01 基金经理最新动态 1、今日新聘基金经理11人，离任3人 据东方财富Choice数据统计，今日新聘基金经理11人，涉及22只基金（A/C类分开计算），主要来自博 时基金、华安基金等公司。另外，今日有3位基金经理离任。 02 今日基金新闻速览 1. 公募考核基准变化导致调仓？多位公募人士：该说法不准确、不专业 多位公募业内人士表示，近日关于公募考核基准导致市场调仓的有关分析不准确、不专业，缺乏基本常 识和依据。公募基金近期不存在大规模调仓现象。即使未来要优化业绩比较基准，调整的也是基准本 身，目的是使基金产品更加"名副其实"，根本无需大规模调仓。记者向接近监管部门的专业人士求证， 也印证了前述观点。最近银行股、小盘股行情频繁切换，很可能与个别人借机炒作有关。 2. 恒生指数调入美的集团、中通快递，恒生科技指数调入比亚迪股份 恒生指数公司公布季检结果，恒生指数调入美的集团、中通快递，恒生科技指数调入比亚迪股份。 3. 大空头Q1几乎清空股票组合 对英伟达及多只中概股建立新看空押注 传奇对冲基金经理Michael Burry旗下对冲基金Scion Asset Management在一季度几乎清空全部股票投资 组 ...

实际上，免签"朋友圈"持续扩容也将进一步促进我国入境旅游市场的发展成为共识。 中国旅行社协会副秘书长龙飞对证券时报记者表示："免签国家范围的扩大对于促进入境游具有重要意 义，通过旅游可以让更多国际客人了解中国，增加文化交流交往，提升国际影响力。其次，可以提升我 们国家在国际旅游市场影响力和竞争力，对于全球旅游目的地形象打造也具有重要意义。此外，可以有 助于整个旅游产业体系和服务体系的提质升级，带动旅游业及其他相关产业发展，为经济发展注入动 力。" 携程数据显示，今年以来，携程平台上入境游订单量同比增长接近翻倍。新增的五国入境游市场潜力巨 大，今年以来携程平台上阿根廷入境游订单同比增长168%，巴西、智利入境游同比增长均超八成。 在去哪儿平台上，6月仅巴西圣保罗可直飞北京，其他出发地均需要2—3次转机，价格在6000—7000元 之间。"五一"期间，使用上述国家护照，在去哪儿平台的机票预订量同比增长15%。 携程集团副总裁秦静也表示，中国对巴西等五国试行免签政策，不仅打开了跨境旅游的流量阀门，更以 签证便利制度创新为支点，撬动中国与五国之间更深层次的文明对话与价值共享。免签政策将高效激 活"双向解码"的文化引力 ...

转自：中国质量报 □ 本报记者 何 可 它是全球首个在线旅游国际标准，立项时以97.22%的高赞成率通过，发布后立即被英国等同采用为国 家标准……在5月19日中国旅游日到来前夕，一项由中国牵头制定的国际标准《旅游及相关服务 在线旅 游机构（OTA）在线住宿预订平台服务指南》（以下简称《服务指南》）发布。 据多位参与标准起草的专家透露，该标准从立项到发布共历时3年，研制过程中汇聚了16个国家以及5个 国际组织的专家智慧，充分体现了国际共识，有望进一步规范在线住宿预订平台的相关服务，消除国际 旅游信息差，减少大数据杀熟、捆绑消费和隐性消费等乱象。 唯一的反对票 "35票赞成、1票反对，赞成率高达97.22%。"2021年10月14日，一场关于《服务指南》的立项表决，出 现在国际标准化组织旅游与相关服务技术委员会（ISO/TC 228）的会议议程里。 据标准起草组中方代表、中国贸促会商业行业委员会秘书长姚歆介绍，这是ISO/TC 228自2005年成立以 来，首个由我国牵头并获批立项的国际标准，也是全球范围内首个在线旅游国际标准。ISO/TC 228还对 应成立WG 19"在线旅游机构（OTA）"工作组，由姚歆担任 ...

