Core Viewpoint - The article emphasizes that a significant opportunity for the development of small and medium-sized enterprises (SMEs) in China is approaching by 2025, driven by two major trends: asset revaluation and industrial intelligence in China [3][4]. Group 1: Opportunities for SMEs - The article identifies two national-level opportunities: the revaluation of Chinese assets and the intelligent transformation of industries, which are expected to benefit all enterprises across China [4]. - It highlights that only early adopters will be able to seize these opportunities in a winner-takes-all era [7]. Group 2: AI Practical Training for SMEs - The company is launching an AI practical training program specifically for SMEs, aimed at providing knowledge, methodologies, resources, and connections to suppliers and talent for enterprise-level AI applications [7]. - The program is designed to help SMEs integrate DeepSeek into their core products, services, and processes to enhance efficiency [6][10]. Group 3: Qualifications of the Company - The company has developed the "Tianqi Policy Large Model," which has become a key service provider in the national network for policy-related services [8]. - It collaborates with major AI research and service companies across China, positioning itself as a pioneer in the industrial AI transformation [9][10]. Group 4: Call to Action - The article encourages SMEs to act quickly to embrace intelligent transformation and participate in the upcoming AI practical training camp scheduled for June 20-22 [11][12].

Core Viewpoints - The current international order is undergoing significant upheaval, driven by geopolitical tensions and economic challenges, marking the beginning of a new era of uncertainty [1][10][14] - The AI wave represents a new technological revolution that could help establish a more equitable and inclusive global economic order [1][18] - The Hong Kong stock market is poised for a long-term bull run, benefiting from the restructuring of international order and the revaluation of Chinese assets [1][34][41] Group 1: Investment Opportunities - Strategic assets during this period of upheaval include gold, military industry, and digital assets, which serve as hedges against the dominance of the dollar [18][65] - Growth-oriented investments in technology and new consumption sectors are seen as offensive strategies, while dividend assets and gold act as defensive shields [1][58][66] - The Chinese market is expected to stabilize while Western markets face volatility, creating a favorable environment for Chinese assets [24][25][41] Group 2: Market Dynamics - The Hong Kong market is transitioning from being foreign-led to becoming a crucial international financial center for China, supported by government policies [35][36][37] - The influx of quality companies and the rise of new consumption trends are reshaping the market landscape, with significant growth potential in sectors like technology and consumer services [40][41][66] - The investment style in Hong Kong is increasingly mirroring that of A-shares, with a focus on both growth and dividend strategies [55][56] Group 3: Economic Context - The current economic climate is reminiscent of the 1970s, with rising fiscal deficits and social tensions in the U.S., leading to a potential decline in the dollar's global standing [11][12][16] - The U.S. is facing significant internal challenges, including a high debt-to-GDP ratio and increasing wealth disparity, which could impact its global economic influence [11][12][17] - The ongoing trade tensions and tariff policies are likely to create a prolonged period of economic uncertainty, affecting both U.S. and global markets [14][47][48]

21世纪经济报道记者 孙永乐 上海报道 为洞察下半年资本市场投资机会，兴业证券于5月20日至22日在上海举办"2025年资本市场论坛暨中期策 略会"。 其中，2025年度中期策略会于5月20日上午线上举行，会议展望了2025年下半年宏观经济形势、宏观中 期策略、海外市场及A股中期投资策略。 中国资产是明确的避风港 在全球动荡期，应对不确定的时代，兴业证券全球首席策略分析师张忆东称，全球市场有三大配置机 遇：一是黄金、军工、数字资产；二是科技创新相关的机遇；三是中国资产迎来了配置的机遇期，中国 资产的重估可能刚刚开始。 值得注意的是，关于港股市场的投资策略，张忆东分析称，受益于国际秩序的重构，中国资产的重估会 驱动港股走出长牛，港股的深层逻辑开始发生变化。要战略性做多中国资产，拥抱港股的新时代。 张忆东表示，从行情的节奏看，2025下半年港股会呈现振荡向上，"风雨之后见彩虹"。分两个阶段：第 一阶段属于风雨之中，在二、三季度较长一段时间，在经济风险释放之前，港股会体现底部抬升的大箱 体振荡格局；但到了第二阶段，随着中国经济对冲政策逐步落地，中国经济在下半年将会充分消化关税 的影响，港股将会在三季度迎来基本面和风 ...

