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]

Group 1 - The core theme of the conference was "Heroes are revealed in turbulent times," focusing on the current global technological revolution and China's role as a key participant [1] - The conference featured a main forum and 12 sub-forums covering various topics such as asset allocation, artificial intelligence, financial innovation, and new consumption trends [1] - The event aimed to provide a platform for discussion on future development trends and investment strategies, analyzing the new global industrial competition landscape [1] Group 2 - The organization of the conference highlighted the unique business model of Shenwan Hongyuan, which integrates research, investment, and investment banking [2] - The company aims to create a more open dialogue platform for regulatory bodies and market institutions, fostering suggestions to enhance capital market vitality [2] - Shenwan Hongyuan is committed to promoting high-quality development in the capital market through collaborative discussions and innovative ideas [2]

申万宏源证券承销保荐有限责任公司 关于江苏泽润新能科技股份有限公司 使用部分闲置募集资金及自有资金进行现金管理的核查意见 申万宏源证券承销保荐有限责任公司（以下简称"申万宏源承销保荐"、 "保 荐人"）作为江苏泽润新能科技股份有限公司（以下简称"泽润新能"或"公司"） 首次公开发行股票并在创业板上市的保荐人，根据《证券发行上市保荐业务管理 《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》 办法》 《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指 引第 2 号——创业板上市公司规范运作》等有关规定，对泽润新能使用部分闲置 募集资金及自有资金进行现金管理的事项进行了审慎核查，具体核查情况和意见 如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意江苏泽润新能科技股份有限公司首次 公开发行股票注册的批复》 （证监许可〔2025〕272 号）同意注册，公司首次公开 发行人民币普通股（A 股）股票 1,596.6956 万股，发行价格为人民币 33.06 元/ 股，募集资金总额为人民币 527,867,565.36 元，扣除发行费用（不含增值税）人 民币 65,6 ...

Core Viewpoint - The current global political and economic landscape is undergoing significant changes, with the rise of new technologies and shifts in trade policies impacting investment strategies and market dynamics [3][5][7]. Group 1: Market Dynamics - The introduction of reciprocal tariff policies by the U.S. has accelerated the restructuring of global supply chains, leading to increased volatility in financial markets [5]. - The U.S. dollar index has fallen below 100, while safe-haven assets like gold and Bitcoin have reached historical highs [5]. - There is a noticeable shift in international capital flows from the U.S. to other markets, with Germany and Hong Kong being key beneficiaries, as evidenced by the Hang Seng Tech Index's over 20% increase since the beginning of the year [5]. Group 2: Economic Growth and Policy - China's GDP growth rate averaged 4.7% from 2021 to 2024, and the government is focused on maintaining stable economic growth as it transitions from the 14th Five-Year Plan to the 15th [6]. - In the first quarter of this year, China's GDP grew by 5.4%, with signs of stabilization in the real estate market and a reduction in debt risks [6]. - Foreign investment banks have raised their economic growth forecasts for China and recommended an "overweight" position in the Chinese stock market [6]. Group 3: Technological Advancements - China is a key player in the current global technological revolution, with significant advancements in artificial intelligence, quantum computing, and renewable energy [7]. - The country has increased its R&D spending, aiming for 2.68% of GDP by 2024, and leads the world in patent applications in AI and renewable energy [7]. - The rise of Chinese tech companies has contributed to the stability and strength of the A-share market, positioning them as vital components of the capital market [7].

被视为债市"科技板"的科创债新政落地后，市场主体发行科创债的热度持续攀升。 以发行起始日计，5月7日新规落地后的首月（截至6月7日），已有221只科创债正式发行，募集资金规模超 4000亿元，同比增长3倍还多。 新获发行资质的银行、券商等金融机构共发行科创债2303亿元； 其中，16家银行发债超2000亿元，凭借五成以上的份额成为科创债的绝对主力与最大增量。 科创债起源于双创债实践，后为以科创公司债（交易所）与票据（银行间）为主要品种。 5月7日，央行、证监会联合提出丰富科创债产品体系的13条具体举措，通过金融机构与股权投资机构的双 重扩容，构建覆盖科创企业全生命周期的融资链条； 同日，交易商协会、银行间市场、三大交易所宣布优化科创债发行、交易等环节。 5月14日，科技部、央行等7个部门发布《加快构建科技金融体制有力支撑高水平科技自立自强的若干政策 举措》，再提建立债市"科技板"。 密集的新规推动下，科创债发行量持续走向高峰。 超3倍增量入市 科创债新政落地首月，新发科创债已达221只、募资4027亿元，两项数据同比增幅分别为130.21%、 322.12%。 科创债基于科创企业类、升级类、投资类、孵化类等属 ...

