Core Viewpoint - The article emphasizes the importance of investor education and awareness regarding market risks and investment decisions [3][4]. Group 1: Investor Education - The content serves as a platform for educating investors about business knowledge and investment risks [3]. - It highlights the necessity for investors to make independent judgments rather than relying solely on provided information [4]. Group 2: Contact Information - The article provides contact details for various locations, including Shanghai, Jilin, Xinjiang, Guangxi, and Hubei, indicating the presence of educational resources across these regions [1].

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][7]. 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 strategy for innovation-driven development [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 of expectations for the Federal Reserve's rate cuts, 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 for 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 index's price-to-book ratio is 3.59, indicating a relatively low valuation level, with analysts predicting a 60.21% year-on-year growth in net profit for 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].

蛋多元投资合力 提高上市公司综合价值(五 □ 上市公司并非仅是大股东约资产,更是多元投资者共同拥有的资产。不同类型的投资者落于不同的投资逻辑,对上市公司的 期望和环价标准也存在差异。因此,如何将各类投资者之间的分歧转化为协同发展的合力,是上市公司的 关键 #公司并非仅是大股东的资产,更是 户。因此,如何将省 市公园的好结脑园面中 人 A 酸流通! 博服为代表 单人搏图 = %,而以个人投资者、专业投资机构为 《女神殿占比之 中古代理 NA STAT I + RAD A A B H 位 赫 从 2018 生附 63.9%下腰 24 编的 57.05 收费明值 九届本的 上市公贸股权的结构的 播 灯 下 发 7 会化成良了投资 体的表示什家10套给 市公司的发展高不开多元报登人的 对上市公司务 吸引多元社会登本共同助力全 理要目的之 长药、信息科技、人工程 又,对于 影院上市人 超少的上市公司》 品牌论 on W x 只外 随着口比 相缘通过股在大全城區 公司 t 000 from 1 上市外置行为形成电灯 载,对于不同行业的上市 财税价值 块上市公司,会 一位在在占赛首位,投资人看重其 在和较高的摩资产收益率, ...

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, which aims to support technology companies that are in the growth phase and have not yet achieved profitability [3]. Summary by Sections Definition of Growth Layer Companies - The Growth Layer is designed to support technology companies that have significant technological breakthroughs, broad commercial prospects, and substantial ongoing R&D investments, but are still in the pre-profit stage at the time of listing [5]. Eligibility for Growth Layer Companies - The Growth Layer applies to both existing listed companies that have not yet achieved profitability (referred to as "existing companies") and newly registered companies that are also 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 their listing [6]. Conditions for Removal from the Growth Layer - The conditions for removal from the Growth Layer are defined as follows: 1. If a company has positive net profits for the last two years and a cumulative net profit of no less than 50 million yuan. 2. If a company has positive net profit for the last year and an operating income of no less than 100 million yuan. - For existing companies, the removal condition remains that they must achieve profitability for the first time after listing [8]. Investor Awareness of Removal - Investors can be informed about a company's removal from the Growth Layer through the annual report, where the company will disclose the conditions met for removal. The Shanghai Stock Exchange will also promptly announce the removal [9]. Special Marking for Growth Layer Stocks - To adequately reveal risks, stocks or depositary receipts from the Growth Layer will have a special marking ("U") added to their names. Companies that fail to disclose annual reports or receive negative audit opinions will not have their tier adjusted [10]. Trading Considerations for Investors - Investors participating in trading of newly registered Growth Layer stocks must sign a special risk disclosure document. However, existing stocks or depositary receipts are not subject to this requirement [12]. Information Disclosure Requirements - Companies in the Growth Layer are subject to stricter information disclosure requirements, particularly regarding the reasons for not being profitable and the impact on the company. The lead underwriters are responsible for ongoing supervision and must provide conclusive opinions on the risks disclosed [15][16].

风险提示：国际地缘、贸易冲突超出预期；全球金融市场风险暴露；国内上市公司业绩增速回落超 预期；全球经济衰退超预期。 首先，上周市场围绕中美瑞典经贸会谈和国内下半年经济预期展开。美国对等关税事件在 5 月之后 逐渐走向缓和。一方面美国同英国、欧盟和其他国家的关税逐渐确定下来。另一方面，中美经历了三轮 经贸谈判，分歧得到一定的管控，非关税壁垒措施也有所减少或者取消。这些都成为近几个月市场回升 的主要推动因素。当然，随着谈判的深入，未来要再取得更大的成果，必定面临更大的困难和波折，特 别是在美国基本面逐步稳定下来，美元指数开始回升的阶段。下半年国内经济增速略有回落是市场共 识，但政策维稳工具丰富，将灵活应对各种挑战也是一致预期。 上周，两市先涨后跌，日均成交减少。沪指上周连续上涨后迎来调整，周三盘中创出年内高点后快 速调整，周五收盘跌破 5 天和 10天均线，收盘于 20 天均线上方。深圳成指同步调整，也在 20 天均线 上方止跌。量能方面，上周两市日均量能不到 18000 亿元，较上周出现小幅萎缩。上周市场热点主要集 中在医药和 TMT 行业。投资风格方面，中小盘相对抗跌。 从市场运行节奏看，沪指在冲击去年高点时 ...

