金十图示：2025年05月20日（周二）富时中国A50指数成分股午盘收盘行情一览：物流、化学制药、家电等多个股涨幅居前，煤 炭板块跌幅居前，银行板块个股涨跌互现 中国中车 国电南瑞 面 2095.02亿市值 1840.15亿市值 1.15亿成交额 2.30亿成交额 7.30 22.91 -0.01(-0.14%) +0.01(+0.04%) @ JIN10.COM 金十数据 | 一个交易工具 IIN10.COM +0.01(+0.19%) 0.00(0.00%) +0.04(+0.53%) 保险 中国太保 中国平安 7.0 中国人保 9809.85亿市值 ■ 3613.10亿市值 3263.22亿市值 6.54亿成交额 10.71亿成交额 5.58亿成交额 53.87 8.17 33.92 +0.36(+1.07%) +0.57(+1.07%) -0.05(-0.61%) 酸酒行业 贵州茅台 山西汾酒 五粮液 19935.98亿市值 2429.80亿市值 5016.59亿市值 18.64亿成交额 10.49亿成交额 5.22亿成交额 1587.01 129.24 199.17 -0.93(-0.46%) +8 ...

Summary of Key Points Core Viewpoint - A total of 30 companies conducted share buybacks on May 19, 2025, with Tencent Holdings (00700) leading in both the number of shares repurchased and the total amount spent on buybacks, amounting to 5.00 billion with 979,000 shares repurchased [1][2]. Group 1: Buyback Details - Tencent Holdings (00700) repurchased 979,000 shares for 5.00 billion, representing 0.011% of its total share capital [2]. - AIA Group (01299) repurchased 2,338,400 shares for 154 million, accounting for 5.376% of its total share capital [2]. - China COSCO Shipping (01919) repurchased 5,560,000 shares for approximately 79.36 million, which is 8.781% of its total share capital [2]. Group 2: Other Notable Buybacks - Times Electric (03898) repurchased 119,180 shares for 39.04 million, representing 9.551% of its total share capital [2]. - Reading Group (00772) repurchased 600,000 shares for 14.64 million, which is 1.625% of its total share capital [2]. - China Eastern Airlines (00670) repurchased 2,500,000 shares for 6.61 million, accounting for 0.957% of its total share capital [2]. Group 3: Additional Companies - Jieli Trading (08017) repurchased 9,180,000 shares for 5.87 million, which is 4.998% of its total share capital [2]. - Weigao Group (01066) repurchased 120,000 shares for 713,400, representing 1.283% of its total share capital [3]. - Mobi Development (00947) repurchased 56,000 shares for 6.55 million, accounting for 0.662% of its total share capital [3].

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 中遠海運控股股份有限公司 FF305 確認 呈交日期： 2025年5月19日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 H | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 01919 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | 佔有關事件前的現有已發 | | 每股發行/出售價 (註4) | 已發行股份總數 | | | ...

金十图示：2025年05月19日（周一）富时中国A50指数成分股午盘收盘行情一览：银行、保险板块涨跌不一，白酒、汽车整车等 跌幅居前，半导体板块涨幅居前 -0.01(-0.19%) -0.01(-0.13%) +0.03(+0.76%) 保险 中国太保 中国平安 中国人保 01 3639.63亿市值 3213.19亿市值 9716.98亿市值 4.60亿成交额 11.02亿成交额 6.91亿成交额 53.36 8.23 33.40 -0.03(-0.06%) -0.03(-0.09%) +0.02(+0.24%) 酸酒行业 贵州茅台 山西汾酒 五粮液 19797.05亿市值 2451.03亿市值 5011.54亿市值 38.40亿成交额 6.14亿成交额 20.76亿成交额 1575.95 129.11 200.91 -38.18(-2.37%) -4.09(-2.00%) -1.97(-1.50%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2321.53亿市值 2789.36亿市值 3247.10亿市值 12.09亿成交额 15.83亿成交额 7.58亿成交额 139.70 434.60 668 ...

