以下文章来源于申万宏源发布 ，作者申万宏源证券 申万宏源文化卡通形象：申源宝 申万宏源发布 . 何以消烦暑 心静觅清风 申万宏源与您共赏万物葱茏 申万宏源证券官方发布 ...

牛牛市市氛氛围围显显现现，，上上证证站站稳稳33550000 22002255年年77月月1144日日--22002255年年77月月1188日日基基金金投投顾顾观观点点 02 债市方面，本周资金面较为均衡，债市表现分化，利率债小幅下跌，信用债小幅上涨，预计 纯债基金收益小幅收正。资金面上，本周恰逢税期考验流动性，但央行大量投放维持资金面 均衡格局。基本面上，二季度经济数据公布，结构分化明显，出口韧性较强，工业生产维持 高位，但地产跌幅扩大，投资端整体低于预期，整体看经济仍处弱复苏。债券供给方面，本 周超长特别国债发行小幅发飞，压制长债走势。 03 商品方面，COMEX黄金本周周度基本走平，宏观上看，美国经济数据超预期，压制黄金走 势，且鲍威尔解雇传言辟谣后，短期市场无避险情绪支撑，周度价格震荡收窄。 04 海外方面，本周全球风险资产多数上涨，美股继续新高，标普500和纳斯达克100指数均创 收盘价新高，黄仁勋宣布重启H20芯片在华销售，英伟达市值继续高歌猛进。周二公布的美 国通胀数据总体符合市场预期，但也引起了一定程度上对后续通胀抬升的担忧，降息延后的 可能性上升，十年美债收益率小幅上行，美元指数抬升。 具 ...

Core Viewpoint - The article discusses the results of the 2025 Q2 broker performance evaluation released by the Beijing Stock Exchange and the National Equities Exchange and Quotations, highlighting the competitive landscape among brokers in the New Third Board market. Group 1: Evaluation Results - In the 2025 Q2 evaluation, 103 brokers participated, with Shenwan Hongyuan, Guotou Securities, Dongxing Securities, CITIC Jianan, and CITIC Securities ranking as the top five [1][2][3] - Compared to Q1, Shenwan Hongyuan, Guotou Securities, and Dongxing Securities entered the top five, while Huatai Securities, Kaiyuan Securities, and Dongwu Securities dropped out [1][3] - The number of leading brokers in the top ten increased from four in Q1 of the previous year to seven in Q2, indicating intensified competition in the New Third Board sector [1][3] Group 2: Broker Performance Metrics - The evaluation system consists of professional quality scores and compliance quality deductions, with a base score of 100 points [3] - The top ten brokers based on total scores include Shenwan Hongyuan, Guotou Securities, Dongxing Securities, CITIC Jianan, CITIC Securities, Kaiyuan Securities, Guotai Junan, Guoxin Securities, Huatai Securities, and Galaxy Securities [3][5] - Notably, Guotou Securities improved from 15th to 2nd place, and Dongxing Securities surged from 68th to 3rd place in the rankings [3][5] Group 3: Company Initiatives and Market Position - Shenwan Hongyuan completed 36 new third board listings and directed offerings, ranking second in the market, and pioneered market-making business through a swap convenience account [4][5] - Dongwu Securities emphasized its focus on serving small and micro enterprises, achieving industry-leading innovations in various fields, particularly after the opening of the Beijing Stock Exchange [4] - Guoxin Securities is actively developing and reserving projects for the Beijing Stock Exchange, aiming to enhance its market position and project quality [5]

Market Review - In the first half of July, the market continued its strong momentum, with major indices breaking previous highs and expanding upward space [3] - A-share trading volume increased, indicating active market participation and improving investor sentiment [3] - The indices attempted to break through the 3150-3500 range, which is characterized by concentrated positions, leading to significant selling pressure during the breakout [3] - Despite recent volatility, moving averages remain in a bullish divergence, suggesting an ongoing upward trend [3] - Investors are advised to adapt their portfolio structure to navigate high-level fluctuations, employing a "barbell" strategy that includes high-dividend sectors and AI technology stocks benefiting from industry growth and policy support [3]

专业投顾智囊团全程陪伴,每周带来最新的 点评资讯,深度解析市场热点与板块轮动, 助你把握市场脉络,优化投资决策! 2025年8月29日前,在申万宏源证券开通 普通A股账户或场内基金账户,且风险承受 能力等级C3及C3以上的投资者可报名参 赛。(同一身份证号下有多个账号的个人投资 者. 仅允许其名下任意一个账户报名:报名参赛 无额外费用、无资产门槛要求) ETF投资门槛高? 新手如何快速入门? ETF投资门槛低、透明度高,是新手入市的 优选工具! 为帮助投资者系统学习,本次大 赛特别打造【大咖论市】、【大赛专区投教 视频】、【ETF理财课堂】等模块,通过专 业内容输出与互动学习相结合,助力投资者 建立完整的ETF投资知识框架。 比赛期间是否可以获得专业指导? 播ITF S 届申厅宏源ETF实思大島 以赛促学,玩转ETF投资 赛事时间 报名时间：2025年6月12日至8月29日 正式比赛: 2025年6月18日至9月5日 参赛指南常见Q&A 如何参与赛事? 进入活动页面点击【立即报名,报名有礼】 按钮,填写参赛昵称、阅读并同意《ETF实 盘大赛投资者风险揭示书》及《ETF实盘大 赛投资者信息公开知情同意书》后即可 ...

