智通财经5月16日电，国家副主席韩正5月16日在北京会见美国景顺集团董事会主席瓦格纳。韩正表示， 中美之间拥有广泛共同利益和广阔合作空间。近日，中美经贸会谈取得实质性进展，两国应通过平等对 话，妥善解决经贸合作中的分歧和摩擦。中国坚持以高水平开放推动高质量发展，以自身稳定性为全球 经济注入确定性，将积极借鉴国际资本市场发展经验，加快符合中国国情的资本市场改革。景顺集团是 中国资本市场长期参与者，欢迎集团继续加强对华合作，也希望美国工商界为推进两国关系、促进共同 利益发挥更大作用。 韩正会见美国景顺集团董事会主席瓦格纳 ...

Market Overview - The Hang Seng Index closed at 23,453.16, down 187 points or 0.79%[3] - The Shanghai Composite Index ended at 3,380.82, down 0.68%[3] - The Shenzhen Component Index fell by 1.62%, closing at 10,186.45[3] - The total market turnover was 2002.09 million HKD[3] Key Stock Movements - HSBC Holdings (00005) decreased by 0.2%, closing at 90.6 HKD[3] - Hong Kong Exchanges and Clearing (00388) dropped 1%, closing at 377.2 HKD[3] - JD.com (09618) fell 4.4%, closing at 135.4 HKD, marking the worst performance among blue chips[3] - Tencent (00700) reported a 13% increase in Q1 revenue but closed down 0.2% at 520 HKD[3] - Alibaba (09988) fell 1.2% to 128.9 HKD ahead of its earnings announcement[3] Economic Indicators - The China Securities Regulatory Commission plans to implement reforms for the Sci-Tech Innovation Board and the ChiNext Board to enhance investor protection and market integrity[6] - In April, Hong Kong welcomed 3.8 million visitors, a 13% year-on-year increase, with mainland visitors totaling 12.05 million, up 8%[8] Company Performance - Samsonite (01910) reported lower-than-expected sales and profit margins, leading to a 20% target price reduction to 20 HKD, maintaining an "outperform" rating[10] - Minhua Holdings (01999) reported a 10.41% decrease in net profit to 2.063 billion HKD, with total revenue down 8.24%[12] - Geely Automobile (00175) saw a 2.64 times increase in net profit to 5.672 billion RMB, with revenue rising 24.51% to 72.495 billion RMB[13]

研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 研究员：何卓乔(宏观贵金属) 18665641296 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(宏观国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 宏观金融团队 请阅读正文后的声明 报告类型 股指日评 日期 2025 年 5 月 16 日 表1:股指期货、现货行情数据 | 合约 | 名称/合约 | 收盘份 | 日 涨跌幅(按 | 日 振幅 | 日成交量 | 日成交额(亿 | 持仓量 | 持仓量变动 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 收盘价计算) | | | 元) | | | | 000300. SH | 沪深300 | 3907.20 | -0. 91 | 0. 80 | 13808174900 | 2414.65 | | ...

Group 1: Market Overview - The Hang Seng Index closed at 23,453, down 187 points or 0.8%, with a trading volume of 200.2 billion [3] - The mainland stock market faced pressure, with the Shanghai Composite Index ending its upward trend [2] - The Northbound capital flow turned negative again, indicating a short-term consolidation for the Hang Seng Index [2] Group 2: Macro & Industry Dynamics - The China Securities Regulatory Commission (CSRC) plans to introduce a series of reform measures for the Sci-Tech Innovation Board and the ChiNext Board, focusing on high-quality development of the capital market [6] - The CSRC aims to enhance investor protection and combat illegal activities such as insider trading and market manipulation [6][7] - The CSRC is also working on improving the legal framework for investor rights protection and enhancing the quality of service provided by securities and fund institutions [7] Group 3: Company News - Samsonite (01910) reported first-quarter results that fell short of expectations, leading to a 20% reduction in target price to 20 HKD, while maintaining an "outperform" rating [10] - The company faces challenges such as macroeconomic factors, increased competition, and uncertainties regarding tariffs [10][11] - Minhua Holdings (01999) reported a 10.41% decrease in net profit for the year ending March, with total revenue down 8.24% [12] - Geely Automobile (00175) announced a significant increase in first-quarter profit, up 2.64 times year-on-year, driven by strong sales growth in the new energy sector [13]

