Group 1 - The core viewpoint of the news is that the 2025 capital market summer strategy conference hosted by Shenwan Hongyuan gathered significant participation from executives of nearly 500 listed companies and over 2,200 investors, indicating strong interest in market strategies and opportunities [1] Group 2 - Huang Weiping, the chief analyst of bonds at Shenwan Hongyuan, highlighted that the bond market in 2025 will differ from the single-sided bull market of 2024, entering a phase characterized by "low interest rates + interest rate spreads + high volatility," suggesting a need to abandon the single-sided bull market mindset [3] - Huang pointed out two key areas to focus on regarding liquidity in the second half of the year: the timing of the central bank's bond purchases and the alignment of purchase rhythm with supply rhythm, noting that the net supply of government bonds typically peaks in the second half of the year [3] - The potential recovery of government bond purchases is anticipated to coincide with the second wave of net supply peaks within the year, which may lead to substantial buying strength [3] - Huang identified June to August as a favorable window for long positions, as the demand for real economy financing declines and the central bank may resume government bond purchases [3] - The market outlook for the year suggests a shift away from a single-sided bull market perspective, with a focus on high volatility and oscillating market conditions [3] - Opportunities in the current bond market include monitoring the compression of yield spreads between different bond types, such as local government bonds versus national government bonds [3] - In the futures market, strategies include capturing wave opportunities in local government bonds and TL "positive spreads," with a focus on short-duration credit bonds and long-duration local government bonds after July [3]

Group 1: Economic Outlook - The rise of technology is stabilizing and strengthening the capital market, significantly impacting financial investments [1][2] - Service sector investment and consumption have shown positive improvement in the first half of the year, with further policy support expected in the second half [1][2] - The macroeconomic indicators are anticipated to undergo a "strong-weak conversion" in the second half of 2025, with service sector recovery potentially offsetting manufacturing pressures [2][3] Group 2: Policy and Structural Changes - Since September 2024, a comprehensive optimization of the policy framework has been initiated, enhancing the targeting of structural policies [2] - The new phase of supply-side reform is emerging, focusing on high-quality development and sustainable long-term growth [2] - The emphasis is shifting from "investment-driven" to "people-oriented" approaches in policy implementation [2] Group 3: Investment Opportunities - A-share market is expected to see an upward adjustment in return levels, supported by improved fundamentals and increased allocation of equity assets by residents [4] - Key investment themes include AI and embodied intelligence, which are poised to become core industry trends [4] - High-quality investment opportunities are identified in sectors such as software and information services, hardware technology, and AI-related fields [4]

Group 1: Economic Outlook - The transformation of the Chinese economy has entered a new stage, with a comprehensive optimization of the policy framework since September 2024, opening up total policy space and enhancing the targeting of structural policies [1] - High-tech industries now account for 16.3% of the industrial sector, indicating a significant shift towards new economic drivers [1] - New consumption forms such as self-indulgent and experiential consumption are emerging, with indicators showing that short-term consumer confidence is stabilizing [1] Group 2: Key Themes for 2025 - Keywords to focus on in the second half of 2025 include "anti-involution" and "service industry," which are expected to play a crucial role in structural employment pressure and economic recovery [2] - The service industry, facing severe supply shortages, is anticipated to receive increased policy support to enhance quality supply and absorb structural employment pressure [2] - A structural shift in macroeconomic indicators is expected, with manufacturing potentially facing downward pressure while service sector investments and consumption show signs of improvement [2] Group 3: Market Strategy - The A-share market has the potential to enter a bull market phase, driven by increasing household asset allocation and improvements in corporate governance and shareholder returns [3] - The period from Q2 to Q3 2025 is likely to see the A-share market in a consolidation phase, with a more significant market rally expected in 2026 [3][4] - The upcoming bull market is characterized as a "Chinese-style slow bull," with a longer duration and potential for substantial returns from industry optimization and overseas breakthroughs [4] Group 4: Investment Focus - Key sectors for investment include domestic AI, embodied intelligence, and national defense, which are expected to become core industries in the structural bull market [4] - The primary market remains strong in areas such as software, hardware technology, and AI-related sectors like data centers and robotics [4] - New consumption trends in jewelry, IP toys, snacks, and beauty products are also highlighted as maintaining their growth narratives [4]

