Core Viewpoint - Shenwan Hongyuan Securities has received approval from the China Securities Regulatory Commission (CSRC) to publicly issue short-term corporate bonds with a total face value of up to 30 billion yuan [1] Group 1 - The approval allows Shenwan Hongyuan Securities to issue short-term corporate bonds specifically to professional investors [1] - The registered application for the bond issuance is valid for 24 months from the approval date, which is September 18, 2025 [1] - The issuance must comply with the prospectus submitted to the Shenzhen Stock Exchange [1]

Core Viewpoint - Shenwan Hongyuan Securities has received approval from the China Securities Regulatory Commission (CSRC) to publicly issue short-term corporate bonds with a total face value of up to 30 billion yuan [1] Group 1: Company Announcement - Shenwan Hongyuan Securities has been granted approval to issue short-term corporate bonds to professional investors [1] - The registered amount for the bond issuance is capped at 30 billion yuan [1] - The approval is valid for 24 months from the date of registration approval, which is September 18, 2025 [1] Group 2: Regulatory Context - The approval was issued by the China Securities Regulatory Commission under the document number 2025〔2123号〕 [1] - The bond issuance must comply with the prospectus submitted to the Shenzhen Stock Exchange [1]

Core Viewpoint - Shenwan Hongyuan Securities has received approval from the China Securities Regulatory Commission (CSRC) to publicly issue short-term corporate bonds to professional investors, with a total face value not exceeding 30 billion yuan [1] Group 1: Company Announcement - Shenwan Hongyuan Securities has been granted approval for the registration of short-term corporate bonds by the CSRC, under the approval document number 2025〔2123〕 [1] - The approved short-term corporate bonds must adhere strictly to the fundraising prospectus submitted to the Shenzhen Stock Exchange [1] - The approval is valid for 24 months from the date of registration approval, which is September 18, 2025 [1]

（ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股份代號：6806） 北京，2025年10月8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。 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。 海外監管公告 本公告乃由申萬宏源集團股份有限公司（「本公司」）根據香港聯合交易所有限公司證券上市規 則第13.10B條作出。 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年面向專業投資者公開發行短期公司債券獲得中國證監會同意註冊批覆的公告》， 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 根据上述批复，中国证监会同意申万宏源证券向专业投资者公开 发行面值余额不超过300亿元的短期公司债券的注册申请。相关短期 公司债券发 ...

申万宏源证券获中国证监会同意发行短期公司债券的注册申请。 ...

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"）收到中国证券监督管理委员会（以下简称"中国证监会"）《关 于同意申万宏源证券有限公司向专业投资者公开发行短期公司债券 注册的批复》（证监许可〔2025〕2123号）。 根据上述批复，中国证监会同意申万宏源证券向专业投资者公开 发行面值余额不超过300亿元的短期公司债券的注册申请。相关短期 公司债券发行应严格按照报送深圳证券交易所的募集说明书进行。上 述批复自同意注册之日（2025年9月18日）起24个月内有效。 特此公告。 申万宏源集团股份有限公司董事会 二○二五年九月三十日 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 公开发行短期公司债券获得中国证监会 同意注册批复的公告 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。 证券代码：000166 证券简称：申万宏源 公告编号：临2025-81 ...

Global Macro Assets - Major overseas stock indices mostly rose during the National Day holiday period, with the S&P 500, Nasdaq, and Dow Jones increasing by 1.1%, 1.3%, and 1.1% respectively [3][8] - Gold prices reached a new high, rising by 4.0%, while oil prices fell significantly, with WTI and Brent crude down by 7.5% and 8.3% respectively [3][20] - The 10-year U.S. Treasury yield decreased by 7.0 basis points to 4.13%, and the dollar index fell by 0.5% [12][14] Overseas Economic Data - The U.S. government entered a shutdown due to Congress's failure to pass a temporary funding bill, with potential impacts on GDP estimated at only 0.02% for a month-long shutdown [4][25] - The ADP employment report for September showed a decrease of 32,000 jobs, significantly below the expected increase of 51,000 [45][46] - High City Sanna was elected as the new president of Japan's ruling party, potentially becoming the first female Prime Minister, advocating for tax cuts and fiscal expansion [30][31] Domestic Events and Data - The intensity of travel during the National Day holiday decreased compared to the May Day holiday, with an average daily flow of 154 million people, a year-on-year increase of 4.9% [5][55] - Cross-border travel and specialty tourism remained popular, with significant increases in bookings for border tourism [6][72] - The new round of growth stabilization plans focuses on quality and efficiency rather than mere scale expansion, emphasizing the need for balance between supply and demand [6]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 FF301 II. 已發行股份及/或庫存股份變動 公司名稱: 申萬宏源集團股份有限公司 呈交日期: 2025年10月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06806 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,504,000,000 | RMB | | 1 RMB | | 2,504,000,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 2,504,000,000 | RMB | | 1 RMB | | 2,504 ...

