Group 1 - The Chinese government strongly opposes the U.S. measures against Chinese chip products and AI industry, claiming they violate market rules and disrupt global supply chains [1] - The China Securities Regulatory Commission (CSRC) has announced changes to the major asset restructuring management measures, encouraging private equity funds to participate in mergers and acquisitions [1] - The State-owned Assets Supervision and Administration Commission (SASAC) emphasized the importance of high-quality completion of state-owned enterprise reforms by 2025 [2] Group 2 - The National Bureau of Statistics has issued the "Digital China Construction 2025 Action Plan," aiming for significant advancements in the digital economy, with core industry value-added accounting for over 10% of GDP by 2025 [2] - The Ministry of Commerce highlighted the importance of expanding the departure tax refund policy to boost consumption and enhance the experience for foreign travelers [3] - A joint initiative named "Sword Net 2025" has been launched to combat online copyright infringement, focusing on various sectors including audiovisual works and software [3] Group 3 - The film market in China has seen a strong start in 2025, with total box office revenue reaching 26.649 billion yuan, a year-on-year increase of 28.87%, and domestic films accounting for 95.81% of the total [5] - The Hang Seng Index will include Midea Group and ZTO Express, while BYD will be added to the Hang Seng Tech Index [5] - The Shanghai Stock Exchange has taken regulatory measures against 163 cases of abnormal trading behavior, focusing on stocks with delisting risk [5][6] Group 4 - Companies like Ningde Times have set their H-share price at 263 HKD per share, indicating strong market interest [6] - A-share companies are actively engaging in share buybacks and capital increases, with notable plans from companies like Jianghan New Materials and Aoyang Technology [6] - Guangdong Province has introduced an action plan to promote high-quality development in venture capital, encouraging diverse entities to participate [4]

自2009年大横琴集团成立，胡嘉便担任起其核心管理职务，主导了横琴新区从基础设施开发到产业布局的全过程，胡嘉的职业生涯也与横琴开 发深度绑定。 中房报记者 李叶丨北京报道 国资企业迎来新一轮反腐风暴。 5月14日，珠海市纪委监委通报，珠海大横琴集团有限公司（以下简称"大横琴集团"）原党委书记、董事长胡嘉涉嫌严重违纪违法，目前正接 受珠海市纪委监委纪律审查和监察调查。 大横琴集团是2009年4月成立的珠海市属国有企业，成立之初主要服务于珠海横琴新区的开发。大横琴集团官网显示，截至2024年12月，大横 琴集团总资产已达1600亿元，旗下控股上市公司3家，二级全资子公司、控股和参股企业26家，累计开发建设项目超520个，总投资超2600亿 元。 今年年初，大横琴集团发布公告，胡嘉不再担任该公司董事长、法定代表人及党委书记职务。此后，胡嘉的去向一度引发外界猜测，直至上述 通报发布，一切有了解释。 通报中并未披露胡嘉具体的违法违纪行为。不过，业内普遍认为与其在大横琴集团的履职轨迹有关。自2009年大横琴集团成立，胡嘉便担任起 其核心管理职务，主导了横琴新区从基础设施开发到产业布局的全过程，胡嘉的职业生涯也与横琴开发深 ...

5月15日，国务院国资委全面深化改革领导小组召开2025年第一次全体会议。 2025年是国企改革深化提升行动收官之年，会议指出要确保高质量完成国企改革深化提升行动，并重点部署 了"两非""两资"处置和亏损企业治理、大力提升自主创新能力、加强出资人监督和各类监督贯通协同等工作。 会议还强调要高起点谋划好下一步深化国资国企改革工作。 国企改革深化提升行动取得积极进展 会议认为，2023年以来，国务院国资委认真贯彻落实党中央、国务院决策部署，会同有关部门，推动地方、各 中央企业深入实施国企改革深化提升行动取得积极进展。 将资源更好地集中到主责主业、发展战略性新兴产业 截至2024年底，各地、各中央企业深化提升行动主体任务平均完成率超过70%。2025年是国企改革深化提升行 动收官之年。 会议指出，要加强组织推动，锚定目标不放松，补短板强弱项，强化动态跟踪、督促指导，对照行动方案和工 作台账逐条逐项梳理，确保高质量完成国企改革深化提升行动。 会议"点题"了若干重点任务。其中提到，要进一步抓好"两非""两资"处置和亏损企业治理，将资源更好地集中 到主责主业、发展战略性新兴产业上来，形成主业更突出、核心竞争力更强的业务布 ...

