Core Viewpoint - The article highlights the launch of the third ETF live trading competition by Shenwan Hongyuan Securities, aimed at enhancing investors' skills and knowledge in ETF investments amidst favorable market conditions in 2024 [2][5]. Group 1: Event Background - The competition is set against the backdrop of policy benefits in the capital market for 2024, with ETFs being a significant choice for investors due to their risk diversification and convenience [1][2]. Group 2: Competition Highlights - The competition features five major highlights, including professional ETF services from a well-established brokerage, support for all on-market ETF varieties (excluding money market ETFs), and a one-stop educational platform for investors [5][7]. - Interactive activities are included, allowing participants to earn rewards, with the potential to receive up to 6.66 yuan in red envelopes [8]. - The competition is designed with dual tracks, catering to different investment styles, and includes awards such as the "Biweekly Expert Award" and "Live Trading Winner Award" [8]. Group 3: Educational Support - A dedicated educational section is established to help ETF investors quickly enhance their knowledge through various modules, including expert market discussions and instructional videos [7]. - Professional investment advisors will provide weekly insights and market analysis to support participants in their trading decisions [8].

"财务造假"风险警示典型案例解读 ran 欺诈发行必被查 损害投资者权益受严罚 前 序 根据国务院金融稳定发展委员会第二 十六次会议精神,为进一步加强投资者保 护,坚决维护良好的市场环境,更好发挥 资本市场服务实体经济和投资者功能,在 中国证监会投资者保护局指导下,上海证 券交易所系统梳理近年来发行人、中介机 构因造假、欺诈等恶劣行为侵害投资者利 益的行政处罚典型案例,通过风险警示案 例解读,引导投资者看清财务造假的真实 面貌,提高财务信息识别能力,自觉远离 可能存在的造假、欺诈行为,切实维护自 身合法权益。 JY公司成立于1999年,是一家从事广播电视器 材研发和销售的公司,于2009年登陆资本市场。近 年,因云平台的增值业务,JY公司被市场贴上了类 似"电视游戏第一股"等各种标签。与此同时,在 上市后,公司也借助"文化游戏产业链"、"泛家庭 互联网生态圈"等概念进行宣传。 "文化游戏产业链" 泛家庭互联网生态圈 却不想,为了符合发行上市条件,JY公司通 过虚构客户、虚构业务、伪造合同、虚构回款等 方式虚增收入和利润,骗取首次公开发行(即IPO) 核准。 我要上市! 仅2008年和2009年的1至6月间,J ...

Core Viewpoint - Shenwan Hongyuan is transforming its wealth management as a core engine, shifting from traditional brokerage to a "customer demand-driven" comprehensive service model [1][2][3] Summary by Sections Wealth Management Transformation - Shenwan Hongyuan aims for a "three-dimensional transformation" focusing on increasing the number of effective retail clients, high-net-worth clients, and monthly active users of its app [4][5] - The company identifies three major pain points in wealth management and explores unique paths to address them, providing new ideas for the industry to overcome homogenization challenges [1][4] Strategic Initiatives - The company has developed four strategic initiatives to support its wealth management transformation, emphasizing collaboration and top-level design [6][7] - Key strategies include enhancing internal resource collaboration, optimizing personnel and business capabilities, and leveraging financial technology [6][7] Transformation Tactics - **Internal Resource Collaboration**: Shenwan Hongyuan integrates its research, investment, investment banking, and wealth management services to create a comprehensive service system [7] - **Long-termism**: The company adopts a "slow is fast" approach, focusing on long-term value creation rather than short-term profit chasing [8] - **Precise Customer Service**: The company employs a multi-dimensional customer segmentation strategy to tailor services to different client needs [9][10] Investor Education and Protection - Investor education has been incorporated into the company's development strategy, with quantifiable metrics and numerous educational activities benefiting small and medium investors [12][13] Core Competencies - The wealth management core capabilities are defined by a model of "channel strength, service strength, product strength, and digital strength," creating a complete logic loop for client engagement [14][15] Branch Function Redefinition - The company redefines the role of its branches from traditional transaction channels to client-centered advisory services, focusing on asset allocation and comprehensive financial services [19][20] Digital Empowerment - Shenwan Hongyuan is building a digital platform that covers the entire wealth management process, enhancing service efficiency and client experience through technology [21][22] ETF Business Development - The company emphasizes the growth of its ETF business, aligning with market demands and client services through ecosystem development and investor education [23] Conclusion - Shenwan Hongyuan's wealth management transformation addresses industry challenges by reconstructing profit models, enhancing customer service, and accelerating digital transformation, ultimately focusing on long-term client relationships and value creation [24][25]

