Core Viewpoint - The article introduces the "Combination Equity Package" investment advisory service by Shenwan Hongyuan, designed to guide investors through the complexities of the market and enhance their investment strategies [1][2]. Group 1: Service Overview - The "Combination Equity Package" is developed by a team of experienced advisors, offering a comprehensive suite of services including stock selection, timing guidance, and educational resources [2][4]. - The service aims to reduce decision-making costs for investors by providing continuous updates on selected stocks and key trading points [4]. Group 2: Key Features - The package includes a "Big Shot Stock Diagnosis" service, where experts provide detailed analyses of specific stocks based on user inquiries, enhancing understanding of investment logic [5]. - Exclusive videos are produced by the advisory team to simplify complex market dynamics and investment strategies, aiding investors in their learning journey [6]. - The service closely monitors market trends and provides timely insights on market fluctuations, helping investors navigate volatility [7]. Group 3: Educational Components - The package offers specialized courses covering various aspects of investing, from foundational theories to practical techniques, promoting a deeper understanding of investment methodologies [8]. - Monthly reports are generated to summarize the performance of the "Combination Equity Package," allowing for reflection on strategies and adjustments based on past experiences [9].

Group 1 - The core viewpoint of the article highlights the positive impact of the recent US-China trade negotiations, which resulted in significant tariff reductions, exceeding investor expectations. This has shifted market focus towards domestic economic conditions and short-term market dynamics [1] - The market has been recovering from previous declines since mid-April, with some broad indices surpassing early April levels, indicating a strong recovery logic reflected in the market [1] - The trading volume in the two markets has been shrinking, with daily trading around 1 trillion yuan, indicating a continuous decrease in market activity. Despite this, there has been a predominance of rising stocks, particularly in the real estate and defense industries [1] Group 2 - The Shanghai Composite Index is currently experiencing oscillation with resistance above and support below. It has rebounded since mid-April and has filled the gap from April 7, but faces pressure from the first quarter high and last year's fourth quarter trading volume concentration [2] - The major medium to long-term moving averages continue to provide significant technical support, suggesting a sustained oscillating market mindset [2]

Core Viewpoint - Zairun New Energy Technology Co., Ltd. has successfully listed on the ChiNext board, marking a significant milestone in its development and aiming to contribute to China's dual carbon strategy and the green energy transition [1][8]. Group 1: Company Overview - Zairun New Energy specializes in the field of electrical connections, protection, and intelligent technology for renewable energy, providing integrated solutions for photovoltaic module junction boxes [2]. - The company has a total of 101 domestic patents, including 27 invention patents and 4 overseas invention patents, and is recognized as a national-level specialized and innovative "little giant" enterprise [2]. Group 2: Financial Performance - From 2020 to 2024, Zairun New Energy's operating income increased from 149 million to 876 million, with a compound annual growth rate of 55.60%, while net profit rose from 7.48 million to 131.32 million [5]. - The IPO was priced at 33.06 yuan per share, raising a total of 528 million yuan, which will be used for expanding production capacity in photovoltaic components and developing projects in the electric vehicle sector [5]. Group 3: Future Strategy - The successful IPO is seen as a starting point for Zairun New Energy to leverage the Chinese capital market, focusing on research and development to drive technological advancement and innovation [8]. - The company aims to break through existing capacity bottlenecks in the photovoltaic sector and expand into the electric vehicle market, supporting its core strategy of innovation-driven long-term development [5].

本期债券为发行人首次于公开市场亮相，也 是申万宏源发挥专业优势，全力服务浙江区域发 展的又一硕果。未来，申万宏源证券将秉承"专业服务、创造价值"的使命愿景，持续为客户提供全 方位综合金融服务，以金融活水浇灌实体经济根基。 来源：申万宏源证券固收融资 5月12日，由申万宏源证券独家主承销的台州市资产管理有限公司2025年面向专业投资 者非公开发行公司债券成功发行，本期债券发行规模2亿元，发行期限2+3年，票面利率 2.47%。 台州市资产管理有限公司是台州市金融生态体系中的关键一环，承担着不良资产处置、资产管 理、股权投资等重要职能。发行人作为台州城投产融投资板块的重要组成，近年来坚持以市场化经 营为导向，秉持"金融+产业"发展思路，聚焦特殊资产管理和股权投资两大业务板块，累计处置不 良资产金额超百亿元，有效化解区域金融风险。同时，发行人作为台州市金融业务的核心运营主 体，积极参与地方经济的投融资活动，推动区域经济的转型升级。 ...

