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， ...

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].

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 ...

Group 1 - The current Buffett indicator for A-shares is 73.92%, indicating it is in a relatively high range and currently within a safe zone [2] - Among major broad market indices, only the ChiNext Index has a TTM PE valuation below 20%, at 15.23%. The TTM PE valuations for the CSI A100, Northbound 50, and Sci-Tech 50 are at the 95.59%, 98.65%, and 98.93% historical percentiles respectively, suggesting relatively high valuations and potential risks [3] - In terms of industry analysis, only the agriculture, forestry, animal husbandry, and fishery sector has TTM PE, PB, and PS valuations below the 20% historical percentile over the past decade, with TTM PE at the 3.36% percentile, PB at 3.13%, and PS at 11.77%, indicating these valuations are at relatively low levels and warrant attention [4] Group 2 - The computer and real estate sectors have TTM PE valuations at the 88.27% and 97.86% historical percentiles respectively, indicating significant investment risks [4]

从市场运行节奏看，沪指反弹遇阻，短期进入调整状态。沪指于 4 月中旬逐步企稳反弹，经过一个 多月的反弹，受到来自于今年一季度的市场高点和去年四季度的成交密集区的压力，遇阻回落，近两周 呈现出高点下移，低点同步下移的调整态势，需密切关注下方均线的支撑力度。 风险提示：国际地缘、贸易冲突超出预期；全球金融市场风险暴露；国内上市公司业绩增速回落超 预期；全球经济衰退超预期。 首先，宏观信息进入相对"真空期"，市场正在等待新变量。5 月以来，中美互相下降关税、我国央 行降准降息以及四月宏观数据的披露等重大宏观信息均以披露并在市场上有了充分的反馈，短期似乎进 入了相对的信息"真空期"，市场正在等待新的变量。另外，公募基金和上市公司重组的相关的新规定也 正在逐步影响市场的微观结构，市场呈现板块和风格轮动的局面。 本周，两市遇阻回落，成交萎缩。沪指先弹后跌，周三盘中产生本周高点，低于上周高点；周五回 落时击穿上周低点，形成了短期调整结构。深圳成指周中的反弹继续被 60 天均线压制，收盘于 20 天均 线上方。量能方面，本周两市日均量能在 11000 亿左右，较上周继续下降。本周市场热点主要集中在医 药生物和大消费行业。投资 ...

Core Viewpoint - The successful issuance of the "Yulan Bond" by Shandong Yihe Holding Group, facilitated by Shenwan Hongyuan, marks a significant achievement in cross-border cooperation and innovation in the bond market, enhancing the company's role in international finance [1][2]. Group 1 - Shenwan Hongyuan acted as a joint global coordinator for the issuance of a 3-year senior unsecured US dollar bond worth $8.445 million, with a coupon rate of 5.99% [1]. - This issuance is the first "Yulan Bond" by a state-owned enterprise in Shandong Province, following the launch of the "Yulan Bond" initiative by the Shanghai Clearing House and the European Clearing Bank in December 2020 [1]. - The "Yulan Bond" is designed to facilitate cross-border issuance for Chinese issuers in the international market, providing registration, custody, and settlement services through interconnected financial infrastructures [1]. Group 2 - The successful issuance of the "Yulan Bond" demonstrates Shenwan Hongyuan's investment banking capabilities and its commitment to supporting the real economy while promoting the opening of China's bond market [2]. - The issuance has received high recognition from the issuer, laying a foundation for deepening cooperation in the future [2]. - Shenwan Hongyuan plans to continue enhancing collaboration with issuers, leveraging its professional expertise and efficient communication to expand the breadth and depth of client relationships [2].

