Market Overview - A-shares experienced a comprehensive rise this week, with small-cap stocks continuing to outperform. The average daily trading volume in the Shanghai and Shenzhen markets increased significantly compared to last week, indicating sustained momentum in the "small but beautiful" market structure [2][15]. Stock Market - The small-cap style has been dominant for an extended period, often associated with loose liquidity conditions. Current macroeconomic trends suggest that the trend of loose liquidity will continue, favoring small-cap stocks over large-cap stocks in terms of profit potential [7][8]. - The market's reaction to the recent China-US phone call was muted, indicating that investors are more focused on actual policy measures rather than mere expectations. The recommendation remains on sectors with clear fundamental improvements, particularly in technology and domestic consumption [8]. Bond Market - The bond market showed a strong performance this week, with a downward trend in the yield of ten-year government bonds. The central bank's liquidity support is evident, and the risk of significant interest rate hikes in the bond market is low [3][9]. - The bond market is expected to serve as a stabilizing asset class in the current economic environment, with a focus on appropriate buying timing to enhance returns [9]. Commodity Market - Gold prices fluctuated this week, with a general upward trend influenced by geopolitical factors and tariff policies. However, short-term volatility is expected to remain high [4][10]. - The long-term support for gold prices is attributed to the weakening of the US dollar's credit due to rising national debt [10]. Overseas Market - US stocks showed slight gains, with the 10-year US Treasury yield declining. The market remains sensitive to tariff policies and economic data, particularly employment figures [5][11]. - The uncertainty surrounding US government policies and the potential for a shift away from dollar dominance are key considerations for overseas asset allocation [11]. Industry Performance - In the A-share market, the communication, non-ferrous metals, and electronics sectors performed notably well, with weekly gains of +5.27%, +3.74%, and +3.60% respectively [22][24]. - The overall trading activity in the stock market saw an increase in the proportion of trading volume for small-cap indices compared to large-cap indices, indicating a shift in investor preference [15][19]. Key Events - The recent phone call between Chinese President Xi Jinping and US President Donald Trump has raised investor interest in the potential implications for trade relations and market sentiment [27]. - The release of China's PMI data for May indicated a slight improvement in manufacturing and services, which may influence market expectations moving forward [28]. Quantitative Data - The total trading volume in the two markets reached 11,842 billion yuan this week, a 10.81% increase from the previous week. The trading volume for the CSI 1000 index also saw a significant rise [15][38]. - The volatility of major indices, including the CSI 300, has decreased compared to the previous week, suggesting a more stable market environment [19].

Core Viewpoint - The article emphasizes the importance of understanding market trends and company performance metrics to identify potential investment opportunities and risks in the current economic landscape [2]. Group 1: Market Trends - Recent market fluctuations have shown a significant impact on investor sentiment, with a noted increase in volatility over the past quarter [2]. - The article highlights that sectors such as technology and healthcare are experiencing rapid growth, driven by innovation and increased demand [2]. Group 2: Company Performance - Company earnings reports indicate a mixed performance, with some firms exceeding expectations while others fall short, reflecting the uneven recovery across different industries [2]. - Specific companies have reported revenue growth of over 20% year-on-year, showcasing strong operational resilience [2]. Group 3: Investment Opportunities - The article suggests that companies with strong balance sheets and innovative product pipelines are well-positioned for future growth, making them attractive investment targets [2]. - It also points out that emerging markets present unique opportunities, with projected growth rates surpassing those of developed economies [2]. Group 4: Risks - Potential risks include regulatory changes and geopolitical tensions that could adversely affect market stability and investor confidence [2]. - The article warns that inflationary pressures may lead to increased costs for companies, impacting profit margins and overall financial performance [2].

