Group 1: Bond ETF Market - The bond ETF market has seen significant growth, with over 40 billion yuan in net inflows in May alone, reaching a new high in total scale [1] - On May 30, 10 out of the top 12 ETF products by trading volume were bond ETFs, indicating strong market participation [1] - Nine bond ETFs have been approved for use as collateral in general pledge-style repurchase agreements, which may accelerate the expansion of the bond ETF market [1] Group 2: Public Fund Issuance - In May, bond funds dominated the public fund issuance market with a 55.07% issuance ratio, while equity products faced uneven demand [1] - The issuance of ETFs has declined for four consecutive months, raising only 11.068 billion units in May [1] - The market reflects a struggle between stability and change, with bond funds providing a safety net while equity products seek growth in niche segments [1] Group 3: Private Equity and ETF Investment - Private equity firms have shown strong interest in newly listed ETFs, with 104 firms holding a total of 1.783 billion shares in 97 ETFs [2] - The preferred themes for private equity investments are technology innovation and free cash flow [2] Group 4: Insurance Companies' Stock Purchases - As of the end of May, seven insurance companies have made 15 stock purchases this year, surpassing the total for 2023 and the first nine months of 2024 [2] - The majority of these purchases have been in bank stocks, with additional investments in public utilities, energy, and transportation sectors [2] Group 5: Corporate Developments - 28 companies have successfully removed their ST (Special Treatment) status this year, primarily through financial improvements, internal control repairs, and bankruptcy restructuring [3] - The airline industry is expected to see improved profitability due to falling oil prices and recovering demand, with a projected net profit margin of 3.7% for 2025 [3] - Domestic new energy vehicle manufacturers reported significant sales growth in May, with several companies achieving monthly sales exceeding 40,000 units, driven by extended-range vehicles [4] Group 6: Tesla's Sales Decline - Tesla's sales in France plummeted by 67% in May, marking the lowest sales level in nearly three years, despite the launch of a new version of its Model Y [6]

Core Insights - The article highlights the top and bottom AH premium rates for various stocks, indicating significant discrepancies between H-shares and A-shares [1][2] - Northeast Electric (00042) and Andeli Juice (02218) lead in AH premium rates, while Ningde Times (03750) shows a negative premium [1] AH Premium Rate Rankings - The top three stocks with the highest AH premium rates are: - Northeast Electric (00042) with a premium of 1002.04% - Andeli Juice (02218) with a premium of 337.12% - Hongye Futures (03678) with a premium of 266.12% [1] - The bottom three stocks with the lowest AH premium rates are: - Ningde Times (03750) with a premium of -3.28% - Chifeng Gold (06693) with a premium of 7.16% - China Merchants Bank (03968) with a premium of 8.15% [1] Deviation Values - The stocks with the highest deviation values are: - Andeli Juice (02218) with a deviation of 39.38% - Northeast Electric (00042) with a deviation of 22.89% - Huaxin Cement (06655) with a deviation of 21.56% [1] - The stocks with the lowest deviation values are: - Zhejiang Shibao (01057) with a deviation of -67.67% - China Shipbuilding Defense (00317) with a deviation of -35.31% - Shandong Molong (00568) with a deviation of -32.11% [1][2] Additional Insights - The article provides a detailed table of the top ten and bottom ten AH stocks based on premium rates and deviation values, showcasing the significant differences in market valuations between H-shares and A-shares [1][2]

Core Viewpoint - China Merchants Bank (03968.HK) maintains a strong technical trend, closing at HKD 49.45 on May 29, 2025, with a slight increase of 0.20%, reinforcing its recent upward channel [1] Technical Analysis - The stock price is currently above key technical support levels, with short-term support between HKD 47.50 and HKD 44.80, and upward resistance at HKD 50.60 and HKD 52.00 [1] - The overall upward probability is at 52%, indicating potential for breaking previous highs, with market sentiment remaining bullish [1] - Moving averages show the stock price is above the 10-day, 30-day, and 60-day averages, which are HKD 49.30, HKD 46.43, and HKD 46.40 respectively, reflecting a standard bullish pattern [1] - Trading volume reached HKD 750 million, indicating strong liquidity and high market participation, which supports steady price increases [1] Technical Indicators - The RSI value is at 66, nearing the overbought zone but not yet overheated, suggesting active buying with room for further upward movement [2] - Other key oscillators like CCI and psychological lines maintain buy ratings, while the stochastic oscillator is in the overbought zone but signals a sell [2] - The MACD remains in positive territory with a buy signal, and the Ichimoku chart shows a clear upward trend, indicating a healthy technical structure [2] - The Bollinger Bands indicate the stock is trading between the upper and middle bands, reflecting a strong consolidation phase with upward breakout potential [2] - The overall technical summary signals a "strong buy" with a strength rating of 17, indicating a very strong upward signal [2] Market Outlook - As a core blue-chip in the financial sector, China Merchants Bank has established a clear and stable upward pattern [3] - A successful breakthrough of the key resistance at HKD 50.60 could lead to rapid advancement towards HKD 52 or higher [3] - As long as the stock does not fall below the critical support level of HKD 47.50, the overall bullish trend will be maintained, making it a potential target for medium-term positioning [3]

