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 . 申万宏源证券官方发布 风蒲猎猎小池塘 过雨荷花满院香 沉李浮瓜冰雪凉 申万宏源祝您活在当夏 ...

以下文章来源于申万宏源证券上海分公司 ，作者姚立琦 申万宏源证券上海分公司 . 申万宏源证券上海分公司官微，能为您提供账户开立、软件下载、研究所及投顾资讯等综合服务，为您的财富保驾护航。 地缘局势缓和，尾部风险下降 。 6 月 13 日，以色列针对伊朗发起" Rising Lion "行动，伊朗随即展开报复。 6 月 22 日，伊朗议会通过封 锁霍尔木兹海峡的决议，只差最高国家安全委员会做出批准。截至 2025 年一季度，占全球石油消费 20% 的原油经霍尔木兹海峡运出。 如果该港口被封锁，油气供给或面临巨大冲击。不过，从历史回溯来看，伊朗的"封锁威胁"从来没有兑现过。因此 6 月 24 日伊以宣布停 火后，地缘局势迅速缓和下来，市场的尾部风险明显下降。此外，从全球贸易冲突情况看， 5 月以来呈现持续改善的趋势，双边沟通更加 频繁，这有助于控制冲突的程度，对提升宏观环境的稳定和市场的信心起到了较大的作用。 工业企业利润增速快速回落，企业发展状态值得重点关注 。 6 月底，统计局公布 5 月工业企业效益数据，工业企业营收累计同比 2.7% 、前值 3.2% ；利润累计同比 -1.1% 、前值 1.4% 。营收和 ...

本期 资产证券化产品 成功发行，为未来双方进一步深化合作奠定了坚实的基础，对申 万宏源持续深耕长三角地区 资产证券化业务 市场具有重要意义。 也是申万宏源 注重 资产证券化创新业务的 开拓 ，结合国内的监管政策，经常配合国内的相关部门对资产 证券化业务创新模式进行研发 、 设计 成果的又一生动案例 。 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。 近日 ，由申万宏源担任 销售机构的 上海地产住房发展有限公司 全国首单规模最大储架 式保障性租赁住房 CMBS 项目 。本期 资产证券化产品 发行规模 32.99 亿元，期限 21 年期，票面利率 2. 2 % 。 上海地产住房发展有限公司是上海地产集团全资子公司，作为集团旗下保障住房和租赁 住房统一建设运营发展平台，全力承担市委、市政府任务，通过 "功能 + 市场"发展模 式，重点打造"投资建设、资管运营、社区配套"三大平台，努力发挥功能性国企的引领 和示范作用。上海地产住房发展有限公司将始终坚持"服务城市更新、服务住房发展、 服务人才建设、服务生活配套"的初心与使命，勇做上海功能性住房市场的主力军、排 头兵和同行业领先者 。 通过 CMBS 创新模式， ...

编者按 | 为帮助投资者了解北交所市场相关知识 ，我们全新推出《北证知识一站通》系列动画，重点 | | --- | | 围绕开户、交易等方面，向投资者详细介绍参与北交所市场的相关知识。第三期为《 北证专 | | 精特新指数特辑 》，感兴趣的投资者快来看看吧！ | 北证知识一站通第三期： 北证专精特新指数特辑 ...

