Group 1 - The three major indices experienced a decline on May 15, with the Shanghai Composite Index down 0.68%, the Shenzhen Component Index down 1.62%, the ChiNext Index down 1.91%, and the CSI A500 Index down 1.04% [1] - Sectors such as beauty care, agriculture, and food and beverage showed strong performance, while the A500 ETF fund (512050) fell by 0.94% with a trading volume exceeding 3.7 billion yuan, leading its peers [1] - Financial data for April revealed that the social financing scale stock increased by 8.7% year-on-year, and the broad money supply M2 rose by 8%, indicating a supportive monetary policy for stable macroeconomic performance [1] Group 2 - CITIC Securities anticipates that the new public fund assessment rules will significantly impact the deviation from benchmarks and the ratio of profitable clients, as public funds have underperformed benchmarks over the past three years [2] - The A500 ETF fund (512050) is positioned to assist investors in efficiently allocating to core A-share assets, utilizing a balanced industry allocation and leading stock selection strategy [2] - The asset management industry is expected to see a clear differentiation in strategies, stock selection range, and pricing models between relative return and absolute return products [2]

2025 年 05 月 05 日 科技主题和高股息 —定量策略周观点总第 161 周 金 融 工 程 研 究 投资要点 ▌本周建议一览 核心观点：亚洲货币兑美元集体走强，市场延续了"美国 例外论"终结、套息交易解绑的主线，非美资产短期没有 较大的系统性风险。5 月至 7 月美债集中到期，日美关税 谈判中美债也被作为谈判筹码，我们认为全球风险偏好同 样难明显提升，因此哑铃配置可能是 6 月 FOMC 会议前的 较好选择。一方面随着政治局会议落地，央行一定程度释 放流动性，利率债的配置价值凸显，建议拉长久期；高股 息和自由现金流风格同时进入配置区间。另一方面 5 月机 器人、AI、华为链、低空经济的调整有望结束，流动性也 支持主题投资机会。中期则继续看好具有基本面支撑的科 技板块，包括半导体自主可控、创新药和电池储能。 美股：【美元真实流动性】（负债表-tgd-onrrp）：本周 6.06 万亿→5.88 万亿，边际下降。其中美联扩表本周缩 表 176.53 亿美元（上周缩表 1.83 亿美元）；TGA 账户变 动 1014.98 亿美元（上周-626.24 亿美元），余额大幅上 升；隔夜逆回购 538.61 亿 ...