Core Viewpoint - The A-share market is currently experiencing volatility, with over 3,400 stocks declining, while sectors like logistics, mining, and liquor are leading the gains [1][2]. Group 1: Market Overview - The trading volume in the two markets has returned to over 1 trillion yuan, with sectors such as jewelry, logistics, mining, and food and beverage showing resilience [2]. - Analysts suggest that the market is likely to maintain a volatile pattern in the short term, but domestic policy support may provide some stability [2]. - The "national team" has stepped in to purchase ETFs, indicating confidence in the long-term value of state-owned enterprises [3]. Group 2: Foreign Investment and Market Sentiment - Foreign capital continues to flow into the A-share market, with approximately $20 billion in passive funds entering from February to April [4]. - Morgan Stanley believes that the A-share and Hong Kong markets are poised for a bull market, with the third to fourth quarter being a critical entry point [4]. - Analysts recommend focusing on three long-term trends: the enhancement of China's independent technological capabilities, Europe's defense autonomy, and the acceleration of domestic demand policies in China [6]. Group 3: Historical Patterns and Sector Performance - Historical analysis shows that after rapid adjustments, the market typically forms a double bottom before rebounding to resistance levels [8][9]. - During the eight historical adjustments reviewed, the market consistently formed double bottoms before rebounding, with the ability to break previous resistance levels depending on policy and fundamental conditions [9][11]. - The low-volatility style has outperformed during adjustment phases, with defensive sectors like banking and consumer staples experiencing smaller declines [13]. Group 4: Investment Strategies - The report suggests that investors should consider a balanced allocation among low-volatility dividends, domestic consumption, and small-cap growth styles, adjusting positions based on market conditions [18]. - The analysis of past adjustments indicates that quality and low-volatility styles tend to have smaller drawdowns and greater rebound potential [16][17].

然后是AI利好催化。华安基金介绍称，AI应用端的加速发展，尤其是DeepSeek的破圈，一定 程度上提升了社会的生产效率，比如创新药在研发时，通过使用 人工智能 ，在靶点发现、分 子设计、虚拟筛选等环节，就可以提高工作效率和准确率，进而缩短研发周期，加快企业盈 利能力。 最后是政策松绑。医药领域其实也属于"新质生产力"的一员，所以也得到了政策的大力支持， 比如创新药板块，医保谈判降价幅度从早期70%收窄至30%，《全链条支持创新药发展实施 方案》也明确了创新药定价保护机制，政策风向从"控费"转向了"促新"。 对于未来的行业发展和医药投资，华安基金桑翔宇看好创新药和AI医疗，他认为：首先，创 新药仍处于产业加速向上的周期，今年也有强基本面的兑现支撑。当前多项新技术已经看到 萌芽开花；同时，创新药从可预期的BD潮走向盈利潮，以往大家对创新药的疑虑是研究壁垒 高、企业没盈利，因此不敢投，但随着未来企业的收入高增速带动利润的快速提升，就进入 了投资者可理解的范畴内。 其次，AI医疗有望成为2025的年度投资主题，与其他国家相比，我国AI医疗的底座能力强、 具备先发优势和互联网化的运维能力。目前，国内AI医疗已发展出三 ...

从行业来看，今年港股的翻倍股主要集中在三大行业，分别为医疗保健、消费品、黄金。医疗保健行业 的翻倍股数量最多，达到8只；消费品行业和黄金行业的翻倍数量均为5只。此外，信息技术行业的翻倍 股也较多，为4只。 消息方面，泡泡玛特的Labubu3.0系列已经在全球范围内走红，4月美国及欧洲市场销售同比增长约8倍 和5倍，4月在Tik Tok零售销售方面排名第一。多数零售店前出现大量排队购买的场景。原价99元的盲 盒二手价高达130-2300元，Labubu×Vans联名款从599元炒至1.48万元（溢价24倍）。 美银美林报告指出，随着泡泡玛特全球扩张战略取得实质性进展，公司有望实现"世界泡泡玛特"的目 标。预计泡泡玛特将在海外/国内市场新开110/20家零售店，到2025年底总数将达到约650家。预计其未 来三年营收和净利润将持续高速增长，并维持买入评级，目标价236港元/股（该股最新收盘价为233.2 港元/股）。 仅供投资者参考，不构成投资建议 免责声明 以下文章来源于财经图解 ，作者乘桴于海 财经图解 . 财经大事早知道，关注东方财富股票！ 5月27日，港股泡泡玛特收涨5.42%，盘中创下235港元/股的历 ...

