申万宏源证券晨会报告-20250603

Group 1 - The report highlights the historical context of currency hegemony, indicating that no currency can remain stable indefinitely, as it reflects a nation's international reputation and economic strength [2][10][17] - The report discusses the significant role of China's manufacturing sector and its initiatives like the Belt and Road Initiative, which are expected to enhance the stability of the Renminbi and promote its internationalization [2][10][17] - The report notes that the total market capitalization of stablecoins reached $250.8 billion, with USDT and USDC dominating the market, accounting for 61% and 25% respectively [10][17] Group 2 - The report indicates that the bond market is likely to benefit from a strong external demand while internal demand remains weak, suggesting a favorable environment for bonds in June and July [3][11] - It mentions that the central bank's bond-buying pace may align with the supply rhythm, with expectations of increased bond purchases in the second half of the year [11][12] - The report emphasizes that the A-share market has built a "wall" against macroeconomic disturbances, with capital market policies playing a crucial role in stabilizing the market [21][22] Group 3 - The report on Huangshan Tourism emphasizes its unique resource endowment and a clear growth path, driven by a diversified business model that includes scenic areas, hotels, and cultural tourism [25][27] - It outlines the company's strategic focus on integrating culture and technology to enhance tourism experiences and operational efficiency [27] - The report projects a target market capitalization of 10.7 billion yuan for Huangshan Tourism, reflecting a potential upside of 28% based on comparable company valuations [27]