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信用周观察系列:信用利差压缩行情启动
HUAXI Securities· 2025-05-19 03:47
证券研究报告|固收研究报告 [Table_Date] 2025 年 05 月 19 日 [Table_Title] 信用利差压缩行情启动 [Table_Title2] 信用周观察系列 [Table_Summary] 5 月 12-16 日,中美关税谈判取得超预期进展,4 月出口数据超预期走 强,但 PPI 同比与新增信贷则显著偏弱,空头力量占据上风,市场选 择阶段性防御,利率债收益率上行。在利率债震荡偏弱行情中,中短 端信用债凭借利差优势受到青睐,城投债 1-2 年收益率下行 3-6bp,利 差收窄 6-9bp。 从二级成交来看,信用债买盘热度小幅降温,城投债和产业债日均成 交笔数均减少,TKN 占比和低估值占比也有所下降。分评级看,城投 债变化不大,产业债成交向高等级集中,AAA-及以上成交占比由 51% 升至 55%。分期限结构看,城投债和产业债均拉久期。一级市场发行 情绪继续回升,城投债发行倍数 3 倍以上占比环比前周上升 6 个百分 点至 63%,产业债全场倍数 3 倍以上占比由 31%升至 38%。 往后看,长期债牛的观点不变,但是短期仍处在等待基本面变化的阶 段,债市或进入震荡期。而在震荡期内,波 ...
海外周报:入境旅游迎来新催化,潮玩企业Letsvan旗下wakuku发布三代产品
HUAXI Securities· 2025-05-19 03:05
Group 1: Policy Changes - China will implement visa-free policies for Brazil, Argentina, Chile, Peru, and Uruguay from June 1, 2025, to May 31, 2026, allowing ordinary passport holders to enter for up to 30 days without a visa[1] - This policy aims to enhance inbound tourism and is expected to increase overall demand in the inbound tourism sector[1] Group 2: Product Launch - Letsvan's WAKUKU brand launched its third-generation collectible figures on May 17, 2025, with a retail price of 69.8 CNY per unit and 418.8 CNY per box[2] - Letsvan, acquired by Quantum Song in March 2025, has established itself as a potential leader in the domestic collectible toy market, integrating traditional culture with modern trends[2] Group 3: Market Performance - The Hang Seng Index rose by 2.09%, while the Hang Seng Technology Index increased by 1.95% during the week of May 12-16, 2025[9] - The Nasdaq Composite Index saw a significant increase of 7.15%, reflecting strong performance in the U.S. market during the same period[17] Group 4: Investment Recommendations - Analysts recommend focusing on sectors benefiting from AI and technology advancements, including Alibaba, Tencent, and Meituan, as well as companies with strong domestic consumption fundamentals[3] - The report highlights the importance of embracing new consumption patterns and technological integration for future growth[3]
投资者保护再迎新规
HUAXI Securities· 2025-05-18 16:15
证券研究报告|行业研究周报 [Table_Date] 2025 年 05 月 18 日 [Table_Title] 投资者保护再迎新规 [Table_Title2] 非银金融周报 [Table_Summary] 报告摘要: 本周(2025. 5.11-2025. 5.17)A 股日均交易额 12,4 76 亿元,环比减少 7.8%,同比增加 44 .4%。20 25 年二季度至今 日均成交额 12,5 66 亿元,较 2024 年二季度日均交易额增加 51.7%。202 5 年至今日均成交额 14,31 7 亿元,较 2024 年日均 交易额增加 64.3 %。投行:本周无新股发行;本周上市新股 3 家,募集资金 13.0 亿元。2025 年至今,A 股 I PO 上市 40 家,募集金额 260. 5 亿元。2024 年,A 股 IPO 上市 10 0 家, 募集金额 673 .5 亿元。两融:截至 202 5 年 5 月 15 日,两市 两融余额 18, 084.9 7 亿元,环比减少 0.01 %,较 202 4 年日均 水平增加 15. 41%。两市融券余额 117.68 亿元,占两融比例为 0.65 ...
