龙芯中科最近有个重要消息：他们的 3A5000/3A6000 桌面终端电脑，和上海合见工软的 PCB 设计软件 UniVista Archer 成功 "配对" 了。简单来说，就是 咱们自己的电脑硬件和设计软件现在能一起流畅工作了，而且从芯片到设计工具全是国产的，这在电子行业里可是件大事。 申请入围"中国IC独角兽" 半导体高质量发展创新成果征集 总的来说，这次 "配对成功" 不只是两个产品的适配，而是标志着国产电子设计从 "能用国外工具" 到 "全自主可控" 的跨越。以前咱们在产业链上有短 板，现在补上了关键一环，未来还能以此为基础，推动芯片工艺、软件功能进一步升级，让整个电子产业在全球竞争中更有底气。对于普通用户来说，可 能感受不到背后的技术细节，但这一步确实为咱们的科技自主筑牢了一块重要基石。 加入"中国IC独角兽联盟"，请点击进入 投稿 、 商务合作 请微信 dolphinjetta 是说芯语，欢迎关注分享 龙芯这两款芯片就像电脑的 "大脑"，3A5000 性能已经不错，3A6000 更是升级款，速度比上一代快了大约 50%。但要让国产软件在自家芯片上跑起来并 不容易，因为龙芯用的是自主研发的架构，和国 ...

策略研究 | 证券研究报告 — 总量周报 2025 年 5 月 11 日 策略周报 政策落地，待新催化 政策预期阶段性落地，市场信心得到有力支撑，科技主线等待回归，配置上 "以我为主"，关注内需、科技自主相关板块。 中银国际证券股份有限公司 具备证券投资咨询业务资格 策略研究 证券分析师：王君 (8610)66229061 jun.wang@bocichina.com 证券投资咨询业务证书编号：S1300519060003 证券分析师：徐沛东 (8621)20328702 peidong.xu@bocichina.com 证券投资咨询业务证书编号：S1300518020001 证券分析师：郭晓希 (8610)66229019 xiaoxi.guo@bocichina.com 证券投资咨询业务证书编号：S1300521110001 证券分析师：徐亚 (8621)20328506 ya.xu@bocichina.com 证券投资咨询业务证书编号：S1300521070003 证券分析师：高天然 tianran.gao@bocichina.com 证券投资咨询业务证书编号：S1300522100001 国新办发布会 ...

英国又对美跪了，还有谁？ 近日，英国与美国签署了一项新的贸易协定，成为本轮全球关税战中首个向美国妥协的西方国家。这一举动再次引发国际社会对英国外交独立性的质疑，同 时也让外界关注其他国家的反应，尤其是中国的态度。 英国为何再次"对美下跪"？ 长期以来，英国在外交政策上对美国表现出高度的依附性，尤其是在脱欧后，英国更加依赖与美国的特殊关系来维持其全球影响力。此次英国率先与美国达 成贸易协定，本质上是其经济与外交困境的体现。 1. 经济压力下的妥协 英国脱欧后，经济面临巨大挑战，亟需稳定的贸易伙伴。美国作为全球最大经济体，自然是英国优先考虑的对象。然而，美国在贸易谈判中一贯强势，此次 协定很可能包含对英国不利的条款，例如在农产品、金融服务等领域作出让步。 2. 政治站队的必然选择 英国政府近年来在外交政策上紧跟美国，无论是乌克兰危机、对华科技封锁，还是在中东问题上的立场，英国几乎无条件支持美国。此次签署贸易协定，不 仅是经济需求，更是政治站队的体现。 3. 全球贸易战的牺牲品 当前，全球贸易保护主义抬头，美国对欧盟、中国等经济体加征关税，英国作为美国的"特殊盟友"，选择率先妥协，可能是为了避免更严重的贸易打击。但 ...

Market Overview - On May 7, the Hang Seng Index opened significantly higher due to policy support from the "One Bank, One Commission, One Bureau" press conference, reaching a peak of 23,197 points before closing at 22,691 points, a slight increase of 30 points or 0.1%[1] - The Hang Seng Tech Index fell by 0.8%, closing at 5,200 points, with total market turnover exceeding HKD 240.1 billion and a net outflow of HKD 7.87 billion from the Stock Connect[1] Sector Performance - Major state-owned enterprises in banking, insurance, and telecommunications supported the market, with four major banks rising between 0.4% and 2.0%[1] - AIA (1299 HK) saw its stock price increase by 2.9% over four consecutive trading days following the release of Q1 operational data[1] - REITs like Link REIT (823 HK) and Prosperity REIT (778 HK) rose by 6.7% and 2.7%, respectively, after the announcement of including REITs in the Shanghai-Hong Kong Stock Connect[1] Policy Impacts - The People's Bank of China announced a 0.25 percentage point reduction in the personal housing provident fund loan rate, lowering the five-year first home loan rate from 2.85% to 2.6%[3] - The China Securities Regulatory Commission emphasized enhancing the role of the National Social Security Fund to stabilize the market, indicating a proactive approach to financial regulation[2] Real Estate Market Dynamics - New home transaction volume in 30 major cities reached 149 million square meters, a year-on-year increase of 42.2%, indicating a rebound in the real estate market[9] - The inventory-to-sales ratio for major cities was 98.4, higher than last year but lower than the previous week, suggesting a tightening market[11] Automotive Sector Insights - Li Auto (2015 HK) reported sales of 11,400 vehicles for the week ending May 4, up from 8,600 the previous week, indicating strong demand ahead of the launch of new models[4] - Geely Auto (175 HK) proposed a privatization offer for Zeekr (ZK US) at a 20% premium to its 30-day average price, which is expected to positively impact Geely's stock price[4]

