5月30日，截至收盘，沪指跌0.47%，深成指跌0.85%，创业板指跌0.96%。 | 全A | 涨 1116 | 平 134 | 跌 4158 A股成 | | --- | --- | --- | --- | | 序号 代码 | 名称 | 现价 | 涨跌 涨跌幅 | | 1 | 000001 上证指数 | 3347.49 c | -15.96 -0.47% | | 2 | 399001 深证成指 | 10040.63c | -86.58 -0.85% | | 3 | 899050 北证50 | 1408.69 c | -7.16 -0.51% | | 4 | 881001 万得全A | 5074.29 c | -42.21 -0.83% | | 5 | 000688 889000 | 977.03 c | -9.28 -0.94% | | 6 | 399006 创业板指 | 1993.19 c | -19.36 -0.96% | | 7 | 000300 沪深300 | 3840.23 c | -18.47 -0.48% | 沪深两市全天成交额1.14万亿，个股跌多涨少，全市场超4100只个股下跌。 盘面上看 ...

据上海海关统计，今年前4个月，上海市外贸进出口1.4万亿元人民币，同比增长1%。其中，出口表现 亮眼，出口值达6290.2亿元，增长13.8%，增速比一季度加快1.2个百分点。 在美国滥施关税政策的影响下，4月份的上海外贸显现出韧性，不仅单月进出口规模创下历史同期新高 （3993.5亿元），而且其同比和环比增速均超过10%，其中出口增长17.2%，进口增长8.1%。 对非美地区出口显著增长 受美国滥施关税政策的影响，第一财经梳理上海海关数据发现，2025年4月，上海对美出口下降 18.4%。另一方面，上海对非美地区却集体呈现大幅增长。 其中，对亚洲地区增长26.8%，对东盟增长29.6%；对欧洲地区增长13.4%，对欧盟增长16.0%；对拉美 地区增长22.1%；对大洋洲增长10.2%；对非洲地区更是大幅激增96.5%。另外，对区域全面经济伙伴关 系协定（RCEP）增长18.0%，对共建"一带一路"国家增长27.5%。. 具体到国别，上海对德国、荷兰、意大利分别增长41.4%、78.0%、44.7%，对俄罗斯增长80.6%，对加 拿大增长14.2%，对澳大利亚增长11.3%，80.6176对沙特增长75.3% ...

随着全球汽车行业竞争加剧，市场对车企的财务状况担忧正加剧。近日，关于"谁是汽车界恒大"的言 论，更是引起广泛讨论，引发市场对中国车企高负债的担忧再度升温，在资本市场上汽车板块上市公司 股价更是接连多日暴跌。 这不禁让人疑惑，到底是中国车企正在面临经营困局，还是有人在制造"高负债=高风险"的舆论炒作？ 让我们翻开全球车企财报，从中找到答案。 被片面解读的负债率 从2024年财报来看，多数国内外主流车企负债率超过60%，最高的超80%，而恒大负债率超过80%。 | 2023-2025年- | | | 季度全球主流车企资产负债率情况 | | | | --- | --- | --- | --- | --- | --- | | 企业名称 | 2023年 | 2024年 | 同比增减 | 2025年 一季度 | 较24年末增减 | | 福特 | 84.34% | 84.27% | -0.07% | 84.30% | +0.03% | | 通用汽车 | 74.98% | 76.55% | +1.57% | 76.45% | -0.10% | | 大众 | 68.37% | 68.92% | +0.55% | 68.54% ...

Core Insights - Pinduoduo's Q1 2025 financial report shows significant underperformance, with total revenue of 95.7 billion yuan, a 10% year-on-year increase, but adjusted net profit of 16.9 billion yuan, down 45% from the previous year, falling short of market expectations by 11 billion yuan [1][2] Revenue Structure - Online marketing services and other revenues accounted for 48.7 billion yuan, up 15% year-on-year, while transaction service revenue was 47 billion yuan, up 6% year-on-year [1] - The growth rate of Pinduoduo's revenue is slowing, particularly in transaction service revenue, which has decreased from a 33% growth rate in the previous quarter [1][4] Cost and Profitability - Sales and marketing expenses surged to 33.4 billion yuan, a 43% increase from 23.4 billion yuan in the same quarter last year, contributing to a significant decline in profits [1][2] - Total operating expenses reached 38.6 billion yuan, a 37% increase, outpacing revenue growth [2] Strategic Initiatives - Pinduoduo has launched initiatives like the "100 Billion Support" plan to improve the business environment, which includes reducing store security deposits for various categories [4][5] - The company aims to explore further commission reduction measures to alleviate costs for merchants, focusing on small and medium-sized businesses [5] Regulatory Environment - Recent regulatory proposals from the market supervision authority may impact Pinduoduo's revenue, as they emphasize reducing fees for platform operators, particularly benefiting small merchants [5] Competitive Landscape - Pinduoduo is facing increased profit costs to compensate for competitive disadvantages, particularly in response to national subsidy policies [5] - The management has indicated a willingness to sacrifice short-term performance to support merchants through market fluctuations [5]

