证券研究报告 | 基金研究（公募） 2025 年 06 月 08 日 创业板人工智能、港股通创新药 ETF 领涨 ETF 基金周度跟踪（0603-0606） 本报告重点聚焦 ETF 基金市场表现，总结过去一周 ETF 基金市场、不同热门 细分类型 ETF 基金、创新主题及细分行业 ETF 基金的业绩表现和资金流动， 供投资者参考。 ❑ 市场表现： 本周（6 月 3 日-6 月 6 日）主投 A 股的 ETF 多数上涨。其中，TMT ETF 涨幅最大，规模以上基金平均上涨 3.52%。相反，消费 ETF 出现下跌，规 模以上基金平均下跌 0.01%。 ❑ 资金流动： 资金继续大幅流入债券 ETF，全周资金净流入 144.18 亿元。相反，科创/ 创业板相关指数 ETF、港股 ETF、QDII-ETF 等板块资金流出较多。 ❑ 风险提示：图表中列示的数据结果仅为对市场及个基历史表现的客观描述， 并不预示其未来表现，亦不构成投资收益的保证或投资建议。 市场表现方面，本周（6 月 3 日-6 月 6 日）主投 A 股的 ETF 多数上涨。其中， TMT ETF 涨幅最大，规模以上基金平均上涨 3.52%。相反，消费 ...

1、《非农弱化美联储 Q3 降息 紧迫性——2025 年 5 月美国就 业数据分析》2025-06-07 2、《基建和制造业投资增速或 延续强势——2025 年 5 月宏观 经济预测报告》2025-06-06 3、《美国 Q1 工业品抢进口大 幅透支未来需求——2025 年 3 月美国行业库存数据点评》 2025-06-02 | 张静静 | S1090522050003 | zhangjingjing@cmschina.com.cn | | --- | --- | --- | | 张一平 | S1090513080007 | zhangyiping@cmschina.com.cn | | 马瑞超 | S1090522100002 | maruichao@cmschina.com.cn | | 罗丹 | S1090524070004 | luodan7@cmschina.com.cn | | 王泺宾 | S1090523070007 | wangluobin@cmschina.com.cn | | 张玉书 | 研究助理 | zhangyushu@cmschina.com.cn | ——宏观与大类资产周报 频率： ...

Group 1: Recent Developments - The call between Chinese and American leaders on June 5 emphasized the importance of US-China relations and successful trade talks in Geneva, with both sides agreeing to continue discussions[7] - The ongoing political struggle within the Trump administration is highlighted by the public dispute between Trump and Musk, reflecting deeper ideological divides[10] - New rounds of trade negotiations between the US and India, as well as Japan, are underway, focusing on tariff and non-tariff issues[4] Group 2: Future Outlook - The upcoming US-China talks in London on June 9 will involve key officials and may address non-tariff issues, indicating a shift in focus[13] - The US is expected to continue its judicial review of tariff policies, with significant implications for trade negotiations with Japan and India[15] - Ongoing geopolitical conflicts, particularly in the Middle East and Ukraine, are likely to distract US diplomatic efforts and complicate trade discussions[17] Group 3: Long-term Risks - The report warns of potential shifts in US policy due to internal political dynamics and unexpected changes in international relations, which could impact market stability[3] - The rebalancing of major power relationships is anticipated, with a focus on strategic supply chains and key industries such as semiconductors and pharmaceuticals[19] - The report suggests that if Trump fails to achieve satisfactory trade outcomes, more aggressive geopolitical stances may emerge, increasing market volatility[19]

证券研究报告 | 行业定期报告 2025 年 06 月 08 日 白银技术突破，继续推荐黄金稀土板块 金属行业周报 周期/金属及材料 美国就业数据超预期，提示美国经济尚未出现衰退，美股美债美元走强。美联 储降息 9 月降息概率下降。黄金短期压力大，但是银价技术突破和铂价大涨， 也印证了市场对于黄金未来价格依然看涨。继续强烈推荐黄金，反制品种稀土 磁材、钨板块。此外，关注自主可控相关以及时间友好的科技、机器人、可控 核聚变等相关材料标的。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 235 | 4.6 | | 总市值（十亿元） | 4079.0 | 4.7 | | 流通市值（十亿元） | 3789.0 | 4.8 | 行业指数 % 1m 6m 12m 绝对表现 5.2 4.1 20.9 相对表现 3.5 6.6 13.1 资料来源：公司数据、招商证券 -20 -10 0 10 20 30 40 Jun/24 Sep/24 Jan/25 May/25 (%) 金属及材料 沪深300 3、《铍行业深度报告：可控核聚变 关键金属》2025-05-21 ...

