Core Viewpoint - The rise of technology themes at the beginning of the year has significantly boosted A-shares and Hong Kong stocks, enhancing market sentiment and investor confidence. In this context, the advantages of fixed income plus (固收+) and mixed bond funds have become increasingly prominent [1] Group 1: Fund Performance - As of March 31, 2025, various types of fixed income plus and mixed bond funds from ICBC Credit Suisse have shown average returns significantly exceeding the overall average of bond funds [1] - ICBC Credit Suisse has 22 fixed income plus and mixed bond funds ranked in the top 25% of their categories over the past year, three years, five years, and seven years [1] - Among these funds, 11 achieved returns exceeding 5% in the past year, with three funds surpassing 9% [1] Group 2: Fund Strategies - The "plus" strategy in fixed income plus funds plays a crucial role in enhancing returns, with equity and convertible bond assets being key components [3] - The ICBC Credit Suisse funds have adopted various strategies based on the investment styles and capabilities of their managers, effectively capturing structural market opportunities [3] - The ICBC 聚安混合 A fund, managed by Huang Shiyuan, achieved returns of 18.8% and 27.11% over the past year and three years, respectively, ranking 4th and 1st in its category [5][6] Group 3: Manager Expertise - The fixed income research team at ICBC Credit Suisse consists of 16 members divided into four specialized groups, ensuring comprehensive coverage and refined division of labor in credit research [11] - The team includes experienced managers like Ouyang Kai, who has 22 years of experience, and Gu Heng, who has over 12 years of investment management experience [12] - The collaboration of seasoned, mid-career, and emerging talents within the team enhances the overall investment capability and risk management of the fixed income plus and mixed bond products [13] Group 4: Long-term Performance - The ICBC 双利债券 fund has achieved a net asset value growth of 140.69% since its inception in 2010, outperforming its benchmark by 84.66% [10] - The fund's strategy involves flexible adjustments to equity allocations based on macroeconomic assessments, aiming for long-term stable returns [10] - The ICBC 聚享混合 A fund, managed by Jiao Wenlong and He Shun, reported a return of 21.98% over the past year, ranking 1st in its category [9]

Core Viewpoint - The article discusses the rise of the "doll culture" among younger generations, particularly the post-00s and post-10s, who engage in a unique subculture centered around collecting and customizing dolls, creating a complete industry chain from design to resale [3][4]. Group 1: Industry Overview - The "doll culture" has evolved into a vibrant consumer sector, with various participants including IP creators, custom factories, and individual collectors, all seeking profit opportunities [17]. - The market for dolls, particularly cotton dolls and BJD dolls, has seen significant growth, with the market size for the Chinese trendy toy market expected to reach 110.1 billion yuan by 2026, with the "doll culture" contributing over 30% [22]. Group 2: Consumer Behavior - Young consumers, particularly those born in the 00s, view dolls as companions and emotional support, often relating the experience to raising a child or pet [15][16]. - The purchasing process for dolls is competitive, with limited editions often requiring quick buying skills due to "hunger marketing" strategies employed by manufacturers [14][19]. Group 3: Market Dynamics - The profitability of doll factories has been affected by increased competition, leading to a shift from mass production to more personalized, high-priced custom dolls [19][20]. - The article highlights the challenges faced by individual sellers (referred to as "doll moms"), including issues of trust and the risk of financial loss due to unfulfilled orders [21][22]. Group 4: Professional Opportunities - The rise of the "doll culture" has led to the emergence of niche professions such as custom doll makers and makeup artists, with some individuals earning substantial incomes [17][18]. - The article notes that the profitability of these roles has become more challenging as the market becomes saturated, requiring innovation and cost management to remain competitive [20][22].

5月15日，大盘未能保住昨日站上3400点的战果，截至收盘，报收3380.82点，全天下跌0.68%， 沪深两市有3800多家个股下跌。 文/曹萌 就4月M2增速上行，中国民生银行首席经济学家温彬表示，去年同期整顿存款"手工补息"，金融数 据"挤水分"较为明显，企业活期存款向非银体系转移，当月M2新增-3.6万亿元，同比多减近3万亿 元，形成较低的基数效应。此外，今年以来，债券市场双向波动，没有出现去年的单边上涨态势，存 款也未出现去年大量"搬家"情况，4月对公和居民存款同比少减超1万亿元，对M2同比增速也形成一 种正向上拉作用。后续随着低基数效应的递减，未来M2同比增速会恢复到今年前几个月的正常增长 水平。 同时，需要注意的是4月M1-M2剪刀差出现扩大，而该指标直接反映的是社会经济活力。进一步分 析，当M1增速小于M2增速时，普遍意味着市场上的"死钱"增多，人们更倾向于储蓄，而非投资和 消费，这便潜在预示着消费者和企业对未来缺乏信心。 4月M1-M2剪刀差负向增大暗示消费者与企业对未来经济信心不足扩大的同时，当 月信贷数据对这 一趋势也有相应佐证。具体来看，4月企（事）业单位贷款增加6100亿元，同比少增 ...

