Group 1: Corporate Investigations and Issues - China Copper Industry Co., Ltd. director Li Lianbing is under investigation for serious violations of discipline and law [3] - Yong'an Pharmaceutical's actual controller and chairman Chen Yong is under investigation and has been detained [6] - Xianju Pharmaceutical received an administrative penalty of 195 million yuan for price-fixing agreements with competitors [10] Group 2: Corporate Transactions and Financial Warnings - AVIC Capital plans to transfer shares of AVIC Xi'an Aircraft Industry Group and AVIC Avionics to its controlling shareholder for 4.067 billion yuan [7] - Jiangsu Wuzhong's stock will be subject to additional risk warnings due to an audit report with no opinion and non-operational fund occupation by related parties [8] - Tianmao Group and Jinlitai are both unable to disclose their periodic reports on time, leading to stock suspensions [10][11] Group 3: Industry Trends and Changes - Several automotive companies, including Li Auto, Xiaomi, NIO, and Xpeng, are shifting their marketing language from "smart driving" to "assisted driving" [21]

// 热点聚焦 // 1、美国总统宣布， 授权商务部和美国贸易代表立即启动程序，对所有在国外制作的进入美国的电影征收100%的关税。 他表示，正在就贸易协议与许多 国家进行会晤，本周可能达成一些贸易协议。 2、中国人民银行行长潘功胜出席并主持东盟与中日韩财长和央行行长会。 会议一致通过了在清迈倡议多边化下新设以人民币等可自由使用货币出资的快 速融资工具相关安排，并明确了清迈倡议机制化下一步讨论方向。 潘功胜指出，引入可以人民币等非美元可自由使用货币出资的快速融资工具，既拓展 了清迈倡议的可用资源，凸显了区域特色，也标志着国际货币体系多元化在本地区的积极进展，具有突破性意义。 3、展望"五一"后的市场， 券商分析师认为，节日期间港股、人民币汇率等相关资产走势整体乐观，节后A股大概率顺势"补涨"。 对于配置方向，科技和 红利主题成为券商分析师关注的重点。分析师表示，过去几年中央和地方政府给予"新质生产力"充分的政策支持，具有全球竞争潜力的企业在估值上更具 性价比。 4、"五一"假期，全国消费市场繁荣活跃。据商务部商务大数据监测， 假期全国重点零售和餐饮企业销售额同比增长6.3%。 假期前四天，汽车以旧换新 补贴申 ...

图 一周摘要 图 市场概况： 上周 A股结构性分化明显，上证指数小幅下挫，但仍维持在3250点上方，整体上大盘股承 压而中小盘股表现活跃，上证50、沪深300分别下跌0.59%和0.43%，中证1000（+0.18%）、万得微盘 （+2.69%）则逆势上涨，凸显资金对高弹性成长的偏好，同时高股息策略遇冷，中证红利跌幅靠前， 反映市场对防御性资产的配置意愿下降。全周上证指数下跌0.49%，深证指数下跌0.17%，创业板指上 涨0.04%。 行业板块： 上周 Wind一级平均跌幅0.37%。板块方面，传媒、计算机、美容护理相对表现良好，分别 上涨2.69%、2.47%、2.46%，电子、家用电器、通信等小幅上行，而社会服务、综合、房地产则明显走 弱，分别下跌2.63%、2.75%、3.04%。 基金发行： 上周 合计发行37只，其中股票型基金发行28只，混合型基金发行2只，债券型基金发行 6只，FOF型基金发行1只，总发行份额219.98亿份。 基金表现 ： 上周万得全基指数上涨0.25%。其中，万得普通股票型基金指数上涨0.52%，万得偏股 混合型基金指数上涨0.61%，万得债券型基金指数上涨0.12%。 图 ...

5月5日，离岸人民币盘中一度升穿7.20关口，为去年11月以来首次，创近半年以来新高。 Wind行情显示，上周五离岸人民币开启大涨，日内上涨近700点。本周一上涨继续，离岸人民币一度攀升至7.1891，创去年11月12日以来新高。 | < W | 美元指数 | | | | | | --- | --- | --- | --- | --- | --- | | | USDX.FX | | | | | | 99.7490 | 前收 | | | 99.9947 开盘 | | | -0.2934 | -0.29% | 英品 | 99.7490 | 99.7490 买入 | | | 最高 | 100.0524 | 今年来 | -8.05% | 20 日 日 -3.63% | | | 最低 | 99.6258 1.42% | 10 日 | | 60 日 -7.92% | | | 分时 | | | 五日 日K | | | | 晉加 | | | | | | | 100.4590 | | | | | 0.42% | | 100.0424 | | | | | 0.00% | | 99.6258 | | | | | -0.42% | ...