Core Viewpoint - The A-share market has regained upward momentum in July, supported by a low interest rate environment and a recovery in risk appetite, with expectations for incremental policies to potentially break the current sideways trend [1][2]. Group 1: Market Overview - After breaking through the March high, the A-share market experienced slight fluctuations but continued to trend upwards, reaching recent highs [1]. - The market's risk appetite has improved, with sectors like non-bank financials, media, and military industry showing signs of recovery [1]. - The upcoming policy window in July is expected to further support the market's gradual upward trajectory [1]. Group 2: Sector Analysis - The market is likely to see a thematic event-driven approach in July, with a high probability of sector rotation between high and low-performing areas [2]. - Key sectors to watch include: 1. Consumer expansion and domestic demand, with a focus on dairy products, IP consumption, leisure tourism, and medical aesthetics [2]. 2. Robotics, with a trend towards domestic production and integration into daily life, particularly in humanoid and functional robots [2]. 3. Semiconductor localization, emphasizing semiconductor equipment, wafer manufacturing, materials, and IC design [2]. 4. Military industry, with expectations for order recovery and signs of bottoming out in Q1 reports across various sub-sectors [2]. 5. Innovative pharmaceuticals, which are expected to reach a turning point in fundamentals after a prolonged adjustment period [2]. Group 3: Market Performance - The A-share market has shown a continued upward trend, with electronic and other high-elasticity sectors leading the gains [3]. - Despite some fluctuations, the overall market confidence has strengthened, with over 3,200 stocks rising, indicating a positive earning effect [3]. - Leading sectors included electronics, power equipment, and pharmaceuticals, while sectors like coal, transportation, and banking faced declines [3].

Core Viewpoint - The successful issuance of the fourth phase of corporate bonds by Shanghai State-owned Assets Management Co., with a scale of 1.9 billion and a coupon rate of 1.75%, reflects strong market recognition of the issuer's quality [1] Group 1 - The bond issuance was well-received, with nearly 10 billion in total subscriptions on the day of the book-building, indicating high investor confidence in the issuer [1] - Shanghai State-owned Assets Management Co. is a key holding company within the Shanghai International Group system, highlighting its strategic importance [1] - Since 2016, the company has been a long-term partner of Shanghai State-owned Assets Management Co., providing professional bond financing services [1] Group 2 - In 2022, the company supported the issuance of the first batch of technology innovation corporate bonds in the country, aiding the issuer in expanding financing channels for technological innovation [1] - The total funds raised from three phases of corporate bond issuances since 2025 amount to 4.4 billion, with the January 2025 issuance having the lowest coupon rate of 1.68% for AAA-rated corporate bonds in Shanghai since 2015 [1] - The company aims to leverage its comprehensive financial service advantages to support the construction of Shanghai as an international financial and innovation center [2]

Core Viewpoint - The article highlights the significant contributions of Shenwan Hongyuan Securities in various financial projects, emphasizing its role in supporting the real economy, promoting green finance, and achieving high-quality development through innovative financial products and services. Serving the Real Economy - Shenwan Hongyuan Securities successfully assisted Bank of Communications in completing a private placement project, raising a total of 120 billion yuan, which is expected to enhance the bank's core Tier 1 capital adequacy ratio by approximately 1.25 percentage points [2] - The 2025 Capital Market Summer Strategy Conference was held, focusing on macroeconomic trends and investment directions, with participation from nearly 500 listed company executives and over 2,200 investors [3] Green Finance - Shenwan Hongyuan acted as the lead underwriter for the Industrial and Commercial Bank of China’s first floating-rate green financial bond, successfully issuing 8 billion yuan with a 3-year term [4] - The company also facilitated the issuance of carbon-neutral green corporate bonds for China Construction Investment Leasing Co., Ltd., amounting to 800 million yuan [5] - Additionally, it helped issue green medium-term notes for China Merchants Finance Leasing Co., Ltd., totaling 500 million yuan [6] Technology Finance - Shenwan Hongyuan served as a joint lead underwriter for Shanghai Bank's first technology innovation bond, successfully issuing 5 billion yuan with a 3-year term [7] Regional Finance - The company collaborated with Kunlun Bank to launch a joint quotation basket for Xinjiang local government bonds, enhancing trading activity and liquidity in the region [8] - It also successfully issued bonds for Urumqi Water Investment Development Group and Aksu Xincheng Asset Investment Co., Ltd., totaling 500 million yuan and 270 million yuan respectively [8] High-Quality Development - Shenwan Hongyuan became one of the first brokerages to issue certificates linked to the China Securities Index Commodity Futures Index, with a subscription scale exceeding 330 million yuan [9] - The asset management division received approval for an additional 30 million USD QDII investment quota, bringing the total to 560 million USD, supporting future overseas business development [10] Awards and Honors - Shenwan Hongyuan Securities won three awards at the 2025 SRP China Conference, including "Best Issuer - Securities Company" and "Best ESG Product Solution Award" [11] - The company also received three awards at the 2025 Wealth Management Huazun Awards, including "Best Advisory Team Award" [13]