家电行业周报:4月清洁电器增长强劲,中美同步大幅降低双边关税
HUAXI Securities· 2025-05-18 15:35
证券研究报告|行业研究周报 [Table_Date] 2025 年 05 月 18 日 [Table_Title] 周专题: 4 月清洁电器增长强劲,中美同步大幅降低双边 关税 [Table_Title2] 家电行业周报 [Table_Summary] ► 周专题: 4 月清洁电器景气延续,量价齐升。根据奥维云网数据, 2025 年 4 月扫地机线上销额 10 亿元,同比+81%,线上销量 30 万台,同比+74%,线上均价 3340 元/台,同比+3.5%; 2025 年 4 月洗地机线上销额 6.9 亿元,同比+82%,线上销量 34 万台,同比+82%,线上均价 2043 元/台,同比+0.1%。 分品牌来看,科沃斯、石头表现亮眼,份额稳居前列。根据 奥维云网数据,2025 年 4 月,科沃斯、石头扫地机线上销额 分别同比+98%、+72%,市占率分别为 25%、26%;添可、石头 洗地机线上销额分别同比+39%、+1065%,市占率分别为 31%、19%。 北京时间 5 月 12 日,《中美日内瓦经贸会谈联合声明》 (下称《联合声明》)公布。根据《联合声明》,中美双方 承诺将于 2025 年 5 月 ...
传媒行业周报系列 2025 年第 19 周
HUAXI Securities· 2025-05-18 15:25
2025 年第 19 周(实际交易日为 2025.5.12-2025.5.16)上证指 数上涨 0.76%,沪深 300 指数上涨 1.12%,创业板指数上涨 1.38%。恒生指数上涨 2.09%,恒生互联网指数上涨 2.1%,行业 领先恒生指数 0.01pct。SW 传媒指数下跌 0.77%,落后创业板指 数 2.14pct,在申万一级 31 个行业涨跌幅排名中位列第 29 位。 子行业中互联网服务、广电和体育位列前三位,分别为上涨 1.86%、上涨 0.37%和上涨 0.1%。 ► 核心观点&投资建议 证券研究报告|行业研究周报 [Table_Date] 2025 年 5 月 18 日 [Table_Title] [Table_Title] 中美关税谈判取得重大进展,三大外卖平台被约 谈 传媒行业周报系列 [Table_Title2]2025 年第 19 周 ► 市场行情回顾 [Table_Summary] 中美关税谈判取得重大进展,后续保持谨慎乐观。本周,据新华 社,中美经贸高层会谈于瑞士日内瓦达成实质性共识,双方宣布 将分阶段调整加征关税:美国暂停24%中国商品关税90天,保留 剩余 10%,并取消此 ...
中美日内瓦会谈达成积极共识,618 大促全面启动
HUAXI Securities· 2025-05-18 15:05
证券研究报告|行业研究周报 [Table_Date] 2025 年 05 月 18 日 ► 2025 年 618 大促全面启动,补贴加码激活消费市场 根据中国网电商中国公众号报道,2025 年"618"年中大促于 5 月 13 日正式拉开帷幕,各大电商平台以"规则简化、补贴 加码、体验升级"为核心策略,提前布局抢占市场。天猫、 京东、唯品会等平台率先启动预售,通过直降立减、现货销 售等创新模式吸引消费者,同时强化物流与售后服务,推动 消费市场回暖。根据 5 月 14 日天猫大美妆公布的天猫美妆抢 先购预售 4 小时 TOP20 排行榜来看,国货品牌延续良好的增长 势头,珀莱雅稳居第一,可复美跃升至第三名,薇诺娜、毛 戈平均上榜。建议关注优秀电商品牌的增长势能,相关受益 标的包括巨子生物、珀莱雅、毛戈平、若羽臣、南极电商 等。 投资建议 [Table_Title] 中美日内瓦会谈达成积极共识,618 大促全面 启动 [Table_Title2] 社服零售行业周报 [Table_Summary] ► 中美日内瓦会谈达成积极共识,出口链预期修复 根据央视新闻公众号,当地时间 5 月 12 日上午 9:00,双方 发 ...