Core Viewpoint - The A-share market is experiencing a significant downturn, with all three major indices declining for four consecutive days, indicating potential market volatility and shifts in investor sentiment [3][5]. Group 1: Market Performance - On Tuesday, the A-share market saw a collective drop, with the ChiNext Index leading the decline at 0.68%. The total trading volume in the Shanghai and Shenzhen markets was 998.926 billion yuan, a decrease of 11.034 billion yuan from the previous trading day [3]. - The market has experienced four instances of trading volume dropping below 1 trillion yuan since early April, with historical patterns suggesting that such "low volume" periods are often followed by increased trading activity [3]. Group 2: New Consumption Trends - New consumption stocks have emerged as market highlights, with companies like Pop Mart and Mixue Group achieving significant stock price increases, reflecting a growing trend in consumer preferences [5]. - The shift in consumer channels and habits is noted, with discount stores and membership supermarkets becoming mainstream, emphasizing the importance of emotional consumption and health-oriented products [5][6]. Group 3: Pharmaceutical Sector - The pharmaceutical sector, particularly innovative drug companies, has shown strong performance, with several stocks experiencing significant gains. The upcoming ASCO conference is expected to showcase numerous clinical studies from Chinese pharmaceutical companies, indicating a robust pipeline of new drug developments [7]. - The domestic innovative drug sector is highlighted for its investment potential, driven by ongoing research breakthroughs and increasing global competitiveness [7]. Group 4: Precious Metals Market - The precious metals sector faced a collective decline, with major companies like Western Gold and Chifeng Jilong Gold experiencing drops exceeding 4%. This downturn is closely linked to a notable retreat in international gold prices [9]. - Positive developments in geopolitical situations, such as the extension of tariff deadlines and potential resolutions in the Russia-Ukraine conflict, have contributed to a decrease in safe-haven demand for gold [9].

随着我国 人形机器人 产业加速迭代， 今年以来 该领域爆款事件频出： 宇树科技机器人 在 春 晚扭秧歌，人形机器人 在网络 展示前后空翻、骑自行车等绝技， 以及 全球首个人形机器人 半程马拉松赛 成功举办等。 热度持续攀升下，人形机器人板块也成为资本市场关注的焦点。数据显示，机器人主题ETF年 内资金净流入已超过150亿元。 多位业内人士认为，我国人形机器人产业优势突出，未来发展潜力巨大，有望驱动万亿级市 场。 主题ETF年内"吸金"超百亿元 今年以来，人形机器人概念持续火热。截至5月26日，国证机器人产业指数年内涨幅达 10.37%， 中证机器人指数 年内涨幅达9.38%，均显著跑赢同期大盘指数。 相关主题基金产品也持续获得资金青睐。Choice数据显示，截至5月26日，机器人主题ETF年 内份额增长172.7亿份，按均价测算，区间资金净流入超158亿元。 其中，华夏基金旗下机器人ETF年内资金净流入超90亿元，最新规模达131亿元；天弘基金旗 下机器人ETF年内资金净流入超40亿元，机器人ETF易方达资金净流入超13亿元。 从业绩表现来看，截至5月26日，机器人主题ETF年内单位净值增长率均值达6.68% ...

Core Viewpoint - The article discusses the 2025 Financial and Fund Work Conference held by China Chengtong, emphasizing the importance of aligning financial and fund operations with national strategies and enhancing high-quality development in these sectors [1][3]. Group 1: Financial and Fund Business Development - The financial and fund business of the group has achieved significant growth, evolving from non-existence to a robust presence, while adhering to the leadership of the Communist Party [3]. - The group has established a comprehensive financial business system that includes fund investment, equity operations, and financing leasing, effectively supporting the upgrading of state-owned enterprises and the development of strategic emerging industries [3]. Group 2: Strategic Focus and Implementation - The group aims to enhance its political stance and align financial and fund operations with the broader goals of the Party and the state, focusing on key tasks such as special bond investments and the establishment of science and technology innovation funds [4]. - There is a strong emphasis on the need for all units to deeply understand and implement the important discussions by General Secretary Xi Jinping regarding financial work, translating learning outcomes into actionable measures for high-quality development [4]. Group 3: Meeting Structure and Participation - The conference was conducted in a hybrid format, with key leaders and department heads participating both on-site and via video link, ensuring broad engagement across the organization [5].

时值年中，国际投资者对中国资产的关注度正持续升温。 近期，多家外资机构开启"中国主题"论坛。5月27日，第28届瑞银亚洲投资论坛在中国香港开幕。据 悉，超过3500名投资者报名参与今年的论坛，较去年增加20%以上，其中约2000名来自知名投资机构、 对冲基金和资产管理公司，400余位为亚洲大型家族办公室代表及超高净值投资者。 认同中国资产韧性的还有高盛研究部首席中国股票策略分析师刘劲津。他表示，潜在的外汇韧性支持 下，维持对中国股市的超配评级。主题上，刘劲津看好以人民币计价的资产，认为企业盈利前景有望适 度改善，流入中国股市的外资或增强。值得注意的是，5月中旬，刘劲津还曾将MSCI中国指数和沪深 300指数的12个月目标分别上调至84点和4600点（分别意味着11%和17%的潜在上涨空间）。 从具体分析来看，自4月初以来，人民币对美元升值了约1%。高盛认为，人民币走强的支持因素包括： 相比2017年，中国出口行业竞争力增强和多样化发展；人民币可能被低估（尤其在实际有效汇率基础 上）；美元整体疲软以及由此产生的从美元资产分散投资的需求等等。高盛经济学家目前预计美元兑人 民币在未来3个月、6个月和12个月将分别达 ...

