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 [3]. Interest Calculation Days - The interest calculation days are based on the actual days the funds are occupied, from the first settlement date to the maturity settlement date [4]. Dragon Boat Festival Reverse Repo Strategy - A detailed table outlines participation dates, product terms, available fund dates, withdrawal dates, and interest calculation days for various terms leading up to and following 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 trading 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 holiday to earn 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 successful issuance of Syngenta Group's 2025 second phase of technology innovation bonds, amounting to 5 billion yuan with a coupon rate of 2.12%, reflects the company's strong appeal in the capital market and investor recognition of its long-term value [1][2]. Group 1: Bond Issuance Details - The bond issuance scale is 50 billion yuan, with a maturity of 3+N years, indicating a strategic alignment with the long-term nature of agricultural technology research and development [1][2]. - The issuance optimizes Syngenta Group's debt structure, providing a stable funding guarantee for its high-quality long-term development [2]. Group 2: Investor Confidence and Market Position - The enthusiastic subscription from investors demonstrates confidence in Syngenta Group's long-term operational capabilities and its leading position in the global agricultural industry [2]. - The bond issuance highlights the capital market's high attention to the value potential of the agricultural technology sector [2]. Group 3: Alignment with National Policies - The bond issuance aligns with national policies aimed at strengthening strategic technological capabilities, supporting agricultural modernization, and promoting sustainable development [3]. - Syngenta Group's comprehensive industry chain layout, covering breeding, propagation, and promotion, positions it at the forefront of agricultural technology innovation [3]. Group 4: Role of the Underwriter - Shenwan Hongyuan, as the lead underwriter, played a crucial role in ensuring the successful issuance of the bonds, leveraging its professional advantages and resource integration capabilities [3]. - The company aims to continue exploring innovative financial service models and provide diversified financial solutions to support high-quality and sustainable development in the real economy [3].

Group 1 - The market is currently experiencing a phase of consolidation due to a lack of new, compelling, and sustainable hotspots for investment, leading to low trading volumes and a cautious atmosphere among investors [1] - There is a notable trend of rapid rotation among stocks, with certain sectors like jewelry showing significant gains after a period of consolidation, while sectors such as chemicals and aerospace have experienced pullbacks [1] - The outlook for the market remains uncertain as it approaches the Dragon Boat Festival holiday, with a focus on potential new variables that could disrupt the current balance between bulls and bears [1]

走进上海对外经贸大学 同时提醒同学们，在互联网时代，保护个人信息安全尤为重要。不要随意在不明网站或 APP 上 填写身份、银行卡等敏感信息，不要点击来路不明的投资链接，避免信息泄露被不法分子利用。希 望通过本次专项活动，同学们能牢记这些非法活动的手法与危害，不贪图小利，不轻易相信陌生人 的 "投资承诺" ，遇到可疑情况及时向监管部门或学校咨询，守护好自己的财产安全。 4月29日，申万宏源证券有限公司上海静安区北京西路证券营业部恪尽职守做好投资者服务工 作，为推动金融知识普及纳入国民教育体系，提升青年群体金融素养和风险防范意识，进一步加强 投资者保护的宣传力度，举办"投教进高校"专项活动，为上海对外经贸大学的学生们开展了5·15投 资者教育活动，现场氛围热烈，将近200名大学生参与本次活动。 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 ...

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*。 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》。申万宏源证券积极响应，助力中国工商银行于5月9日率先落地首批科技创新债券。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。本期债券的发行 将助力债券市场"科技板"和多层次债券市场建设，拓宽科技创新企业融资渠道，激发科技创新动力 和市场活力。 来源：申万宏源证券固收融资 申万宏源证券凭借专业高效的投行服务进一步夯实了与发行人的战略合作关系。 未来，申万 宏源将继续完善全链条金融赋能体系，加大对国家重大发展战略的贯彻落实，为打造新质生产力、 实现高水平科技自立自强提供澎湃的金融势能，扎实做好"五篇大文章"，践行金融央企使命担当。 *注：排名统计时间截至5月9日 ...