❑ 风险提示：AI 发展不及预期风险；供应链风险；行业竞争加剧风险。 证券研究报告 | 行业定期报告 2025 年 06 月 08 日 海外 AI 推理需求大幅提升，稳定币迎来快速发展 计算机周观察 20250608 TMT 及中小盘/计算机 本周博通发布财报，AI 收入超预期印证海外市场对 AI 产业投入仍在持续，其中， 推理需求大幅提升。稳定币"第一股"Circle 在美上市，两日涨幅近 250%， 稳定币随着监管立法的推进，有望迎来更快的发展。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 284 | 5.5 | | 总市值（十亿元） | 3407.9 | 3.9 | | 流通市值（十亿元） | 2976.5 | 3.8 | 行业指数 % 1m 6m 12m 绝对表现 3.1 -1.3 52.7 相对表现 1.4 1.2 44.8 资料来源：公司数据、招商证券 -20 0 20 40 60 80 100 Jun/24 Sep/24 Jan/25 May/25 (%) 计算机 沪深300 相关报告 1、《稳定币+RWA，迈向 Fintern ...

证券研究报告 | 债券点评报告 2025 年 06 月 08 日 基金久期回升——债市晴雨表 【债市情绪】上周债市情绪指数为 115.8，较前值回落 0.1；债市情绪扩散指数 49.0%，较前值回落 6.8 个百分点。 【机构久期】上周五基金久期为 2.17 年，较前一周五回升 0.02 年；农商行久期 为 2.85 年，较前一周五回落 0.01 年；保险久期为 6.79 年，较前一周五回落 0.01 年。 【杠杆率】上周质押式回购余额为 11.3 万亿元，较前值回升 0.3 万亿元；大行 净融出余额为 4.1 万亿元，较前值回升 0.3 万亿元；债市杠杆率为 103.5%，较 前值回升 0.1 个百分点。 【二级成交】上周从换手率来看，30Y 国债换手率为 1.7%，较前值回落 0.2 个 百分点。10Y 国债换手率为 0.9%，较前值回落 0.6 个百分点；10Y 国开债换手 率为 28.5%，较前值回升 2.3 个百分点；超长期信用债换手率为 0.53%，较前 值回落 0.12 个百分点。 【配置力量】债市配置力量来看，上周债基新发行份额为 98 亿元，较前值持平； 风险偏好来看，股市风险溢价为 2.1 ...

证券研究报告 | 基金研究（公募） 2025 年 6 月 7 日 A 股收涨，量化基金表现较优 量化基金周度跟踪（20250603-20250606） 本报告重点聚焦量化基金市场表现，总结近一周主要指数和量化基金业绩表现、 不同类型公募量化基金整体表现和业绩分布，以及本周收益表现较优的量化基 金，供投资者参考。 市场整体表现： 本周（6 月 3 日-6 月 7 日）A 股收涨，量化基金表现较优。 主要指数表现： 主要股指收涨，其中中证 1000、中证 500、沪深 300 近一周收益率分别为 2.10%、1.60%、0.88%。 各类基金表现： 3 本周量化基金收益表现较优，主动量化涨 1.60%；市场中性涨 0.17%。指 数增强型基金中，中证 1000 指增和其他指增超额收益较高，分别为 0.22% 和 0.21%，中证 500 指增平均录得负超额收益。 风险提示：图表中列示的数据结果仅为对市场及个基历史表现的客观描述， 并不预示其未来表现，亦不构成投资收益的保证或投资建议。 徐燕红 S1090524120003 xuyanhong@cmschina.com.cn 江帆 研究助理 jiangfan3@cm ...

敬请阅读末页的重要说明 本周 Beta 与小市值风格强劲 ——因子周报 20250606 金融工程 1. 主要市场指数与风格表现回顾 2. 选股因子表现跟踪 沪深 300 股票池中，本周单季度 EP、单季度 ROE、单季度 ROA 因子表 现较好。中证 500 股票池中，本周单季度 ROE 同比、标准化预期外盈利、20 日反转因子表现较好。中证 800 股票池中，本周单季度 EP、单季度 ROE、单 季度 ROE 同比因子表现较好。中证 1000 股票池中，本周单季度 ROE 同比、 单季度 ROA 同比、单季度营业收入同比增速因子表现较好。沪深 300ESG 股 票池中，本周对数市值、单季度 EP、60 日偏度因子表现较好。全市场股票池 中，本周对数市值、20 日反转、20 日特异度因子表现较好。 3. 量化基金表现 指数增强型基金方面，本周沪深 300 指数增强产品超额收益的平均值为 0.08%，中证 500 指数增强产品超额收益的平均值为 0.07%，中证 1000 指数 增强产品超额收益的平均值为 0.31%。 主动量化基金中，本周业绩最好的为汇安成长优选 A（005550.OF）。对冲 型基金中，本 ...

