Market Performance - The Shanghai Composite Index rose by 0.21% to close at 3387.57 points, while the Shenzhen Component increased by 0.44% and the ChiNext Index gained 0.83%[1] - The Hang Seng Index in Hong Kong closed up 0.62% at 23827.78 points, with the Hang Seng Tech Index rising by 0.51% and the Hang Seng China Enterprises Index up 0.84%[1] Economic Indicators - The 30-year U.S. Treasury yield surged to 5.1%, nearing a 20-year high, due to concerns over the fiscal impact of the Trump tax reform plan[8] - The U.S. stock market saw all three major indices decline, with the Dow Jones falling by 1.91%, the S&P 500 down by 1.61% to 5844.61 points, and the Nasdaq decreasing by 1.41%[1] Legislative Developments - The Trump tax reform plan remains stalled, facing opposition from hardline conservative members despite gaining support from high-tax state legislators[11] - The House of Representatives is expected to vote on the tax reform bill soon, amid pressure from the White House on Republican lawmakers[11] Consumer and Investment Initiatives - Shanghai has launched a special action plan to boost consumption, which includes subsidies for digital products and measures to enhance consumer protection[8] - The plan aims to increase the availability of bond-related products suitable for individual investors[8]

➢ 美联储拟调政策框架；美国经济数 据疲软。A股下跌。上证指数跌 0.68% 报 3380.82 点 ， 深 证 成 指 跌 1.62%，创业板指跌1.92%。美容护 理行业再度走强，轻工板块多行业 领涨大盘。港股冲高回落，恒生指 数收盘跌0.79%报23453.16点，恒生 科技指数跌1.56%，恒生国企指数跌 0.97%。媒体股走强。大市成交额达 2002.09亿港元。外盘方面，欧洲三 大股指小幅走高。美国三大股指收 盘涨跌不一，道指涨0.65%，标普 500指数涨0.41%报5916.93点，纳指 跌0.18%。美国4月PPI创五年来最大 降幅，零售销售几无增长。鲍威尔 暗示将调整货币政策框架，重新审 视平均通胀目标制。 资料来源：彭博 2025年5月16日星期五 | 23453.16 | -0.79 | 16.92 | | --- | --- | --- | | 8509.67 | -0.97 | 16.73 | | 5297.84 | -1.56 | 18.57 | | 134.57 | 0.49 | -5.90 | | 3380.82 | -0.68 | 0.87 | | 10186.45 | - ...

| 22867.74 | 0.40 | 14.00 | | --- | --- | --- | | 8308.83 | 0.10 | 13.98 | | 5180.25 | -0.93 | 15.94 | | 135.44 | -0.23 | -5.29 | | 3342.00 | -0.30 | -0.29 | | 10126.83 | -0.69 | -2.76 | | 3846.16 | -0.17 | -2.26 | | 41249.38 | -0.29 | -3.04 | | 17928.92 | 0.00 | -7.16 | | 5659.91 | -0.07 | -3.77 | | 23499.32 | 0.63 | 18.03 | | 7743.75 | 0.64 | 4.92 | | 8554.80 | 0.27 | 4.67 | 2025年5月12日星期一 ➢ 中美谈判实质性进展；中国连月通缩。A 股主要指数大面积走弱。上证指数跌0.3% 报3342点，深证成指跌0.69%，创业板指 跌0.87%。美容护理板块上行，代糖概念 股走强。港股三大指数收盘涨跌不一， 恒生指数涨0.4%报2286 ...

