Market Overview - A-shares and Hong Kong stocks rose together this week, with A-shares slightly outperforming, reaching a financing balance of nearly 2 trillion, a new high for this round [2] - The average daily trading volume in the A-share market fell to 111.2 billion, indicating a significant decline in trading activity [2] - The market showed a divergence in performance, with sectors like defense, non-ferrous metals, and machinery leading gains, while pharmaceuticals, computers, and retail sectors lagged [2][22] Bond Market - The bond market experienced a balanced and slightly loose funding environment, with both government and credit bonds strengthening [2][28] - The expectation for pure bond fund returns is positive, supported by a favorable monetary policy environment due to the anticipated interest rate cuts by the Federal Reserve [2][28] - The bond market is expected to remain volatile in the short term, with a focus on coupon strategies [7] Commodity Market - Gold prices rose significantly this week, with COMEX gold briefly breaking previous highs, supported by dovish comments from the Federal Reserve and a weaker dollar [2][8] - The long-term bullish logic for gold remains intact, with recommendations to accumulate on dips, although short-term risks of price weakness exist if highs are not sustained [8][33] Overseas Market - U.S. stocks showed a recovery after a decline, with the latest non-farm payroll data falling short of expectations, increasing the likelihood of a rate cut by the Federal Reserve [3][9] - The European stock market rose overall, influenced by geopolitical discussions between U.S. and Russian leaders [3] - The current environment suggests a focus on diversified asset allocation in overseas markets, balancing equity investments across regions and styles [9] Stock Market Performance - The stock market saw significant weekly gains, with the CSI 1000 index and other broad indices showing notable increases [11] - The trading volume in the two markets decreased compared to the previous week, with the CSI 1000 component stocks seeing an increase in trading volume share [14][15] - The volatility of major indices like the CSI 300 and CSI 500 increased, although they remain below their historical averages [19][20] Sector Performance - In the sector performance, defense, non-ferrous metals, and machinery sectors showed strong weekly gains of +5.93%, +5.78%, and +5.37% respectively [22][24] - Conversely, the pharmaceutical and computer sectors experienced declines, indicating a mixed performance across different industries [22][24]

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, with specific guidelines for investors to participate in trading these stocks [5][19]. Group 1: 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 new phase for unprofitable technology enterprises [5]. - This layer is designed to enhance inclusivity for technology companies with significant growth potential that are not yet profitable [9][17]. Group 2: Participation Guidelines - Investors who already have STAR Market trading permissions and have a risk tolerance assessment of C4 (active) or above can trade stocks or depositary receipts listed after the new regulations [7][11]. - For investors without STAR Market trading permissions, they must first meet the basic requirements and open trading permissions before signing the risk disclosure document for the Growth Layer [11][12]. Group 3: Eligibility Criteria - To open trading permissions for the STAR Market, investors must have an average asset of at least 500,000 RMB in their securities and funds accounts over the past 20 trading days, excluding funds and securities obtained through margin trading [12]. - Investors must have at least 24 months of trading experience and pass a knowledge test regarding STAR Market trading risks [12]. Group 4: Stock Identification - Stocks from the Growth Layer will have a "U" identifier to indicate their unprofitable status, with new registered stocks labeled as "成" and existing stocks labeled as "成1" to differentiate between them [17].

申万宏源i正券 SHENWAN HONGYUAN SECURITIES 免责声明 投资有风险，入市需谨慎！本栏目内容不构成对投资者的任何投资建议。最终解释权归申万宏源证券有限 公司所有。 t I 新《反洗钱法》 上大物 tt USS 12 ...

Market Overview - The A-share market has recovered from the previous week's decline, driven by the technology and large financial sectors, with the Shanghai Composite Index reaching a new high for the year [7] - The robotics sector has shown active performance this week, with the upcoming World Robot Conference in Beijing on August 8, focusing on humanoid robotics, expected to boost industry interest [8] - The banking sector, represented by large financial institutions, has also contributed to the market's upward movement, with the Shanghai Composite Index surpassing the 3600-point mark [9] Sector Analysis - The humanoid robotics industry is transitioning from concept validation to practical application, with significant breakthroughs in core hardware and intelligent software, indicating a potential acceleration in commercialization in manufacturing and home services [8] - The recent implementation of the "Childcare Subsidy Policy" is expected to benefit over 20 million families annually, positively impacting the consumer sector in the medium to long term [9] - The software sector experienced a notable adjustment following the release of OpenAI's GPT-5 model, which has enhanced capabilities in coding, creative writing, and complex query reasoning, leading to a market correction in related stocks [9] Market Outlook - In a low-interest-rate environment, there is an anticipated increase in market preference for equity assets, although the current index levels may face pressure near the upper boundary of a monthly range [10] - The margin balance in the two markets has officially surpassed 2 trillion yuan, marking a nearly 10-year high, indicating increased market activity [10] - Investors are advised to consider high-quality listed companies with expected growth in mid-year reports, especially in light of potential market fluctuations [10]