智通财经APP获悉，兴业证券张忆东发布研报称，2025年下半年风雨之后见彩虹，港股将震荡向上。第 一阶段，中国经济充分消化关税影响之前，港股或将维持"底部抬升的大箱体震荡"格局。第二阶段，中 国经济充分消化了关税影响之后，随着中国经济政策效果显现，港股行情有望迎来基本面和风险偏好双 改善，走出创新高之旅。 一、国际秩序重构的动荡期来临，资产配置或有三大机遇 以史为鉴，上世纪70年代国际秩序动荡期的资产配置。70年代大国博弈深化，布雷顿森林体系瓦解、越 战失败和石油危机，标志着国际政治经济秩序进入动荡期和重构期。70年代黄金超级大牛市应运而生， 美元陷入十年贬值周期，美欧股市陷入十年滞胀下的"非牛市"震荡，相反，日本股市表现远远超过美 股。 美股方面，兴业证券指出，2025年二三季度美国经济或难逃下行。2025年美国经济可能已经开启下行周 期。美国通胀依然保持较高的粘性，"对等关税"政策将进一步阻碍通胀下行。下半年美债利率或难大幅 下降。美股下半年或将遭遇估值和盈利的双杀，全球资金将流向跟美股低相关度的优质资产。美股的风 险溢价没有充分定价美国资产的长期不确定性。 兴业证券主要观点如下： 当前国际秩序再次进入动 ...

Core Viewpoint - The article emphasizes the resilience and potential of the Chinese economy amidst global geopolitical tensions and trade protectionism, highlighting the importance of leveraging existing policies to capitalize on the opportunities presented by the revaluation of Chinese assets [1][2]. Policy Utilization - The recent easing of China-US trade tensions is expected to positively impact the prices of imported and exported goods, with China's exports to the US being more than three times its imports from the US, suggesting a greater positive effect on domestic prices [3]. - The central bank's monetary policy is likely to remain stable despite the trade negotiations, focusing on a proactive approach to maintain economic stability [4][5]. Asset Revaluation Logic - The revaluation of Chinese assets is driven by technological advancements and innovation, which are seen as core engines for productivity and economic development [6]. - Four main reasons support the ongoing revaluation logic: 1. Systemic support from China's large market size and complete industrial chain [8]. 2. The emergence of new industries like AI and renewable energy, enhancing overall productivity [8]. 3. A robust policy toolbox, including a projected fiscal deficit rate of around 4% for 2025, providing flexibility to counter external shocks [8]. 4. The current low valuation of Chinese assets, indicating significant room for recovery and growth [9]. Market Outlook - The revaluation of Chinese assets is expected to lead to an upward shift in the valuation of A-shares and Hong Kong stocks, with the latter showing more significant structural recovery potential due to long-standing liquidity discounts [10]. - The investment logic for Chinese assets is anticipated to shift from low valuation and high dividends to a focus on high growth sectors, particularly in technology, with a new valuation model emerging that emphasizes core business earnings and innovation metrics [10].

袁超展望称，宏观政策将进入观察期，立足将已推出的现有政策用好用足。 近日，《中美日内瓦经贸会谈联合声明》发布后，中国资产市场有积极反应。未来，中美贸易政策走向 及其对中国资产的影响备受关注。 为此，证券时报记者专访了分管国信证券经济研究所的高管袁超。他表示，前期中国已打出政策组合 拳，增强中国资产应对外部环境变化的能力，当前关键在于用好用足现有政策。 袁超认为，中国经济韧性足、潜力大，在超大规模市场纵深、全产业链体系加速重构的背景下，中国经 济中长期发展具备坚实基础，资产重估的内在逻辑并未改变。 他谈到，目前中国资产的吸引力已从"估值修复"向"技术驱动+资产重估"切换，未来如果政策红利持续 释放、科技突破转化为盈利增长且地缘风险边际缓和，外资主动型长线资金或将加速入场。 用好用足现有政策 袁超接受证券时报记者采访时表示，中美贸易摩擦的缓和有利于中国进口产品价格回落，中国出口产品 价格回升。考虑到中国对美出口金额是中国对美进口金额的三倍多，因此"关税战"降温对产品价格回升 的推动作用或大于对产品价格回落的拖累。整体来看，这或拉动国内CPI（消费者物价指数）和PPI（工 业品出厂价格指数）企稳回升。 在此背景下， ...

