本次策略会汇聚了 证券 研究领域的顶尖 专家学者 ， 从当前宏观环境出发，聚焦热门行 业和景气板块，深度分析港股市场和创新药板块投资机会，与投资者共同探讨下半年投资策 略。 会场特设投资者保护与反洗钱专区，通过趣味投教视频和特色刊物宣传理性投资理念，用 实际行动践行 "金融为民"使命。 本次策略会为广大投资者和同业机构提供了交流的平台，会议吸引了超过 300名高净值 客户的参加，投资者积极互动，现场交流氛围热烈。申万宏源证券上海分公司将始终以客户 为中心，持续 为您带来更多 前沿观点和策略分享， 期待在下一场思想盛宴中与您再次相 聚！ 2025年 7 月 11 日， 申万宏源 证券 上海 分公司 "聚势待发·布局正当时"2025年夏季 策略会在 上海成功举办 。本次策略会旨在 抓住年中 关键时点， 深入分析市场行情节奏，为 投资者厘清下半年投资机会。 申万宏源证券上海 分公司负责人 为活动致开幕词。他深刻分析了上半年 A股行情特征， 结合2025年宏观政策导向展望下半年市场投资机会，并向长期以来陪伴申万宏源证券的投资 者表示感谢。 ...

Core Viewpoint - The North Exchange 50 Index has been in a consolidation phase since reaching its peak on November 8, 2024, and is now facing a potential new adjustment period due to external influences [1] Market Performance - The North Exchange 50 Index closed at 1382.74, down 2.92% from the previous day, with a trading volume of 16.66 million lots and a turnover of 36.93 billion [2] - The index has experienced a maximum drawdown of 31.14% since its peak, with a current P/E ratio of 52.41 [10] Historical Comparison - The current market conditions of the North Exchange are likened to the historical performance of the ChiNext board from 2012 to 2015, indicating potential similarities in market behavior and phases [6][9] - The North Exchange has seen a significant increase in trading volume, from 3.84 billion to 36.93 billion, similar to the ChiNext's growth during its early stages [10] Future Predictions - The North Exchange 50 Index is expected to experience a maximum drawdown of around 30% in the next phase, with new stock issuances accelerating [13] - Predictions suggest that the index could potentially exceed 3000 points, with trading volumes surpassing 1000 billion [13]