总体而言，野村证券在2025年对中国股市的态度总体偏乐观，尤其注重政策支持的板块和市场结构性机 会。然而，其业务调整也反映出对市场挑战的应对策略。 野村证券还在近期的报告中提示称，投资者也需要注意，短期风险偏好的回升，但关税政策的后续不确 定性仍可能引发市场波动。以及随着美国在中东、东亚和南亚的影响力逐步退坡，地缘政治的不确定性 可能系统性上升。 本文转载自：Wind万得；智通财经编辑：陈筱亦。 本周二，野村证券将中国股票评级从中性上调至战术超配。此前，摩根士丹利报告建议，贸易谈判进展 将提振中国经济增长前景，建议对冲基金重新配置中国资产。国际投行接连发布多中国资产的报告，暗 示国际资本对中国股市转向乐观。 事实上，野村证券在今年年初也积极看多中国股市。不过，该行在4月份调整了在中国的业务布局。 近日，野村证券的一份报告称，在中美关税预期缓和、国内刺激政策持续发力的背景下，A股市场具备 更强的防御性和政策支撑。全球资本对中国市场的再配置趋势可能进一步推动资金流入，中国市场的政 策弹性和经济复苏节奏可能使其在震荡中表现更优。就短期而言，市场或以震荡为主，但中国国内政策 仍有后手，为市场提供支撑。 该行在其最新的 ...

VISA 6566.00亿市值 7161.09亿市值 5251.24亿市值 755.60 355.85 578.30 +21.03(+2.86%) +3.31(+0.94%) +9.66(+1.70%) 甲骨文 奈飞 埃克森美孚 4723.84亿市值 4706.13亿市值 4408.82亿市值 157.22 1110.00 109.20 -30.22(-2.65%) +1.89(+1.76%) +6.88(+4.58%) 强生 s | 家得宝 P&G 宝浩 3773.42亿市值 3743.63亿市值 3709.20亿市值 154.16 376.65 160.94 +3.29(+2.08%) -0.06(-0.04%) +13.94(+3.84%) 联合健康 美国银行 可口可乐 - (conticts 3436.34亿市值 3266.57亿市值 2993.19亿市值 43.37 378.81 69.54 -1.83(-0.48%) +1.58(+3.78%) -0.98(-1.39%) 赛富时 T-Mobile US Inc ASML 阿斯麦 F - - Mobile- 2947.11亿市值 2728.36亿市 ...

Core Viewpoint - The recent high-level economic talks between China and the U.S. in Geneva have led to significant progress, including substantial reductions in tariffs on both sides, which is expected to positively impact market sentiment and investor confidence in Chinese assets [1][2][6]. Summary by Sections Economic Talks and Tariff Reductions - The U.S. has committed to canceling 91% of additional tariffs on Chinese goods and modifying 34% of retaliatory tariffs, with 24% of these tariffs suspended for 90 days [1]. - China will reciprocate by canceling 91% of its retaliatory tariffs on U.S. goods and suspending 24% of the 34% retaliatory tariffs for 90 days [1]. Market Reactions - Following the announcement, the offshore RMB rebounded significantly against the USD, and the Hang Seng Index surged by 2.98% [2][3]. - The Shanghai Composite Index rose by 0.82% on the same day, reflecting positive market sentiment [3]. Expert Insights - Experts believe the talks exceeded expectations and indicate a willingness for continued communication, which is crucial for managing bilateral differences [2][5]. - The principle of reciprocity in the joint statement is seen as beneficial for controlling disputes between the two nations [5]. Economic Outlook - The progress in U.S.-China relations is viewed as a key factor in improving macroeconomic conditions, with strong export performance reported [7]. - Goldman Sachs maintains an overweight view on Chinese assets, citing a recovery in the MSCI China Index and a 12% year-to-date increase [7]. Future Considerations - The ongoing developments in tariffs and the overall profitability of Chinese companies will be critical for future market performance [9]. - Analysts anticipate further discussions to ease tensions within a month, with a focus on establishing a trade framework before the U.S. midterm elections in 2026 [9]. Corporate Performance - Key trends in corporate earnings are emerging, with H-shares outperforming A-shares and expectations of a 14% profit growth for the MSCI China Index in the 2024 fiscal year [11]. - Major Chinese tech companies like JD, Tencent, and Alibaba are set to report earnings, with market expectations varying based on their performance in the AI sector and other business areas [11].

