日前，《中美日内瓦经贸会谈联合声明》发布，牵动资本市场脉搏。 券商中国记者注意到，摩根大通、野村东方国际、摩根士丹利、瑞银等四大外资机构发布最新观点。四大外资 一致认为，本次中美经贸高层会谈成功超市场预期，释放积极信号，中国经济增长预期改善。 一是内需复苏主线，涉及行业中估值弹性较大的是食品饮料、业绩弹性较大的是房地产、政策弹性较大的是医 药，以及内需消费升级相关的服务消费、品质必需消费与潮玩可选消费； 二是伴随央行"促进物价合理回升"的政策表态，关注PPI修复预期带动的周期品，尤其是中国定价权更强的钢 铁、煤炭和铝等； 三是把握高景气科技领域的产业迭代趋势，关注AI、储能和各类长验证周期的题材如国产替代和商业航天 等。 同时，本周以来，多家券商发布研报看好中国科技板块，中国资产重估的逻辑仍在。此外，根据摩根士丹利最 新研报，海外投资者增配中国股票的意向也在上升。 摩根大通朱海斌：经贸会谈成果超预期，释放积极信号 摩根大通中国首席经济学家兼大中华区经济研究主管朱海斌认为，中美日内瓦经贸会谈成果超预期，释放积极 信号。与此同时，摩根大通上调了中国2025年全年GDP增速预测至4.8%。 朱海斌分析称，美中双方同 ...

银河证券分析认为，中美贸易谈判出现实质性进展将显著提升市场对中国资产的风险偏好，关税的大幅 下调也对中国经济基本面也形成实际利好。整体而言，维持对于中国权益市场抱有乐观态度的观点，前 期受贸易摩擦调整较多的板块会出现一定反弹，年内科技+红利的策略仍是主线。 中国资产持续重估，低费率A500ETF基金（512050）助力投资者一键配置A股核心资产。跟踪中证A500 指数，采取行业均衡配置与龙头优选双策略，紧密跟踪中国经济结构变化，融合价值与成长属性，天然 具备哑铃配置策略，适合长期投资及定投。场外联接（A类：022430；C类：022431） 每日经济新闻 5月13日，A股高开低走，沪指震荡收红，上涨0.17%报3374.87点，深证成指跌0.13%，创业板指跌 0.12%，中证A500涨0.03%，A股成交额1.33万亿元。热门ETF中，A500ETF基金（512050）收涨 0.11%，单日成交额超31.71亿元，换手率达18.69%，双双位居同类标的首位。 消息面上，近期野村证券将中国股票评级从中性上调至战术超配。其发布的一份报告称，在中美关税预 期缓和、国内刺激政策持续发力的背景下，A股市场具备更强的防 ...

本周，港股新一轮财报季拉开帷幕，京东、腾讯控股、阿里巴巴等科技龙头将陆续公布一季报。 截至5月12日收盘，港股科技50ETF（159750）跟踪的港股科技指数自关税升级以来累计反弹24.17%， 已完全收复关税当日跌幅。 | 2025/04/08-2025/05/12 (21日) | | | | | | | --- | --- | --- | --- | --- | --- | | 名称 | 涨跌幅 | 涨跌 | 振幅 | 年化收益率 | 最大回撤 | | 931574(港股科技(H | 24.17% | 330.82 | 27.54% | 1216.40% | -7.709 | | 000300(沪深300) | 8.39% | 301.17 | 8.55% | 149.82% | -1.749 | | HSTECH(恒生科技) | 23.76% | 1045.84 | 27.37% | 1165.28% | -7.909 | 从市场预期看，对港股科技股公司的预期普遍较高，其中，腾讯Q1预期营收为1755.46亿元，同比增长 10.06%；预期每股收益5.56元，同比增加27.4%。 阿里巴巴2025财年Q ...