宏源证券 屈由厂宏源ETF实惠尺层 元 以赛促学,玩转ETF投资 报名开始 比赛开始 报名结束 比赛结束 6月18日 8月29日 9月5日 6月12日 赛事背景 2024年资本市场迎来政策红利,ETF凭借分散风险、 易便捷等优势,成为投资者重要选择。 亮点3 值此机遇, 申万宏源证券携手多家基金公司正式启动第 三届ETF实盘大赛,打造专业实战平台,助力投资者提升 配置能力。新手可学习成长,老手能切磋技艺,共同把握 市场机遇,力争共享投资红利。 主办方 t 春密 助 的 门星动 5大赛事亮点 亮点1 老牌券商底蕴,专业ETF服务 申万宏源证券作为国内历史悠久的综合性券商,凭借深厚的市 场积淀和专业的投研能力,为投资者提供全市场ETF交易支 持。本次大赛支持沪深市场所有场内ETF品种(货币ETF除 外），助力投资者把握不同市场机会。 直占7 站式ETF投教专区 为了帮助ETF投资者迅速补充知识"电量",本次大赛专设【大 咖论市】、【大赛专区投教视频】、【ETF理财课堂】等模 块,一站式帮助投资者了解投教知识。 互动有礼、边学边玩 大赛设丰富的互动活动,轻松参与即有机会获得奖励,最高可 得6.66元红包。（每项任务 ...

Core Viewpoint - The successful issuance of the "Jinan Gaogao New Holding Group Co., Ltd. 2025 Second Phase Short-term Financing Bond" indicates strong market confidence and the company's solid financial standing, with a rating of AAA and an issuance scale of 1 billion yuan at a coupon rate of 1.83% [1] Group 1 - The bond has a maturity of 1 year and was issued with a total scale of 1 billion yuan [1] - Jinan Gaogao New Holding Group is the main entity responsible for infrastructure construction and park development in the Jinan High-tech Zone, engaging in various business activities including industrial park development, residential development, and infrastructure construction [1] - The bond issuance has received high recognition from the issuer, laying a foundation for deepening cooperation in the future [1] Group 2 - The company plans to continue enhancing cooperation with the issuer, leveraging its professional capabilities and efficient communication to expand the breadth and depth of client collaboration [1] - The issuer is actively integrating and serving national major strategic initiatives [1]

未来，申万宏源证券将牢牢把握全品类指数研发、多品类标的交易对冲及结构化产品创设的核心 竞争力，以丰富多元、稳健优质的产品货架满足不同风险偏好、不同市场观点投资者的多样化财富管 理需求，为企业和机构投资者提供多元化的资产配置方案；探索高质量发展之路，为加快建设金融强 国贡献力量。 来源：申万宏源金融创新总部 近日，申万宏源证券成为国内最早成功发行挂钩中证商品期货指数（英文简称： CCICFI；指数代码：100001.CCI）收益凭证的券商之一，首批凭证产品采用美式看涨鲨鱼鳍 结构，客户认购规模逾3.3亿元。 申万宏源证券与中证商品指数有限责任公司在指数使用许可授权及指数产品化发展领域开展通力 合作。本次签约合作基于中证商品指数公司所发布的基础标的，并充分发挥申万宏源证券结构化产品 创设优势，在提供下跌风险缓释的同时助力客户有效把握商品期货上涨行情机会。中证商品期货指数 是我国首个全市场综合性权威商品指数系列，有助于推动数字科技、金融科技与实体经济融合发展， 为大宗商品资产配置和风险管理提供工具。 ...