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 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（第四期）在深圳證券交易所上市的公告》，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 北京，2025年9月26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。 证券代码：000166 证券简称：申万宏源 公告编号：临2025-78 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（第四期）在深圳证券交易所上市的公告 本公告乃由申萬宏 ...

证券代码：000166 证券简称：申万宏源 公告编号：临2025-78 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（第四期）在深圳证券交易所上市的公告 二〇二五年九月二十六日 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。 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（第四期）（以下简称"本期债券"）发行工作于 2025 年 9 月 18 日结束，本期债券发行规模人民币 69 亿元，分两个品种，其 中品种一发行规模人民币 44 亿元，期限 371 天，票面利率 1.76%； 品种二发行规模人民币 25 亿元，期限 2 年，票面利率 1.91%。（相关 情况请详见公司于 2025 年 9 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.cninfo.com.cn 上刊登的公告） 经深圳证券交易所审核，本期债券定于2025年9月25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，品种一债券 简称"25 申证07"，债 ...

申万宏源集团股份有限公司董事会 二〇二五年九月二十六日 证券代码：000166 证券简称：申万宏源 公告编号：临2025-79 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（第五期）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〔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 9 月 25 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（第五期）（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 15 亿元，期限 384 天，票面 ...

本期债券兑付日为2025年9月26日，摘牌日为2025年9月26日，申 万宏源证券有限公司已按照《申万宏源证券有限公司2025年面向专业 投资者非公开发行短期公司债券（第二期）募集说明书》相关约定， 完成本期债券本息兑付并予以摘牌。 证券代码：000166 证券简称：申万宏源 公告编号：临2025-80 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 年面向专业投资者非公开 发行短期公司债券（第二期）（品种一）本息兑付 并摘牌的公告 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。 公司所属子公司申万宏源证券有限公司于 2025 年 7 月 28 日发行 申万宏源证券有限公司 2025 年面向专业投资者非公开发行短期公司 债券（第二期）（品种一）（以下简称"本期债券"），发行规模人 民币 15 亿元，期限 60 天，票面利率 1.60%。相关情况请详见公司于 2025 年 7 月 30 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） 特此公告。 申万宏源集团股份有 ...

Core Viewpoint - The Congolese government's export ban on cobalt is significantly impacting global supply, leading to a projected 34% decrease in effective global cobalt supply by 2025, from 282,000 tons to 185,000 tons [1][2] Supply Impact - Cobalt imports to China from June to August 2025 have shown a continuous decline, with volumes of 19,000 tons, 13,800 tons, and 5,200 tons, reflecting month-on-month decreases of -61.62%, -27.26%, and -62.05% respectively [1][2] - The ongoing export ban, which began on February 22, 2025, has created significant disruptions in cobalt supply, with the possibility of further extensions to the ban [1][2] Demand Outlook - The demand for cobalt is expected to grow steadily, particularly in the battery sector, despite weaker demand for ternary batteries. Emerging applications in drones and consumer electronics are anticipated to provide additional demand [2] - Under a neutral scenario, cobalt demand is projected to increase by 5.06% to 210,900 tons by 2025, supported by long-term growth in new sectors such as low-altitude economy and robotics [2] Price Trends - Cobalt prices have risen from a historical low of 159,000 yuan/ton to 277,000 yuan/ton since the export restrictions were implemented [3] - Short-term supply disruptions are expected to continue, leading to further price increases, while the Congolese government's firm stance on supply control suggests strong long-term price support [3] Investment Opportunities - Companies in the cobalt sector with profit elasticity include Huayou Cobalt (603799.SH), Tengyuan Cobalt (301219.SZ), Luoyang Molybdenum (603993.SH), Liqin Resources (02245), and Hanrui Cobalt (300618.SZ) [4]

Core Viewpoint - The global small nucleic acid drug market is experiencing significant growth, with a projected increase from $4.6 billion in 2023 to $46.7 billion by 2033, driven by technological advancements and increased clinical approvals [1][2]. Market Growth - The global small nucleic acid drug market size grew from $2.7 billion in 2019 to $4.6 billion in 2023, reflecting a compound annual growth rate (CAGR) of 14.3% [2]. - The market is expected to accelerate growth starting in 2023, with a projected CAGR of 26.1% until it reaches $46.7 billion by 2033 [1][2]. Technological Advancements - Small nucleic acid drugs are becoming more mature, offering significant advantages over traditional small molecule and antibody drugs, including shorter development cycles, a wider range of targets, lasting effects, and higher success rates [1][3]. - These drugs act directly on the mRNA level, targeting "undruggable" targets that traditional drugs cannot reach, providing new treatment options for many difficult-to-treat diseases [1]. Shift in Focus - The trend is shifting from rare diseases to chronic and common diseases, with small nucleic acid drugs expanding into areas such as hyperlipidemia, hepatitis B, and hypertension [2][3]. - Currently, there are 22 approved small nucleic acid drugs globally, primarily focused on rare diseases, but recent data indicates a move towards more prevalent conditions [2]. Domestic Market Dynamics - Domestic innovative pharmaceutical companies are accelerating their entry into the small nucleic acid drug market, focusing on chronic diseases rather than following the traditional model of starting with rare diseases [3]. - Key therapeutic areas for domestic companies include cardiovascular diseases, hepatitis B, and cancer [3]. Investment Opportunities - Companies with proprietary technology platforms and advantageous pipelines are recommended for investment, including Reebio, Sanofi, Bowang Pharmaceutical, Yuyuan Pharmaceutical, CSPC Pharmaceutical, Tsinghua Tongfang, and Hengrui Medicine [4]. - Notable overseas companies include Alnylam, Ionis, and Arrowhead [4].

