Group 1 - The core viewpoint of the article highlights the significant inflow of southbound funds into the Hong Kong stock market, driven primarily by ETF investments, with over 600 billion HKD accumulated this year [1][6] - In March, the net inflow of funds into mainland investable Hong Kong stock ETFs reached a record 23.4 billion HKD, followed by nearly 35 billion HKD in April, indicating strong investor interest [2][6] - The overall scale of Hong Kong stock ETFs reached 178.99 billion HKD by the end of Q1 2025, reflecting a 45% increase from the previous quarter [7] Group 2 - Active equity funds have increased their allocation to Hong Kong stocks, with the allocation ratio exceeding 30%, the highest in nearly five years [10] - The top stocks favored by active equity funds include Tencent Holdings, Alibaba-W, and Pop Mart, with significant increases in their holdings [11] - The inflow of southbound funds is expected to continue, with estimates suggesting an additional 200 to 300 billion HKD for the year, driven by both active equity funds and insurance capital [14][15] Group 3 - The article discusses the performance of Hong Kong stock ETFs during market fluctuations, noting that despite a decline in indices, ETF investments have remained robust [4][5] - The analysis indicates that the current valuation of Hong Kong stocks is attractive compared to A-shares and US stocks, which is a key factor in attracting investment [5][6] - The outlook for the technology sector in Hong Kong remains positive, with expectations of continued growth driven by AI and other technological advancements [15][16]

Group 1 - The core viewpoint of the news is the ongoing "Finding Venture Capital Golden Eagle to Discover New Seed Enterprises" initiative, which aims to promote the integration of technology and capital, driving innovation and industry upgrades [1][2] - The initiative has been successfully held since 2009, witnessing the growth of many innovative enterprises supported by capital [1] - This year's plan includes early-stage investment institutions and overseas investment institutions in the evaluation scope, highlighting their importance in discovering cutting-edge technology projects and supporting internationalization [1] Group 2 - The event will utilize a rigorous evaluation mechanism, combining hard indicators, expert reviews, and online voting, with online voting accounting for 15% [2] - A total of 17 awards will be presented in this initiative, covering various categories such as annual investors, VC institutions, PE institutions, and outstanding M&A cases [3][4][5] - The initiative aims to showcase the innovative stories, investment strategies, and growth journeys of the selected outstanding candidates through in-depth media coverage [2]

文 ｜ 刘春彤 裘翔 ▍ 本期更新中信证券2 0 2 5年5月金股组合。 ▍ 板块配置：关注交易性机会，聚焦自下而上产业逻辑清晰的绩优股。 亮马组合是基于策略聚焦观点和行业研究精选推荐，遴选出的月度金股组合。本篇报告为2 0 2 5年第5期，更新中信证券5月1 0大 金股组合。时点上，贸易战仍处僵持阶段，中国政策没有强刺激，也不会和美国达成妥协式协议，是当下的现实情形，5月有望 迎来前期筹码出清后的交易性机会。配置上，自下而上寻找优质个股，主要方向是先进制造，和非美国家特别是欧洲方向的需 求追踪。组合包含金融、周期、地产、医药、制造等产业，以实现多元化配置。 本文节选自中信证券研究部已于 2025年4月29日 发布的《 中信证券亮马组合202505—自下而上，发掘高确定性机会 》报告，具体分析内容（包括相关风险提示等）请详见报告。若因 对报告的摘编而产生歧义，应以报告发布当日的完整内容为准。 本资料所载的证券市场研究信息是由中信证券股份有限公司（以下简称"中信证券"）的研究部编写。中信证券研究部定位为面向专业机构投资者的卖方研究团队。通过微信形式制作 的本资料仅面向中信证券客户中的金融机构专业投资者，请勿对本 ...

"'高加索号'开创了里程碑！" 2024年4月23日，当目睹本国最大隧道顺利贯通，格鲁吉亚公路局副主席莎乐美·祖祖米娅在社交媒体留 言分享喜悦，并配上了"钢铁巨龙"穿山而出的震撼画面。 前者所说的"高加索号"，正是全球最大直径全断面硬岩盾构机，由中铁工程装备集团(以下简称中铁装 备)为格鲁吉亚古多里隧道项目量身定制。 以直径15.08米、最大推力2.26万吨的"高加索号"为例，不仅成功穿越埋深1121米、强度130兆帕的硬岩 山体，还克服有害气体、地下渗水等地质灾害，创造了月掘进426米的世界纪录，提前30天完成施工任 务。 盾构机是一种大型圆柱状工程机械，专门用于挖掘地下隧道。 其原理颇似蚯蚓，前面合金刀盘不断旋转，破碎"吃进"岩石或土壤，传送带将渣土后运排出，所经之处 就形成一条中空隧道。 相比传统的爆破掘进法，盾构机安全性显著提升，可钻透各类地质构造，工效提高3至5倍，同时降低碳 排放，更加绿色环保。 放眼全球，掌握14米以上超大直径盾构机自主核心技术者，仅中、美、德、日等极少数国家。 但很多人不知道的是，几十年前，该领域中国尚无一席之地。 1997年，为修建秦岭隧道，我国购入两台德制盾构机，单价高达近 ...