证券研究报告|行业简评报告 2025 年 06 月 06 日 营收创单季历史新高，指引 25Q3 AI 收入同比持续高增 事件： 博通（NASDAQ：AVGO）发布 FY2025Q2 季报，第二财季营收 150.04 亿美 元，同比+20%/环比+1%，毛利率为 79.4%，同比+3.2pcts/环比+0.3pct。综合 财报及交流会议信息，总结要点如下： 评论： 1、FY25Q2 营收创单季历史新高，毛利率超指引预期。 FY25Q2 营收 150.04 亿美元，创历史新高，同比+20%/环比+1%，超此前指引 （约 149 亿美元），收入增长得益于 AI 半导体业务的持续强劲以及 VMware 业 务的发展势头；毛利率 79.4%，同比+3.2pcts/环比+0.3pct，高于此前指引(约 78.9%)。库存 20 亿美元，环比增长 6%，库存周转天数 69 天。 2、AI 业务营收同比高增，软件受益 Vmware 增速明显。 1）半导体部门：收入为 84 亿美元，占本季度总收入的 56%，同比增长 17%， 毛利率约为 69%，同比上升 140 个基点，受产品组合驱动，运营费用同比增长 12%，达到 9. ...

Report Title - ABS Investor Structure Changes - ABS Monthly Report (May 2025) [1] Report Industry Investment Rating - Not provided Core Viewpoints - In May 2025, the ABS issuance scale decreased, with the largest month - on - month decline in enterprise ABS. The trading volume and turnover rate of ABS decreased significantly, but the trading amount and turnover rate of credit ABS continued to grow. The holding proportions of major investors in different types of ABS changed, and the yields of ABS at all maturities declined while the spreads with medium - and short - term notes mostly continued to rise [2][3][4][5] Summary by Directory 1. Primary Issuance 1.1 Issuance Scale - In May 2025, the ABS issuance scale decreased by 28% month - on - month to 15.1533 billion yuan. Credit ABS, enterprise ABS, and ABN issuance scales were 2.3905 billion yuan, 8.321 billion yuan, and 4.4418 billion yuan respectively, with month - on - month declines of 2%, 35%, and 23% [2][9]. - Among credit ABS, the issuance scale of micro - enterprise loan ABS increased the most, and the issuance scale of non - performing loan ABS had a fast growth rate of 761%. In enterprise ABS, the issuance scales of shantytown renovation/affordable housing ABS and CMBS/CMBN increased the most, while the issuance scale of quasi - REITs decreased the most. In ABN, the issuance scale of general small - loan creditor's rights ABS increased more, and the issuance scale of preferred limited partnership shares ABS decreased the most [9] 1.2 Issuance Term and Interest Rate - In May 2025, the terms of newly issued ABS were mostly 9M - 1 year and 1 - 2 years, and the weighted coupon rate continued to decline. The weighted average coupon rate was 2.01%, a decrease of 6.68bp compared to April [11]. - For different types of ABS, the weighted terms of newly issued credit ABS, enterprise ABS, and ABN all increased compared to the previous month, and their weighted interest rates all decreased [11] 2. Secondary Trading - In May 2025, the trading volume and turnover rate of ABS decreased significantly, but the trading amount and turnover rate of credit ABS continued to grow. The monthly trading amount of ABS was 11.8623 billion yuan, a decrease of 27.09% compared to April. The monthly turnover rate of ABS was 3.6%, a decrease of 1.4 percentage points compared to April. ABN was the most actively traded ABS product type [3][17] 3. Investor Structure - In credit ABS, commercial banks and non - legal person products were the main holders, with holding proportions of 69% and 15% respectively. The holding proportions of commercial banks and non - legal person products decreased, while those of securities companies and overseas institutions increased [4][20] - In ABN, non - legal person products and commercial banks held the most, with holding proportions of 62% and 28% respectively, both decreasing compared to the previous month [4][20] - For enterprise ABS, trust institutions and bank self - operations were the main investors in Shanghai Stock Exchange enterprise ABS, with holding proportions of 31% and 26% respectively, both decreasing. In Shenzhen Stock Exchange enterprise ABS, general institutions and trust institutions were the main investors, with the holding proportion of general institutions increasing and that of trust institutions slightly decreasing [4][25] 4. Yield and Spread - In May, the yields to maturity of ABS at all maturities declined. The yields to maturity of 1 - year, 3 - year, 5 - year, and 10 - year AAA - rated asset - backed securities decreased by 7.6bp, 6.1bp, 4.9bp, and 4.4bp respectively compared to April 30, 2025 [5][27] - The spreads between ABS yields to maturity and medium - and short - term notes mostly continued to rise. The spreads of 1 - year, 3 - year, 5 - year, and 10 - year AAA - rated asset - backed securities with the same - maturity and same - rating medium - and short - term notes changed to 5.4bp, - 10.1bp, 0.0bp, and - 1.3bp respectively [5][27]