Core Viewpoint - The article emphasizes the importance of perspective in investment, highlighting that market truths can vary based on individual viewpoints, similar to the philosophical debate illustrated by Su Shi's poem about Mount Lu [2][3][4]. Group 1: Value vs. Trend - The article presents a debate between value investors and trend traders, where value investors argue that current stock valuations are historically high and unsustainable, while trend traders believe in following market momentum as the key to success [5][6]. - Both perspectives are valid within their contexts, but neither is the sole measure of market performance, indicating that market evaluation is complex and multifaceted [6]. Group 2: Long-term vs. Short-term Perspective - Investors are cautioned to avoid being trapped in short-term market fluctuations, which can lead to emotional decision-making. A long-term perspective allows for a more stable view of market trends and potential growth [7]. - Recognizing the long-term upward potential can help investors maintain composure amidst market volatility [7]. Group 3: Establishing Investment Perspective - Investors are encouraged to adopt a multi-faceted approach, integrating various perspectives such as value and trend, macro and micro factors, to create a comprehensive decision-making framework [8]. - Understanding the essence of profitability in the market is crucial for determining whether to align with or oppose market trends [8]. - Embracing probabilistic thinking rather than seeking absolute truths is essential for mature investment strategies, focusing on the likelihood of success rather than guaranteed outcomes [8][9]. Group 4: Cognitive Development in Investing - The article posits that investing is fundamentally a cognitive journey, requiring both critical observation and humility in recognizing one's knowledge limits [9]. - By learning to navigate the complexities of the market with a flexible mindset, investors can develop their unique investment strategies [9].

Core Viewpoint - The article discusses the launch of the "Science and Technology Innovation Growth Layer" on the STAR Market, aimed at supporting unprofitable but promising technology companies [5]. Group 1: Introduction to the Growth Layer - The "Science and Technology Innovation Growth Layer" was officially established on July 13, 2025, by the Shanghai Stock Exchange, marking a significant step in supporting the development of technology enterprises that are not yet profitable but have strong growth potential [5]. - This layer is designed to enhance the inclusivity of the STAR Market for technology companies with promising futures [9]. Group 2: Access and Participation - Investors who already have STAR Market trading permissions and have a risk tolerance assessment result of C4 (active) or above can trade stocks or depositary receipts listed after the new regulations are published, provided they sign a risk disclosure statement [7]. - For investors who have not yet opened STAR Market trading permissions, they must first meet the basic requirements and then sign the risk disclosure statement to participate in the trading of stocks or depositary receipts in the Growth Layer [11]. Group 3: Requirements for Investors - Personal investors must meet several criteria to open trading permissions for the STAR Market, including maintaining an average asset of no less than 500,000 RMB in their securities and funds accounts over the past 20 trading days, having at least 24 months of trading experience, and passing a knowledge test on STAR Market trading risks [12]. - Investors must also demonstrate strong risk tolerance and risk control capabilities, with a minimum risk tolerance assessment result of C4 (active) [12]. Group 4: Identification of Growth Layer Stocks - Stocks of companies in the Growth Layer will have a "U" identifier to indicate their unprofitable status, with new registered stocks labeled as "成" and existing stocks labeled as "成1" to differentiate between new and existing listings [17].

Core Viewpoint - The article discusses the launch of the "Science and Technology Innovation Growth Layer" on the STAR Market, aimed at supporting unprofitable but promising technology companies [5]. Group 1: Introduction to the Growth Layer - The "Science and Technology Innovation Growth Layer" was officially established on July 13, 2025, by the Shanghai Stock Exchange, marking a new phase for the STAR Market [5]. - This layer is designed to enhance inclusivity for technology companies that are not yet profitable but have significant growth potential [9]. Group 2: Access and Participation - Investors who already have STAR Market trading permissions and meet a risk tolerance assessment of C4 (active type) or above can trade stocks or depositary receipts listed after the new regulations [7]. - For investors without STAR Market trading permissions, they must first meet the basic requirements and then sign a risk disclosure statement to participate in the Growth Layer [11]. Group 3: Eligibility Requirements - Personal investors must have an average asset of no less than 500,000 RMB in their securities and funds accounts over the past 20 trading days, excluding funds and securities obtained through margin trading [12]. - Investors must have at least 24 months of trading experience and pass a knowledge test on STAR Market trading risks [12]. Group 4: Identification of Growth Layer Stocks - Stocks from the Growth Layer will have a "U" identifier to indicate their unprofitable status, with new registered stocks labeled as "成" and existing stocks labeled as "成1" [17].

