news highlights a strong performance in the securities sector, with the CSI All Share Securities Company Index rising by 1.34% as of July 10, 2025, and specific stocks like China Merchants Securities and Hongta Securities seeing significant gains of 10.03% and 6.09% respectively [3] - The ETF fund tracking the securities index also showed positive movement, increasing by 1.38% to a latest price of 1.32 yuan, with a cumulative rise of 1.40% over the past week [3] - Dongguan Securities noted that July is a critical period for tariff negotiations and economic observations, suggesting that the external environment affecting A-shares is becoming less disruptive, which may sustain positive market sentiment [3] Group 2 - The top ten weighted stocks in the CSI All Share Securities Company Index as of June 30, 2025, include Dongfang Wealth, CITIC Securities, and Guotai Junan, collectively accounting for 60.45% of the index [3] - The management fee rate for the ETF fund is set at 0.15%, with a custody fee of 0.05%, positioning it as one of the lowest fee options in the sector [4] - The performance of individual stocks within the ETF shows varying increases, with CITIC Securities rising by 1.73% and Dongfang Wealth by 1.31%, reflecting a generally positive trend among major players [6]

Core Viewpoint - The article highlights the launch of the third ETF live trading competition by Shenwan Hongyuan Securities, aimed at enhancing investors' skills and knowledge in ETF investments amidst favorable market conditions in 2024 [2][5]. Group 1: Event Background - The competition is set to take place from June 18 to September 5, 2024, with a focus on leveraging policy benefits in the capital market [1][2]. - The event aims to provide a professional platform for both novice and experienced investors to learn and share strategies, ultimately aiming to capitalize on market opportunities [2]. Group 2: Competition Highlights - Shenwan Hongyuan Securities, as a long-established comprehensive brokerage firm, offers extensive support for all on-market ETF products (excluding money market ETFs), enabling investors to seize various market opportunities [5]. - A dedicated educational section is included in the competition, featuring modules like "Market Insights," "Competition Education Videos," and "ETF Financial Classes" to help investors quickly enhance their knowledge [7]. - The competition includes interactive activities with rewards, where participants can earn up to 6.66 yuan in red envelopes, encouraging engagement and learning [8]. - Two award categories, "Biweekly Expert Award" and "Live Trading Winner Award," are designed to cater to different investment styles, allowing participants to showcase their skills [8]. - Professional investment advisors will provide weekly market insights and analysis, supporting participants in their trading decisions [8].

本内容最终解释权归申万宏源证券有限公司所有。 免责 声 明 ...

Group 1 - The core viewpoint of the article highlights the successful issuance of a non-public corporate bond by Wuhan Gaoke State-owned Holding Group Co., Ltd., with a scale of 1 billion yuan, a term of 3+2 years, and a coupon rate of 2.04%, achieving a subscription multiple of 4.21 times [1] - The issuer is a large state-owned holding group approved by the Wuhan municipal government, focusing on asset operation and management, high-tech industry investment, and technology park construction, playing a key role in the "Wuhan·China Optics Valley" initiative [1] - The successful bond issuance strengthens investor confidence in both China Optics Valley and Gaoke Group, providing substantial support for the issuer's development and strategic goals [1] Group 2 - The bond issuance further solidifies the strategic partnership between Shenwan Hongyuan and Gaoke Group, enhancing Shenwan Hongyuan's market influence in Hubei Province [2] - Shenwan Hongyuan aims to continue serving the real economy and expand its operations in the Central China region, facilitating high-quality financing for more entities to promote regional economic development [2]

Core Viewpoint - The introduction of the "1+6" policy by the China Securities Regulatory Commission aims to enhance the inclusiveness and adaptability of the Sci-Tech Innovation Board, leading to significant changes in the competitive landscape of the investment banking industry [1][2]. Group 1: Impact on Investment Banking - The new policy is expected to bring incremental business opportunities for investment banks while raising the bar for risk control [1]. - Investment banking is shifting from a "channel-type" model to a "value-creation" model, emphasizing the importance of industry knowledge and full-cycle service capabilities [3]. - The competitive landscape is likely to see a concentration of top-tier comprehensive brokers and specialized smaller brokers that have deep industry expertise [3]. Group 2: Quality Control and Due Diligence - Companies are establishing robust internal control systems and guidelines for investment banking to ensure the quality of listed companies from the outset [2]. - The complexity of managing project risks has increased due to the introduction of the fifth set of standards, making it more challenging to evaluate unprofitable companies [2]. - There is a need for dynamic assessment systems focusing on "hard technology" attributes to mitigate financial and compliance risks [2]. Group 3: Market Trends and Future Outlook - As of the first half of 2025, the number of IPOs accepted by exchanges is projected to reach 180, surpassing the total for 2024 [2]. - The ongoing reforms in the Sci-Tech Innovation Board are expected to further enhance the concentration of investment banking services, intensifying the "Matthew Effect" where top firms gain more advantages [3]. - The relaxation of listing conditions for unprofitable companies and the optimization of refinancing rules are anticipated to create new business opportunities in financial advisory services [3].

Core Viewpoint - The launch of the China Securities Energy and Chemical Industry Index series fills a gap in the domestic authoritative commodity index system and promotes the development of off-exchange derivatives in the commodity sector [1][4]. Group 1: Index Characteristics - The index series includes the China Securities Energy and Chemical Industry Futures Index, the China Securities Energy Chemical Finished Product Futures Index, and the China Securities Organic Chemical Product Futures Index, designed to meet diverse needs [2]. - The indices focus on different segments: the finished product index targets downstream products like fuel oil and polypropylene, the industry index covers the entire supply chain including crude oil and thermal coal, and the organic chemical index emphasizes high-value organic chemicals [2][3]. Group 2: Economic Impact and Usage - The index series is closely linked to macroeconomic factors and is highly correlated with the Producer Price Index (PPI), serving as a "barometer" for economic trends [3]. - Manufacturing companies can use the index to anticipate changes in raw material costs and adjust procurement and pricing strategies accordingly [3]. Group 3: Investment Opportunities - The index series provides a foundation for developing specialized energy and chemical-themed ETFs, enhancing the diversity of commodity index fund products in China [3][4]. - Financial institutions can create various products linked to the index, such as commodity futures index ETFs, structured deposits, and public fund of funds (FOF) to meet diverse investor needs [4].

1 证券代码：000166 证券简称：申万宏源 申万宏源集团股份有限公司投资者关系活动记录表 编号：2025-0709 | 投资者关系活动 | √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 | | --- | --- | | | □新闻发布会 □路演活动 | | 类别 | □现场参观 | | | □其他 | | 参与单位名称及 | 国金证券分析师及投资者 | | 人员姓名 | | | 时 间 | 2025 年 7 月 9 日 16:00-17:00 | | 地 点 | 公司会议室 | | 上市公司接待人 | 李 丹、王可昕，申万宏源集团股份有限公司董事会办公室/ | | 员姓名 | 战略管理部人员 | | 1. | 请介绍公司投行业务开展情况 | | | 公司坚持以客户为中心，强化"研究+投资+投行"联动， | | | 持续加强 IPO、再融资项目储备，加快巩固业务优势，第一 | | | 季度投行业务迎来开门红，实现投资银行手续费净收入 3.07 | | | 亿元，同比增长 79.40%，公司完成股权融资项目家数排名行 | | 投资者关系活动 主要内容介绍 | 业第 5，债券承销业务规模排名行业第 ...