Core Viewpoint - The article emphasizes the importance of using the official WeChat account of Shenwan Hongyuan Securities for secure and professional financial services, highlighting the need for customer identity verification to prevent fraud [2][26]. Group 1: Adding Official WeChat - Customers can add the official WeChat account of Shenwan Hongyuan Securities through various methods, including accepting friend requests from dedicated account managers [5][6]. - Another method involves using the Shenwan Hongyuan Shen Cai You Dao APP to add the official WeChat by navigating to the "My" section and selecting "My Account Manager" [14][15]. - Customers can also scan a QR code or use the business card of the account manager to add the official WeChat [20][21]. Group 2: Customer Identity Verification - After adding the official WeChat, customers are encouraged to complete identity verification to enhance service security and prevent impersonation by fraudsters [26]. - Verification can be done through a link sent by the account manager or via the Shenwan Hongyuan Shen Cai You Dao APP [28][29]. - Customers can also verify their identity through the official WeChat public account by navigating to the account management section [36][40].

Group 1 - The core viewpoint of the article highlights substantial progress in China-US trade negotiations, leading to a market uptrend as both countries significantly reduced previously imposed tariffs [1] - The Shanghai Composite Index showed a rebound, with the Shanghai 50 Index reaching a new high for the year, while the Shenzhen Component Index lagged behind due to resistance from the 60-day moving average [1] - Market activity indicated a daily average trading volume of around 1.2 trillion yuan, which decreased compared to the previous week, particularly in the latter half of the week [1] Group 2 - The market's focus this week was primarily on the financial and consumer sectors, with large-cap blue chips leading the gains [1] - The Shanghai Composite Index found support at the midline of its weekly range and is undergoing a rebound from oversold conditions, having filled the downward gap from April 7 [1] - The article suggests that the upward momentum may face increased resistance as the index approaches the first quarter high and the dense trading area from the fourth quarter of the previous year [1]

Core Viewpoint - The recent US-China trade negotiations exceeded market expectations, yet the A-share and Hong Kong markets experienced a pullback, indicating a potential lack of investor confidence and concerns about future disruptions [2][6]. Market Performance - Following the US-China Geneva trade talks on May 12, the A-share and Hong Kong markets showed varying degrees of gains followed by declines, attributed to "profit-taking" and fears of renewed tensions in 90 days [2]. - Weekly average trading volume and financing buy-in amounts in the Shanghai and Shenzhen markets showed a decline, with southbound capital experiencing a net sell-off of 8.68 billion yuan, marking the second occurrence this year [2]. Bond Market - The bond market exhibited a weak performance with fluctuations influenced by news, fundamentals, and liquidity. The announcement of reduced tariffs improved risk appetite but did not significantly alter bond pricing due to pre-existing market expectations [3]. - The liquidity environment shifted from loose to tight within the week, impacting bond market dynamics, particularly with the potential expiration pressure from reverse repos [3][7]. Commodity Market - Gold prices experienced a decline due to easing US-China tariff tensions and renewed discussions regarding the Russia-Ukraine situation, although there was a brief recovery following expectations of interest rate cuts [4][8]. - The commodity market saw a mixed performance, with the South China Commodity Index rising by 0.54%, driven by increases in black and non-ferrous commodities, while precious metals faced declines [34][37]. Overseas Market - The US stock market, particularly the Nasdaq 100, rose significantly after the US-China trade talks, indicating a positive reaction from global risk assets [4]. - The US inflation data showed slight underperformance against market expectations, suggesting that inflation pressures may not be immediate but could arise in the near future [4][9]. Industry Performance - In the A-share market, the beauty care, non-bank financials, and automotive sectors showed strong performance with weekly gains of 3.08%, 2.49%, and 2.40% respectively [19][21]. - The overall market sentiment remains cautious, with a focus on sectors that may benefit from domestic demand cycles, particularly in technology and consumer services [6][31].

