Market Overview - The Shanghai Composite Index closed at 3472, with a gain of 1.40% and a price-to-earnings ratio of 14.3 [1] - The STAR Market 50 Index closed at 985, down 0.35% with a price-to-earnings ratio of 48.3 [1] - The Shanghai 180 Index closed at 8764, gaining 1.38% with a price-to-earnings ratio of 11.7 [1] - The Shanghai 380 Index closed at 5541, up 1.04% with a price-to-earnings ratio of 19.6 [1] Trading Volume - The total trading volume for main board stocks reached 222.20 billion [2] - Bond trading volume was significant at 1192.18 billion, while repurchase agreements totaled 1125.20 billion [2] - The trading volume for the STAR Market stocks was 51.19 billion [2] Market Capitalization - The total market capitalization for main board stocks is 48.3 trillion [3] - The STAR Market stocks have a market capitalization of 699.22 billion [3] - The total bond custody value is 18214.9 billion [3] Fund and ETF Data - The total fund market value is 3306.5 billion, with ETF shares totaling 1772.2 billion [4] - The ETF market value is 3159.3 billion, with a total of 1736.8 billion ETF shares [4] Stock Connect - The trading volume for the Shanghai-Hong Kong Stock Connect was 266.6 billion for Shanghai stocks and 304.7 billion for Hong Kong stocks [5] Options Market - There are 500 listed contracts in the stock options market, with a weekly transaction value of 661.56 billion [6] - The total open interest in options is 550.31 million [6] IPO and Financing Activities - In the main board, there were 77 refinancing cases raising 13.76 billion, while the STAR Market had 22 refinancing cases raising 2.23 billion [7] - A total of 159 bonds were issued, raising 93.2 billion [7] Project Dynamics - The main board has received a total of 215 applications, with 69 already reviewed [8] - The STAR Market has received 969 applications, with 649 already reviewed [10] Regulatory Overview - From June 30 to July 4, the Shanghai Stock Exchange processed 60 bond issuance applications totaling 2340.63 billion [11] - The exchange issued 17 regulatory letters and conducted investigations into 139 cases of abnormal trading behavior [12][13]

Group 1 - The domestic economic data and the mid-year reports of listed companies will significantly influence market trends, with a focus on the potential impact of domestic policy changes [1] - The A-share market has benefited from the easing of international tensions, but macroeconomic conditions have not yet aligned for a strong upward movement, indicating a baseline scenario of market fluctuations [1] - The trading volume in both markets has decreased, with a total volume of approximately 1.2 trillion yuan, reflecting a decline from the previous week [1] Group 2 - The Shanghai Composite Index has broken through the previous trading range established in May and June, indicating a shift in market focus [1] - The market is currently experiencing a box range fluctuation and structural rotation, with the absence of substantial positive news making it difficult to achieve a decisive upward breakthrough in the short term [1] - The main market hotspots are concentrated in the real estate and electric power sectors, with small and mid-cap stocks leading in gains [1]

以新赋能 以质致远 川渝为发展之腹心，大湾为进取之眉目。未来，申万宏源将凭全域辐辏、开放前沿的 区位优势，坚守 "金融报国"初心，砥砺建设以客户为中心的"投行+投资+研究"综合 金融服务模式，做好金融"五篇大文章"。 免责声明 6月26日下午，张剑总经理在交流会致辞时指出，川渝经济圈作为国家战略腹地，汇 聚了高端制造、数字经济、绿色能源等产业集群优势，而上市公司作为国民经济的"压 舱石"是我国高质量发展创新过程的中流砥柱。本次会议内容正中企业跨越式发展的切 要，也是申万宏源"研究驱动、综合服务"核心能力的昭彰。 川上协江静秘书长、渝上协黄宗艳秘书长代表到访来宾致辞，并指出川渝地区借政策 支持大力推进企业资源优化整合，在注入产业转型升级动能中砥砺奋进，具备与各地 资本市场同仁一道塑造新优势、跑出加速度的巨大潜力与驱动力。 会中，申万宏源各条线分享嘉宾从宏观经济趋势到金融创新工具的探索，从并购重组 案例的分析，到如何更好地服务地方企业高质量发展进行深度交流。会议形成强烈共 识：新质生产力不仅是国家战略的方向，更是企业转型升级的现实路径，资本市场大 有可为、责任在肩。 除了会议交流外，申万宏源协助川渝两地协会，组织 ...

