Group 1 - The core viewpoint of the article emphasizes that 2026 marks the beginning of a new phase of high-quality development for China's economy and capital markets, as stated by Liu Jian, Chairman of Shenwan Hongyuan Securities [1] Group 2 - A new factor system is expected to activate new engines for economic growth, shifting from reliance on investment and exports to new drivers such as knowledge, technology, data, computing power, and talent [3] - The future growth of China's economy will be driven by new factor dynamics, opening up new investment opportunities in the capital market [3] Group 3 - The new institutional framework aims to reshape the capital market's structure, emphasizing the combination of an effective market and a proactive government [3] - The direct financing scale in China has been expanding, with direct financing accounting for over 30% of the total, and the bond market exceeding 190 trillion yuan, while the stock market's market value has surpassed 100 trillion yuan [3] - The securitization rate has improved to nearly 80%, and the Shanghai and Shenzhen stock exchanges have maintained a leading position in global financing scale [3] Group 4 - A new service system is being developed to adapt to changes in the economic landscape, with Shenwan Hongyuan Securities innovating its service framework to encompass a full business chain, tool system, and lifecycle approach [4]

Core Viewpoint - The 2026 Capital Market Investment Annual Conference emphasizes the transition of China's economy and capital markets towards high-quality development, driven by new factors such as knowledge, technology, and data, which will create new investment opportunities in the capital market [1][2][4]. Group 1: New Element System Activating Economic Growth - China's economic growth is shifting from traditional investment and export-driven models to new drivers represented by knowledge, technology, data, computing power, and talent [2]. - The R&D expenditure in China is projected to exceed 3.6 trillion yuan in 2024, with a GDP ratio of approximately 2.69%, surpassing Japan and South Korea in scale [4]. - The digital economy's added value is expected to reach 59.6 trillion yuan in 2024, accounting for over 43% of GDP, reflecting an increase of about 8 percentage points over the past five years [5]. Group 2: Restructuring Capital Market New Pattern - The "15th Five-Year Plan" emphasizes the combination of an effective market and a proactive government, enhancing the role of the capital market in resource allocation [6]. - Direct financing in China has expanded, with its proportion exceeding 30%, and the bond market's scale surpassing 190 trillion yuan, while the stock market's market capitalization has exceeded 100 trillion yuan [6][7]. - The capital market's reform aims to improve inclusivity and adaptability, with significant achievements in supporting innovative enterprises through various financing products [7]. Group 3: New Service System Opening Investment Tool Space - The company is innovating its service system to adapt to changes in the economic landscape, focusing on comprehensive capital services that include risk investment, IPOs, mergers and acquisitions, and ESG consulting [9]. - Investment services are being enhanced to meet diverse asset allocation needs, with a focus on providing a rich array of products for different risk preferences [9]. - The trading service system is being developed to support liquidity through capital intermediary transactions and innovative products like carbon finance [9].

Core Viewpoint - The successful issuance of the "CITIC Baixin Bank Co., Ltd. 2025 Special Financial Bonds for Small and Micro Enterprises" marks a significant milestone in the digital banking sector, showcasing the bank's commitment to supporting small and micro enterprises through innovative financial solutions [2][3]. Group 1: Bond Issuance Details - The bond issuance has a scale of 2 billion yuan, a term of 3 years, and a coupon rate of 1.98%, setting a historical low for internet commercial banks [2]. - This bond is the first financial bond issued by an internet commercial bank specifically for small and micro enterprises, highlighting a breakthrough in the digital inclusive finance sector [2]. Group 2: Bank Overview - CITIC Baixin Bank, established in 2017, is the first state-controlled digital bank in China, initiated by CITIC Bank and Baidu, and serves as a testing ground for the digital transformation of the banking industry [2]. - The bank focuses on a diversified business model driven by financial technology, with consumer finance as its core, digital financial services for industries as a secondary growth curve, and non-loan businesses as potential areas for expansion [2]. Group 3: Financial Performance - As of June 2025, CITIC Baixin Bank's total assets reached 119.516 billion yuan, and the net profit for the first half of 2025 was 472 million yuan, indicating continuous improvement in operational efficiency [2]. Group 4: Purpose of Fundraising - The funds raised from this bond will be specifically used to provide loans to small and micro enterprises, aligning with national policies aimed at enhancing financial services for these businesses [3]. - The bank's digital products, such as the "Entrepreneur Guarantee Loan," effectively address the financing challenges faced by small and micro enterprises, with the inclusive small and micro loan scale reaching 9.1 billion yuan by the end of 2024, a significant increase of 45% year-on-year [3]. Group 5: Role of Shenwan Hongyuan Securities - Shenwan Hongyuan Securities played a crucial role in the successful issuance of the bond by leveraging its professional expertise and executing the project efficiently [3]. - The successful issuance expands Shenwan Hongyuan's experience in underwriting bonds for internet banks and lays a solid foundation for further development in the financial bond market [3].

（文章来源：每日经济新闻） 申万宏源表示，军贸有望开启供需共振大格局：随着全球地缘政治不确定性增加，全球军贸需求不断扩 大，国际军贸市场发生新的格局变化。而随着产品迭代加快且体系能力强化，我国产品性能和供给能力 获得高度认可，中国潜在需求明显扩大，中东、亚洲等市场订单催化不断，所以预计我国军贸的需求与 供给将会持续强烈共振，从而造就中国军贸未来大格局。 军工ETF（512660）跟踪的是中证军工指数（399967），该指数从沪深市场中选取涉及航空、航天、船 舶、兵器及军事电子等领域的上市公司证券作为指数样本，以反映中国军工行业上市公司证券的整体表 现。指数成分股呈现中小盘风格，主要聚焦于航空装备与军工电子行业。 ...