Group 1 - The report highlights that from May 12 to 13, 2025, southbound funds recorded a net inflow of HKD 42.13 billion, primarily flowing into the banking, semiconductor, pharmaceutical, non-bank financial, and durable consumer goods sectors, with the top five industries collectively seeing a net inflow of HKD 45.32 billion [2][6][18] - During the same period, foreign institutional funds experienced a net outflow of HKD 21.71 billion, with significant inflows into non-bank financials, hardware equipment, automotive and parts, home appliances, and media, totaling a net inflow of HKD 32.74 billion across the top five industries [6][29] - The report notes that from May 7 to 13, 2025, southbound funds had a net inflow of HKD 6.25 billion, mainly into banking, discretionary retail, telecommunications services, coal, and pharmaceuticals, with the top five industries seeing a total net inflow of HKD 141.79 billion [7][36] Group 2 - The report indicates that over the past 30 days, the inflow of southbound funds has decreased, while the liquidity surplus in the Hong Kong banking market has significantly increased [5][14] - The report mentions that the "public offering new regulations" have notably enhanced the attractiveness of allocating to large financial sectors in A-shares [5][12] - The report also states that the premium of A-shares over H-shares is currently at a relatively high level, reflecting a divergence in valuation perceptions between investors in both markets [5][20]

关税缓和下的周期机会 20250518 摘要 • 短期外贸数据可能因抢出口而表现良好，但美国对中国加征 30%关税的中 长期影响不容忽视，或对经济构成压力，但对债券市场影响有限。 • 化工行业估值处于历史低位，具备配置良机。中证细分化工龙头指数表现 优于沪深 300，且化工品价格显著回升，成本端压力下降，产业周期迎来 拐点。 • 化工行业资本支出连续两年下降，预示产品周期拐点。龙头公司如万华、 卫星等将在 2025 年底至 2026 年初迎来确定性增量，带来可观净值增长。 • 关税扰动下，钢铁板块出现抢出口现象，但实际影响有限。应关注基础材 料板块的投资机会，包括基建相关、高分红及海外布局良好的公司。 • 中美关税缓和提升宏观风险偏好，为有色金属行业提供阶段性投资机会， 尤其利好铝行业短期需求，间接出口的恢复将提振行业整体需求。 • 几内亚政府收回部分铝土矿矿权，导致氧化铝价格上涨。建议关注拥有低 成本一体化布局的矿业公司，如中国铝业、中国宏桥、南山国际等。 • 关税缓和对集运和航空领域有直接影响。集运运价中枢预计提高，盈利预 测及估值上调。航空业供给端压缩、需求端回暖，盈利预计大幅改善。 Q&A 关税缓和对 ...

证 券 研 究 报 告 交通运输行业周报（20250512-20250518） 聚焦中美关税进展：双边贸易迅速升温，备货潮推 推荐（维持） 高运价，推荐集运板块投资机会 一、聚焦中美关税进展：双边贸易迅速升温，备货潮推高运价，推荐集运板块 投资机会 5 月 12 日，中美发表日内瓦经贸会谈联合声明，中美将互相取消此前加征的 91%的反制关税，并暂停实施 24%的对等关税 90 天。 关税政策一经调整，双边贸易迅速升温，美国进口商快速启动原本积压订单的 发货，市场美线货运量激增，据财联社公众号报道：贸易追踪机构 Vizion 公 布的数据显示，在美国和中国互降关税之后，在美国下单的从中国到美国的集 装箱运输预订量飙升近 300%。截至 5 月 5 日的七天平均预订量为 5709 个标 准集装箱，而截至 5 月 14 日的七天平均预订量飙升 277%至 21530 个标准集 装箱。 出货需求大增推高市场运价，根据上海航交所公众号报道，本周北美航线的运 输需求明显复苏，即期订舱价格大幅上涨：5 月 16 日，上海港出口至美西和 美东基本港市场运价（海运及海运附加费）分别为 3091 美元/FEU 和 4069 美 ...