Group 1 - The A-share market closed above the 3500-point mark, indicating a continued recovery in market risk appetite, with the Shanghai Composite Index breaking the high point from November 8, 2024 [1][3] - The recent market uptrend is a response to the U.S. adjusting tariff rates for 14 countries, suggesting that the market has become desensitized to tariff impacts and has formed sufficient expectations regarding these changes [1] - Key support factors for the ongoing rise in A-shares include the sustained low interest rate environment and the potential for early interest rate cuts by the Federal Reserve [1] Group 2 - The outlook for July suggests that the A-share market may continue to experience event-driven thematic trading, with a high likelihood of sector rotation between high and low-performing segments [2] - The focus on expanding domestic demand and consumption is a key task for 2025, with expectations for policy support in the consumer sector, particularly in areas like dairy products, IP consumption, leisure tourism, and medical aesthetics [2] - The trend of robot localization and integration into daily life is expected to continue into 2025, with opportunities arising in sensor, controller, and robotic hand sectors as products evolve from humanoid to functional robots [2] Group 3 - The market saw over 2900 stocks rise, with significant gains in sectors such as real estate, oil and petrochemicals, steel, non-bank financials, and coal, while sectors like automotive, media, military, electronics, and utilities faced declines [3] - The military industry is anticipated to see a rebound in orders by 2025, with signs of recovery already evident in Q1 reports across various military sub-sectors [2] - The innovative drug sector is expected to reach a turning point in fundamentals by 2025, following a period of adjustment, with positive net profit growth observed for three consecutive quarters since Q3 2024 [2]

近日，由申万宏源担任联席主承销商的 "中国水利水电第十四工程局有限公司 2025 年度第一期中期票据"成功发行， 发行人主体评级为 AA+,本期债券发行期限3+N 年 期，发行规模 10.00 亿元，票面利率 2.12 % ，创 2025年至今银行间市场同评级 同期限永续中票最低发行利率 。 中国水利水电第十四工程局有限公司（简称水电十四局或公司）成立于 1954年5 月10日，是国务院国资委直属中央企业、世界500强中国电力建设集团（股份）有限 公司的控股骨干子企业 ，主要负责国内及国际领域的能源工程建设及基础设施建设业 务。在行业内，被誉为 "地下铁军""水电劲旅""抽蓄王牌" 。 本期债券发行工作为申万宏源与发行人的首次合作，取得了发行人的高度认可， 为深化合作奠定了基础，是申万宏源助力云南资本市场复苏、深耕央企优质客户的重 要成果。未来，申万宏源将继续深化与发行人的合作，以优质的专业能力和高效的沟 通协作，进一步扩展与客户的合作广度与深度，主动融入和服务国家重大战略 。 免责声明 本内容最终解释权归申万宏源证券有限公司所有。 ...

Core Viewpoint - Many investors misunderstand the transaction cost calculation rules of the Hong Kong Stock Connect due to the exchange rate conversion between RMB and HKD, leading to the belief that transaction costs are excessively high. The article clarifies that the actual transaction costs are approximately 1.1‰, primarily consisting of broker commissions, currency exchange costs, and taxes [2][7]. Transaction Costs Breakdown - The transaction costs for Hong Kong Stock Connect are mainly categorized into broker commissions, currency exchange costs, and taxes. The article focuses on the tax fees collected by exchanges and clearing companies, which total approximately 1.1‰ [2][4]. - Investors trading stocks through the Hong Kong Stock Connect must pay taxes according to Hong Kong market regulations, including transaction taxes, settlement and clearing service fees, and custody and corporate action service fees [4]. Tax Fee Details - The tax fees include: - Stamp Duty: Charged by the Hong Kong Stamp Duty Office at 0.1% of the transaction amount (rounded to the nearest dollar, with amounts less than 1 HKD charged as 1 HKD) [4]. - Transaction Levy: Charged by the Financial Services and the Treasury Bureau at 0.00285% of the transaction amount (rounded to two decimal places) [4]. - Trading Fee: Charged by the Hong Kong Stock Exchange at 0.00565% of the transaction amount (rounded to two decimal places) [4]. - Share Transfer Fee: Charged by Hong Kong Clearing at 0.0042% of the transaction amount [4]. Example Calculation - An example is provided where an investor buys 10,000 shares at HKD 100 each, resulting in a total transaction value of HKD 1,000,000. The tax fees calculated are: - Stamp Duty: HKD 1,000 - Transaction Levy: HKD 28.5 - Trading Fee: HKD 56.5 - Share Transfer Fee: HKD 42 - Total: HKD 1,127 [6]. Securities Portfolio Fee - The Securities Portfolio Fee is charged based on the market value of the held Hong Kong stocks, with different rates applied depending on the value brackets. For example, for a market value of up to HKD 50 billion, the annual fee rate is 0.008% [6]. Comparison with A-shares - The article highlights that the main difference in tax fees between A-shares and Hong Kong Stock Connect is that A-shares have a single-sided stamp duty of 0.5% paid by the seller, while Hong Kong Stock Connect requires a double-sided stamp duty payment [7].