每经记者｜王砚丹 每经编辑｜彭水萍 沪指3400点关口，A股再次展开拉锯战。 6月10日早盘，沪指开盘即站上3400点关口，以3402.01点开盘，这也是3月22日以来沪指首次开盘即上3400点。整个早盘市场一直走势平稳，但下午开盘后 风云突变，三大指数快速跳水，13:30以后一度"深V"反抽，但重新冲关3400点最终失败。截至收盘，沪指跌0.44%，深证成指跌0.86%，创业板指跌1.17%。 沪深两市成交额达到14154亿元，较昨日放量1290亿。 从日K线来看，2025年以来，沪指3400点成为重要心理关口。如何看待今年以来A股反复震荡？投资者又将如何操作？ 多数卖方研究观点认为，端午后市场活跃度略超预期，但若想行情进一步展开仍需新增力量。当前市场尚未鸣响"发令枪"，2025年第二和第三季度仍可能处 于中枢偏高的震荡市。 节后市场略超预期，但行情进一步展开仍需新增力量 从盘面来看，近期红利与成长明显呈现"跷跷板"趋势——当成长股、科技股或中小市值个股活跃时，蓝筹、红利等板块就趋于休整；当市场热点缺乏或风险 偏好有所下降，蓝筹、红利等板块便会充当市场"稳定器"。10日的走势也印证了这点。 Choice统计 ...

承董事會命 申萬宏源集團股份有限公司 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲 明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 海外監管公告 本公告乃由申萬宏源集團股份有限公司（「本公司」）根據香港聯合交易所有限公司證券上市規 則第13.10B條作出。 （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股份代號：6806） 茲載列本公司於深圳證券交易所網站發佈之《申萬宏源集團股份有限公司關於申萬宏源證券有 限公司2024年面向專業投資者公開發行短期公司債券（第四期）（品種一）本息兌付並摘牌的公 告》，僅供參閱。 ᵢޢਮ㪙ӁՐޞ։ᡆؓ䇷ؗᚥᣡ䵨ⲺᇯⵕᇔȽ⺤Ƚᇂ᮪θ ⋗ᴿ㲐ٽ䇦䖳Ƚ䈥ሲᙝ䱾䘦ᡌ䠃ཝ䚍╅Ⱦ ޜਨᡰᆀޜਨ⭣зᆿⓀ䇱ࡨᴹ䲀ޜਨҾ 2024 ᒤ 12 ᴸ 9 ᰕਁ㹼 ⭣зᆿⓀ䇱ࡨᴹ䲀ޜਨ 2024 ᒤ䶒ੁуъᣅ䍴㘵ޜᔰਁ㹼⸝ᵏޜਨ٪ ࡨ˄ㅜഋᵏ˅˄૱а˅˄ԕлㆰ〠Āᵜᵏ٪ࡨā˅ˈਁ㹼㿴⁑Ӫ≁ ᐱ 30 ӯݳ豸ˈ䶒࡙ ⦷1.74%ˈᵏ䲀 182 ཙˈ٪ࡨԓ⸱ ...

证券代码：000166 证券简称：申万宏源 公告编号：临2025-40 申 万 宏 源 集 团 股 份 有 限 公 司 本期债券兑付日为2025年6月9日，摘牌日为2025年6月9日，申万 宏源证券有限公司已按照《申万宏源证券有限公司2024年面向专业投 资者公开发行短期公司债券（第四期）募集说明书》相关约定，完成 本期债券本息兑付并予以摘牌。 特此公告。 申万宏源集团股份有限公司董事会 二〇二五年六月十日 关于申万宏源证券有限公司 2024 年面向专业投资者公开 发行短期公司债券（第四期）（品种一）本息兑付 并摘牌的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 公司所属子公司申万宏源证券有限公司于 2024 年 12 月 9 日发行 申万宏源证券有限公司 2024 年面向专业投资者公开发行短期公司债 券（第四期）（品种一）（以下简称"本期债券"），发行规模人民 币 30 亿元，票面利率 1.74%，期限 182 天，债券代码 524058，债券 简称 24 申证 D7。（相关情况请详见公司于 2024 年 12 月 11 日、12 月 17 日在《中 ...