Macro Economic Overview - The US economy is experiencing a delay in the impact of tariffs, with April CPI inflation lower than market expectations. Concerns about inflation rebound persist, with food prices declining and energy prices recovering due to a smaller drop in gasoline prices [2] - Core CPI showed a slight rebound, with core goods rebounding modestly and core services, particularly hotel and airline ticket prices, seeing reduced declines. The impact of tariffs on inflation is expected to rise initially before declining, while falling oil prices may partially offset tariff effects [2] - CPI and core CPI year-on-year growth rates are projected to rise from April's 2.3% and 2.8% to 3.1% and 3.3% in August, before slightly decreasing to 2.7% and 3.1% in December. The Federal Reserve is expected to maintain interest rates in June and July, with potential rate cuts in September and November or December [2] Company Analysis Tencent (700 HK) - Tencent reported 1Q25 results with total revenue growing 13% year-on-year to RMB 180 billion, exceeding Bloomberg consensus by 3%. Strong growth in gaming and marketing revenues contributed significantly [5] - Non-IFRS net profit increased by 22% year-on-year to RMB 61.3 billion, also surpassing consensus by 3%, driven by strong revenue performance and improved gross margins [5] - The target price for Tencent has been raised to HKD 660 from HKD 625, reflecting an optimistic outlook on AI development supporting growth across various business lines [5] JD.com (JD US) - JD.com reported 1Q25 revenue of RMB 301.1 billion, a 15.8% year-on-year increase, exceeding expectations by 3-4%. Non-GAAP net profit rose 43% year-on-year to RMB 12.8 billion, surpassing expectations by 18-23% [5] - The company is increasing investments in its food delivery business to drive nationwide expansion and enhance user engagement among high-quality customer segments [5] - The target price remains at USD 55 per ADS, with a slight increase in revenue forecasts but a 10% decrease in non-GAAP net profit projections for 2025 due to increased investment in the food delivery segment [5] Nuocheng Jianhua (9969 HK) - Nuocheng Jianhua reported strong 1Q25 results with sales of Obutin increasing by 89% year-on-year to RMB 311 million, primarily driven by growth in marginal zone lymphoma (MZL) [6] - The company has raised its sales growth target for Obutin from 30% to over 35% for FY25, supported by the anticipated contribution from MZL and the recent approval for chronic lymphocytic leukemia (CLL) [6] - The company holds RMB 7.8 billion in cash reserves, providing ample support for future R&D investments [6] Industry Focus - The report highlights a positive outlook for the automotive sector, with companies like Geely and Xpeng receiving "Buy" ratings and target price increases, indicating strong growth potential in the electric vehicle market [10] - The consumer discretionary sector, including companies like Anta Sports and Luckin Coffee, is also noted for its growth potential, with several companies maintaining "Buy" ratings and significant target price upside [10] - The healthcare sector, particularly companies like BeiGene and Innovent Biologics, is recognized for its robust pipeline and potential for significant market impact, with "Buy" ratings reflecting confidence in their growth trajectories [10]

Core Viewpoint - The comparison between Carnival (CCL) and Trip.com (TCOM) indicates that CCL is currently a more attractive option for value investors based on various financial metrics and analyst outlooks [1][3][7]. Valuation Metrics - CCL has a forward P/E ratio of 12.27, while TCOM has a forward P/E of 19.24, suggesting that CCL is undervalued compared to TCOM [5]. - The PEG ratio for CCL is 0.54, indicating better value relative to its expected earnings growth, whereas TCOM has a PEG ratio of 1.18 [5]. - CCL's P/B ratio is 2.89, significantly lower than TCOM's P/B of 2,212.87, further supporting CCL's valuation as more favorable [6]. Analyst Outlook - CCL holds a Zacks Rank of 2 (Buy), reflecting an improving earnings estimate revision activity, while TCOM has a Zacks Rank of 3 (Hold) [3][7]. - The improving earnings outlook for CCL positions it as a superior value option in the current market [7]. Value Grades - CCL has been assigned a Value grade of A, indicating strong undervaluation, while TCOM has a Value grade of C, suggesting it is less attractive from a value perspective [6].

