近期，券商中期策略会密集召开。6月10日，在申万宏源2025资本市场夏季策略会上，申万宏源证券执委 会成员、研究所董事长周海晨表示，当前我们正处在新一轮全球科技革命的新起点，我国是这一轮科技革命的 重要参与者，"中国科技力量的崛起也推动近年来A股市场涌现出一批科创新力量，成为推动资本市场走稳走 强的重要基石。" 年初，以DeepSeek为代表的人工智能突围发展引发全球投资者对中国科技资产的价值重估。4月，美国所 谓对等关税政策导致全球金融市场剧烈波动。与此同时，以创新药和新消费为代表的新力量正在加速蓄势，中 国IP开始走向全球。 "当前我们正处在全球政治经济格局重塑的关键时点。"周海晨指出，美国"对等关税"加速了全球产业链和 供应链的重构，多边贸易体系、治理规则和地缘政治格局的变化引发全球金融市场剧烈波动。"对等关税"政策 推出以来，美元指数迅速跌破100点，以黄金、比特币为代表的避险资产价格持续创历史新高，全球需求预期 的转弱带动原油、铜铝等大宗商品价格快速走低。 "受美国政策稳定性下降和美国经济增长承压的双重影响，去美元化成为当前全球投资者关注的焦点，国 际资本快速从美国流向其它市场。"周海晨介绍，其中德 ...

Group 1 - The market experienced a sharp decline on Tuesday but managed to recover on Wednesday, indicating strong resilience despite concerns over external negative news [1] - The index showed hesitation in breaking through the 3400-point level, leading to continued consolidation and a lack of sustained trading volume, reflecting a cautious market sentiment [1] - The rare earth permanent magnet sector saw upward movement driven by positive news expectations, while previously leading sectors like bioproducts, communication services, and port shipping experienced pullbacks, indicating a "short and quick" rotation of market hotspots [1] Group 2 - The short-term outlook suggests continued mild consolidation, with attention on upcoming monthly macroeconomic data and trading volume changes [1] - According to technical analysis principles, a sustained increase in trading volume is necessary for the market to choose a direction [1]

Core Viewpoint - The article discusses the differences and advantages of Index ETFs and Index Enhanced products, likening them to "autonomous driving cars" and "experienced drivers" respectively, emphasizing their distinct investment strategies and suitability for different types of investors [1][2]. Group 1: Index ETFs - Index ETFs aim to replicate the performance of a specific index by tracking its constituent stocks and weights, offering low fees, transparency, and flexible trading, making them suitable for investors seeking a "hands-off" approach [3][4]. - They operate like an "automatic driving system," focusing on precise index replication without active management [2][4]. Group 2: Index Enhanced Products - Index Enhanced products seek to outperform the market index by identifying stocks with relative advantages, aiming to add excess returns (Alpha) on top of the market returns (Beta) [4]. - They are compared to experienced drivers who can navigate real-time conditions to optimize performance, thus providing a more active investment strategy [4]. Group 3: On-market vs. Off-market Funds - On-market funds are traded on stock exchanges, requiring a securities account, and allow real-time trading with lower transaction costs, while off-market funds are purchased through third-party platforms without a securities account, typically involving higher fees and lower liquidity [5][6]. - On-market funds are suitable for short-term operations or arbitrage, while off-market funds cater to long-term holding or systematic investment strategies [6]. Group 4: Public vs. Private Index Enhanced Funds - Public index enhanced funds have higher transparency with full disclosure of holdings and net asset values, while private funds have lower transparency and more flexible trading strategies, including high-frequency trading and leverage [8]. - The sources of excess returns differ, with public funds relying on fundamental stock selection and private funds utilizing multiple strategies, including quantitative models and arbitrage [8].

Core Viewpoint - The conference highlighted the acceleration of global de-dollarization and the rise of China's technological strength, emphasizing the shift of international capital from the US to other markets, particularly Germany and Hong Kong [4][5]. Group 1: Conference Overview - The conference, themed "In the Midst of Turmoil, Heroes Emerge," featured one main forum and twelve sub-forums covering key market topics such as asset allocation, AI and chips, financial innovation, and more, with participation from nearly 500 listed company executives and over 2,200 investors [3]. Group 2: Economic Insights - The new economic momentum in China has reached a significant scale, with high-tech industries accounting for 16.3% of industrial output, indicating a transformative shift in the economy [6]. - The policy framework for the new transformation phase is taking shape, focusing on high-quality development, dual circulation, and sustainable growth, with an emphasis on human-centered approaches [6][7]. Group 3: Market Outlook - The A-share market is poised for a potential bull market, with 2025 expected to be a peak period for asset reallocation as residents shift their investments [9]. - The potential bull market is characterized as a "Chinese-style slow bull," with improvements in fundamentals expected to be gradual but sustained, supported by enhanced investment returns and controlled market volatility [9][10].

