Group 1 - The core viewpoint is that the recent tensions in the Middle East have caused short-term impacts on A-shares, but these are expected to be temporary and limited in substance [1] - A-shares are anticipated to return to a narrow range of fluctuations after the short-term adjustment, with a gradual upward trend expected as trade conflict concerns ease [1][2] - The market is entering a policy window period in late June, with expectations for new policies aimed at stabilizing employment and promoting high-quality development [2] Group 2 - In June, the market is likely to experience event-driven thematic trends, with a focus on low-position sectors such as consumption, pharmaceuticals, and technology growth [3] - The promotion of consumption and expansion of domestic demand is a key task for 2025, with expectations for policy support in sectors like dairy products, IP consumption, leisure tourism, and medical aesthetics [3] - The trend of domestic robotization is expected to continue, with opportunities arising in related sectors such as sensors and controllers [3] - The semiconductor industry is moving towards domestic production, with attention on semiconductor equipment, wafer manufacturing, and IC design [3] - The military industry is expected to see a rebound in orders by 2025, with signs of recovery in various military sub-sectors [3] - The innovative pharmaceutical sector is anticipated to reach a turning point in fundamentals by 2025, following a period of adjustment [3] - The AI sector is expected to see new catalysts, particularly with updates from MiniMax, which may lead to renewed interest in AI-related investments [3] Group 3 - The market showed a preference for safe-haven assets, with energy-related sectors rising amidst the tensions in the Middle East [4] - Popular sectors such as innovative pharmaceuticals and banking experienced adjustments, while oil and petrochemical sectors saw gains due to increased risk aversion [4] - Overall market performance was characterized by more declines than gains, with only the oil and petrochemical sector rising [4]

Core Viewpoint - The article discusses the significant divergence in performance among bond funds, attributing it to the different "schools" or types of bond funds available in the market [1]. Summary by Category Bond Fund Types - **Short to Medium-Term Bond Funds**: Focus on bonds with maturities of 1-3 years, primarily investing in high-rated government bonds and credit bonds. They generally offer annualized returns higher than money market funds, suitable for short-term capital (half a year to 1 year) and conservative investors. High liquidity allows for easy redemption [1]. - **Long-Term Bond Funds**: Invest in bonds with maturities of 5-10 years, typically offering annualized returns higher than short to medium-term bond funds. These funds are suitable for long-term idle capital and investors who can tolerate volatility over a period of 1 year or more [2]. - **Pure Bond Index Funds**: Track specific bond indices (e.g., government bonds, policy bank bonds) and generally provide slightly lower returns than actively managed funds. They are suitable for investors preferring transparency and low-cost allocation, with moderate liquidity requiring attention to index rebalancing cycles [2]. - **Enhanced Bond Funds**: Comprise at least 80% bonds and may include convertible bonds or stocks (up to 20%). They typically offer higher returns than pure bond indices and are suitable for investors seeking yield enhancement while being able to accept short-term drawdowns [2]. - **Mixed Bond Funds**: Invest 60%-80% in bonds and 20%-40% in stocks, generally exhibiting higher volatility. They are suitable for investors with strong risk tolerance and are recommended for long-term holding (3 years or more) [2].

记者：刘慧、刘羽佳、桑彤 海报制作：刘羽佳 来源：新华社国内部出品 中国证监会主席吴清6月18日在2025陆家嘴论坛上宣布，将聚焦提升制度的包容性和适应性， 以深化科创板、创业板改革为抓手，着力打造更具吸引力、竞争力的市场体系和产品服务矩阵。更 好发挥科创板"试验田"作用，加力推出进一步深化改革的"1+6"政策措施，统筹推进投融资综合改 革和投资者权益保护，加快构建更有利于支持全面创新的资本市场生态。 ...

