- The report does not contain any quantitative models or factors for analysis

Group 1 - The sentiment in the TMT sector, particularly in consumption ideas and optical module CPO, has improved, with related ETFs showing active performance [1] - The 5G Communication ETF (515050) rose by 2.29%, with leading stocks such as Shengyi Technology, Industrial Fulian, and Tianfu Communication [1] - Nvidia's Q1 FY2026 earnings report showed an EPS of $0.76, revenue of $44.062 billion, and a net profit of $18.775 billion, with a post-market stock price increase of over 5% [1] Group 2 - The 5G Communication ETF (515050) tracks the CSI 5G Communication Theme Index and focuses on sectors like 5G, AI computing, and Nvidia's supply chain [2] - The ETF covers leading stocks in various sub-industries, including AI computing, 6G, consumer electronics, PCB, communication equipment, servers, optical modules, and IoT [2] - The Huaxia AI ETF (159381) tracks the ChiNext AI Index, selecting AI-focused companies listed on the ChiNext board, with significant exposure to optical modules and IT services [2]

Market Overview - A-shares experienced narrow fluctuations with overall weak performance, while the TMT sector showed strength [1][4] - The Hang Seng Index and Hang Seng Tech Index both saw intraday declines exceeding 1%, with notable drops in stocks like BYD and Geely [1][15][16] A-share Performance - Major indices showed mixed results at the close, with the Shanghai Composite Index down 0.30%, Shenzhen Component down 0.71%, and ChiNext Index down 1.28% [4][5] - The TMT sector saw a rise, with the Wind TMT Index increasing over 1.5% during the session, and more than 10 stocks hitting the daily limit or rising over 10% [5][6] Sector Performance - The media sector led gains, with intraday increases exceeding 2%, driven by stocks like Glacier Network and China Science Publishing [7][9] - The pharmaceutical and biotechnology sector faced declines, with stocks like Haichen Pharmaceutical and Keyuan Pharmaceutical dropping over 10% [9] Futures Market - Domestic coking coal futures saw intraday declines exceeding 1%, with a cumulative drop of over 30% year-to-date [2][25] - The pressure on coking coal prices is attributed to increased supply from Shanxi and Xinjiang, while demand growth remains limited [27] Company Specifics - Miniso reported a 18.9% year-on-year increase in revenue for Q1, but adjusted net profit decreased to RMB 587.2 million from RMB 616.9 million in the previous year [22][28] - The total number of Miniso stores reached 7,768 as of March 31, 2025, with a net increase of 978 stores [23]

Core Viewpoint - The article discusses the increasing interest of bond-type fund managers in enhancing the flexibility of product net values amid optimistic market sentiment and the growing attractiveness of equity assets [1][2]. Group 1: Market Dynamics - The decline in market volatility is encouraging more funds to enter the market, with the 10-year government bond yield returning to around 1.6%, leading to asset allocation concerns among institutional and individual investors [3]. - Since September of the previous year, there has been a significant increase in investors' risk appetite, and the involvement of stabilizing funds has contributed to reduced volatility in the A-share market [3]. Group 2: Investment Strategies - The investment strategy of the fund emphasizes a contrarian approach and value investing, focusing on low drawdown and stable returns by integrating macroeconomic judgments with individual stock valuations and earnings [4]. - The current investment framework includes adjusting overall stock positions based on macroeconomic assessments, adjusting industry weights based on mid-level economic conditions, and selecting leading stocks for diversified holdings [4]. Group 3: Sector Preferences - The fund manager prefers to focus on industry selection rather than individual stock picking, maintaining a balanced industry allocation while being responsive to changes in industry conditions and valuation [8]. - The fund is particularly optimistic about sectors related to domestic consumption, healthcare, midstream manufacturing, and cyclical recovery, which are expected to see a resurgence in the latter half of the year [9]. Group 4: Consumer Trends - The article highlights a strong performance in the new consumption sector, which is seen as a unique bright spot amid overall consumption recovery, driven by new product categories and companies with strong operational capabilities [10][11].

Core Viewpoint - The market is shifting from risk-driven to liquidity-driven, with personal investors benefiting the most from indices like the North Securities 50 and micro-cap stocks as tariff easing is fully priced in [1][2]. Market Dynamics - Economic pressures are emerging, and the difficulty of U.S. interest rate cuts is increasing. The market has fully priced in expectations of tariff war easing, and the recovery of growth sectors driven by rising risk appetite is nearing its end. The lowest point of the current export chain's price increase was on April 9, with an acceleration phase starting in late April. The current pressure comes from rising U.S. inflation, which, alongside tariff-related disturbances, is expected to exert upward pressure on inflation into the second quarter of 2025 due to rising housing prices and manufacturing recovery [2]. Participant Structure Changes - There is a notable return of speculative funds, regaining pricing power as implicit risks like tariffs have materialized. In mid to late May, the market will shift from risk appetite improvement to liquidity-driven dynamics. Monitoring models indicate that speculative trading began to bottom out in late April, with significant non-linear characteristics observed in market capitalization, where large-cap indices like the Shanghai Composite and micro-cap stocks are leading gains, while mid-cap indices are lagging [3]. Financial Sector Outlook - The financial sector, which has been long undervalued, is expected to see a recovery. Public fund positions in the consumer sector have increased from 11.46% to 15.65% since the lowest point on March 4. However, their holdings in the financial sector remain low at 5.57%, with banks at 3.31% and non-banks at 1.75%. Despite this, the public fund regulations limit significant reductions in the already underweighted financial sector. The financial sector is favored by the market due to its valuation gap, and various factors are expected to contribute to its recovery, which will likely exhibit a stepwise characteristic [4].

