AA股股新新高高后后震震荡荡，，强强势势板板块块是是否否下下车车？？ 22002255年年88月月2255日日--22002255年年88月月2299日日基基金金投投顾顾观观点点 本周A股市场势能依然强劲，指数点位续创新高，债市震荡，黄金和美股上涨。具体来看，本 周市场有以下几个重要方面 ： 本周A股市场势能依然强劲，指数点位续创新高，成交额延续放量，上证指数创3888.60点 年内新高，沪深两市日均成交金额达到2.95万亿元，比上周再增加了4046亿元。但指数波 动率相比上周明显提升，市场新高后波动加大。申万一级行业上，通信、有色金属、涨幅居 前，纺织服装、煤炭、银行跌幅居前。恒生指数下跌，A股表现强于港股。 02 债市方面，本周资金面整体较为均衡，债市整体震荡，预计纯债基金小幅收正。当前市场情 绪比较敏感，股市表现对债市投资者情绪影响较大。从资金面来看，均衡偏松资金面仍是市 场强有力支撑，央行投放呵护资金面，保证增税后政府债发行，并为债市超跌修复提供了动 力。 情的根本推动力是资金推动叠加产业端催化，资金会推动市场水涨船高，产业端催化则决定强势板 块。资金端尚未发现逆转迹象，大可不必因为市场波动就担心市场 ...

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。 市场连续上行后，目前对未来的想法如下： 1、 短期有望新高，未来几周偏向于是重心上移、斜率放缓、偏震荡的过程。 一方面，市场刚刚突破 10年箱体区间，有阶段性震荡非常合理 指数方面，目前所有指数都打过了 10月8日的新高，唯独上证50还没有，所以后一阶段，上证50有补涨要求。 风格和板块方面，从过去 14年的胜率数据看，9月低市盈率、消费、煤炭、建材这几个方向胜率相对高，但胜率很低的方向是高市盈率的 风格，胜率仅有27%。叠加8月科技方向如火如荼，进入9月或将迎来短期的分化震荡。当然，中期角度，人工智能方向依然是行情的重要 主线。 3、 港股需要重新重视 过去 3个月，港股基本横盘震荡，主要还是两方面原因： 一方面，港股是最早打过 2021年高点的指数，而其他指数相对落后。现在主要宽基指数才逐步打掉去年10月高点，随着最后一个指数 ——上证50未来突破10月8日高点，港股或将重新带领指数上攻。 另外，指数 3900以上也接近6 ...

申万宏源证券有限公司（以下称"本公司"）近期发现有人冒用本公司及员工"陈佳馨""陈旻"等 名义向投资者开展非法金融活动。具体表现为：不法分子自称"章建平""廖爱国"向投资者宣称与申 万宏源新疆公司谈好协议，可通过大户室交易，拉投资者进入群名为"老章打板训练营99"的蓝莺IM 群，群内有自称我司的工作人员"陈佳馨""陈旻"，并诱导投资者下载名为"宏源DH"的APP进行打 新和买卖股票等虚假交易，相关活动已涉嫌诈骗。 上述不法行为严重侵害了投资者合法权益，损害了本公司声誉，造成恶劣影响。在此，本公司 郑重提示和声明如下： 一、不要添加陌生人的QQ号，加入来路不明的QQ群、微信群，不听信他人宣传通过扫码或点 击链接随意下载来路不明APP或交易软件，切勿在来路不明的App和交易软件里进行注册操作，在 未确定对方身份的情况下，不轻易涉及资金来往。 二、本公司官方信息发布渠道及软件下载地址如下，请投资者务必通过公司官方渠道获取、查 询本公司信息，防止上当受骗： 1、官方网站：www.swhysc.com 2、官方电话：95523 6 、官方软件下载地址： https://www.swhysc.com/swhysc/ser ...

