Core Viewpoint - The U.S. stock market has shown strong performance, with the S&P 500 achieving its longest winning streak in 20 years, driven by positive non-farm payroll data and a rebound in Chinese assets [1][3][11]. Economic Data - The U.S. added 177,000 jobs in April, significantly exceeding the expected 138,000, while the unemployment rate remained stable at 4.2%. This data is interpreted as a signal of "economic soft landing," alleviating concerns over GDP contraction [3]. Stock Market Performance - The S&P 500 rose by 1.47%, marking its ninth consecutive day of gains, while the Dow Jones and Nasdaq also recorded similar increases of 1.39% and 1.51%, respectively [3]. - The Nasdaq Golden Dragon China Index increased by 3.5%, with notable gains in Chinese stocks such as Century Internet (+13%), XPeng Motors (+5%), and Alibaba (+4%) [11]. Sector Performance - The performance of the "Big Seven" tech stocks was mixed, with Meta rising by 4.34% due to advancements in AI and recovering ad revenues, while Apple fell by 3.74% after disappointing earnings [6][8]. Trade Relations - Recent developments indicate a potential easing of trade tensions, with the Chinese Ministry of Commerce noting ongoing negotiations with the U.S. regarding tariff issues. This has positively impacted both U.S. and Chinese markets [15]. Investment Outlook - Analysts express a cautiously optimistic view on the global market, highlighting potential sector rotations and the attractiveness of Chinese assets. Goldman Sachs raised its target price for the MSCI China Index by 15%, citing unexpected government growth policies and signs of corporate profit recovery [18]. - Various institutions suggest a diversified investment approach to manage risks and capture opportunities, especially in light of anticipated market volatility in 2025 [21][22].

Core Viewpoint - The article discusses the valuation of various banking sectors in China, highlighting that the six major banks and rural commercial banks are generally overvalued, while joint-stock banks and city commercial banks are seen as undervalued [2][4]. Group 1: Market Valuation - The "Market Earnings Ratio" (市赚率) is introduced as a valuation parameter, calculated as Market Price to Earnings Ratio (PE) divided by Return on Equity (ROE), with a specific formula: PR = PE / (ROE / 100) [2][3]. - The average valuation of the six major banks' A-shares has reached above 1.0 PR, indicating overvaluation, while their H-shares average above 0.8 PR [4][5]. - The Postal Savings Bank is noted as the least favored among the six major banks, with a valuation below 1.0 PR in the A-share market [4]. Group 2: Joint-Stock Banks - Joint-stock banks are not generally overvalued, with an average A-share valuation of over 0.9 PR and H-share valuation at 0.8 PR [5][6]. - The disparity in valuation between A-shares and H-shares is highlighted, with examples such as China Merchants Bank showing stronger performance in H-shares compared to A-shares [5]. Group 3: City Commercial Banks - City commercial banks are identified as undervalued, with average A-share valuations around 0.8 PR, and specific banks like Jiangsu Bank and Hangzhou Bank noted as significant value opportunities with valuations of 0.65 PR [7][8]. Group 4: Rural Commercial Banks - The article suggests that rural commercial banks are not as clear-cut in terms of valuation, as they are generally seen as growth banks with lower dividend payout ratios, leading to higher correction coefficients [9][10]. - Only one rural commercial bank, Changshu Bank, is noted to have a valuation below 0.4 PR, indicating limited undervaluation compared to city commercial banks [9][10]. Group 5: Growth Banks - Four banks are identified as growth stocks with improving ROE: Hangzhou Bank, Qilu Bank, Qingdao Bank, and Changshu Bank [11][12]. - The article emphasizes that the valuation of these growth banks may not reflect their potential due to their lower dividend payout ratios [11][12]. Group 6: Market Environment - The article discusses the impact of a low-interest environment on stock valuations, suggesting that while valuations should theoretically rise, the relationship is not strictly inverse [12]. - It is recommended that banks with high valuations should be sold as they rise, particularly in the A-share market above 1.0 PR and H-share market above 0.8 PR [12].

风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者：KAIZEN投资之道 （ 3 ） 市场表现 ： 格力电器在空调领域的市场份额较高 ， 品牌影响力大 ， 具有较强的竞争 优势 。 不过 ， 其业务相对单一 ， 对空调业务的依赖度较高 ， 一定程度上影响了公司的抗风 险能力 。 2025年一季度 ， 家电三巨头 （ 美的集团 、 格力电器 、 海尔智家 ） 在全球贸易波动与消费分 化的背景下 ， 呈现出差异化的增长路径 。 美的凭借多元化业务和全球化布局实现高速增长 ， 格力依托政策红利与成本优化稳中求进 ， 海尔则通过高端化与智能生态持续突破 。 以下是一季 度业绩报告的详细分析以及后市投资价值的对比 ： 三 、 海尔智家 一 、 美的集团 （ 1 ） 营收与利润 ： 2025 年一季度营业收入为 1284亿元 ， 同比增长 20.61% ； 归母净利 润为 124.22 亿元 ， 同比增长 38.02% ； 扣非归母净利润为 127.50 亿元 ， 同比增长 38.03% 。 （ 2 ） 业务分析 ： 各项业务稳步推进 ， 在机器人与自动化业务领域 ， 2024 年 ...

