Core Viewpoint - The article highlights significant developments and strategic partnerships of Shenwan Hongyuan Securities, focusing on their initiatives in financial technology, bond issuance, and pension finance, which aim to enhance their market position and service offerings [5][10][14]. Financial Technology - Shenwan Hongyuan has signed a strategic cooperation agreement with Tencent to deepen collaboration in financial technology infrastructure, innovation, and information security, particularly in the AI large model domain [5][6]. Bond Issuance - Shenwan Hongyuan acted as a joint lead underwriter for China National Building Material Group's issuance of 30 billion yuan in technology innovation bonds, with two tranches: one with a 3+N year term and a coupon rate of 1.98%, and another with a 5+N year term at 2.05%, achieving subscription multiples of 2.73 and 2.18 respectively [8]. - The company also facilitated Beijing Construction Group's issuance of 20 billion yuan in technology innovation bonds, with a 3+N year tranche at a 1.85% coupon rate and a 5+N year tranche at 2.07%, achieving subscription multiples of 2.7 and 1.67 respectively [9]. - Additionally, Shenwan Hongyuan successfully issued the first phase of the Silver Enjoyment series pension income certificates, with a total issuance of 50 million yuan, which was fully subscribed, enhancing the pension finance toolkit [10]. Regional Financial Services - The company launched a listing service station in Xuhui District to provide tailored and efficient listing services for technology innovation enterprises, supporting their high-quality development in the capital market [14]. - A seminar titled "Seventy Years of Tianshan Road, Ten Chains of Eurasian Bridge" was successfully held, focusing on the development of industrial clusters in Xinjiang, attended by over 200 industry experts and representatives [16]. Awards and Honors - Shenwan Hongyuan's subsidiary, Shenyin Wanguo Futures, received multiple awards from Zhengzhou Commodity Exchange for its "Insurance + Futures" projects, recognizing their excellence in project execution and promotion [19].

Group 1 - No new IPOs or bonds today [1]

Core Viewpoint - The article discusses the establishment and operational guidelines of the "Science and Technology Innovation Growth Layer" on the STAR Market, aimed at supporting unprofitable but promising technology companies [5][19]. Group 1: Introduction to the Science and Technology Innovation Growth Layer - The Science and Technology Innovation Growth Layer was officially launched on July 13, 2025, by the Shanghai Stock Exchange, with the goal of fostering the development of unprofitable technology enterprises with significant growth potential [5]. - This layer is designed to enhance the inclusivity for technology companies that are not yet profitable but have promising prospects [9][17]. Group 2: Access and Participation Guidelines - Investors who already have STAR Market trading permissions and possess a risk tolerance assessment of C4 (active) or above can trade stocks or depositary receipts listed after the new regulations on July 13, 2025, after signing a risk disclosure statement [7][11]. - For investors 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][12]. Group 3: Eligibility Requirements for Individual Investors - Individual investors must have 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]. - Investors must have at least 24 months of trading experience and pass a knowledge test regarding STAR Market trading risks [12]. Group 4: Identification and Labeling of Stocks - Stocks of companies listed on the Science and Technology Innovation Growth Layer will have a "U" identifier to indicate their unprofitable status, with new registrations labeled as "成" and existing stocks labeled as "成1" [17].

Core Viewpoint - The successful issuance of Jilin Electric Power Co., Ltd.'s bonds signifies a strong collaboration between the company and Shenwan Hongyuan, enhancing financial support for clean energy initiatives in Northeast China [2][3]. Group 1: Bond Issuance Details - Jilin Electric Power Co., Ltd. issued a technology innovation corporate bond with a total scale of 1 billion yuan, a term of 3 years, and a coupon rate of 1.77% [2]. - The bond was oversubscribed with a coverage ratio of 4.94 times, indicating strong investor interest [2]. - This issuance marks the continuation of Shenwan Hongyuan's role as a lead underwriter, following its previous involvement in short-term financing for the company [2]. Group 2: Company Background and Importance - Jilin Electric Power Co., Ltd. is a subsidiary of the State Power Investment Corporation and is listed on the Shenzhen Stock Exchange [2]. - The company focuses on clean energy supply and is a key player in providing electricity and heat supply essential for economic development and public welfare in Jilin Province [2]. Group 3: Future Collaboration - Shenwan Hongyuan plans to deepen its cooperation with Jilin Electric Power, emphasizing the commitment to support national strategies and the real economy [3].

日 门 万 品 品 L L H SECURITIES 投 资 者 教 育 基 地 申万宏源 呼 "养老早鸟计划 66 同样的1000元 可能让你过上 ■ 方案A 25 来 方案B 开始定投 =0 35 # 60 % 开始定投 约1967. o - 60 % 约96万 9年号 From ):57 7 K, t34 # # # 2 : : L + L 不 不 = 7 元 扫码观看 致岁月养老短剧 解锁 "新型养老" 方案 免责提示:以上复利推演依据复利公式FV = PV × (1 + r)^n计算,每月定投 1000元,以沪深300指数7%年化收益为基准,未考虑通胀和管理费因素, 数据仅为推演,非最终确定性必然结果,不构成对养老计划的收益承诺或保 证。投资有风险,投资需谨慎。 投教其地 投教基地 投教基地 官方微信视频号 微信公众号 官方抖音号 市有风险,投资需谨慎 上海:黄浦区新昌路180号 吉林:长春市南关区东北亚国际金融中心3号楼4层 新疆:乌鲁木齐市天山区和平南路560号(国际大巴扎内) 西: 桂林市七星区漓江路桂林甲天下会展中心东南角一楼 湖北:黄石市黄石港区湖滨大道97号 免责声明 投资有风险,入市需 ...

