Market Performance - On May 29, US stock indices saw slight gains, with the Dow Jones up 0.28%, Nasdaq up 0.39%, and S&P 500 up 0.4% [1] Technology Sector - Most large tech stocks rose, with Amazon, Meta, and Tesla increasing by less than 1%, while Broadcom rose over 1%. The semiconductor sector led gains, with US Pixel up over 6% and Microchip Technology and STMicroelectronics up over 1% [2] - Nvidia experienced a significant rise, briefly increasing over 6%, surpassing Microsoft to become the highest-valued public company globally. By the close, Nvidia was up 3.25% at $139.19, with a market cap of $3.4 trillion, adding $106.8 billion (approximately 767.5 billion RMB) to its value overnight [2] Chinese Stocks - The Nasdaq Golden Dragon China Index rose by 1.44%, with popular Chinese stocks mostly gaining, including JD.com up over 4%, Xpeng Motors up nearly 4%, and Li Auto up over 2% [4] Commodity Market - COMEX gold futures rose by 0.61% to $3342.6 per ounce, while COMEX silver futures increased by 0.84% to $33.44 per ounce [7] - WTI crude oil futures closed at $60.94 per barrel, down $0.90 (1.46%), and Brent crude oil futures closed at $64.15 per barrel, down $0.75 (1.16%) [8] Economic Data - The US Bureau of Economic Analysis reported a revised annualized quarterly GDP decline of 0.2% for Q1, slightly better than the expected decline of 0.3%. Final sales for Q1 were revised to -2.9% from -2.5% [9] - The core Personal Consumption Expenditures (PCE) price index for Q1 was revised to an annualized quarter-on-quarter rate of 3.4%, slightly below the expected 3.5% [9] Federal Reserve and Economic Policy - On May 29, Federal Reserve Chairman Jerome Powell met with President Trump to discuss economic growth, employment, and inflation, emphasizing that monetary policy decisions will be based on economic data [11] - Trump criticized Powell for not lowering interest rates, calling it a mistake, while Powell maintained a neutral stance regarding his monetary policy outlook [12]

近期，国际投资者对中国资产的关注度持续升温。多家外资机构密集举办"中国主题"论坛，参与规模较往年显著 增长。第28届瑞银亚洲投资论坛吸引超过3500名投资者报名，较去年增加20%以上。摩根大通第21届全球中国峰 会汇聚来自全球33个国家和地区、1400多家企业的超过2800名参会者。这些数据反映出全球机构投资者对中国市 场的参与热情正在回升。 国际资本对中国资产的配置热情显著升温。被动资金持续涌入A股市场，对冲基金对中概股配置逐渐提升。摩根 士丹利监测数据显示，2月1日至4月2日期间，约200亿美元的被动资金流入中国股市。经历4月中旬的短暂流出 后，4月下旬开始重新流入中国股市。 人民币汇率表现为外资机构看好中国资产提供重要支撑。5月26日，在岸和离岸人民币汇率双双升破7.17，创下自 2024年12月以来新高。自4月初以来，人民币对美元升值了约1%。 人民币走强的支持因素包括中国出口行业竞争力增强和多样化发展，人民币在实际有效汇率基础上可能被低估， 以及美元整体疲软产生的从美元资产分散投资需求。国际投行预计美元兑人民币在未来3个月、6个月和12个月将 分别达到7.20、7.10和7.00。 历史经验显示，当 ...

5月26日，在岸、离岸人民币对美元汇率双双上扬。其中，在岸人民币对美元汇率盘中最高触及 7.1674，离岸人民币对美元汇率盘中最高触及7.16163。同日，人民币对美元中间价上调86个基点，报 7.1833，达4月2日以来最高，调升幅度则系1月21日以来最大。 中国货币网数据显示，截至5月26日收盘，1年期美元对人民币汇率的远期外汇掉期点数（远期汇率与即 期汇率之差）为-2030点。 这意味着，市场预期一年后人民币汇率将升值约2.8%，有希望突破7.0关口。 最新研报认为，人民币升值会使中国股市受益。 01 中美国债利差刷新历史高点 在人民币汇率走强的同时，美元指数5月26日盘中跌破99关口。近期，美元开启新一轮跌势。在财政赤 字扩大叠加贸易政策不确定的双重压力下，上周美元指数下跌近2%，美国再度遭遇股债汇"三杀"。 今年以来，美元指数已累计下跌超过8%，抹去了去年的所有涨幅。 本月，瑞银将美元的评级下调至"不具吸引力"，预计随着美国经济增长放缓以及市场对其财政赤字的关 注度上升，美元将再次走软。瑞银建议，可利用美元短期走强之机，将多余的美元现金分散配置到其他 货币上。 东方金诚首席宏观分析师王青表示，近期人 ...