Core Viewpoint - The article highlights the strong performance of Hong Kong ETFs in 2025, driven by optimistic market sentiment and significant capital inflows, particularly in technology sectors such as robotics and artificial intelligence [2][7]. Group 1: Hong Kong Market Performance - The Hang Seng Index and Hang Seng Tech Index have shown notable increases of 16.1008% and 15.7185% respectively as of May 30, 2025, indicating a robust start to the year [2]. - The overall positive sentiment in the Hong Kong market is attributed to a favorable global monetary policy environment and China's economic resilience, which enhances the attractiveness of Hong Kong stocks compared to A-shares [7]. Group 2: Understanding Hong Kong ETFs - Hong Kong ETFs are funds that track Hong Kong-listed stocks, allowing investors to gain exposure to the market through a single investment, similar to a "one-click package" of quality stocks [3]. - These ETFs are primarily listed on mainland exchanges, enabling domestic investors to trade them in RMB without needing a Hong Kong stock account, thus lowering entry barriers for investors [3][4]. Group 3: Advantages of Hong Kong ETFs - The cross-border nature of Hong Kong ETFs allows for easier access to the Hong Kong market without the need for additional accounts or foreign exchange quotas, making them suitable for first-time investors [4]. - Unlike the T+1 settlement of most A-shares, some Hong Kong ETFs offer T+0 trading, providing greater flexibility for short-term trading strategies [5]. - The trading costs associated with Hong Kong ETFs are generally lower than direct investments in Hong Kong stocks, as they are exempt from certain fees like stamp duty, enhancing their long-term investment value [6]. Group 4: Current ETF Offerings - A list of current Hong Kong ETFs available for margin trading includes various funds such as Huazhang Hang Seng Internet Technology ETF, GF Hang Seng Consumer ETF, and others, providing diverse investment options for investors [9].

Core Viewpoint - The article introduces the "Combination Equity Package" investment advisory service by Shenwan Hongyuan, designed to guide investors through the complexities of the market and enhance their investment strategies [1][2]. Group 1: Product Overview - The "Combination Equity Package" is a comprehensive service that includes stock selection, timing guidance, and various educational resources to meet diverse investment needs [2]. - The service is backed by a team of experienced advisors who utilize simulated trading to provide insights and recommendations [2]. Group 2: Service Features - Stock selection and timing guidance are provided through in-depth analysis across fundamental, technical, and capital dimensions, helping investors make informed decisions [4]. - The service includes expert stock diagnosis, where seasoned professionals analyze specific stocks and provide detailed insights into their investment logic [5]. - Exclusive videos are created by the advisory team to simplify complex market concepts and enhance investor understanding [6]. - Market insights and analysis are continuously provided, helping investors navigate market fluctuations and make timely decisions [8]. - The program offers specialized courses covering various investment aspects, from basic theories to practical strategies, promoting a deeper understanding of investment methodologies [9]. - Monthly reports summarize the performance of the "Combination Equity Package," allowing investors to review operations and adjust strategies based on past experiences [10].

申万宏源团委 申万宏源证券上海分公司团委组织召开2024年度团员表彰大会 原创 阅读全文 分享一篇文章。 ...