申万宏源主要观点如下： 自2023年末银行股估值再度新低以来，银行板块实现一轮超出部分投资者预期的修复行情 可以看到的是，2024年以来板块上涨、多家银行股价创新高，估值预期修复是主因(累计上涨55%，其 中估值修复约43%，盈利增长贡献9%)，其背后，始于"中特估"，成于"高股息"，但更本质是银行配置 价值与依然偏低的估值之间的显著错配。 但随之而来的另一个问题是，既然银行已经实现显著超额收益，投资者是否已经充分享受到银行股 的"上涨红利" 与银行板块持续上涨相背离的是，主动型基金产品长期明显低配银行，很多投资者也一直存在"银行股 很难获取收益"的思维。但一个客观事实是，长期持有银行股的投资回报是可观的，但市场往往将"成 长"和"价值"对立且可能沉溺于存量博弈，过去经济上行周期这种思维曾带来可观投资收益，但也使其 选择性忽视了当经济处于转型的平台期时，业绩稳定远比一味追求成长要重要得多。这是2023年以来主 动基金踏空银行且仍显著欠配的主要原因。 申万宏源发布研报称，自2023年末银行股估值再度新低以来，银行板块实现一轮超出部分投资者预期的 修复行情。客观事实是，长期持有银行股的投资回报是可观的。该行建议拥 ...

Group 1 - The A-share IPO market showed signs of warming in May, with a total of 16 IPO applications accepted across three exchanges, surpassing the total of 11 from the first four months of the year. The Beijing Stock Exchange (BSE) accounted for nearly 70% of these applications, with 18 companies [1] - The BSE has become a competitive arena for leading brokerages, with seven out of the top ten underwriters for IPOs in 2024 being major firms. The merger of Guotai Junan and Haitong Securities has further solidified the presence of top brokerages in this space [1] - The acceleration of IPO approvals, particularly at the BSE, indicates a favorable policy environment and market vitality, leading to an expansion of financing channels for companies while increasing competition among brokerages [1] Group 2 - The issuance of floating fee funds has seen a surge, with companies like交银施罗德 and宏利基金 announcing significant self-purchases, indicating a trend where self-investment becomes a standard practice for new fund launches [2] - The record high in fund issuance, with equity funds making up over 40%, reflects growing market confidence and is likely to support related fund management companies and brokerage businesses, potentially driving more capital into equity assets [2] - The overall market sentiment has improved, with investors showing increased interest in sectors such as technology and consumption, contributing to a positive outlook for the stock market [2] Group 3 - The total market value of public REITs has surpassed 200 billion yuan for the first time, reaching 201.99 billion yuan as of June 5, 2025, with the Shanghai Stock Exchange accounting for 67% of this value [3] - The total fundraising scale for public REITs has reached 179.5 billion yuan, with the Shanghai Stock Exchange contributing 121.6 billion yuan, indicating a strong market presence [3] - The growth in public REITs market value reflects an increasing recognition of infrastructure and real estate assets, enhancing the financing capabilities of companies issuing REITs and attracting more investment into related sectors [3]

Core Viewpoint - The A-share IPO market has shown signs of recovery in 2025 after a prolonged downturn in 2024, with both the number of IPOs and the amount raised increasing compared to the previous year [2][3][6]. A-share IPO Market Recovery - In 2025, the A-share equity financing market has maintained a steady issuance pace, with a total fundraising of 214.83 billion yuan, representing a year-on-year increase of 53.1% [3]. - As of June 8, 2025, 45 A-share companies have been sponsored for IPOs, marking a 12.5% increase from the previous year, with total fundraising amounting to 33.655 billion yuan, up approximately 19% [3]. - The provinces with the highest number of IPOs include Zhejiang and Jiangsu, each with 10 IPOs, and Guangdong with 9 [3]. Leading Brokers in A-share IPOs - The top three brokers in A-share IPO underwriting for 2025 are CITIC Securities, Huatai United Securities, and CITIC Jin Investment, with underwriting amounts of 7.918 billion yuan, 3.034 billion yuan, and 2.674 billion yuan, respectively [4]. - A total of 23 brokers have participated in A-share IPOs this year, with four brokers exceeding 200 million yuan in underwriting income [4]. Hong Kong IPO Market Surge - The Hong Kong IPO market has experienced a significant increase, with a year-on-year growth of over 700% in fundraising during the first five months of 2025 [2][7]. - Analysts expect that the robust performance of the Hong Kong IPO market will contribute positively to the investment banking revenues of brokers [6][7]. - UBS anticipates that the Hong Kong IPO market's surge is driven by multiple factors, including policy optimization and changes in global economic conditions [7]. Participation of Chinese Brokers in Hong Kong IPOs - In the first five months of 2025, over half of the IPO underwriting in Hong Kong was conducted by Chinese brokers, with notable participation from CICC, Huatai International, and CITIC Securities [8]. - CICC has sponsored 8 companies, while Huatai International and other brokers have also shown significant involvement in the Hong Kong IPO market [8].

