摘要 1、今天，A股三大指数集体下跌，创业板指跌近2%，原因何在？A股依然存在这些积极信号！ 2、黄金持续下跌，还能上车吗？当下如何做好资产配置，应对波动？ 3、 上天天基金APP搜索【777】开户即可 领98元券包 ，优选基金10元起投！限量发放！先到先得！ 真话白话说财经，理财不说违心话 --这是第1351 篇白话财经- - 今天，A股三大指数集体下跌，创业板指跌近2%。 （图片来源：东方财富APP，统计截至2025/5/15，不作投资推荐） 两市成交额1.15万亿，盘面上，美容护理、食品饮料、航运港口板块逆势上涨，科技、券商板块回调。 机构分析认为，近期中美关税谈判取得实质性进展，国内降准降息落地，市场不确定性减弱、风险偏好回升，市场风格有望向更积极、更具弹性的成长风 格转换。 A股下跌原因，迎三大积极信号！ 今天，A股港股集体下跌，分析人士认为 目前处于中美经贸摩擦缓和后的政策消化期，投资 者风险偏好降低，资金入场意愿减弱。 券商，科技板块下 跌也影响了市场情绪。 不过，A股依然有不少积极信号。 1、证监会重磅发声。 在2025年"5·15全国投资者保护宣传日"活动上，证监会表示，会始终践行金融为民理 ...

Core Viewpoint - The recent strong performance of A-share port, shipping, and logistics sectors is driven by the anticipation of increased trade activity due to the temporary suspension of tariffs on U.S. imports starting May 14, 2025 [1][2]. Group 1: Trade Policy Changes - The State Council Tariff Commission announced adjustments to tariffs on U.S. imports as part of the outcomes from the high-level Sino-U.S. economic talks held in Geneva [1]. - The U.S. issued an executive order to adjust tariffs on China, effective from May 14, 2025, which is expected to create a "window period" for businesses to increase trade [1]. Group 2: Market Reactions - Companies are rushing to ship goods before the new tariffs take effect, leading to a surge in shipping demand and tight market conditions [1]. - Analysts predict that the next 90 days will see a significant increase in Chinese exports as businesses aim to capitalize on the lower tariff rates [1][2]. Group 3: Expert Opinions - High-profile analysts, including those from Goldman Sachs and the Center for Strategic and International Studies, expect a notable increase in trade volume during the 90-day negotiation period, as companies seek to maximize their import activities [2].

Core Viewpoint - The article emphasizes the resilience of Chinese assets amidst global economic changes and tariff disputes, highlighting the strong recovery of domestic indices and the positive impact of policy measures on market stability [1][3][16]. Group 1: Tariff Impact and Market Recovery - The recent tariff disputes have significantly affected market expectations, leading to substantial declines in global stock indices, with the Hang Seng Technology Index dropping over 17% and the Shanghai Composite Index falling over 7% on April 7, 2025 [3]. - Following the announcement of supportive measures from regulatory bodies, including large-scale fund injections and stock buybacks, domestic indices have recovered to previous lows by May 12, 2025 [3][4]. - The recent progress in US-China trade talks, including a joint statement on reducing bilateral tariffs, is expected to further enhance the valuation of Chinese assets [3][16]. Group 2: Sector Performance and Technological Advancements - High-growth technology sectors, represented by indices such as DeepSeek and humanoid robots, have shown remarkable performance this year, with significant innovations attracting global attention [8]. - The success of Chinese films and cultural IPs in the global market indicates a growing recognition of Chinese cultural brands, further enhancing the investment landscape [8]. Group 3: Valuation Comparisons - Current valuations of Chinese assets are at historically low levels compared to US markets, with the Hang Seng Technology Index PE at 24.7, while the Nasdaq Index PE is at 41.4 [11][13]. - The divergence in valuations suggests a potential for convergence, as domestic policy expectations improve and technological advancements continue [11][16]. Group 4: Public Fund Reforms - The public fund industry is undergoing significant reforms aimed at enhancing the alignment of interests between funds and investors, transitioning from a focus on scale to value creation [14]. - These reforms are expected to stabilize the capital market and transform the Chinese stock market from a trading market to a more structured allocation market [14][16]. Group 5: Overall Market Outlook - The combination of robust policy support, technological breakthroughs, and public fund reforms is creating a favorable environment for investment opportunities in the Chinese equity market [16].