Core Viewpoint - The article highlights the recent achievements and initiatives of Shenwan Hongyuan Securities in supporting technology innovation, inclusive finance, green finance, and regional finance, showcasing its role in promoting high-quality economic development in China. Technology Finance - Shenwan Hongyuan Securities successfully issued the first batch of technology innovation bonds with a scale of up to 1 billion yuan and a coupon rate of 1.69% for three years, aimed at supporting technology innovation [3] - The company assisted Industrial and Commercial Bank of China in issuing 20 billion yuan of technology innovation bonds with a coupon rate of 1.65%, marking the lowest rate for similar financial bonds [4] - The firm also facilitated the first bond lending transaction for technology innovation bonds on the Shanghai Stock Exchange, aimed at reducing financing costs for tech enterprises [4] Inclusive Finance - Shenwan Hongyuan helped Jiangsu Tiangong Technology Co., Ltd. successfully issue 60 million shares, raising a total of 236 million yuan for its public listing on the Beijing Stock Exchange [5] - The company supported Weixin Auto Parts Co., Ltd. in successfully listing on the New Third Board, contributing to the growth of specialized and innovative enterprises [6] Green Finance - Shenwan Hongyuan assisted Jiangsu Zerun New Energy Technology Co., Ltd. in its initial public offering on the Growth Enterprise Market, raising 528 million yuan with a share price of 33.06 yuan, contributing to the green energy transition [8] - The firm also played a role in the successful issuance of 5 billion yuan green finance bonds and technology innovation bonds for Zhejiang Commercial Bank, both with a three-year term and AAA rating [9] Regional Finance - Shenwan Hongyuan acted as a joint lead underwriter for Shaanxi Coal and Chemical Industry Group's medium-term notes, successfully issuing 2.5 billion yuan with a term of 5+N years [12] - The company facilitated the successful issuance of non-public corporate bonds for Taizhou Asset Management Co., Ltd. and Tongzhou Urban Construction Group, with scales of 200 million yuan and 510 million yuan respectively [13] Awards and Honors - Shenwan Hongyuan Securities won seven awards in the 2024 Investor Education and Protection Work Evaluation by the Shanghai Stock Exchange, recognizing its efforts in investor education [14]

从市场运行节奏看，沪指反身向上，正在尝试挑战 5 月中旬的高点。沪指于 5 月中旬逐步向下调 整，呈现高低点同步下移特征。但最终在 60 天均线获得支撑后，重新展开了一波反弹，目前正在接近 5 月中旬的高点。当然，去年四季度的成交密集区以及今年一季度的市场高点附近仍有较强技术阻力。 首先，市场短期聚焦中美经贸磋商的进程。继上周四中美两国领导人电话沟通之后，双方的新一轮 经贸磋商在英国正式拉开帷幕。近期国内资本市场重心缓慢上移，这其中也已经部分定价了中美贸易缓 和的预期。当然，如果会谈的具体结果低于市场预期的话，短期市场出现些许调整也属正常。目前来 看，围绕基本面预期的波动尚在可控范围之内，预计短期仍是区间震荡行情。 风险提示：国际贸易、地缘冲突超出预期；上市公司业绩增速回落超预期；全球经济衰退超预期。 其次，两市震荡回落，成交增加。周二，两市平开后，上午横向整理，午后出现一波快速的调整， 尾盘略有收回，沪指收盘于略低于五天线。深圳成指周一刚站上 60 天均线，周二再次跌破，显示上方 仍有压力。两市量能超过了 1.4 万亿元，较本周一明显增加。微观结构上，全天个股涨少跌多，涨停股 票数量有所减少。当天市场热点主 ...

Core Viewpoint - The article promotes a series of exclusive financial services and investment opportunities for new customers of Shenwan Hongyuan, emphasizing limited availability and the need for early participation [1][16]. Group 1: Exclusive Financial Services - New customers can access a range of exclusive financial services through the Shenwan Hongyuan Shen Cai You Dao APP, including a pledge-style repurchase business with a validity of 30 days for financial coupons [15][16]. - The "New Enjoy" investment advisory service offers a three-month trial worth 1194 yuan, providing standardized advisory services valued at 398 yuan per month [5]. - Customers can experience three unique indicators designed to assist in decision-making, valued at 336 yuan for one month each [6]. Group 2: Market Insights and Tools - The "New Enjoy" service includes access to Level-2 market data for both A-shares and Hong Kong stocks, with a three-month trial valued at 78 yuan [7]. - Customers can enjoy free access to live streaming and courses through the "Winner Live" platform, enhancing their market knowledge [9]. - High-quality expert videos covering market analysis, monthly trends, and investment strategies are available to help customers navigate the investment landscape [10]. Group 3: Participation Rules and Conditions - To qualify as a "Bull Friend," customers must complete account opening and experience value-added services within the Shenwan Hongyuan mobile APP [12]. - Each customer can only participate once in the promotional activities, and benefits are not cumulative with similar activities from other channels [13][14]. - The new customer financial rights are limited and available on a first-come, first-served basis, with specific conditions regarding eligibility and usage [15][16].