炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 6月3日，A股迎来六月开门红行情，截至收盘，沪指涨0.43%，深成指涨0.16%，创业板指涨0.48%。回 顾5月，A股三大指数齐收涨，且均呈现冲高回落走势。 机构表示，长维度来看，目前A股市场处于新"国九条"行情+类"四万亿"投资的重叠趋势中，在稳住股 市的政策指导下，2025年A股市场大概率继续以"慢牛"方式运行。 配置方面，科技成长板块已再度来到了一个性价比较高的区间。中证A500指数当前的风格总体为大市 值、高盈利、高成长性，无论从未来一年还是未来三年的时间尺度来看，中证A500指数均具备较高预 期收益。未来一年指数预期收益为22%。投资者可借道A500ETF基金（512050）及其联接基金（A类 022430，C类022431，Y类022979）布局。 中国股市迈向"转型牛"，中国资产重估仍在继续 国泰海通证券认为，中国股市"转型牛"的格局越来越清晰，战略看多2025年。第一，遍历冲击和出清调 整后，投资人对经济形势的认识已然充分，其对估值收缩的边际影响减小； 第二，股票价格反应的是 投资者对未来的预期，而预期变动的主要矛盾， ...

证券研究报告 银行 把握资金脉络，掘金优质区域 华泰研究 2025 年 6 月 03 日│中国内地 中期策略 把握资金脉络，掘金优质区域 年初以来中信银行指数取得 9.2%绝对收益+11.6%相对收益（截止 5/30）， 排名市场第二，银行板块凭借红利底色与避险属性，投资价值仍持续凸显， 公募基金改革落地、中国资产重估有望进一步推升板块配置热情。银行基本 面逐步筑底回稳，板块内部分化或持续，经济新旧动能转型过程中，预计优 质区域基建、新兴产业有望成为稳信贷重要抓手，当地区域行有望充分受益。 个股推荐：1）经济大省挑大梁政策导向下，发达区域优质银行业绩韧性较 强，如南京、杭州、成都、重庆 AH、渝农 AH 等；2）资金低配、经营稳健 的银行，如兴业、招行等。3）港股大行股息优势突出，如农行 H、工行 H。 资金观察：红利为底，权重为势 多维资金助推板块行情，近一年险资、ETF 持续买入，公募、外资为新增量。 一方面，险资普遍加大红利股配置力度，银行股盈利稳健、股息回报较高， 为增持优选。除享受红利收益、资本利得之外，长股投方式可享受并表收益 与银保合作生态附加值，配置吸引力较强；中央汇金等资金增持以沪深 300 ...

Group 1 - The A-share market showed a decline with low trading volume on May 30, but the CSI 300 index still achieved a 1.85% increase for the month, providing some comfort to investors [1] - The A-share market performed well in the first two weeks after the May Day holiday, with a total of 7 trading days of gains, but began to decline after May 15 due to frequent rotation of market hotspots [1] - Global market volatility was largely influenced by unpredictable actions from Trump regarding tariffs, leading to a cautious market sentiment despite initial positive outcomes from the US-China tariff negotiations [1] Group 2 - The first half of the year saw two major trends in global capital markets: global asset "rebalancing" and the revaluation of Chinese assets, with significant inflows into Hong Kong stocks [2] - The concept of Chinese asset revaluation gained traction following the introduction of the DeepSeek model, leading to substantial increases in indices such as the Nasdaq Golden Dragon China Index and MSCI China Index [2] - The approval of 11 innovative drugs by the National Medical Products Administration, including 5 from Sci-Tech Innovation Board companies, boosted the A-share innovative drug and CRO sectors, with the innovative drug index rising over 20% this year [2] Group 3 - Public funds performed well in the first half of the year, with three North Exchange theme funds among the top ten performers, indicating the ongoing trend of Chinese asset revaluation [4] - As mid-year approaches, investors are looking towards the second half, with several brokerages expressing optimism about the A-share market due to a potential easing of the US-China tariff conflict [4] - There are differing opinions among brokerages regarding industry allocation for the second half, despite a general positive outlook [4]