ttm净利润由上个季度的623.6亿 ， 增加到最新的666.35亿 。 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者：曼巴投资 来源：雪球 现在20250501早上6 ： 48 ， 争取7点前搞定meta财报 ， 因为球友说的没错 ， 它如此简洁易懂易搞定 ， 让复杂的人显得笨 。 1.一张表看透利润表 | 股书(META PLATFORNS)[NETA. O] - ARD. 利润;2025/3/31 | | | | | | 2024/12/31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 报告期 | 一次出 | 第四季报 | 第三李报 | 第二季报 | 一季报 | 第四季报 | 第三季报 | 男二季报 | 一次报 | 第四季报 | | 报表美型 | 合并投花 | 合并报表 ...

昨晚美股科技股大涨，微软盘中暴涨10%，市值一度超越苹果，成为全球第一，截至收盘涨7.63%，Meta涨4.23%，亚马逊涨3%等。 01 消息面上，因两家大型科技公司的强劲季度财报缓解了投资者对在经济动荡下人工智能发展可能放缓的担忧。 此前，投资者担心特朗普征收关税以及美国经济下行会威胁到AI领域的投资热潮。 然而，Meta平台公司第一季度收入好于预期，缓解了这些担 忧。 公司CEO马克·扎克伯格在周三的财报电话会议上表示，公司"表现非常好"，并"具备良好条件应对宏观经济不确定性"。 Meta平台公司公布第一季度销售收入达到420亿美元，并表示未来几个月收入将保持稳定增长，这家社交媒体巨头表示，第一季度销售额增长 16%，高于分析师预期。当季净利润为166亿美元。Meta预计，当前季度收入将同比增长8%-16%。 昨晚美股回升，道琼斯指数一度重返41000点，纳斯达克指数盘中涨超2%，截至收盘，道指涨0.21%，纳指涨1.52%，标普500涨0.63%。 财报超预期 微软、Meta大涨 截至收盘，Meta大涨4.23%，总市值1.44万亿美元。 微软也公布了其第三财季营收和利润均超预期的成绩，Azure云业 ...

风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： ArthasYe 来源：雪球 在波谲云诡的资本市场中 ， 投资者常常被市场的剧烈波动所困扰 。 本杰明 · 格雷厄姆于1949 年提出的 " 市场先生 " 假设 ， 如同一盏明灯 ， 穿透了情绪迷雾 ， 为价值投资奠定了哲学基础 。 这一假设不仅重塑了人们对市场本质的认知 ， 更成为沃伦 · 巴菲特等投资大师奉行的圭臬 。 从 理论内核 、 行为逻辑 、 实践策略及现代启示四个维度 ， 系统阐述 " 市场先生 " 假设的深远意 义 。 1929年的美股崩盘让格雷厄姆深刻认识到市场的非理性 。 彼时 ， 投资者因恐慌抛售资产 ， 股 价暴跌至远低于企业实际价值的水平 。 格雷厄姆意识到 ， 市场波动并非完全反映企业价值 ， 而是群体情绪的放大镜 。 由此 ， " 市场先生 " 这一拟人化概念应运而生 。 1. 寓言的核心设定 格雷厄姆将市场拟人化为一位情绪极端的 " 合伙人 " —— 市场先生 。 他每日根据情绪波动报出 不同价格 ： 时而亢奋高估资产 ， 时而恐慌低估资产 。 例如 ， 在乐观时 ， 他可能忽略企业基 ...

Core Viewpoint - The overall net profit of 5,399 listed companies in A-shares for 2024 is projected to be 5.2142 trillion yuan, a decrease of 2.23% compared to 2023, with only the Shanghai Main Board showing a slight increase of 2.79% [3][4]. Financial Performance Summary - In Q4 2024, the total net profit for 5,399 companies was only 786.98 billion yuan, a year-on-year decline of 14.18%, with the Shanghai Main Board being the only sector to show a slight increase of 0.81% [4]. - The number of loss-making companies in 2024 reached 1,449, accounting for 26.84% of the total [3]. - In Q1 2025, there was a slight recovery with a total net profit of 1.4896 trillion yuan, an increase of 3.61% year-on-year, driven by significant growth in the Shenzhen Growth Enterprise Market [4][8]. Sector Analysis - The banking sector remains the most profitable, with 42 banks earning 485.59 billion yuan in Q4 2024, representing 61.70% of the total profit of 786.98 billion yuan for all companies [7]. - The agriculture, forestry, animal husbandry, and fishery sector saw the highest increase in net profit for 2024 at 1,486.40%, largely due to the pig cycle [8]. - The real estate sector experienced the most significant decline, with a year-on-year decrease of 3,228.65% in 2024, indicating ongoing challenges in the industry [8]. Company Performance - The top ten companies by net profit in 2024 were all from the Shanghai Main Board, predominantly banks, with the highest being Shanghai Pudong Development Bank at 3.62366 billion yuan [11]. - The bottom ten companies included several from the real estate sector, with Vanke A reporting a loss of 553.63 million yuan, marking it as the largest loss-maker [14]. Quarterly Performance Trends - In Q4 2024, 13 out of 32 industries reported losses, with the media and real estate sectors being the most affected [8]. - By Q1 2025, only the real estate sector reported losses, indicating a potential stabilization in other sectors [8].

