★ 宏观动态 ★ 央行：拟进一步丰富"互换通"产品类型 据中国人民银行消息，为进一步促进内地与香港金融衍生品市场协同发展，推动金融高水平对外开放，中国人 民银行、香港证券及期货事务监察委员会、香港金融管理局在充分总结"互换通"运行经验、认真听取境内外投 资者意见建议的基础上，拟进一步丰富"互换通"产品类型。一是延长合约期限，延长利率互换合约期限至30 年，满足市场机构多样化风险管理需求；二是扩充产品谱系，推出以贷款市场报价利率（LPR）为参考利率的 利率互换合约。两地金融市场基础设施机构将陆续上线以上优化措施。下一步，内地与香港金融管理部门将继 续指导两地金融市场基础设施机构，根据"互换通"的运行情况，持续完善相关机制安排，稳步推动中国金融市 场进一步对外开放，稳慎扎实推进人民币国际化，支持香港国际金融中心繁荣发展。 最高法、证监会：对于"小作文"损害他人权益且构成犯罪的，依法追究刑事责任 最高人民法院、证监会联合发布《关于严格公正执法司法 服务保障资本市场高质量发展的指导意见》。意见 提到，依法打击编传虚假信息、"维权黑产"、发行上市环节不正当竞争等干扰市场正常运行、扰乱资本市场秩 序的违法行为，形成风清气 ...

近期，A股港口、航运、物流板块表现强势。 消息面上，据新华社报道，国务院关税税则委员会发布公告表示，为落实中美经贸高层会谈的重要共 识，自2025年5月14日12时01分起，调整对原产于美国的进口商品加征关税措施。 新华社此前报道，当地时间5月10日至11日，中美经贸高层会谈在瑞士日内瓦举行。5月12日，双方发布 《中美日内瓦经贸会谈联合声明》。双方在联合声明中达成多项积极共识，同意于5月14日前采取有关 举措。美东时间5月12日，美方发布行政令，宣布自美东时间5月14日0时01分起调整对华加征关税措 施。 新华财经表示，目前出海企业正抢抓90天关键"窗口期"，对90天后贸易政策不确定性的担忧或许正催生 新一轮"抢运潮"。不少货代公司负责人都表示，本周开始，大家都在抢发货，市场节奏非常紧张，美线 整体已经接近爆舱。 高盛分析师Philip Sun也认为，面对这90天的关税暂缓期，中国出口商和美国进口商会有多急切地争相 下单。Sun还大胆的预测，"未来90天，中国的出口将爆火。'抢先'将成为关键词"。 美国战略与国际研究中心中国商业与经济高级顾问Scott Kennedy持有类似的观点，其在接受媒体采访时 就表 ...

15日，A股主要股指弱势下探，沪指再次失守3400点，创业板指跌近2%；港股亦走低，恒生指数跌近 1%，恒生科技指数跌1.5%。 具体来看，三大股指盘中弱势下探，尾盘加速下行。截至收盘，沪指跌0.68%报3380.82点，深证成指跌 1.62%报10186.45点，创业板指跌1.91%报2043.25点，科创50指数跌1.26%，沪深北三市合计成交11906 亿元，较昨日减少近1600亿元。 场内超3800股飘绿，券商、保险等板块走低，半导体板块亦下挫；合成生物概念拉升，芭薇股份、青松 股份（300132）、川宁生物（301301）等涨停；宠物经济概念活跃，仙乐健康（300791）、回盛生物 （300871）等涨超10%；航运概念延续强势，南京港（002040）、宁波海运（600798）、宁波远洋 （601022）等斩获3连板；此外，部分军工股延续强势，成飞集成（002190）斩获7连板，苏州龙杰 （603332）连续5日涨停。 港股方面，京东集团跌超4%，中芯国际、华虹半导体、舜宇光学科技等跌超3%。 合成生物概念拉升 合成生物概念盘中强势拉升，截至收盘，芭薇股份30%涨停，青松股份、川宁生物、洁雅股份 （ ...

