// 热点聚焦 // // 国内宏观 // 1、商务部部长王文涛主持召开外贸企业圆桌会，就当前外贸形势、支持外贸企业发展等议题进行交流。王文涛表示，下一步，商务部 将统筹国内经济工 作和国际经贸斗争，会同相关部门，全力为外贸企业纾困解难，提供更多支持，帮助外贸企业开拓市场，促进外贸稳定发展。 2、国务院新闻办公室发布我国首部《新时代的中国国家安全》白皮书，旨在全面阐释新时代中国国家安全工作的创新理念、生动实践和建设成果， 充分 展现中国众志成城抵御外部遏制打压、维护国家利益的必胜信心，统筹高质量发展和高水平安全的坚定决心。 3、央行等部门发布广州"南沙金融30条"，加大金融支持南沙建设力度，将南沙建设成为我国金融业对外开放试验示范窗口、金融创新功能的承载区、粤 港澳大湾区国际金融枢纽重要节点。 4、福建省出台12条措施推动资本市场服务科技型企业高质量发展，其中提出，加快筹设100亿元省级并购基金，打造总规模超1300亿元的政府引导基金矩 阵。 // 国内股市 // 1、周一A股高开高走，市场逾4100股上涨，军工股再度大涨，苹果产业链集体反弹，黄金、创新药板块走低。截止收盘， 上证指数收涨0.82%报3369 ...

Group 1: Open Market Operations - The central bank conducted a 7-day reverse repurchase operation on May 12, with a fixed rate and quantity tendering, amounting to 43 billion yuan at an interest rate of 1.40%, resulting in a net injection of 43 billion yuan for the day [1]. Group 2: Funding Conditions - Overnight and 7-day pledged repo rates for deposit-taking institutions have decreased, with the former dropping over 7 basis points and the latter over 4 basis points. The latest overnight financing rate in the U.S. stands at 4.29% [4]. Group 3: Interbank Certificates of Deposit - The latest transaction for one-year interbank certificates of deposit in the secondary market is around 1.67%, showing little change from the previous day [6]. Group 4: Bond Yield Rates - The yield rates for major interbank bonds are as follows: - 1Y government bonds at 1.42% - 2Y government bonds at 1.435% - 3Y government bonds at 1.46% - 7Y government bonds at 1.515% - 10Y government bonds at 1.679% [11]. Group 5: Recent City Investment Bonds - The trends and data for AAA-rated city investment bonds across various maturities have been analyzed, indicating the current market conditions [12]. Group 6: Government Bond Futures - The closing data for government bond futures has been reported, reflecting the current market dynamics [13]. Group 7: International Trade Relations - The joint statement from the U.S.-China Geneva economic and trade talks indicates that both sides will take measures to modify tariffs on each other's goods, with a temporary suspension of certain tariffs [16]. - China's commitment to multilateralism and free trade was reiterated by Vice Premier He Lifeng during a meeting with the WTO Director-General, emphasizing the importance of dialogue within the WTO framework [16]. Group 8: Bond Market Events - The Ministry of Finance plans to issue 100 billion yuan of book-entry interest-bearing government bonds, while Industrial and Commercial Bank of China announces the issuance of 20 billion yuan in technology innovation bonds [20]. - Recent negative events in the bond market include downgrades in implied ratings for several companies [21].