Group 1 - The core viewpoint of the article emphasizes the advantages of fund regular investment (定投) over one-time investments, highlighting its simplicity, time-saving nature, and risk diversification benefits, which attract many investors [1] Group 2 - The article discusses two types of regular investment methods: "ordinary regular investment" and "smart regular investment" [2] Group 3 - Ordinary regular investment allows clients to set up a fixed amount for periodic fund purchases, requiring attention to the frequency of investment (daily, weekly, monthly) and the investment amount based on personal financial capacity [3][4] Group 4 - Smart regular investment involves clients setting up periodic but variable fund purchases, utilizing rules to help determine reasonable investment amounts and avoid pitfalls, including strategies like cost price regular investment [5][6]

Core Viewpoint - A-shares show resilience amid external market adjustments, indicating a strengthening internal trend supported by recent monetary policy changes and trade negotiations [1][2]. Market Outlook - The current market has largely priced in the tariff events and the first phase of trade negotiations, with a need for additional catalysts to break through March highs [2]. - The extreme drop on April 7 was a one-time reaction to the "equal tariffs" event, and the market has since undergone substantial recovery [2]. - Future challenges to March highs will require new policies, trade negotiation progress, or significant economic indicators [2]. Hot Sectors - June is expected to be driven by event-based thematic trading, with focus on low-position sectors like consumption and pharmaceuticals, as well as adjusted technology growth [3]. - Key areas of interest include: 1. Consumption expansion and domestic demand as a priority for 2025, with expectations for policy support in sectors like dairy, IP consumption, leisure tourism, and medical aesthetics [3]. 2. The trend of robot localization and integration into daily life, with opportunities in sensors, controllers, and dexterous hands [3]. 3. The ongoing trend of semiconductor localization, focusing on semiconductor equipment, wafer manufacturing, materials, and IC design [3]. 4. The military industry is expected to see order recovery by 2025, with signs of bottoming out in various sub-sectors [3]. 5. Innovative drugs are entering a recovery phase after four years of adjustment, with positive net profit growth expected to continue into 2025 [3]. Market Review - A-shares experienced narrow fluctuations with reduced trading volume, while consumption and pharmaceuticals rebounded [4]. - The market showed overall weakness, with 31 primary sectors exhibiting mixed performance, led by textiles, pharmaceuticals, beauty care, environmental protection, and real estate [4].

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。 此次债券发行是申万宏源与济南能源的再度携手合作，发行全程的专业服务与高效 执行赢得了发行人的高度认可，为双方深化长期合作奠定了坚实基础。未来，申万宏源 将持续发挥自身专业优势，积极融入和服务国家重大战略，助力更多企业在国际资本市 场实现高质量发展。 2025年5月14日，申万宏源证券承揽承销，申万宏源证券（香港）有限公司作为联 席全球协调人，助力济南能源集团有限公司（以下简称"济南能源"）成功发行2.1亿美 元高级无抵押有担保绿色债券。本次债券发行备受全球投资者关注，簿记建档阶段订单 规模峰值近7亿美元，超额认购倍数达3.30倍，最终以4.994%的年化票面利率顺利定 价，期限14个月，刷新2025年以来同类中资地方国企美元债最低票息纪录。 济南能源作为济南市人民政府批准设立的市属一级国有独资大型能源企业，在济南 市供热领域市场占有率超95%，切实履行民生保障重要职能。近年来，济南能源持续深 化绿色转型实践，重点布局的光伏发电、充换电、节能改造等战略性项目，与《绿色融 资框架》形成有效协同。本次绿色债券发行是济南能源集团贯彻绿色发展战略的重要实 践， ...

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。 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日率先落地首批科技创新债券，助力 债券市场"科技板"和多层次债券市场建设，拓宽科技创新企业融资渠道，激发科技创新 动力和市场活力。 本期债券发行结果获得了发行人高度认可，进一步夯实了申万宏源证券与发行人的 良好合作关系，提升了公司在科技创新债券领域的影响力。未来，公司将继续完善全链 条金融赋能体系，加大对国家重大发展战略的贯彻落实，为打造新质生产力、实现高水 平科技自立自强提供澎湃的金融势能，扎实做好"五篇大文章"，践行金融央企使命担 当。 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。 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 ...

Core Viewpoint - The external environment has been disturbed, yet the domestic stock market shows strong resilience, with A-shares performing well despite global market adjustments triggered by U.S. tariff announcements and rising U.S. debt concerns [1][2]. Market Performance - The A-share market exhibited resilience with major indices showing slight fluctuations while individual stocks experienced significant gains [1][2]. - On the other hand, the Hong Kong market faced minor adjustments due to external influences [1][2]. Market Dynamics - The two markets experienced a divergence with shrinking trading volume, as the total trading volume was around 1 trillion yuan, a decrease from the previous Friday [1][2]. - The market saw more stocks rising than falling, with a notable number of stocks hitting the daily limit up, particularly in the TMT (Technology, Media, and Telecommunications) sector [1][2]. Investment Style - The investment style favored small and mid-cap stocks, which outperformed large-cap blue-chip stocks during this period [1][2]. Market Trends - The Shanghai Composite Index faced resistance in its rebound, entering a short-term adjustment phase after a month-long rally, influenced by pressure from this year's first-quarter market highs and last year's fourth-quarter trading volume [3]. - The index found support at the 60-day moving average, which will be crucial to monitor in the upcoming period [3].