呼吁两国停火30天。 美国总统特朗普：继续与俄罗斯和乌克兰对话。 ...

国内市场综述 A 股 5 月开门红 周三（5 月 6 日）大盘量价齐升，个股普涨。截至收 盘，上证综指收于 3316.11 点，上涨 1.13%；深成指 收于 10082.34 点，上涨 1.84%；科创 50 上涨 1.39%； 创业板指上涨 1.97%，万得全 A 成交额共 13644 亿元， 较前一日有所增加。 行业方面，30 个中信一级行业有 29 个行业收涨，其 中计综合金融、计算机及通信涨幅居前，仅有银行小 幅下跌。概念方面，稀土、华为鸿蒙及航空运输精选 等指数表现活跃。 海外市场综述 美国三大股指全线收跌，默克跌超 4% 周二（5 月 6 日），美国三大股指全线收跌，道指跌 0.95%，标普 500 指数跌 0.77%，纳指跌 0.87%。默克 跌超 4%，领跌道指。万得美国科技七巨头指数跌 0.71%。 中概股多数上涨，脑再生涨超 62%，小马智行涨逾 47%。 新闻精要 1. 何立峰将访问瑞士、法国并举行中美经贸高层会谈、 第十次中法高级别经济财金对话 2. 蓝佛安：中方将采取更加积极有为的宏观政策 3. 中方和欧洲议会决定同步全面取消相互交往限制 4. 文化和旅游部：2025 年"五一"假 ...

Core Viewpoint - The recent appreciation of the Renminbi (RMB) against the US dollar is driven by a combination of factors, including a softening stance from the US on tariff negotiations and proactive macroeconomic policies from China aimed at stabilizing the economy [1][2][5]. Group 1: RMB Exchange Rate Movements - On May 6, the onshore RMB rose significantly against the US dollar, reaching a high of 7.2105, the highest level since November of the previous year [1]. - During the May Day holiday, the offshore RMB appreciated by 0.9%, with notable increases of over 650 points on May 2 and again on May 5, peaking at 7.19 [1]. - The RMB's overall stability amidst global market fluctuations caused by US tariff policies indicates a resilient exchange rate [1]. Group 2: Factors Driving RMB Strength - The recent strength of the RMB is attributed to the US's willingness to engage in tariff negotiations, as indicated by statements from US officials, which has positively influenced the RMB's value [2]. - The Chinese government's commitment to implementing proactive macroeconomic policies, as discussed in the April 25 Politburo meeting, aims to stabilize employment and market expectations, further supporting the RMB [2]. Group 3: Future Outlook for RMB - The future trajectory of the RMB will largely depend on the progress of US-China trade talks and the performance of the US dollar [4]. - The potential for a more flexible US stance on tariffs may reduce downward pressure on the RMB, suggesting that the most significant depreciation risks may have passed [4]. - The RMB is expected to exhibit a dual-directional fluctuation pattern against the dollar, with relatively smaller volatility compared to other major currencies [4]. Group 4: Economic Fundamentals Supporting RMB Stability - The foundation for maintaining a stable RMB exchange rate is strong, supported by positive domestic economic indicators and China's institutional advantages, including a large market and effective governance mechanisms [5]. - The People's Bank of China emphasizes a managed floating exchange rate system, aiming to stabilize market expectations and prevent excessive fluctuations in the RMB [5].

2025年5月6日 研究所晨会观点精萃 分析师 贾利军 从业资格证号： F0256916 投资咨询证号: Z0000671 电话: 021-80128600-8632 邮箱：jialj@qh168.com.cn 明道雨 从业资格证号: F03092124 投资咨询证号: Z0018827 电话: 021-80128600-8631 刘慧峰 从业资格证号: F3033924 投资咨询证号: Z0013026 电话: 021-80128600-8621 邮箱：Liuhf@qh168.com.cn 刘兵 从业资格证号: F03091165 投资咨询证号: Z0019876 邮箱: wangyil@qh168.com.cn 多。 投资咨询业务资格: 证监许可[2011]1771号 宏观金融： 美国非农就业数据好于预期，提振全球风险偏好 【宏观】 海外方面，美国公布的一季度 GDP 环比-0.3%，大幅不及预期；但非 农就业数据强劲,表明就业市场尚未受到关税政策的显著影响,而且美国４月 ISM 非制造业 PMI 从 3 月份的 50.8 上升至 4 月的 51.6，经济韧性较强，美联储降息 预期从６月推迟到７月,美元和 ...

