Group 1 - A-shares market showed positive performance with all three major indices rising on May 21, 2023, indicating a favorable market sentiment [1] - A500 Index ETF (159351) recorded a 0.21% increase with a trading volume exceeding 1 billion yuan, leading in trading volume among similar products [1] - The A500 Index ETF closely tracks the CSI A500 Index, which selects 500 stocks representing strong market capitalization across various industries, achieving a balance between large-cap stocks and core industry leaders [1] Group 2 - Recent reduction in loan market quotation rates (LPR) by 10 basis points to 3.0% for 1-year and 3.5% for over 5 years is expected to enhance financial support for the real economy [2] - The decrease in LPR and deposit rates is anticipated to lower overall financing costs, stabilize market expectations, and stimulate credit demand, thereby promoting corporate investment [2] - The adjustment in LPR aligns with the recent cut in the central bank's reverse repo rate, indicating a coherent monetary policy approach [2] Group 3 - The A-share market is shifting towards core assets, with financial and real estate sectors leading in gains, while the technology sector is under pressure [3] - The introduction of new public fund regulations reflects a long-term transformation in China's capital and economic structures, suggesting a potential decline in manufacturing expansion [3] - The return to core asset styles indicates a market correction demand in the short term and signals a potential economic cycle bottoming out in the long term [3]

Group 1 - The core viewpoint of the news is that China's national economy is showing stable growth, with a notable increase in retail sales and a focus on core assets in the market [1] - From January to April, the total retail sales of consumer goods increased by 4.7% year-on-year, accelerating by 0.1 percentage points compared to the first quarter [1] - The service retail sales also grew by 5.1% year-on-year, with a similar acceleration of 0.1 percentage points compared to the first quarter, indicating a recovery trend in both goods and service consumption [1] Group 2 - The CSI A500 index, which focuses on core assets, has gained attention, comprising representative listed companies from various industries such as electronics, power equipment, pharmaceuticals, and computers [1] - As of May 19, the latest price-to-earnings ratio of the CSI A500 index is 14.6 times, which is at the 55% historical percentile level over the past decade [1] - The CSI A500 ETF (563800) has a scale of 18.8 billion yuan and an average daily trading volume of over 2.1 billion yuan, ranking among the top in its category [2] Group 3 - The ETF has a daily tracking error of 0.0112%, placing it among the top three in its category for tracking error control [2] - The management fee structure of the ETF is competitive, with a management fee of 0.15% and a custody fee of 0.05%, making it one of the lowest in its category [2] - Future market outlook suggests that A-shares are expected to experience a steady upward trend, supported by policies aimed at stabilizing and activating the capital market [2]

□本报记者 张凌之 上周（5月12日至5月16日），A股整体呈现震荡整理态势，主要股指小幅上涨。在板块方面，美容护 理、汽车、交通运输、非银金融涨幅居前，计算机、电子、传媒、房地产表现相对疲弱。 5月以来，涨幅居前的仍为跨境ETF。其中，标普消费ETF和两只港股汽车主题ETF的月内涨幅超10%。 不过，从资金净流入额来看，涨幅居前的跨境ETF在5月以来资金多呈现净流出状态，涨幅较高或与炒 作资金有关。 受现货黄金大跌影响，上周黄金主题ETF普跌，跌幅前十的ETF多为黄金主题ETF，且跌幅均超过4%。 资金整体呈净流出 整体来看，上周全市场ETF的资金总体呈净流出状态。Wind数据显示，5月12日至5月16日，全市场ETF 资金净流出额达到318.31亿元。股票型ETF上周也呈净流出，净流出额282.92亿元。 具体来看，资金净流入方面，上周固收类ETF成为ETF市场"吸金"主力。一周净流入额前十的ETF中， 有5只为固收类ETF，合计"吸金"72.45亿元。短融ETF一周净流入33.87亿元，30年国债ETF一周净流入 额也超过17亿元。此外，一周净流入额居前的ETF中还出现了两只科创相关ETF，两只军工主题 ...

Core Viewpoint - The article emphasizes the importance of focusing on "core assets" in investment strategies, particularly those that leverage China's technological and manufacturing advantages to expand into global markets [3][4]. Group 1: Investment Logic - "Small businesses" do not equate to "small market capitalization"; rather, they refer to business models with weak correlation to national economy and people's livelihood [3]. - Industries such as liquor, beverages, home appliances, building materials, auto parts, new consumption, and cultural media are considered "small businesses" that can still generate large market capitalizations [3]. - The article identifies companies that can showcase China's technological advantages while maintaining a low risk of disruption as a key long-term investment direction [4]. Group 2: Industry Characteristics - Certain industries can effectively utilize China's manufacturing clusters and engineer advantages, with low likelihood of product category disruption or iteration being surpassed [4]. - Leading companies in these sectors have established wide economic moats, benefiting from scale, cost advantages, and continuous incremental innovation [4]. - The current geopolitical context, including the return of core manufacturing to the U.S. and the reduction of trade deficits with developing countries, suggests that China's technological and manufacturing advantages are unlikely to be replaced or surpassed in the next 30 to 50 years [4].