Global Market Overview - The report highlights a significant increase in major global stock markets, with the Hang Seng Index rising by 2.98% and the Nasdaq gaining 4.35% year-to-date performance reaching 24.63% [1][3] - The report notes that the market sentiment was positively influenced by the preliminary results of the US-China trade negotiations, leading to a rally in sectors sensitive to trade and economic cycles [3] Sector Performance - In the Hong Kong market, sectors such as consumer discretionary, industrials, and information technology led the gains, while defensive sectors like healthcare and utilities lagged behind [3] - The report indicates that the Hang Seng Financial Index increased by 2.46% and the Hang Seng Industrial Index rose by 3.45% year-to-date performance for these sectors is 34.00% and 46.55% respectively [2] Economic Impact - The report discusses the reduction of tariffs between the US and China, with the average tariff rate for US goods to China dropping to approximately 53% and China's tariff rate to the US at around 33% [3] - The impact of tariff reductions on China's GDP growth forecast was adjusted from 1% to approximately 0.5%, leading to an upward revision of the second-quarter GDP growth forecast from 4.5% to 4.8% [3] Investment Opportunities - The report lists several companies with buy ratings, including Geely Automobile (target price: 23.00), XPeng Motors (target price: 28.00), and Anta Sports (target price: 119.08), indicating potential upside of 21%, 33%, and 26% respectively [4] - Notable mentions include Luckin Coffee with a target price of 40.61 and a potential upside of 23%, and BYD Electronics with a target price of 43.22, showing a 14% upside [4] Market Sentiment - The easing of trade tensions has significantly boosted global market risk appetite, leading to a rebound in global equities and emerging market currencies, while safe-haven assets like gold and US Treasuries saw declines [3] - The report anticipates a delay in the Federal Reserve's interest rate cuts, pushing the expected timing from July to September, with a potential additional cut in November or December [3]

2025年，在线旅游行业掀起了一场前所未有的AI竞速战。截至5月，包括同程旅行、飞猪、马蜂窝等在 内的平台均加速更新AI产品。今年，在线旅游平台均密集接入大模型DeepSeek，试图在行程规划、智 能客服、供应链优化等领域抢占先机。为此，深蓝智库调研了业内多家主要在线旅游平台，并采访了多 位研究该领域的业内专家，围绕在线旅游企业角力AI总结出行业发展趋势，产品加速迭代、缩短用户 决策时间、AI取代在线客服、技术人才需求量大均成为新趋势，不过当下行业也面临技术不成熟、信 任度仍待提升等问题。业内专家认为，AI驱动的旅游业需突破"技术工具化"的初级阶段，呼吁政策层面 开放数据共享与标准共建，将成为下一阶段竞争的关键变量。 平均1—2个月产品迭代 在深蓝智库采访调研的平台中，所有的在线旅游平台均接入了DeepSeek。深蓝智库调研时还发现，今 年所有在线旅游平台都在加速AI产品的迭代，平均每1—2个月都会优化或升级AI产品。 近日，马蜂窝自研AI旅行助手"AI小蚂"正式上线。据悉，马蜂窝将完成全面技术升级的"AI小蚂"全量接 入DeepSeek大模型的同时，还集成了马蜂窝的垂直精调模型。在"AI小蚂"上线的前不久， ...

