Core Viewpoint - The financial data indicates that the policy side continues to exert efforts to stabilize growth, including accelerated issuance and utilization of government bonds, while also highlighting that the recovery speed of domestic demand, particularly in the household sector, still needs to be boosted [1][4][17]. Group 1: Social Financing and Credit - In April, new social financing amounted to 1.2 trillion yuan, a year-on-year increase of 1.2 trillion yuan, raising the social financing stock growth rate to 8.7%, the highest since March 2024 [1][4]. - The increase in social financing was significantly influenced by a low base from the previous year, where new social financing in April 2022 was -65.8 billion yuan [4]. - New credit in April was 280 billion yuan, a decrease of 450 billion yuan year-on-year, with corporate bill financing being the main support for credit in April, amounting to 834.1 billion yuan [8][10]. Group 2: Government Bonds and Fiscal Policy - From January to April, net financing of government bonds reached 4.85 trillion yuan, with April's net financing at 976.2 billion yuan, an increase of over 1 trillion yuan year-on-year [4]. - The Ministry of Finance initiated the issuance of special government bonds on April 24, with the issuance pace advanced by about one month compared to 2024, indicating ongoing support for stabilizing growth and domestic demand [4][17]. Group 3: Household Sector and Demand Recovery - In April, household loans decreased by 521.6 billion yuan, indicating a need for improvement in the willingness of households to leverage [14]. - The transaction area of commercial housing in 30 major cities saw a year-on-year growth rate drop to -12%, reflecting a cooling in market activity and the need for recovery in household balance sheets [14][17]. Group 4: Monetary Supply - M2 growth rebounded to 8.0%, up 1 percentage point from March, primarily due to a low base effect from the previous year [17]. - The decline in M1 year-on-year was slight at 1.5%, indicating a mixed trend in monetary supply [17].

Core Viewpoint - The article highlights the contrasting business models of Huawei and Nvidia, with Huawei focusing on a scene-driven vertical integration approach and Nvidia adopting a platform-driven horizontal expansion strategy. It emphasizes that embodied intelligence and humanoid robots are the main battlegrounds in the US-China tech competition, with a positive outlook on Huawei's related ecosystem [1][2]. Group 1: Huawei's Strategy - Huawei's collaboration with Ubtech aims to innovate in embodied intelligence and humanoid robots, leveraging its AI infrastructure and capabilities to enhance efficiency in industrial and household applications [2][3]. - The partnership will focus on creating a "humanoid robot + smart factory" demonstration plan and developing household service humanoid robots, including bipedal and wheeled types [2][3]. Group 2: Comparison with Nvidia - Both Huawei and Nvidia center their strategies around AI large models, computing hardware, and open ecosystems, positioning themselves as foundational technology standard setters [3][4]. - Huawei utilizes its Pangu model 5.0 and Ascend chips to develop embodied intelligence models, while Nvidia employs its Project GR00T multimodal model to support cross-scenario task execution [3][4]. - The two companies have self-developed chips and computing platforms, with Huawei's Ascend series providing edge computing capabilities and Nvidia's Jetson Thor platform designed specifically for robots [3][4]. Group 3: Ecosystem Development - Huawei is establishing a global innovation center for embodied intelligence and forming strategic partnerships to create an open platform that integrates hardware manufacturing, algorithm development, and scene implementation [3][4]. - Nvidia collaborates with companies like Boston Dynamics and Xpeng to provide a comprehensive ecosystem from training to deployment through its Isaac platform [3][4]. Group 4: Key Differences - Nvidia's model emphasizes foundational platform capabilities, creating a complete technology stack from model training to hardware control, which lowers industry entry barriers [4]. - In contrast, Huawei's approach focuses on vertical integration with specific scene requirements, data accumulation, and technology iteration, emphasizing depth in particular applications [4].