Core Viewpoint - The article emphasizes that the economic expectations for the second half of the year will dominate market trends, with a focus on domestic macro policies aimed at stabilizing growth and improving external conditions [1]. Market Performance - The market experienced a differentiated rebound last week, with the Shanghai Composite Index showing signs of acceleration after surpassing the 2021 market high, while the Shenzhen Component Index continued to rise after adjustments [1]. - Average daily trading volume reached nearly 30 billion yuan, marking three consecutive weeks of significant increase in trading activity [1]. - Key market sectors included TMT (Technology, Media, and Telecommunications), non-ferrous metals, and consumer goods, with technology stocks leading in gains while small and mid-cap stocks lagged [1]. Economic Outlook - Since July, a series of macro policies have been introduced to support growth, addressing market concerns on both supply and demand sides, leading to a relatively strong expectation for stable economic growth [1]. - The external environment has improved due to a de-escalation of trade conflicts and a shift towards looser monetary and fiscal policies among major global economies [1]. Market Dynamics - The market is expected to undergo technical consolidation due to short-term divergences between bullish and bearish sentiments, as indicated by the significant deviation of the five-day moving average [1].

近两周市场行情如火如荼,大盘进入加速段。上证 指数从3600点一度冲高至3880点附近,创业板、科创板 表现更强,涨幅均超13%以上。科技创新成为最强主 线,创业板因英伟达产业链而表现优秀,科创50则因为 国产替代的热情提升。人工智能、机器人等频频出圈, 成为科技创新的突围方向,而中报披露的业绩也部分验 证订单在加速,业绩逐步兑现中。成交量方面来看,市 日元 源 - T F 场维持在较高水平,显示出场内资金活跃。 板块方面,光模块领涨市场,通信板块涨幅超 30%,芯片、半导体设备涨幅居前,传媒、游戏等表现 亮眼,稀土有色等受益于降息预期提升的板块,叠加国 内反内卷策略,表现也比较强势。近两周板块涨多跌 少,赚钱效应较好,量价齐升,均线多头发散,整体情 绪较好。 需要注意的是指数加速上行,偏离5日均线较多,存 在局部过热的迹象;筹码分布来看,本轮行情累积了较 大的获利筹码,当市场出现转向时,容易引发抛压。行 情陡峭,每一轮行情的都充满波折,如何才能坐稳扶 好?我觉得需要心中有准绳,操作有纪律性。设置好自 己的出场条件,无论是5日线,10日线,20日线等等,跌 破趋势就减仓,重回趋势就加仓等,将策略写下来,并 坚 ...

Core Viewpoint - The "Shen Yuan Bao - Children's Financial Literacy" summer camp successfully combines financial education and safety training for children, enhancing their financial awareness and self-protection skills in a fun and engaging manner [2][4][22]. Group 1: Event Overview - The summer camp took place on August 22, attracting around 30 families, providing a half-day immersive experience for children to explore financial knowledge and learn practical safety skills [2][22]. - The event was organized by Shenwan Hongyuan Securities' investor education base, emphasizing the importance of financial literacy and safety education for youth [4][22]. Group 2: Educational Approach - The camp innovatively integrated financial literacy and safety self-rescue education, breaking the monotony of traditional financial learning through engaging activities [4][22]. - Activities included the "Magic Business Academy" where children participated in games that taught them about wealth management, savings, and risk through interactive play [11][22]. Group 3: Parental Involvement - Parents participated in a dedicated educational experience, including a tour of the education base and a class on ETF investment, enhancing their understanding of investment concepts [13][15]. - The event featured emotional storytelling through videos that resonated with parents, highlighting the importance of rational investment and financial education [15][22]. Group 4: Safety Training - The "Little Rescue Hero" segment focused on teaching children about safety risks and self-rescue techniques in various emergency scenarios, fostering a sense of responsibility and courage [18][22]. - Children engaged in hands-on practice of emergency response skills, moving beyond traditional knowledge transfer to active learning [18][22]. Group 5: Feedback and Future Plans - Feedback indicated high satisfaction among families, with children expressing enjoyment and learning from the activities, while parents appreciated the educational value [22][24]. - The education base plans to expand the "Shen Yuan Bao - Children's Financial Literacy" brand, optimizing content and collaborating with schools and communities to create a comprehensive financial education system for youth [24][25].