据《中国食品药品监管》杂志2024年8月30日发布的《麦角硫因的功能、制备及应用研究进展》，麦角硫因是一种天然的小分子组氨酸硫脲衍生物，存在于 微生物细胞和动植物体内。EGT可由真菌、蓝细菌、放线菌等微生物合成，人体自身不能合成EGT，需通过饮食摄取，食用菌是EGT的重要饮食来源之一。 一、行情回顾 市场全天缩量调整，创业板指尾盘跌近2%。合成生物概念逆势大涨，川宁生物、洁雅股份、美农生物等多股涨停。航运板块冲高回落，宁波海运、宁波远 洋、连云港等均三连板。食品、服装、美容护理等消费股活跃，西王食品、拉芳家化、凤竹纺织等涨停。下跌方面，军工板块调整，天箭科技接近跌停；算 力概念股走弱，宏景科技跌近10%。个股跌多涨少，沪深京三市超3800股飘绿，今日成交1.19万亿。 二、当日热点 1.保健品 消息上，近日，科伦药业一则麦角硫因胶囊广告引发热议，公司董事长刘革新亲自上阵担任产品代言人，视频中其裸露上半身，肌肉线条肌理分明充满力 量。 | 股票名称 | | 最新价 = | 涨跌幅 = | 涨停时间◆ | 换手率( | 流通市值 = | | | --- | --- | --- | --- | --- | --- ...

Core Viewpoint - The "Yuanhaikou" vessel, the largest photovoltaic energy + LNG dual-fuel car carrier in China, was officially named and set sail on May 15, 2023, to export domestic brand vehicles to Mediterranean countries [1][6]. Group 1: Vessel Specifications and Features - The "Yuanhaikou" measures 199.9 meters in length and operates as a roll-on/roll-off (RoRo) ship, allowing for efficient loading and unloading of vehicles [3]. - The ship's interior can accommodate various types of vehicles, including sedans, engineering vehicles, and buses, utilizing modular and adjustable decks for optimal space management [5]. - It features a hybrid power system combining liquefied natural gas (LNG) and traditional fuel, which can save approximately 20% in energy consumption annually compared to conventional fuel-only vessels [6][12]. Group 2: Environmental and Technological Innovations - The vessel is equipped with a photovoltaic power generation system consisting of 512 monocrystalline solar panels, covering over 1,300 square meters, capable of generating an annual output of 410,000 kWh, saving about 111 tons of fuel and reducing carbon emissions by approximately 345.9 tons [12]. - The "Yuanhaikou" is the first ship to fully comply with the China Classification Society's "Safety Technical Guidelines for Roll-on/Roll-off Transport of New Energy Vehicles," showcasing advancements in green and intelligent shipping technology [10]. - It incorporates a smart monitoring system for real-time tracking of the ship and vehicles, enhancing operational efficiency and safety [12][14]. Group 3: Operational Impact and Expansion - With the delivery of the "Yuanhaikou," the fleet of China Merchants Energy's car carriers has expanded to 20 vessels, enhancing shipping routes from China to various regions, including the Persian Gulf, Europe, and the Mediterranean [8]. - The vessel's maiden voyage on the "China-Mediterranean" route is expected to reduce travel time by nearly one-third, with a single journey taking approximately 30 days [6].

Group 1 - The A-share market opened lower on May 15, with the Shanghai Composite Index down 0.42% to 3389.75 points, the Shenzhen Component Index down 1.12% to 10238.63 points, and the ChiNext Index down 1.35% to 2055.06 points [1] - The shipping and logistics sectors continued to rise, with notable performances from companies like Lianyungang, Nanjing Port, Ningbo Maritime, and Ningbo Ocean, achieving three consecutive days of gains [1] - The consumer sector showed strong performance, particularly in the beauty and personal care segment, which rose by 4.49%, while the food and beverage sector followed closely [1] Group 2 - The shipping market is experiencing a surge due to improved export demand expectations and adjustments in U.S.-China tariff policies, leading to a rush in shipping activities as the traditional transportation peak season approaches [2] - Some leading shipping companies have indicated price increases for June, creating a forward price anchoring effect, while the overall market sentiment has shifted positively due to the easing of trade tensions [2] - The futures market has seen significant increases, with the European shipping contract rising over 40% in four trading days, reflecting the bullish sentiment in the shipping sector [2] Group 3 - Future sustainability of the shipping market recovery depends on three key variables: the strength of inventory replenishment in Europe and the U.S., shipping companies' capacity control measures, and geopolitical risk premiums [3] - If the PMI new orders index remains above 55 in May, the peak season could extend until August, while significant capacity management by major shipping lines could push freight rates up by 15% to 20% [3] - Long-term supply pressure remains, with a 10% year-on-year expansion in the global container fleet, which may challenge the recovery cycle by the end of Q3 [3]