Core Insights - The article emphasizes the growing maturity and market potential of exoskeleton robots, which have applications in military, industrial, medical, and consumer sectors, driven by advancements in technology and increasing demand from an aging population [1][2]. Market Overview - Exoskeleton robots originated from military needs and have evolved over a century, now achieving large-scale applications in medical and industrial fields. The market is expected to expand further due to breakthroughs in AI and materials science, as well as the increasing demand for elderly care [1][2]. - The global market for exoskeleton robots is projected to reach $6.8 billion by 2030, indicating significant growth potential [2]. Applications - In the military sector, exoskeleton robots enhance individual combat capabilities. In industrial settings, they improve efficiency and reduce injury risks, particularly in high-intensity tasks such as logistics, automotive manufacturing, and mining [2]. - In outdoor activities, exoskeleton robots enhance experiences in hiking and climbing, with testing and operations already underway in various scenic areas, and prices are becoming more consumer-friendly [2]. - In the medical field, exoskeleton robots show great promise in rehabilitation and elderly care, further expanding their application scope [2]. Industry Participation - Numerous companies are entering the exoskeleton robot market through self-research, collaborative development, establishing subsidiaries, or investing in startups, indicating a competitive and dynamic industry landscape [3].

Core Viewpoint - The article emphasizes the importance of analyzing cash flows from underlying assets as the foundation for valuing REITs, detailing the valuation logic of current REITs [1] Valuation Methods - REIT valuation methods include cost approach, market approach, and income approach, with the income approach being the primary method for valuing infrastructure projects in China's public REITs policy [1] - The income approach aligns with the stable income characteristics and mandatory dividend requirements of REITs, enhancing market transparency [1] Key Considerations in Income Approach - **Operating Cash Flow of Underlying Assets**: Different REIT sectors exhibit varying degrees of revenue cyclicality and volatility, influenced by both quantitative and qualitative factors [2] - **Measurement of Asset Residual Value**: Due to factors like operating rights duration and economic lifespan of buildings, the assumption of perpetual operation for single assets may not be sufficient, necessitating cautious residual value measurement [2] - **Adjustment from Operating Income to Distributable Amount**: The adjustment of distributable amounts significantly impacts actual dividend distribution and valuation models, with variations typically around +/-20%, and in some cases exceeding 50% or even 100% [3] - **Compensation Mechanism**: New REIT projects since 2024 have introduced income distribution adjustment mechanisms to stabilize revenue, particularly in sectors with high cyclicality [3]

华为" 1+8+N "全场景生态完善，鸿蒙 OS 生态突破 10 亿设备 。 ① 5 年来华为集结了超过 1 万名工程 师，联合 20 多家研究所，积累了 2700 余项核心专利，覆盖操作系统内核、分布式架构、安全机制等关 键领域，鸿蒙电脑的发布标志着华为" 1+8+N "全场景生态的完善。 ② 面对 Windows 生态的垄断优 势，华为采用"双轨并行"策略：初期通过"鸿蒙 + 模拟器"方案兼容主流 Windows 应用，降低用户迁移 成本；同时投入超百亿元启动"鸿蒙生态伙伴计划"，为开发者提供从技术培训到流量扶持的全链条支持 。 ③ 鸿蒙操作系统的生态已经突破 10 亿台设备，开发者数量也超过 720 万，原生应用和元服务已上架 超过 20000 个 。 报告导读： 鸿蒙 PC 从内核开始重构 OS ，生态方面有 2000+ 融合应用加速适配，预计 在 AI 和万物互联新战场占据一席之地；鸿蒙 PC 的推出同时也繁荣了整个鸿蒙 OS 生 态。 投资建议： 鸿蒙 PC 的推出将完善华为" 1+8+N "布局，有望在 AI 时代占据先机，成为万物互联时代的 入口。 鸿蒙 PC 从内核开始重构 OS 。 ① 鸿 ...

每周一景： 云南玉龙雪山 点击右上角菜单，收听朗读版 【 非银】公募新规利好非银，监管引导险资入市稳市 一、本周观点： 【非银一周观点】： 5 月 7 日中国证监会发布《公募基金高质量发展行动方案》，其中明确建立与基金业绩表现挂钩的浮动管 理费收取机制，强化业绩比较基准的约束作用，考核从重同业排名转向重业绩比较基准。 而当前非银板块 的配置比例从 1.67% 降至 1.52% ，大幅欠配 5.34Pct ；其中券商板块欠配 3.29Pct ，保险板块欠配 1.60Pct ，重视业绩比较基准下非银板块作为大幅欠配板块更为受益。 5 月 7 日，金融监管总局局长李云泽在国新办新闻发布会上表示，将充分发挥保险资金作为耐心资本和长 期资本的作用，加大入市稳市力度， 包括： 1 ）进一步扩大保险资金长期投资的试点范围，近期拟再批 复 600 亿元； 2 ）调整偿付能力监管规则，将股票投资的风险因子进一步调降 10% ； 3 ）推动长周期 的考核机制，促进"长钱长投"。我们认为上述举措有助于稳定资本市场，推动保险公司增加优质权益资产 配置，改善低利率环境下固收类资产收益下行压力，实现资产负债匹配优化。 金融科技方面，大模 ...