5月15日，国务院国资委全面深化改革领导小组召开2025年第一次全体会议。 国企改革深化提升行动取得积极进展 会议认为，2023年以来，国务院国资委认真贯彻落实党中央、国务院决策部署，会同有关部门，推动地方、各 中央企业深入实施国企改革深化提升行动取得积极进展。 具体来看，功能使命类任务加快落地，关键核心技术攻关实现新突破，产业焕新行动、未来产业启航行动深入 实施，传统产业转型升级持续加速，重点领域重组整合扎实推进，"三个作用"充分发挥。 体制机制类任务巩固深化，中国特色现代企业制度进一步完善，三项制度改革深入推进，"一业一策、一企一 策"考核全面实施，穿透式监管进一步强化，监管效能明显提高，有效激发企业内生活力动力。 此外，党的领导和党的建设不断加强，党建基层基础不断夯实，正风肃纪反腐一体深化，为高质量发展提供坚 强保障。 将资源更好地集中到主责主业、发展战略性新兴产业 截至2024年底，各地、各中央企业深化提升行动主体任务平均完成率超过70%。2025年是国企改革深化提升行 动收官之年。 会议指出，要加强组织推动，锚定目标不放松，补短板强弱项，强化动态跟踪、督促指导，对照行动方案和工 作台账逐条逐项梳理， ...

Core Viewpoint - The small-cap stocks are outperforming in the current market, reflecting a "small-cap bull" trend driven by liquidity easing, policy support, and positive fundamental expectations [1][3]. Group 1: Market Performance - The CSI 2000 Index has risen over 9% this year, leading the mainstream small and mid-cap indices [1]. - The performance of small-cap stocks is significantly influenced by liquidity conditions, with small-cap stocks showing higher sensitivity to liquidity compared to large-cap stocks [3][9]. Group 2: Policy and Economic Factors - The central bank has indicated a "moderately loose" monetary policy, with expectations for further reserve requirement ratio (RRR) cuts and interest rate reductions, which benefits small-cap stocks [3][9]. - The government is increasing support for "specialized, refined, distinctive, and innovative" enterprises, particularly in sectors like AI, semiconductors, and robotics, which are well-represented in the CSI 2000 Index [5][8]. Group 3: Structural Opportunities - The ongoing state-owned enterprise (SOE) reforms and debt reduction policies are expected to enhance the potential of small-cap stocks through industry consolidation [8]. - In the early stages of economic recovery, small-cap stocks tend to exhibit faster earnings growth, benefiting from their agility in adjusting business strategies [8][9]. Group 4: Investment Trends - As of May, there is a noticeable return to small-cap growth styles, driven by continued liquidity easing and a recovery in market risk appetite [8][9]. - The CSI 2000 ETF has shown significant performance, with a net value growth rate of 24.24% since its inception, outperforming its benchmark [12].

Group 1 - The meeting emphasized that 2025 is the concluding year for the deepening and enhancement of state-owned enterprise (SOE) reform, with a focus on high-quality completion of the reform actions [1] - There is a need to strengthen the organization and promotion of the reform, ensuring that resources are concentrated on core responsibilities and strategic emerging industries [1] - The meeting highlighted the importance of enhancing the role of state-owned enterprises in the national innovation system and improving their independent innovation capabilities [1] Group 2 - The next steps in deepening state-owned asset and enterprise reform should be planned with a high starting point, adapting to the requirements of a high-level socialist economic system [2] - The focus will be on addressing deep-seated institutional and mechanism issues that restrict the high-quality development of state-owned enterprises [2] - The goal is to strengthen and optimize state capital and enterprises, enhancing their core functions and competitiveness to better fulfill strategic missions [2]

智通财经5月16日电，国务院国资委全面深化改革领导小组5月15日召开2025年第一次全体会议，会议强 调，要高起点谋划好下一步深化国资国企改革工作，面向新时代新征程推进中国式现代化，适应高水平 社会主义经济体制要求，统筹好"放得活"和"管得住"，突出解决制约国有企业高质量发展的深层次体制 机制难题，构建与新质生产力更相适应的生产关系，推动国有资本和国有企业做强做优做大，增强核心 功能、提升核心竞争力，更好履行战略使命。 国资委：要高起点谋划好下一步深化国资国企改革工作 ...