美凯龙5月13日晚间公告，公司接到公司董事车建兴家属的通知，于近日收到云南省监察委员 会电话通知，对车建兴立案调查并实施留置措施。截至目前，公司尚未收到任何书面形式《留 置通知书》《立案通知书》，亦未收到云南省监察委员会需要协助调查或提供任何资料的要 求。 同时，为保证公司日常经营工作顺利进行，由美凯龙董事长李玉鹏在此期间代行总经理全部职 责。截至本公告日，公司其他董事、监事和高级管理人员均正常履职。公司组织架构及内部控 制机制完善，公司董事会运作正常。公司控制权未发生变化。 据此，公告称"日常经营情况正常，上述事项不会对公司日常经营活动产生重大影响。" 此次事件也引发外界对美凯龙经营情况的关注。自2023年入主后，建发股份在不到半年的时 间便从管理团队、经营管理、业务发展等多个维度对美凯龙进行全面接管、全面升级。根据公 开信息， 建发股份及其一致行动人目前共持有美凯龙29.95%股份，是第一大股东 。 在管理团队方面，美凯龙新一届董事会由14名董事组成，其中建发方面拿下5个非独董席位， 同时5位独立董事也是由建发方面提名。现任董事长李玉鹏由建发方面派驻。 过去近两年，面对房地产行业持续承压，美凯龙积极探索与 ...

此外，国际投资管理公司WisdomTree也表示，除全球贸易的不确定性，美国经济还面临着货币政 策与美联储独立性的风险。此前在美联储重申不急于放松货币政策后，美国总统特朗普称美联储主席 鲍威尔为"傻瓜"。 而如果美联储的独立性开始受到质疑，其机构实力可能减弱，黄金可能出现大幅 上涨。 5月8日，在美联储连续第三次货币政策会议决定暂停行动后，鲍威尔表示，现在判断通胀和失业的 风险哪种更严重为时过早，关税冲击尚未到来，政策对通胀影响可能短暂也可能更持久，因此，无法 先发制人，须看到更多数据为止。 而随着中美关税休战，以及美国劳工统计局刚刚公布的美国4月CPI（消费者物价指数）同比上涨 2.3%，在不及预期的同时，创下四年多来最小涨幅。这让特朗 普 再次向鲍威尔施压，要求美联储 尽快效仿中国和欧洲央行下调基准利率。 文/曹萌 5月14日，国际金价再次回调至3230美元/盎司一线，这是伦敦金在最近3个交易日内的低位运行区 域。面对中美关税战暂时止戈带来的避险情绪降温，国际金价从3300美元/盎司上方跳水至3200美 元/盎司，随后也进入了相对冷静期。 5月12日下午 3 点，我国商务部发布中美日内瓦经贸会谈联合声明， ...

德国当地时间5月7-9日，全球顶尖能源盛会欧洲智慧能源展览会（The smarter E Europe）在 德国慕尼黑盛大召开。海博思创以 "PIONEERING WITH AI-DRIVEN ENERGY STORAGE" 为主题，携最新国际化储能解决方案及明星产品矩阵亮相，全面展示公司在技术创新、智 能化管理及全球化服务方面的领军实力。展会期间，来自全球不同国家的行业专家、客户 及合作伙伴齐聚海博思创展台，深入开展业务交流，共探储能行业未来。 技术引领，思想碰撞 5月7日，展会首日，海博思创EMEA区域技术副总裁兼南欧国家经理Stefano G. Alberici博士在大 会论坛发表主题演讲，系统介绍了海博思创的创新大储产品与解决方案。他重点展示了公司在液 冷技术、消防安全及热管理领域的领先优势，并分享了近年在欧洲多国成功交付的标杆项目案 例，生动诠释了海博思创推动欧洲能源转型的实践成果。 明星产品，创新驱动 海博思创全新一代MagicBlock模块化产品平台下的旗舰产品HyperBlock M以客户需求为核心， 采用模块化设计与灵活扩展技术，打造高效、灵活的储能解决方案。 其电网友好特性与AI赋能管 理 ...

以下文章来源于财经杂志 ，作者金焱 编辑 | 苏琦 经济总量超过世界三分之一，双边贸易额约占世界五分之一的中美经贸关系因两国同意大幅降低关税 而向暖。随着中美日内瓦经贸会谈联合声明的公布， 两国经贸关系对全球经济稳定和发展的重要影 响即时在全球市场表现出来，美股、欧股齐涨，美元和人民币同时走强，人民币跳涨百点。 避险情 绪显著消退，黄金、日元和瑞士法郎、美债齐挫，欧元一度下跌1.5%。用来衡量标准普尔500期权 隐含波动率的VIX恐慌指数下跌15.98%至18.40，创近一个月新低。 美国股市周一收高，美股三大指数创下近一个月来的最大单日涨幅，其中科技、消费服务和工业等上 涨的板块带领股指走高。道琼斯工业平均指数上涨2.81%，创近一个月新高，而标准普尔500指数 上涨3.26%，同时纳斯达克综合指数上涨4.35%，罗素2000指数收涨3.42%。纳斯达克金龙中国指 数收涨5.40%，报7449.06点，逼近4月3日收盘位7550.00点。 欧股普涨，欧洲STOXX 600指数收涨1.2%。德股一度涨1.7%，续创历史新高。法国CAC 40指数 收涨1.37%，英国富时100指数收涨0.59%。欧洲航运公司马 ...