今日无新股新债 % 公众号 · 申万宏源证券上海北京西路营业部 免责声明 投资有风险，入市需谨慎。本内容不构成任何投资建议。投 资者不应以该等信息取代其独立判断或仅根据该等信息做出 决策。申万宏源对这些信息的准确性或完整性不作保证，亦 不对因使用该等信息而引发或可能引游艇赢家登录品 ...

Core Viewpoint - The article discusses the newly released "Guidelines for Self-Regulatory Supervision of Listed Companies on the Science and Technology Innovation Board - Growth Layer" by the Shanghai Stock Exchange, focusing on the support for technology companies that are in the growth phase and not yet profitable [2][4]. Group 1: Definition and Target Companies - The Growth Layer is designed to support technology companies that have significant technological breakthroughs, broad commercial prospects, and substantial ongoing R&D investments, which are still in the unprofitable stage at the time of listing [4]. Group 2: Applicability of Growth Layer - The Growth Layer applies to both existing unprofitable companies listed on the Science and Technology Innovation Board (referred to as "existing companies") and newly registered companies that are unprofitable at the time of listing (referred to as "incremental companies"). Existing companies will be included in the Growth Layer from the date of the guideline's release, while incremental companies will be included from the date of listing [5]. Group 3: Conditions for Removal from Growth Layer - The conditions for removal from the Growth Layer are defined as follows: for incremental companies, they will be removed if they meet one of the following criteria: (1) both net profits in the last two years are positive and the cumulative net profit is not less than 50 million yuan, or (2) the net profit in the last year is positive and the operating income is not less than 100 million yuan. For existing companies, the removal condition remains that they must achieve profitability after listing [7]. Group 4: Disclosure Requirements - Companies in the Growth Layer are subject to stricter disclosure requirements, which include providing detailed explanations for their unprofitability and its impact in their annual reports. The lead underwriters are responsible for ongoing supervision and must issue conclusive opinions on the risks associated with the companies [14][15]. Group 5: Trading Participation and Risk Awareness - Investors participating in the trading of newly registered Growth Layer stocks must sign a special risk disclosure document. Existing stocks or depositary receipts are not affected by this requirement. Additionally, companies must disclose any significant adverse impacts on their technological innovation, R&D capabilities, growth prospects, or earnings improvement [11][15].

Core Viewpoint - The market is experiencing a sustained upward trend, with the Shanghai Composite Index recently breaking through key resistance levels, indicating a positive outlook for the near term [1][2]. Market Outlook - Recent catalysts across various industries, such as the launch of hydropower projects and advancements in AI and robotics, are expected to boost market sentiment [2]. - Two potential paths for the market are identified: continuing the upward trend towards the October 2024 high or consolidating before challenging the 3674-point high [2]. - Three conditions are necessary for a direct challenge to previous highs: implementation of fiscal stimulus, a favorable global environment, and sustained trading volume [2]. Hot Sectors - The technology sector is anticipated to gain momentum, shifting market focus from defensive stocks to growth-oriented technology investments [3]. - Key themes include: 1. AI developments showcased at the AI conference, with new opportunities expected in August [3]. 2. The upcoming World Robot Conference, highlighting the trend of robot integration into daily life and the expansion of robotics applications [3]. 3. Continued emphasis on semiconductor localization, with attention on equipment, wafer manufacturing, materials, and IC design [3]. 4. Expectations of order recovery in the military sector by 2025, with signs of bottoming out in Q1 reports [3]. 5. The innovative drug sector is entering a recovery phase, with positive net profit growth expected to continue into 2025 [3]. Market Review - Despite a brief adjustment in late July, the A-share market has resumed its upward trend, with the Shanghai Composite Index reaching new recent highs [4]. - The market is characterized by orderly rotation among hot sectors, with semiconductor stocks gaining attention [4]. - Overall, more than 2100 stocks rose while over 3000 declined, indicating mixed performance across sectors [5].