Core Viewpoint - Shanghai Zhida Technology Development Co., Ltd. (Zhida Technology) is preparing for an IPO on the Hong Kong Stock Exchange, aiming to leverage its position as the largest global supplier of home electric vehicle charging solutions [1][2]. Business Overview - Founded in 2010, Zhida Technology specializes in smart home electric vehicle charging solutions, offering a "three-in-one" solution comprising products, services, and a digital platform [1]. - The company has provided smart home electric vehicle charging stations or services to seven of the top ten mainstream automotive manufacturers in China and has expanded its presence to 22 countries, establishing a strong foothold in Thailand and Brazil [2]. Market Position - Zhida Technology holds a global market share of approximately 9.0% in home electric vehicle charging stations, with a market share of about 13.6% in China. It ranks fourth globally by sales revenue with a market share of 5.7% and is the leading player in China with a market share of 10.3% [3]. - As of March 31, 2025, the company has established the largest installation and after-sales service network for electric vehicle charging stations in China, covering over 360 cities [3]. Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first three months of 2025 were RMB 697 million, RMB 671 million, RMB 593 million, and RMB 217 million, respectively. The corresponding net losses were RMB 25.15 million, RMB 58.12 million, RMB 235.90 million, and RMB 17.08 million [11][12]. Shareholder Structure - The pre-IPO shareholder structure shows Dr. Huang Zhiming as the largest shareholder with a direct stake of 27.99%, controlling a total of 47.70% of the voting rights through various entities [5][6]. Management Team - The board of directors consists of five members, including two executive directors: Dr. Huang Zhiming (Chairman and CEO) and Mr. Li Xinrui (Senior Vice President), along with three independent non-executive directors [8].

人民财讯9月26日电，企查查APP显示，近日，福州申万智联股权投资合伙企业（有限合伙）成立，经 营范围包含：以私募基金从事股权投资、投资管理、资产管理等活动。企查查股权穿透显示，该企业由 申万宏源（000166）旗下申银万国投资有限公司、福州新区产业发展基金有限公司共同出资。 ...

Core Viewpoint - The article provides an overview of the holiday market closure schedule and introduces strategies for participating in government bond reverse repos during the National Day and Mid-Autumn Festival holidays in 2025 [5][11][14]. Market Closure Schedule - The A-shares market will be closed from October 1 (Wednesday) to October 8 (Wednesday) for the National Day and Mid-Autumn Festival, resuming normal trading on October 9 (Thursday) [5]. - The Hong Kong Stock Connect will also be unavailable from October 1 to October 8, with services resuming on October 9 [5]. Government Bond Reverse Repo Overview - Government bond reverse repos are essentially short-term loans where individuals lend their funds to earn fixed interest, with government bonds used as collateral by the borrower [9]. - The safety and yield of government bond reverse repos are considered equivalent to government bonds, making them a good option for managing idle funds, especially before holidays [9][13]. Participation Strategies - Investors can participate in government bond reverse repos with a minimum investment of 1,000 yuan, with various term options available [13]. - It is advisable to consider higher-yielding options when the interest days are the same across different products [13]. - For maximizing holiday earnings, investors should execute one-day reverse repos two trading days before the market closure [13]. Specific Participation Dates and Terms - The article outlines specific participation dates and corresponding interest days for various term options leading up to the holiday [11][14]. - For example, a 7-day term starting on September 23 will have a total of 15 interest days, while a 1-day term on September 29 will have 9 interest days [11][14]. Product Introduction - The article introduces "Baolixin/Baoliyuan," which is a quote-based repurchase business involving the use of self-owned assets as collateral for financing, with returns paid to investors upon maturity [15].

智通财经APP获悉，申万宏源发布研报称，从作用机制来看，小核酸药物直接作用于mRNA层面，能够 靶向传统药物难以触及的"不可成药"靶点，为许多难治性疾病提供了全新的治疗思路。在技术持续进 步、上市批准及临床验证不断增加的推动下，预计全球小核酸药物市场将加速增长，从2023年起以 26.1%的复合年增长率在2033年达到467亿美元。目前国内多款自研产品正处于临床一二期，建议关注 后续临床数据的读出以及潜在的海外授权。 目前全球小核酸药物共获批22款(其中3款已退市)，主要集中在脊髓性肌萎缩症(SMA)、杜氏肌营养不良 (DMD)、转甲状腺素蛋白淀粉样变(ATTR)等罕见病领域，近几年随着小核酸药物在高血脂、乙肝、高 血压等领域的数据读出，小核酸药从罕见病领域向慢性病、常见病跨越的趋势已经展现，市场有望加速 扩容。根据沙利文报告数据，全球小核酸药物市场规模从2019年的27亿美元增长到2023年的46亿美元， 复合年增长率为14.3%。在技术持续进步、上市批准及临床验证不断增加的推动下，预计全球小核酸药 物市场将加速增长，从2023年起以26.1%的复合年增长率在2033年达到467亿美元。 国内企业加速抢占蓝 ...