为了给您提供更好的服务，及时解决您的问题，申万宏源证券 上海静安区北京西路证券 营业 部已开通微信专属客服，欢迎大家扫码咨询。 柜台咨询电话：021-62766183/62766732 融资融券咨询：021-62270266/62766205 T0和条件单咨询：021-62270646/62662391 投资咨询服务：021-62766735 ...

本内容最终解释权归申万宏源证券有限公司所有。 本期中期票据达到了发行人较满意的发行结果，进一步夯实了我司与发行人的合作 关系。未来，公司将持续深耕债券业务，继续发挥公司优势，积极服务实体经济，推动 经济高质量发展。 免责 声 明 2025年4月17日，由申万宏源证券担任主承销商的"大唐国际发电股份有限公司 2025年度第三期中期票据"成功发行，本期债券发行规模24亿元，期限5+N年，票面利 率2.14%，创发行人同期限中期票据最低票面利率！ 大唐国际发电股份有限公司是我国五大电力央企之一中国大唐集团有限公司下属核 心子公司，发电业务分布于全国多个省、市、自治区，拥有较强的市场竞争力。本期中 期票据的成功发行有利于发行人获取发展所需的中长期资金，提高了发行人运营效益， 有利于发行人可持续发展。 ...

Core Viewpoint - The Chinese government is implementing a comprehensive set of financial policies to stabilize the market and manage expectations, focusing on monetary policy adjustments and regulatory measures to support economic recovery and growth [1][2][3]. Monetary Policy Measures - The People's Bank of China (PBOC) is introducing a package of ten monetary policy measures categorized into three types: quantity-based, price-based, and structural policies [3]. - A reduction in the reserve requirement ratio (RRR) by 0.5 percentage points is set to take effect on May 15, 2025, which is expected to provide approximately 1 trillion yuan in long-term liquidity to the market [4]. - The interest rate for the 7-day reverse repurchase operations will be lowered from 1.50% to 1.40%, likely leading to a corresponding decrease in the Loan Prime Rate (LPR) by about 0.1 percentage points [4]. - The PBOC will also lower the rates for various structural monetary policy tools by 0.25 percentage points, including the re-lending rates for agricultural and small business support [4]. - An increase in the re-lending quota for technological innovation and transformation from 500 billion yuan to 800 billion yuan is planned, along with the establishment of a 500 billion yuan re-lending facility for service consumption and elderly care [4]. Regulatory Measures - The Financial Regulatory Administration is set to introduce eight incremental policies aimed at enhancing the implementation of existing policies and ensuring economic stability [5][6]. - New financing systems compatible with the evolving real estate market will be developed to support stability in the housing sector [8]. - The administration plans to expand the scope of long-term investment trials for insurance funds, with an additional 60 billion yuan to be approved for market injection [9]. - Policies to support small and private enterprises will be expedited, focusing on improving financing coordination mechanisms [8]. Capital Market Support - The China Securities Regulatory Commission (CSRC) is committed to enhancing the stability and vitality of the capital market through various reforms [10][11]. - A new action plan for the high-quality development of public funds has been released, aiming to create a positive cycle of returns and market stability [14]. - The CSRC will introduce measures to deepen reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market, enhancing institutional adaptability and inclusiveness [12][13].

投资路上总迷茫?跟风操作心发慌? 别担心,申万宏源投顾社区为您量身定制了 投资路上的赢家养成计划 - 【组合权益包】投顾服务产品, 助您在财富的海洋里稳舵前行! 双重核心优势,铸就服务利器 资深投顾倾情护航, 多维服务解锁投资新范式 【归合权益句】 早什么？ :7 IIY 12 TVIDES 【组合权益包】 由申万宏源证券资深投顾团 队，凭借深厚的专业知识和丰富的市场经验、 通过模拟交易方式买卖证券投资标的,并配套 提供包括方法教学、标的诊断、大势解读、理 念分享等多维服务内容,一站式满足您在投资 过程中的各种需求。从选股择时到仓位指导, 从大咖诊股到提升课程,从操盘心得分享到月 度深度复盘,每一个环节都精心设计,为您的 财富人生保驾护航。 解锁投资新范式, 全新组合权益包 照亮您的财富新航线! 六大服务权益,点亮财富之路 选股择时, 仓位指导 从基本面、技术面、资金面等多个维度深入分 析,为您选股择时。持续推送精选标的,提示关 键交易节点及仓位指导,降低您的决策成本。无 论是初入市场的新手,还是经验丰富的投资者, 都能从中获得有价值的参考，让投资更具针对性 和有效性。 二、大咖诊股，答疑分析 面对复杂的市场 ...

免责 声 明 2025年4月25日，由申万宏源证券担任主承销商的"2025年招商银行股份有限公司 无固定期限资本债券（第一期）（债券通）"成功发行，本期债券发行规模200亿元， 期限5+N年，票面利率2.13%，认购倍数为2.35倍。 本内容最终解释权归申万宏源证券有限公司所有。 招商银行是我国最具有影响力的金融服务品牌之一，在英国《银行家》杂志发布 的"全球银行1000强"榜单中，按照一级资本排名首次位列第10，明晟ESG评级为AAA 级，处于全球同业领先水平，被《欧洲货币》杂志评为"中国最佳数字银行"。招商银行 坚持错位发展，构建"以零售为主体、四大板块均衡协同发展"的业务格局，信用卡交易 规模行业第一，旗下招银理财、招商基金、招银金融租赁、招联消费金融等子公司均跻 身行业头部。本期债券募集资金用于补充其他一级资本，有助于增强发行人的营运实 力，提高抗风险能力，支持业务持续稳健发展。 本期债券的发行结果得到了发行人的高度认可，有助于我司和招商银行进一步深化 业务合作。未来，公司将继续秉持服务实体经济的责任担当，深耕重点地区和核心客 户，推动经济金融高质量发展。 ...

