Core Points - The Shenzhen State-Owned Enterprises Shareholder Return Index (970064) closed at 1612.77 points, up 0.73%, with a trading volume of 20.124 billion yuan and a turnover rate of 0.78% [1] - Among the index constituents, 33 stocks rose, with China National Materials Technology leading at a 10.01% increase, while 12 stocks fell, with CITIC Special Steel leading the decline at 2.97% [1] Index Constituents Summary - The top ten constituents of the Shenzhen State-Owned Enterprises Shareholder Return Index include: - BOE Technology Group (sz000725) with a weight of 9.31%, latest price at 3.85, and a market cap of 144.043 billion yuan [1] - Hikvision (sz002415) with a weight of 7.97%, latest price at 29.99, and a market cap of 274.855 billion yuan [1] - Wuliangye Yibin (sz000858) with a weight of 7.71%, latest price at 118.51, and a market cap of 460.009 billion yuan [1] - Luzhou Laojiao (sz000568) with a weight of 6.59%, latest price at 133.59, and a market cap of 196.637 billion yuan [1] - XCMG Machinery (sz000425) with a weight of 5.75%, latest price at 10.30, and a market cap of 121.056 billion yuan [1] - Changan Automobile (sz000625) with a weight of 3.88%, latest price at 11.91, and a market cap of 118.077 billion yuan [1] - Shenwan Hongyuan (sz000166) with a weight of 3.84%, latest price at 5.14, and a market cap of 128.705 billion yuan [1] - Yunnan Aluminum (sz000807) with a weight of 3.81%, latest price at 23.54, and a market cap of 81.636 billion yuan [1] - Yanghe Brewery (sz002304) with a weight of 3.37%, latest price at 65.71, and a market cap of 68.686 billion yuan [1] - Tongling Nonferrous Metals (sz000630) with a weight of 3.18%, latest price at 6.67, and a market cap of 66.913 billion yuan [1] Capital Flow Summary - The net inflow of main funds into the index constituents totaled 425 million yuan, while retail funds saw a net outflow of 319 million yuan [3] - Key stocks with significant capital flow include: - China National Materials Technology with a net inflow of 210 million yuan from main funds [3] - Luzhou Laojiao with a net inflow of 91.542 million yuan from main funds [3] - Tongling Nonferrous Metals with a net inflow of 60.685 million yuan from main funds [3]

Core Viewpoint - Shenwan Hongyuan Securities Co., Ltd. successfully issued its sixth tranche of corporate bonds aimed at professional investors, raising a total of RMB 4.5 billion [1] Group 1: Bond Issuance Details - The total issuance size of the bonds is RMB 4.5 billion, divided into two varieties [1] - Variety one has an issuance size of RMB 2.7 billion, with a maturity of 2 years and a coupon rate of 1.81% [1] - Variety two has an issuance size of RMB 1.8 billion, with a maturity of 30 months and a coupon rate of 1.85% [1] Group 2: Listing Information - The bonds are expected to be listed and traded on the Shenzhen Stock Exchange after registration is completed [1]

Core Viewpoint - Shenwan Hongyuan Securities has received approval from the China Securities Regulatory Commission to publicly issue corporate bonds totaling up to RMB 20 billion to professional investors [1] Group 1: Bond Issuance Details - The company successfully completed the issuance of its sixth phase of corporate bonds on November 24, 2025, with a total issuance scale of RMB 4.5 billion [1] - The bonds are divided into two varieties: the first variety has an issuance scale of RMB 2.7 billion with a 2-year term and a coupon rate of 1.81%, while the second variety has an issuance scale of RMB 1.8 billion with a 30-month term and a coupon rate of 1.85% [1] - The bonds are set to be listed and traded on the Shenzhen Stock Exchange after registration is completed [1]