以下为晚报正文： 1、李强：把做强国内大循环作为推动经济行稳致远的战略之举 重要程度：★★★★★ 5月15日，国务院召开做强国内大循环工作推进会。李强指出，内需为主导、内部可循环是大国经济的独 有优势。要围绕加快构建新发展格局，把做强国内大循环摆到更加突出的位置，不断提升经济循环的质量 和层次。 做强国内大循环重点要体现在四个方面：一是资源要素的高效配置；二是科技创新和产业创新的深度融 合；三是产业链供应链的自主完备；四是供给和需求的动态平衡。 2、中办、国办：推进城镇老旧小区整治改造 重要程度：★★★★ 中共中央办公厅、国务院办公厅印发《关于持续推进城市更新行动的意见》。《意见》明确提到，到2030 年，城市更新行动实施取得重要进展，城市更新体制机制不断完善，城市开发建设方式转型初见成效，安 全发展基础更加牢固，服务效能不断提高，人居环境明显改善，经济业态更加丰富，文化遗产有效保护， 风貌特色更加彰显，城市成为人民群众高品质生活的空间。 重点任务方面，《意见》首先提到，强既有建筑改造利用。稳妥推进危险住房改造，加快拆除改造D级危 险住房，通过加固、改建、重建等多种方式，积极稳妥实施国有土地上C级危险住房和国 ...

Report Information - Report Date: May 15, 2025 [2] - Report Issuer: Shenyin Wanguo Futures Co., Ltd. [2] Industry Investment Ratings The provided content does not mention any industry investment ratings. Core Views - For stock index futures, it is advisable to take a predominantly bullish stance, while for stock index options, a long straddle strategy can be used to capture the trending market after the direction is determined [2][8] - The price of Treasury bond futures has declined, and short - term fluctuations may increase [9] - The natural rubber market is expected to be in a weak and volatile state [10] - The short - term outlook for methanol is bullish [12] - Glass and soda ash are in a cycle of inventory digestion, and attention should be paid to their supply - demand digestion process and the impact of the overall commodity market on the real estate chain [13] - After a phased rebound, polyolefins may enter a high - level oscillatory consolidation phase in the future [14] - The fundamentals of coking coal continue to deteriorate, and for coke, there are expectations of a price cut [15] - Gold has entered a correction phase, and silver lacks upward momentum [17] - Copper and zinc prices may fluctuate widely in the short term [18][19] - Shanghai aluminum is expected to be in a slightly bullish and oscillatory state, while nickel may follow the non - ferrous metal sector and show a slightly bullish and oscillatory trend [20][22] - The overall price of edible oils has declined, while protein meals are in a slightly bullish and oscillatory state [23][24] - Corn and corn starch may enter an oscillatory phase in the short term, and cotton is expected to be slightly bullish in the short term [25][27] - The freight rate of the European container shipping line may increase, and the 08 contract is expected to remain strong [28] Summary by Directory 1. Main News Concerns of the Day International News - Oil prices dropped on Thursday due to expectations of a possible US - Iran nuclear agreement and an unexpected increase in US crude inventories last week [5] Domestic News - The CSRC will launch a new round of capital market reforms and introduce a package of policies to deepen the reforms of the Science and Technology Innovation Board and the Growth Enterprise Market [5] Industry News - In early May 2025, the steel inventory of key steel enterprises increased compared to the previous period, with different trends in various regions [6] 2. Closing Comments on Major Varieties Financial Futures - Stock index futures declined, but short - term positive factors are present, and the valuation of major domestic indices is low [2][8] - Treasury bond futures showed mixed performance, and short - term fluctuations may intensify due to various factors such as the progress of Sino - US talks and economic data [9] Energy and Chemical - Rubber prices declined, and the market is expected to be in a weak and oscillatory state due to factors such as the progress of the harvest season and inventory [10] - Crude oil prices dropped, and attention should be paid to the impact of low oil prices on US sanctions against Venezuela and Iran [2][11] - Methanol prices decreased slightly, but the short - term outlook is bullish [12] - Glass and soda ash futures are in a consolidation phase, and attention should be paid to their supply - demand digestion and the impact of the overall market [13] - Polyolefins are in a consolidation phase, and after a phased rebound, they may enter a high - level oscillatory consolidation phase [14] Black Metals - Coking coal and coke prices are affected by macro - favorable factors, but the fundamentals of coking coal are deteriorating, and coke prices may face a cut [15] Metals - Gold and silver prices declined, and they are in a correction phase [17] - Copper, zinc, and other metal prices may fluctuate widely in the short term, and attention should be paid to factors such as US tariff negotiations and exchange rates [18][19] - Shanghai aluminum prices rose slightly, and it is expected to be in a slightly bullish and oscillatory state [20] - Nickel prices declined slightly, but it may follow the non - ferrous metal sector and show a slightly bullish and oscillatory trend [22] Agricultural Products - Edible oil prices declined due to factors such as the extension of the US clean fuel tax credit policy and the MPOB report [23] - Protein meal prices are in a slightly bullish and oscillatory state due to factors such as the USDA report and Sino - US talks [24] - Corn and corn starch prices may enter an oscillatory phase in the short term, and attention should be paid to factors such as imports and demand [25] - Cotton prices are expected to be slightly bullish in the short term, and attention should be paid to factors such as new orders [27] Shipping Index - The European container shipping line showed a strong performance, and the 08 contract is expected to remain strong due to factors such as the easing of Sino - US tariff frictions [28] 3. Daily Views on Varieties The report provides a summary of the views on various varieties, including bullish, bearish, and neutral stances [29] 4. Daily Price Changes of Major Varieties The report presents the latest closing prices, price fluctuations, trading volumes, open interests, and other data of various varieties [30]