金十图示：2025年05月12日（周一）美股热门股票行情一览（美股盘初） h 270.46亿市值 福克斯-A 陶氏 238.66亿市值 227.33亿市值 52.63 32.16 28.69 +2.68(+9.09%) +2.23(+8.43%) +2.40(+4.77%) 沃达丰(US) Pinterest Inc-A FOX 福克斯-B 224.84亿市值 227.31亿市值 222.63亿市值 9.13 33.23 49.10 -0.17(-1.81%) +4.01(+13.72%) +2.38(+5.09%) 哈里伯顿 西部数据 Dropbox Inc-A 83.55亿市值 188.79亿市值 163.59亿市值 21.96 46.89 29.68 +1.60(+7.86%) +2.79(+6.33%) +0.22(+0.75%) Lyft Inc-A IMAX Corp 68.69亿市值 14.18亿市值 16.33 26.38 +0.36(+1.38%) -0.32(-1.92%) @ JIN10.COM 金十数据 | 一个交易工具 VISA FIER 6482.01亿市值 5148.81亿市值 ...

金十图示：2025年05月09日（周五）美股热门股票行情一览（美股收盘） VISA FIER 6505.30亿市值 6958.65亿市值 5162.89亿市值 734.24 352.56 568.57 -17.21(-2.29%) +1.29(+0.37%) +1.45(+0.26%) 埃克森美孚 甲骨文 奈飞 4850.49亿市值 4623.81亿市值 4213.92亿市值 1139.76 107.29 150.27 -4.67(-0.41%) +1.22(+1.15%) -0.03(-0.02%) 强生 P&G 宝浩 s 家得宝 3710.16亿市值 3695.94亿市值 3604.58亿市值 157.64 154.20 362.66 -1.46(-0.94%) -2.20(-0.60%) -1.01(-0.64%) 联合健康 美国银行 可口可乐 - (conticts 3452.10亿市值 3147.95亿市值 3035.15亿市值 380.55 41.80 70.52 -5.00(-1.30%) -0.66(-0.92%) +0.20(+0.47%) T-Mobile US Inc 賽富时 ASML ...

VISA HER 6489.98亿市值 7030.83亿市值 5146.97亿市值 252.99 351.73 566.82 -0.48(-0.19%) +0.46(+0.13%) -0.30(-0.05%) 埃克森美孚 奈飞 强生 1 # 3739.76亿市值 4868.54亿市值 4616.05亿市值 155.43 107.11 1144.00 -0.43(-0.04%) +1.04(+0.98%) -0.23(-0.15%) 联合健康 s | 家得宝 - P&G 宝浩 3705.31亿市值 3605.18亿市值 3443.60亿市值 379.61 158.04 362.72 -0.61(-0.38%) -5.94(-1.54%) -2.14(-0.59%) T-Mobile US Inc 美国银行 可口可乐 (acobela 2787.29亿市值 3145.31亿市值 3047.48亿市值 41.76 245.48 70.80 -2.01(-0.81%) +0.16(+0.38%) -0.37(-0.52%) 賽富时 丰田汽车(US ASML 阿斯麦 ADR) 2775.50亿市值 2650.88亿市值 ...