Core Viewpoint - The successful completion of the A-share issuance project by Bank of Communications, with a total fundraising amount of 120 billion yuan, aims to enhance its core Tier 1 capital adequacy ratio by approximately 1.25 percentage points, reflecting the bank's commitment to strengthening its capital base and supporting economic development [2][3]. Group 1 - The fundraising will be entirely used to replenish core Tier 1 capital after deducting issuance costs [2]. - Bank of Communications is one of the oldest banks in China and has been ranked among the Fortune Global 500 for 16 consecutive years as of 2024 [2]. - The bank focuses on comprehensive financial services, including inclusive finance, green finance, and technology finance, and is accelerating its digital transformation leveraging financial technology [2]. Group 2 - Shenwan Hongyuan Securities acted as the joint lead underwriter for this issuance, integrating into the national strategy of "financial services for the real economy" [2]. - The successful completion of this project is part of the national incremental financial policy, and Shenwan Hongyuan plans to deepen its strategic cooperation with Bank of Communications [3]. - The company aims to leverage its core advantages in investment research, pricing, and sales to support the bank in serving national strategies and promoting high-quality development in the financial industry [3].

要点 ○ 推出科创板进一步深化改革"1+6"政策措施 ○ 设置科创板科创成长层 ○ 试点引入资深专业机构投资者制度 ○ 面向优质科技企业试点IPO预先审阅机制 ○ 创业板正式启用第三套标准，支持优质未盈利创新企业上市 ○ 重启未盈利企业适用科创板第五套标准上市并扩大适用范围 吴清强调，证监会将以深化科创板、创业板改革为抓手，以发展多元股权融资为重点，着力打 造更具吸引力、竞争力的市场体系和产品服务矩阵，统筹推进投融资综合改革和投资者权益保 护，加快构建更有利于支持全面创新的资本市场生态。 更好发挥科创板改革试验田作用 推出进一步深化改革"1+6"政策措施 吴清表示，将更好发挥科创板改革"试验田"作用，加力推出进一步深化改革的"1+6"政策措 施。 其中，"1"即在科创板设置科创成长层，并且重启未盈利企业适用科创板第五套标准上市，更 加精准服务技术有较大突破、商业前景广阔、持续研发投入大的优质科技企业。同时，在强化 信息披露和风险揭示、加强投资者适当性管理等方面做出专门安排。 ○ 大力发展科创债，加快推出科创债ETF ○ 积极推动社保基金、保险资金、产业资本参与私募股权投资 ○ 抓好"并购六条"和重大资产重组管 ...

从热点看，继续快速轮动。周三芯片半导体、消费电子等震荡走强，涨幅居前。而近期一度拉高的 美容护理、盲盒概念等冲高回落，和港股市场中数只网红个股冲高回落表现同步。总体看，热点"短平 快"轮动的风格没有改变。总体风险偏好较低。 由于近期市场持续窄幅整理，多空双方都缺乏一锤定音的"杀手锏"，因此行情在现有区间相持已 久，反复拉锯。一方面，大盘多次探底不下，韧性十足，包括周三上午，行情也一度向下试探，但随后 就企稳回升，甚至小幅翻红。另一方面，多方也没有很强的上攻愿望，迟迟未能发动有效攻击，致使大 盘盘整复盘整。表现在盘面，沪深两市成交量始终保持在较低水平，显示市场参与意愿不强，观望气氛 浓重。从目前看，在缺乏新的变量因素之前，维持盘局概率较大。 展望后市：短线继续温和盘整，6 月下旬可能面临资金面的阶段性分流，关注盘中成交量能变化。 根据技术分析法则，只有出现持续放量，行情才有选择方向的机会。 风险提示：消息面或海外市场表现超预期，流动性的不确定性。 ...

为深入贯彻落实中央金融工作会议精神以及新"国九条"有关要求，更好地搭建上市公 司和投资者沟通交流平台，引导投资者理性认识沪市上市公司投资价值、树立积极行权 意识，上交所持续组织开展"我是股东"投资者走进上市公司活动。2025年，"我是股 东"活动主题持续开展中。 为推动投资者树立股东意识，增进投资者对沪市优质上市公司及相关行业的了解，协助 构建投资者与上市公司面对面交流机制，提升金融服务实体经济效率和水平，促进上市 公司高质量发展，2025年5月27日，上海证券交易所（简称"上交所"）联合申万宏源 证券组织开展"我是股东"走进沪市上市公司活动，带领投资者走进广州发展集团股份 有限公司（证券简称：广州发展，证券代码：600098）。 本次活动由上交所和申万宏源证券投教基地主办，申万宏源证券广州珠江西路营业部和 广州发展承办，共吸引广州、深圳、东莞地区20余名机构投资者和高净值客户积极参 与，以创新形式为投资者提供投教新体验，推动走进上市公司活动走深走实。 活动现场，投资者在投资者关系部总经理、证券事务代表姜云女士的陪同下，参观了属 下燃气集团调度中心和新能源生产运营中心 燃气集团工作人员向投资者介绍广州发展燃气 ...

