Group 1 - The A-share market opened significantly higher, with the Shanghai Composite Index rising by 1.17%, filling the gap from April 7 [1] - The People's Bank of China announced a 0.5 percentage point reserve requirement ratio cut, injecting approximately 1 trillion yuan into the market, along with a 0.1 percentage point reduction in policy interest rates [1] - An additional 300 billion yuan in re-lending for technological innovation and transformation was announced, increasing the total from 500 billion yuan to 800 billion yuan [1] Group 2 - The humanoid robot industry has been rapidly developing, with the robot sector significantly outperforming the CSI 300 index since October 2024, becoming a key market theme [2] - The demand for humanoid robots in consumer applications is expected to be substantial, currently in the thematic investment phase from 0 to 1 [2] - The technology iteration and commercialization of humanoid robots are accelerating, with potential to replicate the market trends seen in the new energy vehicle sector from 2020 to 2021 [2]

5月7日，港股大幅高开，恒生指数高开2.24%，恒生科技指数高开2.72%。相关ETF中，港股科技30ETF （513160）截至发稿涨1.71%，成交额超7500万元，换手率超5.6%，盘初交投活跃。成分股中，迈富时 涨超6%，瑞声科技、舜宇光学科技 、比亚迪电子、美团-W、快手-W等跟涨。 港股科技30ETF（513160）紧密跟踪恒生港股通中国科技指数，该指数跟踪可经港股通买卖，从事科技 业务并于香港上市的内地公司之表现。 中泰国际表示，内部政策面给予人工智能、高端制造、消费升级等具备"安全与发展"双重属性的板块更 多确定性溢价。美股科技巨头包括微软、谷歌、Meta、亚马逊等公司财报显示资本支出大幅增加，并 表明对AI需求持续乐观的态度，有助于强化港股AI产业链（硬件及软件）的投资情绪，AI产业链、机 器人、智能驾驶等相关股份有望继续获得超额收益。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） 据上海证券报，截至5月6日，港股市场已有2507家企业披露2024年年报。数据显示，2024年港股公司整 体经营稳中有升，考虑汇率因素后，已发布年报的港股公司 ...

财信证券认为，周二大盘放量上涨，三大指数全线收涨，全市场成交额较前一个交易日也有显著提升。 随着有增量资金入场迹象，资金风险偏好有所增加，市场风格也随之切换，科技线成为主导方向，高股 息红利资产走弱，但周二的风格切换是否有持续性还有待观察，后续仍可留意各题材板块之间的轮动机 会。整体来看，"五一"假期之后，在国内政策加力、AI产业趋势加持下，市场有望走出震荡向上的结构 性行情。5月份随着海外关税战对市场扰动效应逐步消退，市场大概率重新回归AI产业趋势以及扩内需 驱动逻辑。 东莞证券认为，周二，市场在5月首个交易日迎来"开门红"，三大指数集体走强。从技术分析角度看， 沪指处于5日均线上方，技术形态上延续企稳回升的态势，叠加量能放大的积极信号，短期或延续震荡 上行趋势。当日，"五一"假期相关消息被市场集中反应，盘面延续了4月底以来的科技成长及中小盘风 格主导格局。在科技成长板块的带动下，市场整体风险偏好出现回升，叠加流动性环境延续宽松，投资 者情绪有所回暖。"五一"假期期间国内消费动能持续释放，内需修复趋势延续。A股上市公司一季报披 露完毕，盈利端整体呈现改善态势，行业营收增速表现出结构性分化。展望5月，市场短期 ...

Group 1 - In April 2025, out of 8,451 comparable mixed funds, 1,899 funds saw an increase in net value, while 6,529 funds experienced a decline, and 23 funds remained flat [1] - The top two performing funds for April were Zhonghang Youxuan Lihang Mixed Fund A and C, with returns of 17.30% and 17.25% respectively [1] - These two funds, established on December 24, 2024, have cumulative returns of 42.99% and 42.67% as of April 30, 2025 [1] Group 2 - Nine funds under Huatai Fuhua Fund Management Co., Ltd. achieved monthly returns exceeding 10%, including Huatai Fuhua North Exchange Innovation Selected Mixed Fund A and C [2] - The Huatai Fuhua Medical Service Flexible Allocation Mixed Fund A had a return of 12.18% in April and a cumulative return of 55.60% since its inception [3] - The fund manager believes the pharmaceutical industry will show strong anti-cyclical and technological attributes over the next 2 to 3 years, focusing on innovative drugs and high-barrier medical equipment [3] Group 3 - The top-performing funds in April included Huatai Fuhua Medical Service Flexible Allocation Mixed Fund A, with a scale of 4.408 billion yuan, and a cumulative net value of 1.5560 yuan [3] - The two funds, Fuguo Precision Medical Flexible Allocation Mixed Fund A and Zhongyin Innovation Medical Mixed Fund A, also performed well with returns of 11.21% and 10.57% respectively [4][5] - Fuguo Precision Medical Flexible Allocation Mixed Fund A has a cumulative return of 184.98% since its inception [4] Group 4 - A total of 59 mixed funds saw declines exceeding 10% in April, with Tianzhi Quantitative Core Selected Mixed Fund C and A at the bottom with returns of -18.19% and -18.18% respectively [5] - These funds have cumulative returns of -45.73% and -46.21% since their inception [5] - The top ten holdings of these underperforming funds included companies in the optical and semiconductor sectors [5][6]