Core Viewpoints - The article emphasizes that a significant opportunity for the development of small and medium-sized enterprises (SMEs) in China is approaching by 2025, marking a turning point for their growth [3]. - It identifies two major opportunities termed "national fortune-level" opportunities: the revaluation of Chinese assets and the intelligent transformation of Chinese industries [4]. Group 1 - The current era is characterized by a "winner-takes-all" dynamic, where only pioneers can seize the upcoming opportunities [7]. - The company is launching an AI practical training camp aimed at SMEs, providing them with the necessary knowledge, methodologies, resources, and connections to integrate DeepSeek into their core products and services [7][10]. - The company has developed the "Tianqi Policy Big Model," which has become a key service provider in the national network for policy identification, showcasing its capability in AI application [8]. Group 2 - The company collaborates with major AI research and service firms across China, enhancing its resource pool for assisting SMEs in adopting DeepSeek solutions [9][10]. - The company positions itself as a pioneer in the AI transformation of Chinese industries, emphasizing its role in facilitating enterprise-level applications [10]. - A specific event, the Black Horse AI Practical Camp, is scheduled from June 20 to June 22, aimed at helping enterprises overcome growth challenges through AI applications [12].

Core Insights - Investor sentiment towards Chinese assets is gradually improving, particularly in sectors like internet and artificial intelligence, leading to a noticeable rebound in certain Chinese stocks and related thematic funds since the beginning of the year [1][3] - Institutional investors are reassessing the weight of Chinese assets in their global allocations, especially in the context of high valuations in the US stock market, sustained high interest rates, and ongoing geopolitical risks [1][3] - The rise of artificial intelligence is reshaping the global investment landscape, with a rapid expansion of the AI industry chain driving a new round of capital reallocation [1][8] Company Overview - KraneShares was founded approximately 12 years ago by Jonathan Krane, who aimed to educate global institutional investors about investing in China [2] Performance of KWEB - KWEB, a flagship ETF of KraneShares, has seen a 20% increase since the beginning of the year, attributed to the recognition of undervalued Chinese assets and renewed confidence in China's growth prospects [3][4] - Major contributors to KWEB's performance include leading companies like Alibaba, Tencent, and NetEase, with recovery in gaming and advertising sectors, as well as strong AI-related spending [4] Misconceptions about Chinese Investments - A significant misconception among US investors is the neglect of investment opportunities in China due to market volatility over the past three years [5] - Hedge funds have been among the first to recognize the potential in the Chinese market, contrasting with pension funds that may still be influenced by political factors [5] Risks of Chinese Stocks - The risk of delisting for Chinese stocks has been a topic of discussion for years, but ongoing cooperation in audit regulation has strengthened global investor confidence [7] - KraneShares has proactively managed risks by shifting most of KWEB's holdings to the Hong Kong market, which has seen improving liquidity and investor recognition [7] AI-Themed Investment Strategy - KraneShares has launched an AI-themed ETF, AGIX, which focuses on identifying core companies in the AI industry and includes investments in both public and private companies [8][9] - AGIX aims to provide a comprehensive investment channel in the AI sector, with about 50% of its holdings being quality stocks not included in the Nasdaq 100 index [8][9] Global Investor Sentiment - Global institutional investors are increasingly considering risk diversification in their portfolios, moving away from a heavy concentration in US stocks [12] - There is a trend towards reallocating investments within the US market to achieve diversification while maintaining focus on AI growth [12] Emerging Markets for AI - While the US remains a primary focus for AI investments, other regions like Germany, the Netherlands, and Canada are also emerging as significant players in the AI space [13][14] - Many promising AI companies outside the Nasdaq 100 index are being integrated into investment portfolios, highlighting the need for detailed selection of future trend representatives [14]

