自特朗普政府推行关税战以来，美国逆全球化政策加速了 "美国例外论"的瓦解，全球资本开始寻 找新的资产锚点。在这场重构中，两个方向尤为突出 ： 务实的中国制造和务虚的美国金融。 中国正通过 A+H 上市潮，推动制造业资本与全球市场、中国科技与全球资本的深度绑定；而美国 则通过《 GENIUS 法案》，试图以稳定币为工具，重塑美元数字霸权和国债市场格局。类似历史 上的黄金锚、美元石油和美债锚，当下这两条新锚取向的路径背后，是全球资本流动逻辑的根本 性转变——实体经济与金融霸权，谁才是未来资产定价的核心锚？ 一、全球资产新锚的向实方向 ——中国制造： A+H 上市潮背后的深层逻辑和顶级阳谋 最近， A 股上市公司赴港二次上市（ A+H ）的热潮加速推进，宁德时代、恒瑞医药等龙头企业 纷纷登陆港股，从行业来看，拟赴港上市公司大多来自消费、科技、新能源、生物医药等。表面 看是为了融资，但背后有着着更深的战略意图。 1. 政策推动 + 企业战略：打造国际化资本运作平台 A+H 上市不仅是融资手段，更是中国企业全球化布局的关键一步。港股是 A 股的国际版全流通 市场，允许外资自由进出，而 A 股仍受资本管制限制。因此，赴港 ...

Core Viewpoint - The humanoid robot sector is expected to remain a key investment theme in the A-share market, driven by technological advancements, policy support, and market dynamics, despite recent adjustments in stock prices [2][10][19] Market Performance - The humanoid robot sector saw a significant increase of approximately 50% from January to mid-March 2025, with many leading stocks doubling in value [2] - Following a period of volatility due to tariff impacts, the sector rebounded around May 7, 2025, before entering another adjustment phase [3][5] Macroeconomic Context - The A-share market is anticipated to maintain a stable trading range without major declines, supported by government efforts to stabilize the market and the easing of trade tensions [5][6] - The humanoid robot sector is characterized as a typical technology sector, with no immediate risks of drastic declines in market sentiment [5] Industry Developments - Recent advancements in humanoid robot technology include the announcement of large-scale production plans by Zhiyuan Robotics and Tesla's demonstration of the Optimus robot's capabilities [6] - The establishment of the first national intelligent humanoid robot standard and collaborations among major companies indicate a growing focus on innovation and commercialization in the sector [6] Capital Flow - The humanoid robot sector has experienced a pullback since May 7, 2025, attributed to profit-taking after a month-long rally and a general decrease in market trading volume [7][8] - There is potential for capital to flow back into the humanoid robot sector as other sectors experience corrections [9] Investment Opportunities - Companies with lower previous price increases but strong automotive business prospects may present better investment opportunities compared to established leaders with high valuations [12] - Institutional holdings in humanoid robot companies have increased, indicating a consensus on potential growth, particularly for companies like Zhejiang Rongtai and Zhenyu Technology [13][18] Financial Performance - Key players in the humanoid robot sector, such as Zhejiang Rongtai, have shown strong profit growth and high gross margins, indicating robust business fundamentals [14][17] - The profitability of leading companies varies, with Zhejiang Rongtai and Siling Co. demonstrating the strongest financial performance [17] Long-term Outlook - The humanoid robot sector is viewed as a high-growth area comparable to the smartphone and new energy vehicle industries, warranting long-term attention from investors [19]

格隆汇新股 四川成都冲出一家人工智能IPO，年赚1亿，应收账款高企 原创 阅读全文 ...

ETF进化论 传奇基金经理出手了！ 原创 阅读全文 ...

Core Viewpoint - The PCB industry is experiencing significant growth driven by the demand for AI servers and related technologies, with many companies reporting substantial revenue and profit increases in recent quarters [1][3][9]. Group 1: Industry Growth and Demand - The PCB market is expected to grow due to the increasing demand from AI servers, storage, and networking devices, with companies like Shenghong Technology and Shennan Circuit reporting revenue growth of 20%-50% last year [1][9]. - The global AI server market is projected to reach $31.79 billion by 2025, indicating strong future demand for PCBs [38]. - The PCB market is anticipated to grow at a CAGR of 9%, reaching $7.974 billion by 2028, driven by the demand for servers and related systems [39]. Group 2: Company Performance - Shenghong Technology has seen its stock price increase nearly sevenfold since last February, becoming the market leader in PCB with a significant profit increase of over 339% year-on-year in Q1 [2][11][21]. - In Q1, Shenghong Technology's revenue from AI server PCBs exceeded 2 billion yuan, with over 60% of its products supporting NVIDIA's GB200 [8][29]. - Other companies like Huidian Co., Shennan Circuit, and Sanyou Electronics also reported impressive revenue growth rates of 56.25%, 20.75%, and 21.9% respectively in Q1 [8]. Group 3: Market Dynamics and Valuation - The PCB industry is witnessing a clear valuation differentiation, with companies focused on AI server PCBs outperforming their peers [2][20]. - The average return of the PCB sector has recently turned positive, with companies like Shenghong Technology and Nanya New Materials showing significant excess returns, both exceeding 60% [21]. - The competitive landscape is shifting as AI hardware business becomes more lucrative, leading to higher valuations for companies involved in this segment [43]. Group 4: Future Outlook - The demand for high-layer PCBs is expected to increase as AI server architectures evolve, with Shenghong Technology already achieving breakthroughs in HDI technology [30][33]. - The overall PCB product structure is gradually upgrading towards high-end applications, which is expected to enhance profit margins and market competitiveness [19][42].