Core Viewpoint - China Pacific Insurance (CPIC) is leveraging its partnership with actress Sun Li to enhance public awareness and understanding of the insurance industry through the popular TV drama "A Good Life" [2][3][5]. Group 1: Partnership and Brand Strategy - CPIC's collaboration with Sun Li stems from her role in the TV drama "A Good Life," which is the first urban drama centered around the insurance industry, exploring various social issues related to insurance [2][4]. - The company aims to reshape public perception of insurance and increase its social recognition and trust through innovative branding efforts [3][4]. - CPIC has previously produced a documentary on critical illnesses in partnership with SMG, showcasing real customer stories to promote the message that "insurance makes life more secure" [4]. Group 2: Industry Insights and Development - The drama "A Good Life" reflects the diverse insurance needs and solutions in modern society, addressing pain points left over from the industry's rapid growth [6]. - The character development in the series illustrates the transition from traditional insurance practices to a more professional and customer-centric approach, aligning with CPIC's strategic focus on high-quality business partnerships [6][7]. - CPIC emphasizes the importance of a professional, warm, and trustworthy agent workforce as part of its development strategy, aiming to enhance the overall quality of its service [6][7]. Group 3: Audience Engagement and Impact - The series has sparked deeper discussions about insurance among the public and industry professionals, leading to increased media coverage and public interest in insurance education [5][6]. - The show's success is evidenced by its high viewership ratings and social media engagement, indicating a strong public response to the themes presented [4][5].

以下文章来源于财经五月花 ，作者财经五月花 财经五月花 . 《财经》杂志新媒体矩阵成员 · 金融专号，聚焦金融前沿，探知资本真相。 这是过去一段时间内市场的延续。截至5月9日收盘，在岸、离岸人民币兑美元汇率报7.2461、 7.2378。5月5日，离岸人民币兑美元更是升破7.2，创近半年新高。截至5月5日，港元连续第二个交 易日触及其允许交易区间的强端，盘中一度升至区间上限7.75。 与往常不同，投资者在当前危机时卖出了美元和美债，这不是流动性危机，美元资产的吸引力和美债的 安全性遭到了市场质疑。 文｜康恺 编辑 ｜ 袁满 又一轮贸易战冲击汇市，但这次却不一样。 七年前，受美国总统特朗普关税政策影响，人民币兑美元汇率曾一路由6.3贬值至7.2，贬值幅度达 14.3%。不过，进入2025年，即便全球经历了特朗普新一轮的关税风暴，人民币等非美货币却逆风升 值。在美元指数下挫和中美经贸谈判开启后，人民币更是携港元上涨。 5 月 12 日 ， 在 岸 人 民 币 兑 美 元 汇 率 早 盘 高 开 逾 200 点 ， 而 后 维 持 区 间 震 荡 ， 于 当 日 11 时 左 右 报 7.2295。离岸人民币兑美元 ...

以下文章来源于和讯商业 ，作者徐帅 和讯商业 . 商业世界的故事、逻辑、认知。由"和讯商业"团队出品。 5月5日，上汽集团公布4月销量快报，整车合计销量376517辆，同比增长4.59%。这是进入2025年 以来，上汽销量数字最亮眼的一个月。 不过这份成绩单仍然引来了不少质疑，原因是前4个月里，上汽通用五菱贡献的销量高达38.14%， 这意味着上汽每卖出10辆车，就有4辆是售价区间在5万-10万元的五菱宏光MINIEV等"买菜神车"， 且这个数字有不断走高的趋势。 销量上涨，利润改善意味着自去年以来上汽以大力度持续对企业进行自身的改革，取得了一定的成 果。 但从销量构成及利润表现来看，这些动作尚不足以对冲传统业务衰退带来的结构性风险，改革成效暂 未触及经营质量的实质改善。 上汽还远远未到可以松一口气的时刻。 改革进入关键节点 合资模式在电动化时代的突然"失灵"的确让上汽经历了一段时间的彷徨和无措，但从去年七月领导班 子变更，王晓秋成为董事长，贾健旭担任总裁之后，上汽其实算得上转型动作比较快，也是态度比较 坚决的"国家队"。 依赖低利润微型电动车支撑销量规模的同时，核心合资品牌销量仍然在持续收缩。 4月，被称为 ...