国内市场综述 高开高走 震荡攀升 周一（5 月 12 日）大盘高开高走，震荡攀升。截至收 盘，上证综指收于 3369.24 点，上涨 0.82%；深成指 收于 10301.16 点，上涨 1.72%；科创 50 上涨 0.49%； 创业板指上涨 2.63%，万得全 A 成交额共 13409 亿元， 较前一日有所上升。 行业方面，30 个中信一级行业有 26 个行业收涨，其 中国防军工、机械、电力设备及新能源涨幅较大，而 农林牧渔、医药、电力设备及新能源则跌幅居前。概 念方面，中船系、航母及大飞机等指数表现活跃。 海外市场综述 美国三大股指大幅收涨，亚马逊涨超 8% 周一（5 月 12 日），美国三大股指大幅收涨，道指涨 2.81%，标普 500 指数涨 3.26%，纳指涨 4.35%。亚马 逊涨超 8%，耐克涨逾 7%，领涨道指。万得美国科技七 巨头指数涨 5.4%，脸书涨近 8%，特斯拉涨超 6%。中 概股普遍上涨，文远知行涨超 27%，世纪互联涨逾 21%。 新闻精要 风险提示 1.稳增长力度不及预期； 2.地缘冲突升级。 分析师：彭竑/钟哲元 登记编码：S1490520090001/ S14905230 ...

国内市场综述 弱势整理 缩量回调 周五（5 月 9 日）大盘弱势整理，震荡回调。截至收 盘，上证综指收于 3342 点，下跌 0.3%；深成指收于 10126.83 点，下跌 0.69%；科创 50 下跌 1.96%；创业 板指下跌 0.87%，万得全 A 成交额共 12224 亿元，较 前一日有所下降。 行业方面，30 个中信一级行业有 5 个行业收涨，其中 银行、纺织服装及家电涨幅居前，而综合金融、国防 军工及计算机则跌幅较大。概念方面，央企银行、火 电及饲料精选等指数表现活跃。 海外市场综述 美国三大股指多数收跌，特斯拉大涨 4.72% 周五（5 月 9 日），美国三大股指多数收跌，道指跌 0.29%，标普 500 指数跌 0.07%，纳指持平。安进、默 克跌超 2%，领跌道指。万得美国科技七巨头指数涨 0.16%，特斯拉大涨 4.72%，苹果涨 0.53%。中概股涨 跌不一，理想汽车跌 2.2%。 新闻精要 1. 中美经贸高层会谈在瑞士日内瓦举行 2. 证监会印发《推动公募基金高质量发展行动方案》 3. 4 月我国 CPI 环比由上月下降 0.4%转为上涨 0.1% 4. 王毅分别同印巴双方通电话 风 ...

Domestic Market Overview - The A-share market opened positively in May, with the Shanghai Composite Index closing at 3316.11 points, up 1.13%, and the Shenzhen Component Index closing at 10082.34 points, up 1.84% [1][4] - A total of 29 out of 30 sectors in the CITIC first-level industry index saw gains, with comprehensive finance and computer & communication sectors leading the increase, while only the banking sector experienced a slight decline [1][4] - The total trading volume of the entire A-share market reached 13644 billion, showing an increase compared to the previous day [1][4] Overseas Market Overview - The three major U.S. stock indices all closed lower, with the Dow Jones down 0.95%, the S&P 500 down 0.77%, and the Nasdaq down 0.87%. Merck led the decline, falling over 4% [2][4] - Chinese concept stocks mostly rose, with notable increases such as Brain Rebirth up over 62% and Pony.ai up over 47% [2][4] Key News Highlights - Chinese Vice Premier He Lifeng will visit Switzerland and France for high-level economic talks with the U.S. and the tenth Sino-French economic and financial dialogue [3][10] - The Chinese government plans to adopt more proactive macroeconomic policies to support growth, aiming for a GDP growth target of around 5% by 2025 [11] - The Ministry of Culture and Tourism estimates that 314 million domestic trips will be made during the "May Day" holiday in 2025, reflecting a year-on-year increase of 6.4% [14] - The UK and India have signed a free trade agreement, expected to increase bilateral trade by £25.5 billion (approximately 246.3 billion yuan) annually by 2040 [16][17]