Group 1 - MNTN, an ad platform for connected TV, is considering launching its IPO as early as next week after delaying due to market volatility caused by tariffs [1] - The company reported revenue of $64.5 million and a net loss of $21.1 million for the first three months of 2025, compared to $43.8 million in revenue and a net loss of $15.7 million in the same period last year [1] - MNTN's IPO is being led by Morgan Stanley, Citigroup, and Evercore [2] Group 2 - MNTN transferred its equity in Maximum Effort, a company acquired in 2021, back to its original owners while signing a new contract for creative services [2] - The company completed a $119 million Series D funding round in 2021, led by BlackRock and Fidelity, with total investments from both firms amounting to approximately $110 million [2] - Other investors in MNTN include Qualcomm Ventures, Greycroft, and Bonfire Ventures [2]

Core Viewpoint - The exit of Fengqiao Capital from Pop Mart marks a significant shift in the investment landscape, reflecting the harsh realities of the capital cycle in the new consumption sector, as the company transitions from a "high-growth myth" to a "mature valuation reconstruction" phase [1][2] Group 1: Capital Market Reactions - Fengqiao Capital's complete exit involved three block trades, cashing out a total of HKD 22.64 billion (approximately RMB 21.09 billion), coinciding with Pop Mart's stock price reaching an all-time high [1] - Following the news, Pop Mart's stock price dropped over 8% within two days, raising concerns about potential valuation bubbles [2] - Despite the drop, institutions like Morgan Stanley and Citigroup remain optimistic, with Morgan Stanley raising its target price to HKD 220, indicating that the company's fundamentals are not significantly impacted [2] Group 2: Investment Trends and Patterns - The exit of Fengqiao Capital is part of a broader trend where early investors gradually withdraw as companies mature, with over HKD 20 billion in reductions noted from various shareholders since 2024 [2] - This trend highlights the cyclical nature of capital in the new consumption sector, where funds are redirected towards earlier-stage projects with higher growth potential [2] Group 3: Company Performance and Strategy - Pop Mart reported a staggering revenue increase of 165%-170% year-on-year for Q1 2025, with overseas market growth reaching 475%-480% and the Americas showing an impressive 895%-900% increase [3][4] - The company is diversifying its revenue streams, with non-blind box product revenue rising to 46.8%, and significant growth in plush toys and MEGA collectible lines [3] - To support its global expansion, Pop Mart has implemented a major organizational restructuring, establishing four regional headquarters and enhancing local operations [4] Group 4: Market Challenges and Future Outlook - Despite strong Q1 performance, there are concerns about the sustainability of such high growth rates, particularly in the Americas, where growth may be influenced by low base effects [5] - The domestic collectible toy market is becoming increasingly competitive, with rivals employing aggressive pricing strategies, while international markets face challenges from established players [5] - Current market dynamics suggest that Pop Mart's price-to-earnings ratio of approximately 66 times is significantly above the industry average, necessitating continued proof of its IP monetization capabilities and global profitability potential to maintain high valuations [6]

福克斯-B 陶氏 沃达丰(US) 229.38亿市值 213.97亿市值 203.82亿市值 9.21 47.19 28.84 -0.18(-1.97%) -0.13(-0.27%) +0.39(+1.35%) Pinterest Inc-A 哈里伯顿 西部数据 188.56亿市值 169.62亿市值 155.15亿市值 19.73 27.89 44.47 +0.55(+1.99%) +0.37(+1.91%) +0.17(+0.38%) 华纳音乐 Dropbox Inc-A Lyft Inc-A 84.98亿市值 53.09亿市值 143.04亿市值 12.70 27.44 29.52 -2.65(-8.81%) +0.10(+0.36%) +0.11(+0.87%) IMAX Corp 13.75亿市值 25.59 -0.06(-0.23%) @ JIN10.COM 金十数据 | 一个交易工具 VISA FIEB 6511.20亿市值 7016.61亿市值 5172.33亿市值 352.88 252.48 569.61 +3.09(+1.24%) +3.03(+0.87%) +3.28(+0.58%) 埃 ...