Group 1: Macroeconomic Data - The National Bureau of Statistics will release foreign exchange reserve data on May 7, CPI and PPI reports on May 10, and customs will publish April import and export data on May 9 [1] - In March, China's CPI decreased by 0.1% year-on-year, while PPI continued to decline, with some industries showing positive price changes. Exports in March increased by 12.4% year-on-year in USD terms, while imports fell by 4.3% [1] Group 2: Government Bonds - The Ministry of Finance plans to issue the second phase of ultra-long-term government bonds, with a total face value of 71 billion yuan and a fixed interest rate of 1.88% [2] Group 3: Stock Market Developments - The Beijing Stock Exchange will switch to new securities codes for trial stocks starting May 6, 2025, affecting trading orders and market operations [3] - Multiple companies will remove risk warnings and change their stock names starting May 6, including *ST Hengyu to Hengyu Xintong and ST Tianbang to Tianbang Food [13][15] Group 4: Retail Sector Updates - Walmart has notified some Chinese suppliers to resume shipments, indicating that tariff costs will be borne by American customers. In 2023, Walmart's purchases from China were valued at approximately $30 billion [10][11] Group 5: Corporate Events - Lenovo's 2025 Innovation Technology Conference will take place on May 7, showcasing the Tianxi personal super-intelligent system, which aims to break barriers between different operating systems [6] - The 27th China Beijing International Science and Technology Industry Expo will be held from May 8 to 11, featuring six major exhibition areas [9] Group 6: Stock Unlocking Events - From May 6 to May 9, a total of 40 companies will unlock 6.567 billion shares, with a market value of 48.733 billion yuan, an increase of 10.079 billion yuan from the previous period [17] - The top three companies by unlocking market value are Tianshan Shares (25.86 billion yuan), Jingjiawei (4.43 billion yuan), and Jiahuan Technology (3.5778 billion yuan) [17] Group 7: New Stock Issuance - Three new stocks will be issued this week: Hanbang Technology on May 7, and Weigao Blood Purification and Taili Technology on May 8 [21] Group 8: Market Outlook - Huajin Securities indicates that the A-share market is likely to experience a rebound in May, with structural opportunities in consumption, technology, and dividend stocks [24][25]

// 国内股市 // // 国内宏观 // 1、 工信部表示，下一步将加强通用大模型和行业大模型研发布局，加快建设工业领域高质量数据 集； 将全力推进人工智能赋能新型工业化 ，一手抓供给，一手抓应用，推动制造业的全流程、重 点行业、重点产品的智能升级，同时，加快培育一批行业龙头企业和专精特新中小企业，建设人工 智能开源社区，加快关键急需标准的研制。 2、 第八届数字中国建设峰会闭幕。本届峰会共吸引超36万人次参会观展，创历史新高，峰会成果 丰硕。在产业对接方面， 本届峰会共签约数字经济重点项目455个、总投资额2280亿元 ，比上届峰 会分别增长8%和12%，项目涵盖新一代人工智能、机器人、算力基础设施、互联网医疗等多个领 域。 3、自然资源部指出，今年气候年景总体偏差，极端气候事件总体呈多发强发态势，地质灾害防治形势 严峻复杂；要重点关注区域群发、复合链生灾害风险，注意防范近几年地震影响区、森林火灾发生区域 强降雨引发群发性滑坡、泥石流，防范长时序变形积累叠加短期环境急变引发的大型崩塌、滑坡和泥石 流灾害。 4、 交通运输部发布数据， 5月3日（劳动节假期第3日），全社会跨区域人员流动量28977.5万人 ...

Company Insights - Berkshire Hathaway reported a net profit of $4.603 billion for Q1 2025, down from $12.702 billion in the same period last year, with revenues slightly decreasing to $89.725 billion from $89.869 billion [3] - The company experienced an investment net loss of $5.038 billion in Q1 2025, compared to a profit of $1.48 billion in the previous year [3] - As of March 31, 2025, Berkshire's cash position reached a record high of $347.7 billion, with 69% of its equity investments concentrated in American Express, Apple, Bank of America, Chevron, and Coca-Cola [3] Investment Strategy - Warren Buffett expressed dissatisfaction with current U.S. trade policies, emphasizing the negative long-term impacts of tariff misuse and the importance of free trade for global prosperity [3] - Future investment plans include readiness to invest in AI, a commitment to hold Japanese stocks for the next decade, and a focus on opportunities in the U.S. power and energy networks [3] - Buffett indicated that real estate investments are less attractive compared to stocks due to time consumption [3] Leadership Transition - Warren Buffett announced plans to resign as CEO of Berkshire Hathaway by the end of the year, with Greg Abel set to take over as CEO while Buffett will remain available for support [4] Industry Trends - The software industry in China reported a revenue of 31,479 billion yuan in Q1 2025, marking a year-on-year growth of 10.6%, with total profits reaching 3,726 billion yuan, up 11.6% [13] - The tourism sector saw a significant increase in visitor numbers during the May Day holiday, with outbound travel demand surging, indicating a recovery in the travel industry [13] - The appliance market is increasingly focusing on smart technology, moving towards whole-home smart solutions and scenario-based interactions due to advancements in IoT and AI [13]

