一、 应科技自强之所需，助力新质生产力高质量发展 当"高水平科技自立自强"成为时代命题，固定收益融资团队践行"创新共识"文 化引领，以开放心态拥抱变革，持续提升专业服务能力，将助力新质生产力发展的 庄严承诺写进每一次业务攻坚。 2025年5月7日，随着中国人民银行与中国证监会联合发布的公告，债券市 场"科技板"正式落地。这既是政策东风，更是竞速信号。固融总部当即决定：全力 冲刺全市场首批证券公司科创债。总部迅速集结骨干力量，一场与时间的赛跑随即 打响。然而，信心满满的开局很快遭遇"肠梗阻"：符合监管要求、匹配"硬科技"导 向的优质项目储备严重不足。"募集资金投向"——这个决定科创债能否获批的核心 关键点，成了最大难题。"科创企业轻资产、周期长，但资金必须精准滴灌到实 处。"工作组牵头人在深夜的研讨会上一锤定音。"多渠道筛查模式"随即启动。他们 将股权直投、债券承销、基金合作等业务线的储备项目全盘梳理，对照监管审核思 路逐一校验。连续一周，会议室的灯光常常亮至凌晨，从半导体材料到人工智能研 发，从生物医药攻关到新能源技术转化，每一个潜在投向都经过反复论证。 专业敬业终成破局利器。工作组不仅筛选出一批聚焦前沿科技 ...

二、应乡村全面振兴之所需，助力推进美丽中国建设 申万宏源固定收益融资总部 在中国债券历史上，申万宏源（000166）固定收益融资总部发行了中国首只民企债、首只市场化银行次 级债，并在盐业、电力、兵团等诸多行业发行首单债券。进入新时代，部门员工常以"中国式现代化需 要怎样的金融路径""究竟能为实体经济做些什么"自勉自省。历经十余年探索，团队上下一心，凝聚 起"金融强国 战必有我"的强大合力，以中国特色金融文化"五要五不"为定盘星，以公司"有信仰，敢担 当，守正创新，追求卓越"的文化理念为导航图，尽"业务所能"服务"国之所需"，把践行国家战略、服 务实体经济，做好金融"五篇大文章"的激情挥洒在广袤的大地上。公司债券业务排名从20名，一路爬坡 过坎跃升至2025年行业第7，稳居第一梯队。科技、绿色、"一带一路"债券更是领跑全行业。为此，荣 获"上海市模范集体"称号。 一、应科技自强之所需，助力新质生产力高质量发展 当"高水平科技自立自强"成为时代命题，固定收益融资团队践行"创新共识"文化引领，以开放心态拥抱 变革，持续提升专业服务能力，将助力新质生产力发展的庄严承诺写进每一次业务攻坚。 2025年5月7日，随着中国 ...

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]

Group 1: Open Market Operations - The central bank conducted a 7-day reverse repurchase operation on May 12, with a fixed rate and quantity tendering, amounting to 43 billion yuan at an interest rate of 1.40%, resulting in a net injection of 43 billion yuan for the day [1]. Group 2: Funding Conditions - Overnight and 7-day pledged repo rates for deposit-taking institutions have decreased, with the former dropping over 7 basis points and the latter over 4 basis points. The latest overnight financing rate in the U.S. stands at 4.29% [4]. Group 3: Interbank Certificates of Deposit - The latest transaction for one-year interbank certificates of deposit in the secondary market is around 1.67%, showing little change from the previous day [6]. Group 4: Bond Yield Rates - The yield rates for major interbank bonds are as follows: - 1Y government bonds at 1.42% - 2Y government bonds at 1.435% - 3Y government bonds at 1.46% - 7Y government bonds at 1.515% - 10Y government bonds at 1.679% [11]. Group 5: Recent City Investment Bonds - The trends and data for AAA-rated city investment bonds across various maturities have been analyzed, indicating the current market conditions [12]. Group 6: Government Bond Futures - The closing data for government bond futures has been reported, reflecting the current market dynamics [13]. Group 7: International Trade Relations - The joint statement from the U.S.-China Geneva economic and trade talks indicates that both sides will take measures to modify tariffs on each other's goods, with a temporary suspension of certain tariffs [16]. - China's commitment to multilateralism and free trade was reiterated by Vice Premier He Lifeng during a meeting with the WTO Director-General, emphasizing the importance of dialogue within the WTO framework [16]. Group 8: Bond Market Events - The Ministry of Finance plans to issue 100 billion yuan of book-entry interest-bearing government bonds, while Industrial and Commercial Bank of China announces the issuance of 20 billion yuan in technology innovation bonds [20]. - Recent negative events in the bond market include downgrades in implied ratings for several companies [21].