Core Viewpoint - The article emphasizes the critical role of the securities industry in supporting the real economy and national strategies through innovative financial services, particularly in the context of the "Five Major Articles" of financial reform [2][4]. Group 1: Role of Securities Companies - Securities companies are seen as essential players in implementing financial support for the "Five Major Articles," focusing on serving the real economy as their fundamental purpose [2][4]. - Shenyin Wanguo Securities aims to bridge the gap between technology industries and capital markets, promoting a virtuous cycle of "technology-capital-industry" to provide precise financial support for modern industrial system construction [4]. Group 2: Comprehensive Financial Service Chain - The company is committed to creating a comprehensive financial service chain that supports the entire lifecycle of new productive forces, particularly in the technology finance sector [7]. - Key strategies include: - Enhancing multi-dimensional recognition of new productive forces through precise investment banking services and investment-driven business [7]. - Establishing a value management system to support the multi-dimensional enhancement of quality listed companies [7]. - Building a one-stop service system to facilitate multi-dimensional trading for enterprises [8]. Group 3: Achievements and Future Outlook - In 2024, the company achieved a bond and stock underwriting scale exceeding 930 billion yuan, with an investment balance of approximately 500 billion yuan, contributing significantly to the development of new productive forces and the real economy [8]. - Looking ahead, the company plans to deepen its understanding of technology finance, optimize business layout, enhance professional capabilities, and promote business transformation to empower high-level development in technology finance [10].

Core Viewpoint - The article emphasizes the role of Shenwan Hongyuan Securities in supporting the development of the real economy through technology finance, aligning with national strategies and enhancing financial services for high-quality economic growth [1][2]. Group 1: Company Strategy - Shenwan Hongyuan Securities aims to serve as a bridge between technology industries and capital markets, promoting a virtuous cycle of "technology-capital-industry" to provide precise financial support for modern industrial system construction [2][3]. - The company is committed to implementing the China Securities Regulatory Commission's major work deployment regarding financial support, focusing on key projects and national strategic initiatives [2][3]. Group 2: Financial Services Development - The company is developing a comprehensive financial service chain that addresses challenges in technology finance, including the understanding of disruptive technologies and the alignment of financial products with actual needs [3][4]. - Shenwan Hongyuan Securities is enhancing its investment banking services and investment business to improve the identification of new quality productivity, focusing on critical technologies and weak links in the industry [3][4]. Group 3: Value Management and Institutional Support - The company has introduced the "Shenwan Hongyuan Value Management Diamond Model" to support the multidimensional enhancement of quality listed companies, focusing on value creation and optimization [4]. - A one-stop service system is being established to facilitate multi-dimensional trading for enterprises, leveraging the company's research strengths and enhancing collaboration with various financial institutions [4][5]. Group 4: Achievements and Future Outlook - In 2024, the company achieved a bond and stock underwriting scale exceeding 930 billion yuan, with an investment balance of approximately 500 billion yuan, contributing significantly to the construction of a strong financial nation [5][6]. - Looking ahead, Shenwan Hongyuan Securities plans to deepen its understanding of technology finance, optimize its business layout, and enhance professional capabilities to support high-level development in technology finance [6].

Core Viewpoint - The company has achieved significant growth in its operating performance in the first half of 2025, with a consolidated revenue of 11.695 billion and a net profit of 4.284 billion, reflecting a year-on-year increase of 44.44% and 101.32% respectively [2] Group 1: Capital Market Development - The company remains optimistic about the development prospects of the Chinese capital market and actively supports its stability and expectations [4] - As one of the first financial institutions to participate in the central bank's swap facility, the company has been instrumental in maintaining market stability and providing liquidity support to various market segments [4][5] - The company is focused on internationalization and high-quality financial services to support the Belt and Road Initiative, assisting four companies in going public in Hong Kong and completing 114 overseas bond projects [4][5] Group 2: Investment Banking Performance - The company has successfully advanced quality investment banking projects, achieving a net income of 627 million from investment banking fees, a year-on-year increase of 49.12% [7] - The company ranks 7th in the industry for equity underwriting and 6th for bond underwriting, with historical highs in both categories [7][8] Group 3: Wealth Management Transformation - The company’s wealth management transformation is driven by customer needs, resulting in a 44.32% increase in net income from agency trading to 2.011 billion [10] - The number of retail clients has increased significantly, with over 10 million clients and a total of 4.77 trillion in client assets under custody [10] Group 4: Research and Innovation - The company has developed a comprehensive research system integrating investment, industry, and policy research, enhancing its professional and customized services [13] - The company has also seen growth in its FICC sales and trading business, maintaining a competitive edge and expanding its product offerings [14]

// 债市综述 // 1. 公开市场操作 央行 5 月 12 日以固定利率、数量招标方式开展了 430 亿元 7 天期逆回购操作，操作利率 1.40% ，投标量 430 亿元，中标量 430 亿元。 Wind 数 据显示，当日无逆回购到期，据此计算，单日净投放 430 亿元。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 存款类机构隔夜和七天质押式回购利率再度双降，前者下行超 7 个 bp ，后者下行超 4 个 bp 。 海外方面，最新美国隔夜融资担保利率为 4.29% 。 （IMM） （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） 3. 同业存单 全国和主要股份制银行一年期同业存单二级市场上最新成交在 1.67% 附近，较上日变化不大。 4. 银行间主要利率债收益率 （*数据来源：Wind-同业存单-发行结果） （*数据来源：Wind-成交统计BMW） | | 1Y | | 2Y | | 3Y | | SY | | 7Y | | 10Y | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | -- ...