五一文旅市场的火爆开篇 2025 年的五一假期，文旅市场迎来了一场盛大的狂欢。文化和旅游部数据中心测算显示，五一 5 天假期，全国国内出游人次达到了 3.14 亿 ，同比增长 6.4%；国内游客出游总花费高达 1802.69 亿元，同比增长 8.0%。与此同时，夜间文旅经济也活力四射，纳入监测范围的国家级夜间文化和旅游消费集聚 区累计夜间客流量达 7595.44 万人次，同比增长 5.2%。 超14.65亿人次 < 日均2.93亿人次,同比增长7.9% 国内游客出游总花费 全国国内出游 累计夜间客流量 1802.69亿元 7595.44万人次 3.14亿人次 ↑ 5.2% 16.4% 18.0% 假期全国重点零售和餐饮企业 销售额同比增长6.3%↑ 以日葵新 汽车补贴申请量超6万份,带动新车销售88亿元; 12大类家电产品购买量356万台,带动销售119亿元; 手机等数码产品购买量242万件,带动销售64亿元。 (注:假期前四天) 服务消费持续升温，餐饮文旅市场红火。 全国重点监测餐饮企业销售额同比增长8.7%。 来源:交通运输部、文化和旅游部数据中心、商务部商务大数据 球 发生 关于 中 旅游出行行业投诉量 ...

据国家移民管理局通报，今年"五一"假期共1089.6万人次中外人员出入境，日均217.9万人次，较去年"五一"假期增长28.7%。外国人出入境111.5万人次， 较去年同比增长43.1%；入境外国人中，适用免签政策入境38万人次，同比增长72.7%。 从免签政策落地，到甲亢哥中国行火爆外网、《苦尽柑来遇见你》再度提高张家界游客"韩"量，"China travel"正成为全球流行趋势。而且除了北上广之 外，外国游客如今还爱上到西安看兵马俑、到重庆赏8D建筑、到成都看大熊猫，入境游的目的和娱乐方式日益多元化。 面对这块大蛋糕，国内开始涌现一批入境游创业者，携程、去哪儿、飞猪、同程等平台也加大对入境游项目的投入，一场面向未来的较量刚刚开始。 实施240小时过境免签政策后的首个"五一"假期，入境游掀起新热潮。 外国游客不爱出片爱体验 五一假期刚刚结束，但Vicky的兼职工作并没有结束。2023年，Vicky考取了英文导游证，之后挂靠在旅行社时常通过在周末、节假日接待外国游客增加收 入。 五一期间，Vicky接待了两组外国游客，一组是来自罗马尼亚的家庭，父母带着两名正在读高中的孩子一同到重庆旅游。"重庆在外网非常出名， ...

"五一" 假期，邮轮旅游市场迎来全面复苏。据携程数据，假期五天出发的邮轮产品预订量同比去年增长 120%，较 2019 年同期飙升 140%，前往日韩航线 占据主导地位。早在 4 月初，"五一" 出发的邮轮商品已基本售罄。 "五一" 假期，国潮文化深度渗透旅游市场。携程数据显示，非遗主题游搜索量暴涨，相关景区门票预订量同比增长 132%，其中 "非遗 + 研学" 产品在亲 子游市场占比显著上升。多地景区将传统文化融入惠民政策，如江西滕王阁、龙虎山、四川剑门关分别推出背诵《滕王阁序》《道德经》《蜀道难》免门 票活动。与此同时，古城古镇借力国潮逆袭，携程平台上，古镇景区门票订单量同比增长近三成。 当主流景区还在为 "人从众" 焦虑时，一场以 "逃离拥堵、深耕体验" 为核心的反向旅游潮正在兴起。今年 "五一" 假期，乡村游预订量同比增长近两成， 携程度假农庄多地联营店入住率突破 90%。在乡村采摘徒步、体验民俗文化、亲子康养等特色活动持续受到消费者青睐。 今年 "五一" 假期，国内文旅市场强势复苏，呈现 "多点开花" 态势。携程发布的《"五一" 假期旅行数据报告》显示，长线游目的地表现亮眼，亲子家庭与 携宠出游 " ...