市场表现： 2025 年5 月22 日，医药板块涨跌幅-0.73%，跑输沪深300 指数0.67pct，涨跌幅居申万31 个子行业第14 名。各医药子行业中，医疗研发外包(+0.04%)、血液制品(-0.37%)、其他生物制品（-0.51%）表现居 前，医院（-1.83%)、线下药店(-1.65%)、医药流通（-1.37%)表现居后。个股方面，日涨幅榜前3 位分别 为三生国健(+20.00%)、亚虹医药(+12.26%)、迈威生物(+11.71%)；跌幅榜前3 位为赛升药业 （-11.63%）、拓新药业(-10.93%)、拱东医疗（-9.99%)。 行业要闻： 近日，Ionis 宣布，公司开发的反义寡核苷酸（ASO）疗法Tryngolza（Olezarsen）在Essence 临床3 期研 究中取得积极的顶线结果。数据显示，该药在治疗6 个月后显著降低了患者的甘油三酯水平，达到主要 终点，且在所有关键次要终点上也取得统计学显著改善。Olezarsen 是一种反义寡核苷酸疗法，旨在抑 制机体产生载脂蛋白C-III（apoC-III，一种在肝脏中产生的调节血液中TG 代谢的蛋白）。 风险提示：新药研发及上市不及预 ...

Market Performance - On May 22, 2025, the CSI 300 index fell by 0.06%, with the machinery sector declining by 0.98%, ranking 20th among all primary industries [1] - Within the sub-sectors, railway transportation equipment saw the highest increase of 0.57%, while lithium battery equipment experienced the largest drop of 2.21% [1] - Top three gainers included Hongming Co. (+20.00%), Huayan Precision (+19.99%), and Dongbei Group (+10.03%), while the largest decliners were Xinbang Intelligent (-17.76%), Gribot (-8.03%), and Ruihua Technology (-6.72%) [1] Company Announcements - Jindun Co.'s major shareholder reduced its stake from 7.08% to 6.00% through a centralized bidding process, decreasing its holdings by 1.08% [2] - Boying Special Welding's major shareholder plans to reduce its stake from 5.10% to 3.10%, with a total reduction of 2% through centralized bidding and block trading [2] - Boying Special Welding's other major shareholder reduced its stake from 8.10% to 8.00%, with a total reduction of 0.11% [2] - Jindi Co. plans to establish a wholly-owned subsidiary in Germany, Jindi Technology Europe Co., with an initial registered capital of €300,000 to support its overseas market expansion strategy [2] Industry News - The 2025 China (Guangzhou) International Logistics Equipment and Technology Exhibition (LET 2025) and the 2025 Guangzhou International Intelligent Robot Exhibition (IRE2025) opened on May 21, 2025, featuring over 600 brand exhibitors and covering more than 50,000 square meters [5] - The exhibitions focus on themes such as "Smart Factory, Intelligent Logistics, and Robotics," showcasing innovations in logistics systems, mobile robots, and intelligent loading technologies [5] - The event included a special interactive area for robot demonstrations, enhancing audience engagement with innovative products [5] Semiconductor Equipment - Tsinghua University's research team made significant progress in high-frequency supercapacitor research, addressing the challenges of power management chips amid rising demands for computing power and efficiency [6][7] - The team achieved a breakthrough by quantitatively measuring the upper limit of dynamic response frequency for supercapacitors, utilizing micro-nano processing technology to create ideal electrodes [7] - A new concept of "dielectric-electrochemical" asymmetric capacitors was proposed, achieving a characteristic frequency exceeding 1 MHz, significantly higher than commercial supercapacitors [7]

[Table_Author] 证券分析师：刘晓锋 电话：13401163428 [Table_Title] 金 金融工程点评 [Table_Message]2025-05-21 金工 ETF 点评：宽基 ETF 单日净流出 16.79 亿元；传媒、医药拥挤度激增 电话：18910596766 E-MAIL：liuxf@tpyzq.com 执业资格证书编码：S1190522090001 研究助理：孙弋轩 E-MAIL：sunyixuan@tpyzq.com 一般证券业务登记编码：S1190123080008 一、资金流向 二、行业拥挤度监测 ◼ 通过构建行业拥挤度监测模型，对申万一级行业指数的拥挤度进行每日监测， 前一交易日纺织服饰、美容护理、轻工制造拥挤度靠前，相比较而言，电子、 石油石化的拥挤度水平较低，建议关注。此外，传媒、医药生物单日拥挤度 变动较大。从主力资金流动来看，前一交易日主力资金流入电子、传媒、医 药生物，流出国防军工、基础化工、计算机。近三个交易日主力资金增配汽 车、家用电器、银行，减配计算机、基础化工、国防军工。 三、ETF 产品关注信号 ◼ 根据溢价率 Z-score 模型搭建相关 ET ...

金十数据5月21日讯，外交部发言人毛宁主持例行记者会。总台央视记者提问：中方刚刚发布了王毅外 长将主持召开第三次中国—太平洋岛国外长会的消息，发言人能否进一步介绍有关情况?毛宁表示，中 国同太平洋岛国是相互尊重、共同发展的全面战略伙伴，近年来双方友好合作关系不断深化和发展。这 是第三次召开中国—太平洋岛国外长会，也是首次在华线下举办。与会各方将就中国同太平洋岛国全方 位交流合作以及共同关心的国际地区问题深入交换意见。 （央视新闻） 第三次中国—太平洋岛国外长会即将举行 外交部介绍有关情况 ...