富国基金权益研究部总经理陈杰表示，在全行业库存低位触发的补库存周期、上市公司轻装上阵以及二 手房回暖带动的地产链修复等驱动下，A股市场正经历从"存量经济"向"新模式"的转型，"新模式"下的 盈利回升周期已经启动，ROE底部显著抬升。 机构人士认为，科技和红利是当前投资主线 当地缘博弈加剧、技术封锁频现，宏观环境的剧变正在重构全球投资逻辑，中国资产重估成为市场热议 话题。 "尽管外部扰动加剧，但中国资产在全球再平衡中凸显配置价值。"多位机构首席近日在第十二届富国论 坛上一致表示，政策呵护、制造业韧性及技术突破构成核心支撑，黄金、军工、AI应用成为穿越波动 的"压舱石"。 在华创证券研究所副所长、首席宏观分析师张瑜看来，中美经贸深度绑定决定"无损脱钩"不可行，中国 政策储备充足，金融市场波动率将低于经济数据波动。 "抢出口以及工业生产的韧性是短期的确定性抓手，而中长期视角下，中国或采取纾困的方式来应对贸 易摩擦，其中货币政策有望优先发力，通过释放流动性应对外部的不确定性。"浙商证券首席经济学家 李超说。 从A股投资逻辑和资产配置来看，机构人士认为，市场情绪有望转向乐观，科技和红利成为全年投资主 线。 他强调，市场 ...

Group 1 - The global economic and technological landscape is undergoing unprecedented changes by 2025, influenced by the US's tariff policies, leading to significant shifts in global capital markets [1][2] - There are three major investment opportunities identified: gold, military industry, and digital assets; opportunities related to technological innovation; and Chinese assets [3][4] - The revaluation of Chinese assets is just beginning, and the core logic of asset valuation in China remains unchanged despite tariff impacts [1][3] Group 2 - The current era is characterized by uncertainty, with the greatest certainty being the prevalence of uncertainty in the coming years [2][3] - The Chinese capital market is expected to thrive in the long term, with a stable A-share index and structural bull market anticipated [4][5] - China's economy is seen as a stabilizing anchor in the global economy amidst international turmoil, benefiting from a positive feedback loop between the stock market and economic expectations [4][5] Group 3 - Technological breakthroughs in China are boosting national confidence and enhancing global investor sentiment towards Chinese assets [5] - The service consumption sector in China has significant potential, with new consumption trends emerging that focus on emotional resonance and identity recognition [5] - The Hong Kong market is poised for a long-term bull run, driven by the revaluation of Chinese assets and a changing market ecology [6][7] Group 4 - Investment strategies should focus on strategically increasing exposure to Chinese assets while maintaining a balanced approach to market fluctuations [6][7] - The Hong Kong market is expected to experience a two-phase recovery, with initial volatility followed by improvements in fundamentals and risk appetite [6][7]

Group 1 - The National Enterprises Win ETF (159719) has seen a slight increase of 0.07%, with a latest price of 1.52 yuan as of May 23, 2025 [1] - Over the past week, the National Enterprises Win ETF has accumulated a rise of 0.40%, ranking in the top third among comparable funds [1] - The ETF's liquidity is reflected in a turnover rate of 1.51% and a transaction volume of 1.7458 million yuan, with an average daily transaction of 17.8059 million yuan over the past year [1] Group 2 - The CSI Guangdong-Hong Kong-Macao Greater Bay Area Development Theme Index (931000) increased by 0.89%, with notable gains from constituent stocks such as Sinopharm (6.28%) and BYD (3.51%) as of May 23, 2025 [3] - The Greater Bay Area ETF (512970) rose by 1.34%, with a latest price of 1.21 yuan, and has accumulated a 0.67% increase over the past two weeks [3] - The top ten weighted stocks in the Greater Bay Area Index account for 53.26% of the index, including major companies like BYD and Ping An Insurance [6] Group 3 - Major foreign investment firms, including Goldman Sachs and UBS, have expressed optimism about the performance of the Chinese stock market, with over 80% of investors at Morgan Stanley's conference indicating a potential increase in exposure to Chinese stocks [5] - The valuation of Chinese assets is considered to be at an absolute low, while U.S. assets are at a relative high, suggesting a likely flow of funds towards China [5] - The National Enterprises Win ETF closely tracks the FTSE China National Enterprises Open Win Index, which consists of 100 constituent stocks, primarily "Chinese state-owned" companies [5]