投资策略周报:险资长线资金入市,A股“稳中有进”趋势延续-20250518
HUAXI Securities· 2025-05-18 14:33
Market Review - The recent decrease in bilateral tariffs between China and the US has boosted market risk appetite, leading to a global stock market rally, with the Nasdaq rising by 7.2%. A-shares and Hong Kong stocks experienced fluctuations, with the Shanghai Composite Index recovering above 3400 points in the first half of the week, driven by large financial stocks, followed by a volume-adjusted pullback in the latter half. The beauty care, non-bank financial, and transportation sectors led the gains, while TMT and military industries lagged behind. International crude oil prices increased, while gold prices fell, and domestic coking coal prices continued to weaken. Concerns about a US economic recession have eased, with the 10-year US Treasury yield rising to 4.5% [1][2]. Market Outlook - The influx of long-term insurance capital into the market is expected to sustain the "steady progress" trend in A-shares. The recent tariff reductions have improved short-term market risk appetite and fundamental expectations, allowing major A-share indices to break through the gap from early April. However, concerns about the volatility of tariffs remain, as the 30% tariffs imposed by the US on China earlier this year are still in place. Moving forward, A-shares are anticipated to remain in a steady upward trend amidst fluctuations, supported by policies aimed at stabilizing and activating the capital market, such as the third batch of long-term insurance capital investment trials and reforms in public fund management fees [2][3]. Economic Fundamentals - The restoration of bilateral tariffs to "tradeable" levels post-China-US negotiations is expected to enhance global trade demand and economic growth expectations. The recent US inflation data for April was below market expectations, indicating a delayed impact of tariffs on "hard data." Market expectations for interest rate cuts have shifted from July to September, with the 10-year US Treasury yield returning to 4.5%. In China, the export growth rate for April was 8.1%, exceeding market expectations, supported by "export diversion," despite a 21% year-on-year decline in direct exports to the US. The reduction in tariffs is likely to continue supporting exports in May and June, significantly mitigating the impact of external demand on the domestic economy [2][3]. Key Focus Areas 1. The easing of tariffs has temporarily boosted risk appetite, but the upcoming phase two negotiations between China and the US remain critical. A-shares and Hong Kong stocks have seen profit-taking as the initial positive effects of tariff reductions have been priced in. The current A-share and Hong Kong indices have returned to pre-tariff levels, with the overall A-share index's price-to-earnings ratio recovering to above the ten-year median. The net outflow of southbound funds on May 12 indicates rising profit-taking sentiment among investors [3][4]. 2. The third batch of long-term insurance capital investment trials has been implemented, which is expected to inject additional capital into A-shares. The Financial Regulatory Bureau has proposed specific measures to stabilize the stock market, including expanding the trial scope of long-term insurance capital investments by an additional 60 billion yuan, bringing the total trial scale to 222 billion yuan. Recent reforms are anticipated to enhance the investment capacity of insurance funds in equities [4]. 3. Policies aimed at stabilizing and activating the capital market are being introduced to optimize the investment ecosystem in A-shares. The public fund reform, which includes the introduction of performance-based floating fee rate funds, is expected to strengthen the alignment of interests between public funds and investors, encouraging a focus on long-term investment returns. Additionally, the revised regulations on major asset restructuring for listed companies are expected to enhance market activity in mergers and acquisitions [4][5]. Industry Allocation - A balanced allocation strategy is recommended, with a focus on public utilities, innovative pharmaceuticals, and "new consumption" sectors. The report suggests paying attention to themes such as military industry, self-sufficiency, and mergers and acquisitions [5].
