首先，内外环境同步改善，中美第三轮经贸会谈正在瑞典进行，纵观五月以来的两次会谈及之后的 事态变化，中美经贸关系逐渐修复是主旋律，诸多非关税限制也相应取消，使得外部环境继续改善。国 内 7 月以来持续推进"反内卷"工作，并推动"雅下"水电站开工建设，这些举措都有利于提升宏观增长和 企业盈利的预期。因此，总量层面看，近期市场处于较为有利的环境。 风险提示：国际贸易、地缘冲突超出预期；上市公司业绩增速回落超预期；全球经济衰退超预期。 其次，两市震荡分化，关注五天线支撑。周一，两市平开后，上下震荡。沪指盘中一度跌破五天均 线，但收盘成功收回失地；深圳成指近期始终略强一些，处于补涨追赶状态。两市量能 1.7 万多亿元， 较上周五略有下降。微观结构上，全天个股涨多跌少，涨停股票数量较前期有所下降，跌停股票数量较 少。当天市场热点主要集中在军工、医药和 TMT 等成长性行业。投资风格方面，中小盘股涨幅领先。 从市场运行节奏看，沪指持续反弹，正在逐步挑战去年四季度的市场高点。沪指突破五、六月份来 回震荡的小箱体后一路上行，目前正在逐步接近去年十月初的高点，这个位置也是周线大箱体的顶部位 置，短期需要关注五天线的争夺。 ...

Core Viewpoint - The article emphasizes that investing in bank sector ETFs is an ideal starting point for investors in a low interest rate environment, providing a combination of high dividends, low valuations, and solid capital support [1]. Group 1: Reasons for Choosing Bank Sector ETFs - Reason 1: High Dividend Advantage - Bank sector ETFs offer a dynamic dividend yield of approximately 4%, significantly higher than the yield of ten-year government bonds, making them attractive for long-term institutional investors and wealth management [2]. - The ongoing low interest rate environment is expected to enhance this dividend advantage, reinforcing the defensive nature of bank stocks [2]. - Reason 2: Low Valuation and Defensive Characteristics - The bank sector is currently undervalued, with a price-to-book (PB) ratio of only 0.74, which is among the lowest in the industry, while maintaining a relatively high return on equity [3]. - The index of bank stocks is positioned at the 49.12% percentile of its ten-year historical PB valuation, indicating potential for long-term valuation recovery [3]. - Reason 3: Policy and Capital Support - The bank sector benefits from both policy support and capital inflows, creating a robust investment logic. Regulatory measures are aimed at alleviating net interest margin pressures and improving asset quality [6]. - Significant capital inflows into A-shares, totaling approximately 2.84 trillion yuan since 2024, have bolstered the bank sector, alongside increased weightings in major indices [6]. Group 2: Strategic Implications - The combination of high dividends, low valuations, and supportive policies positions bank sector ETFs as a balanced investment solution in the current low interest rate and asset scarcity environment [6]. - The strategic window for investing in bank sector ETFs has opened, allowing investors to seek stable returns while diversifying risks [6].

Core Viewpoint - The article emphasizes the importance of enhancing the financial investment value of listed companies, which directly reflects their overall value and is central to market capitalization management. Companies should adopt a financial investor's perspective and strengthen their awareness of financial investment value management through three key stages: value creation, value discovery, and value realization [3][4][5]. Group 1: Enhancing Asset Returns and Financial Structure - Companies should shift their focus from asset scale to asset quality and return on investment, aiming to improve asset return rates as a core aspect of market capitalization management [4][5]. - From 2020 to 2024, 1,703 A-share companies completed refinancing through issuance, raising a total of 3.2 trillion yuan, with an average annual compound growth rate of total assets at 9.4%, surpassing the nominal GDP growth rate [4][5]. - The overall return on equity (ROE) for A-share companies was 7.9% in 2024, a decline of 4.8 percentage points from 2014, indicating a need for companies to focus on asset efficiency and returns [5][6]. Group 2: Choosing Appropriate Financing Tools - Selecting the right financing tools and methods is fundamental for companies to enhance their value. Companies often over-rely on equity financing, neglecting its costs, which leads to an imbalance in the capital structure [8][9]. - In a low-interest-rate environment, companies should prioritize using internal surplus for financing, followed by debt financing, and only consider equity financing as a last resort [9][10]. - Companies should develop a comprehensive financing plan that optimizes their capital structure and emphasizes internal capital accumulation as a foundation for stable growth [10][11]. Group 3: Valuation and Market Trading - The choice of trading market and methods significantly impacts the reasonable valuation of a company's equity and debt. A-share market characteristics show high trading activity in equities but low activity in debt instruments [12][13]. - Companies must prevent risks associated with insufficient trading activity, which can lead to being overlooked by investors, and avoid excessive speculation that may inflate stock prices [14][15]. - The trading environment in A-shares is characterized by high turnover rates, with the technology sector seeing significant trading activity compared to traditional industries, leading to valuation disparities [13][14]. Group 4: Long-term Returns and Investor Alignment - Companies need to enhance their awareness of long-term returns for investors and establish sustainable shareholder return plans, focusing on improving governance structures and transparency [18][19]. - A-share companies should learn from international practices, increasing dividends and buybacks to improve investor confidence and experience [21][22]. - Companies must clarify their positioning to align with the preferences of financial investors, ensuring that their growth potential and business models are clearly communicated [22][23]. Group 5: Comprehensive Management of Financial Investment Value - Enhancing the financial investment value of listed companies requires a systematic approach, integrating value creation, formation, and realization into the entire management process [25][26]. - Companies should optimize their capital structure and governance through appropriate financing tools, creating a virtuous cycle of institutional advantages, profit growth, and improved investor returns [25].