Core Viewpoint - The article discusses the collaboration between Shenwan Hongyuan Securities and Qikuo Intelligent to explore the feasibility of issuing REITs for cultural tourism projects in Jiangxi Province, aiming to provide professional financial solutions for the high-quality development of the local cultural tourism industry [1][6]. Group 1: Exploration of Cultural Tourism Asset Securitization - The seminar focused on creating quality cultural tourism assets, analyzing the logic and operational pathways for REITs projects [2]. - Digital tools are proposed to address the challenges of revitalizing existing assets, such as using big data to analyze visitor consumption habits and preferences, thereby optimizing project layouts and service offerings [2]. - A digital asset trading platform is suggested to attract more social capital, facilitating effective investments and promoting industry upgrades [2]. Group 2: Highlighting Quality Assets - Local cultural tourism asset leaders presented the achievements of key scenic spots, which maintain high visitor traffic and have established a stable revenue system [3]. - The goal is to create a "phenomenal cultural tourism IP," continuously enhancing service quality and contributing to the local tourism industry's development [3]. - Digital management methods, such as smart navigation systems and visitor flow monitoring, are being actively introduced to improve visitor experience and operational efficiency [3]. Group 3: Dual-Drive Strategy by Qikuo Intelligent - Qikuo Intelligent outlined a dual-drive strategy of "heavy assets + light assets" for cultural tourism asset operations [4]. - In the heavy asset segment, professional valuation of quality assets with mature cash flows will be conducted, focusing on scenic spots and urban stores to develop long-term operational plans [4]. - Digital tools will be utilized for refined asset management, including real-time monitoring of facility conditions to reduce operational costs [4]. - In the light asset segment, a unique model combining "urban stores + IP operation" will be developed, leveraging successful experiences from large theme parks to enhance asset yield [4]. Group 4: Deepening Collaborative Landscape - The discussion marks a deeper, pragmatic phase of collaboration between Shenwan Hongyuan Securities and Qikuo Intelligent [5][6]. - The securities firm aims to continue acting as a bridge for financial institutions, fostering a close cooperation mechanism to explore innovative models of industry-finance integration [6]. - The goal is to transform Jiangxi's cultural tourism resources into developmental advantages, promoting sustainable high-quality growth in the local tourism industry [6].

Core Viewpoint - The article discusses the cautious economic outlook and analyzes the reasons behind the sustained strength of the A-share market [1] Group 1: Economic Outlook - The economic expectations remain cautious, influenced by various domestic and international factors [1] - Recent economic indicators suggest a mixed performance, with some sectors showing resilience while others face challenges [1] Group 2: A-share Market Performance - The A-share market has shown strong performance despite the cautious economic outlook, driven by investor sentiment and sector rotations [1] - Key sectors contributing to the market strength include technology and consumer goods, which have outperformed others [1]

Group 1 - The current Buffett indicator for A-shares is 79.94%, indicating it is in a relatively high range and currently within a safe zone [2] - The PE valuation (TTM) for major broad market indices is above 20%, with the PE valuations for the Shanghai 50, Northern 50, Sci-Tech 50, and China A100 at 83.20%, 93.46%, 98.81%, and 99.71% percentile levels respectively, suggesting relatively high valuations and potential risks [3] Group 2 - In the current industry analysis, the agricultural, forestry, animal husbandry, and fishery sector shows PE (TTM), PB, and PS valuations below the 20th percentile level over the past decade, with PE (TTM) at 6.63%, PB at 11.42%, and PS at 18.28%, indicating relatively low valuations and warranting attention [4] - The steel, retail, computer, and real estate sectors have PE valuations (TTM) at 82.21%, 83.86%, 96.50%, and 98.81% percentile levels respectively, suggesting high historical valuations and potential investment risks [4]

Group 1 - The macroeconomic outlook has improved, leading to a continuous rebound in the A-share market, supported by better international conditions and easing economic recession expectations in the U.S. [1] - The recovery of NVIDIA's H20 chip sales in China is beneficial for the domestic AI industry, stimulating related supply chains [1] - Domestic efforts to reduce overcapacity are progressing, positively impacting profit expectations [1] - The average daily trading volume in the two markets exceeded 1.5 trillion yuan this week, showing a rebound compared to the previous week [1] - Market hotspots this week were primarily concentrated in the technology and pharmaceutical sectors, with small-cap and tech styles showing greater gains [1] Group 2 - The Shanghai Composite Index has gradually shifted its focus upward after breaking through the consolidation range from May and June, with the main technical resistance level being the high point from early October last year [2] - The market is currently in a phase of repeated contention in the dense trading area from the fourth quarter of last year, indicating a potential upward trend [2]

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