申万宏源发布研报称，考虑可灵AI的持续发展以及快手基本面仍然维持稳健增长，利润率持续提升， 调整盈利预测，维持快手-W(01024)"买入"评级。该行看好公司主业稳健，可灵AI有大量清洗和标注的 视频数据、内部工程师文化并重视AI。快手25Q2实现营业收入350.46亿元，同比增长13.1%，经调整净 利润56.18亿元，同比增长20.1%，对应利润率16.0%，创单季度经调整净利润率新高，超出市场预期。 快手宣派上市以来的首次特别股息，每股派息0.46港元，合共约20亿港元。 申万宏源主要观点如下： 25Q2快手流量稳健增长，或受益于OneRec端到端推荐系统 25Q2，快手DAU(平均日活跃用户)达到4.09亿，同比增长3.4%，创历史新高，MAU(平均月活跃用 户)7.15亿同比增长3.3%，用户粘性57.2%。25Q2，快手的日活跃用户日均使用时长126.8分钟，用户总 使用时长同比增长7.5%，流量端在高位保持稳健增长，主要得益于公司高质量的用户增长策略、流量 分配机制的优化、社区互动氛围提升和差异化的内容运营策略。快手推出的OneRec端到端生成式推荐 大模型也有助于提升用户时长和留存率。 商业化 ...

Group 1 - The management intends to apply for public fund management qualifications from the China Securities Regulatory Commission, and upon obtaining this qualification, the management will register the current collective plan as a public fund according to relevant regulatory requirements [1] - The management fee rate will be restored to 0.90% per year after certain conditions are met, and investors are advised to pay attention to future announcements regarding this matter [2]

在产品落地方面，公司打造多元产品矩阵。To B端产品包括AI一体机系列、AI台灯系列等，已在南京 德基广场等多个标杆项目落地；To C端产品如AI情感陪伴舱系列等，可接入自研或通用大模型，满足 家庭用户多种场景需求。2025年上半年，该战略成效初显，产品商业化进程加速，如与香港科晫集团签 署1500台AI一体机批量交付协议，旗下子公司与广东华辉煌光电签订AI智能灯具联合开发及供货框架 协议，华辉煌未来将采购100万台AI智能硬件及解决方案。未来，公司将深化该战略，拓展海外市场并 推动技术与业务融合。 9月8日，深圳市洲明科技股份有限公司在公司会议室接待了申万宏源、沐德资产管理等16家机构的调 研。参与此次调研的上市公司接待人员为总裁办总经理廖广南与投资者关系经理钟林静，投资者活动关 系类别为特定对象调研与现场参观。 洲明科技"LED+AI"业务进展显著 洲明科技将"LED+AI"业务提升至集团战略高度，全力构建智能化场景生态体系。在技术研发层面，公 司自主研发基于华为鸿蒙的AI SOC系统，还与浙江大学智慧绿洲联合成立"浙江大学长三角智慧绿洲— 洲明科技中华优秀传统文化大模型联合研究院"，并自研垂类细分领域模 ...

Group 1 - The core viewpoint of the news is that Suzhou Bank is experiencing positive growth in loan and deposit balances, indicating a strong operational performance and a focus on customer needs through product innovation [1][2]. Group 2 - As of mid-2025, Suzhou Bank's total loan balance reached 363.497 billion yuan, an increase of 30.139 billion yuan, representing a growth rate of 9.04% compared to the beginning of the year [1]. - The total deposit balance stood at 462.752 billion yuan, with an increase of 45.787 billion yuan, reflecting a growth rate of 10.98% [1]. - The average interest rate on deposits improved to 1.80%, a 29 basis points enhancement from the previous year, showcasing effective cost optimization [1]. Group 3 - The bank's provision coverage ratio was reported at 437.91% as of mid-2025, indicating strong risk mitigation capabilities [2]. - Suzhou Bank plans to maintain a stable provision coverage ratio throughout the year, adhering to prudent provisioning principles [2].

经深圳证券交易所审核，本期债券定于2025年9月5日起在深圳证券交易所挂牌转让，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D9"，债券代码为"134469";品种二债券简称"25申 D10"，债 券代码为"134470"。 智通财经APP讯，申万宏源(06806)发布公告，公司所属子公司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(第五期)(以下简称"本期债券")发行工作于2025年8月29日完成，本期债券 发行规模人民币36亿元，分两个品种，其中品种一发行规模人民币10亿元，期限181天，票面利率 1.71%;品种二发行规模人民币26亿元，期限243天，票面利率1.75%。 ...

