Core Viewpoint - The article emphasizes the importance of investor engagement and communication between listed companies and investors, highlighting the "I am a shareholder" initiative aimed at enhancing investor awareness and understanding of company value [1][3]. Group 1: Event Overview - The "I am a shareholder" event for 2025 focuses on "serving investors and sharing high quality," featuring Anhui Yingjia Distillery Co., Ltd. (603198.SH) as the highlighted company [1]. - The event was guided by the Shanghai Stock Exchange and organized by Shenwan Hongyuan Securities, attracting 184 institutional and individual investors who engaged in discussions with the company's management [3][12]. Group 2: Company Insights - Anhui Yingjia Distillery is recognized as a leading enterprise in China's ecological liquor sector, with significant achievements in ecological liquor research and production technology [4][7]. - The company has developed a market layout centered around its "Yingjia Dongcang" series of mid-to-high-end liquors and the Yingjia Master Edition as a high-end flagship product [4][7]. - The distillery's production process enhances efficiency and product consistency, ensuring the unique quality characteristics of Yingjia liquor [5]. Group 3: Management Perspective - The company's vice president emphasized the interdependent relationship between listed companies and investors, committing to continuous value creation and quality development in response to investor trust [7]. - Yingjia Distillery aims to leverage opportunities from the upgrading and optimization of the liquor industry, focusing on enhancing product quality and brand value [7]. Group 4: Industry Context - The event included discussions on macroeconomic trends, industry competition, and the company's competitive advantages, highlighting the importance of active participation from listed companies in capital market development [8][10]. - The company has been recognized for its ecological practices and has received various accolades, including being listed as a national geographical indication protection product and a "Chinese Time-honored Brand" [13].

未来，申万宏源证券将持续深化与各大金融机构的合作，不断探索创新业务模式，提升服务水 平，为我国科技创新企业发展和经济高质量发展贡献更多力量。 来源：申万宏源证券FICC 5月23日，申万宏源证券与兴业银行成功开展首批上交所科技创新债券借贷交易。 申万宏源证券深耕债券借贷业务10年，交易规模屡创新高，存续规模位居同业头部。此次开展 科创债债券借贷交易，能有效提升科技创新债券的流动性，拓宽科创债投资者资产运用范围和业务 体系，进而降低科创企业的融资成本，助力科创企业获得更多资金支持，促进科技创新成果转化。 ...

Group 1 - A-shares experienced a significant rebound on Thursday, ending a period of low trading volume, driven by news of a U.S. court ruling that suspended the implementation of new tariffs announced by the Trump administration [1][3] - The market sentiment improved notably due to the court's decision, leading to a rise in U.S. stock index futures and a general increase in Asia-Pacific markets [1][3] - The future direction of tariff-related events remains uncertain, with potential implications for market performance depending on whether the Trump administration will appeal the ruling and how ongoing tariffs will be managed [1] Group 2 - June is expected to continue being driven by event-based thematic trading, with low-position sectors such as consumption and pharmaceuticals showing promise, alongside well-adjusted technology growth sectors [2] - The focus on expanding domestic consumption is a key task for 2025, with expectations for policy support to boost sectors like dairy products, IP consumption, leisure tourism, and medical aesthetics [2] - The trend towards domestic production of robotics is anticipated to grow, with opportunities arising in sensor, controller, and dexterous hand sectors as robots become more integrated into daily life [2] - The semiconductor industry is expected to continue its domestic production trend, with attention on semiconductor equipment, wafer manufacturing, materials, and IC design [2] - The military industry is projected to see a rebound in orders by 2025, with signs of recovery already visible in various sub-sectors [2] - The innovative pharmaceutical sector is entering a recovery phase after nearly four years of adjustment, with positive net profit growth expected to continue into 2025 [2]

Core Viewpoint - The article emphasizes the benefits and strategies of participating in government bond reverse repos, particularly during the upcoming Dragon Boat Festival holiday, highlighting the potential for fixed interest income with low risk [3][11]. Summary by Sections Government Bond Reverse Repo Overview - Government bond reverse repo is essentially a short-term loan where individuals lend their funds to earn fixed interest, with government bonds used as collateral by the borrower [3]. - The safety of government bond reverse repos is considered equivalent to that of government bonds, making it an attractive option for idle funds [3]. Interest Calculation Days - The interest calculation days are based on the actual days the funds are occupied, from the initial settlement date to the maturity settlement date [4]. Dragon Boat Festival Reverse Repo Strategy - A detailed table outlines the participation dates, product terms, available fund dates, withdrawal dates, and interest calculation days for various reverse repo options during the Dragon Boat Festival [5][10]. - For example, a 4-day term starting on May 26 will have funds available on June 3, with a total of 7 days of interest [5]. Participation Pathways - Investors can participate in government bond reverse repos through the Shenwan Hongyuan Shen Cai You Dao APP by navigating to the reverse repo section [6]. Tips for Participation - The minimum investment for government bond reverse repos starts at 1,000 yuan, with various term options available for selection [8]. - It is advisable to execute a 1-day reverse repo transaction two days before the market closure to earn holiday interest without affecting other account operations [8]. Introduction to Baolixin/Baoliyuan - Baolixin/Baoliyuan represents a quote repo business on the Shenzhen Stock Exchange, where Shenwan Hongyuan Securities uses its own assets as collateral to borrow funds from qualified investors, returning the principal and interest upon maturity [11].