本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 公司所属子公司申万宏源证券有限公司于 2024 年 12 月 9 日发行 申万宏源证券有限公司 2024 年面向专业投资者公开发行短期公司债 券（第四期）（品种一）（以下简称"本期债券"），发行规模人民 币 30 亿元，票面利率 1.74%，期限 182 天，债券代码 524058，债券 简称 24 申证 D7。（相关情况请详见公司于 2024 年 12 月 11 日、12 月 17 日在《中国证券报》《证券时报》《上海证券报》和巨潮资讯 网 www.cninfo.com.cn 上刊登的公告） 本期债券兑付日为2025年6月9日，摘牌日为2025年6月9日，申万 宏源证券有限公司已按照《申万宏源证券有限公司2024年面向专业投 资者公开发行短期公司债券（第四期）募集说明书》相关约定，完成 本期债券本息兑付并予以摘牌。 特此公告。 申万宏源集团股份有限公司董事会 证券代码：000166 证券简称：申万宏源 公告编号：临2025-40 申 万 宏 源 集 团 股 份 有 限 公 司 关于申万宏源证券有限公司 2024 ...

金十数据6月10日讯，6月10日，申万宏源2025资本市场夏季策略会在北京举行。申万宏源研究A股策略 首席分析师傅静涛表示，2025年四季度预期中期基本面改善，加上居民增配权益资产，A股市场中枢有 望抬升。2026年开始，供需格局改善线索增加。"A股市场具备演绎向上行情的潜力，居民提升权益资 产配置比例的趋势不必怀疑。"傅静涛表示，2025年是存款到期再配置高峰期，A股投融资功能建设各 有侧重，一体两面。同时，A股可能处于盈利能力长期抬升的起点。 （中证金牛座） 申万宏源傅静涛：四季度A股市场中枢有望抬升 ...

金十数据6月10日讯，申万宏源2025资本市场夏季策略会在北京举行。申万宏源证券首席经济学家赵伟 表示，2025年下半年，支撑经济运行的主要宏观指标在结构上或迎来"强弱转换"。前期表现较弱的服务 业投资和消费，上半年已出现积极改善。下半年政策有望进一步加码，服务业修复有望适度对冲制造业 压力。"加大服务业支持力度或将是经济破局的重要切入点。" 赵伟表示，服务业已是最大的就业吸纳 方向，未来政策或聚焦服务业对外、对内开放，增加优质服务供给，同时加大支持力度、释放需求潜 力。 （中证金牛座） 申万宏源证券赵伟：下半年服务业支持政策有望进一步加码 ...

Core Insights - The 2025 Capital Market Summer Strategy Conference held by Shenwan Hongyuan emphasizes the transition to high-quality economic development in China, focusing on technology innovation, industrial upgrading, and green transformation [1] - The conference featured discussions on various investment strategies and macroeconomic trends, with participation from nearly 500 listed company executives and over 2,200 investors [1] Macroeconomic Perspective - The policy framework for the new transformation phase is taking shape, emphasizing high-quality development and sustainable practices, with a shift from investment-driven to people-centered approaches [2] - New consumption trends, such as experiential and self-care spending, are emerging, indicating a shift in consumer confidence and preferences towards services [2] A-Share Market Strategy - The A-share market shows potential for a bull market, driven by increased equity allocation from residents and a peak in asset reallocation expected in 2025 [3] - Improvements in corporate governance and shareholder returns are anticipated to enhance A-share returns, with a significant supply clearing cycle on the horizon [3] - Key investment opportunities identified include AI, embodied intelligence, and defense industries, with a focus on high-cost performance themes in a volatile market [3] Hong Kong Stock Market Analysis - The Hong Kong stock market is likely to lead in a potential bull market, serving as a crucial link in China's financial external circulation [4] - The trend of A-share representative assets listing in Hong Kong is becoming more common, with Hong Kong's internet sector positioned as a leader in the domestic AI industry [4] - High dividend yields from state-owned enterprises in Hong Kong are attracting insurance capital, while the market is seen as a convergence point for domestic and foreign investments [4] Bond Market Outlook - The bond market is expected to exhibit two characteristics in the second half of the year: a return to pricing anchors and favorable conditions for testing the market from June to August [4]