本周A股市场上行，上证指数创年内新高3497.23点后回落，最终收于3472.32点。中美双 方团队正在加紧落实伦敦框架有关成果，A股新开户数快速增长等为市场上涨提供了良好氛 围，同时银行板块稳步上涨，热点板块轮动形成一定赚钱效应，最终促成市场较好表现。但 沪深两市成交额略减，日均成交额相比前周减少392亿元。港股表现较弱，恒生指数和恒生 科技指数本周均下行，港股互联网、港股消费下行对港股指数拖累较大。 股股债债跷跷跷跷板板？？不不存存在在的的 22002255年年66月月3300日日--22002255年年77月月44日日基基金金投投顾顾观观点点 本周A股、债市上涨，港股收跌，美股继续新高。具体来看，本周市场有以下几个重要方面： 01 具体到不同资产上， 我们本周观点如下： 股票 本周A股和港股一涨一跌，面对"新高"的A股和"不跟涨"的港股，很多投资者可能迫切想理清市场 脉络。其实港股的表现有点意外，但也在情理中，一方面，作为恒生指数和恒生科技重要成分的互 联网公司"内卷"令市场对中报业绩有所担忧，叠加618已过市场关注度下降，另一方面港股市场对 回报率的要求较高，当前港股的潜在回报率的确在历史相对低位，吸 ...

Core Viewpoint - The external environment is improving, leading to a gradual rise in the A-share market, with recent international situations showing signs of stabilization [1] Market Performance - The A-share market has seen a slow upward trend, with the Shanghai Composite Index reaching new highs in recent weeks, while the Shenzhen Component Index also rebounded [1] - Last week, the average daily trading volume in both markets exceeded 1.4 trillion, showing a slight decline compared to the previous week [1] - The market's focus has shifted towards traditional industries such as steel and building materials, with banks also performing relatively strongly [1] Technical Analysis - The Shanghai Composite Index has broken through the consolidation range observed in May and June, indicating a shift in trading focus [1] - On Friday, the index challenged significant technical resistance from the fourth quarter of the previous year but faced a pullback after encountering resistance [1] - Without substantial positive news, it is expected that a significant upward breakthrough may be challenging [1]

Core Viewpoint - The article highlights the successful issuance of a significant CMBS project by Shanghai Real Estate Housing Development Co., marking a milestone in the development of affordable rental housing in Shanghai [1][2]. Group 1: Project Details - The CMBS project has an issuance scale of 3.299 billion yuan, a term of 21 years, and a coupon rate of 2.2% [1]. - This project is the largest of its kind in the country, showcasing the innovative financing model in the affordable housing sector [1]. Group 2: Company Overview - Shanghai Real Estate Housing Development Co. is a wholly-owned subsidiary of Shanghai Real Estate Group, focusing on the unified construction and operation of affordable and rental housing [1]. - The company aims to serve urban renewal, housing development, talent construction, and community support, positioning itself as a leader in the functional housing market in Shanghai [1]. Group 3: Financing Model - The CMBS project establishes a dual financing system of "equity + debt" in the housing rental sector, facilitating the transformation of housing rental from stagnant assets to liquid capital [1]. - This innovative approach provides a significant reference for the sustainable development of affordable rental housing and offers new ideas for capital market participation in the housing rental market [1]. Group 4: Strategic Importance - The successful issuance of this asset securitization product lays a solid foundation for further cooperation between the involved parties and is significant for the development of asset securitization business in the Yangtze River Delta region [2]. - It exemplifies the commitment of the company to innovate in asset securitization, aligning with domestic regulatory policies and contributing to the development of new models in this field [2].