今日A股迎来五月首个交易日的"开门红"，三大指数全线飘红，上证指数涨1.13%至3316.11点，时隔两周重返3300点关口；深证成指涨1.84%至 10082.34点，创阶段新高；创业板指领涨1.97%至1986.41点，成交额突破1.34万亿元，较节前放量1668亿元。市场呈现普涨格局，超4800只个股上 涨，涨停个股达141只，投资者情绪显著回暖。 盘面上看，汽车、有色、家电、化工、半导体、钢铁、电力、券商、地产等板块拉升，可控核聚变、稀土、鸿蒙概念、算力概念等活跃。 资金流向方面，主力资金全天净流入计算机、电子、机械设备等板块，净流出银行板块。具体到个股来看，岩山科技、常山北明、海南华铁获净 流入7.67亿元、5.59亿元、5.42亿元。净流出方面，鸿博股份、探路者、中欣氟材遭抛售5.52亿元、4.67亿元、3.05亿元。 高平聚能资本认为，经过四月份的回调，市场担忧情绪得到一定的释放，特别是科技自主方向。当一季报压力窗口过后，五月A股或呈现修复行 情的机会。 中信证券表示，关税战至今，全球主流风险资产价格基本都回到原点，表明"交易事实，而非预期"应该是贸易战之下应对不确定性的第一原则； 展望5月，" ...

盘面上，可控核聚变、稀土永磁板块涨幅居前，脑机接口、鸿蒙概念、CPO、算力板块活跃；银行股调 整。全市场近5000只个股上涨。 具体来看，机器人概念股反复活跃，九联科技、大叶股份、天源迪科、通达动力等多股封板。 可控核聚变概念集体走强，久盛电气、合锻智能、兰石重装、海陆重工等8股涨停。 【资金流向】 主力资金全天净流入计算机、电子、机械设备等板块，净流出银行板块。 盘面上，可控核聚变、稀土永磁板块涨幅居前，脑机接口、鸿蒙概念、CPO、算力板块活跃；银行股调 整。全市场近5000只个股上涨。 5月6日，A股三大指数全天震荡上行，沪指重返3300点。截至收盘，沪指涨1.13%，深证成指涨1.84%， 创业板指涨1.97%。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | 振幅 | | --- | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | STATE hum | 3316.11 | 37.08 | 1.13% | 0.90% | | 399001 | 深证成指 | { | 10082.34 | 182.51 | 1.84% | 1 ...

配置上，从规避不确定性的角度，自主科技、受益欧洲资本开支扩张的板块、纯内需必选消费、稳定红利 以及不依赖短期业绩的题材料将占优。我们认为市场将在广义上的内循环、新的科技主题轮动。 图片来源：摄图网 PPPPAAAARRRRTTTT 1111 关注内循环 僵持阶段看什么 策略聚焦 裘翔 刘春彤 杨家骥 高玉森 连一席 遥远 玛西高娃 贸易战僵持阶段，超预期的刺激和基于妥协的贸易协议都很难发生；僵持阶段比的是两国的经济韧性，中 国的政策选项更多、空间更大、能耗更久，对美国而言，7月前大规模的国债到期可能会是特朗普关税政策 的第一个动摇点；A股也是中国贸易战中提振信心的关键环节，应充分相信国家维护资本市场稳定的决心， 港股可能是阶段性的薄弱环节，但也要看到内地资金依旧整体明显低配港股。配置上，从规避不确定性的 角度，自主科技、受益欧洲资本开支扩张的板块、纯内需必选消费、稳定红利以及不依赖短期业绩的题材 料将占优。 风险因素：中美科技、贸易、金融领域摩擦加剧；国内政策力度、实施效果及经济复苏不及预期；海内外 宏观流动性超预期收紧；俄乌、中东地区冲突进一步升级；我国房地产库存消化不及预期；特朗普政策侧 重点超预期。 点 ...