Core Viewpoint - The article discusses the current state of the A-share market and emphasizes the importance of understanding investment styles and strategies for both novice and experienced investors [2]. Investment Philosophy - Investors with clear investment goals are more likely to align with the investment philosophy presented, which includes growth-oriented investments for long-term appreciation and value investments for capital preservation [8]. - It is crucial for new investors to understand their risk tolerance and enhance their professional knowledge, as the stock market is characterized by high volatility and risk [9]. - The principle of "never lose money" is highlighted as a fundamental investment philosophy, emphasizing risk control as the top priority [10]. Timing and Valuation - The article addresses the challenges of market timing, suggesting strategies like pyramid trading, grid trading, and dollar-cost averaging to navigate market fluctuations [11]. - Valuation analysis is deemed essential for determining a stock's investment value, with comparisons made across historical valuations, industry peers, and market stages [12]. Stock Selection Logic - The article provides insights on common investor challenges, such as selling stocks that subsequently rise, emphasizing the importance of realizing profits and maintaining a clear mindset [14]. - A combination of top-down and bottom-up analysis is recommended for stock selection, focusing on market respect and technical patterns alongside fundamental analysis [15]. - When faced with significant declines in held stocks, a model analysis is suggested to determine whether to add to positions or cut losses based on market conditions [16]. Industry Preferences - The article indicates a preference for industries that show growth potential, specifically highlighting automotive parts, artificial intelligence, and electronic components as sectors of interest for the current year [17]. - A "good company" is defined as one with strong growth prospects, stable growth capabilities, and industry leadership, with a focus on stocks expected to rise in the short term [18]. Financial Reporting Importance - Financial reports are considered crucial, with key metrics such as Return on Equity (ROE), net profit, and debt ratio emphasized as essential for investors to understand [19].

营业部会持续做好投教工作，以实际行动助力投资者树立理性投资、价值投资和长期投资的理 念，提升金融素养和知识储备，为构建和谐、稳定的资本市场添砖加瓦。希望上海对外经贸大学的 同学们以"插入岩石中的钢钉姿态" ， "任尔东西南北风，我自巍然不动" ，相信以大家的"星星之火"终 能成燎原之势，在每个人的心中打下捍卫国家安全，人人有责的思想根基。 营业部聚焦非法推荐股票期货基金、非法转让新三板股票、假冒仿冒证券期货基金经营机构及从 业人员、场外配资、非法发行股票、非法经营期货业务、非法期货交易、境外机构非法提供跨境证 券交易服务、以私募基金名义违法展业、非法集资、金融领域非法中介等领域，结合非法证券期货 基金活动类型和特征，大力宣传揭露非法活动的手法和危害。提醒大学生们要小心非法荐股套路。 尤其是对近期公众互联网上频繁出现打着 "内幕消息" "专家推荐" 的旗号，诱导购买股票并收取费用 的现象，此类行为不仅扰乱市场秩序，更让缺乏经验的大学生成为 "待割韭菜" ，对此要保持警惕。 正规投资咨询机构都有从业资质，可通过监管部门网站核实。并科普反洗钱风险，切实提升青年群 体提升自己的风险识别能力和防范风险的能力。 同时提醒 ...