当地时间周三，美股三大指数涨跌不一。道指跌0.21%，标普500指数小幅收涨0.1%，纳指涨0.72%，实 现"六连涨"。避险情绪降温下，黄金持续下跌。周三纽约尾盘，现货黄金跌2.14%，报3180.90美元/盎 司；COMEX黄金期货跌1.91%，报3185.70美元/盎司。 当日，"股神"巴菲特在接受采访时表示，之所以决定卸任伯克希尔·哈撒韦首席执行官一职，是因为自 己正在经历衰老带来的身体影响。"不知何故，直到90岁左右，我才真正开始变老。"巴菲特在电话采访 中表示。"但当你开始变老时，它就变得不可逆转了。" 不过，巴菲特表示，他仍打算继续工作。他说："我现在做决定时，不会遇到任何困难，就像我20年 前、40年前或60年前做决定一样。如果市场出现恐慌，我在这里会很有用，因为当价格下跌或其他人都 感到恐慌时，我不会感到害怕……而这真的与年龄无关。" 美股三大指数涨跌不一 当地时间周三，美股三大指数涨跌不一。截至收盘，道指跌0.21%报42051.06点，标普500指数涨0.1%报 5892.58点，纳指涨0.72%报19146.81点。 （图片来源：东方财富APP，统计截至2025/5/15，不作投资推荐 ...

Core Viewpoint - The recent performance of the financial sector, including banks, insurance, and securities, has attracted significant market attention, driven by favorable policies and market conditions [1][4][8]. Group 1: Financial Sector Performance - On May 14, the Shanghai Composite Index surpassed 3400 points, with the financial sector leading the charge, as evidenced by the significant increases in various financial indices [2]. - The Wande Insurance Index surged by 5.15%, while the Wande Securities and Wande Banking Indices rose by 3.29% and 0.80%, respectively [2]. - Several financial stocks, including China Pacific Insurance and Hongta Securities, hit their daily price limits, and multiple bank stocks reached historical highs, pushing the total market capitalization of the banking sector above 10 trillion yuan [2]. Group 2: ETF Activity - Financial sector ETFs experienced substantial inflows, with the Huafu Securities ETF rising by 4.61% and the E Fund Securities Insurance ETF increasing by 4.22% [2]. - The Huafu Bank ETF reached a price of 1.626 yuan, marking a new high since its listing in 2017, with inflows exceeding 260 million yuan over the last five trading days [3]. Group 3: Fund Allocation Opportunities - Analysts suggest that the recent movements in the financial sector may present opportunities for fund reallocations, particularly as public funds have been significantly underweight in financial stocks compared to benchmarks [4][5]. - The China Securities Regulatory Commission's new guidelines emphasize the importance of performance benchmarks, which could lead to increased allocations in the financial sector [4]. Group 4: Long-term Investment Value - The banking sector is characterized by a stable fundamental outlook, with a current dividend yield of approximately 6.1%, ranking second among all sectors [7]. - The price-to-earnings (PE) ratio for the banking sector is around 6.1, and the price-to-book (PB) ratio is approximately 0.54, both of which are among the lowest across sectors [7]. - Recent capital increases by major state-owned banks signal confidence in the banking sector's future performance, potentially alleviating investor concerns [7]. Group 5: Policy Impact - Recent policies, including interest rate cuts and encouragement for insurance companies to increase equity investments, have positively influenced market sentiment and the financial sector's outlook [8][9]. - The insurance sector is expected to see profit growth driven by investment returns, with ongoing reforms enhancing the attractiveness of insurance stocks [9].

年内首次降准落地！释放长期流动性约1万亿元 中国人民银行近日宣布，自5月15日起，下调金融机构存款准备金率0.5个百分点（不含已执行5%存款 准备金率的金融机构），下调汽车金融公司和金融租赁公司存款准备金率5个百分点。 降低存款准备金率0.5个百分点，预计将向市场提供长期流动性约1万亿元。 汽车金融公司、金融租赁公 司的存款准备金率从原来的5%调降为0%，将增强这两类机构面向特定领域的信贷供给能力。 浙商证券首席经济学家李超表示，从全年来看，预计2025年货币政策维持宽松基调，与财政政策、产业 政策形成政策合力，预计全年央行仍有一次50个基点的降准，以及20个基点的降息。 温彬也预计，年内还将有一次50个基点的降准，以释放更多中长期资金满足市场需求。 文章整理自新华社、证券日报 年内或还有降准空间 民生银行首席经济学家温彬对《证券日报》记者表示，降准0.5个百分点以后，整体存款准备金率的平 均水平将从原来的6.6%降低到6.2%。降准将有效熨平资金波动、稳定信用扩张和促进内需修复，并有 效缓解银行息差压力。 温彬进一步谈到，一方面，降准释放更充足的长期流动性，在后续政府债券供给高峰时可熨平资金面波 动，强化货 ...

上天天基金APP搜索【777】开户即可领98元券包 ，优选科技基金10元起投！ 限量发放！ 先到 先得！ 自《中美日内瓦经贸会谈联合声明》后，5月14日，跨境支付与航运板块行情作为直接受益的板块领涨两 市，多只个股涨停，千亿市值龙头个股也迎来大涨。 展望后市，多家公募认为，建议关注消费电子、机械和汽车零部件等出口链行业，这部分行业在4月初跌幅较 多，短时间内有望呈现补涨行情。除了国际动态以外，投资更需要"以我为主"，有公募指出，当前做多力量会 凝聚，以AI终端与应用为核心的产业趋势并未止步，科技等产业景气方向有望占优。 跨境概念大涨 5月14日，A股整体低开高走，午后跨境电商板块多股直线拉升。截至收盘，嘉诚国际、华贸物流、集泰股 份、跨境通等多股涨停，跨境支付方面，青岛金王成功走出2连板，浔兴股份涨幅超5%，小商品城、飞天诚 信、艾融软件等也纷纷跟涨。 此外，航运概念也领涨两市，国航远洋、华光源海收获30cm涨停，飞力达录得20cm涨停，收盘涨停的还有中 远海发、宁波海运、嘉诚国际、长久物流、中创物流等，而这已是航运股连续两日实现大涨。 除了前述两个直接受益的板块，"出口链"也是未来需要关注的重要方向，华夏基 ...