Core Viewpoint - The U.S. stock market experienced a strong rebound, with major indices posting their best single-day performance in nearly a month, attributed to positive developments in international trade negotiations and reduced fears of a global economic recession [1][7]. Market Performance - The Dow Jones Industrial Average surged by 1,160.72 points, or 2.81%, closing at 42,410.10 points [2] - The S&P 500 index rose by 3.26%, closing at 5,844.19 points, with a cumulative rebound of over 20% since mid-April [1][2] - The Nasdaq Composite Index showed the strongest performance, increasing by 4.35% to 18,708.34 points [1][2] Sector Performance - Technology stocks led the market rally, particularly those closely linked to global manufacturing and supply chains, with electric vehicle leaders rising nearly 7% [6] - A major consumer electronics company and an AI chip giant recorded gains of 6% and 5%, respectively [6] - Retail and hardware companies, reliant on overseas procurement and sales channels, also saw significant rebounds, with a major electronics retailer and a large PC manufacturer rising nearly 8% [6] Trade Negotiations Impact - The recent trade negotiations between the U.S. and China resulted in a "temporary" reduction in tariffs, interpreted as a significant positive development for the market [5][12] - The U.S. committed to canceling 91% of tariffs on Chinese goods and modifying 34% of reciprocal tariffs, while China reciprocated with similar reductions [12] Economic Outlook - The progress in trade negotiations has significantly lowered recession expectations, prompting funds previously in risk-averse positions to flow back into risk assets [7] - U.S. Treasury yields rose as the market became less eager for short-term interest rate cuts [7] Investor Sentiment - The market's positive reaction was driven by tariff adjustments that exceeded market expectations, leading to a rapid recovery in risk appetite [6] - Defensive sectors, such as beverages, tobacco, and telecommunications, experienced declines as riskier assets gained favor [8] Future Considerations - Ongoing trade negotiations will remain a key variable influencing market dynamics in the coming weeks, with uncertainty still present regarding the durability of any agreements reached [8] - Analysts suggest that recent trade developments could provide support for mid-term market trends [8]

双方在联合声明中达成多项积极共识。 双方认识到双边经贸关系对两国和全球经济的重要性，认识到 可持续的、长期的、互利的双边经贸关系的重要性，本着相互开放、持续沟通、合作和相互尊重的精 神，继续推进相关工作 。双方同意共同采取以下措施： 据商务部官网披露， 当地时间 5 月 10 日至 11 日，中美经贸中方牵头人、国务院副总理何立峰与 美方牵头人、美国财政部长贝森特和贸易代表格里尔在瑞士日内瓦举行中美经贸高层会谈。双方围 绕落实今年 1 月 17 日中美元首通话重要共识进行了坦诚、深入、具有建设性的沟通，在经贸领域 达成一系列重要共识。当地时间 5 月 12 日上午 9:00 ，双方发布《中美日内瓦经贸会谈联合声 明》。商务部新闻发言人就此发表谈话。 2025 年 4 月以来，美国政府在此前单边加征关税的基础上，又对华加征所谓 " 对等关税 " ，中国进行 了坚决正当反制。随后美方轮番升级关税措施，将对华 " 对等关税 " 税率从第一轮的 34% 先后提升至 84% 和 125% 。美高额关税严重损害双边正常经贸往来，严重破坏国际经贸秩序。本次会谈达成了联合 声明，是双方通过平等对话协商解决分歧迈出的重要一步， ...

中国商务部发布中美联合声明， 中华人民共和国政府（"中国"）和美利坚合众国政府（"美国"）， 认识到双边经贸关系对两国和全球经济的重要性； 认识到可持续的、长期的、互利的双边经贸关系的重要性； 鉴于双方近期的讨论，相信持续的协商有助于解决双方在经贸领域关切的问题； 本着相互开放、持续沟通、合作和相互尊重的精神，继续推进相关工作； 线上批量下单，轻松多账户管理 组合资产穿透管理，实时监控底层持仓 专为机构打造 一站式基金投研、交易、管理平台 双方承诺将于 2025年5月14日前采取以下举措 ： 美国将（一）修改2025年4月2日第14257号行政令中规定的对中国商品（包括香港特别行政区和澳门特 别行政区商品）加征的从价关税，其中， 24%的关税在初始的90天内暂停实施，同时保留按该行政令 的规定对这些商品加征剩余10%的关税； （二）取消根据2025年4月8日第14259号行政令和2025年4月9 日第14266号行政令对这些商品的加征关税。 中国将（一）相应修改税委会公告2025年第4号规定的对美国商品加征的从价关税，其中， 24%的关税 在初始的90天内暂停实施，同时保留对这些商品加征剩余10%的关税，并取 ...

