Core Viewpoint - Shenwan Hongyuan has won three awards at the SRP China, highlighting its commitment to inclusive product issuance and ESG practices [2] Group 1: Awards and Recognition - Shenwan Hongyuan received three prestigious awards at the SRP China, showcasing its leadership in the financial innovation sector [2] - The awards reflect the company's dedication to developing inclusive financial products that cater to a broader audience [2] - The recognition also emphasizes the importance of ESG (Environmental, Social, and Governance) practices in the company's operational strategy [2] Group 2: Product Development and ESG Practices - The company has been actively involved in the issuance of inclusive financial products, aiming to enhance accessibility for various customer segments [2] - Shenwan Hongyuan's ESG initiatives are designed to align with global sustainability goals, demonstrating its commitment to responsible investment practices [2] - The focus on ESG practices is increasingly becoming a competitive advantage in the financial services industry [2]

关于修订《指定交易协议书》的公告 第二条 指定交易的证券品种范围，以在上海证券交易所上市交易的证券为限。 附件：新版《指定交易协议书》 指定交易协议书 依 据 《上海证券交易所指定交易实施细则》 《上海证券交易所证券交易业务指南第 11号——指定交 易业务》 及其 他 有关规定，经过自愿协商， 甲乙双方 就指定交易的有关事项达成 如下 协议 ，供双方共 同遵守。 甲方指客户或投资者，如甲方与申万宏源证券有限公司建立指定交易关系的，本协议中的乙方特指申 万宏源证券有限公司及甲方账户所在的申万宏源证券有限公司下属分支机构；如甲方与申万宏源西部证券 有限公司建立指定交易关系的，本协议中的乙方特指申万宏源西部证券有限公司及甲方账户所在的申万宏 源西部证券有限公司下属分支机构。 第一条 甲方选择乙方为其证券指定交易的代理商，并以其账户所在的乙方分支机构为指定交易点。乙 方经审核同意接受甲方委托。 尊敬的客户： 根据《上海证券交易所指定交易实施细则》《上海证券交易所证券交易业务指南 第 11号—指定交易业务》相关要求及业务实际，申万宏源证券有限公司（简称"申万 宏源证券"）、申万宏源西部证券有限公司（简称"申万宏源西部证 ...

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Core Viewpoint - The current valuation levels of the A-share market indicate a relatively high risk, with the Buffett indicator at 83.15%, slightly above the safe zone, and various indices showing elevated PE ratios compared to historical levels [6][22]. Market Overview - The total market capitalization of listed companies in Shanghai is approximately 593.11 billion yuan, with a circulating market value of about 557.97 billion yuan and an average PE ratio of 15.14 [19][26]. - The Shenzhen market has a total market capitalization of around 389.16 billion yuan, with a circulating market value of 334.34 billion yuan and an average PE ratio of 28.50 [26]. Valuation Levels Buffett Indicator - The Buffett indicator, which measures the ratio of stock market capitalization to GDP, currently stands at 83.15%, indicating a relatively high valuation [22][23]. PE Valuation Levels - Major indices such as the Shanghai Composite Index and the ChiNext Index have PE ratios above 20%, with specific values being 15.88 (↑2.97%) for the Shanghai Composite and 36.21 (↑7.70%) for the ChiNext [27]. - The PE ratios for the major indices are as follows: - Shanghai Composite: 15.88 (↑2.97%) - Shenzhen Component: 28.05 (↑4.98%) - ChiNext: 36.21 (↑7.70%) [27]. Industry Valuation Levels - The PE ratios for the food and beverage industry and the agriculture, forestry, animal husbandry, and fishery industry are notably low, at 6.98% and 8.81% of their historical levels, respectively, suggesting potential investment opportunities [8]. - Conversely, industries such as construction materials, media, steel, electronics, retail, computer, and real estate have PE ratios at high historical percentiles, indicating increased investment risk [8]. PB Valuation Levels - The PB ratios for various indices show significant variation, with the Shanghai Composite at 1.45 (↑3.11%) and the ChiNext at 4.60 (↑7.94%) [29]. - The PB ratios for key industries are as follows: - Agriculture, forestry, animal husbandry, and fishery: 2.02 - Basic chemicals: 1.41 - Steel: 0.73 [37]. PS Valuation Levels - The PS ratios for several industries indicate varying levels of valuation, with agriculture, forestry, animal husbandry, and fishery at 0.82 and basic chemicals at 0.55 [41]. Conclusion - The current market conditions reflect a high valuation environment, with specific sectors showing both potential opportunities and risks based on their historical valuation levels. Investors should consider these factors when making investment decisions.