Group 1 - The Hong Kong stock market has recently shown an attractive upward trend after a period of stagnation, with many fund managers noting that despite a turbulent first quarter, valuations remain low compared to global capital markets [1][3] - The Hong Kong stock market is home to many scarce consumer and technology leaders from the A-share market, particularly in AI, smart driving, and advanced manufacturing, which are expected to resonate with economic recovery and drive further upward potential [1][3] - As of March 2025, the Hang Seng Tech Index has a price-to-earnings ratio of approximately 30 times, significantly lower than the Nasdaq's 37 times, indicating a historical low valuation [3] Group 2 - The unique liquidity advantage of the Hong Kong stock market has made it a favored target for international investors, especially with the recent peak and retreat of U.S. Treasury yields and the anticipation of domestic growth stabilization policies [3] - Southbound capital is currently the main support for the strength of the Hong Kong stock market, and if AI makes substantial progress, the likelihood of foreign capital returning will increase, potentially leading to a gradual recovery in market valuations and more investment opportunities [3] - Investors are advised to diversify their positions in the Hong Kong stock market to mitigate the impact of single asset volatility on their investment portfolios [3] Group 3 - Extreme Securities, established in 2015, is a leading global platform for trading financial derivatives including U.S., A-share, and Hong Kong stocks, aiming to provide a safe and convenient trading experience for global investors [4] - The platform allows for easy account opening without cumbersome conditions, enabling investors to participate in quality asset allocation and better capture investment opportunities from global capital flows [4] - Extreme Securities is actively expanding its agency cooperation plan globally, inviting partners interested in financial technology and international market expansion to join, thus creating sustainable business development opportunities [4]

摘要：本科就读于北京航空大学机电专业，11年深耕汽车、机械、新能源领域 2025年4月，北京亦庄的马拉松比赛，20支人形机器人队伍与1.2万名来自全国各地的人类选手同场竞 技，最终"天工Ultra"以2小时40分42秒的成绩摘下了桂冠。 机器人是国内先进制造崛起的缩影之一。早在产业趋势出现前，华安基金就启动布局产业跟踪和市场调 研。具有产业学术背景+投研实力的"华安基金科技联盟"，在科技投资的每个细分领域都在不断扩容深 耕与迭代探索。 其中，基金经理熊哲颖本科就读于北京航空大学机电专业，此后11年深耕汽车、机械、新能源领域。当 AI浪潮袭来，她从AI赋能底层机械装备、永续能源等角度，快速挖掘出新科技带来的投资机会，并在 机器人、新能源汽车、机械设备等领域发挥所长。 她构建了一套"抓结构+布节奏+选个股"三位一体的投资框架，将成长股投资体验"更加从容舒适"作为投 资目标。 投资前，熊哲颖会先思考持仓结构，始终不忘"控制回撤"的领先目标。 作为典型的新能源制造+科技成长风格选手，熊哲颖的持仓结构，整体围绕着"先进制造"领域展开，在 维持行业均衡的同时，再通过重仓个股的方式提高锐度，形成了"攻守兼备"的体系。 以其 ...

每经记者 肖芮冬 每经编辑 赵云 4月23日，市场全天高开后震荡分化，三大指数涨跌不一。板块方面，机器人、低空经济、消费电子、家用电器等板块涨幅居前，黄金、食品、农业、 零售等板块跌幅居前。全市场超3100只个股上涨。沪深两市全天成交额1.23万亿元，较上个交易日放量1397亿。 下面一起来看今天公募基金的表现。 3.单日债基涨跌幅榜 | 证券代码 | 证券简称 | 单日净值增长率(%) | 近1周国报(%) | 今年以来回报(%) | 基金经理(现任) | 基金规模(亿元) | | --- | --- | --- | --- | --- | --- | --- | | 001571.OF | 嘉合磐石A | 3.4 | 5.37 | -2.16 | 李超 | 0.42 | | 001448.OF | 华商双算A | 2.56 | 4.38 | 0.11 | 胡中原 | 0.59 | | 004025.OF | 融通收益增强A | 2.41 | 3.88 | 4.54 | 孙健彬,樊鑫 | 0.62 | | 011015.OF | 嘉合锦元回报A | 2.31 | 3.04 | -1.62 | 李超 | 0. ...