展望未来，申万宏源证券将以此为新起点，持续深化在商业银行资本工具创新领域的 专业优势，围绕国家金融供给侧结构性改革战略，打造涵盖资本规划、产品创新、发 行承销的专业投行服务体系。作为金融央企，公司将进一步强化"服务国家战略、赋能 区域发展"的使命担当，以专业金融服务支持更多区域性银行转型升级，为推动银行业 高质量发展、服务实体经济现代化建设贡献更大价值。 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。 2025年5月8日，由申万宏源证券担任牵头主承销商的"吉林银行股份有限公司 2025年二级资本债券（第一期）"成功发行，第一期二级资本债券发行规模60亿 元，期限5+5年，票面利率2.58%，票面利率创东三省商业银行资本补充债历史新 低。2025年6月5日，申万宏源证券再次担任牵头主承销商，助力"吉林银行股份有 限公司2025年二级资本债券（第二期）"圆满完成发行，第一期二级资本债券发行 规模40亿元，期限5+5年，票面利率2.57%，票面利率再创东三省商业银行资本补 充债历史新低。 2025年以来，申万宏源证券担任牵头主承销商助力吉林银行成功发行了两期二级资 本债，有助于吉林银行筑牢资本根基，提升 ...

Core Viewpoint - The successful issuance of the "Hua Xia Bank Co., Ltd. 2025 Technology Innovation Bond (Phase I)" with a scale of 10 billion yuan and a coupon rate of 1.78% marks a significant achievement in the market for commercial bank technology innovation bonds, reflecting the bank's commitment to supporting technological innovation and the real economy [1]. Group 1 - The bond issuance is the largest 5-year commercial bank technology innovation bond in the market [1]. - The bond has a term of 5 years and a coupon rate of 1.78%, which is the lowest for Hua Xia Bank's financial bonds [1]. - The issuance supports the bank's strategy to enhance financial services in the technology innovation sector, particularly for small and medium-sized enterprises and high-tech companies [1]. Group 2 - The successful issuance strengthens the partnership between the issuer and the underwriter, Shenwan Hongyuan Securities, enhancing the latter's influence in the technology innovation bond sector [1]. - The company aims to continue implementing national development strategies and fulfill its mission as a financial central enterprise [1].

Core Viewpoint - The successful issuance of the first floating-rate green financial bond by Industrial and Commercial Bank of China (ICBC) marks a significant innovation in the bond market, demonstrating the bank's commitment to supporting national strategies and enhancing financial services for the real economy [1][2]. Group 1: Bond Issuance Details - The bond issuance scale is 8 billion yuan, with a maturity of 3 years and a coupon rate of 1.70%, reflecting a fixed spread of -0.01% over the average DR007 rate for the preceding 60 days [1]. - This bond is recognized as the first floating-rate green financial bond issued by a commercial bank in the market [1]. Group 2: Strategic Importance - The issuance aligns with the central government's strategy to accelerate the development of a multi-layered bond market and optimize the market interest rate transmission mechanism [1]. - ICBC's innovative practices in the bond market, including the issuance of various pioneering bonds, showcase its role as a leader in the financial sector [1]. Group 3: Impact on Green Finance - The bond aims to enhance ICBC's professional service capabilities in the green finance sector, effectively addressing the financing needs of green industries and promoting low-carbon transformation in key areas [2]. - The issuance sets a new benchmark for commercial banks in utilizing bond market innovation tools to support the real economy in the context of green and low-carbon development [2]. Group 4: Investor Participation and Future Outlook - The bond attracted a wide range of investors, including banks, insurance companies, funds, and brokerages, indicating strong market interest and successful execution [2]. - The successful issuance further solidifies the partnership between ICBC and Shenwan Hongyuan Securities, enhancing the latter's influence in the green financial bond sector [2].