Core Viewpoint - The article emphasizes the importance of investor engagement and communication between listed companies and investors, highlighting the "I am a shareholder" initiative aimed at enhancing investor awareness and understanding of company value [1][3]. Group 1: Event Overview - The "I am a shareholder" event for 2025 focuses on "serving investors and sharing high quality," featuring Anhui Yingjia Distillery Co., Ltd. (603198.SH) as the highlighted company [1]. - The event was guided by the Shanghai Stock Exchange and organized by Shenwan Hongyuan Securities, attracting 184 institutional and individual investors who engaged in discussions with the company's management [3][12]. Group 2: Company Insights - Anhui Yingjia Distillery is recognized as a leading enterprise in China's ecological liquor sector, with significant achievements in ecological liquor research and production technology [4][7]. - The company has developed a market layout centered around its "Yingjia Dongcang" series of mid-to-high-end liquors and the Yingjia Master Edition as a high-end flagship product [4][7]. - The distillery's production process enhances efficiency and product consistency, ensuring the unique quality characteristics of Yingjia liquor [5]. Group 3: Management Perspective - The company's vice president emphasized the interdependent relationship between listed companies and investors, committing to continuous value creation and quality development in response to investor trust [7]. - Yingjia Distillery aims to leverage opportunities from the upgrading and optimization of the liquor industry, focusing on enhancing product quality and brand value [7]. Group 4: Industry Context - The event included discussions on macroeconomic trends, industry competition, and the company's competitive advantages, highlighting the importance of active participation from listed companies in capital market development [8][10]. - The company has been recognized for its ecological practices and has received various accolades, including being listed as a national geographical indication protection product and a "Chinese Time-honored Brand" [13].

申万宏源证券 swennamencyclesscoper m 0 n 版 ? 瓶 D 版 夏 .. 7 维 Q D D n K 10000000 1.50 :::: 国债逆回购小贴士 ::: : : 0 O 0 D O 2025年端午节休市安排 星期 星期五 星期六 星期日 星期 5月30日 5月31日 6月2日 6月1日 6月3日 休市 开市 开市 《休市 体事 O 关闭 开通 关闭 开通 II 河 Q 注:2025年端午节期间,A股5月31日(星期六)至6月2日(星期一)休市,6月3日(星期二)起照 常开市;港股通5月31日(星期六)至6月2日(星期一)不提供港股通服务,6月3日(星期二) 起照常开通港股通服务。 拒绝持印过节 让闲线动起来 国债逆回购) :::: 国债逆回购简介 ::: 国债逆回购,本质上是一种短期贷款。个人将自己的资金借出 去,获得固定的利息收益。而作为回购方,也就是借款人用自己的 国债作为抵押获得这笔借款,到期后还本付息。一般认为国债逆回 购的安全性等同于国债。每逢季末、年末、长假前夕，国债逆回购 利率往往会出现较明显提升，安全性和收益性两不误，参与门槛只 需1000元, 是证券账户 ...

Group 1 - A-shares experienced a significant rebound on Thursday, ending a period of low trading volume, driven by news of a U.S. court ruling that suspended the implementation of new tariffs announced by the Trump administration [1][3] - The market sentiment improved notably due to the court's decision, leading to a rise in U.S. stock index futures and a general increase in Asia-Pacific markets [1][3] - The future direction of tariff-related events remains uncertain, with potential implications for market performance depending on whether the Trump administration will appeal the ruling and how ongoing tariffs will be managed [1] Group 2 - June is expected to continue being driven by event-based thematic trading, with low-position sectors such as consumption and pharmaceuticals showing promise, alongside well-adjusted technology growth sectors [2] - The focus on expanding domestic consumption is a key task for 2025, with expectations for policy support to boost sectors like dairy products, IP consumption, leisure tourism, and medical aesthetics [2] - The trend towards domestic production of robotics is anticipated to grow, with opportunities arising in sensor, controller, and dexterous hand sectors as robots become more integrated into daily life [2] - The semiconductor industry is expected to continue its domestic production trend, with attention on semiconductor equipment, wafer manufacturing, materials, and IC design [2] - The military industry is projected to see a rebound in orders by 2025, with signs of recovery already visible in various sub-sectors [2] - The innovative pharmaceutical sector is entering a recovery phase after nearly four years of adjustment, with positive net profit growth expected to continue into 2025 [2]

未来，申万宏源证券将持续深化与各大金融机构的合作，不断探索创新业务模式，提升服务水 平，为我国科技创新企业发展和经济高质量发展贡献更多力量。 来源：申万宏源证券FICC 5月23日，申万宏源证券与兴业银行成功开展首批上交所科技创新债券借贷交易。 申万宏源证券深耕债券借贷业务10年，交易规模屡创新高，存续规模位居同业头部。此次开展 科创债债券借贷交易，能有效提升科技创新债券的流动性，拓宽科创债投资者资产运用范围和业务 体系，进而降低科创企业的融资成本，助力科创企业获得更多资金支持，促进科技创新成果转化。 ...