Market Overview - A-shares experienced overall low-level fluctuations in the morning session, with the Shanghai Composite Index down 0.42%, Shenzhen Component Index down 1.12%, and ChiNext Index down 1.35% [4] - The North Star 50 Index, however, rose 0.55%, briefly exceeding a 1.5% increase during the session [4] Shipping Sector - The shipping concept stocks surged, becoming one of the biggest highlights of the morning market, with the sector's intraday increase exceeding 3% before narrowing [6] - Major stocks such as China National Offshore Oil Corporation (CNOOC) and Ningbo Shipping reached their daily limit, with CNOOC rising over 25% [6] - The European shipping futures also saw significant gains, with a peak increase of over 15% in the morning session, and a total increase of over 50% since May 9 [6] Booking Volume Surge - Following the reduction of tariffs between the US and China, the booking volume for container transport from China to the US surged nearly 300%, with the average booking volume increasing from 5,709 standard containers to 21,530 standard containers within a week [6] - Shipping rates have also escalated, with quotes for 40-foot standard containers reaching between $6,000 and $7,000 [6] Entertainment Sector - In the Hong Kong market, the entertainment sector saw significant gains, with Tencent Music's stock rising by 10% in the morning session, following a previous day's increase of 12.84% [8][11] - Other entertainment stocks such as Youju Holdings and Lehua Entertainment also experienced substantial increases, with gains exceeding 40% and 25% respectively [11] Tencent Music Financial Performance - Tencent Music reported a total revenue of RMB 73.6 billion (approximately $10.1 billion) for Q1 2025, reflecting an 8.7% year-on-year growth, primarily driven by a strong increase in online music service revenue [10] - The number of paid online music users grew by 8.3% year-on-year to 122.9 million, with an average revenue per user increasing from RMB 10.6 to RMB 11.4 [10] - The net profit attributable to equity holders reached RMB 42.9 billion (approximately $5.91 billion), marking a significant year-on-year increase of 201.8% [10]

A股午评：创业板指跌1.35% 航运概念延续强势 金十数据5月15日讯，今日三大指数低开低走，创业板指、深证成指均跌超1%。截至午间收盘，沪指跌 0.42%，深证成指跌1.12%，创业板指跌1.35%。盘面上，日用化工板块逆市走强，洁雅股份、拉芳家化 等涨停。合成生物概念走高，川宁生物、金达威等涨停。航运概念延续强势，宁波海运、宁波远洋、南 京港等涨停。ST板块活跃，*ST南置、*ST奥维等逾20股涨停。宠物经济概念走高，美农生物、若羽臣 涨停。数字货币、智谱AI、军贸概念、算力租赁等板块走弱。日用化工、煤炭、食品饮料、农林牧渔 等板块涨幅居前；软件服务、工程机械、多元金融、通信设备等板块跌幅居前。 ...

市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 05 月 15 日 星期四 [Table_Summary] 概览 核心观点 【市场回顾】 周三 A 股三大指数集体收涨，截止收盘，沪指收涨 0.86%，深成指收 涨 0.64%，创业板指收涨 1.01%。沪深两市成交额 13165.99 亿元；申 万行业方面，非银金融、交通运输、食品饮料领涨，国防军工、美容 护理、机械设备领跌；概念板块方面，中韩自贸区、航运概念、自由 贸易港概念涨幅居前，HJT 电池、BC 电池、TOPCON 电池概念跌幅居 前；港股方面，恒生指数收涨 2.3%，恒生科技指数收涨 2.13%；海外 方面，美国三大指数涨跌不一，道指收跌 0.64%，标普 500 收涨 0.72%， 纳指收涨 0.72%。 【重要新闻】 【美国调整对华加征关税】于美东时间 5 月 14 日凌晨 0 时 01 分，美 国撤销对中国商品加征的共计 91%的关税，调整实施 34%的对等关税 措施，其中 24%的关税暂停加征 90 天，保留剩余 10%的关税。同时， 美方还将对中国小额包裹的国际邮件从价税率 ...

随着中美关税政策调整，叠加欧美传统运输旺季临近，A股航运港口概念持续大涨。5月14日，航运板 块出现涨停潮，概念股国航远洋、华光源海收获"30cm"涨停。对此，在回应"现在订单是否充足、货船 是否够用"的问题时，国航远洋表示，全球经济温和复苏的背景下，国际海运市场需求呈现稳健增长态 势，目前公司外贸航线已覆盖欧洲大西洋、澳洲、南北美洲、东南亚、东亚与南亚、非洲等区域，运力 规模仍在保持增长；华光源海在回应"后续布局计划"时表示，将坚持长江内支线江海联运发展战略布 局，同时积极寻找合适并购标的逐步扩大国际物流领域的版图；北部湾港（000582）表示，公司高度重 视国际航线网络的开拓，目前已开通至美国的不定班航线，将持续关注腹地企业出口需求，结合货源数 量及结构，积极与货船公司沟通协调提供航线服务；海通发展（603162）表示，与美国有关航线占比较 低，公司向客户收取租金或者运费，加征关税对于公司收入端没有直接的影响，后续公司会持续密切关 注政策变化，并采取积极策略应对。(人民财讯) ...