Market Overview - On May 12, Chinese asset prices experienced a strong surge, with both A-shares and Hong Kong stocks showing a vibrant market atmosphere and heightened investor sentiment [2] - The A-share market saw all three major indices rise, with the Shanghai Composite Index up 0.82% to 3369.24 points, the Shenzhen Component Index up 1.72% to 10301.16 points, and the ChiNext Index up 2.63% to 2064.71 points [2] - The total market turnover reached 1.34 trillion yuan, an increase of 118.5 billion yuan from the previous trading day, indicating active trading and strong capital inflow [2] Sector Performance - The military industry sector continued its strong performance, with the defense and military industry index rising over 5.4%, and over 20 stocks hitting the daily limit [3] - Among 142 listed military companies, 77 reported positive revenue growth, with 47 companies showing revenue growth of over 20% year-on-year [3] - The aerospace and military trade sectors are expected to significantly enhance the market potential for the military industry, with a positive outlook for sustained recovery [3] Apple Supply Chain Stocks - Apple concept stocks in the A-share market saw significant gains, with companies like Lens Technology rising nearly 10% and several others hitting the daily limit [5] - In the Hong Kong market, Apple-related stocks also surged, with companies like GoerTek and AAC Technologies seeing increases of over 18% and 15% respectively [5] - Chinese consumer electronics companies are becoming increasingly vital in the global supply chain, benefiting from strong technological foundations and a well-developed industrial ecosystem [5] Future Market Outlook - Many institutions believe that recent financial policies and China's manufacturing advantages will drive further growth in the capital market [6] - The outlook for A-shares remains optimistic, with expectations of a systematic decline in risk premiums and a focus on technology sector opportunities [6] - The technology sector is anticipated to regain prominence as a key investment focus, driven by favorable industry trends and upcoming catalysts [6]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 经历了外部不确定因素的冲击后，A股市场在4月表现出足够的韧性。进入5月，A股行情仍保持震荡回 暖态势。 上周，A股主要股指震荡偏强，上证指数周上涨1.92%，深成指周上涨2.29%，创业板指周上涨3.27%。5 月12日，三大指数保持走强，截至收盘，沪指涨0.82%，深成指涨1.72%，创业板指涨2.63%。 机构普遍认为，目前中国资产重估的叙事仍在继续。5月份往后，在关税谈判预期推动、国内政策加 力、AI产业趋势加持下，A股市场有望持续走强。 A股三大指数走强 12日，A股主要指数集体走强。截至收盘，沪指涨0.82%，深成指涨1.72%，创业板指涨2.63%，北证50 指数涨2.89%。全市场成交额13409亿元，较上日放量1185亿元。 估值低位优势仍存 与全球主要市场估值相比，目前A股市场估值仍处于低位。上周，证监会主席吴清在国新办发布会上表 示，A股市场估值水平实际上被业界认为仍处于相对低位。沪深300市盈率只有12.3倍，国内市场主要指 数市盈率都明显低于标普500等全球主要指数。在全球市场不稳定因素明显增多的环境下，中国资产 ...

摘要 1、今天，A股三大指数集体上涨，港股尾盘拉升！中美贸易谈判迎来重磅进展！本周，还有这些大事要来。 2、科技、军工板块涨幅居前，未来哪些板块机会更大？机构看好三大方向。 3、 上天天基金APP搜索【777】开户即可 领98元券包 ，优选基金10元起投！限量发放！先到先得！ 真话白话说财经，理财不说违心话 --这是第1348 篇白话财经- - 今天，在中美谈判迎来重要进展的利好下，A股三大指数集体上涨，创业板指涨超2%。 （图片来源：东方财富App，统计截至2025/5/12，不作投资推荐） 两市成交额超1.3万亿，盘面上，军工、科技板块涨幅居前。 机构分析认为 ，坚定中国资产的重估逻辑，预计A股有望在震荡中实现中枢的逐步抬升。 重磅利好！本周还有这些大事！ 今天，中美谈判重大进展的消息振奋人心！ 当地时间10日上午，中美经贸高层会谈在瑞士日内瓦开始举行。据中方牵头人、国务院副总理何立峰11日晚表示，此次中美经贸高层会谈坦诚、深入、具有 建设性，达成重要共识，并取得实质性进展。 点燃了A股市场乐观情绪，今天，三大指数集体收涨。 盘后，谈判再度迎来进展，中美发布联合声明，中美同意暂时降低部分关税90天！ （图 ...

Group 1 - The core viewpoint is that the CSI A500 Index and its leading ETF have shown strong performance, with significant increases in both price and trading volume, indicating a favorable investment environment [1][2] - As of May 12, 2025, the CSI A500 Index has risen by 1.26%, with notable stocks such as AVIC Chengfei and Anker Innovations experiencing substantial gains [1] - The CSI A500 ETF has seen a remarkable increase in scale, growing by 170.21 billion yuan in the past six months, and its share count has increased by 183.09 billion shares, leading the comparable funds [1] Group 2 - The CSI A500 Index represents a balanced mix of approximately 50% traditional value industries and 50% emerging growth industries, making it a valuable tool for investors in the A-share market [2] - The top ten weighted stocks in the CSI A500 Index account for 20.8% of the index, with major companies like Kweichow Moutai and CATL leading the list [2] - Analysts suggest that the market may continue to experience a recovery trend supported by favorable economic data and policy measures, with a focus on sectors such as AI, innovative pharmaceuticals, and new consumption [3]