Market Overview - The Shanghai Composite Index has found support near the 10-day moving average and has begun to rebound, recovering to the 5-day moving average by the close [1] - The index has surpassed its highest point in the past decade, while most sector indices are still significantly below their 2021 peaks, indicating potential for catch-up in other indices like CSI 300 and ChiNext [1] - Recent catalysts across various industries, such as the launch of downstream power stations and advancements in AI and robotics, have increased market risk appetite, suggesting a more optimistic outlook [1] Sector Highlights - The technology sector has seen a rise in interest, with a shift from defensive stocks to growth-oriented technology investments expected [2] - The AI sector is anticipated to present thematic opportunities, particularly following the AI conference showcasing new technologies [2] - The robotics industry is projected to expand, with a focus on domestic production and integration into daily life, creating opportunities in related components like sensors and controllers [2] - The semiconductor industry continues to trend towards domestic production, with attention on semiconductor equipment and materials [2] - The military industry is expected to see a rebound in orders by 2025, with signs of recovery already visible in quarterly reports [2] - The innovative pharmaceutical sector is entering a growth phase after several years of adjustment, with positive profit growth expected to continue into 2025 [2] Market Performance - The market showed resilience with the ChiNext 50 index leading the gains, reaching new highs [3] - Overall market performance was mixed, with a balance between rising and falling stocks, while sectors such as telecommunications and defense showed strong gains [3] - Underperforming sectors included coal, agriculture, textiles, and pharmaceuticals, indicating a divergence in sector performance [3]

Core Viewpoint - The article introduces the "Combination Equity Package" investment advisory service by Shenwan Hongyuan Securities, emphasizing its tailored approach to assist investors in navigating the complexities of the market and enhancing their investment strategies [1][11]. Summary by Sections What is the "Combination Equity Package"? - The "Combination Equity Package" is a comprehensive investment advisory service that includes simulated trading, method teaching, stock diagnostics, market analysis, and philosophy sharing, designed to meet various investment needs [2]. Quality Over Time - The service has been operational for several years, with performance metrics such as total return, relative return, and maximum drawdown being continuously tracked to demonstrate its effectiveness [3]. Six Major Service Rights - The package offers stock selection and timing guidance through in-depth analysis across fundamental, technical, and capital dimensions, providing valuable references for both novice and experienced investors [4]. Expert Stock Diagnosis - The service includes expert stock diagnosis, where professionals provide detailed insights into specific stocks, helping investors understand the underlying investment and trading logic [5]. Exclusive Video Content - The package features exclusive videos where investment advisors simplify complex market dynamics and strategies, aiding investors in their growth [6]. Trading Insights - Continuous monitoring of market trends and events is provided, offering timely insights and analysis to help investors navigate market fluctuations [7]. Educational Courses - The service includes specialized courses covering various aspects of investing, from basic theories to practical skills, enabling investors to understand the methodologies behind the recommendations [8]. Monthly Reports and Reviews - Monthly reports summarize the performance of the "Combination Equity Package," allowing investors to review operations and adjust strategies based on past experiences [9]. Comprehensive Support - The "Combination Equity Package" aims to provide a holistic support system for investors, regardless of their experience level, ensuring they have access to necessary resources and guidance [10].

Core Viewpoint - The successful issuance of the short-term corporate bonds by the National Petroleum and Natural Gas Pipeline Group represents a significant step in enhancing the company's financial capabilities and solidifying its role as a key player in the oil and gas infrastructure sector [2][4]. Group 1: Bond Issuance Details - The bond issuance was for a total scale of 60 billion, with a maturity of 1 year and a coupon rate of 1.59%, achieving a subscription multiple of 4.6 times [2]. - This bond issuance marks the first time that Shenwan Hongyuan acted as a joint lead underwriter for the issuer, providing essential financing services [2]. Group 2: Company Role and Responsibilities - The issuer is the largest oil and gas infrastructure operator in the country, responsible for the core operations in the transportation of natural gas, crude oil, and refined oil [2]. - The company plays a crucial role in the construction of a unified national pipeline network and is responsible for the scheduling and operation of the national oil and gas trunk pipeline network [2]. Group 3: Collaboration and Future Plans - The successful bond issuance has deepened the cooperative relationship between Shenwan Hongyuan and the National Pipeline Group, laying a solid foundation for future comprehensive financial services [3][4]. - Shenwan Hongyuan plans to continue enhancing its collaboration with the National Pipeline Group, focusing on implementing national strategies and serving the real economy [4].

Group 1 - No new stocks or bonds are listed today [1]