分析师：柏逸凡 登记编号：S0890524100001 分析师：程秉哲 登记编号：S0890522110001 投资要点 报告统计时间为2025.05.05-2025.05.09。 静观其变，谋而后动。关税下调之后，可适度控制仓位，静观其变，建议关注红利低波、银行、 公用事业等方向。待市场出现阶段性调整或政策发力紧迫性提高时再积极布局，可关注AI+、 TMT、电子等科技方向，以及旅游、文娱、体育等新型消费的逢低布局机会。 权益市场， 上周，市场风格方面，小盘及成长风格表现强势；风格波动方面，市场风格波动处于 低位，风格较为稳定。市场结构方面，上周，行业指数超额收益离散度继续下降，成分股上涨比 例先升后降，行业轮动速度快速上升；交易集中度方面，前100个股成交额占比及前5行业成交额 占比继续维持在低位，显示行业热点较为分散。市场活跃度方面，上周，市场波动率从高位迅速 下降，换手率亦快速下行。 商品市场方面， 上周，趋势强度表现分化，能化、黑色板块延续其较强的趋势性，有色、农产 品、贵金属板块趋势性较弱；基差动量方面，有色、农产品板块维持高位；波动率方面，各板块 波动率从高位大幅下降；流动性方面，各板块流动性表现 ...

Group 1 - Hongta Securities announced a proposal for share buyback to optimize capital structure and enhance shareholder value [1] - As of May 11, 2023, 359 listed companies in A-share market have initiated buyback plans, with 265 companies specifically for stock repurchase, totaling a maximum buyback amount of 46.9 billion [1] - The State-owned Assets Supervision and Administration Commission supports central enterprises in increasing buyback efforts, leading to several securities firms, including Guotai Junan and Dongfang Securities, to propose buyback plans [4] Group 2 - The combined buyback amount from six major securities firms is estimated to reach 3.8 billion, with potential total buyback including Hongta Securities reaching up to 4 billion [4] - The People's Bank of China announced a combined usage of stock repurchase and loan increase tools with a total limit of 800 billion, enhancing the convenience and flexibility of these tools [4] - Analysts suggest that the buyback actions by securities firms signal strong confidence in their development, which can instill investor confidence in a volatile market [4] Group 3 - The current wave of buybacks is seen as a combination of policy guidance and market-driven behavior, which is expected to stabilize market confidence in the short term [5] - A series of financial policies, including interest rate cuts and increased liquidity, are contributing to the buyback trend, reinforcing the dual drive of policy and capital [5] - There are concerns regarding the sustainability of buyback funding, especially if economic pressures increase, which could lead to cash flow challenges for some firms [5] Group 4 - The A-share market is expected to experience a rotation of investment themes, with a focus on technology, consumption, and healthcare sectors in the short term [6][7] - Analysts highlight three main investment lines: TMT sector, low-cycle stocks under growth policies, and stable sectors like public utilities and transportation [6] - The overall performance of A-share companies is stabilizing, with improvements noted in both large and small-cap stocks [6]