物感见 S090061505 "符手"股票进出 关税事件的冲击最高峰已经过去,近期A股市场在波 折中继续修复。在存量资金博弈的格局中,如何把握 好风格和热点轮动的节奏?对于想要入门的新手和想 要提升专业选股能力的客户该如何快速进阶?如何选 择适合自己的投资风格和投资理念?面对这些问题, 本期投顾访谈栏目特地邀请了"猎手"股票池投顾服务 产品及提升课投顾服务产品主创,来自浙江分公司金 华八一北街营业部投资顾问杨燕如老师,与我们一道 解码市场,以下是本次访谈的精华要点。 主创简介 证券投资顾问执业编号: S0900615050113 现任浙江分公司金华八一北街营业部证券 投资顾问,证券从业17年。 获2022年新浪财经-金麒麟最佳投资收益奖,获 2023年新财富最佳公募基金配置奖。 曾任今日头条专栏老师,叶檀财经节目嘉宾。 投资理念 Q: 您觉得何种风格的投资者会比较契合您的投资理念? A: 我认为在股市中,有明确投资目标的投资者,契合我的 投资理念。作为投资者在这个市场上想赚钱,需要先明 确自己的目标,或是叫初心吧。如果目标是长期增值, 可以选择成长型投资,关注具有高增长潜力的公司。如 果目标是保值增值,那么可 ...

营业部会持续做好投教工作，以实际行动助力投资者树立理性投资、价值投资和长期投资的理 念，提升金融素养和知识储备，为构建和谐、稳定的资本市场添砖加瓦。希望上海对外经贸大学的 同学们以"插入岩石中的钢钉姿态" ， "任尔东西南北风，我自巍然不动" ，相信以大家的"星星之火"终 能成燎原之势，在每个人的心中打下捍卫国家安全，人人有责的思想根基。 营业部聚焦非法推荐股票期货基金、非法转让新三板股票、假冒仿冒证券期货基金经营机构及从 业人员、场外配资、非法发行股票、非法经营期货业务、非法期货交易、境外机构非法提供跨境证 券交易服务、以私募基金名义违法展业、非法集资、金融领域非法中介等领域，结合非法证券期货 基金活动类型和特征，大力宣传揭露非法活动的手法和危害。提醒大学生们要小心非法荐股套路。 尤其是对近期公众互联网上频繁出现打着 "内幕消息" "专家推荐" 的旗号，诱导购买股票并收取费用 的现象，此类行为不仅扰乱市场秩序，更让缺乏经验的大学生成为 "待割韭菜" ，对此要保持警惕。 正规投资咨询机构都有从业资质，可通过监管部门网站核实。并科普反洗钱风险，切实提升青年群 体提升自己的风险识别能力和防范风险的能力。 同时提醒 ...

近期，上海证券交易所公布了2024年度会员投资者教育和保护工作评选结果，申万宏 源证券一举斩获 七项大奖 ，包括 "投资者教育进高校专项奖"、"会员合作投教活动专项 奖"、"'我是股东'活动专项奖" 等。这一系列荣誉彰显了公司在推动投教工作纳入国民教 育、强化投资者权益保护方面的行业领先地位，也体现了公司在构建多层次投教体系、助 力资本市场健康发展中的积极作为。 在推动投教工作纳入国民教育方面，申万宏源证券通过"引进来"加"走出去" 的校企合作模式， 与复旦大学、新疆大学、上海交通大学等百所高校建立常态化合作机制，将系统、专业的金融知识 带进校园。"我是股东" 活动中，公司组织投资者实地走访上海、江西、北京、深圳等十余省市的 上市公司，引导中小投资者积极行权，提升市场参与感；在"会员合作投教活动"方面，公司与交易 所、社区协同联动，紧扣"服务投资者共享高质量"主题，围绕 ETF 市场、注册制改革等核心内 容，开展线上讲座、社区宣讲等多元活动，覆盖人次超万人。 未来，申万宏源证券将继续为投资者提供更专业、更贴心的教育服务，助力资本市场高质量发 展。 来源：申万宏源证券投教基地 ...

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。 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行的主力军作用，深入贯彻国家科技 创新重大战略部署，积极践行"科技金融"大文章。 随着本次债市"科技板"政策落地，申万宏源证券积极响应，助力工商银行率先落地 科技创新债券。本期债券的成功发行，有助于增强发行人在科技创新领域的金融服务能 力，推动赋能科技创新企业高质量发展。本期债券的成功发行，彰显了申万宏源证券凭 借专业高效的精品投行服务，立足国家科技创新战略，持续完善覆盖全要素、全周期、 全生态的科技金融服务模式，为新质生产力的系统培育注入创新金融解决方案的能力和 智慧。 免责 声 明 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 ...