个股方面，渝三峡A收获5连板； 山东墨龙A股H股双双大涨，其H股午后涨幅一度扩大至近200%； 东 江环保A股（002672）午后2分钟内直线拉升涨停，其H股盘中一度涨超30%。 截至收盘，上证综指涨1.13%，深证成指涨1.84%，创业板指涨1.97%。 5月首个交易日，A股迎来"开门红"。 5月6日，三大指数高开高走，上证综指午后涨幅扩大至1%，重回3300点上方；个股普涨，超4900只个 股飘红。全天成交额1.36万亿元，较上一交易日增加1714亿元。 盘面上，金属新材料、可控核聚变、稀土永磁等板块涨幅居前，黄金概念股全天走强；银行板块小幅回 调。 中金公司研报认为，一季度A股上市公司业绩边际改善，海外市场在A股休市期间表现较好，国内外环 境对A股整体影响偏积极。配置层面，建议考虑景气回升领域，例如DeepSeek突破加速AI产业发展，AI 产业链中的云计算、算力等基础设施环节，再到机器人、智能驾驶等应用环节，仍是重要主线。 黄金概念股大涨 黄金概念股午后持续走强。 东江环保、莱绅通灵涨停，四川黄金、晓程科技涨超7%，华钰矿业涨超 6%，湖南黄金、高能环境、潮宏基涨超5%。 | 莱绅通灵 | 7.38 ...

科技内需引领，中游周期回暖 [Table_Authors] 顾一格(分析师) 2025 年转债一季报专题 登记编号 S0880522120006 请务必阅读正文之后的免责条款部分 债 券 本报告导读： 2025Q1 消费和成长板块归母净利润增速领先，周期和金融板块归母净利润增速小幅 转正。具体来看，中游周期、部分消费和成长行业业绩增速普遍改善，农林牧渔、 家电、汽车、电子、非银保持高速增长。 投资要点： 债券研究 /[Table_Date] 2025.05.06 021-38676666 专 题 研 究 券 研 究 报 告 研 究 证 [Table_Summary] 周期板块中，建议增持具备矿产资源优势的国城转债、华友转债， 经营趋势向好的广大转债，受益于半导体材料国产替代的东材转债、 鼎龙转债、安集转债、正帆转债，受益于机器人、AI 产业趋势加速 的科利转债和博 23 转债，以及受益于消费需求复苏和国产替代的珀 莱转债；消费板块中，建议增持农林牧渔转债，包括牧原、巨星、 温氏、希望转 2 和禾丰转债等，以及宠物食品龙头中宠转 2、区域 乳制品龙头新乳转 2 和汽车零部件生产商保隆转债；成长板块中， 建议增持 ...