Group 1 - The core viewpoint is that the active public funds will increasingly focus on core asset pricing rather than marginal information flow pricing, leading to a potential overall adjustment in strategy paradigms [1] - The new regulations on public fund assessments may significantly impact the deviation from benchmarks and the ratio of profitable clients, with historical data showing that a large portion of active funds has underperformed the CSI 300 index [1] - The recent performance of public funds has been generally below benchmarks, attributed to underweighting banks and frequent trading, indicating a trend towards conservative allocation [1] Group 2 - The public fund reforms are expected to increase domestic capital allocation towards Hong Kong stocks, particularly in technology and consumer sectors, supported by positive policy attitudes [2] - The market sentiment may improve due to the easing of trade tensions between China and the U.S., which could enhance the relative performance of Hong Kong stocks [2] - The low valuations and policy support for Hong Kong's technology and consumer sectors remain attractive for investors [2] Group 3 - The A-share market is anticipated to experience a structural bull market, driven by technology sectors, despite external uncertainties such as U.S. tariffs and trade negotiations [3] - The current financial easing is linked to stabilizing the capital market, although it may not lead to a comprehensive improvement in the A-share market's fundamentals [3] - The first quarter reports indicate strong performance in consumption, pharmaceuticals, and technology sectors, with technology showing superior relative value [3] Group 4 - The A-share market is expected to present structural opportunities as the performance verification period ends, although uncertainties from U.S.-China trade negotiations remain a concern [4] - Recommendations include focusing on dividend-paying stocks for defensive positioning, technology sectors for growth, and consumer sectors supported by policy initiatives [4] - The market is likely to maintain a range-bound pattern due to external uncertainties and the gradual impact of tariffs on domestic economic recovery [4] Group 5 - The initial phase of market volatility is expected to extend due to the complexities of U.S. tariffs, with a potential breakthrough later in the year driven by policy and capital [5] - The market's response to tariff impacts has created disturbances that require time to digest, but the overall bullish trend remains intact [6] - The influx of capital since last September is based on confidence in policy, long-term valuations, and industry trends, suggesting stability in the market [6] Group 6 - The market has recovered to pre-tariff levels, supported by liquidity from state-owned entities and resilient consumer demand [7] - The second quarter is expected to see accelerated policy implementation, which may further enhance market conditions [7] - Investment strategies should focus on small-cap growth stocks and stable dividend-paying sectors under the backdrop of continued monetary easing [7] Group 7 - The market's recovery is seen as temporary, with potential for increased volatility as economic weaknesses become evident [8] - The focus on financial stability and large-cap stocks is expected to gain traction, driven by policies aimed at expanding domestic demand [8] - The structural changes in the market may lead to a shift towards traditional consumer assets with high return on equity [8] Group 8 - The outlook for the bond market remains optimistic, with potential for new lows in interest rates, while the stock market is advised to maintain a cautious stance amid ongoing tariff negotiations [9] - Investment opportunities are identified in technology sectors and new consumption areas, with a focus on strategic positioning as market conditions evolve [9] - The emphasis is on monitoring economic impacts from tariffs and adjusting investment strategies accordingly [9] Group 9 - The re-evaluation of Chinese assets is expected to lead to a gradual increase in A-share market levels, supported by domestic policy responses to external challenges [10] - The focus on AI and innovative sectors, along with consumer trends, is highlighted as key areas for investment [10] - The capital market's role in stabilizing expectations is crucial, with anticipated policy measures to support the market amid trade uncertainties [10] Group 10 - Three main investment themes are identified: TMT sector performance, low-cycle stocks benefiting from growth policies, and stable utility sectors with strong earnings [12] - The overall market performance is improving, with emerging growth sectors showing promising results [12] - The focus on low-valuation financial sectors is recommended as they align with the shifting investment strategies of equity funds [12]

中信证券：未来主动型公募会更加聚焦核心资产定价 基准偏离和盈利客户比率可能是公募考核新规影响最大的两个规则。从过往主动型基金业绩基准分布来看，采 用沪深300和中证800的基金仅占总规模的62%，超过18%的产品是赛道型产品。2007年至今，2012—2014年和 2022—2024年出现过三年维度主动型公募大面积跑输沪深300指数10个百分点的情况。 过去3年公募普遍跑输基准，低配银行是部分原因，频繁交易和板块轮动也产生负向贡献。向基准靠拢和保守 化配置是大势所趋，但过程是动态的，绝非简单做多低配行业。未来主动型公募会更加聚焦核心资产定价而不 是边际信息流定价，策略范式可能出现整体性调整。未来资管行业当中相对收益和绝对收益产品的策略、选股 范围和定价模式会呈现明显分化。 华泰证券：公募改革或进一步增加资金配置港股需求 5月7日的国新办发布会对资本市场政策态度积极，重点支持科技、消费领域，对港股市场形成积极影响。5月8 日凌晨，美联储继续按兵不动，强调不确定性以及滞胀风险上升，不急于调整货币政策，基本符合市场预期。 周末，中美展开经贸高层会谈，贸易摩擦或有降级空间，有助于改善市场情绪。 鉴于美国对等关税的复杂 ...

2025 年 05 月 11 日 证券研究报告 | 策略周报 关税窗口期应如何博弈？ 策略周报 分析师：刘芳 分析师登记编码：S0890524100002 电话：021-20321091 邮箱：liufang@cnhbstock.com 分析师登记编码：S0890524080002 电话：021-20321080 邮箱：haoyifan@cnhbstock.com 021-20515355 1、《政治局会议临近，应如何布局？— 策略周报》2025-04-20 2、《关税对 A 股哪些行业影响较大？— 策略周报》2025-04-13 3、《关税迷雾叠加美股震荡，资产应如 何配置？—策略周报》2025-03-30 4、《科技主线重燃，二次上行可期 —策 略周报》2025-03-09 5、《从关税博弈到 AI+突围—策略周 报》2025-02-23 投资要点 分析师：郝一凡 【债市方面】新低后宜适度止盈。央行本周降息 10BP，降息幅度相对有 限，后续预计为应对关税影响，未来仍有降息空间。整体来看，在增量政策出 台前，利率仍有下行创新低的可能，新低或是止盈机会（十年期国债收益率止 盈区间 1.50-1.55%）。债 ...