图片来源：智通财经 5月15日，高盛最新的一份报告中将MSCI中国指数和沪深300指数的12个月目标分别上调至84点和4600 点（分别有11%和17%的潜在上涨空间），维持对中国股票的超配评级。 这是高盛月内第二次上调中国股票评级。 基于上述判断，高盛在亚太区维持对中国股票的超配评级，并建议聚焦多条主线以捕捉主题性超额收 益。 内需驱动型板块中，高盛认为，互联网与服务行业将受益于消费复苏与数字化转型加速。同时，在政策 宽松周期下，优质区域银行与头部房企估值修复可期。 在政策刺激受益领域，基建产业链包括建材、工程机械以及新能源汽车等有望巩固发展势。 围绕结构性增长主题，高盛建议关注精选AI产业链，如算力基础设施（GPU服务器、光模块）、垂直 场景应用（智能驾驶、工业软件）等；新兴市场出口商，如拓展东盟、中东市场的制造业龙头；以及股 东回报提升主题相关的高股息国企改革标的、股份回购力度加大的消费白马等。 近期，野村、瑞银、景顺等多家外资行也集体表态，看好中国市场表现。 5月8日，高盛研究部首席中国股票策略分析师刘劲津及其团队发布报告，称对中国股市维持超配评级， 并上调了2025年中国市场主要指数的每股收益预测。 ...

Market Overview - On May 15, the Shanghai Composite Index fell by 0.68% to 3380 points, while the Shenzhen Component Index dropped by 1.62% and the ChiNext Index decreased by 1.92%. Over 3800 stocks in the market declined [1] Stock Performance - Notable gainers included companies in the beauty care, cosmetics, pet economy, food and beverage, and dairy sectors, while Tencent Cloud and state-owned cloud concepts saw declines [1] - Stocks with significant increases included: - *ST Da with a rise of 45.07% to 4.56, supported by chemical sector and shareholder increase [2] - *ST Yanzhen with a 4.99% increase to 9.04, driven by revenue growth in Q1 [2] - Chengfei Integration with a 10.01% rise to 32.63, linked to military and automotive parts sectors [2][20] Trading Dynamics - The top three stocks by net buying on the trading board were: - Yuzhongxia A with a net buy of 99.27 million [5] - Tongda Co. with a net buy of 84.30 million [5] - Chengfei Integration with a net buy of 83.13 million [5] - The top three stocks by net selling were: - Xiangyang Bearing with a net sell of 193 million [6] - Zhongyida with a net sell of 183 million [6] - Cross-border Communication with a net sell of 165 million [6] Company Highlights - Chengfei Integration focuses on automotive parts and tooling, with a significant portion of its revenue from these sectors [20] - The company has established a long-term strategic partnership with Chengfei Group, recognized as a core strategic supplier [20][21] - The company is expanding its lightweight automotive parts business, with projects already in mass production [20] Sector Insights - The textile sector saw notable activity, with Suzhou Longjie and Yingfeng Co. both recording significant gains [11][12] - The chemical fiber industry is experiencing growth, with companies like Jilin Chemical Fiber showing strong performance [4][22] Investment Trends - Institutional investors showed interest in stocks like Yuzhongxia A and Chengfei Integration, indicating potential confidence in these companies [5][27] - The trading volume and turnover rates for several stocks suggest active trading and investor engagement in the market [4][22]

证券研究报告 医药2024&2025Q1总结——关注现金流、盈利能力优先改善品种 行业投资评级：强大于市|维持 中邮证券研究所 医药团队 蔡明子（首席分析师） SAC编号：S1340523110001 古意涵（分析师） SAC编号：S1340523110003 龙永茂（分析师） SAC编号：S1340523110002 陈成（分析师） SAC编号：S1340524020001 中邮证券 1 1 发布时间：2025-05-15 投资要点 ◼ 医药2025：关注现金流、盈利能力优先改善品种 请参阅附注免责声明 2 ➢ 业绩总结：2024年&2025Q1医药板块业绩改善信号持续，盈利能力普遍提升。板块下游去库存、反腐影响正在逐步出清，尽管阶段性承压，但细分板块仍分 化明显，化学制药、医疗耗材等表现突出。费用方面，板块研发费用率2024年整体呈现同比回升，将对板块中长期稳健发展奠定基础，已经拥有扎实研发平台、 具备持续创新能力的药企有望率先迎来业绩反转。板块销售费用率、管理费用率持续下降，提质增效成果显著。目前，医药板块估值整体仍在历史低位水平， 有较大上升空间。2025年在医药政策持续优化、政府刺激消费、地方化债等 ...