Group 1 - The core viewpoint of the news is the initiation of a new round of capital market reforms aimed at promoting high-quality development in the capital market, with a focus on implementing a comprehensive set of policies for the Science and Technology Innovation Board and the Growth Enterprise Market [1] - Historical capital market reforms have previously catalyzed bullish trends in the A-share market, such as the equity division reform in 2005 and the establishment of the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connects from 2014 to 2016, which led to significant market rallies [3][4] - Current optimism among domestic institutions regarding the medium to long-term market outlook is noted, with reports indicating that expectations of improved China-US trade relations may attract foreign capital into the A-share market, potentially driving an upward trend [5] Group 2 - The A-share market experienced a collective pullback, with the Shanghai Composite Index down by 0.68%, and the Shenzhen Component and ChiNext indices down by 1.62% and 1.91%, respectively, with a total trading volume of 11,524 billion yuan, a decrease of 1,643 billion yuan from the previous day [6] - A total of 1,407 stocks rose while 3,856 stocks fell, with a median decline of 0.94% in stock prices, indicating a market adjustment that was anticipated [7] - The market is currently at a critical juncture regarding the potential for the Shanghai Composite Index to break through previous highs, suggesting a need for patience and caution in increasing positions before a confirmed breakout occurs [11] Group 3 - A new market hotspot emerged around the concept of ergotamine, following promotional activities by Kelun Pharmaceutical, which led to significant price increases in related stocks such as Chuaning Biological and Ruoyu Chen, with some achieving daily limits [14][15] - Recent market trends indicate that while certain sectors like consumer demand have shown resilience, many other thematic investments have limited sustainability, typically lasting no more than three days [13][15] - The overall market sentiment reflects a rapid rotation of sector performances, with recent strong sectors like military and shipping beginning to show weakness, emphasizing the short-term speculative nature of current investment themes [15][18]