Group 1 - The core viewpoint of the article highlights the successful issuance of two bonds by Zhejiang Zheshang Bank, each with a scale of 5 billion yuan and a maturity of 3 years, both rated AAA [2] - The bonds issued are the "Zhejiang Zheshang Bank Co., Ltd. 2025 Green Financial Bond (First Phase) (Bond Connect)" and the "Zhejiang Zheshang Bank Co., Ltd. 2025 Technology Innovation Bond (First Phase) (Bond Connect)" [2] - Shenwan Hongyuan Securities has collaborated with Zhejiang Zheshang Bank on a total of fifteen bond business projects, receiving continuous positive feedback from the client [2] Group 2 - Shenwan Hongyuan Securities actively responds to national strategic calls, focusing on serving green industries, strategic emerging industries, specialized and innovative industries, and inclusive finance [2] - The company contributes to the high-quality development of new productive forces by continuously enhancing its services in these key areas [2]

Market Overview - The market trading volume remains at a medium-low level, with stock rotation occurring rapidly under the influence of existing funds [1] - Major indices showed slight declines this week, with the Shanghai Composite Index down 0.57%, Shenzhen Index down 0.46%, and the ChiNext Index down 1.47% [2] - The North Exchange 50 index experienced a significant drop of 3.68%, indicating a notable decline in micro-cap stocks [2] - The trading volume for micro-cap stocks approached the highest level since December 2023, indicating a crowded trading environment [2] Interest Rate Impact - On May 20, the central bank lowered the 1-year and 5-year Loan Prime Rates (LPR) by 10 basis points, resulting in rates of 3% and 3.5% respectively [3] - Major state-owned banks collectively reduced deposit rates, with 1-year fixed deposits falling below 1% and 5-year deposits below 1.5% [3] - The decline in risk-free rates is expected to increase the value of companies, particularly those with high dividend yields [3] Investment Opportunities - High-quality assets are defined by several criteria: high profitability/dividend certainty, industry leadership with high barriers to entry, low PE ratios (below 20 or even 10), and a revenue structure primarily focused on domestic markets [3] - The current market environment suggests a potential style shift from small-cap to large-cap stocks, benefiting high-quality assets [3][4] - Investors are advised to focus on certainty in uncertain markets, with a preference for companies that have stable operating performance and dividends [4]

Market Overview - A-shares experienced a pullback this week, while the Hang Seng Index rose. The bond market showed narrow fluctuations, and gold prices recovered after a dip. US stocks, bonds, and the dollar all saw varying degrees of decline [2] - The small-cap index, which performed well last week, also faced a pullback this week. The market's short-term upward movement may be under pressure due to high trading volume in small-cap stocks, indicating a crowded investment style [2] Bond Market - The bond market showed a mixed performance with a balanced and slightly loose funding environment. The yield on 10-year government bonds fluctuated, initially declining before rising again. Despite a double reduction in deposit and loan rates, the bond market reacted negatively, with yields increasing due to a significant issuance of government bonds [2][8] - The central bank increased net liquidity, which is favorable for the bond market. The current bond market is seen as a low-volatility asset suitable for asset allocation [8] Commodity Market - Gold prices rose significantly, with a weekly increase of over 4%. The upward trend was interrupted briefly by a rebound in the US dollar index, but gold continued to rise afterward [3][9] - The downgrade of the US credit rating by Moody's has weakened the dollar's credibility, reinforcing the long-term investment value of gold amid geopolitical tensions [9] Overseas Market - The US stock market's earnings reports for the first quarter were generally acceptable, but the short-term rebound potential has diminished. Discussions around US Treasury bonds have intensified, with concerns about the weakening of the dollar's credibility being a long-term issue [10] - The recent downgrade of the US credit rating has raised concerns about fiscal expansion and inflation, leading to fluctuations in US Treasury yields [4][10] Economic Data - April macroeconomic data showed a slight slowdown in the economy, with retail sales, fixed asset investment, and real estate development investment growth rates all below previous values. However, industrial value-added growth was slightly above expectations [6][28][29] - The overall economic pressure is expected to increase in the third quarter, despite some easing in the second quarter due to progress in US-China tariff negotiations [6] Industry Performance - In the stock market, the pharmaceutical, comprehensive, and non-ferrous metal sectors performed well, with weekly gains of 1.78%, 1.41%, and 1.26% respectively [23][25] - The banking sector showed a modest increase of 0.61%, while the electronics sector experienced a decline of 2.17% [25][26] Policy Changes - The People's Bank of China has initiated a new round of deposit rate cuts, with major banks reducing rates across various terms, marking a shift to a "1%" era for deposit rates [36][37] - The China Securities Regulatory Commission has relaxed regulations on mergers and acquisitions, supporting cross-border mergers and simplifying review processes [36]