摘要 真话白话说财经，理财不说违心话 --这是第1349 篇白话财经- - 今天，在港股表现不佳的背景下，A股出现震荡，最终仅有沪指收红。 （图片来源：东方财富APP，统计截至2025/5/13，不作投资推荐） 两市成交额为1.29万亿元，盘面上，航运港口、光伏、银行板块逆势上涨。 分析人士认为，关税的转机、国内政策对冲都是市场重新加速上行的关键因素，有望带动市场风险偏好重新上行，看好内需、贸易恢复、科技三大主线。 港股大跌原因，还能涨12%？ 虽然昨天中美发布《中美日内瓦经贸会谈联合声明》大超预期，但今天，港股市场出现下跌，恒生指数下跌1.87%，恒生科技指数下跌3.26%。 1、今天，A股三大指数震荡分化，港股大跌，航运板块逆势上涨，关税缓和信号下，利好哪些板块？ 2、外资集体看好中国市场，花旗集团将预计到2026年上半年恒生指数将达到26000点，距离现在还有12%的上涨空间。 3、 上天天基金APP搜索【777】开户即可 领98元券包 ，优选基金10元起投！限量发放！先到先得！ （图片来源：东方财富APP，统计截至2025/5/13，不作投资推荐） 首先，是利好兑现后的获利回吐。 分析人士认为，关税谈 ...

部分抄底资金趁利好兑现收益。 行情如何延续？ 中美贸易谈判成果出炉，关税下降幅度超出市场预期，5月13日A股出现了高开的走势，但4月初以来抄 底获利资金抛售，以兑现利润也让市场全天承压。高开低走之后，上证指数上升0.17%，报收3375点， 沪深京三地合共成交1.33万亿元。 业内人士认为，市场对贸易谈判结果早已有一定预期，4月7日以来，经过一个多月的反弹后，随着利好 充分兑现，部分抄底资金选择了获利了结；中长期来看，每一次回撤都是布局良机，央行降息降准之 后，其他各种政策陆续出台，将会有利于A股继续走强。 抄底资金趁利好兑现收益 "今天高开没有高走，自下而上的原因，是成长股的逻辑强度没有2月深度求索（DeepSeek）那么强，一 旦涨多了就有人撤。"对于5月13日的行情，信达证券策略分析师樊继拓如此评价。 樊继拓认为，这次关税冲击出现在牛市初期，市场整体估值位置较低，但杀估值阶段的调整较多。过去 一个月，国内政策陆续出台，关税谈判预期驱动市场反弹，部分资金趁利多兑现收益。 华金证券策略分析师邓利军分析，中美双方大幅降低关税大超市场预期。一是对华加征关税由之前的 145%大幅降低到30%，24%的关税在90天 ...

此外，海关总署5月9日发布数据显示，2025年前4个月，以人民币计，我国货物贸易进出口总值14.14万 亿元，同比增长2.4%，以美元计，进出口增长1.3%，增速均较一季度加快1.1个百分点。其中4月份，我 国进出口3.84万亿元，同比增长5.6%。与上月相比，虽出口同比增速高位小幅回落至9.3%，但进口由降 转为增长0.8%。 5月12日，A股三大指数集体高开，航天军工、电子元件等板块走高。核心宽基ETF中，中证A50指数 ETF（159593）早盘高开，现涨幅达0.53%，超半数成分股上涨，航发动力涨超4%，宁德时代、立讯精 密、隆基绿能等涨幅均在2%以上。 拉长时间来看，4月8日大盘整体反弹以来，中证A50指数ETF（159593）一路震荡上行，截至5月9日收 盘，区间累计涨幅达7.37%。 中证A50指数ETF（159593）紧密跟踪中证A50指数。该指数布局A股核心资产，从各行业龙头上市公 司证券中，选取市值最大的50只证券作为指数样本，以反映各行业最具代表性的龙头上市公司证券的整 体表现。该ETF还配备了场外联接基金（A类：021183，C类：021184）。 消息面上，从近期公布的PMI和进出口 ...