Core Viewpoint - The financing matchmaking event in Xuchang marks a significant advancement in the collaboration between banks, government, and enterprises, aiming to support the high-quality development of the "two financing" model in the region [1][3]. Group 1: Strategic Cooperation - The Xuchang Municipal Government has established deep cooperation intentions with 14 banks, signing strategic cooperation agreements [1]. - The participating banks include major institutions such as Agricultural Development Bank, Industrial and Commercial Bank, Agricultural Bank, Bank of China, and several others [1]. Group 2: Financial Support - Over the next 3 to 5 years, the banks are set to provide approximately 550 billion yuan in financing support to Xuchang, enhancing the financial momentum for the city's "two financing" high-quality development [3]. - The collaboration aims to broaden the channels for bank-enterprise cooperation, with 196 enterprises reaching cooperation intentions with the banks, totaling 56.35 billion yuan [3]. Group 3: Signing Achievements - At the event, 30 enterprises completed on-site agreements with banks, amounting to 20.31 billion yuan [3]. - The successful signing activities reflect the confidence and support of financial institutions in the economic development of Xuchang, providing tangible financing opportunities for local enterprises [3].

Group 1 - The company has signed a sales agreement with China Merchants Bank to start selling certain funds from May 28, 2025 [1] - The announcement includes details about the applicable funds and their business opening status, indicating that the listed funds will be available for regular investment and conversion services [1][2] - Investors can consult the company or China Merchants Bank for further details regarding the fund sales and services [3][8] Group 2 - The company has also signed a sales agreement with Dongxing Securities to sell the "Invesco Great Wall Quality Evergreen Mixed Securities Investment Fund" starting from May 28, 2025 [5][6] - Similar to the agreement with China Merchants Bank, this announcement outlines the applicable funds and their business opening status, including regular investment and conversion services [5][6] - Investors are advised to follow the specific rules and procedures set by the sales institutions for fund transactions [2][7] Group 3 - The company has reported on related party transactions involving the "Invesco Great Wall Jingyi Helix Bond Fund," indicating that it sold securities issued by a related party under proper approval procedures [9][10] - The transactions were conducted in accordance with legal regulations and the fund's investment strategy, prioritizing the interests of the fund holders [9][10] - The company emphasizes that the transaction prices were fair and aligned with the fund's investment objectives [9]

先接着简单聊一下昨晚说的，长城炮轰新能源车行业乱象的事情， 今天一共有3个后续。 其二，上午统计局公布了1-4月的规上工业企业利润，按照统计局的分析，1-4月，其实制造业企业的利润增速 非常好，几乎是拖着整个工业企业的利润往上走，其中装备制造业前4个月利润同比增11.2%，高技术制造业则 同比增9%，且4月单月的增速明显进一步提高；但从数据看，唯独汽车制造业拖后腿了，营收同比增6.9%，但 利润同比跌-5.1%，典型的增收不增利，这也可以从宏观视角，看到汽车行业降价竞争的惨烈。 其三，下午开始传，某车企在山东的某经销商暴雷的消息，其实事情是发生在4月份了，但整体看，相比于整车 厂，经销商的压力，目前无疑是更大的，而且已经在面临生死存亡的时刻。 那么，新能源车降价之风能止住么？ 我个人觉得，难。 如果靠行政力量可以干预的话，光伏行业也不至于蛰伏这么多年了——某种程度而言，整车厂和光伏行业 还特别像，背后，其实都是地方资金的身影。 但后续的措施还是得有，否则大家购买新车的热情会迅速下降，可能会形成负向循环。 所以， 对车企来说，可能未来只有两条路走得通。 一是继续熬，继续耗，直到成为这场消耗战最后的玩家之一，走一 ...