Core Viewpoint - The article discusses the recovery of A-shares due to the end of tariff shocks and the return of low interest rates and risk appetite, emphasizing the importance of timing and style rotation in investment strategies [2]. Investment Philosophy - The investment philosophy centers on "value stock selection, technical timing, and prioritizing capital safety," focusing on steady investments and capturing opportunities during market corrections [5]. - The advisor emphasizes the importance of timing in investments, advocating for a right-side trading approach that allows for better investor experience [6]. Valuation and Safety Margin - Valuation assessment combines both art and science, relying on financial data and industry trends while also considering market conditions [7]. - Key indicators for judging valuation include historical comparisons, industry benchmarks, and dynamic PE ratios, with a cautious approach to maintaining a safety margin [8]. Stock Selection Strategy - The advisor prefers a bottom-up stock selection strategy, focusing on individual company fundamentals rather than macroeconomic trends [9]. - A good company is defined by reasonable valuation, consistent profit growth exceeding 20%, significant competitive advantages, and strong cash flow [10]. Financial Statement Analysis - Financial statements are crucial for assessing a company's operational status and identifying potential risks, requiring a thorough understanding of historical data [11][12].

Core Viewpoint - The article highlights the launch of the third ETF live trading competition by Shenwan Hongyuan Securities, aimed at enhancing investors' skills and knowledge in ETF investments amidst favorable market conditions in 2024 [2][5]. Group 1: Event Background - The competition is set to take place from June 18 to September 5, 2024, with a focus on leveraging policy benefits in the capital market [1][2]. - The event aims to provide a professional platform for both novice and experienced investors to learn and share strategies, ultimately aiming to capitalize on market opportunities [2]. Group 2: Competition Highlights - Shenwan Hongyuan Securities, as a long-established comprehensive brokerage firm, offers extensive support for all on-market ETF products (excluding money market ETFs), enabling investors to seize various market opportunities [5]. - A dedicated educational section is included in the competition, featuring modules like "Market Insights," "Competition Education Videos," and "ETF Financial Classes" to help investors quickly enhance their knowledge [7]. - The competition includes interactive activities with rewards, where participants can earn up to 6.66 yuan in red envelopes, encouraging engagement and learning [8]. - Two award categories, "Biweekly Expert Award" and "Live Trading Winner Award," are designed to cater to different investment styles, allowing participants to showcase their skills [8]. - Professional investment advisors will provide weekly market insights and analysis, supporting participants in their trading decisions [8].

本内容最终解释权归申万宏源证券有限公司所有。 免责 声 明 ...

①申万宏源证券正在将自身的发展融入国家叙事，将坚持和加强党的领导、服务中国式现代化 大局放在首要位置； ②张剑说，公司将充分发挥"产研+投资+投行""行研+机构+交易""财富+产品+投顾"等综合优 势； ③他谈到，公司正深化"一个申万宏源"发展理念。 ● 随着我国资本市场改革不断深入，证券行业面临着巨大的机遇和挑战。财联社特别开设走进 券商深度访谈系列，通过对证券公司的观察，全面展现证券业的新样貌、新打法、新思路，进 一步促进行业交流。深度访谈系列邀约申万宏源证券，在与公司董事长、总经理，以及五大业 务部门负责人的对话中深入理解公司与行业发展趋势。 财联社7月7日讯（记者 林坚） 对许多证券公司来说，2025年是具有重大意义的一年，不乏庆祝 成立30周年、25周年、10周年等特殊时点，这对于申万宏源证券更是如此。 2025年是申万宏源证券创业40年。10年前的2015年，作为我国证券行业规模最大的一桩市场化并 购案，公司以新面目备受注目。站在40周年的新起点，公司过往有哪些经验可借鉴？整体战略规划 能带来哪些启示？这是财联社走进申万宏源深度访谈的目的所在。 接受财联社访谈之际，申万宏源证券总经理张剑首先总结了 ...