风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 非完全进化体 来源：雪球 过去几年 ， 我们部分持仓基于低市盈率 、 较高股息率筛选细分行业竞争格局稳固的中小市值龙 头公司进行投资 。 即便同样承受了经济景气回落的压力 ， 但因买得足够便宜 ， 整体还是获得 了一定相对收益 。 基本 " 躲开 " 了这一期间 ， 消费 、 互联网 、 医药 、 新能源等领域核心 资产从估值高位持续回落的过程 。 去年下半年以来 ， 内外部环境冲击及不确定性进一步加剧 。 缺少足够产业链地位的中小市值公 司 ， 即便作为某一细分行业的龙头 ， 盈利的稳定性也经常遭受各种考验 。 在行业竞争加剧与 外部利空冲击下 ， 公司治理中的各种问题也更容易暴露出来 。 即便这些公司的管理层相比国内大多数企业已经属于最优秀的一批 。 但应知道 ， 中国绝大多数 行业龙头公司的发展历程也才10-20年 。 有很多问题与考验尚未遭遇 ， 最典型的诸如应对官僚 体系问题 、 股权架构制约问题 、 二代接班及职业经理人体系建立 、 全球化过程中应对各类政 策风险的能力 ， 包括公平公开的对待各类投资者的 ...

Market Overview - The national real estate market is showing a significant cooling trend, with new home transactions in 26 key cities down 14% compared to March, remaining flat year-on-year [1] - The second-hand housing market is even more sluggish, with transaction volumes in major cities like Beijing, Shanghai, and Shenzhen dropping between 8% to 40% in the first 20 days of April [1][3] - In Hangzhou, transactions plummeted from 12,400 units in March to 7,505 units, a nearly 40% decline [1] Price Trends - The average second-hand home prices in 100 cities fell by 0.69% month-on-month, with 19 cities, including Huai'an and Yancheng, experiencing declines exceeding 1% [3] - First-tier cities saw a slight increase in new home prices by 0.37%, while third and fourth-tier cities experienced a decrease of 0.11% [3] Market Dynamics - The market is characterized by a "two extremes" scenario, reflecting buyers' preference for core assets and caution towards non-core areas [3] - The ongoing US-China trade war poses significant challenges, with cities heavily reliant on exports seeing a 10% week-on-week drop in second-hand home transactions, while those less reliant on exports experienced a 12% increase [3] Policy and Regulatory Environment - Since the introduction of the 926 policy last year, no strong stimulus measures have been implemented for nearly seven months, with the latest political meeting emphasizing the need for long-term stability [4] - Some cities, like Nanjing and Shanghai, are beginning to test policy limits by cracking down on fake listings and misleading information to stabilize market expectations [5] Economic Recommendations - Nomura's chief economist suggests three key directions: increasing fiscal subsidies, promoting real estate industry clearing, and stabilizing export expectations through technological innovation [6] - Positive signals are emerging in some cities, such as Shenzhen, where new home transactions increased by 68% year-on-year, indicating continued attractiveness of core assets [6] Future Outlook - The real estate market is currently facing "threefold pressure": data cooling, trade friction, and policy observation [6] - Despite these challenges, there are indications that the market is not in a state of complete recession, as evidenced by policy rumors and strong sales of improvement projects in core cities [6] - For buyers, focusing on long-term value in cities with population inflow, industrial support, and favorable policies is crucial for resilience in the market cycle [6]

□本报记者 魏昭宇 近期，随着A股市场震荡加剧，核心资产的配置价值愈发受到关注。数据显示，今年二季度以来，以沪 深300为代表的核心指数相关ETF频获资金青睐，机构与个人投资者对核心资产的热情持续升温。在此 背景下，光大保德信基金推出了光大保德信沪深300指数增强型证券投资基金，拟由朱剑涛担任基金经 理。 朱剑涛在近日接受中国证券报记者采访时表示，伴随新兴产业发展和每半年一次的成分股调整，沪深 300指数持续吸纳具有优质成长空间的个股，在动态优化过程中实现行业分布日趋均衡。整体来看，沪 深300指数成分股凭借优良的基本面和稳定的盈利能力，具备较强的周期穿越能力。 构建差异化量化竞争力 记者了解到，朱剑涛已经深耕量化研究领域16年之久，多元化的从业经历使其对量化投资的理解日趋深 入。公开资料显示，朱剑涛从业经历覆盖卖方、量化私募、量化公募，曾担任东方证券量化首席分析 师、数量金融创新实验室负责人、东证衍生品研究院副院长等，在东方证券任职期间带领团队撰写了 《因子选股系列研究》等近百篇专题报告，在卖方研究机构中较早搭建了完整的量化投资框架，2024年 5月开始担任光大保德信量化股票、光大保德信一带一路基金的基金经 ...