经深圳证券交易所审核，本期债券定于2025年9月5日起在深圳证券交易所挂牌转让，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D9"，债券代码为"134469";品种二债券简称"25申 D10"，债 券代码为"134470"。 智通财经APP讯，申万宏源(06806)发布公告，公司所属子公司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(第五期)(以下简称"本期债券")发行工作于2025年8月29日完成，本期债券 发行规模人民币36亿元，分两个品种，其中品种一发行规模人民币10亿元，期限181天，票面利率 1.71%;品种二发行规模人民币26亿元，期限243天，票面利率1.75%。 ...

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年面向專業投資者非公開發行短期公司債券（第五期）在深圳證券交易所掛牌轉讓 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 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。 公司所属子公司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（第五期）（以下简称"本期债券"）发行工 作于 2025 年 8 月 29 日完成，本期债券发行规模人民币 36 亿元，分 两个品种，其中品种一发行规模人民币 10 亿元，期限 181 天，票面 利率 1.71%；品种二发行规模人民币 26 亿元，期限 24 ...

公司所属子公司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（第五期）（以下简称"本期债券"）发行工 作于 2025 年 8 月 29 日完成，本期债券发行规模人民币 36 亿元，分 两个品种，其中品种一发行规模人民币 10 亿元，期限 181 天，票面 利率 1.71%；品种二发行规模人民币 26 亿元，期限 243 天，票面利 率 1.75%。（相关情况请详见公司于 2025 年 9 月 2 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5日起在深圳证 券交易所挂牌转让，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D9"，债券代码为"134469"；品种二债券简称"25申 D10"，债券代码为"134470"。 证券代码：000166 证券简称：申万宏源 公告编号：临2025-73 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（第五期）在深圳证券交易所 挂牌转让的公告 本公 ...

Group 1 - The core viewpoint of the article highlights the weakening U.S. employment data, which has led to an increase in expectations for interest rate cuts by the Federal Reserve [2][54][62] - The S&P 500 index rose by 0.3%, while the Hang Seng Index increased by 1.4% during the week [2][3] - The U.S. 10-year Treasury yield fell by 13.0 basis points to 4.1%, and the dollar index decreased by 0.1% to 97.74 [2][3] Group 2 - The article notes that the U.S. added only 22,000 jobs in August, significantly below the expected 75,000, with the unemployment rate rising to 4.3% [62][73] - The ADP reported an increase of 54,000 jobs in August, also below the expected 68,000 [62] - Job openings in July were reported at 7.181 million, lower than the expected 7.382 million, indicating a weakening demand in the labor market [62] Group 3 - The article discusses the performance of various sectors, with communication services, consumer discretionary, and healthcare sectors showing increases of 5.1%, 1.6%, and 0.3% respectively in the S&P 500 [7] - In the Hang Seng Index, healthcare, materials, and consumer discretionary sectors rose by 7.1%, 6.6%, and 3.6% respectively [10] - Conversely, energy, financials, and utilities sectors in the S&P 500 saw declines of 3.5%, 1.7%, and 1.1% respectively [7] Group 4 - The article highlights that the market is now shifting from rate cut expectations to recession trading due to the disappointing employment data [72] - The Federal Reserve's expectation for a 50 basis point rate cut in September has increased following the weak employment figures [54][62] - The article emphasizes the importance of upcoming CPI data and the potential for further adjustments in employment figures [54][62]

Group 1 - Recent adjustments in the sovereign debt markets of Europe and Japan have led to a global financial market risk-off sentiment, driven by political instability and rising expectations for fiscal easing [2][3][33] - The rise in long-term bond yields is primarily attributed to the rebound in inflation and the increase in medium- to long-term inflation expectations, with core CPI in major Western economies returning to the "3 era" [2][3][42] - The European Central Bank (ECB) and the Bank of Japan (BOJ) are marginally tightening their monetary policies, contributing to the rise in bond yields, while the Federal Reserve is still in a rate-cutting phase [3][53] Group 2 - The U.S. monetary market is undergoing a "stress test" due to the Federal Reserve's balance sheet reduction, the rebuilding of the Treasury General Account (TGA), and seasonal tax payments, raising concerns about a potential repeat of the 2019 repo crisis [4][58][61] - The liquidity environment in the U.S. monetary market is somewhat similar to that of September 2019, but the risk of a repeat crisis is considered manageable due to the gradual nature of the Fed's balance sheet reduction and the overall liquidity remaining ample [4][65][69] Group 3 - The risk of a "Treasury tantrum" in the U.S. is currently deemed controllable, with several factors supporting stability in the bond market, including the passage of the "Big and Beautiful Act" and improved fiscal conditions [4][78][79] - Long-term U.S. Treasury yields are expected to trend upward, driven by rising term premiums and a return to a "fiscal dominance" paradigm, with the frequency of simultaneous declines in stocks, bonds, and currencies likely to increase [5][83][84]