免责 声 明 本内容最终解释权归申万宏源证券有限公司所有。 近日 ，由申万宏源 作为销售机构的 上海 奉发集团公租房资产支支持专项计划项目目 完成 发行 。 本期 资产支支持证券化产品 发行规模 14.737 亿元，债券期限 18 年，票面利 率 2. 15 % 。 发行人 上海奉贤园林绿化工工程有限公司 成立于 1998 年，是一一家隶隶属于 上海奉贤发 展集团的国有企业。公司的主要业务范围包括园林绿化工工程的设计、施工工及养护，同时 扩展到房屋建筑、市政工工程、河湖整治等领域。公司具备多项专业资质，如风风景园林建 设工工程专项设计资质、房屋建筑工工程施工工总承包叁级资质等 。公司在园林绿化工工程施 工工、绿化养护、风风景园林建设工工程专项设计等领域拥有 4 项专利信息 。公司秉承 " 创 建人人类美好家园 " 的企业文文化理念，致力力于提升城市绿化 环境。 此次 资产证券化产品的 成功发行行，申万宏源的销售实力力得到发行行人人高高度认可，为后续 公司与发行行人人深化业务合作奠定了坚实的基础。 ...

以下文章来源于申万宏源发布 ，作者申万宏源证券 申万宏源文化卡通形象：申源宝 申万宏源发布 . 申万宏源证券官方发布 风蒲猎猎小池塘 过雨荷花满院香 沉李浮瓜冰雪凉 申万宏源祝您活在当夏 ...

Group 1 - The article highlights a decrease in geopolitical risks following a ceasefire between Israel and Iran, which has positively impacted market confidence [4][10]. - Global trade conflicts have shown signs of improvement since May, with increased bilateral communication contributing to a more stable macro environment [4][10]. Group 2 - Industrial enterprises in China are experiencing a rapid decline in profit growth, with May data showing a cumulative revenue growth of 2.7% and a profit decline of 1.1% year-on-year [5][12]. - The significant drop in profit margins is attributed to rising costs and pressures, with the Producer Price Index (PPI) falling below -3%, affecting actual revenue growth [5][12]. Group 3 - The equity risk premium for the CSI 300 index has fallen below one standard deviation of the historical mean, indicating a potential shift in market sentiment [5][14]. - As of the end of June, the equity risk premium was recorded at 6.42, down from the historical mean of 6.79, suggesting a cautious outlook for future market movements [5][14]. Group 4 - The number of stocks with over 20% gains in the market has increased to 465, reflecting a 20% rise and indicating a high level of market activity [6][16]. - Despite the current market conditions, the potential for structural market trends remains, although the overall profit-making capacity may be limited [6][16]. Group 5 - The Shanghai Composite Index showed a rebound in June, closing at 3444.43 points, a 2.9% increase from the end of May, with average daily trading volume rising to 5,096 billion yuan [7][9]. - The CSI 300 index also increased by 2.5% in June, with a notable rise in daily trading volume to 2,610 billion yuan [7][9]. Group 6 - The Shanghai Composite Index is expected to face technical pressure at the upper boundary of a new trading range, while the CSI 300 index is anticipated to encounter resistance from previous highs [18][20].

本期 资产证券化产品 成功发行，为未来双方进一步深化合作奠定了坚实的基础，对申 万宏源持续深耕长三角地区 资产证券化业务 市场具有重要意义。 也是申万宏源 注重 资产证券化创新业务的 开拓 ，结合国内的监管政策，经常配合国内的相关部门对资产 证券化业务创新模式进行研发 、 设计 成果的又一生动案例 。 免责声明 本内容最终解释权归申万宏源证券有限公司所有。 近日 ，由申万宏源担任 销售机构的 上海地产住房发展有限公司 全国首单规模最大储架 式保障性租赁住房 CMBS 项目 。本期 资产证券化产品 发行规模 32.99 亿元，期限 21 年期，票面利率 2. 2 % 。 上海地产住房发展有限公司是上海地产集团全资子公司，作为集团旗下保障住房和租赁 住房统一建设运营发展平台，全力承担市委、市政府任务，通过 "功能 + 市场"发展模 式，重点打造"投资建设、资管运营、社区配套"三大平台，努力发挥功能性国企的引领 和示范作用。上海地产住房发展有限公司将始终坚持"服务城市更新、服务住房发展、 服务人才建设、服务生活配套"的初心与使命，勇做上海功能性住房市场的主力军、排 头兵和同行业领先者 。 通过 CMBS 创新模式， ...