Domestic Market Overview - The domestic market experienced fluctuations with mixed performance on April 30, with the Shanghai Composite Index closing at 3279.03 points, down 0.23%, while the Shenzhen Component Index rose 0.51% to 9899.82 points [1][4][9] - Among the 30 first-level industries, 19 saw gains, with notable increases in the computer, automotive, and media sectors, while banking, steel, and transportation sectors faced significant declines [1][4][9] - The total trading volume of the A-share market reached 1.1931 trillion yuan, showing a slight increase compared to the previous day [1][4][9] Overseas Market Overview - On May 5, all three major U.S. stock indices closed lower, with the Dow Jones down 0.24%, the S&P 500 down 0.64%, and the Nasdaq down 0.74%. Apple shares fell over 3%, leading the decline [2][4] - The Wande American Technology Seven Giants Index decreased by 1.03%, with Tesla and Amazon also experiencing declines of over 2% [2][4] News Highlights - The 28th ASEAN Plus Three Finance Ministers and Central Bank Governors Meeting was held, discussing global and regional macroeconomic conditions and financial cooperation [3][11] - The U.S. has officially terminated the tax exemption policy for small packages from China, leading to significant changes in logistics for some e-commerce platforms [16] - The Hong Kong Monetary Authority triggered the strong-side convertibility guarantee for the first time in nearly five years, buying USD and selling 46.539 billion HKD [15]

国内市场综述 美国三大股指全线收涨，特斯拉涨超 4% 周二（4 月 22 日），美国三大股指全线收涨，道指涨 2.66%，标普 500 指数涨 2.51%，纳指涨 2.71%。3M 公 司涨超 8%，旅行者集团涨逾 4%，领涨道指。万得美国 科技七巨头指数涨 2.84%，特斯拉涨超 4%，亚马逊涨 逾 3%。中概股普遍上涨，禾赛科技涨逾 12%。 新闻精要 1. 人力资源社会保障部等三部门延续实施失业保险 稳岗惠民政策举措 风险提示 1.稳增长力度不及预期； 2.地缘冲突升级。 冲高回落 走势分化 周二（4 月 22 日）大盘冲高回落，走势分化。截至收 盘，上证综指收于 3299.76 点，上涨 0.25%；深成指 收于 9870.05 点，下跌 0.36%；科创 50 下跌 0.31%； 创业板指下跌 0.82%，万得全 A 成交额共 11212 亿元， 较前一日有所上升。 行业方面，30 个中信一级行业有 16 个行业收涨，其 中综合金融、商贸零售及综合涨幅居前，而传媒、计 算机及通信则跌幅较大。概念方面，离岸退税、智能 物流及数字货币等指数表现活跃。 海外市场综述 分析师：彭竑/钟哲元 登记编码：S14 ...

Investment Rating - The report gives a "Positive" rating for the computer industry, indicating an expectation that the industry index will outperform the market index in the next six months [6]. Core Insights - The computer sector index fell by 0.84% during the week of April 14-20, underperforming the CSI 300 index, which rose by 0.58%, resulting in a relative underperformance of 1.42 percentage points [2][13]. - The top three gainers in the sector were Chuangshi Technology (+22.61%), Meideng Technology (+21.10%), and Zhuoyi Information (+18.01%), while the top three losers were Huijin Technology (-13.30%), Hongjing Technology (-18.15%), and Dongfang Tong (-49.59%) [2][16]. Industry Dynamics - OpenAI launched three models in the GPT-4.1 series, which include enhanced multi-modal processing capabilities and a larger context window that can handle up to 1 million tokens. The price of GPT-4.1 is 26% lower than its predecessor, GPT-4o, and the GPT-4.1 Nano model is priced at $0.12 per million tokens [3][18]. - Keling AI announced an upgrade to its base model, introducing Keling 2.0 for video generation and Ketu 2.0 for image generation, significantly improving generation effects in terms of semantic response and dynamic quality [3][19]. - OpenAI also released visual reasoning models o3 and o4-mini, which can perform reasoning tasks using images. The o3 model is noted for its superior performance in complex queries and visual tasks, with a 20% reduction in major errors compared to its predecessor [4][20]. Investment Clues - The 2025 government work report emphasizes the continuous promotion of the "Artificial Intelligence +" initiative, aiming to better integrate digital technology with manufacturing and market advantages. It supports the widespread application of large models and the development of new industries such as intelligent connected new energy vehicles, AI smartphones and computers, and intelligent robots [5][21].

Investment Rating - The report does not explicitly provide an overall investment rating for the industry, but it suggests a positive outlook for precious metals, particularly gold, due to its role as a hedge against geopolitical risks and inflation [6][44]. Core Insights - Precious metals, especially gold, are expected to benefit from increased demand due to geopolitical tensions and trade disputes, with a long-term bullish outlook supported by rising U.S. deficits and weakened debt credit [6][44]. - Industrial metals like copper and aluminum face short-term price fluctuations due to tariff impacts but are expected to see long-term price increases due to supply constraints and rising demand from the renewable energy sector [6][45]. - Strategic minor metals such as antimony and tungsten are likely to experience price elasticity due to supply reductions and demand upgrades, particularly in the context of global trade tensions [10][44]. Summary by Sections 1. Market Review of Non-Ferrous Metals - The non-ferrous metal sector saw a weekly change of +0.8%, ranking 15th among the CITIC industry indices [4][16]. - Gold performed well with a +4.6% increase, while rare earths and magnetic materials saw a decline of -5.1% [4][19]. 2. Weekly Observations of Non-Ferrous Metals - Gold and silver prices increased by 3.6% and 0.9%, respectively, during the observed period [5][26]. - Industrial metals showed mixed results, with copper down by -0.2% and nickel up by +2.2% [5][28]. 3. Investment Recommendations - Precious Metals: Gold is favored due to its hedge against currency credit risks, while silver benefits from industrial demand but faces inventory pressures [6][44]. - Copper and Aluminum: Despite short-term tariff disruptions, long-term supply-demand dynamics suggest upward price movement for copper, while aluminum profits are expected to recover [6][45]. - Minor Metals: Antimony and tungsten are expected to benefit from supply constraints and demand upgrades, with potential price increases [10][44]. 4. Major Company Earnings Forecast and Valuation - The report includes a detailed table of earnings forecasts and valuations for leading companies in the sector, indicating varied performance across different companies [46][47].