Core Viewpoint - TCL Technology Group has successfully completed a significant stock issuance and cash payment for asset acquisition, marking the largest transaction in the electronic industry since 2021, with a total consideration of 11.562 billion yuan [2] Group 1: Financial Transaction Details - The total consideration for the transaction is 11.562 billion yuan, with a financing scale of 4.359 billion yuan and an issuance price of 4.21 yuan per share [2] - The transaction was underwritten by Shenwan Hongyuan, which also served as the independent financial advisor and lead underwriter [2][7] Group 2: Business Strategy and Market Position - TCL Technology, through its subsidiaries TCL Huaxing and TCL Zhonghuan, is focusing on core business development in semiconductor displays and new energy photovoltaics, aiming for global leadership [4] - In the semiconductor display sector, TCL Huaxing leads the industry in large-size products, holding the second-largest market share globally for TV products, with the largest shares in 55-inch, 65-inch, and 75-inch segments [4] - TCL Zhonghuan is establishing a technological advantage in G12 and N-type photovoltaic materials, with a projected market share of 18.9% in silicon wafers by 2024, leading the industry [4] Group 3: Competitive Advantages and Partnerships - The target company, Shenzhen Huaxing Semiconductor, operates two of the world's highest-generation LCD panel production lines, which are crucial for TCL Huaxing's 65-inch and 75-inch panels, aiming for the top market position in 2024 [4] - The target company has established long-term stable partnerships with leading global TV brands such as Samsung, Xiaomi, and LGD, enhancing its competitive edge in the large-size panel market [5] Group 4: Execution and Investor Engagement - The transaction was completed efficiently, taking only two months from acceptance to approval, with asset delivery completed by July 2025 [7] - The issuance attracted significant market interest, with a diverse and international investor base participating actively in the subscription process [7]

Market Overview - A-shares continued to rise this week, reaching new highs in both index points and average daily trading volume, with trading amounts exceeding 2 trillion yuan for three consecutive days [2] - The Hang Seng Index also increased, but A-shares outperformed Hong Kong stocks overall [2] - The net inflow from the Hong Kong Stock Connect reached 35.876 billion yuan, indicating strong interest in Hong Kong assets [2] Bond Market - The bond market experienced a decline this week, with both interest rate bonds and credit bonds weakening, leading to negative returns for pure bond funds [2] - The funding environment remained balanced but slightly loose, which typically supports bond performance [2] - Basic economic data showed weak credit data and continued deflation, which could provide some support for bonds despite the market's limited pricing of fundamental data [2] Commodity Market - Gold prices saw a significant pullback this week, influenced by cautious Federal Reserve attitudes and unexpected PPI data [3] - The overall commodity index rose by 0.52%, with agricultural and non-ferrous metals performing well, while precious metals declined [35] Stock Market Insights - The strong performance of the stock market is attributed to good recent profit effects, a strong overall atmosphere, and reduced external uncertainties due to the 90-day delay in US-China tariffs [6] - The market is believed to have substantial structural opportunities, with a focus on sectors with high earnings certainty and potential for positive surprises [7] Industry Performance - In the industry performance, the communication, electronics, and non-bank financial sectors showed significant gains, with increases of 7.66%, 7.02%, and 6.48% respectively [23] - Conversely, the banking, steel, and textile sectors experienced declines [23] Economic Data - July economic data showed a 5.7% increase in industrial value added, with 35 out of 41 major industries reporting growth [31] - Social financing and M2 growth rates remained high, indicating continued liquidity in the economy [31] International Market - US stocks continued to rise, with the likelihood of a Federal Reserve rate cut in September increasing, which could present opportunities in US Treasury bonds [10] - The overall trend in global major economies is towards fiscal expansion, which may support fundamentals and risk appetite [10]