Market Overview - The Shanghai Composite Index broke through the 3600-point mark this week, reaching a new high for the year with a weekly increase of 2.21% [2] - Daily average trading volume in the Shanghai and Shenzhen markets reached 1.82 trillion yuan, an increase of over 290 billion yuan compared to the previous week [2] - Key policy announcements, including the start of major infrastructure projects and the confirmation of Hainan's free trade port closure date, positively impacted market sentiment, particularly in the upstream sectors like construction materials, coal, and steel [2] Bond Market - The bond market experienced a comprehensive adjustment this week, with both government and corporate bonds declining, resulting in negative returns for pure bond funds [3] - The overall funding environment remained balanced, with the central bank providing timely liquidity support through MLF operations, leading to a neutral impact on the bond market [3] Commodity Market - Gold prices fluctuated this week, initially rising due to increased market risk aversion but later declining amid optimistic trade agreement developments [4] - The overall trend for commodities was positive, with the South China Commodity Index rising by 2.73% this week, driven by significant increases in black and energy commodities [39] Overseas Market - Global risk assets generally rose, with the US stock market reaching new highs, supported by positive earnings reports and developments in AI [5] - The S&P 500 index is currently near high valuation levels, indicating a potential decrease in winning odds for US equities in the short term [10] Stock Market Insights - The A-share market continued its upward trend, with the CSI 500 index showing significant weekly gains, reflecting strong investor sentiment and market performance [12] - The market is currently characterized by high trading volumes and turnover rates, particularly in the CSI 300 and CSI 500 indices, which are above their three-year average levels [14] Sector Performance - In the past week, the construction materials, coal, and steel sectors performed exceptionally well, with respective increases of 8.20%, 7.98%, and 7.67% [22] - The overall market sentiment remains optimistic, with a focus on sectors with high earnings certainty and potential for positive surprises [7]

Core Viewpoint - The article emphasizes a structured approach to short-term trading, focusing on stability and risk management while seeking opportunities for excess returns through careful stock selection and analysis [9][11][12]. Group 1: Investment Strategy - The investment strategy is centered on a "multi-dimensional stock screening system" that balances stability and activity, ensuring that selected stocks have both a stable trend and sufficient liquidity for short-term gains [11][13]. - The approach includes three key dimensions: technical analysis for short-term trends, monitoring capital flow to gauge market sentiment, and fundamental analysis to avoid potential pitfalls [12][13]. Group 2: Performance Metrics - The article provides performance metrics indicating a high success rate in stock recommendations, with a total success rate of 84.68% and an average return of 62.50% on successful picks [5][6]. - The average holding period for stocks is approximately 315 days, with a maximum individual stock gain of 19.76% [5][7]. Group 3: Risk Management - The company advocates for quick recognition of mistakes in short-term trading, emphasizing the importance of stop-loss strategies to mitigate risks while allowing for flexibility in certain situations [15][17]. - The principle of "cutting losses quickly" is highlighted, with a focus on maintaining a disciplined approach to trading, ensuring that each operation remains within a controllable risk range [15][17].

Group 1 - The core idea of the article is to promote an ETF investment competition aimed at enhancing investor knowledge and participation in ETF trading [1][2][3] - The competition registration period is from June 12 to August 29, 2025, with the official competition running from June 18 to September 5, 2025 [1] - Participants must open a regular A-share account or an on-market fund account with Shenwan Hongyuan Securities before August 29, 2025, and have a risk tolerance level of C3 or above [3] Group 2 - The competition is designed to lower the entry barriers for new investors, emphasizing that ETF investments are low-cost and transparent, making them ideal for beginners [3] - The event includes educational modules such as "Market Insights from Experts," "Competition Zone Educational Videos," and "ETF Financial Classroom" to help investors build a comprehensive knowledge framework [3] - Professional investment advisors will provide ongoing support during the competition, offering weekly insights and in-depth analysis of market trends and sector rotations to assist participants in making informed investment decisions [4]