Core Viewpoint - Shenwan Hongyuan Securities has received approval from the China Securities Regulatory Commission to publicly issue corporate bonds totaling up to RMB 20 billion to professional investors [1] Group 1: Bond Issuance Details - The company successfully completed the issuance of its sixth phase of corporate bonds on November 24, 2025, with a total issuance scale of RMB 4.5 billion [1] - The bonds are divided into two varieties: the first variety has an issuance scale of RMB 2.7 billion with a 2-year term and a coupon rate of 1.81%, while the second variety has an issuance scale of RMB 1.8 billion with a 30-month term and a coupon rate of 1.85% [1] - The bonds are set to be listed and traded on the Shenzhen Stock Exchange after registration is completed [1]

承董事會命 申萬宏源集團股份有限公司 董事長 劉健 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 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公司債券（第六期）發行結果的公告》，僅供參閱。 北京，2025年11月25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。 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〔2025〕1570 号），公司所属 ...

二〇二五年十一月二十五日 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〔2025〕1570 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 2025 年 8 月 5 日在《中国证券报》《证券时报》《上海证券报》和 巨潮资讯网 www.cninfo.com.cn 上刊登的公告） 2025 年 11 月 24 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（第六期）（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 45 亿元，分两个品种，其中品种一 发行规模人民币 27 亿元，期限 2 年，票面利率 1.81%；品种二发行 规模人民币 18 亿元，期限 30 个月，票面利率为 1.85%。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2025-100 申 万 宏 源 ...

Core Viewpoint - The bull market is far from over, supported by solid fundamentals, particularly in the technology sector, which is undergoing significant changes [1] Group 1: Artificial Intelligence and Market Dynamics - The development of artificial intelligence (AI) is crucial regardless of whether there is a bubble, as it is tied to major power competition [1] - China has a comparative advantage in the application phase of AI, and the emergence of successful applications may take time but is inevitable [1] - Concerns about an AI bubble may not reflect the true market situation, as structural highlights in China's AI industry are already evident [1] Group 2: Foreign Investment and Market Sentiment - Foreign investment in China is expected to increase by 2026, with a shift in focus towards technology sectors, particularly in AI, reflecting a change in perception [2] - The current level of foreign investment in China remains historically low, but an influx could lead to systemic changes in leading companies in the Hong Kong and A-share markets [2] - By mid-next year, improvements in fixed asset growth, PPI recovery, and real estate fundamentals are anticipated to boost market confidence in a fundamental bull market [2] Group 3: Currency and Global Economic Trends - The long-term outlook for the Chinese yuan is stable with potential appreciation against the US dollar, although the dollar remains strong due to its competition with other developed currencies [2] - The rise of China relative to the US is an undeniable trend, and the future may see the dollar sharing its monetary authority with other currencies [2] - Gold is expected to play a significant role in the restructured global monetary order, with clear long-term investment value despite potential short-term volatility [2]

Core Viewpoint - Shenwan Hongyuan Securities Co., Ltd. received a warning letter from the Shanghai Securities Regulatory Bureau due to two violations in its private asset management business, including failure to timely disclose significant matters and inadequate post-investment inspections [1][2]. Group 1: Violations - The company failed to disclose significant matters that could affect investors' interests within five days of their occurrence, violating the Private Asset Management Business Management Measures [1][2]. - The company did not conduct post-investment inspections as required by its internal policies, indicating a lack of due diligence and caution in its private asset management operations [2]. Group 2: Regulatory Framework - The Private Asset Management Business Management Measures stipulate that securities firms must adhere to principles of voluntary, fair, and honest conduct, prioritizing client interests and maintaining investor rights [4]. - The measures also require timely and accurate disclosure of asset management plan information, ensuring that investors can access relevant information as per the asset management contract [5]. Group 3: Company Background - Shenwan Hongyuan Securities was established on January 16, 2015, following the merger of Shenwan Guojin Securities and Hongyuan Securities, and has since been involved in various securities-related activities [3]. - Shenwan Hongyuan Asset Management Co., Ltd., a wholly-owned subsidiary of Shenwan Hongyuan, was established on December 20, 2022, to manage private asset management businesses [4].