Core Viewpoint - The article suggests that after adjustments in technology stocks, AI software applications and robotics sectors are expected to stabilize first, while structural trends in consumption and domestic substitution will continue to unfold amid market index fluctuations [1][4]. Market Overview - The A-share market experienced a rise at the beginning of the week but retreated due to weak performance in technology stocks, although the financial and consumer sectors performed well [1]. - Substantial progress was made in Sino-U.S. trade negotiations, with both sides agreeing to significantly lower bilateral tariff levels, which aligns with the expectations of producers and consumers in both countries [2]. - The banking sector's market capitalization surpassed 10 trillion yuan, marking a historical high, with insurance and brokerage sectors also showing performance [2]. - China's financial data for April showed a broad money supply (M2) growth of 8% year-on-year, with new social financing of 1.16 trillion yuan and steady growth in credit scale [2]. Consumer Sector Performance - The consumer sector showed strong performance, with major e-commerce platforms like Taobao, JD.com, and Douyin launching pre-sale activities for the "618" mid-year shopping festival, increasing consumer subsidies [3]. - Various segments, including food and beverage, beauty care, pet food, and synthetic biology, saw varying degrees of growth, enhancing market confidence in consumer recovery [3]. Market Outlook - Following the release of financial reports from Tencent and Alibaba, some institutions noted that their recent capital expenditures related to AI and computing power fell short of market expectations, negatively impacting technology stocks in the A-share market [4]. - It is anticipated that after the adjustment in technology stocks, AI software applications and robotics sectors will stabilize first, while structural trends in consumption and domestic substitution will continue to evolve amid market index fluctuations [4].

Core Viewpoint - The article emphasizes the importance of financial education for university students, particularly in the context of protecting them from illegal investment activities and enhancing their financial literacy [2][4]. Group 1: Financial Education Initiatives - The Shanghai Jing'an District branch of Shenwan Hongyuan Securities organized a financial education event at Shanghai University of International Business and Economics, attracting nearly 200 students [2]. - The event aimed to integrate financial knowledge into the national education system and improve the financial literacy and risk awareness of the youth [2]. Group 2: Awareness of Illegal Activities - The branch focused on raising awareness about various illegal financial activities, including fraudulent stock recommendations, illegal fund transfers, and unauthorized trading services [4]. - Students were warned about the prevalence of scams that claim to offer "insider information" or "expert recommendations," which can lead inexperienced individuals to financial losses [4]. Group 3: Risk Prevention and Personal Security - The article highlights the importance of verifying the qualifications of investment advisory firms through regulatory websites and emphasizes the need for students to enhance their risk identification and prevention capabilities [4]. - It also stresses the significance of protecting personal information online, advising students not to share sensitive data on unknown websites or apps [4]. Group 4: Long-term Investment Philosophy - The branch commits to ongoing financial education efforts to promote rational, value-based, and long-term investment philosophies among investors [5]. - The article encourages students to adopt a resilient mindset in safeguarding national security and personal financial safety [6].

Core Viewpoint - The A-share market is experiencing a technical adjustment as it approaches the March high of 3439 points, but the underlying trend is strengthening due to recent monetary policy easing and trade negotiations [1][2] Market Outlook - The peak impact of the tariff events has passed, and the A-share market is expected to continue its recovery despite uncertainties regarding the effects of the "reciprocal tariffs" on industries with high overseas business reliance, such as consumer electronics and CXO [2] - The domestic consumption and technology self-innovation sectors are expected to benefit from future countermeasures [2] Hot Sectors - In May, attention may shift back to technology growth stocks, with catalysts including updates on AI large models and developments in robotics competitions [3] - Key areas to watch include: 1. AI development transitioning from model training to inference, with potential in cloud computing and AI applications in various sectors [3] 2. The trend of robot localization and integration into daily life, with opportunities in sensors and controllers [3] 3. The ongoing trend of semiconductor localization, focusing on semiconductor equipment and IC design [3] 4. The low-altitude economy, with expectations for accelerated construction in pilot cities [3] Market Review - The A-share market showed a gradual decline with reduced trading volume, and over 3800 stocks fell, particularly in technology growth sectors [4] - Defensive sectors such as beauty care, coal, and agriculture showed resilience, while technology sectors like computing and communication faced significant declines [4]