①小摩调查："抛售美国"情绪日益高涨 更多人看好欧洲股市！ 周一美国和英国股市休市，欧股因特朗普延长欧盟关税期限提振市场情绪而收涨。随着穆迪下调美国主 权信用评级以及新的支出法案对联邦赤字的影响不明，国际投资者对美国资产的担忧加剧。摩根大通全 球市场会议调查显示，36%的投资者预计欧洲股市今年将表现最好，而仅17%投资者看好美国股市。分 析认为，美国股市的高估值、人工智能前景不明以及贸易政策的不确定性动摇了投资者对"美国例外 论"的信心。与此同时，欧洲市场因斯托克欧洲600指数今年以来上涨7%而吸引投资者。尽管如此，华 尔街大佬们仍建议投资者不要抛售美国资产。摩根士丹利预测美国主导地位将保持到2026年，高盛则认 为美国大型股将继续跑赢大盘。不过，市场不确定性仍存，包括经济衰退风险、贸易谈判进展和地缘政 治等因素。 星展银行邓志坚：欧盟对美国出口额约占总出口额的14%，约占GDP的3.5%，即使被加征更多关税，对 欧盟的影响有限。特朗普此前威胁对欧盟加征关税，可能未必真是为了增加财政收入，而是希望欧洲企 业投资于美国，同时欧盟能购买更多的美国国债。欧盟第一季度实际GDP环比增长0.3%，同比增长 1.4%，另 ...

Group 1 - In 2025, over 2000 listed companies have been surveyed by brokers, with more than 700 in May alone [1][2] - The electronic, machinery equipment, and pharmaceutical industries are favored by institutions, with over 30% of surveyed companies in these sectors [2][3] - The electronic industry has the highest survey activity, with over 90 companies surveyed in May, focusing on electronic components, integrated circuits, and semiconductor materials and equipment [2][3] Group 2 - Companies like Anji Technology (688019.SH) have been heavily surveyed, with 56 brokers participating in its research [2] - The pharmaceutical industry has also seen significant interest, with over 230 companies surveyed this year, and more than 60 in May [2] - Recent interest has also risen in the non-ferrous metals and defense industries, with around 20 companies surveyed in May [3] Group 3 - Brokers are optimistic about low-valuation defensive sectors and high-growth tracks, with over 130 companies being increased or newly held in Q1 2025 [3] - The focus for the second half of the year includes dividend sectors, domestic consumption, and technology tracks, driven by policy dividends and industrial upgrades [4][5] - Analysts suggest that investment strategies should consider geopolitical risk premiums and domestic demand activation, with a focus on sectors like military and gold as new safe-haven assets [4][6]

Group 1: Overview of Time-of-Use Pricing Adjustments - The recent adjustments to time-of-use pricing mechanisms across various provinces aim to encourage off-peak electricity usage and alleviate supply pressure on power generation companies and the grid [1][2] - Jiangsu Province's new policy will implement a time-of-use pricing structure based on commercial users' purchase prices, optimizing peak and valley floating ratios [1][6] - Other provinces like Shandong and Sichuan have also made significant changes to their time-of-use pricing, with Shandong introducing a five-segment pricing system [2][3] Group 2: Impact on Users and Companies - The adjustments are expected to benefit electricity users by allowing them to manage production schedules more effectively and reduce energy costs [1][4] - However, some renewable energy generation and storage projects may face pressure on investment returns, necessitating new value creation strategies [1][7] - In Shandong, the implementation of time-of-use pricing has led to a significant increase in midday load, enhancing the consumption of renewable energy by 2.3 billion kilowatt-hours [4] Group 3: Specific Changes in Pricing Mechanisms - Jiangsu's new pricing mechanism will see peak prices increase by 80% compared to flat prices, while valley prices will decrease by 65% [6][7] - The adjustments in Jiangsu have resulted in a reduction of the peak-valley price difference, impacting the profitability of user-side energy storage projects [7][8] - The frequency of adjustments in time-of-use pricing is attributed to the increasing electrification of demand and the growing share of renewable energy in the power system [3][9] Group 4: Effects on Power Generation Companies - Power generation companies are also feeling the impact of the new time-of-use pricing, with projections indicating a reduction in net profits due to the adjustments [10][11] - Companies like Xichang Electric Power have reported expected decreases in revenue due to changes in peak and valley pricing structures [11] - The adjustments may not directly alter the grid-connected electricity prices but will influence long-term agreements between supply and demand sides, affecting overall revenue for power generation companies [11]

