// 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 | | --- | --- | ...

Group 1 - The China-US economic and trade high-level talks held in Geneva from May 10 to 11 were described as candid, in-depth, and constructive, achieving important consensus and substantial progress, with both sides agreeing to establish a consultation mechanism [3] - In 2024, 27 cities in China are expected to have a GDP exceeding 1 trillion yuan, with 8 cities reporting GDP growth rates of 6% or higher in Q1 [3] Group 2 - In April, the national retail sales of passenger cars reached 1.755 million units, a year-on-year increase of 14.5%, marking a historical high for April [4] - The judicial restructuring of Jinke Properties has entered an important execution phase, potentially making it the first large listed real estate company in China to successfully undergo judicial restructuring [4] Group 3 - Over 30 provinces in China have piloted the sale of existing homes since the end of 2022, with the sales area of existing homes expected to reach approximately 300 million square meters in 2024, a year-on-year increase of 19.1% [6] - Beijing has released its 2025 housing development annual plan, aiming to optimize housing land supply and prioritize development around well-equipped areas [6] Group 4 - In May, 28 stocks in the A-share market will face the lifting of lock-up restrictions, with a total of 1.066 billion shares being unlocked, valued at approximately 18.63 billion yuan [9] - Fund companies have conducted intensive research on 109 listed companies, mainly in the electronics, machinery, and computer sectors, with a focus on semiconductor companies [9] Group 5 - Saudi Aramco reported a net profit of $26 billion in Q1, a year-on-year decrease of about 5%, with capital expenditures of $12.5 billion [18] - OpenAI is in discussions with Microsoft to unlock new funding and prepare for a future IPO [18]

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 ...

Market Overview - The overall market showed an upward trend last week (May 5 to May 9), with the Shanghai Composite Index closing at 3342.00 points, a weekly increase of 1.92% [2] - The Shanghai 50 and CSI 300 indices rose by 1.93% and 2.00% respectively, while the CSI 1000 index performed notably well with a 2.22% increase [2] - The market structure remains differentiated, with small growth stocks and micro-cap stocks performing actively, while some large-cap technology indices experienced pullbacks [2] Industry Performance - All sectors showed positive performance last week, with the average increase of Wind's first-level indices at 1.87% and 95% of Wind's top 100 concept indices rising [10] - The defense, military, communication, and power equipment sectors performed particularly well, with increases of 6.33%, 4.96%, and 4.02% respectively [10] Fund Issuance and Performance - A total of 15 funds were issued last week, including 13 equity funds, 1 mixed fund, and 1 bond fund, with a total issuance of 6.345 billion units [3][4] - The Wind All Fund Index rose by 0.74% last week, with the ordinary equity fund index increasing by 1.00% and the mixed equity fund index rising by 1.06% [6] Global Asset Review - Global asset markets showed significant divergence last week, with US stocks under pressure due to investor concerns about economic outlook and Federal Reserve monetary policy [3] - European markets exhibited mixed results, while Asia-Pacific markets, including the Nikkei 225 and Hang Seng Index, showed varying degrees of gains, indicating positive signals in the region [3] Bond Market Overview - The bond market was active last week, with the convertible bond index rising by 1.32% [12] - The 10-year government bond futures saw a slight increase of 0.01%, while the 30-year government bond futures decreased by 0.39% [12] Trading Activity - The average daily trading volume of A-shares rebounded, exceeding 1.1 trillion yuan, with a peak close to 1.5 trillion yuan on Wednesday [7]