海外经济：稳步扩张 美国经济保持稳步扩张态势，美联储年内降息预期收敛至2次（约50bp）。 亚特兰大联储GDPNOW模型预测二季度美国实际GDP年化增速为2.4%，实现转正。其中个人消费（PCE）增 速达到3.6%，基本走出了关税恐慌；私人投资（不含库存）增速达到2.7%，主要来自设备（7.1%）及知识产 权（5.3%）分项的贡献，地产（-3.0%）及建筑（-1.7%）则在高利率压制下转向收缩。 就业市场依然稳健，失业水平保持低位。周频首次申领失业金人数回落至22.7万，仍处相对低位。基于当前数 据推测，5月失业率水平或位于4.1-4.3%区间，与前值基本持平。 进口商承担大部分关税影响，通胀上行幅度仍然可控。根据最新权威学术研究，截至5月14日，关税的通胀效 应仅表现为进口商品价格上涨约2%。如无意外，下半年美国通胀中枢将稳定在3%附近，不会无序上行，但也 无法实现美联储2%目标。 "漂亮 大法案"进展良好，叠加马斯克宣布回归主业，美国财政整顿的首次尝试似乎已经失败。周频财政赤字 额达到$919亿，大幅超出季节性水平。2025财年美国赤字水平将继续处于高位。 基于"双目标"及经济、财政形势推演，美联储并无大 ...

2025.05. 26 本文字数：2751，阅读时长大约4.5分钟 作者 | 第一财经 陈君君 今年以来，国内存款利率持续走低，多家银行1年期定期存款利率日前跌破1%，传统储蓄吸引力减 弱。与此同时，银行股的"类固收"属性凸显，截至5月23日，42家A股上市银行中，超七成近12个月 股息率超4%，部分银行股息率突破8%，远超存款及国债收益。 板块行情分化，区域银行占上风 这种收益差距引发"替代效应"，推动银行股表现强劲，年初以来涨幅达7.66%。险资和公募基金纷纷 加仓银行股，持仓比例显著提升。进一步来看，银行板块内部走势分化，区域银行表现更为突出。业 内人士认为，短期内高股息策略将继续推动银行股上涨，而中长期来看，息差水平和资产质量是关 键。 银行股的存款"替代效应"凸显 自2025年起，国内存款利率持续走低，各大商业银行纷纷开启"降息潮"。目前，1年期定期存款利率 最低已跌破1%，达到历史最新低点。在传统储蓄收益吸引力不断减弱的形势下，"存银行不如买银行 股"的讨论再度升温。 根据Wind数据，截至5月23日收盘，在42家A股上市银行中，有31家银行的近12个月股息率超过了 4%。其中，平安银行、民生银行 ...

Group 1 - Horizon Robotics has been included in the Hong Kong Stock Connect list, effective from May 26, which is expected to enhance its market position and attract more mainland investors [1] - The inclusion in the Stock Connect is seen as a recognition of Horizon Robotics' market status, likely increasing stock liquidity and supporting long-term development [1] Group 2 - Hong Kong Exchanges and Clearing Limited announced an increase in the position limits for Hang Seng Index derivatives, effective July 2, aiming to enhance market liquidity and solidify Hong Kong's status as a global risk management center [2] - This adjustment reflects the exchange's ongoing commitment to developing the derivatives market and is expected to attract more international investors [2] Group 3 - Haitian Flavor Industry has passed the Hong Kong Stock Exchange hearing and plans to achieve A+H listing, with significant revenue figures of approximately 25.6 billion yuan, 24.6 billion yuan, and 26.9 billion yuan for 2022, 2023, and 2024 respectively [3] - The A+H listing is anticipated to broaden Haitian's financing channels and enhance its competitiveness in the international market [3] Group 4 - Zhu Jiangtao has resigned as an executive director of China Merchants Bank due to work reasons, with Wang Xiaoqing nominated as the new executive director [4] - This management change may impact the bank's strategic direction and internal management dynamics, warranting investor attention on the new director's background and vision [4] Group 5 - On May 23, the Hang Seng Index rose by 0.24% to 23601.26, while the Hang Seng Tech Index decreased by 0.09% to 5246.87, and the Hang Seng Composite Index increased by 0.31% to 8583.86 [5]

A 股简称：招商银行 A 股代码：600036 公告编号：2025-024 招商银行股份有限公司 关于执行董事辞任的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事离任的基本情况 招商银行股份有限公司（简称本公司）董事会收到本公司执行董 事朱江涛先生的辞任函。朱江涛先生因工作原因，向本公司董事会提 请辞去执行董事、董事会关联交易管理与消费者权益保护委员会委员 及副行长职务。朱江涛先生的辞任自 2025 年 5 月 23 日起生效，具体 情况如下： 是否继续在 是否存在 原定任期 姓名 离任职务 离任时间 离任原因 本公司及其控股 未履行完毕 到期日 子公司任职 的公开承诺 执行董事 董事会关联交易 管理与消费者权 2025 年 2025 年 朱江涛 因工作原因 否 否 益保护委员会 5 月 23 日 6 月 28 日 委员 副行长 朱江涛先生已确认与本公司董事会无不同意见，也无与其辞任有 关的其他事项需要提请本公司股东和债权人注意。 本公司董事会对朱江涛先生在任职期间为本公司作出的贡献给予 高度评价并致以衷心的感 ...