5月16日，三大指数集体低开，截至发稿深成指、创业板指反弹飘红，汽车、机械设备、有色金属、国 防等板块涨幅居前。中证A500当前跌幅0.19%。 东莞证券认为，市场自4月初回调后当前已有所修复，市场情绪亦升至相对稳定区间。"一行一局一 会"政策逐步落地等因素有助于坚定投资者长期信心、稳住资本市场预期，不断为市场积攒做多动能。 但考虑到上方或存在一定抛压，短期市场或延续震荡态势，中长期维度仍坚定看好中国资产重估。 中原证券认为，2025年一季度A股归母净利润同比增速由负转正，中小盘股盈利修复显著，TMT、消费 细分领域景气度回升。预计短期市场以稳步震荡上行为主，市场有望延续结构性行情，政策支持与流动 性宽松为市场提供底部支撑，科技成长与消费复苏为双轮驱动主线。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） （文章来源：21世纪经济报道） 相关ETF方面，A500指数ETF（159351）下跌0.10%，成交额超8亿元，换手率近4%。成分股方面，均 胜电子涨停，盈峰环境、新易盛、拓普集团等多股跟涨。 A500指数ETF（159351）紧密跟踪新一代标杆指数中证 ...

Group 1 - The central bank's recent financial statistics for April indicate that the moderately loose monetary policy is effective, supporting credit expansion and economic recovery [3][6] - M2 balance reached 325.17 trillion yuan, with a year-on-year growth of 8%, exceeding market expectations of 7.2% [3][5] - The total social financing (TSF) increased by 1.16 trillion yuan in April, with a cumulative increase of 16.34 trillion yuan in the first four months, showing a year-on-year increase of 3.61 trillion yuan [5][6] Group 2 - The issuance of government bonds is the main driver of social financing growth, with net financing of 4.85 trillion yuan in April, a year-on-year increase of 3.58 trillion yuan [5] - A series of monetary policies have been implemented since September 24, with a significant reduction in the reserve requirement ratio (RRR) expected to provide approximately 1 trillion yuan in long-term liquidity [6][7] - Global asset management giants have turned optimistic about Chinese stocks, with firms like Nomura raising their ratings and reallocating funds to China, indicating a positive outlook for Chinese assets [7][8] Group 3 - The CSI A500 Index ETF (563880) is highlighted as a preferred investment option, focusing on high-quality new assets and attracting long-term capital [8] - The CSI A500 Index has a unique index compilation advantage, including a mechanism for mutual connectivity and ESG screening, making it appealing to global investors [8] - The CSI A500 Index ETF has the lowest comprehensive fee rate in the market and offers a monthly evaluation of dividends, providing investors with predictable returns [8]

Group 1 - The report indicates that the profitability of Hong Kong stocks is stabilizing and leading the recovery compared to A-shares, with total revenue growth of 2.4% and net profit growth of 7.4% in the 2024 annual report [3][8][9] - The report highlights that the gross profit margin TTM is 9.3% and ROE TTM is 12.4%, both showing slight improvements compared to the first half of 2024 [3][8][12] - The report notes that the capital expenditure for non-financial sectors in Hong Kong stocks is declining significantly, with a year-on-year decrease of 23.3% [29][30] Group 2 - The report states that sectors such as technology, consumption, and pharmaceuticals are experiencing simultaneous increases in both volume and price, with TMT and pharmaceutical sectors showing significant profit margin improvements [31][34][36] - The financial and real estate sectors, along with TMT, have shown revenue growth rates of 1.8%, 9.7%, and 9.0% respectively, indicating a positive trend [31][32] - The report emphasizes that the ROE for TMT, consumption, and pharmaceuticals has improved by 1.3, 1.9, and 1.5 percentage points respectively, indicating a positive contribution from both sales net profit margin and asset turnover [34][35] Group 3 - The report identifies that the computer and media sectors have shown significant fundamental improvements, while the real estate, power equipment, and coal sectors have experienced profit deterioration [42][43] - The overall net profit growth for Hong Kong stocks is recorded at 7.4%, with significant contributions from non-bank financials, media, and transportation sectors [42][43] - The report highlights that the gross profit margin TTM has improved in sectors such as media, social services, and transportation, while deteriorating in power equipment, coal, and steel sectors [45][47] Group 4 - The report points out that the industry concentration in Hong Kong stocks is notably high, with several sectors like oil and petrochemicals, retail, and media having a CR3 concentration exceeding 80% [51][53] - The report indicates that major companies such as Tencent, Meituan, and Alibaba have contributed significantly to the profit growth of their respective sectors [51][57] - The report also notes that the number of companies with improved net profit growth in the transportation and computer sectors remains significant, while retail and social service sectors lag behind [51][56]