7月28日，香港交易所正式宣布，香港证券市场下调最低上落价位的第一阶段将于下周一（8月4日）生 效。所谓最低上落价位是每只股票的最小价格变动单位，这项措施将有助于降低市场的交易成本并提升交 易效率。 降低交易成本 较小的上落价位意味着更低的交易成本 香港交易所发布的消息显示，本次第一阶段的调整则会主要涉及到股价10港元至20港元以及20港元至50港元的 股票，这两大范围的最低上落价位将分别由0.02港元调整为0.01港元以及由0.05港元调整为0.02港元。 | r | MITX ZAFIL A MICEH | | | | --- | --- | --- | --- | | 价格 | 原有最低 | | 新的最低 | | 范围 | 上落价位 | | 上落价位 | | 20.00元 | 10.00元 - 0.02元 - | | 0.01元 | | 20.00元 - 50.00元 | 0.05元 | 1 | 0.02元 | 调整最低上落价位的适用证券 不包括:交易所买卖产品(ETP)、 交易所买卖期权、债券证券及结构性产品 为市场带来的好处 交易更有效率 订单将更易在预期价格内成交 股票 0 房地产投资信托基金(R ...

| 17.41 发行/行业市盈率 15.05/31.38 | | | --- | --- | | 殿 志高机械 920101 纽 申购上限 发行价(元) | 102.03万股 | 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腺结圆膏话。 今日无新债 免责声明 ...

Core Viewpoint - The article provides an analysis of the current valuation levels of the A-share market, indicating that while some indices are at relatively high valuation percentiles, certain sectors like food and beverage, and agriculture are at lower valuation levels, presenting potential investment opportunities [7][8][9]. Valuation Indicators - The current Buffett Indicator for the A-share market is at 79.80%, which is considered to be in a relatively safe zone [7][22]. - Major broad market indices have a TTM PE valuation above 20%, with specific indices like the Shanghai 50 and the ChiNext 50 at high percentiles of 81.06% and 99.26% respectively, indicating higher valuation risks [8][9]. Sector Analysis - The food and beverage and agriculture sectors have TTM PE, PB, and PS valuations below the 20th percentile of the past decade, with PE valuations at 5.60% and 6.94% percentiles, suggesting they are undervalued and warrant attention [9]. - Conversely, sectors such as steel, retail, computing, and real estate have TTM PE valuations at 82.30%, 84.03%, 97.04%, and 98.48% percentiles respectively, indicating higher investment risks [9]. Index Valuation Performance - The current PE valuation levels for key indices show significant variations, with the ChiNext 50 at 143.37 (up 2.59%) and the North Star 50 at 66.36 (down 1.33%) [13][27]. - The PB valuation levels for these indices also reflect similar trends, with the ChiNext 50 at 4.79 (up 2.92%) and the North Star 50 at 4.95 (down 1.15%) [15][29]. Overall Market Valuation - The total market capitalization for the Shanghai market is approximately 566,557.35 billion, with an average PE ratio of 14.54 [19][26]. - The Shenzhen market has a total market capitalization of about 535,098.03 billion, with an average PE ratio of 26.93 [19][26]. Industry Valuation Levels - The agriculture sector has a PE valuation of 14.95, while the steel sector is at a low of 5.69, indicating significant valuation disparities across industries [34]. - The food and beverage sector shows a PE valuation of 16.52, which is relatively moderate compared to other sectors [34]. Conclusion - The analysis indicates that while the overall market shows high valuations in certain indices, specific sectors like food and beverage and agriculture present potential investment opportunities due to their lower valuation levels [9][34].

Core Viewpoint - The article discusses the rapid growth of bond ETFs, which have surpassed 100 billion in scale, and highlights their advantages as a diversified and transparent investment tool in the current economic environment [1][4][20]. Summary by Sections Introduction to Bond ETFs - Bond ETFs are index funds traded on exchanges that track bond indices, combining the benefits of ETFs and bond investments [1]. - Key characteristics include diversification, high transparency, good liquidity, low entry barriers, and lower costs compared to actively managed bond funds [2]. Types of Bond ETFs - There are four main categories of bond ETFs: - Interest Rate Bonds ETF: Invests mainly in government and policy financial bonds, with low credit risk and price influenced by interest rates [3]. - Credit Bonds ETF: Invests in corporate bonds, offering higher yields but with associated credit risks [3]. - Convertible Bonds ETF: Tracks convertible bond indices, providing downside protection with potential equity upside [3]. - Sci-Tech Bonds ETF: Focuses on bonds issued by technology innovation enterprises, requiring attention to growth risks [3]. Growth Drivers of Bond ETFs - The growth in bond ETFs is attributed to several factors: - Declining interest rates leading to asset scarcity [4]. - The effectiveness of the market-making system for credit bond ETFs [4]. - Increased supply and policy support for sci-tech bond ETFs [4]. - Accelerated allocation of funds from banks and insurance institutions [4]. Investment Considerations - Bond ETFs are valuable for long-term asset allocation, especially in a weak economic recovery and deflationary environment, serving as a stabilizing asset [4]. - For short-term trading, investors should closely monitor liquidity, supply-demand dynamics, and market sentiment, avoiding linear extrapolation of past returns [6][7]. Economic Context - The economy is undergoing a transition with insufficient internal growth momentum and external uncertainties affecting exports [8]. - Monetary policy remains moderately accommodative, while fiscal policy is actively supportive [8]. Participation in Bond ETFs - Investors can participate in bond ETFs through a securities account, with options available via the "申财有道" app or through offline consultation [10][21]. - For those who find it complex to research and select specific ETFs, professional fund advisory services like "星基汇" can provide tailored investment strategies [11][19]. Performance of Fund Advisory Services - The "货币+" and "纯固收" strategies under "星基汇" have shown promising annualized returns, with the "货币+" strategy targeting a mix of 60% money market funds and 40% short-term bond funds [15][19]. - The "纯固收" strategy focuses entirely on bond funds, aiming for higher long-term stable returns [20].

% 公众号 · 申万宏源证券上海北京西路营业部 今日无新股新债 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躲损豢秃腺结圆膏话。 ...