Group 1: 15th Five-Year Plan Outlook - The primary direction for industrial structure adjustment during the 15th Five-Year Plan is transformation and upgrading, with continued support for technological innovation [1] - The real estate sector is expected to stabilize, with new product development and pricing models emerging in core cities [1] - The home appliance industry will focus on smart, green, and globalized policies, aligning with future manufacturing directions [1] - The construction industry will emphasize overseas expansion and smart construction [1] - The importance of strategic resources will increase, benefiting the prices of non-ferrous metals [1] - Cement and glass industries will face strict capacity controls, focusing on profit recovery rather than just revenue [1] - The chemical industry will see a shift towards replacing outdated capacity, with a positive outlook for chemical exports [1] - The new energy sector is expected to experience favorable supply-demand dynamics, with significant growth in wind and solar power installations [1] - The coal industry will see increased resource scarcity and improved performance as prices rise [1] - The technology sector will benefit from government subsidies for AI capabilities and applications [1] - The cultural industry may see relaxed regulations for overseas expansion, positively impacting supply-side recovery [1] Group 2: AI and Computing Sector Insights - Breakthroughs in computing power and AI applications are expected to lead to a surge in the sector by 2026, with companies achieving over 10% revenue from AI [2] - Despite short-term pressures from subsidy reductions, long-term support for domestic semiconductor replacements remains strong [2] - The internet and cloud computing sectors are experiencing a positive cycle of investment and operational efficiency, with a focus on global entertainment and self-consumption [2] - The telecommunications sector is concentrating on 6G and satellite internet development, with opportunities in the IDC supply chain [2] - E-commerce is currently in a phase of competition for existing market share, but AI products are expected to offset negative impacts from subsidy reductions [2] Group 3: Q3 Earnings Outlook - The reduction in national subsidies is expected to pressure earnings in light industry, consumer electronics, and home appliances [3] - The non-ferrous metals sector is anticipated to see continued improvement in Q3 earnings due to rising domestic metal prices [3] - The pharmaceutical sector is not expected to face severe impacts from tariff policies, contrary to some investor fears [3] - The agricultural sector is projected to see weak growth, particularly in pig prices, through Q1 2026 [3] - The light industry is under pressure from both overseas demand and domestic subsidy reductions, leading to continued earnings challenges [3] - The consumer electronics sector may experience marginal declines in growth following subsidy cuts [3] - The chemical industry is expected to achieve stable growth, with a target of over 5% annual increase in value added by 2025-2026 [3] - The food and beverage sector is facing weak demand, but market expectations are low, which may provide some support [3] - The military industry is projected to see overall revenue and earnings growth, with ongoing attention to the 15th Five-Year Plan's impact [3]

Core Viewpoint - Shenwan Hongyuan initiates coverage on Xindong Company (02400) with a "Buy" rating, projecting revenue growth from 2025 to 2027 at 28%/23%/14% and adjusted net profit growth at 94%/31%/24% [1] Group 1: Game Promotion and TapTap's Value - The gaming industry is experiencing a recovery in license supply, leading to increased sales expense ratios, with TapTap emerging as a significant promotional channel [1] - TapTap's online promotion service revenue for the first half of 2025 is estimated at 976 million, capturing approximately 3.27% of the mobile game advertising market [1] - TapTap offers low or no revenue sharing, making it developer-friendly, and has become a vital promotional channel for small and independent games due to its specialized and professional nature [1] Group 2: Growth Drivers for TapTap - The number of game licenses issued in China increased by 25% year-on-year, with a total of 1,195 licenses from January to September 2025, enhancing promotional demand [2] - TapTap has over 240,000 registered developers and 300,000 games launched, with an average monthly active user count of 43.6 million in the first half of 2025 [2] - AI technology is expected to empower game development, benefiting TapTap by enhancing content supply and promoting a more equitable creative environment [2] Group 3: Validation of Xindong's Self-Developed Game Capabilities - The company has successfully validated its strategic adjustments since 2022, focusing on core product categories and enhancing efficiency [3] - Successful titles like "Torchlight" and "Muffin" demonstrate the company's ability to develop enduring games through resource focus and continuous updates [3] - Upcoming game releases, including the strategy card game "Iser" and the open-world MMO "Ragnarok RO: Guardians of Eternal Love 2," indicate a strong pipeline for future growth [3]