美东时间5月3号，在伯克希尔哈撒韦2025年度股东大会上，董事长沃伦·巴菲特罕见地对当前的国际 贸易政策表达了不满。他指出，滥用关税工具将带来深远的不良影响，并再次重申自由贸易对全球 繁荣的重要意义。 // 退休计划 // 94岁的"股神"沃伦·巴菲特正式宣布，他计划在今年年底交棒，由现任副董事长格雷格·阿贝尔接任首席 执行官。这一决定虽然早在2021年已确定继任人选，但巴菲特现场亲自宣布，仍令现场数万名股东感到 意外且感慨万千，标志着一个时代的谢幕。 巴菲特在会议尾声表示："现在是时候让格雷格在年底成为公司的首席执行官了。"这句话在会场引发了 阵阵掌声和感慨。 自1965年巴菲特收购濒临破产的新英格兰纺织厂以来，伯克希尔·哈撒韦历经60年发展，已成长为横跨 保险、铁路、能源、制造等多个领域的超级巨头，市值接近1.2万亿美元。今年股东大会召开前，伯克 希尔股价再创历史新高，这也为巴菲特的"交棒"增添了几分圆满的意味。 尽管宣布退休，巴菲特强调自己不会彻底离开："我依然会'待在身边'，在特殊情况下，比如出现巨大 的投资机会时，我仍然能发挥一定作用。"不过他也明确表示，未来伯克希尔的实际经营和资本运作将 完全交由 ...

Core Viewpoint - The article highlights the strengthening of the offshore RMB against the USD, driven by positive domestic consumption data and favorable policies, alongside a notable performance in the Hong Kong stock market, particularly in technology stocks [2][4][19]. Currency Market - On May 2, the offshore RMB appreciated nearly 1% against the USD, with the exchange rate moving from a previous close of 7.27730 to a low of 7.20850 [2][3]. - The year-to-date performance shows a decline of 1.71% for the USD against the offshore RMB [3]. Stock Market Performance - The FTSE China A50 futures rose nearly 0.5% as of May 2 [4]. - The Hong Kong stock market saw all three major indices rise, with the Hang Seng Index up 1.7% to 22,494.50 points, the Hang Seng China Enterprises Index up 1.87% to 8,227.40 points, and the Hang Seng Tech Index up 3.13% to 5,246.68 points [7][8]. Sector Performance - The technology sector led the gains in the Hong Kong market, with significant increases in stocks related to AI and the automotive industry [9]. - Notable stock performances included Horizon Robotics up 14.5%, Kingsoft up 6.74%, XPeng Motors up 6.66%, and Xiaomi up 6.31% [11]. AI Industry Developments - The AI sector is experiencing rapid advancements, with several companies releasing new models, including DeepSeek's new model with 671 billion parameters [12]. - NIO, XPeng, and Li Auto reported significant year-on-year growth in vehicle deliveries for April, with XPeng achieving a 273% increase [13][14]. Capital Inflows - In April, southbound funds recorded a net inflow of 166.67 billion HKD, with a single-day record of 35.59 billion HKD on April 9 [16]. - Year-to-date, the total inflow of southbound funds reached 605.33 billion HKD [16]. Market Outlook - Analysts expect the Hong Kong market to continue its upward trend in May, with the Hang Seng Index and Hang Seng Tech Index showing attractive valuations [19]. - There is a focus on sectors benefiting from domestic consumption policies, with recommendations to invest in technology growth and high-dividend stocks [20].

// 热点聚焦 // 2、 商务部回应中美经贸对话磋商情况称，中方注意到美方高层多次表态，表示愿与中方就关税问题进 行谈判。同时，美方近期通过相关方面多次主动向中方传递信息，希望与中方谈起来。对此，中方正在 进行评估。 3、 欧佩克+将讨论6月产量计划的电话会议提前至5月3日。 在周六召开视频会议制定政策之前，欧佩 克+主要成员国正在讨论6月份再次增产约40万桶/日。上个月，以沙特和俄罗斯为首的石油集团将日产 量提高了41.1万桶，是原计划的三倍，此举令石油交易员大为震惊，此举显然是为了约束其产量过剩的 成员国。代表们表示，他们正在考虑下个月再次采取同样的行动。 1、 5月3日，"投资界春晚"伯克希尔·哈撒韦年度股东大会将在"股神"沃伦·巴菲特的老家美国内布拉斯 加州奥马哈举行。当地时间上午8时（北京时间晚9时）将开始股东大会最受关注的问答环节。 与往年 相比，今年的日程安排有所调整，问答时间预计为四个半小时，与去年相比缩短了约一小时。届时，巴 菲特将与接班人格雷格·阿贝尔和保险业务主管阿吉特·贾恩同台，回答股东提问。 // 国内宏观 // 1、 人社部此前下发通知加大金融助企稳岗扩岗力度。最新数据显示，稳岗 ...