文 ｜ 秦培景 刘易 王冠然 田鹏 王涛 侯苏洋 王子昂 任恒毅 卿施典 白弘伟 精密仪器是现代工业和科技发展的基石。近年来大国竞争日趋激烈，美国对精密仪器封锁围堵风险提升。研究国内新兴产业发展现状，复盘国际 精密仪器巨头崛起经验，能从多个关键维度帮助我们把握中国精密仪器投资机遇。结合国内精密仪器企业市场生态，我们建议通过三条主线投资 中国精密仪器赛道突围：1）寻找下游应用领域丰富的光学仪器赛道中的"中国蔡司"；2）寻找受益国内高端制造产业链崛起的电子测量仪器赛 道中的"中国惠普"；3）寻找国产替代弹性十足的分析仪器赛道中的"中国赛默飞"。 ▍ 精密仪器是"卡脖子"关键项目，也是科技自强核心方向。 精密仪器作为现代工业和科技发展的基石，是推动产业升级、提高生产效率的重要工具。历史上有许多精密仪器获得了诺贝尔物理学、化学、 生理学或医学奖。据美国商务部国家标准局评估报告（转引自机械工程学报微信公众号），仪器仪表只占其工业总产值的4%，但对GNP的影 响达到6 6%。2 0 2 3年全球分析仪器市场规模4 9 8亿美元，产品种类繁多。我国精密仪器行业起步晚，自主创新能力较为薄弱，企业规模较小， 高端仪器的主要市场 ...

Core Viewpoint - Precision instruments are critical for modern industrial and technological development, and the increasing competition among major powers, particularly the U.S. restrictions, presents both challenges and opportunities for China's precision instrument sector [1][2]. Group 1: Industry Overview - Precision instruments account for only 4% of industrial output value but have a significant impact on GNP, estimated at 66% [2]. - The global analytical instrument market was valued at $49.8 billion in 2023, with a diverse range of products [2]. - China's precision instrument industry is relatively nascent, with weak independent innovation capabilities and small enterprise scales, leading to a high dependency on foreign manufacturers for high-end instruments [2][8]. Group 2: Market Dynamics - The trade restrictions on high-end analytical instruments have resulted in a significant trade deficit of $65.4 million in 2023 for China, particularly in optical analysis, mass spectrometry, and chromatography [8]. - The shift in domestic customer attitudes towards supply chain security and cost reduction has led to a gradual decline in the reliance on foreign brands [2]. Group 3: Investment Opportunities - Three main investment lines are suggested for penetrating the Chinese precision instrument market: 1. Identify opportunities in the optical instrument sector, akin to "China's Zeiss" [47]. 2. Explore the electronic measurement instrument sector, similar to "China's HP" [48]. 3. Focus on the analytical instrument sector, which has low domestic replacement rates, resembling "China's Thermo Fisher" [49]. Group 4: International Comparisons - The growth of international precision instrument leaders is often based on strong theoretical foundations and innovative research methods, establishing a leading position early in market development [20]. - Companies like Zeiss and Thermo Fisher have successfully leveraged innovation and strategic acquisitions to expand their market presence and capabilities [25][30]. Group 5: Domestic Industry Trends - China's high-tech industries are rapidly developing, leading to increased demand for upstream instrument equipment, particularly in sectors like new energy vehicles, lithium batteries, photovoltaics, and semiconductors [34]. - The domestic instrument market is expected to see significant growth in the context of import substitution, driven by the need for supply chain stability and cost reduction [34][38]. Group 6: Future Outlook - The domestic precision instrument sector is poised for a wave of mergers and acquisitions, as companies seek to enhance their market positions and competitiveness through consolidation [46].

Group 1: Precision Instruments - The article emphasizes that precision instruments are the cornerstone of modern industry and technology development, with increasing risks from U.S. restrictions [1] - It suggests three main investment lines in China's precision instrument sector: seeking "China's Zeiss" in optical instruments, "China's HP" in electronic measurement instruments, and "China's Thermo Fisher" in analytical instruments [1] Group 2: Chromium Chemicals - The price of metal chromium has significantly increased, with a total price hike of 10,000 yuan per ton since the beginning of 2025, indicating strong demand and supply dynamics [2] - The article recommends investing in leading companies with integrated chromium product layouts due to the favorable market conditions [2] Group 3: Insurance Companies - Insurance companies face challenges in asset-liability matching, with a near 50% allocation to fixed-income assets, leading to risks of interest margin losses [3][4] - The article highlights three strategies for insurance capital to enhance investment returns: participating in private placements, strategic investments, and shareholding strategies [3][4] Group 4: Wind Power - The domestic and international offshore wind power sectors are expected to see sustained growth, with domestic installations projected to exceed 12 GW in 2025, doubling year-on-year [6] - The article suggests focusing on various segments of the offshore wind power supply chain, including turbines, subsea cables, and foundations [6] Group 5: ETF Market - The global ETF market is projected to reach $15.09 trillion by 2024, while China's ETF market remains relatively small and underdeveloped [7] - The article advocates for domestic institutions to innovate product types and enhance liquidity mechanisms to build a sustainable market ecosystem [7]