近期，A股上市公司年报披露收官。统计显示，5400多家披露2024年年报的上市公司中，近七成宣布分 红，合计分红金额2.39万亿元人民币，再创历史新高。 "我们将继续加大政策支持力度，引导上市公司积极主动运用现金分红、回购注销等方式回馈投资者， 切实提升投资者的获得感。"陈华平表示，其他措施还包括：优化完善投资者保护制度机制，筑牢投资 者保护的制度根基；推动证券基金机构高质量发展，提升投资者服务水平；依法从严打击证券期货违法 活动，为投资者营造安全的投资环境；支持受侵害投资者依法维权，推进证券期货纠纷多元化解。(完) （文章来源：中国新闻网） 中新社北京5月15日电 (记者陈康亮)中国证监会副主席陈华平15日在北京表示，加力支持科技创新和新 质生产力发展。 在当天举行的2025年"5·15全国投资者保护宣传日"活动上，陈华平指出，下一步，证监会将与有关各 方、社会各界进一步凝聚共识，协同推进投资者保护工作，不断健全投资者保护长效机制，切实增强投 资者对资本市场的信任和信心。 主要措施包括：进一步推动资本市场高质量发展，从根本上夯实投资者权益保护的基础。证监会全面启 动实施新一轮资本市场改革、推动资本市场高质量 ...

证监会副主席陈华平5月15日在2025年"5·15全国投资者保护宣传日"活动上表示，抓紧出台深化科创板和创业板改 革的一揽子政策措施，进一步增强制度的包容性、适应性，加力支持科技创新和新质生产力发展，会同各方打好 稳市政策"组合拳"，切实推动提升中长期资金入市规模和比例，在稳的基础上不断释放新的发展活力，增强投资 者信心。 陈华平指出，保护投资者，特别是中小投资者合法权益是证监会最重要的工作和核心任务，是资本市场工作政治 性、人民性的集中体现。一年多来，证监会贯彻落实党的二十届三中全会、中央金融工作会议、中央经济工作会议 和去年9月26日中央政治局会议精神以及新"国九条"重要部署，将投资者保护在证券监管全链条同谋划、同部署、同 落实，与各有关部门发挥合力，出台一揽子政策支持稳市场、稳预期，更加有效保护投资者合法权益。下一步，证 监会将与有关各方、社会各界进一步凝聚共识，协同推进投资者保护工作，不断健全投资者保护长效机制，切实增 强投资者对资本市场的信任和信心。 一是进一步推动资本市场高质量发展，从根本上夯实投资者权益保护的基础。 投资者权益的有效保护，必须建立在 资本市场高质量发展的坚实基础上。证监会始终践行 ...

5月15日，证监会在北京举办2025年"5·15全国投资者保护宣传日"活动。证监会副主席陈华平在活动致 辞时表示，近期上市公司年报披露收官，5400多家披露2024年年报的上市公司中，近七成宣布分红，合 计分红金额2.39万亿元，再创历史新高。证监会将继续加大政策支持力度，引导上市公司积极主动运用 现金分红、回购注销等方式回馈投资者，切实提升投资者的获得感。 近日，证监会发布《推动公募基金高质量发展行动方案》，市场反响很好。陈华平说，下一步要抓好落 实，强化基金公司与投资者利益绑定，着力解决基金"旱涝保收"等问题，丰富与中小投资者风险承受能 力相适配的产品，高质量服务居民财富管理的需要。 依法从严打击证券期货违法活动方面，证监会加快构建财务造假综合惩防体系，从严打击虚构业务、滥 用会计政策等恶性造假行为；坚持追"首恶"，加大对造假公司大股东、实控人等直接责任人员的查处力 度；从严从快惩治违规减持，特别是绕道减持、变相减持等扰乱资本市场秩序的行为；集中力量打击内 幕交易、操纵市场等严重侵害中小投资者利益的违法行为，重拳整治非法荐股、非法代理维权等违法活 动，维护健康的市场生态。 支持受侵害投资者依法维权方面，去 ...