Core Viewpoint - Recently, Shanghai Stock Exchange announced the results of the 2024 annual member investor education and protection work evaluation, where Shenwan Hongyuan Securities won seven awards, highlighting its leading position in promoting investor education and protecting investor rights [2] Group 1: Achievements in Investor Education - Shenwan Hongyuan Securities received awards such as "Special Award for Investor Education in Colleges" and "Special Award for Member Cooperation in Investor Education Activities," showcasing its commitment to integrating investor education into national education [2] - The company has established a regular cooperation mechanism with over a hundred universities, including Fudan University and Shanghai Jiao Tong University, to bring systematic and professional financial knowledge to campuses [2] Group 2: Activities and Initiatives - In the "I Am a Shareholder" initiative, the company organized visits for investors to listed companies across more than ten provinces and cities, including Shanghai and Shenzhen, to encourage small and medium investors to actively exercise their rights [2] - The "Member Cooperation Investor Education Activities" involved collaboration with exchanges and communities, focusing on themes like "serving investors for shared high quality," conducting online lectures and community presentations, reaching over ten thousand participants [2] Group 3: Future Plans - Shenwan Hongyuan Securities aims to continue providing more professional and considerate educational services to investors, contributing to the high-quality development of the capital market [2]

2025年5月9日，由申万宏源证券担任主承销商的"中国工商银行股份有限公司 2025年科技创新债券（第一期）（债券通）"成功发行，本期债券发行规模200亿元， 期限3年，票面利率1.65%，为市场首批金融类科技创新债券，创商业银行金融债最低 票面利率，同类产品单期规模之最。 近年来，工商银行作为全球资产规模最大的商业银行，始终走在金融支持科技创新 的前沿，在服务高水平科技自立自强上发挥国有大行的主力军作用，深入贯彻国家科技 创新重大战略部署，积极践行"科技金融"大文章。 随着本次债市"科技板"政策落地，申万宏源证券积极响应，助力工商银行率先落地 科技创新债券。本期债券的成功发行，有助于增强发行人在科技创新领域的金融服务能 力，推动赋能科技创新企业高质量发展。本期债券的成功发行，彰显了申万宏源证券凭 借专业高效的精品投行服务，立足国家科技创新战略，持续完善覆盖全要素、全周期、 全生态的科技金融服务模式，为新质生产力的系统培育注入创新金融解决方案的能力和 智慧。 免责 声 明 2025年5月7日，中国人民银行、中国证监会联合发布《关于支持发行科技创新债 券有关事宜的公告》。工商银行高效响应，于5月9日率先落地首批 ...

Core Viewpoint - The article emphasizes the importance of financial education for university students, particularly in the context of preventing illegal investment activities and enhancing financial literacy among the youth [2][4]. Group 1: Financial Education Initiatives - The investment department organized a "financial education into universities" event at Shanghai University of International Business and Economics, engaging nearly 200 students in a financial literacy program [2]. - The initiative aims to integrate financial knowledge into the national education system, thereby improving the financial literacy and risk awareness of young people [2][5]. Group 2: Awareness of Illegal Activities - The department focuses on raising awareness about various illegal financial activities, including fraudulent stock recommendations, illegal fund transfers, and unauthorized trading services [4]. - Students are cautioned against schemes that promise insider information or expert recommendations, which often target inexperienced investors and can lead to financial losses [4]. Group 3: Risk Prevention and Personal Security - The article highlights the importance of verifying the legitimacy of investment consulting firms through regulatory websites and emphasizes the need for students to protect their personal information online [4]. - Students are encouraged to remain vigilant against suspicious investment offers and to consult regulatory bodies or their university when encountering potential scams [4]. Group 4: Long-term Investment Philosophy - The investment department commits to promoting rational, value-based, and long-term investment philosophies among students, contributing to a stable capital market [5]. - The article concludes with a call for students to adopt a proactive mindset in safeguarding national security and personal financial well-being [6].

再创佳绩 热烈祝贺 申万宏源证券荣获上海证券交易所 2024年度会员投资者教育和保护工作评选 投资者保护优秀实践案例 《天哪,我被ETF包围了》 快速调查优秀营业部 申万宏源证券北京安定路证券营业部 近期，上海证券交易所公布了2024年度会员投资者教育和保护工作评选结果，申万宏 源证券凭借在投资者教育领域的创新实践与突出贡献，一举斩获七项大奖，其中包 括"投资者教育进高校专项奖""会员合作投教活动专项奖""'我是股东'活动专项奖" 等 重要奖项。这一系列荣誉不仅彰显了公司在推动投教工作纳入国民教育、强化投资者 权益保护方面的行业标杆地位，更体现了其在构建多层次投教体系、助力资本市场健 康发展中的积极作为。 在推动投教工作纳入国民教育方面，申万宏源证券通过 "引进来""走出去" 的校企 合作模式，与复旦大学、新疆大学、上海交通大学等百所高校建立常态化合作机 制，将系统、专业的金融知识带进校园。"我是股东" 活动通过组织投资者实地走访 上海、江西、北京、深圳等十余省市的上市公司，引导中小投资者积极行权，有效 提升市场参与感；"会员合作投教活动"则依托与交易所、社区的协同联动，紧扣 "服务投资者共享高质量" 主题， ...