RimeData 来觅数据 . 全面的一级市场数据平台 ⌜ 投融概况 ⌟ 以下文章来源于RimeData 来觅数据 ，作者来觅研究院 截至2025年5月9日18:00，报告期内融资事件共144起（不包括并购、定增），融资金额总计约209.64亿元（谨慎估计）。在所有融资事件中，融资金额在 亿元及以上的融资事件有23起。报告期内公开退出案例43个。另外，报告期内有177家机构参与了一级市场投资。 请读者留意，由于报告期内有39起融资事件未公布准确的融资金额，出于谨慎考虑，笔者做了暂取较小值处理，涉及金额至少8.65亿元，约占融资总额的 4.13%。另外，因融资事件的延迟披露，本期周报仅收录了本周五18:00前公开披露的融资事件，可能导致统计分析与实际情况存在细微偏差，感兴趣的读 者可以登录Rime PEVC平台获取全量融资事件、被投项目及深度数据分析。 报告期内已披露金额的融资事件88起，融资金额区间分布结构与过往相比无明显变化，报告期内500万以下的融资事件4起；500万-1000万（含1000万）融 资事件合计41起；1000万-5000万（含5000万）融资事件为15起；5000万-1亿（含1亿）的融资事 ...

Group 1 - The central bank announced a package of ten policy measures, including a comprehensive reduction of the reserve requirement ratio by 0.5 percentage points and a decrease in the policy interest rate by 0.1 percentage points, aimed at stabilizing the market and expectations [3] - The four major first-tier cities have simultaneously lowered the housing provident fund loan interest rates, signaling continued easing in the real estate market to stimulate demand [3][4] - Several funds have seen gains exceeding 40%, with a focus on the robotics and innovative drug sectors, indicating strong investor interest in these areas [3][4] Group 2 - The Federal Reserve maintained the federal funds rate target range at 4.25% to 4.5%, aligning with market expectations [6] - Moody's warned of increasing risks to the retail sector due to rising exposure to private credit, highlighting a shift in the credit market since the pandemic [6] Group 3 - The A-share market experienced adjustments, with technology stocks generally underperforming, while bank and power stocks showed strength, resulting in an overall increase in major indices [8] - The total number of newly issued bank wealth management products reached 513, with a total establishment scale of approximately 41.7 billion yuan, reflecting a decrease from the previous week [17]

// 中美经贸高层会谈在瑞士日内瓦开始举行 // 据新华社，当地时间5月10日上午，中美经贸高层会谈在瑞士日内瓦开始举行。 中共中央政治局委员、国务院副总理何立峰作为中美经贸中方牵头人，当天与美方牵头人、美国财长贝 森特举行会谈。 据玉渊谭天，中美经贸高层会谈还将继续。 // 中美会谈前中国加速替代美产品 // 据 玉渊谭天， 在 中美经贸高层 会谈前，中国与阿根廷出口商签订合同意向书采购大豆、玉米和植物 油。 尽管受美国滥施关税影响，从数据来看，4月，中国外贸出口的表现却超预期。4月当月，在中国对美出 口同比减少21%的情况下，中国总出口同比增长8.1%，对非美出口同比增长13%。看总体趋势，今年前 4个月，中国对非美出口同比增量是对美出口同比减量的20倍左右。 // 新华时评丨中国维护国际经贸秩序的立场坚定不移 // 新华社5月10日晚发表题为《中国维护国际经贸秩序的立场坚定不移》的时评称，应美方请求，中 美经贸高层会谈在瑞士举行。 中方在充分考虑全球期待、中方利益、美国业界和消费者呼吁的基础 上，决定同意与美方进行接触。中方拥有强大的抗压能力与充足的政策工具来维护国家正当权益， 并愿与国际社会一道，共同 ...