Core Viewpoint - The public fund market in China reached a record high of 33.12 trillion yuan by the end of April 2025, with a significant increase of approximately 900 billion yuan in that month alone, driven by various types of funds [1][3][5]. Fund Market Overview - As of April 2025, there are 163 public fund management institutions in China, including 148 fund management companies and 15 asset management institutions with public qualifications [3]. - The total net asset value of public funds reached 33.12 trillion yuan, with a month-on-month increase of 2.79% [3]. - The total number of public fund shares increased by 841.37 billion shares, reaching 30.22 trillion shares, also reflecting a month-on-month growth of 2.86% [3]. Fund Type Contributions - The growth in public fund scale in April was primarily attributed to the contributions from money market funds, bond funds, and stock funds [7]. - Money market funds saw a significant increase of 664.84 billion yuan, bringing their total scale to 13.99 trillion yuan [8]. - Bond funds experienced a net subscription of 716.83 million shares, with a monthly increase of 1.40 trillion yuan, totaling 6.56 trillion yuan [8]. - Stock funds also gained popularity, with a net subscription of 1.09 trillion shares, increasing their total scale to 4.58 trillion yuan [9]. Detailed Fund Performance - The detailed performance of various fund types in April 2025 is as follows: - Closed-end funds decreased by 255.83 million yuan, totaling 3.76 trillion yuan [9]. - Open-end funds increased by 9.24 trillion yuan, reaching 29.35 trillion yuan [9]. - Stock funds increased by 1.12 trillion yuan, totaling 4.58 trillion yuan [9]. - Mixed funds saw a slight decrease of 12.73 million yuan, totaling 3.58 trillion yuan [10]. - QDII funds increased by 82.94 million yuan, reaching 644.02 billion yuan [10].

5月28日，A股三大指数集体高开。截至发稿，沪指涨0.03%，深证成指跌0.07%，创业板指 涨0.05%。 （图片来源：东方财富APP，统计截至2025/5/28，不作投资推荐） 盘面上，农药板块高开，利尔化学、海利尔涨停；汽车整车板块走高，东风股份、安凯客车 涨超5%；无人驾驶概念股持续活跃；港口航运板块盘初走低，安通控股跌超8%，南京港跌超 4%。 | 饮料制造 | 核电 | 乳ル | 光模块(CP | 航空运输 | 智能物流 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1.75% | 1.73% | 1.42% | 1.45% | 1.40% | 1.29% | 软饮料 | 航空 | 环保 | 煤炭 | 贵金属 | | | | | | | | 3.75% | 1.91% | 0.98% | 0.88% | 0.76% | | 光通信 | 节能环保 | 智能驾驶 | 电池回收 | 煤炭开采 | 央企煤炭 | | | | | | | 0.85% | 0.81% | 0.74% | 0.6 ...

Core Viewpoint - The A-share market continues to experience fluctuations, with the consumer and pharmaceutical sectors showing resilience, while external disturbances and policy dynamics contribute to ongoing market adjustments [1][2][6]. Market Analysis - The A-share market is currently in a state of rotation, with sectors such as innovative pharmaceuticals and food and beverages performing well, while technology sectors like precious metals, consumer electronics, and semiconductors are experiencing pullbacks [2][6]. - Analysts predict that the current state of market fluctuations may persist until mid-June, influenced by external risks and domestic policy measures [5][6]. - The market is characterized by a cautious sentiment due to external trade tensions and a lack of significant domestic policy surprises, leading to a concentration of funds in high-dividend, low-valuation assets [6]. Structural Opportunities - Analysts from Xingye Securities highlight three key areas for potential investment opportunities: 1. Technology sector, particularly high-tech manufacturing [8]. 2. Domestic demand sector, represented by services [8]. 3. Dividend-focused investments to mitigate market uncertainties [9]. Fund Launch and Features - A new batch of floating fee rate funds has been launched, which ties management fees to performance metrics and holding periods, offering a more dynamic fee structure compared to traditional funds [12][14]. - The floating fee structure allows for varying management fees based on whether the fund outperforms or underperforms its benchmark, providing a more performance-aligned investment approach [14][15][16]. Investment Considerations - Investors are advised to consider various factors beyond fee structures when selecting funds, including the fund's investment style, strategy, and the track record of fund managers [18][19]. - Floating fee rate funds may be particularly suitable for long-term investors and those sensitive to fee structures, as they align management incentives with investor performance [20].