期货日报网讯（记者 韩雨芙）5月23日上午，在上海期货交易所与中国有色金属工业协会共同举办的 2025上衍有色论坛上，申万宏源证券首席经济学家赵伟发表主题为"春华秋实——中国宏观经济形势思 考"的主题演讲。赵伟认为，未来我国经济的潜在风险主要来自外部，人民币汇率或可作为观测指标。 考虑到特朗普2.0面临诸多现实约束，通过外政突破为内政解围大概率是其执政期间的重要手段，赵伟 认为，未来全球经济或将面临更多不确定性。 这是因为，在经济周期的自然规律下，特朗普加剧的不确定性叠加财富效应的负反馈，可能导致美国迎 来一次迟到的"衰退"。要知道，当前美国高收入群体持有权益资产更多，最高1%收入分位群体的资产 中公司权益占比达45.6%；而美国居民消费中，80-100%收入分位的高收入群体也贡献了39%、边际消 费倾向接近50%。在这样的背景下，赵伟道，"一旦美国股市持续下跌或加速该国消费走弱与'衰退'的到 来"。 尤其近期在经济周期下，美国不仅面临货币政策在就业与通胀间艰难平衡，持续扩张下利息支出占比明 显抬升还将带来财政两难，叠加，产业层面，强美元与制造业回流的难以兼容。在这样的情况下，特朗 普政府发起的"对等关税"， ...

Group 1 - Private equity firms have increased their positions in the stock market, with the large-scale private equity position index rising above 80% for the first time in five weeks, indicating a consensus on market recovery [1] - The gold market has seen renewed interest as international gold prices return to $3,300 per ounce, with several gold ETFs experiencing over 5% gains in the past week and significant net inflows [2] - The introduction of ETF-FOF products by various public fund institutions aims to enhance investment efficiency and reduce costs, addressing the challenge of selecting suitable ETFs for investors [3] Group 2 - The People's Bank of China is implementing a "wide monetary" policy by conducting a 500 billion yuan MLF operation to maintain liquidity in the banking system, signaling a commitment to economic stability [4] - Xiaomi is expanding its manufacturing capabilities across multiple sectors, including chips, smartphones, and vehicles, aiming to transition from a cost-effective manufacturer to a leading global technology enterprise [5] - The activity in the M&A market is increasing, with a 7.8% year-on-year rise in the number of exits from M&A transactions in Q1, driven by regulatory changes that encourage venture capital participation [6] Group 3 - The two-wheeler industry is experiencing a surge in demand due to government subsidies for trade-ins, with sales increasing significantly and leading to supply shortages for certain models [7] - Brokerage firms are reducing client margin interest rates to as low as 0.05%, following banks' cuts in deposit rates, indicating a trend towards lower financing costs for investors [8] - The Chinese Institute of Certified Public Accountants has revised its ranking criteria, disallowing firms with serious negative incidents from participating in the annual ranking, which may impact the reputation of accounting firms [9] Group 4 - Local governments are accelerating the use of special bonds for acquiring idle land, with nearly 3,000 plots totaling over 1.33 million square meters announced for acquisition, reflecting a focus on revitalizing the real estate sector [10] - A total of 139 public funds have announced early closure of fundraising this year, with equity funds making up over 50% of these closures, indicating strong investor interest [11] - Insurance companies are increasingly investing in high-dividend assets, particularly bank stocks, as part of a strategy to enhance returns while minimizing profit volatility [12]