Group 1: Liquidity and Fund Performance - The trading volume of the CSI 500 ETF reached 30.527 million yuan during the session, with an average daily trading volume of 441 million yuan over the past year, ranking it among the top two comparable funds [3] - The latest scale of the CSI 500 ETF is 10.504 billion yuan, placing it in the top three of comparable funds [3] - The CSI 500 ETF has seen a significant increase in shares, with a growth of 66 million shares this month, leading among comparable funds [3] Group 2: Fund Inflows and Leverage - The CSI 500 ETF recorded a net inflow of 40.81 million yuan, accumulating a total of 152 million yuan in the last 15 trading days [3] - Leveraged funds are increasingly positioning themselves in the CSI 500 ETF, with a net purchase of 1.2455 million yuan in financing this month and a latest financing balance of 89.8813 million yuan [3] Group 3: Market Outlook and Investment Opportunities - Concerns regarding the sustainability of U.S. fiscal policy are rising, with uncertainties in the U.S. economic outlook potentially impacting U.S. sovereign credit and dollar credit, which may benefit RMB assets as a hedge against U.S. credit [3] - The global financial market is expected to experience increased volatility, while Chinese assets may present lower overall volatility due to government policies aimed at maintaining market stability, positioning them as a safe haven for global capital [3] Group 4: Index Composition - As of April 30, 2025, the top ten weighted stocks in the CSI Small Cap 500 Index include Jianghuai Automobile, Guangqi Technology, Shenghong Technology, Chifeng Gold, Runhe Software, Huagong Technology, Sichuan Changhong, Suzhou Bank, Ruixin Micro, and Dongshan Precision, collectively accounting for 6.4% [4] - Investors can access A-share small-cap investment opportunities through the CSI 500 ETF linked fund (070039) [4]

Core Viewpoint - Warren Buffett will not take the main stage at the upcoming shareholder meeting, as confirmed by his daughter Susan, indicating a shift in leadership dynamics at Berkshire Hathaway [1] Group 1: Shareholder Meeting Arrangements - Susan Buffett mentioned that if health permits, Warren Buffett will sit in the front row with other board members and executives during the next shareholder meeting [1] - Greg Abel revealed that the announcement regarding the shareholder meeting's new arrangements was made due to numerous inquiries from suppliers and stakeholders about the future direction of the meeting [1] - The 2026 Berkshire Hathaway shareholder meeting is scheduled for May 2, with a Q&A session planned for that morning, and further details will be released in early next year alongside the annual report [1] Group 2: Emotional Impact - Susan noted that many attendees were emotional during Warren Buffett's last address at the shareholder meeting, highlighting the memorable atmosphere of the event [1]

5月以来，高盛已两次上调中国股指目标点位；瑞银发表中国股票策略观点，预判全球资金或呈现持续 净流入态势；野村将中国股票评级大幅上调至"战术性超配"。近段时间，外资机构竞相"唱多"中国资 产。外资机构认为，当前是布局中国资产的较好窗口期。中国经济增长预期改善，A股公司盈利有望逐 季回升，估值颇具吸引力。未来，随着一系列稳市场稳预期举措持续落地，中国资本市场对外资吸引力 有望进一步增强。(中证报) ...

Group 1 - The core viewpoint is that Chinese assets are increasingly attractive to global investors, with a consensus growing around the idea of a "stable China" providing fertile ground for investment [1][2] - In April, there was a net inflow of $17.3 billion in cross-border funds from non-bank sectors, with foreign investors increasing their holdings of domestic bonds by $10.9 billion, indicating strong foreign interest in Chinese assets [1] - China's economy shows strong resilience, supported by a complete industrial system and ongoing structural reforms that enhance the manufacturing sector's competitiveness [2][3] Group 2 - The financial sector is seeing expanded access for foreign investors through initiatives like Bond Connect and Stock Connect, along with optimized QFII and RQFII systems, making it easier for foreign capital to enter [3] - The Chinese government has implemented policies to encourage foreign investment in high-tech and strategic emerging industries, providing tax incentives and land guarantees for qualifying projects [3] - Continuous investment in research and development, with R&D expenditure exceeding 2.5% of GDP, has led to significant technological innovations, enhancing China's position in the global tech landscape [3][4] Group 3 - The stability of China's economic foundation, policy framework, and technological innovation collectively create a strong magnet for foreign investment, positioning Chinese assets as a preferred choice for global capital seeking safe and appreciating value [4] - As China's high-quality economic development progresses, the appeal of Chinese assets is expected to grow, contributing to global economic recovery [4]