Core Viewpoint - The article emphasizes the investment value of the ChiNext board, highlighting its role in supporting innovative and growth-oriented enterprises in China, particularly in the context of favorable macroeconomic conditions and government policies aimed at fostering technological innovation [3][5][6]. Group 1: National Policy Support - The ChiNext board has been positioned as a key platform for supporting innovative and growth-oriented enterprises since its establishment in 2009, focusing on "three innovations and four new" (innovation, creation, creativity, new technologies, new industries, new business formats, new models) [5]. - The recent Central Political Bureau meeting in December 2024 underscored the importance of promoting the integration of technological innovation and industrial innovation, indicating strong macro policy support for core assets on the ChiNext board [5]. - Continuous improvements in the registration system and related regulations are attracting more strategic emerging enterprises to list on the ChiNext board, aligning with the national innovation-driven development strategy [5]. Group 2: Macroeconomic Environment - The current macroeconomic environment shows clear signs of recovery, providing strong support for the capital market, with a moderately loose monetary policy and increased fiscal spending [7]. - The global trend of major economies entering a rate-cutting cycle, particularly the strengthening expectations of rate cuts by the Federal Reserve, is enhancing the willingness of global funds to allocate to emerging markets, benefiting the A-share market [7]. - The ChiNext board, representing growth sectors, has significant potential for valuation recovery and strong allocation value due to the improving internal and external environment [7]. Group 3: Key Industry Trends - Key industries within the ChiNext board are expected to emerge from cyclical lows, with signs of recovery in the lithium battery sector driven by improved supply-demand dynamics and price stabilization [8]. - The photovoltaic sector is also showing signs of recovery as supply-side pressures ease, potentially leading to an end to the low-price competition and a return to profitability [8]. - The biopharmaceutical industry is witnessing a turning point due to the easing of policy headwinds and a recovering investment environment, with expectations of entering a new upward cycle [8]. - The electronics and computer sectors are benefiting from the global AI wave, with high demand for computing infrastructure and AI applications driving growth [9]. Group 4: ChiNext Composite Index Characteristics - The ChiNext Composite Index (399102) serves as a core indicator reflecting the overall performance of the ChiNext market, covering over 1,300 stocks and providing comprehensive representation [11][12]. - The index is characterized by a high concentration of emerging industries, with significant representation from sectors such as power equipment, electronics, biopharmaceuticals, and computers [12]. - As of June 30, 2025, the ChiNext Composite Index's price-to-book ratio is 3.59, indicating relatively low valuation levels, with expected net profit growth of 60.21% in 2025 [15][16]. Group 5: Investment Strategy - The ChiNext Composite Enhanced ETF combines passive index investment with active management advantages, aiming to achieve returns that exceed the index through quantitative management techniques [17]. - The investment strategy focuses on selecting stocks based on a quantitative Alpha selection model that considers various fundamental and technical factors, aiming for a balanced and effective portfolio [18].

MIN 甲门宏源证券 投资者 教育基 资者教育基地 申万宏源 评 "养老早鸟计划" 养老不是等老了才享受 而是让现在的你更自由 养老规划不是未来的事 而是现在每一天的积累 ese 出家庄 ■ 现在不规划,未来被规划 时间是最好的养老规划师 而我们是时间的合伙人 ll ) le g 邮箱 曼龍宿駅 o " 养老不是"几十年后 投资多元化,随时 才能用",而是让未 可支取,关键时候, 你的"养老规划"还 来的你感谢现在的 决定 能应急 器) 复制增值 司） 越早开始, 学习养老规划知识, 定制你的"养老+生 未来的"小金库"越 活"双赢计划 丰厚 申万宏源投教基地邀约您一起开启"养老投资早 鸟计划",学习养老理财规划,多重大奖等您拿! 活动时间 2025年7月23日-7月31日 1、上申万宏源投教基地抖音号/视频号,看"致岁 月"养老投资系列短剧 2、在相关视频点赞收藏,回复加入"养老早鸟计 划",讲出你的养老困惑或养老目标 3、申万宏源投教基地将随机抽取100名幸运粉 丝,发放电子视频会员卡等礼品。 (最终解释权归申万宏源投教基地所有) ...

Core Viewpoint - The article emphasizes the importance of value investing and diversification strategies, advising against short-term speculation and highlighting the understanding of compound interest [1]. Group 1 - The article suggests that investors should focus on long-term investment principles rather than short-term market fluctuations [1]. - It advocates for a diversified investment portfolio to mitigate risks associated with market volatility [1]. - The concept of compound interest is presented as a crucial element for achieving significant investment growth over time [1].