Core Viewpoint - Central Huijin has officially become the actual controller of eight companies, holding seven brokerage licenses, which strengthens its position in the financial sector and raises expectations for potential consolidation among brokerages [1][6]. Group 1: Central Huijin's Control and Licenses - The China Securities Regulatory Commission (CSRC) has approved Central Huijin to become the actual controller of eight companies, including Changcheng Guorui Securities and Dongxing Securities [1][2]. - With the addition of these eight companies, Central Huijin now controls a total of seven brokerage licenses, including those of Galaxy Securities, China International Capital Corporation (CICC), and others [1][5]. Group 2: Financial Asset Management Companies (AMCs) - In February, the Ministry of Finance transferred the equity of three major AMCs—China Cinda, China Great Wall, and China Orient—to Central Huijin, making it the controlling shareholder of these companies [1][5]. - This transfer aims to enhance the risk management capabilities of state-owned financial institutions as part of national institutional reforms [1][5]. Group 3: Financial Performance and Market Position - As of 2024, the total assets of major brokerages under Central Huijin include Galaxy Securities at 737.47 billion, Shenyin Wanguo at 697.60 billion, and CICC at 674.72 billion, among others, with the total asset scale of the brokerage sector approaching 3.2 trillion [5][6]. - The combined net profit of the seven brokerages reached 34.18 billion, with Galaxy Securities contributing 10.13 billion and CICC 7.22 billion, indicating a strong financial performance [6]. - Central Huijin's scale and profitability position it as a dominant player in the brokerage industry, with total assets nearly double that of CITIC Securities and net profits 1.6 times higher [6]. Group 4: Market Expectations for Consolidation - The increase in brokerage licenses under Central Huijin has heightened market expectations for potential mergers among brokerages, including speculation about mergers involving CICC, Galaxy Securities, and several AMC-affiliated brokerages [6].

Core Viewpoint - Xinjiang Li New Energy Co., Ltd. is planning to issue stocks to specific investors and list on the main board, with the underwriting and sponsorship provided by Shenwan Hongyuan Securities [1][6]. Group 1: Issuer Information - The issuer, Xinjiang Li New Energy Co., Ltd., is located in Urumqi, Xinjiang, and was registered in August 2013 [3]. - The company specializes in clean energy development, including wind, solar, hydro, natural gas, and geothermal energy [3]. - The total share capital of the company is 933,333,334 shares, with a significant portion held by state-owned entities [3][4]. Group 2: Financial Performance - The company reported a total revenue of 97,067.85 million yuan for 2024, a slight decrease from 98,976.86 million yuan in 2023 [5]. - The net profit for 2024 was 4,931.16 million yuan, down from 13,555.53 million yuan in 2023 [5]. - The company has maintained a cash dividend policy, with a proposed cash dividend of 0.17 yuan per share for 2024 [4]. Group 3: Issuance Details - The stock issuance will target no more than 35 specific investors, with a total fundraising amount not exceeding 182,925.47 million yuan [10][12]. - The issuance price will be set at no less than 80% of the average trading price over the 20 trading days prior to the pricing date [10][11]. - The stock will have a lock-up period of 36 months for major shareholders and 6 months for other investors [12][13]. Group 4: Regulatory Compliance - The company has complied with the necessary legal and regulatory requirements for the stock issuance, including the Company Law and Securities Law [8][9]. - The decision-making process for the issuance has been properly executed through board and shareholder meetings [7][8]. - The underwriting institution has conducted thorough due diligence and confirmed the authenticity and completeness of the issuance documents [6][9].