证券研究报告 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 张付哲 zhangfuzhe@huayuanstock.com 板块表现： 美线抢运拉动航运景气，内需物流保持稳健 投资评级： 看好（维持） —交通运输行业周报（2025 年 5 月 12 日-2025 年 5 月 18 日） 交通运输 行业定期报告 hyzqdatemark 2025 年 05 月 18 日 投资要点： 一、行业动态跟踪 航运船舶： 联系人 1）中美关税暂缓 90 天，引发集运美线抢运潮： 5 月 12 日，中美宣布自 5 月 14 日 起 90 天内中美双方互降关税，引爆外贸企业抢运潮。Vizion 数据显示，在中美宣布 互降关税后，截至 5 月 13 日，7 天平均订舱量较 5 月 5 日飙升 277%。中美外贸企 业发货需求迅速回升，带来中美航线货量出现明显反弹。中 ...

近日，随着中美关税下调的消息传出，航运板块一片飘红，多家上市企业纷纷涨停，更不乏个股出现火 箭式蹿升：如国航远洋15日涨超19%，近4个交易日股价已翻倍。 相关航线货量明显反弹，预计将为航运板块带来一波业绩利好。相关贸易追踪机构数据显示，截至5月 14日，在美国下单的从中国到美国的集装箱运输七天平均预订量已飙升277%，显示出强劲的市场需 求。 与此同时，在此前的关税不确定性影响下，一季度航运板块相关上市公司业绩普遍向好，更有龙头出现 超100%净利涨幅，显示出稳健的经营韧性。多重超预期利好叠加之下，航运板块的估值逻辑也有望生 变。 航运板块业绩分化明显 2025年第一季度，航运板块整体业绩向好，如中远海控(01919)、招商局港口(00144)、青岛港(06198)、 中远海运港口(01199)等多家企业实现营收利润双双增长。 数据显示，2025年一季度航运板块(申万三级)市值前10大公司营业收入平均值为88.9亿元，中位数为 38.8亿元，同比增长14.5%;归母净利润平均值为15.6亿元，中位数为4.2亿元，同比增长35.3%。 其中，数家航运龙头盈利表现尤为强劲，如中远海控一季度实现归属于上市公司股东 ...

Investment Rating - The report does not explicitly state an investment rating for the ocean freight market, but it indicates a stabilizing market with expected volatility due to geopolitical tensions and tariff changes [6][30]. Core Insights - Global GDP growth forecasts are 2.2% for 2025 and 2.4% for 2026, with a rising risk of recession in the US impacting demand [6][30]. - Container growth projections have been revised down to -1% for 2025, reflecting a decline in global container throughput [6][30]. - Port congestion remains a significant issue, particularly in European ports, affecting capacity and operational efficiency [37]. - Freight rates are stabilizing, but volatility is expected due to ongoing trade negotiations and tariff discussions [55]. Summary by Sections Demand - Global container trade grew by 11.2% in January 2025, but forecasts have been revised to predict a decline of 1.1% for the year [24][30]. - Demand is expected to remain robust except on the Transpacific route due to ongoing tariff disputes [31]. Capacity - Major carriers are shifting capacity from the Transpacific to other trade lanes due to rising blank sailings and cancellations [6][30]. - Effective capacity is impacted by delays and congestion, with 16% of global capacity currently tied up in routing around the Cape of Good Hope or port congestion [24]. Rates - Container freight rates are stabilizing, with considerable fluctuations in spot rates reflecting uncertainty in the trade environment [55]. - Long-term rates are more stable, but worsening port congestion and potential tariff changes could impact rate dynamics [55]. Port Congestion - Congestion at major North American ports is improving but still exceeds pre-pandemic levels, while European ports like Rotterdam and Antwerp are experiencing significant congestion [37]. Schedule Reliability - Schedule reliability improved to 57.5% in March 2025, the highest since November 2023, with significant regional improvements noted [43]. GDP Growth & Bunker Prices - GDP growth forecasts for different regions indicate a mixed outlook, with the Americas at 2.2% and Europe at 1.3% for 2025 [47]. - Bunker prices are expected to fluctuate, impacting operational costs for shipping companies [48]. Regulatory Changes - The U.S. Trade Representative has revised port fee regulations targeting Chinese carriers, with enforcement starting on October 14, 2025 [7][8]. - The Mediterranean Sea will be designated as an Emission Control Area effective May 1, 2025, requiring vessels to use low-sulfur fuel [6].