Core Viewpoint - The article discusses the establishment and operational guidelines of the "Science and Technology Innovation Growth Layer" on the STAR Market, aimed at supporting unprofitable but promising technology companies [5][19]. Group 1: Introduction to the Science and Technology Innovation Growth Layer - The Science and Technology Innovation Growth Layer was officially launched on July 13, 2025, by the Shanghai Stock Exchange, with the goal of fostering the development of unprofitable technology enterprises with significant growth potential [5]. - This layer is designed to enhance the inclusivity for technology companies that are not yet profitable but have strong future prospects [9][17]. Group 2: Access and Participation Guidelines - Investors who already have STAR Market trading permissions and possess a risk tolerance assessment of C4 (active) or above can trade stocks or depositary receipts listed after the new regulations on July 13, 2025, after signing a risk disclosure statement [7][11]. - For investors who have not yet opened STAR Market trading permissions, they must first meet the basic requirements and then sign the risk disclosure statement to participate in the trading of stocks or depositary receipts in the Growth Layer [11][12]. Group 3: Eligibility Criteria for Individual Investors - To qualify for trading permissions on the STAR Market, individual investors must have an average asset of no less than RMB 500,000 in their securities and funds accounts over the past 20 trading days, excluding funds and securities obtained through margin trading [12]. - Investors must also have at least 24 months of trading experience and pass a knowledge test regarding STAR Market trading risks [12]. Group 4: Identification and Labeling of Stocks - Stocks in the Science and Technology Innovation Growth Layer will have a "U" identifier to indicate their unprofitable status, with new registered stocks labeled as "成" and existing stocks labeled as "成1" to differentiate between new and existing listings [17].

Core Viewpoint - The article discusses the establishment and operational guidelines of the "Science and Technology Innovation Growth Layer" on the STAR Market, aimed at supporting unprofitable but promising technology companies [5][19]. Group 1: Introduction to the Science and Technology Innovation Growth Layer - The Science and Technology Innovation Growth Layer was officially launched on July 13, 2025, by the Shanghai Stock Exchange, with the goal of fostering the development of technology enterprises that are not yet profitable but have significant growth potential [5]. - This layer is designed to enhance the inclusivity for technology companies with bright prospects, allowing them to access capital markets more easily [9][17]. Group 2: Access and Participation Guidelines - Investors who already have STAR Market trading permissions and have a risk tolerance assessment result of C4 (active) or above can trade stocks or depositary receipts listed after the new regulations on the Science and Technology Innovation Growth Layer, provided they sign a risk disclosure statement [7][11]. - For investors who have not yet opened STAR Market trading permissions, they must first meet the basic requirements and then sign the risk disclosure statement to participate in trading [11][12]. Group 3: Eligibility Requirements for Investors - To open trading permissions for the STAR Market, individual investors must have an average daily asset of no less than RMB 500,000 in their securities and funds accounts over the past 20 trading days, excluding funds and securities borrowed through margin trading [12]. - Investors must have at least 24 months of trading experience and pass a knowledge test regarding STAR Market trading risks [12]. Group 4: Identification and Labeling of Stocks - Stocks of companies listed on the Science and Technology Innovation Growth Layer will have a "U" identifier to indicate their unprofitable status, with new registrations labeled as "成" and existing stocks labeled as "成1" to differentiate between new and existing stocks [17].