Group 1 - The core viewpoint emphasizes the necessity of pursuing artificial intelligence regardless of potential bubbles, as it is tied to major power competition [2][26] - The article suggests that while AI stocks in the US may experience significant volatility, a collapse of the AI bubble in the US stock market is unlikely given the current interest rate environment and liquidity conditions [31][30] - The long-term value of gold as an asset is highlighted, with a caution about its phase volatility, especially when leveraged funds amplify fluctuations [2][108] Group 2 - The discussion on the real estate market indicates a "dark before dawn" sentiment, similar to the stock market outlook for the first half of 2024 [2][66] - The article notes that the long-term trend for the RMB is stable with a slight upward bias against the USD, but the USD index remains strong as long as the US economy outperforms other developed nations [2][107] - The analysis of the capital market suggests that the current bull market is far from over, with structural opportunities emerging, particularly in the technology sector [5][6][72] Group 3 - The article discusses the importance of structural solutions to address market issues, emphasizing that all problems are fundamentally structural and should be approached with appropriate methods [9][19] - It highlights the significant changes in the technology sector, particularly the emergence of DeepSeek, which underscores China's technological capabilities and the role of the private sector in innovation [21][23] - The article also points out that the current bull market is supported by solid fundamentals, with a gradual transition towards a comprehensive bull market as structural opportunities develop [40][43] Group 4 - The article addresses the need for a financial strong nation to have a capital market that effectively prices future industries and reduces equity risk premiums [86][92] - It suggests that high-dividend assets still have substantial absolute return potential, with current valuations being attractive compared to historical standards [95][96] - The discussion on the Hong Kong market emphasizes the importance of professional investment strategies for ordinary investors due to its higher volatility and information asymmetry [99]

Core Viewpoint - The company maintains a "buy" rating for Damai Entertainment (01060) due to high growth in its IP business and steady expansion in its performance business, indicating strong long-term value in the live entertainment sector [1] Performance Summary - For FY26H1 (ending September 30, 2025), the company reported revenue of 4.05 billion, a year-on-year increase of 33%; net profit attributable to shareholders was 520 million, up 54% [2] - Adjusted EBITDA was 550 million, reflecting a 14% year-on-year growth after excluding a one-time financial asset impairment reversal of 160 million from FY25H1 [2] IP Business Performance - Revenue from IP derivative business doubled year-on-year, with ToB licensing business showing significant growth and ToC starting to ramp up. FY26H1 revenue reached 1.16 billion, a 105% increase, with segment performance (gross profit minus allocated sales expenses) at 230 million, up 44% [3] - Profit margin decline was influenced by a one-time impact from the closure of Jinli Naku, while core Alibaba Fish business revenue grew over 100% with profits nearly doubling [3] - ToB licensing includes high-quality IPs such as Sanrio family, Gigi Kawa, and Pokémon, with new additions from Universal Pictures. Alibaba Fish plans to increase team investment and expand downstream partnerships [3] - Retail brand operations have opened several domestic flagship stores, with future plans for more experiential formats like restaurants and small indoor amusement parks [3] Performance Business - Core domestic concert categories showed steady growth, with revenue of 1.34 billion in FY26H1, a 14.5% increase, and segment performance at 750 million, up 4.7% [3] - Profit margin decline may be due to early internationalization efforts and lower margins in performance content investment [3] - Ticketing for core concert categories faced supply constraints, but overall GMV on the Damai platform remained stable, with a 17% increase in ticket buyers year-on-year. The company provided one-stop solutions for over 2,500 performances, a 19% increase [3] - Revenue from live entertainment content grew by 50%, with participation in major concerts and events, extending upstream in the industry [3] - The company is also expanding internationally, with increasing performances by overseas artists in China and growing demand from domestic audiences for cross-border events, starting with Southeast Asia and Japan/Korea [3] Film and Television Content Business - The film segment reported revenue of 1.06 billion in FY26H1, with segment performance at 95 million. The company is adjusting its film investment strategy to focus on lower-risk, high-quality content, with the summer release "Chasing the Wind" exceeding return expectations [4] - The series production segment generated revenue of 480 million, with profits of 40 million [4] Management Efficiency - Management efficiency has improved, with a notable reduction in investment risks from the previous year. The management expense ratio decreased to 16.5% in FY26H1, down 3.1 percentage points year-on-year [5]