Group 1 - The core viewpoint is that the Chinese stock market is expected to rise further due to reduced opportunity costs for investors and stable policy continuity [1][2] - The A/H shares are favored, particularly in the financial, technology, and certain cyclical sectors [2] - The adjustment in the stock market during March-April is seen as a significant turning point, indicating reduced investor concerns about US-China competition and a more favorable environment for investment [2] Group 2 - The impact of tariffs on inflation in the US is not yet fully realized, with April inflation data showing no immediate pressure from tariffs [7] - The reduction of tariffs is expected to delay any rebound in US inflation, although the risk of "stagflation" remains a concern [7] Group 3 - The bond market is experiencing limited short-term adjustment space due to a supportive liquidity environment, with a focus on mid to long-term economic narratives [9][10] - The recent easing of tariffs is expected to create structural opportunities in convertible bonds, particularly for technology and domestic demand sectors [13][14] Group 4 - The easing of tariffs is beneficial for the electronics sector, with expectations of a significant innovation year for the supply chain, particularly for Apple products [17][18] - The communication sector is also expected to benefit from reduced tariffs and strong overseas AI demand, maintaining a positive outlook for companies with significant overseas operations [21][22] Group 5 - The machinery sector is poised for growth due to reduced tariffs, benefiting both consumer-grade equipment exporters and engineering machinery through global supply chain restructuring [24][25] - The textile and apparel sector is expected to see improved market confidence and valuation recovery due to the reduction of tariffs, although long-term impacts will depend on overseas market fluctuations [28][30]

此前，我们提出"无论后续市场如何演变，低价策略均不是当前的最优解" （详见 2025 年 4 月 28 日研 究报告《对当前转债低价策略的风险提示》），逻辑是转债投资者的风险偏好犹如潮水，市场熊转牛时潮 水先推高低价（ 24 年 9 月 -25 年 1 月），然后再涌向高价（ 25 年 1-3 月）。 4 月中美贸易摩擦以 来，高价退潮至 25 年 1 月初的水平，如果后续继续退潮，那么也可能跑输低价；但如今关税摩擦迎来了 阶段性缓和，我们认为高价策略或将继续占优。 高质量发展框架下，低价难以跑赢指数。 固收 + 产品的转债部分设置基准往往用中证转债指数，低价策 略虽然是个统计上显著的绝对收益策略，但是在牛市里跑不赢基准。拉长时间看，在平准基金托底股市 + 低利率 / 科创债导致转债供需明显错配这些因素的支持下，未来几年转债市场慢慢上行是个比较中性的预 期。 规避基本面风险，从博弈中得收益。 一季报显示上市公司整体投资回报率依旧在下行，且领先指标尚无起 色。固收、权益本质上都是在分享实体经济的利润，目前来看， 25 年的投资难以从盈利维度获利，低评 级转债和信用债一样，价格与风险不匹配。既然如此， 25 年可 ...

Key Points - The overall funding market has warmed up, with a slight decrease in leverage ratios in the interbank bond market [1] - There is a divergence in the issuance heat of new bonds, with an increase in the issuance of national development bonds and a decrease in other policy financial bonds [1][2] - In the secondary market, funds and rural commercial banks have significantly increased their positions in short-term bonds, while trading activity in ultra-long bonds continues to weaken [2] - The scale of wealth management products has seen a low growth rate in May, with a total increase of 16 billion yuan, primarily in cash management and fixed-income products [3] - The scale of funds has increased by 61.8 billion yuan in May, with notable increases in equity and bond funds [3]

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