Core Viewpoint - The article highlights the increasing trend of fund managers in China engaging in self-purchase of their own funds, indicating confidence in the long-term stability and growth of the capital market [3][6]. Group 1: Fund Manager Self-Purchases - Following the May Day holiday, the third fund management company, China Merchants Securities Asset Management Co., announced its plan to use its own funds to subscribe to its equity funds, committing at least 25 million yuan [3]. - As of now, the company has invested over 55 million yuan in its non-monetary securities investment funds, which will exceed 80 million yuan after the new subscriptions [3]. - Other fund managers, including Anxin Fund and Fortune Fund, have also announced self-purchases, with a total of over 600 million yuan in self-purchases reported in April alone [6]. Group 2: Fund Management Company Overview - China Merchants Securities Asset Management Co. was established in April 2015 and is a wholly-owned subsidiary of China Merchants Securities [3]. - As of the end of 2024, the total asset management scale of China Merchants Asset Management is 267.392 billion yuan, including six public collective products and two newly established public funds [4]. Group 3: Market Trends and Statistics - In 2023, fund managers collectively purchased over 6 billion yuan in their funds, with the highest proportion in money market funds (over 30%) and bond funds (over 27%) [6]. - The most significant self-purchases in equity funds were seen in Tianhong Cultural Emerging Industry and ICBC Advantage Navigation Mixed Fund, each with net subscription amounts around 100 million yuan [6].

Core Viewpoint - Foreign institutions have significantly upgraded their outlook on Chinese stocks, driven by easing trade tensions and positive economic indicators, leading to increased investment interest in the Chinese market [1][3][4]. Group 1: Upgrades and Ratings - Nomura Securities has raised its rating on Chinese stocks to "tactical overweight," indicating a shift of funds from India to China [1][3]. - UBS has upgraded its rating on Chinese technology to "attractive," highlighting the potential of the AI ecosystem and related industries [3]. - Citigroup has increased its year-end target for the Hang Seng Index by 2% to 25,000 points, with expectations of reaching 26,000 points by mid-2026 [4]. Group 2: Investment Strategies and Insights - Major asset management firms like BlackRock, Allianz, and Legg Mason have noted multiple favorable factors enhancing the attractiveness of Chinese assets [5][6]. - Morgan Stanley reported that U.S. hedge funds have increased bullish bets on Chinese stocks, anticipating progress in U.S.-China trade negotiations [8][9]. - M&G Investments has also raised its exposure to China, citing low valuations in the Chinese stock market [9]. Group 3: Economic Indicators and Market Dynamics - The stability and potential appreciation of the Renminbi are seen as key factors attracting international capital to Chinese markets, particularly in high-quality blue-chip stocks and high-credit bonds [10]. - Recent economic data has shown stronger-than-expected export resilience, contributing to improved investor confidence in Chinese assets [5]. - The overall market valuation of Chinese stocks remains relatively low compared to the U.S., providing a compelling risk-return profile for investors [4][10].

以下文章来源于巴蜀养基场 ，作者九思基哥 为什么听起来很简单的投资，做好却很难？ 投资说起来很简单，讲来讲去就是"低买高卖"、"价值投资"、"长线/逆向思维"、"资产配置"; 投资操作起来也很简单，开一个股票账户，或者是下载一个app，马上就能操作； 投资信息获取也很简单，互联网、自媒体、各种软件已经让信息是秒达; 投资赚钱似乎也很简单，到处都是资产翻了几倍的账户，处处都是股神。 巴蜀养基场 . 做好的理财经理教育，成为公募基金财富管理领域赋能的领先品牌，目前已服务280+金融机构和 100,000+理财经理。提供降费降佣背景下的行业各项解决方案（咨询、辅导、培训、基金产品测评、营 销策划等服务）基哥 18608036474（V信同号） 前天"中美关税政策调整"一出，朋友圈都是云涨停。 我一朋友刚刚减仓100万，当天晚上给我电话说有点着急了，错失了大涨； 结果昨天走势大跌眼镜，甚至都没有高开太多。昨晚该朋友又给我电话，昨天减仓了，实在是看不 懂这游戏。 PART. 0 1 但是做好投资的人很少，做好自己的投资也很难，为什么呢? 1.投资是跟人性对抗 参与投资的是人，人都是有情绪的，都是会出现"恐慌、焦虑、贪婪 ...