Market News - The People's Bank of China announced a 0.5 percentage point reduction in the reserve requirement ratio for financial institutions starting May 15, with a 5 percentage point reduction for auto finance and leasing companies [2] - The China Securities Regulatory Commission released an action plan to promote the high-quality development of public funds, focusing on optimizing fee structures and enhancing performance evaluation mechanisms [2] - The 2025 World Robot Conference will be held in Beijing from August 8 to August 12, inviting leading domestic companies and international firms like Tesla [2] Sector Updates Real Estate - Major cities including Beijing, Shanghai, Guangzhou, and Shenzhen have announced reductions in housing provident fund loan rates [6] Automotive - The automotive industry is experiencing reduced competitive pressure and a market recovery, with fewer price cuts on vehicles due to enhanced promotional subsidies for scrapping old cars [7] Company News - Huawei introduced the "Harmony Computer" powered by the Harmony operating system, marking a significant breakthrough in the PC sector with over 2,700 core patents [9] - Xiaomi has rebranded its driving assistance features, changing "Xiaomi Intelligent Driving" to "Xiaomi Assisted Driving" [9] - Alibaba has begun reducing its stakes in two brokerage firms, having sold shares in China International Capital Corporation and Huatai Securities [10] - Contemporary Amperex Technology Co., Ltd. plans to raise at least $4 billion through a Hong Kong IPO, potentially reaching $5.3 billion with an overallotment option [10] - Semiconductor Manufacturing International Corporation reported Q1 revenue of 16.301 billion yuan, a 29.44% year-on-year increase, with a net profit of 1.356 billion yuan, up 166.5% [10] Stock Unlocking - A total of 28 companies will have their locked shares unlocked this week, amounting to 1.066 billion shares with a total market value of 18.63 billion yuan [13] - The highest unlocking values are from Guojin Securities (4.166 billion yuan), Qiangrui Technology (3.243 billion yuan), and Jiangsu Huachen (2.644 billion yuan) [14] New Stock Calendar - No new stock subscriptions are available in the Shanghai and Shenzhen markets this week, but Tian Gong Co., Ltd. will be listed on the Beijing Stock Exchange on May 13 [17] Economic Insights - Dongwu Securities suggests that A-shares currently offer attractive value from a global liquidity perspective, especially as non-US assets have been under pressure [19] - Zhongtai Securities indicates that after the Q1 earnings reports, the market may focus on sectors with growth potential, particularly in emerging growth areas [20]

Macro Insights - The first large listed real estate company in China, Jinke Co., has achieved significant progress in its judicial reorganization [2] - Several small and medium-sized banks have lowered deposit interest rates, with some banks experiencing a "negative interest rate" phenomenon [2] - Apple has officially adjusted the prices of its iPhone 16 Pro Max, reducing all storage versions by $160 [2] - Major shareholders of companies like Hualan Biological Engineering are planning to reduce their stakes [2] Financial Alerts - Shandong Molong's stock price surged by 450% before major shareholders sold off 136 million shares, representing 17% of total shares [5] - Jingwei Huikai announced that two shareholders plan to reduce their holdings by no more than 3% [6] - Jiahe Meikang's shareholder Hongyun Jiukang intends to reduce its stake by no more than 1.3% [7] - Leiwei and Baichuan Energy also reported plans for minor stake reductions by their shareholders [8][9] - Qujiang Cultural Tourism's controlling shareholder's 4.7% stake is set to be auctioned judicially, but it will not affect the company's operations [13] Industry Alerts - The Chinese automotive industry, which has been the world's largest for 14 consecutive years, faces challenges due to long payment terms and "consignment systems," putting pressure on small and medium-sized parts suppliers [19] - After the May Day holiday, pig prices remained stable, with the market showing signs of weakness, indicating that the traditional peak season is not performing as expected [20]