Core Viewpoint - Shenwan Hongyuan (000166)(06806) announced the issuance of short-term corporate bonds by its subsidiary Shenwan Hongyuan Securities Co., Ltd. for professional investors, indicating a strategic move to raise capital [1] Group 1: Bond Issuance Details - The company issued the third phase of short-term corporate bonds with a total scale of RMB 3 billion [1] - The bonds have a coupon rate of 1.93% and a maturity period of 365 days [1] - The bond code is 524010, and the bond abbreviation is 24 Shen Zheng D6 [1] Group 2: Redemption and Listing Information - The redemption date for the bonds is set for November 14, 2025 [1] - The bonds will be delisted on the same date, November 14, 2025 [1] - The company has completed the principal and interest payment for this bond issuance as per the relevant agreements in the offering memorandum [1]

Core Viewpoint - Shenwan Hongyuan Securities Co., Ltd. issued a short-term corporate bond aimed at professional investors, with a total issuance size of RMB 3 billion and a coupon rate of 1.93% [1] Group 1: Bond Issuance Details - The bond issuance took place on November 14, 2024, with a maturity period of 365 days [1] - The bond code is 524010, and it is referred to as "24 Shen Zheng D6" [1] - The repayment date for the bond is set for November 14, 2025, and it will be delisted on the same date [1] Group 2: Compliance and Reporting - The company has completed the repayment of both principal and interest for this bond issuance as per the terms outlined in the bond prospectus [1] - Relevant announcements regarding this bond issuance were published in major financial newspapers and on the official website [1]

Core Viewpoint - Shenwan Hongyuan (06806) announced the issuance of short-term corporate bonds aimed at professional investors, indicating a strategic move to raise capital in the current market environment [1] Group 1: Bond Issuance Details - The company’s subsidiary, Shenwan Hongyuan Securities Co., Ltd., will issue short-term corporate bonds (Phase 3, Type 2) on November 14, 2024, with a total issuance scale of RMB 3 billion [1] - The bonds will have a coupon rate of 1.93% and a maturity period of 365 days, with the bond code being 524010 and the bond abbreviation as "24 Shen Zheng D6" [1] - The repayment date for this bond is set for November 14, 2025, and the bonds will be delisted on the same date [1] Group 2: Compliance and Documentation - The issuance has been completed in accordance with the relevant provisions outlined in the "Shenwan Hongyuan Securities Co., Ltd. 2024 Public Offering of Short-term Corporate Bonds (Phase 3) Prospectus" [1] - The company has successfully fulfilled the principal and interest repayment obligations for this bond issuance [1]

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2024年面向專業投資者公開發行短期公司債券（第三期）（品種二）本息兌付並摘牌的公 告》，僅供參閱。 承董事會命 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2025-98 申 万 宏 源 集 团 股 份 有 限 公 司 关于申万宏源证券有限公司 2024 年面向专业投资者公开 发行短期公司债 ...

本期债券兑付日为2025年11月14日，摘牌日为2025年11月14日， 申万宏源证券有限公司已按照《申万宏源证券有限公司2024年面向专 业投资者公开发行短期公司债券（第三期）募集说明书》相关约定， 完成本期债券本息兑付并予以摘牌。 特此公告。 申万宏源集团股份有限公司董事会 证券代码：000166 证券简称：申万宏源 公告编号：临2025-98 申 万 宏 源 集 团 股 份 有 限 公 司 关于申万宏源证券有限公司 2024 年面向专业投资者公开 发行短期公司债券（第三期）（品种二）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 2024 年 11 月 14 日发 行申万宏源证券有限公司 2024 年面向专业投资者公开发行短期公司 债券（第三期）（品种二）（以下简称"本期债券"），发行规模人 民币 30 亿元，票面利率 1.93%，期限 365 天，债券代码 524010，债 券简称 24 申证 D6。（相关情况请详见公司于 2024 年 11 月 16 日在 《中国证券报》《证券时报》《上海 ...

Core Viewpoint - Nanwang Technology (301355.SZ) reported significant growth in revenue for the first three quarters of 2025, but faced a substantial decline in net profit, indicating potential challenges in profitability despite increased sales [1][2]. Financial Performance - The company achieved operating revenue of 1.305 billion yuan, representing a year-on-year increase of 79.40% [1][2]. - Net profit attributable to shareholders was 7.858 million yuan, down 79.40% year-on-year [1][2]. - The net profit after deducting non-recurring gains and losses was 5.864 million yuan, reflecting an 80.73% decrease compared to the previous year [1][2]. - The net cash flow from operating activities was 85.797 million yuan, showing a growth of 9.60% year-on-year [1][2]. Initial Public Offering (IPO) Details - Nanwang Technology was listed on the Shenzhen Stock Exchange's ChiNext board on June 12, 2023, with an issuance of 48.78 million shares, accounting for 25.00% of the total share capital post-issuance [2]. - The IPO price was set at 17.55 yuan per share, and the total funds raised amounted to approximately 856.09 million yuan, with a net amount of 773.81 million yuan after deducting issuance costs [3]. - The company planned to use the raised funds for the construction of a green and environmentally friendly paper product smart factory and for paper product packaging production and sales projects [3].