Core Insights - Fund managers have made clear adjustments in their portfolios during Q2, indicating strong signals in their investment directions [1][2] Group 1: Sector Focus - The technology sector continues to lead, with significant investments in AI and semiconductor industries, reflecting a strong demand for AI computing power [4][9] - The defense and military industry has seen a holding increase to 4.2%, driven by geopolitical tensions, making it a preferred choice for risk-averse and aggressive investors [6] - The financial sector is experiencing a valuation recovery, with bank holdings rising to 4.9%, supported by low valuations and high dividend yields [7] Group 2: Investment Trends - Passive funds, including ETFs, have seen substantial inflows, with the CSI 300 and CSI 1000 ETFs increasing by 241 million and 115 million shares, respectively, indicating a strong market interest [8] - The electronic industry maintains a high holding of 18.8%, but the high concentration in semiconductors may limit future aggressive investments due to potential adjustment risks [9] - The wine sector has seen a significant reduction in holdings, dropping to 2% after excluding certain funds, signaling a potential exit from this market [11] Group 3: Market Dynamics - Certain sectors like automotive, food and beverage, and power equipment have experienced notable reductions in holdings, with food and beverage seeing a 2.1 percentage point decline, influenced by regulatory pressures [13] - The cyclical and defensive sectors are rising, with agriculture and livestock holdings at 1.6%, indicating a positive shift in fundamentals for these segments [6]

Core Viewpoint - The article maintains an optimistic outlook on the stock market, suggesting that it is currently in a clear upward trend and that there are potential opportunities for investment, particularly in sectors such as AI, securities, and anti-involution [5][9]. Financial Data Analysis - Recent financial data from July indicates a continued convergence of the M1 and M2 monetary supply metrics, suggesting an increase in liquid funds in the market. This is expected to lead to more capital entering the stock market as the profitability of investments improves [5]. - The Federal Reserve's anticipated interest rate cuts, likely to occur in September, are seen as a positive catalyst for the market [6]. - In the fourth quarter of this year, a significant amount of fixed-income closed-end products will mature, releasing substantial funds that could be directed towards equity markets. This follows a trend from 2020 to 2022 where investors favored stable fixed-income products amid stock market volatility and real estate adjustments [7]. Investment Opportunities - The article emphasizes the importance of identifying potential funds and favorable conditions that have yet to materialize, advocating for a continued bullish stance and exploration of investment opportunities in AI, securities, and anti-involution sectors [9].

Core Viewpoint - The article emphasizes the importance of understanding emotional control and self-discipline in stock trading, suggesting that only by mastering the ability to accept losses can one achieve long-term gains in the capital market [4][11]. Group 1: Emotional Challenges in Trading - Many traders struggle to hold onto profitable stocks due to fear of losing gains when a stock pulls back, leading to premature selling [3][8]. - Conversely, traders often hold onto losing positions, hoping for a turnaround, which can exacerbate losses [9][10]. - The article highlights that human emotions and instincts often lead to decisions that favor comfort over rational risk management [6][9]. Group 2: The Need for Self-Discipline - Successful trading requires overcoming natural instincts and emotional responses, which can hinder decision-making [7][8]. - The article advocates for deliberate practice and training to develop a disciplined trading mindset, which is essential for navigating the complexities of the market [11]. - It stresses that traders must confront their emotional tendencies and establish clear trading rules to avoid being swayed by feelings [10][11].

Core Viewpoint - The article discusses the launch of the "Science and Technology Innovation Growth Layer" on the STAR Market, aimed at supporting unprofitable but promising technology companies, enhancing inclusivity for such firms in the market [5][19]. Summary by Sections Introduction to the Growth Layer - The "Science and Technology Innovation Growth Layer" was officially established on July 13, 2025, by the Shanghai Stock Exchange, marking a significant step in supporting the development of technology enterprises that are not yet profitable but have strong growth potential [5]. Access Guidelines - Investors who already have STAR Market trading permissions and have a risk tolerance assessment result of C4 (active) or above can trade stocks or depositary receipts listed after the new regulations are published, provided they sign a risk disclosure statement [7][11]. - For those who have not yet opened STAR Market trading permissions, they must first meet the basic requirements and then sign the risk disclosure statement to participate in trading [11]. Eligibility Requirements for Individual Investors - To open trading permissions for the STAR Market, individual investors must meet several criteria, including: 1. An average daily asset of no less than RMB 500,000 in their securities and funds accounts over the past 20 trading days (excluding funds and securities borrowed through margin trading) [12]. 2. At least 24 months of experience in securities trading [12]. 3. A strong understanding of the risks associated with STAR Market stocks, demonstrated by passing a knowledge test [12]. 4. A risk tolerance assessment result of C4 (active) or above [12]. Trading Process - Investors can access the "Science and Technology Innovation Growth Layer" through specific apps, such as the Shen Cai You Dao APP or Da Ying Jia APP, and must follow the outlined steps to open trading permissions [9][14]. Identification of Growth Layer Stocks - Stocks of companies listed in the Growth Layer will have a "U" identifier to indicate their unprofitable status. New registered stocks will be labeled with "成" for new registrations, while existing stocks will be marked with "成1" [17].