Core Viewpoints - The article emphasizes the importance of macroeconomic policies and market trends, suggesting a focus on three major trends for investment strategies [3][5][9]. Monetary Policy and Economic Outlook - On May 7, three departments announced a series of financial policies aimed at stabilizing market expectations, including a 0.5% reduction in the reserve requirement ratio and a 0.1% cut in policy interest rates [3]. - The current macroeconomic environment faces risks from domestic policy changes and economic fluctuations, particularly in the context of unclear Sino-US trade relations [3]. Equity Market Insights - CITIC Securities recommends focusing on three enduring trends: the enhancement of China's independent technological capabilities, Europe's reconstruction of defense and energy sectors, and the acceleration of domestic demand through improved social security [5]. - According to Zhongtai Securities, A-share earnings showed a recovery in Q1 2025, with a 5.13% year-on-year increase in net profit for the non-financial oil and petrochemical sector [6]. - Galaxy Securities highlights multiple pressures on the US stock market, including aggressive tariff policies and potential stagflation due to conflicting economic indicators [7]. Fixed Income Market Analysis - In the wake of recent monetary easing, Invesco Great Wall Fund favors short- to medium-term credit bonds, anticipating a decline in yields due to increased liquidity [13]. - Bosera Fund predicts a new round of interest rate cuts in the money market, driven by the central bank's policies aimed at stabilizing market confidence [14]. - CICC forecasts that the yield on 10-year government bonds may drop to 1.3%-1.4% as a result of easing monetary conditions [15]. Asset Allocation Strategies - Founder Securities suggests that new regulations for public funds present a favorable opportunity for dividend assets, which have shown higher long-term success rates compared to mainstream indices [17].

// 债市综述 // 1. 公开市场操作 央行公告称，5月9日以固定利率、数量招标方式开展了770亿元7天期逆回购操作，操作利率1.40%，投标量770亿元，中标量770亿元。 Wind数据显示，当日无逆回购到期，据此计算，单日净投放770亿元。当周央行公开市场净回笼7817亿元。 Wind数据显示，本周央行公开市场将有8361亿元逆回购到期，其中周一至周五分别到期0亿元、4050亿元、1955亿元、1586亿元、770亿 元。此外，周四还有1250亿元MLF到期。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 存款类机构隔夜和七天质押式回购利率再度双降，前者下行超3个bp，后者下行超7个bp。 海外方面，最新美国隔夜融资担保利率为4.3%。 （IMM） （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） 3. 同业存单 全国和主要股份制银行一年期同业存单最新成交在1.67%附近，较上日大体持平。 （*数据来源：Wind-同业存单-发行结果） 4.银行间主要利率债收益率涨跌不一。 | | TY | 2Y | ЗУ | 54 | 7Y | 10Y | 超长债 | | --- | --- | ...

央视新闻报道，当地时间5月10日至11日，中美经贸中方牵头人、国务院副总理何立峰与美方牵头人、 美国财政部长贝森特和贸易代表格里尔在瑞士日内瓦举行中美经贸高层会谈。 中方代表团在新闻发布会上表示，双方就彼此关心的经贸问题开展了深入交流。会谈氛围是坦诚的、深 入的、具有建设性的，取得了实质性进展，达成了重要共识。双方一致同意建立中美经贸磋商机制，明 确双方牵头人，就各自关切的经贸问题开展进一步的磋商。中美双方将尽快敲定有关的细节，并且将于 5月12日发布会谈达成的联合声明。 一次开户，基金市场一键链接 何立峰表示，中美拥有广泛的共同利益和广阔的合作空间，两国经贸关系的本质是互利共赢。作为发展 阶段、经济制度不同的两个大国，中美双方在经贸合作中出现分歧和摩擦是正常的，关键要以两国元首 重要共识为指引，本着相互尊重、和平共处、合作共赢的原则，通过平等对话协商，找到妥善解决问题 的办法。贸易战没有赢家，中方不愿打贸易战，但也不怕打。倘若美方执意侵害中方权益，中方将坚决 反制，奉陪到底。维护中美经贸关系健康、稳定、可持续发展，符合两国和两国人民的根本利益，也有 利于全球经济增长。双方应深挖合作潜力，拉长合作清单，做大合 ...