Core Viewpoint - The offshore RMB has shown strong performance during the May Day holiday, with a cumulative increase of 687 basis points to 7.2011 against the USD, indicating a potential upward adjustment for the onshore RMB post-holiday [1][2]. Group 1: Factors Influencing RMB Performance - Four main reasons are identified for the recent strength of the offshore RMB: 1. Record high travel data during the May Day holiday may inject more economic growth momentum 2. Positive signals from Sino-U.S. trade negotiations during the holiday 3. Increased allocation of risk-averse funds into RMB assets 4. A declining trend in the USD index, leading to a gradual release of settlement demand [4][5]. Group 2: Sino-U.S. Trade Negotiations - The Chinese Ministry of Commerce noted that the U.S. has expressed willingness to negotiate on tariff issues, suggesting a softening stance that could facilitate trade dialogue and address high tariffs, contributing to the RMB's recent strength [4][5]. - Analysts expect that the RMB's future performance will largely depend on the progress of Sino-U.S. trade talks and the movement of the USD [5]. Group 3: Market Dynamics - The offshore RMB market experienced lower trading activity during the holiday, which may have amplified the rise in the RMB due to short-covering by overseas institutions [4]. - The overall sentiment in the foreign exchange market has improved due to favorable news from Sino-U.S. negotiations, leading to a potential decrease in tariff pressure on the RMB [5][6]. Group 4: Broader Currency Trends - Other Asian currencies, including the Hong Kong dollar and New Taiwan dollar, have also appreciated against the USD, indicating a regional trend of currency strengthening [7][8]. - Market expectations suggest that the USD may continue to weaken, influenced by the Federal Reserve's potential interest rate decisions and ongoing trade dynamics [9].

重要新闻 试点股票新证券代码即将启用，北交所迎来"920"时代 假期人民币、港币汇率大幅走强，港股走强 伯克希尔·哈撒韦年度股东大会召开 重要的消息有哪些 1. 假期期间，美元指数走强，主要货币兑美元走弱，而人民币、港币兑美元逆势升值。受港币持续升值影 响，5月3日，香港金管局斥资465.39亿港元购买美元，以捍卫港币联系汇率制度，这是香港金管局自2020 年以来首次通过干预买入美元。 2. 5月2日，A股因"五一"假期休市，港股强势上涨，恒生指数收涨1.74%，恒生科技指数收涨3.08%。 3. 商务部新闻发言人就中美经贸对话磋商情况答记者问。商务部新闻发言人表示，中方注意到美方高层多 次表态，表示愿与中方就关税问题进行谈判。同时，美方近期通过相关方面多次主动向中方传递信息，希 望与中方谈起来。对此，中方正在进行评估。 4. 北交所存量上市公司代码切换试点工作总体准备就绪，拟于2025年5月6日正式上线。自2025年5月6日 起，北交所为试点股票启用新证券代码，投资者对试点股票的交易委托、行情查询，市场主体对试点股票 的业务办理等均使用切换后的证券代码。根据相关文件，颖泰生物、艾融软件、龙竹科技、佳先股份、 ...

"五一"小长假顺利结束，假期这6件大事有望对节后国内资本市场有一定的影响。 // 假期全球大类资产表现 // "五一"假期，全球多个市场正常交易，大类资产涨多跌少。Wind数据显示，假期天然气涨幅最大，NYMEX天然气上涨遥遥领先，累计涨幅超过10%。紧 随其后欧美日股市表现也不错，其中 德国DAX、 纳斯达克指数、日经225等股指上涨在2%以上。 而 欧佩克宣布即将增产 ，油价领跌，NYMEX WTI原油下跌1.68%，成为假期大类资产中表现最差的。 // 美上周初请失业金人数超预期 // 美国上周初请失业金人数增幅超过预期，可能暗示因关税而导致的裁员增加，关税在第一季度拖累经济。Wind数据显示，美国上周初请失业金人数为24.1 万人，预期22.4万人，前值由22.2万人修正为22.3万人。并且仅次于今年新高2月其中一周的24.2万人。 本周全球金融市场将迎来"美联储时刻"。按照议程安排，美联储将于当地时间5月6日至7日举行议息会议，并将于5月7日公布最新利率决议。市场普遍预 计，美联储本次将维持利率不变。 // 人民币一度创近半年新高 // 5月2日，离岸人民币大涨近1%，5月5日开盘继续上涨，盘中一度 ...