周专题:4月清洁电器增长强劲,中美同步大幅降低双边关税
HUAXI Securities· 2025-05-18 14:31
证券研究报告|行业研究周报 [Table_Date] 2025 年 05 月 18 日 [Table_Title] 周专题: 4 月清洁电器增长强劲,中美同步大幅降低双边 关税 [Table_Title2] 家电行业周报 [Table_Summary] ► 周专题: 4 月清洁电器景气延续,量价齐升。根据奥维云网数据, 2025 年 4 月扫地机线上销额 10 亿元,同比+81%,线上销量 30 万台,同比+74%,线上均价 3340 元/台,同比+3.5%; 2025 年 4 月洗地机线上销额 6.9 亿元,同比+82%,线上销量 34 万台,同比+82%,线上均价 2043 元/台,同比+0.1%。 分品牌来看,科沃斯、石头表现亮眼,份额稳居前列。根据 奥维云网数据,2025 年 4 月,科沃斯、石头扫地机线上销额 分别同比+98%、+72%,市占率分别为 25%、26%;添可、石头 洗地机线上销额分别同比+39%、+1065%,市占率分别为 31%、19%。 北京时间 5 月 12 日,《中美日内瓦经贸会谈联合声明》 (下称《联合声明》)公布。根据《联合声明》,中美双方 承诺将于 2025 年 5 月 ...
中美日内瓦会谈达成积极共识,618大促全面启动
HUAXI Securities· 2025-05-18 14:31
根据央视新闻公众号,当地时间 5 月 12 日上午 9:00,双方 发布《中美日内瓦经贸会谈联合声明》。双方同意共同采取 以下措施:美方承诺取消根据 2025 年 4 月 8 日第 14259 号行 政令和 2025 年 4 月 9 日第 14266 号行政令对中国商品加征的 共计 91%的关税,修改 2025 年 4 月 2 日第 14257 号行政令对 中国商品加征的 34%的对等关税,其中 24%的关税暂停加征 90 天,保留剩余 10%的关税。相应地,中方取消对美国商品加征 的共计 91%的反制关税;针对美对等关税的 34%反制关税,相 应暂停其中 24%的关税 90 天,剩余 10%的关税予以保留。中方 还相应暂停或取消对美国的非关税反制措施。我们认为本次 会谈有望推动超跌出口链预期回升,随着贸易需求回归,建 议关注以下主线:1)出口企业服务商,相关受益标的包括小 商品城、焦点科技、米奥会展;2)产品力强、具有全球化供 应链布局的出海零售企业,相关受益标的包括安克创新、名 创优品、泡泡玛特、赛维时代等。 [Table_Title] 中美日内瓦会谈达成积极共识,618 大促全面 启动 [Table_T ...
持续推动5G-A与AI网络安全
HUAXI Securities· 2025-05-18 14:30
证券研究报告|行业点评报告 [Table_Date] 2025 年 05 月 18 日 [Table_Title] 持续推动 5G-A 与 AI 网络连接 随着 5G-A 商用进程的加速与 AI 技术的普惠,以 AI 为中心网 络有望助力运营商从"流量经营"单一模式向"差异化体验经 营"多维模式跨越,深度释放网络连接潜能。 2、投资建议 1)针对 5.5G 网络商用,在应用催化下,5G-A 建设有望带来上游 元器件催化,相关上游核心部件包括天线、滤波器、高阶 PCB、 光模块等有望受益。 相关受益标的包括灿勤科技、通宇通信、盛路通信、武汉凡谷、 普天科技等。 2)在应用方面,持续关注 RedCap 模组、通感一体、卫星以及 XR 等领域,相关市场空间有望释放。 RedCap 模组相关受益标的包括移远通信、美格智能等; [Table_Title2] 通信行业 [Table_Summary] 1、5G-A 与 AI 技术持续推进,深度释放网络连接潜能 5 月 17 日,工信部副部长、中国通信学会理事长张云明表示, 加速推进 5G-A、6G 技术研发、产业培育和应用发展,赋能现 代化产业体系建设。 活动期间,三大运 ...