Domestic Macro - The Chinese government emphasizes the need for stronger communication and consensus between China and Switzerland to address challenges and promote free trade [5] - The China SME Development Index for April is reported at 89.2, a decrease of 0.3 points from March, indicating a slight decline after a significant rise in the first quarter [5] Domestic Stock Market - The Shenzhen Stock Exchange has taken self-regulatory measures against 109 instances of abnormal trading behavior this week, and is closely monitoring "*ST Dongtong" for suspected financial data falsification [7] - Ping An Life has increased its stake in China Merchants Bank, raising its holding from 11.92% to 12% [7] - Fund managers believe that while overall consumer demand is weak, new consumption driven by service-oriented sectors is showing strong structural vitality, presenting opportunities for selective stock picking [7] Economic Dynamics - Li Ka-shing's company has reduced prices for the residential project Yucuiyuan, with average prices dropping to 70,000 yuan per square meter, reflecting a significant decrease from last year's opening prices [9] - Several small banks, including WeBank and Fujian Huato Bank, have lowered deposit rates, leading to instances of "negative interest" [9] - The automotive industry is experiencing reduced price competition due to improved market conditions, with promotional subsidies for vehicle scrappage boosting sales [9] Company News - Apple has acquired Canadian AI calendar startup Mayday Labs, which may enhance the intelligence of its calendar application [13] - Xiaomi is establishing a flagship center for its automotive division in Shanghai, set to open in October [13] - OpenAI's CEO has expressed willingness to collaborate with Elon Musk to achieve general artificial intelligence [14] Overseas Macro - The U.S. President has indicated a commitment to imposing at least a 10% tariff on trade partners, highlighting ongoing trade negotiation uncertainties [16] - The European Central Bank aims to achieve a 2% inflation target by the end of 2025, with actions dependent on inflation developments [16] Overseas Stock Market - Jeffrey Gundlach predicts potential challenges for risk assets, forecasting a possible decline of the S&P 500 index to 4,500 points, representing a 20% drop from current levels [19] - Shopify will be included in the Nasdaq 100 index starting May 19, enhancing its visibility in the tech and e-commerce sectors [20]

// 国内宏观 // 1、 国务院总理李强主持召开国务院常务会议，要求深入谋划"十五五"时期经济社会发展重点工作，稳步推动共同富裕。 会议研究深化国家级经济技术开 发区改革创新有关举措，并提出支持自贸区在发展服务贸易、便利数据跨境流动等方面先行先试。 2、 中国人民银行正式设立服务消费与养老再贷款，额度5000亿元，激励引导金融机构加大对住宿餐饮、文体娱乐、教育等服务消费重点领域和养老产业 的金融支持。 // 热点聚焦 // 3、商务部部长王文涛会见俄罗斯经济发展部部长列舍特尼科夫，围绕落实中俄升级版投保协定、加强经贸投资合作、应对美加征所谓"对等关税"等问题 进行深入交流。 1、 央行发布一季度货币政策执行报告， 明确下一阶段要实施好适度宽松的货币政策，灵活把握政策实施的力度和节奏。 报告有多篇专栏从不同角度体 现出宏观政策思路的转变，明确指出提振消费是当前扩内需稳增长的关键点；对比中美日政府债务情况，中国政府债务扩张仍有可持续性； 促进物价合 理回升，需要推动经济供需平衡，关键在于扩大有效需求。报告还指出，要加强债券市场建设； 视市场供求状况择机恢复国债买卖操作。 2、据央视网， 美国总统表示，美国与中国 ...

以下文章来源于RimeData 来觅数据 ，作者来觅研究院 RimeData 来觅数据 . 全面的一级市场数据平台 2025年一季度，计算机软件行业继续延续良好的发展势头。据工信部数据显示，本季度中国软件和信息技术服务业收入达31,479亿元，同比增长 10.6%，利润总额为3,726亿元，同比增长11.6%，展现出行业的稳健增长态势。近两年来，人工智能相关技术不断进步，其与软件行业融合不断 加深，AI相关产品在办公软件、企业服务、IT运维等多个领域进入商业化前期，国内外领先企业积极布局相关产品和服务，推动行业迈向智能化新 阶段。 此外，操作系统作为计算机软件系统的核心，同时也是国家信息安全的重要保障，一直以来备受市场关注。在政策的大力支持与多家企业不断投入 研发的背景下，国产操作系统的渗透率正逐步提升。 目录 行业概要 =閃數擁 1.1 计算机软件季度概览 4 Rim 1.2 Q1 行业相关政策 5 1.3 Q1 时间线 6 Rime D 1.4 赛道图谱 8 投融动态 2.1 Q1 投融动态 10 2.2 活跃投资者 12 2.3 Q1 关键融资事件 13 行业趋势 3.1 操作系统 15 ata 来员数 ...