Core Viewpoint - The article emphasizes the importance of selecting the right ETFs in response to market trends and investment opportunities, particularly in the context of the growing interest in sectors like new energy vehicles [1][2]. Group 1: ETF Selection Features - The "ETF Zone" in the Shenyuan Hongyuan app allows users to easily search and select ETFs based on their preferred stocks, enhancing the investment experience [1][4]. - Users can input multiple stocks to find corresponding ETFs, which are displayed almost instantly, making the selection process efficient [6][7]. Group 2: Market Trends and Performance - The article highlights significant growth in the new energy vehicle sector, with some companies experiencing growth rates as high as 273% [2]. - It mentions the performance of various ETFs, indicating that some have achieved a one-year growth rate of 41.52%, ranking 116 out of 2771 in their category [7]. Group 3: Trading Options - The "ETF Zone" offers a variety of trading options, including cross-border, commodity, bond, and currency ETFs, catering to diverse investment needs [9]. - The app supports T+0 trading, allowing for immediate transactions, which is beneficial for active traders [9]. Group 4: Investment Strategies - The article suggests that investors can choose ETFs based on fundamental analysis, aligning with strategies used by renowned investors like Warren Buffett [10]. - The "ETF Screening Tool" allows users to filter ETFs by themes, industries, and styles, facilitating a more tailored investment approach [11].

Core Viewpoint - The article emphasizes the importance of selecting the right ETFs in response to market trends and investment opportunities, particularly in the context of the growing popularity of ETFs among investors [1]. Group 1: ETF Selection Features - The "ETF Zone" in the Shenyuan Hongyuan app allows users to easily search and select ETFs based on their preferred stocks, providing a user-friendly interface for investment decisions [4][6]. - Users can input multiple stocks to find corresponding ETFs, which enhances the efficiency of the selection process [4][6]. - The app supports various categories of ETFs, including cross-border, commodity, bond, and currency ETFs, catering to diverse investment needs [9]. Group 2: Performance Metrics - The article highlights the performance of certain ETFs, noting a one-year increase of 41.52% for a specific ETF, with a ranking of 116 out of 2771 in its category [7]. - Other ETFs mentioned show significant one-year growth rates, such as 30.44% and 31.45%, indicating strong market performance [7]. Group 3: User Engagement - The article encourages users to engage with the ETF selection process, suggesting that it can be done quickly and efficiently, with results displayed in just a few seconds [6][3]. - The platform aims to empower users by providing tools to make informed investment choices based on real-time data and performance metrics [11].

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2 合我们资源 · 人 就您的梦想 申万宏源政企与机构客户服务品牌 图走进申万宏源 2024年度 可持续发展暨环境、社会及管治报告 过去一年,申万宏源坚持以习近平新时代中国 特色社会主义思想为指导,坚定不移走好中国 特色金融发展之路,积极培育和弘扬中国特色 金融文化,扎实践行主力军压舱石职责,以"金 融报国、金融为民"为使命,着力做好"五篇大文 章". 不断提升金融服务实体经济能力,扎实推 进可持续发展与ESG工作,助力加快金融强国 建设,为进一步全面深化改革、推进中国式现 代化作出新的更大贡献。 积极服务国家战略 做好"五篇大文章" 强化投早、投小、投硬科技的业务布局 科技领域股债承销金额超过400亿元 197 主承销科技创新债券195.56亿元 500 助力多家科技企业发行上市、6家国家 會 级专精特新企业在新三板挂牌、7家国 家级专精特新企业开展新三板定向发行 累计发布171篇产业研究报告, 积极引导 (9:5 投资者挖掘专精特新中小企业投资价值 13.2 47 开展绿色投融资业务 绿色金融领域存续投资规 主承低碳转型债券 22.50亿元 186.90 亿元 落地多个首单项目 发行全国首单碳中和绿色/科 ...