Group 1: Economic Insights - Torsten Slok warns that if the Trump administration continues high tariff policies (average rate rising from 3% to 18%), it could shrink US GDP by 4%, equivalent to erasing California's economy [1] - The current US policies are causing a dual crisis in strategic coordination, with internal governance issues and external trust erosion, undermining the US's soft power as a free trade order maintainer [1] - The decline in US soft power is linked to the over-reliance on hard power tools like tariffs, which accelerates the loss of international discourse power [1] Group 2: Energy Sector Challenges - Falling oil prices are forcing US oil companies to cut production and lay off workers, revealing vulnerabilities in the energy sector's technological reserves and capital resilience [2] - The trend of reduced upstream investment is evident as oil service companies like Baker Hughes cut exploration budgets, stifling technological innovation [2] - The traditional energy giants, such as Chevron, are experiencing profit declines, weakening their ability to dominate industry rules through capital strength [2] Group 3: Financial Market Dynamics - Slok highlights the potential for a "Truss moment" due to soaring US Treasury yields, indicating a crisis in fiscal credit soft power [2] - The market's trust in fiscal discipline is waning, as evidenced by the 10-year Treasury yield surpassing 4.6%, reflecting concerns over long-term fiscal credibility [2] - The current turmoil in the Treasury market underscores the absence of mechanisms for "expectation anchoring" and "risk-sharing" in monetary policy soft power [2] Group 4: Structural Economic Risks - Despite predicting a 0% probability of US recession by 2025, Slok identifies ten significant risks, including a 90% probability of tariff increases and Nvidia's performance falling short of expectations [3] - The over-dependence on a single company (Nvidia) for AI industry narratives poses a risk to innovation leadership, especially if the technological dividend fades [3] - The reliance on government spending for economic growth, with 25% of new jobs coming from the public sector, highlights structural weaknesses in the US economy [3] Group 5: Soft Power Framework - Slok's multidimensional warnings reveal a systematic decline in the US's soft power across strategic resource integration, institutional resilience, and technological leadership [3] - To rebuild soft power, the US must move beyond short-term policy games towards a governance model that includes rule co-construction, technological symbiosis, and debt co-governance [3]

证券研究报告 有色金属 | 金属新材料 非金融|公司点评报告 hyzqdatemark 2025 年 05 月 06 日 证券分析师 田源 SAC：S1350524030001 tianyuan@huayuanstock.com 田庆争 SAC：S1350524050001 tianqingzheng@huayuanstock.com 张明磊 SAC：S1350525010001 zhangminglei@huayuanstock.com 项祈瑞 SAC：S1350524040002 xiangqirui@huayuanstock.com 陈婉妤 SAC：S1350524110006 chenwanyu@huayuanstock.com 市场表现： | 基本数据 | | | 30 | 年 | 04 | | 日 | 月 | | 2025 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 40.45 | | | | | | 一 最 低 | | 高 | | | | | | | / | ...

报告导读： ①过去半个世纪内，美股曾三次遭遇极端波动，分别为 1987 年"黑色星期 一"、 2008 年全球金融危机，以及 2020 年新冠疫情爆发。② 4 月以来特朗普关税政策 引发市场对美国经济前景及地缘政治格局担忧，导致美国股债汇罕见三杀。③美股中期走 势或取决于关税政策对基本面冲击程度，以及以 AI 为代表的产业变革的演进速度。 过去半个世纪美股经历过三次剧烈波动的极端情形。 拉长时间看，美股市场始终给投资者留下长期稳健走 牛的印象，从历史数据看，过去五十年间美股一共出现过三次剧烈波动。综合实际波动程度和市场对未来 波动的预期两项指标来看， 1987 年、 2008 年与 2020 年可视为美股在过去半个世纪中最为典型的三 次巨震行情。 我们对这三段行情的成因与背景进行进一步分析。 1987 年黑色星期一：联储加息周期 + 美元贬值压力 + 泡沫破裂抛售。 20 世纪 80 年代中期美股在流动性宽松的环境中持续上涨，泡沫化趋势或已较为明 显。在联储加息周期、美元贬值压力、程序化交易加速抛售等因素共同作用下， 1987 年 10 月 19 日"黑色星期一"美股大幅下挫，创下历史最大单日跌幅，同时债市、 ...

又有资深基金经理官宣离职。 近日，华安基金发布公告，基金经理李欣因个人原因即将离任，新任基金经理将于5月6日正式任职。同时，李 欣也将在5月6日卸任所有在管产品的基金经理。 这也是继周海栋、王鹏、曹名长等人后，公募基金行业再现知名基金经理离职的案例。Wind数据显示，李欣 的投资管理年限已将近10年，截至一季度末，在管7只基金总规模合计80.16亿元。其中，华安智能装备主题 A、华安低碳生活A的任职回报均超过100%。 任职期间曾创造两只"翻倍基" 公开履历显示，李欣有15年证券、基金从业经历，其中近10年投资管理经历，是行业内的一名"老将"。 李欣曾任华泰联合证券有限责任公司研究员，2012年5月加入华安基金，任投资研究部研究员，2015年7月起担 任基金经理，截至离职共管理了华安智能装备主题、华安中小盘成长混合等7只基金，总规模合计80.16亿元。 从李欣即将卸任的基金来看，他任职期间曾创造两只"翻倍基"。其中，华安智能装备主题A任职回报已达到 223.04%，年化回报为12.68%。其次，李欣管理的华安低碳生活A任职回报达到148.26%，年化回报为 15.96%。此外，李欣管理的华安中小盘成长、华安科 ...