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]

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].

Group 1 - The China Securities Regulatory Commission (CSRC) has approved Central Huijin to become the actual controller of eight financial institutions under three major Asset Management Companies (AMCs), including three brokerages and two funds [1] - Central Huijin now controls a total of eight brokerages and six fund companies, enhancing its influence in the financial sector [1] - This move is expected to strengthen market expectations regarding business integration and development, potentially impacting stock prices and investor confidence in the financial industry [1] Group 2 - Gai Wenguo has officially taken the position of Compliance Director at China Bank Securities, which may positively influence the company's internal governance and risk control [2] - The appointment of a new compliance leader could lead to increased investor focus on the execution of compliance measures at China Bank Securities [2] Group 3 - The number of newly registered private securities investment funds has increased by over 45% compared to the same period last year, indicating a significant recovery in the private placement market [3] - Both new and existing funds are actively seeking opportunities, with a notable increase in the average positions of long-biased private equity funds [3] - The recovery in the private equity market is expected to inject vitality into the stock market, particularly benefiting the technology sector as value reassessment continues [3]

Market Overview - The global market has experienced significant fluctuations due to trade tensions and the impact of Trump's tariffs, leading to a notable depreciation of the US dollar and high volatility in US Treasury yields [10][11] - As of June 1, 2025, the tactical asset allocation strategy by Shenwan Hongyuan has yielded a 4.8% increase year-to-date, outperforming the strategic allocation by 0.8%, primarily through over-allocating to Hong Kong stocks and gold while under-allocating to oil and the US dollar [10][11] Investment Strategy - The report emphasizes a PB-ROE dual low reversal strategy, highlighting that since April 2025, global trade tensions have led to significant market volatility, with Japanese, German, and US markets rising by 5-10% compared to pre-tariff levels, while Chinese asset prices have slightly declined [12] - The report suggests that the risk appetite in the A+H markets has decreased, favoring dividend assets, with consumer, pharmaceutical, and banking sectors showing strong performance, while the TMT sector lags behind [12] Sector Analysis - The report identifies several sectors with potential investment opportunities, including consumer goods, pharmaceuticals, and banking, which have shown positive growth, while the TMT sector remains under pressure [12][15] - The analysis indicates that sectors like healthcare and certain consumer products have stabilized after a prolonged downturn, while real estate and liquor sectors have yet to show significant recovery [14][15] Future Outlook - The report anticipates that the restructuring of the global financial order will provide opportunities for the internationalization of the Renminbi and the revaluation of Renminbi assets, particularly in the context of the Belt and Road Initiative [10][11] - It also highlights the importance of strategic asset allocation, suggesting that non-US assets may offer better long-term returns as the dollar's credibility declines [10][11] Technological Innovations - The report discusses the potential of new hardware innovations, particularly in the context of AI and semiconductor advancements, which are expected to drive significant changes in the technology landscape [22] - Key areas of focus include GPU+HBM, optical devices, silicon photonics, and autonomous vehicle technologies, which are anticipated to present substantial investment opportunities in the near to medium term [22]

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 ...