Group 1 - The offshore RMB to USD exchange rate surpassed the 7.20 mark, reaching a new high since December 2024, supported by stable macroeconomic conditions and policy measures to prevent excessive exchange rate fluctuations [1] - The onshore RMB is expected to experience a rebound following the recent trends in the offshore market, with predictions of a potential increase in the exchange rate [1] - The recent decline in the US dollar index, which fell below 100, indicates a weakening of the dollar, further supporting the RMB's strength [1] Group 2 - Experts believe that the foundation for maintaining a stable RMB exchange rate remains solid, driven by domestic economic recovery, increased confidence, and effective governance mechanisms [2] - The Chinese economy's large market size, complete industrial system, and rich human resources contribute positively to the stability of the RMB [2] - The pressure for RMB depreciation may have peaked, with expectations of a dual-directional fluctuation process in the exchange rate, albeit with smaller amplitude [3] Group 3 - The resilience of China's foreign exchange market has improved, enhancing its ability to withstand external shocks, with ongoing monitoring and management of foreign exchange conditions [3] - Authorities are expected to continue strengthening foreign exchange monitoring and maintain exchange rate flexibility while enriching macro-prudential management tools for cross-border capital flows [3]

Group 1 - The offshore RMB to USD exchange rate has appreciated, breaking the 7.19 mark for the first time since November last year, driven by multiple factors including the US-China trade dialogue and strong consumption during the May Day holiday [1][2] - On May 2, the offshore RMB to USD exchange rate saw a significant increase, with a single-day rise exceeding 600 basis points, and on May 5, it continued to rise, touching 7.18940 with an intraday increase of over 130 basis points [2] - Analysts attribute the RMB appreciation to several factors, including positive signals from the US regarding tariff negotiations, strong domestic consumption during the holiday, and increased foreign investment in RMB-denominated bonds amid heightened global market volatility [2] Group 2 - Looking ahead, the RMB exchange rate is expected to remain stable with a solid foundation, fluctuating around a reasonable equilibrium level [3] - The domestic economic fundamentals have improved since late last year, with factors such as economic recovery, confidence boosting, risk mitigation, and technological empowerment contributing to the stability of the RMB [3] - The People's Bank of China emphasizes a managed floating exchange rate system based on market supply and demand, aiming to enhance market resilience and stabilize expectations while preventing excessive fluctuations in the exchange rate [3]

报告编委 报告指导人 | 张扬 | 爱分析 | 联合创始人&首席分析师 | | --- | --- | --- | | 报告执笔人 | | | | 李进宝 | 爱分析 | 高级分析师 | | 外部专家（按姓氏拼音排序） | | | | 车思漫 | 明略科技 | 明略科技旗下秒针系统Social解决方案负责人 | | 刁鸣真 | 火山引擎 | 智能体验与创作产品经理 | | 冯晓东 | 声网 | AIoT行业产品总监 | 2 | 2025 爱分析·AIGC 应用实践报告 1. 报告综述 特别鸣谢（按拼音排序） 3 | 2025 爱分析·AIGC 应用实践报告 | 1. | 报告综述 | 6 | | --- | --- | --- | | 2. | 市场洞察 | 9 | | 3. | AIGC 营销市场 | 14 | | 4. | 对话式 AI 市场 | 27 | | 5. | 结语 | 34 | | 关于爱分析 | | 35 | | | 产品服务 | 36 | | | 法律声明 | 37 | 报告综述 5 | 2025 爱分析·AIGC 应用实践报告 爱分析在深入调研后发现，AIGC 在 To B 市场的应用格 ...