Economic Overview - The US economy experienced its first contraction in three years, with GDP declining by 0.3% in Q1 2023, significantly below the average growth rate of approximately 3% over the past two years[11] - Consumer spending growth fell to its lowest level in nearly two years, indicating a slowdown in economic activity[8] - The US manufacturing sector saw its largest contraction in five months, with the ISM manufacturing index dropping to 48.7, indicating a contraction phase[11] Market Performance - The Shanghai Composite Index decreased by 0.23% to 3279.03 points, while the Shenzhen Component rose by 0.51% and the ChiNext Index increased by 0.83%[1] - The Hang Seng Index gained 0.51% to close at 22119.41 points, with the Hang Seng Tech Index up by 1.35%[1] - The total market turnover in Hong Kong reached 2015.53 million HKD[1] Sector Insights - The automotive parts sector showed strong performance, while the consumer electronics industry also exhibited strength in the afternoon trading session[1] - Precious metals rebounded, and the consumer sector saw notable gains[1] Geopolitical Factors - President Trump announced secondary sanctions on countries and companies purchasing Iranian oil, escalating tensions amid stalled nuclear negotiations[11] - The sanctions are expected to impact major buyers like China and India, which have traditionally been the largest importers of Iranian crude[8]

2025年5月9日星期五 ➢ 美硬数据恶化；伊朗石油买家二级 制裁。A股冲高回落，主要指数走势 分化。上证指数跌0.23%报3279.03点， 深证成指涨0.51%，创业板指涨0.83%。 汽车零部件涨幅居前，消费电子产 业链午后强势。港股多日横盘后终 翻红。恒生指数涨0.51%报22119.41 点，恒生科技指数涨1.35%，恒生中 国企业指数涨0.1%。贵金属行业再次 反弹，大消费涨幅居前。大市成交 2015.53亿港元。外盘方面，欧洲三 大股指收盘小幅上涨。美国三大股 指涨跌不一，道指涨0.35%，标普500 指数涨0.15%，纳指涨0.09%。美国季 度GDP三年来首次萎缩，上月制造 业创5个月来最大收缩。特朗普宣布 对伊朗石油买家实施二级制裁。 资料来源：彭博 | 22119.41 | 0.51 | 10.01 | | --- | --- | --- | | 8076.26 | 0.10 | 10.64 | | 5087.42 | 1.35 | 13.90 | | 135.72 | -0.27 | -4.94 | | 3279.03 | -0.23 | -2.17 | | 9899.82 | 0.5 ...

Market Performance - The Shanghai Composite Index rose by 1.13% to 3316.11 points, while the Shenzhen Component increased by 1.84% and the ChiNext Index gained 1.97%[1] - The Hang Seng Index climbed 0.7% to 22662.71 points, with the Hang Seng China Enterprises Index up by 0.37%[1] - The total market turnover in Hong Kong reached 213.4 billion HKD[1] Trade Negotiations - High-level trade talks between the U.S. and China are set to begin this weekend, marking the first confirmed negotiations since the imposition of tariffs by the Trump administration[8] - U.S. Treasury Secretary Scott Bessen and Trade Representative Jamison Greer will meet with Chinese Vice Premier He Lifeng in Switzerland[12] Economic Indicators - The U.S. Dow Jones Industrial Average fell by 0.95%, while the S&P 500 dropped by 0.77% to 5606.91 points, and the Nasdaq decreased by 0.87%[1] - The European stock indices showed mixed results, with no clear trend established[1] Financial Policies - The People's Bank of China and other financial regulators are scheduled to hold a press conference to discuss measures aimed at stabilizing the market[1]

2025年4月30日星期三 ➢ 特朗普减负车企；中国研究替代美 国药。A股弱势运行。上证指数跌 0.05% 报 3286.65 点 ， 深 证 成 指 跌 0.05%，创业板指跌0.13%。医美行业 涨幅居前，PEEK概念领涨。港股窄 幅震荡 。 恒 生 指 数 涨 0.16% 报 22008.11点，恒生科技指数涨0.62%， 恒生中国企业指数跌0.15%。互联网 医疗活跃，茶饮股再获热度。大市 成交1776.58亿港元。外盘方面，欧 洲三大股指收盘涨跌不一。美国三 大股指全线收涨，道指涨0.75%，标 普500指数涨0.58%，纳指涨0.55%。 特朗普颁令减轻汽车关税影响。中 国据悉要求制药企业和医院研究替 代美国进口产品的可行性。 资料来源：彭博 | 22008.11 | 0.16 | 9.71 | | --- | --- | --- | | 8067.94 | -0.15 | 10.67 | | 5019.73 | 0.62 | 12.35 | | 136.09 | 0.54 | -4.83 | | 3286.66 | -0.05 | -1.94 | | 9849.80 | -0.05 | -5.4 ...