Core Viewpoint - The termination of the major asset restructuring plan by Bangyan Technology has led to a significant drop in its stock price, reflecting investor concerns about the company's future prospects and its struggle to transition from a military-focused business model to a civilian market strategy [1][4][5]. Group 1: Acquisition and Business Strategy - Bangyan Technology announced the termination of its acquisition of 100% of Shenzhen Xingwang Xintong Technology Co., Ltd., which was intended to facilitate its entry into the civilian market and implement a "military + civilian" strategic layout [1][2]. - The acquisition was aimed at leveraging Xingwang Xintong's expertise in smart integrated communication to quickly penetrate the civilian market, thereby creating a second growth curve for the company [3]. - The company has been heavily reliant on military contracts, with military-related revenue accounting for 77.22% and 84.15% of total revenue in 2023 and 2024, respectively [2]. Group 2: Financial Performance - Bangyan Technology has faced continuous financial losses since its listing, with net profits of -52.25 million and -36.61 million in 2023 and 2024, respectively, following a profit of 41.12 million in 2022 [5]. - As of the end of Q1 2024, the company reported a net profit loss of 27.21 million and a significant revenue decline of over 78%, marking the lowest quarterly revenue since its IPO [5]. - The company's undistributed profits have accumulated to a loss of over 200 million, and it has not issued any dividends since its listing [5]. Group 3: Executive Compensation - Despite the ongoing financial struggles, Bangyan Technology's executives received substantial salary increases, with the chairman's salary reaching 2.14 million, marking a 40.62% increase from the previous year [6]. - The salary increases for executives have raised concerns among investors, especially given the company's failure to generate profits and distribute dividends [4][6].

5月19日～5月25日当周（下同），沪深北交易所新增受理4单上市申请，终止审核1家企业的IPO申请。 上述4家企业分别为申报沪市主板的长裕控股集团股份有限公司（下称"长裕集团"）、申报深市主板的 洛阳盛龙矿业集团股份有限公司（下称"盛龙股份"），以及申报北交所的深圳市沛城电子科技股份有限 公司（下称"沛城科技"）、山东康华生物医疗科技股份有限公司（下称"康华股份"）。 终止审核的企业为佳源科技股份有限公司（下称"佳源科技"），过会将近2年，最终以撤单告终。该公 司主要客户为国家电网及其下属公司，对国家电网的销售收入占营收的比例在70%左右，业绩高度依赖 国家电网。 一周新增受理4单上市申请 当周新增受理的4单IPO申请，来自沪深交易所的各1单，2单来自北交所。 5月21日，沪深交易所主板同时新增受理了1单IPO申请，这2家企业分别为长裕集团、盛龙股份。其 中，长裕集团是沪市主板年内首家获受理的IPO企业。 紧接着，5月22日，沛城科技、康华股份两家公司的上市申请获得北交所受理。 其中，沛城科技从事第三方电池电源控制系统(BMS、PCS等)自主研发、生产及销售，并提供以集成电 路、分立器件为核心的元器件应用方案 ...

2024年6月，曾有业内知情人士向第一财经透露，双方已经达成收购的初步共识并处于证监会审批阶 段。如今经过近一年的时间，该事项终于正式落锤。 国内头部公募机构被中东资本"相中"背后，也是近年来外资机构加速布局中国资本市场的趋势显现。瑞 银等机构投资者认为，外资回流或是未来几个月的关键趋势，中国股市估值优势与低配仓位下，港股或 率先受益于长线资金回流。 华夏基金10%股权转让事宜，正在稳步推进。 日前，中国证监会信息显示，核准卡塔尔控股有限责任公司（下称"卡塔尔控股"）成为华夏基金持股 5%以上股东，对卡塔尔控股依法受让华夏基金2380万元人民币出资（占注册资本比例10%）无异议。 "通过一直以来与众多海外投资者的密集沟通，我们深刻地感受到国际市场对中国资产的关注度正持续 升温。"瑞银全球金融市场部中国主管房东明表示，不管是量化基金，还是其他的中长线海外投资者都 很积极地希望能够深度参与中国的资本市场。 中东资本牵手头部公募 在尚未变更股权信息之前，华夏基金的第一大股东是中信证券，持股比例62.2%；外资机构迈凯希金融 公司（MackenzieFinancialCorporation）为第二大股东，持有27.8 ...