Group 1 - The current market remains in a strong bullish trend, characterized by a cautious upward movement and a stable investor sentiment, maintaining an upward channel in technical patterns [1] - Market hotspots are closely following news and themes, with significant movements in the shipbuilding industry due to the impending restructuring of two major state-owned enterprises, leading to a notable increase in this sector [1] - There is a rapid rotation among technology themes such as intelligent driving, humanoid robots, and new batteries, while last week's strong performers in innovative drugs and biopharmaceuticals have seen significant declines, indicating a quick shift in market focus [1] Group 2 - The outlook for the market suggests continued strong fluctuations, with attention on intraday hotspots and changes in trading volume [1] - Key upcoming events include the implementation of the "reciprocal tariff" policy on August 10 and the ongoing release of macroeconomic data for July, along with the concentrated disclosure period for mid-year reports from listed companies in mid to late August [1]

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 [3][11]. Emotional Influence on Trading - Many traders struggle with holding onto profitable stocks during pullbacks due to fear and emotional responses, leading to premature selling [3][8]. - Conversely, traders often hold onto losing positions, hoping for a turnaround, which can exacerbate losses [9][10]. Self-Discipline and Decision Making - The article highlights that successful trading requires overcoming natural instincts and emotional biases, advocating for a disciplined approach to decision-making [4][8]. - It suggests that traders should train themselves to act decisively and without emotion, focusing on risk management rather than succumbing to comfort-seeking behaviors [9][11]. Practical Advice - The article encourages readers to reflect on their trading behaviors and to engage in deliberate practice to internalize the principles of disciplined trading [11]. - It stresses the need for continuous learning and adaptation in the face of market challenges, suggesting that traders are not alone in their struggles [11].

Core Viewpoint - The article emphasizes the importance of diversifying investment portfolios beyond traditional stocks and bonds by considering commodity ETFs, which can provide unique investment opportunities and risk mitigation [1]. Group 1: What is Commodity ETF? - Commodity ETFs are funds that track the price movements of commodities such as gold, copper, and soybeans, allowing investors to gain exposure without directly buying physical assets [3]. Group 2: Reasons to Consider Commodity ETFs - Commodity ETFs offer convenience compared to physical assets, with lower entry barriers, simpler operations, and flexible trading options [4]. - They help in risk diversification as commodity price movements may not correlate with stocks and bonds, potentially reducing overall portfolio volatility [4]. - Long-term trends, such as global energy transitions, present investment opportunities that traditional asset classes may not fully capture [4]. Group 3: Types of Commodity ETFs - Gold ETFs can hedge against stock market volatility and inflation, allowing investors to benefit from gold price increases without holding physical gold [6]. - Agricultural commodities like wheat and corn, as well as economic crops like soybeans and cotton, exhibit high volatility but have low correlation with stocks and bonds over the long term, making them suitable for differentiated portfolio allocation [7]. Group 4: Considerations for Investing in Commodity ETFs - Commodity assets may experience greater short-term volatility compared to stocks and bonds, necessitating a strong understanding of the supply-demand dynamics and influencing factors [10][11]. - Commodity investments do not generate interest or dividends; returns primarily come from price differences [11]. - Overall, commodity ETFs can enrich investment choices beyond stocks and bonds, with categories like gold, non-ferrous metals, energy, and agricultural products each offering distinct characteristics for asset allocation [12].

Market Overview - The market has returned above 3600 points after a brief adjustment, maintaining an upward trend supported by the 20-day moving average [1] - The recent quick adjustment in late July did not alter the original upward trend, indicating a normal market rhythm of retreating and re-initiating [1] - The Shanghai Composite Index has officially broken through the high point of November 8, 2024, suggesting the end of the sideways movement since Q4 2024 [1] Future Outlook - There are multiple catalysts in various industries, leading to a more optimistic outlook for the market [2] - After breaking through 3500 points, two potential paths for the market are identified: continuing the upward trend or undergoing a consolidation phase before challenging the high of 3674 points [2] - Three conditions are necessary for a direct challenge to previous highs: fiscal stimulus policies being implemented, a continued easing of the global environment, and sustained volume growth [2] Sector Highlights - The technology sector is expected to gain momentum in August, driven by various catalysts [3] - The AI sector is anticipated to see thematic opportunities due to events like the AI conference showcasing new hotspots [3] - The upcoming World Robot Conference is expected to highlight the trend of robot localization and expansion into daily life, creating opportunities in related sectors [3] - The semiconductor industry continues to trend towards localization, with a focus on semiconductor equipment, wafer manufacturing, and IC design [3] - The military industry is expected to see a rebound in orders by 2025, with signs of recovery in various sub-sectors [3] - The innovative drug sector is entering a recovery phase after nearly four years of adjustment, with positive net profit growth expected to continue [3] Market Performance - The market experienced a broad-based rally with no sectors declining, indicating strong overall performance [4] - Leading sectors included banking, steel, media, telecommunications, and non-bank financials, while sectors like pharmaceuticals and retail lagged behind [5]

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躲损豢秃根廷圆膏话。 | 债 微导转债 718147 团 | | | --- | --- | | 100.00 | 转股价(元) 33.57 | | 正股名称 | 微导纳米 | | 发行价(元) | 债券评级 AA | 免责声明 今日无新股 ...