格隆汇新股 烧钱12亿却被高净值家庭疯抢！圣贝拉的商业密码是什么？ 原创 阅读全文 ...

ETF进化论 刚刚，神秘大资金出手！ 原创 阅读全文 ...

1 、 医药板块：恒瑞医药港股上市首日大涨 29 % ，带动 A 股生物制药板块爆发，多瑞医 药、众生药业等多股涨停。人口老龄化与创新药政策红利推动行业长期逻辑强化。 一、主要指数表现概览 美股三大指数涨跌不一，道琼斯工业平均指数微跌 1.35 点，收于 41859.09 点，几乎持平； 标普 500 指数下跌 0.04% ，收于 5842.01 点；纳斯达克综合指数上涨 0.28% ，收于 18925.73 点。大型科技股表现活跃，特斯拉、谷歌、微软等多数上涨，但能源和有色金属板 块承压，新纪元能源跌超 6% 。 A 股呈现结构性震荡，上证指数 下跌 0. 94 % 至 33 48.37 点，深证成指 跌 0. 8 5% 至 10132.41 点，创业板跌 1.18% ，收至 2021.50 。 A 股半日成交额达 11556 亿元，较前 一交易日 放量 529 亿 。 二 、领涨板块与结构性机会 医药与科技双主线发力 3 、 大宗商品与库存压力 原油回落反映需求端疲软，而美国制造业 PMI 回升主要由库存激增驱动，终端采购意愿低 迷，港口库存高企进一步压制商品价格反弹空间。 2 、 科技与汽车：特斯拉产业 ...

Core Viewpoint - The domestic cosmetics and medical beauty industry is experiencing rapid growth driven by policy incentives, recovering consumption, and trade friction, with domestic brands gaining significant market share and attention [1][20]. Group 1: Market Performance - The Wind Cosmetics Index has risen over 20% since April 7, with Proya's stock increasing by more than 20% in the same period, and Marubi's stock rising nearly 70% over three months since February [1]. - During the 618 pre-sale event, over 13,000 brands saw doubled sales, with 43 brands quickly surpassing 100 million yuan in sales, marking a 50% increase in the number of brands in the "billion club" compared to last year [4]. - The beauty industry saw a 6.6% year-on-year increase in total sales during the 2024 618 event, with skincare sales reaching 38.876 billion yuan (up 5.18%) and fragrance and makeup sales at 11.073 billion yuan (up 12.08%) [5]. Group 2: Brand Performance - Domestic brands are outperforming international brands, with Proya's sales on Tmall increasing by 70% year-on-year and Douyin's GMV rising by 110%, significantly exceeding platform growth rates [6]. - International brands like L'Oréal and Estée Lauder have seen a decline in sales, with Lancôme experiencing only slight growth [7]. - The market share of domestic beauty brands reached 50.4% for the first time, surpassing international brands and establishing them as the main force in China's cosmetics market [20]. Group 3: Consumer Trends - There is a growing recognition of domestic brands among consumers, particularly younger consumers who prioritize cost-effectiveness and cultural identity in products, laying a foundation for long-term growth [21]. - The 2024 China Beauty Industry White Paper indicates that over 60% of consumers are willing to purchase domestic beauty products with innovative technology or ingredients [35]. Group 4: Financial Performance - Proya's revenue for 2024 exceeded 10.778 billion yuan, with a net profit growth of 30%, leading to a stock price surge [22]. - Marubi reported a revenue of 2.970 billion yuan for 2024, a year-on-year increase of 33.44%, with a net profit of 342 million yuan, also showing strong growth [25]. - Yatsen Holding, the parent company of Perfect Diary, reported a revenue of 3.393 billion yuan for 2024, a slight decline of 0.63%, and a net loss of 708 million yuan, indicating ongoing financial struggles [30]. Group 5: Competitive Landscape - The beauty industry is becoming increasingly saturated, with brands competing fiercely for market share, leading to a more challenging operating environment for brand owners [18]. - Brands with strong R&D capabilities and comprehensive channel operations are likely to survive, while those lacking core competitiveness may face elimination [39].

Market Performance - The A-share market experienced a downward adjustment, with the Shanghai Composite Index closing at 3380.19 points, down 0.22%, the Shenzhen Component Index at 10219.62 points, down 0.72%, and the ChiNext Index at 2045.57 points, down 0.96% [1] - The total trading volume for the day was 1.1 trillion yuan, a decrease of 6.03% compared to the previous day, indicating a decline in market trading activity [1] Leading Sectors - The automotive sector showed strong upward momentum due to favorable policies and industry recovery expectations, with government measures promoting new energy vehicle consumption, such as purchase subsidies and improved charging infrastructure [3] - The gaming sector benefited from the development of the digital economy and technological innovation, with the proliferation of 5G and cloud computing enhancing user experience and expanding market size [3] - The aerospace sector's rise is closely related to its high industry prosperity and government support for high-end manufacturing, with technological breakthroughs and order growth driving the sector's performance [3] Market Adjustment Reasons - External factors included a significant decline in U.S. stock indices, with the Dow Jones down 1.91%, Nasdaq down 1.41%, and S&P 500 down 1.61%, leading to global market volatility and increased risk aversion among investors [4] - Internal factors included profit-taking from previously high-performing sectors, leading to downward pressure on stock prices and overall market performance [4] - Concerns about the pace of macroeconomic recovery also affected investor confidence, as the recovery's strength and sustainability varied across industries and regions, contributing to market uncertainty [4]