外交部：中方高度重视同太平洋岛国的关系 双方友好合作关系正不断深化和发展 毛宁表示，中国同太平洋岛国是相互尊重、共同发展的全面战略伙伴，近年来双方友好合作关系不断深 化和发展。 智通财经5月21日电，外交部发言人毛宁5月21日主持例行记者会。有记者提问，中方刚刚发布了王毅外 长将主持召开第三次中国—太平洋岛国外长会的消息，能否请您进一步介绍有关的情况？ 中方高度重视同太平洋岛国的关系，期待通过此次外长会，积极落实双方领导人达成的重要共识，加强 团结协作，共谋发展繁荣，携手构建更加紧密的中国—太平洋岛国命运共同体。 毛宁在今天例会上宣布，中共中央政治局委员、外交部长王毅将于5月28日至29日在福建省厦门市主持 召开第三次中国—太平洋岛国外长会。基里巴斯总统兼外长马茂、纽埃总理兼外长塔格拉吉、汤加王储 兼外交大臣图普托阿、瑙鲁外长安格明、密克罗尼西亚联邦外长罗伯特、所罗门群岛外长阿格瓦卡、瓦 努阿图外长阿蒂、巴布亚新几内亚外长特卡琴科、库克群岛外长艾利卡纳、斐济外交部协理部长兼议会 副议长奎里奎里塔布阿、萨摩亚政府代表马里纳大使等11个同中国建交的岛国外长或代表，以及太平洋 岛国论坛副秘书长纳亚西将应邀参会。 这 ...

外交部发言人宣布：中共中央政治局委员、外交部长王毅将于5月28日至29日在福建省厦门市主持召开 第三次中国—太平洋岛国外长会。基里巴斯总统兼外长马茂、纽埃总理兼外长塔格拉吉、汤加王储兼外 交大臣图普托阿、瑙鲁外长安格明、密克罗尼西亚联邦外长罗伯特、所罗门群岛外长阿格瓦卡、瓦努阿 图外长阿蒂、巴布亚新几内亚外长特卡琴科、库克群岛外长艾利卡纳、斐济外交部协理部长兼议会副议 长奎里奎里塔布阿、萨摩亚政府代表马里纳大使等11个同中国建交的岛国外长或代表，以及太平洋岛国 论坛副秘书长纳亚西将应邀参会。(外交部) ...

澳大利亚4月西太平洋领先指标月率 -0.01%，前值-0.11%。 ...

市场消息：西太平洋银行考虑在未来几个月裁员5%。 ...

Group 1 - The core viewpoint of the articles is that the recent reduction of tariffs between China and the U.S. has led to a significant rebound in trade activities, with U.S. companies urgently replenishing their inventories due to rising demand from consumers [1][3][6] - Following the tariff reduction, the average booking volume for shipping containers surged by 277% compared to the previous week, indicating a strong recovery in trade [1][3] - U.S. companies are increasing their inventory levels, with some businesses extending their usual stock from 2-3 months to as much as 6 months in anticipation of future uncertainties [3][5] Group 2 - Shipping rates are experiencing significant fluctuations due to the surge in demand, with reports indicating that container shipping costs are set to rise, with one major shipping company notifying clients of a price increase to $10,000 per container [4][5] - The Shanghai Export Container Freight Index (SCFI) showed a notable increase in shipping rates, with prices for routes to the U.S. West Coast rising by 31% and to the East Coast by 22% [5] - Many U.S. companies are actively preparing for increased shipments, with reports of clients pre-booking thousands of containers in China, indicating a strong expectation of heightened trade activity in the coming weeks [3][5] Group 3 - Companies like Airdog are experiencing a resurgence in orders as U.S. customers begin to replenish their stock, with reports of increased consumer inquiries about future product availability and pricing [2][3] - The urgency to ship products is heightened by concerns over potential price increases and shipping delays, prompting companies to expedite their logistics processes [6][7] - The 90-day window for tariff suspension is creating a time-sensitive environment for trade, with companies needing to ship goods by the end of July to maximize the benefits of the reduced tariffs [7]

[Table_Title] 金 金融工程点评 [Table_Message]2025-05-16 风险提示：本报告结论完全基于公开历史数据，建议关注的行业指数与 ETF 产品基于 构建的量化模型，仅供大家参考阅读，不构成任何投资建议。 金工 ETF 点评：宽基 ETF 单日净流出 52.58 亿元；标普油气、电池 ETF 可关注 [Table_Author] 证券分析师：刘晓锋 电话：13401163428 E-MAIL：liuxf@tpyzq.com 执业资格证书编码：S1190522090001 研究助理：孙弋轩 电话：18910596766 一、资金流向 二、行业拥挤度监测 ◼ 通过构建行业拥挤度监测模型，对申万一级行业指数的拥挤度进行每日监测， 前一交易日交通运输、纺织服饰、美容护理拥挤度靠前，相比较而言，传媒、 社会服务、房地产、电子、电力设备的拥挤度水平较低，建议关注。此外，农 林牧渔、汽车单日拥挤度变动较大。从主力资金流动来看，前一交易日主力 资金流入医药生物、美容护理、煤炭，流出计算机、电子、非银金融。近三个 交易日主力资金增配美容护理、医药生物、煤炭，减配电子、计算机、国防 军工。 三、ET ...