《美国优先投资政策》备忘录延续了特朗普政府加强外资审查力度的立场，核心在于建 立"差别化"的审查机制：一方面放宽盟国对美投资限制，另一方面严格管控与"外国对 手"国家的双向投资活动。 文：国金宏观宋雪涛/联系人厉梦颖 随着对等关税和对等反制的升级，市场担心贸易摩擦可能向其他领域蔓延，在此背景下，2月21日特朗 普政府出台的《美国优先投资政策》备忘录引发关注。 就在《美国优先投资政策》发布一个月前的1月20日，特朗普政府发布的《美国优先贸易政策》备忘录 已释放信号——将重新评估上届政府的对外投资法规。 《美国优先投资政策》备忘录延续了特朗普政府加强外资审查力度的立场，核心在于建立"差别化"的审 查机制： 一方面放宽盟国对美投资限制，另一方面严格管控与"外国对手"国家的双向投资活动 。 虽然目前公布的只是政策框架，但特朗普政府已明确要求相关政府部门启动配套法规制定程序，为后续 出台具体监管措施铺平道路。 特朗普第一任期和拜登政府时期，均颁布过一些对外投资限制命令。 比如特朗普第一任期的2020年11月12日第13959号行政命令，2021年6月3日第14032号行政命令 （对第13959号的修订），拜登政府时期的 ...

广东一季度GDP增长4.1% 4月22日，广东经济一季报出炉。根据地区生产总值统一核算结果，一季度，广东实现地区生产总值 33525.51亿元，按不变价格计算，同比增长4.1%，增速比上年全年提高0.6个百分点。 对处于重大转型期的广东经济而言，4.1%的增长意味着什么？一季度经济数据释放了哪些信号？中山 大学岭南学院经济学系教授林江为我们带来他的解读。 广东工业体系展现出强大韧性 林江：广东一季度GDP同比增长4.1%，这一数据表现较为理想。在当前全球背景下，可谓实现了良好 开局。2025年作为"十四五"规划的收官之年，在该年一季度保持4.1%的增长率，对于经济大省和工业大 省的广东而言实属不易。广东经济的韧性主要体现在其工业体系的完整性，而且在一定程度上为全球制 造业提供支撑，2025年一季度广东外贸出口表现依然稳健。 0:00 南方财经全媒体记者杨雨莱 吴佳楠 魏彤 广州报道 当"扩内需"成为稳增长的重要举措，消费的表现备受关注。一季度，广东社会消费品零售总额同比增长 2.5%，增速比1—2月份加快1.5个百分点，其中3月份增长5.8%。值得一提的是，以旧换新相关品类商品 零售额较快增长，限额以上单位家 ...

Core Viewpoint - The article highlights the growing opportunities in Guangdong, particularly in the Greater Bay Area, as it attracts talent from the Yangtze River Delta through a spring recruitment event, showcasing the region's industrial and technological advancements [2][3][10]. Group 1: Economic and Industrial Landscape - Guangdong Province, as the largest economy in China, is projected to surpass a regional GDP of 14 trillion yuan in 2024, with Dongguan playing a crucial role in the "technology innovation + advanced manufacturing" strategy [5]. - Dongguan is positioned as a key city in the Greater Bay Area, leveraging geographical and policy advantages for interdisciplinary research, particularly in quantum physics [5][6]. - The city is recognized as a hub for national strategic technology, contributing significantly to the global smartphone and industrial robot markets, with one in four smartphones and one in three industrial robots linked to Dongguan [7][8]. Group 2: Talent Attraction and Recruitment - The "Million Talents Gathering in South Guangdong" recruitment event featured 683 leading companies offering over 21,000 high-end positions across various fields, including artificial intelligence and biotechnology [2][10]. - High-paying job opportunities were highlighted, with 109 positions offering annual salaries exceeding one million yuan, and 966 positions ranging from 500,000 to one million yuan [10]. - The event utilized an intelligent job matching system that leverages big data and AI to connect job seekers with suitable positions, enhancing the recruitment process [13].