Core Viewpoint - The 2024 version of the non-collaborative fund portfolio underperformed the Wind Mixed Equity Fund Index, with a return of 4.46% compared to the index's 8.86% increase, highlighting the challenges faced by many funds in adapting to the market conditions post the "9.24" rally [2][3]. Fund Performance Summary - The top-performing funds include: - China Merchants Quantitative Selection A: 18.15% - Dongfanghong New Power A: 17.64% - Other funds showed significantly lower returns, with some even reporting negative performance, such as: - Jiashi Value Selection A: -0.45% - Guotou Ruili LOF: -2.69% [5]. 2025 Version Selection Criteria - The selection rules for the 2025 version of the non-collaborative portfolio have been slightly adjusted: - All quantitative funds were excluded to avoid data interference, meaning funds like China Merchants Quantitative Selection will not be included [6]. - A requirement was set that the top industry market capitalization should be below 15% to prevent over-concentration in specific sectors [6]. - Funds must have outperformed the Wind Mixed Equity Fund Index for three consecutive years from 2022 to 2024 [7]. Non-Collaborative Fund Definition - The definition of non-collaborative funds is based on the frequency of stock holdings across funds, with a median holding frequency of less than 105 being the threshold for inclusion [9]. Final Fund List - After applying the filtering criteria, only 10 funds remained eligible for the non-collaborative portfolio, showcasing a mix of familiar and new fund managers [10][13].

Core Viewpoint - The article compares three biotech companies: 康诺亚 (Kangnuo), 和铂医药 (Hepu), and 百奥赛图 (Bai'ao), highlighting their technological advantages and active business development (BD) strategies, suggesting that each has unique paths to success in the biotech industry [4][5][16]. Group 1: 康诺亚 (Kangnuo) - 康诺亚 possesses multiple technology platforms including monoclonal antibodies, bispecific antibodies, and ADCs, covering areas from oncology to autoimmune diseases, with a potential to reach a market value of 20 billion if its IL-4Rα target is commercialized successfully [7]. - The company has been active in BD transactions, engaging in various licensing models, including domestic rights authorization and global rights licensing to major pharmaceutical companies [8]. - Future strategies may involve retaining more domestic rights for self-development while actively pursuing overseas rights sales, as evidenced by recent NewCo transactions [8]. Group 2: 和铂医药 (Hepu) - 和铂医药 has a unique mouse antibody platform that produces various bispecific antibodies, with two products having entered Phase III clinical trials, although one has faced challenges [10]. - The company has primarily focused on BD opportunities, often selling its antibody combinations before advancing them to Phase II trials, reflecting a strategy of minimizing cash burn while leveraging its technology platform [10]. - Recent financial struggles have limited its market capitalization to 10-15 billion, with significant cash burn in 2022, leading to a focus on BD as a primary goal [10]. Group 3: 百奥赛图 (Bai'ao) - 百奥赛图 started with model organisms and expanded into gene editing and drug efficacy evaluation, eventually entering the antibody development field with a focus on high-throughput screening [13]. - The company has seen rapid growth, projecting revenues of 320 million in 2024, an increase of 80%, and has signed 200 drug cooperation agreements, with 100 signed in 2024 alone [13]. - 百奥赛图's business model is similar to 和铂医药 but emphasizes a more integrated approach to antibody development and clinical advancement [14]. Summary - All three companies exhibit strong target development capabilities and flexible BD strategies, with 康诺亚 leaning towards a BioPharma model, 百奥赛图 focusing on CRO for antibody development, and 和铂医药 balancing between innovative drug clinical advancement and antibody development [16].

风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者：风卷红旗过大关 来源：雪球 成长股的主升行情，呈现的是公司业绩增速赶不上拔估值的速度！因为新兴产业的产能建设与业 绩释放需要时间，但市场预期却跑的很快！ 行业自身的盲盒特征只是一方面的，大多数投资者都是因为看见才会相信必然导致市场预期反复 波动也是重要原因！ 周期股的主升行情，如果是由产品价格周期主导的，比如大宗商品，往往是底部区域估值贵的 很，企业甚至大幅亏损，随着供需形势的反转，产品价格的反转，这个能见度很高，比如期货价 格是有目共睹的，但风险在于，对基本面趋势把握不准确，误判供需与产品价格的反转，导致主 观的过早抄底……如果反转确立，现有产能与存货会迅速推动业绩弹性，底部区域市场共识形成 的快，成功抄底的投资者痛苦小……股价越涨估值越便宜，因为产品价格的趋势性上涨往往不是 短期事件，公司业绩爆发式增长，分红也爆发式增长，给人一种红利股的假象……很容易被便宜 的估值与大额分红所麻痹，忽视了周期股的本色…… 雪球三分法是雪球基于"长期投资+资产配置"推出的基金配置理念，通过资产分散、市场分散、时机分散 这三大分散进行 ...