2025年4月17日，由申万宏源证券担任主承销商的"大唐国际发电股份有限公司 2025年度第三期中期票据"成功发行，本期债券发行规模24亿元，期限5+N年，票面利 率2.14%，创发行人同期限中期票据最低票面利率！ 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。 大唐国际发电股份有限公司是我国五大电力央企之一中国大唐集团有限公司下属核 心子公司，发电业务分布于全国多个省、市、自治区，拥有较强的市场竞争力。本期中 期票据的成功发行有利于发行人获取发展所需的中长期资金，提高了发行人运营效益， 有利于发行人可持续发展。 本期中期票据达到了发行人较满意的发行结果，进一步夯实了我司与发行人的合作 关系。未来，公司将持续深耕债券业务，继续发挥公司优势，积极服务实体经济，推动 经济高质量发展。 ...

Core Viewpoint - The traditional stock market saying "May is poor, June is desperate, and July is a turnaround" does not hold true based on statistical analysis of the A-share market from 1991 to 2024, indicating that the calendar effect is a misconception [1] Group 1: Market Analysis - The A-share market has shown that from 2009 to 2024, April generally has a low probability of rising, while August tends to have a larger average decline [1] - June and July have relatively high probabilities of rising, contrary to the saying, with May showing a rise probability of less than 50% but not being the lowest month [1] - In the earlier period from 1991 to 2008, October had the lowest probability of rising, while May and June had higher probabilities, further debunking the "poor May" notion [1] Group 2: Sector Focus - In May, the market is expected to shift back to technology growth sectors, with catalysts including updates on AI large models and developments in robotics [2] - Key areas of focus include AI applications in cloud computing, office automation, and healthcare, as well as the ongoing trend of domestic semiconductor production [2] - The low-altitude economy is anticipated to gain momentum following the announcement of pilot cities, with strong expectations for construction and development in related sectors [2] Group 3: Market Performance - Recent market performance showed a broad increase in individual stocks, with nearly 5,000 stocks rising and trading volume expanding to 1.3 trillion, indicating a recovery in market sentiment [3] - Technology sectors such as computers, communications, machinery, media, and electronics led the gains, while defensive sectors like food and beverage showed minimal increases [3]

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 Features - The "Combination Equity Package" is developed by a team of experienced advisors, offering a comprehensive suite of services including stock selection, timing guidance, and market analysis [2][4]. - The service includes a variety of educational resources such as method teaching, stock diagnostics, market insights, and investment philosophy sharing, catering to diverse investor needs [2][4]. - The package has a proven track record, with multiple service products running for several years, showcasing performance metrics like total return, relative return, and maximum drawdown [3]. Group 2: Specific Services Offered - Stock selection and timing guidance are provided through in-depth analysis from fundamental, technical, and liquidity perspectives, helping investors make informed decisions [4]. - The "Expert Stock Diagnosis" service allows investors to receive tailored insights on specific stocks, enhancing their understanding of the underlying investment logic [5]. - Exclusive videos are created by the advisory team to simplify complex market dynamics and investment strategies, supporting investors in their growth [6]. Group 3: Market Insights and Education - Continuous market monitoring and analysis are conducted to decode market fluctuations, providing timely insights that help investors navigate both major and minor market movements [7]. - The package includes specialized courses covering various investment aspects, from foundational theories to practical techniques, promoting a deeper understanding of investment methodologies [8]. - Monthly reports are generated to summarize the performance of the "Combination Equity Package," allowing for reflection on strategies and adjustments based on past experiences [9].

周三沪深 A 股延续此前窄幅波动的走势，持续牛皮盘整，基本上一脉相承。从原因看，一方面， 上市公司年报和一季报业绩披露进入最后关头，场内资金出于规避或有风险的考虑，短线观望。同 时，"五一"小长假在即，鉴于近期外围市场波动较大，因此也增强了短线观望气氛。此外，月度宏观数 据开始披露，投资者对于经济数据的分析解读，也需要一定的时间，对盘面变化也需要一定地观察。 总体看，4 月份 A 股市场平稳收官，考虑到目前政策基调以稳为主，机构资金以及批量上市公司都 有增持回购方案，因此对节后市场有很好的承接能力，也为红五月打下坚实基础。 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。 展望后市：关注休市期间海外市场表现，关注 4 月份宏观经济数据。从盘口看，关注成交量变化以 及是否有超预期的科技题材利好，对下一阶段市场活跃，放量走强非常重要。 ...

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 . 整个四月在关税风波的影响下，呈现先抑后扬的态势。 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。 摘要： 5 月指数有望继续震荡攀升，财报季后，个股表现将明显好于 4 月。风格上再度聚焦科技成长。 进入 5 月，指数预计重新进入震荡上行态势： 时间点上： 4 月财报季已过，中小市值个股及前期的科技股业绩压力缓解。 横向比较：美股早已回补关税缺口，而 A 股相比美股估值绝对数、分位数以及管理层对资本市场的呵 护度都更具优势，大概率后续继续向上回补缺口。 政策预期上：官媒此前表示，一些增量政策将在 6 月底前推出，政策红利期依然在。 综上，指数 5 月震荡向上为主。 风格上， 4 月偏红利， 5 月大概率重回科技成长风格。 热点上，消费受到政策预期的催化，出现了轮动行情。总体热点呈现宽度广，高度打不开，例如零售百 货、个人护理、宠物、大健康等，总体以热点轮动为主。 拥挤度方面：目前 TMT 的拥挤度已经位于近一年 20% 左右的分位数，同时一 ...