Group 1 - The A-share market opened higher with the Shanghai Composite Index rising by 0.12% and the ChiNext Index increasing by 0.43%, with sectors such as cultivated diamonds, port shipping, and weight loss drugs leading the gains [1] - Guotai Junan's Chief Equity Strategist Yuan Qiang believes that the downward space for indices is limited, and the market outlook remains positive for Chinese stocks due to decreasing overseas expectations and lower discount rates, which are key drivers for the market [2] - The Vice Chairman of the China Securities Regulatory Commission (CSRC), Li Ming, emphasized that A-share valuations are still relatively low, and the commitment to opening up the Chinese capital market will continue, which is expected to attract global investors [3] Group 2 - The Shenzhen Stock Exchange's Chairman, Sha Yan, highlighted the need for global investors to find new growth drivers amidst uncertainties, suggesting that a stable China will provide fertile ground for investment, leading to a re-evaluation of Chinese assets [3] - Multiple foreign financial institutions' chief economists conveyed strong signals that, under a comprehensive financial support policy for economic development, the progress in China-US trade negotiations has exceeded expectations, redirecting global investors' focus back to Chinese assets [3]

5月19日，由深交所主办的2025全球投资者大会拉开序幕。会议以"新质生产力：投资中国新机遇——开 放创新的深圳市场"为主题。 21世纪经济报道记者现场了解到，中国证监会副主席李明、深圳市政府市长覃伟中、世界交易所联合会 主席兼新加坡交易所集团首席执行官罗文才、深交所理事长沙雁出席开幕式并致辞，深交所总经理李继 尊主持开幕式。 李明表示，目前，各类境外投资者持有A股流通市值稳定在3万亿元左右，是A股市场的重要参与力量。 随着中国经济高质量发展成效进一步彰显，改革开放活力进一步释放，中国资本市场必将成为更多外资 投资兴业的重要平台。 罗文才也指出，中国经济正在经历历史性的转变，正在向高质量创新引领的方向进行转变，下一个全球 的冠军将来自于这个区域。这些创新型的行业充满了活力，"新加坡在支持中资企业国际化的过程中， 扮演着越来越重要的桥头堡角色，新交所将与中资企业携手同行，为他们更好的利用国际资本市场平 台，提供全方位的支持。" 据了解，会议为期两天，来自19个国家和地区的近400名金融监管机构及交易所、主权财富基金、养老 金、资产管理公司、创投机构、评级机构、中介机构、指数供应商、高校科研机构、行业协会组织以及 ...

Group 1 - The Hong Kong IPO market has been thriving this year, with a significant increase in both the number of listed companies and the total fundraising amount, highlighted by major IPOs such as Misu Ice City and CATL [1][4] - As of now, 22 companies have gone public in Hong Kong this year, raising a total of HKD 243.19 billion, representing a year-on-year increase of approximately 29% and 195% respectively [1] - International investment banks are seizing opportunities in the Hong Kong market, with UBS noting that Hong Kong has become a preferred destination for Chinese companies seeking to raise funds [1][2] Group 2 - The interest from cornerstone investors in Chinese assets has been rising, with UBS reporting that about half of the overseas listing projects have cornerstone investor coverage [1][5] - Notable cornerstone investors for recent IPOs include Sinopec, Kuwait Investment Authority, and Hillhouse Capital, with CATL's IPO attracting subscriptions of approximately USD 2.628 billion [5][6] - The overall fundraising in Hong Kong's capital market has exceeded USD 20 billion this year, driven by a combination of strategic optimization and favorable listing policies [4][8] Group 3 - The participation of cornerstone investors has increased, indicating a shift in the dynamics between buyers and sellers in the market [6][7] - Global mainstream funds are showing heightened interest in Chinese assets, particularly after the "924 market" rally in A-shares last year [7][8] - The preference among long-term funds is shifting towards leading companies in niche sectors with strong operational quality and profitability [9] Group 4 - The dual listing of many Chinese companies has mitigated the potential negative impacts of delisting concerns in the U.S., with the proportion of Hong Kong shares for dual-listed companies increasing by 30% over the past three years [11] - The southbound holding ratio in the Hong Kong market has risen from 5% to approximately 12% since 2021, indicating a growing interest in Chinese stocks [11]