2025年4月28日星期一 ➢ 特朗普支持率下滑；Shein美国大涨价。 A 股窄幅震荡 。 上 证 指 数 跌 0.07% 报 3295.06点，深证成指涨0.39%，创业板 指涨0.59%。电力股持续领涨行业，假期 前夕旅游酒店板块拉升。港股高开，午 后转弱。恒生指数收涨0.32%报21980.74 点，恒生科技指数涨0.14%，中国企业指 数上涨0.29%。资讯科技行业涨幅居前， 博彩股活跃。大市成交2080亿港元。外 盘方面，欧洲三大股指收盘全线上涨。 美国三大股指全线收涨，道指涨0.05%， 标普500指数涨0.74%报5525.21点，纳指 涨1.26%。特朗普强调除非北京做出实质 性让步，否则不会降低对华关税。民调 显示越来越多的美国选民不满关税政策。 跨境电商Shein大幅上调美国商品售价， 应对关税冲击。 资料来源：彭博 ➢ 最新民调显示，越来越多的选民不满特 朗普的经济政策。特朗普周日试图安抚 民众，他暗示全面关税政策将有助于为 年收入低于20万美元的群体减税。 ➢ 跨境电商Shein上调美国商品售价以应 对关税冲击，部分品类涨幅高达377%。 ➢ 中国央行行长潘功胜在华盛顿参加会议 时表 ...

2025年4月24日星期四 ➢ 美对华关税或调整；褐皮书警讯。A股 早盘急挫，A股三大指数涨跌不一。上 证指数跌0.1%报3296.36点，深证成指涨 0.67%，创业板指涨1.08%。黄金股领跌， 机器人、消费电子、低空经济。港股高 开高走。恒生指数收涨2.37%报22072.62 点，恒生科技指数涨3.07%，恒生中国 企业指数涨2.08%。机器人概念股表现 亮眼，黄金股大幅回落。大市成交2606 亿港元。外盘方面，欧洲三大股指收盘 全线上涨。美国三大股指全线收涨，道 指 涨 1.07% ， 标 普 500 指 数 涨 1.67% 报 5375.86点，纳指涨2.5%。特朗普称对华 关税或在几周内有所调整，据报中国汽 车零部件关税或下调。美联储褐皮书显 示贸易担忧浓重，多地区经济前景明显 恶化。 | 22072.62 | 2.37 | 10.03 | | --- | --- | --- | | 8116.28 | 2.08 | 11.34 | | 5049.40 | 3.07 | 13.01 | | 135.61 | -0.59 | -5.17 | | 3296.36 | -0.10 | -1.65 | ...

| 21562.32 | 0.78 | 7.49 | | --- | --- | --- | | 7950.79 | 0.68 | 9.07 | | 4899.21 | 0.24 | 9.65 | | 136.41 | -1.17 | -4.61 | | 3299.76 | 0.25 | -1.55 | | 9870.05 | -0.36 | -5.23 | | 3783.95 | -0.02 | -3.84 | | 39186.98 | 2.66 | -7.89 | | 16300.42 | 2.71 | -15.59 | | 5287.76 | 2.51 | -10.10 | | 21293.53 | 0.41 | 6.95 | | 7326.47 | 0.56 | -0.74 | | 8328.60 | 0.64 | 1.90 | 2025年4月23日星期三 ➢ 川普无意炒鲍威尔；美拟降对华关税。 A股全日震荡，A股三大指数涨跌不一。 上证指数涨0.25%报3299.76点，深证成 指跌0.36%，创业板指跌0.82%。物流以 及汽车服务板块涨幅居前。港股低开， 午 后 转 涨 。 恒 生 指 数 收 ...