海外市场综述 国内市场综述 探底回升 走势分化 周五（4 月 18 日）大盘探底回升，走势分化。截至收 盘，上证综指收于 3276.73 点，下跌 0.11%；深成指 收于 9781.65 点，上涨 0.23%；科创 50 下跌 0.81%； 创业板指上涨 0.27%，万得全 A 成交额共 9492 亿元， 较前一日继续下降。 行业方面，30 个中信一级行业有 13 个行业收涨，其 中通信、房地产及综合金融涨幅居前，而消费者服务、 纺织服装及农林牧渔则跌幅较大。概念方面，射频及 天线、6G 及一级地产商等指数表现活跃。 美国三大股指收盘涨跌不一 周四（4 月 17 日），美国三大股指收盘涨跌不一，道 指跌 1.33%，标普 500 指数涨 0.13%，纳指跌 0.13%。 联合健康集团跌超 22%，英伟达跌近 3%，领跌道指。 万得美国科技七巨头指数跌 0.81%，谷歌跌超 1%，微 软跌逾 1%。中概股涨跌不一，百胜中国跌超 5%。 新闻精要 1. 李强主持召开国务院常务会议 2. 2025 农业展望大会在京召开 3. 商务部回应美对我海事、物流和造船等领域宣布最 终措施 6. 全球重要经济数据发布 风险提 ...

周二（4 月 15 日），美国三大股指小幅收跌，道指跌 0.38%，标普 500 指数跌 0.17%，纳指跌 0.05%。波音 跌超 2%，领跌道指。万得美国科技七巨头指数跌 0.48%。 中概股多数下跌，禾赛科技跌超 9%，极氪跌逾 8%。 新闻精要 市场研究部证券研究报告 2025 年 4 月 16 日 国内市场综述 窄幅震荡 走势分化 周周二（4 月 15 日）大盘窄幅震荡，走势分化。截至 收盘，上证综指收于 3267.66 点，上涨 0.15%；深成 指收于 9858.1 点，下跌 0.27%；科创 50 下跌 0.78%； 创业板指下跌 0.13%，万得全 A 成交额共 11102 亿元， 较前一日有所下降。 行业方面，30 个中信一级行业有 10 个行业收涨，其 中银行、家电及纺织服装涨幅居前，而国防军工、消 费者服务及钢铁则跌幅较大。概念方面，水电、医美 及固态电池等指数表现活跃。 海外市场综述 美国三大股指小幅收跌，波音跌超 2% 1. 《求是》杂志发表习近平总书记重要文章《加快建 设文化强国》 风险提示 1.稳增长力度不及预期； 2.地缘冲突升级。 分析师：彭竑/钟哲元 登记编码：S1490 ...

低开高走 缩量反弹 周五（4 月 11 日）大盘低开高走，缩量反弹。截至收 盘，上证综指收于 3238.23 点，上涨 0.45%；深成指 收于 9834.44 点，上涨 0.82%；科创 50 上涨 2.07%； 创业板指上涨 1.36%，万得全 A 成交额共 13907 亿元， 较前一日有所下降。 行业方面，30 个中信一级行业有 14 个行业收涨，其 中电子、汽车及国防军工涨幅居前，而农林牧渔、消 费者服务及煤炭则跌幅较大。概念方面，ASIC 芯片、 先进封装及半导体精选等指数表现活跃。 海外市场综述 美国三大股指全线收涨，苹果涨超 4% 周五（4 月 11 日），美国三大股指全线收涨，道指涨 1.56%，标普 500 指数涨 1.81%，纳指涨 2.06%。苹果 涨超 4%，摩根大通涨近 4%，领涨道指。万得美国科技 七巨头指数涨 2.23%。中概股普遍上涨。 新闻精要 国内市场综述 1. 习近平在越南媒体发表署名文章 2. 国务院关税税则委员会：对原产于美国的进口商品 加征关税税率提高至 125% 3. 中国一季度社会融资规模增量累计为 15.18 万亿元 4. 商务部新闻发言人就美方豁免部分产品的 ...