从市场运行节奏看，沪指在去年四季度密集成交区反复争夺后，加快上移重心。沪指突破五、六月 份来回震荡的小箱体后继续上行，在去年四季度的密集成交区进行了反复争夺，上周下半周开始重心加 速上移。目前上方的主要技术压力位在去年十月初的高点，这个位置也是周线大箱体的顶部位置。 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，上周市场围绕"雅下"水电站的开工建设展开行情，市场对于稳经济的预期有所提升。总投资 达 1.2 万亿的"雅下"水电站正式开工建设，这将拉动基建投资增速，提升了稳经济的预期，上周市场围 绕该主线展开行情。此外，近期国际局势有所好转，美国的财政扩张方案有助于缓解其经济衰退预期， 也有利于全球资本市场的稳定。国内 "反内卷"工作持续推进，产能过剩预期将有所缓解，这对提升盈 利预期也有正面作用。 上周，两市继续反弹，日均成交明显放大。沪指上周延续了向上反弹的趋势，周线五连阳。周三盘 中触及上周最高点，周五虽然有所调整，但收盘仍在五天均线上方。深圳成指加速补涨，上周创出年内 新高。量能方面，上周两市日均量能超过 18000 亿，较上周出 ...

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 a comprehensive investment advisory product that includes simulated trading, method teaching, stock diagnosis, market interpretation, and philosophy sharing, catering to various investment needs [2]. - The service aims to reduce decision-making costs for investors by providing stock selection, timing guidance, and position management based on fundamental, technical, and capital analysis [4]. Group 2: Expert Support - The package offers a "Big Shot Stock Diagnosis" service, where experts provide detailed analysis and insights on specific stocks, helping investors understand the underlying investment and trading logic [5]. - Exclusive videos are produced by the advisory team to simplify complex market dynamics and investment strategies, aiding investors in their growth [6]. Group 3: Market Insights - The service closely monitors market trends and provides timely analysis of significant market movements, offering valuable references for investors during both major fluctuations and minor adjustments [7]. - Monthly reports are generated to summarize the performance of the "Combination Equity Package," allowing investors to review operations and adjust strategies based on past experiences [9]. Group 4: Educational Resources - The package includes specialized courses covering various aspects of investing, from basic theories to practical skills, enabling investors to understand the mature investment methods behind the recommendations [8].

以下文章来源于申万宏源证券上海分公司 ，作者杨敏 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。 6 月下旬开始，牛气扑面而来，本周更是连续逼空，出现 3 个月以来第一次放量周阳线。从 资金层面和技术层面看， 未来几周市场有望继续高举高打，不排除突破 10 月 8 日新高后， 才会有像样的震荡。 资金层面：最近资金层面迎来 5 大利好，各路资金将源源不断流向股市 1、南向资金：周五南向资金单日爆买港股201.84亿港元，今年合计净买入规模直接怼到 8200.28亿港元，超过去年全年的8079亿港元，创下历史同期最高纪录。 2、公募：在2022年12月后持续缩水的混合基金在6月呈现"规模、份额双增"的改善趋势， 规模增长1213亿元至3.68万亿元，份额较5月的3.03万亿份小幅增长97.16亿份。 3、M1M2剪刀差：前两周公布的6月金融数据显示，6月M1M2剪刀差收窄。 技术层面：三个角度交叉验证，短期看第一目标 3700 以上，中期不要被点位设限 缺口： 5 月 7 日的岛型反转缺口至 7 月 21 日的中继型缺口， ...

免责声明 发行人 中铁信托有限责任公司 是经中国银行保险监督管理委员会批准，以金融信 托为主营业务的非银行金融机构，公司业务范围涵盖资金信托、动产信托、 不动产信 托 、 有价证券信托 、投资基金、证券承销、 投资银行业务 等 ，拥有 40 年持续经营 的历史。公司注册资本 50 亿元，建立以成都总部为核心，北上深汉渝为支点，"立足 四川、面向全国"的现代金融服务网络，获准建立有信托行业第三家、四川省内金融机 构第一家博士后创新实践基地，与西南财大联合建立中国信托研究中心。 此次资产证券化产品的成功发行为未来双方进一步深化合作奠定了坚实的基础， 对申万宏源持续资产证券化业务市场具有重要意义 。未来，申万宏源将继续为广大实 体企业提供深湛优良的综合金融服务，把落实国家战略与企业使命深度结合，为助力实 体经济高质量发展贡献金融央企力量。 7 月 22 日 ，由申万宏源担任 销售机构 的 中铁信托先锋 13 号应收账款资产支 持专项计划 项目成功发行 。 本期 资产证券化产品 优先 A 级 ， 发行规模 9.09 亿 元，期限 2.75 年 ，票面利率 2.09 % ， 债项评级 AAA ，无外部增信。优先 B 级 ...