SWHY(SZ:000166) 申万宏源证券上海北京西路营业部·2025-07-01 03:02Core Viewpoint - The article emphasizes the importance of a stable and active capital market as a key goal for economic health and wealth management in China, supported by recent policy initiatives and the improvement in the quality of listed companies [1][2]. Group 1: Policy and Market Stability - The central government has prioritized the stability of the capital market as a crucial aspect of financial regulation, with multiple meetings highlighting the need for coordinated policies to promote healthy market development [2]. - A series of targeted policies were introduced in response to external shocks, aiming to consolidate the market's recovery and stability [2]. Group 2: Company Performance and Market Fundamentals - The quality of listed companies is seen as a foundational element for the stability and strength of the capital market, with 2024 projections indicating total revenue of 72 trillion yuan and a net profit of 5.22 trillion yuan for A-share companies [3]. - Nearly 60% of listed companies are expected to report revenue growth, and around 80% are projected to be profitable, indicating a robust support for market recovery [3]. - Key sectors such as artificial intelligence, advanced manufacturing, and biomedicine are experiencing significant profit growth, with net profits in chip design and integrated circuits, consumer electronics, and innovative pharmaceuticals expected to rise by 19%, 13%, and 13% respectively [3]. - Cash dividends from A-share companies have shown consistent growth, with total cash dividends increasing from 2.1 trillion yuan in 2022 to 2.4 trillion yuan in 2024, and the average dividend payout ratio also rising [3]. Group 3: Funding and Investment Trends - Domestic long-term funds are becoming a stabilizing force in the market, with professional investment institutions holding approximately 13 trillion yuan in A-share market value, accounting for over 16% of the total [4]. - The social security fund has significantly increased its market presence, holding nearly 500 billion yuan in A-shares by the end of 2024, contributing to market stability [4]. - Policies have been implemented to encourage long-term funds, such as insurance and pension funds, to enter the market, fostering a long-term investment environment [4]. Group 4: Attractiveness to Foreign Investors - The attractiveness of the Chinese capital market to foreign investors is on the rise, with significant inflows of cross-border capital noted since the fourth quarter of 2024 [5]. - Major foreign investment banks have raised their economic growth forecasts for China, indicating increased confidence in the market [5]. - The development of AI technology ecosystems is emerging as a new investment hotspot, contributing to the revaluation of Chinese tech assets [5]. Group 5: Company Strategy and Services - The company aims to enhance its professional service capabilities across various dimensions, including research, institutional services, wealth management, and investment trading [6][7]. - A comprehensive service system has been established to meet the diverse needs of institutional investors, supporting the growth of long-term funds [6]. - The company is focused on developing stable, low-volatility investment products to cater to the wealth preservation and growth needs of individual investors [7].