Group 1 - The core viewpoint of the article revolves around the recent positive developments in the market, including key economic talks and policy adjustments that may influence investment strategies [1][3][6] - The ongoing high-level economic talks between China and the US in Geneva are expected to impact trade relations and market sentiment, with both sides engaging in constructive discussions [3][19] - The Indian and Pakistani ceasefire agreement, although fragile, has implications for regional stability and may affect defense-related investments [4][5] Group 2 - The People's Bank of China has established a 500 billion yuan (approximately 70 billion USD) loan facility aimed at boosting service consumption and the elderly care sector, with a low interest rate of 1.5% [6] - The China Securities Regulatory Commission (CSRC) has released a legislative work plan for 2025, focusing on maintaining market stability and protecting the rights of small investors, which may lead to significant regulatory changes [7][8] - Apple has announced price reductions for its iPhone 16 Pro and Pro Max models, indicating a strategic move to prepare for upcoming sales events, which could influence consumer electronics market dynamics [9] Group 3 - Major securities firms have provided insights on market trends, indicating a shift towards passive investment strategies and a focus on core assets due to new public fund regulations [12][16] - The second quarter is expected to be characterized by a high central tendency in market fluctuations, with ongoing concerns about external demand and the need for policy support to stabilize market expectations [13][22] - The military sector has seen a surge in interest due to geopolitical tensions, particularly the India-Pakistan conflict, although the sustainability of this interest may be limited [15][20] Group 4 - The export data for April exceeded expectations, driven by various factors, but ongoing tariff pressures and weak domestic and external demand remain concerns for future performance [17][21] - The market is anticipated to experience continued high-level fluctuations, with a focus on structural adjustments in investment strategies, particularly in technology and consumer sectors [18][23] - The overall sentiment suggests a cautious approach to investment, with recommendations to adjust portfolio allocations towards undervalued sectors in response to market conditions [23]

截至2025年5月9日 10:02，中证主要消费指数(000932)上涨0.21%，成分股新诺威(300765)上涨2.41%，贝泰妮(300957)上涨1.73%，养元饮品(603156)上涨 1.62%，今世缘(603369)上涨1.59%，珀莱雅(603605)上涨1.57%。主要消费ETF(159672)上涨0.13%， 冲击5连涨。最新价报0.78元。 海通国际指出，近期资本市场热点纷呈：一是国内货币政策和财政政策进一步放松；二是贸易冲突由加码转向缓和；三是印度与巴基斯坦冲突爆发，中式武 器表现亮眼催化军工板块。另一方面必需消费板块需求增长缓慢，短期缺少基本面催化剂，政策面强刺激预期减弱，资金面也有被吸出的风险。但是从长期 看，中国资产重估逻辑依旧，经历贸易冲突和军备检验后更显价值。目前时点，我们的推荐顺序和组合不变，建议关注乳业（供给收缩先于需求改善）、软 饮料（稳增长前提下的高股息）和白酒（大资金流入的必配行业）。 主要消费ETF紧密跟踪中证主要消费指数，为反映中证800指数样本中不同行业公司证券的整体表现，为投资者提供分析工具，将中证800指数样本按中证行 业分类分为11个一级行业与35个二级 ...

Group 1 - The A-share market demonstrated resilience in April despite increasing external uncertainties, with a total of 15 out of 21 trading days showing gains, and the Shanghai Composite Index only declining by 1.70% for the month [1] - The average daily trading volume in April was 1.24 trillion yuan, indicating active market participation [1] - The narrative of asset revaluation in China is driven by technological breakthroughs and changes in the geopolitical landscape, with AI technology acting as a catalyst [1] Group 2 - The resilience of RMB assets in April was attributed to rapid market stabilization policies that prevented negative feedback loops [3] - As of May 4, the price-to-earnings (PE) ratio for the CSI 300 was 12.3, significantly lower than major global indices like the S&P 500, indicating a valuation advantage for A-shares [3] - Approximately 3,648 listed companies in A-shares announced cash dividend plans totaling 1.6 trillion yuan for 2025, with expected dividends exceeding 2.3 trillion yuan for 2024, marking a historical high [3] Group 3 - Compared to 2018, the current A-share market is viewed more optimistically across five dimensions: microstructure, policy environment, economic strength, liquidity, and technological innovation [4] - The profits of high-tech manufacturing industries grew by 14.3% in March, indicating a positive trend in the technology sector [4] - The first quarter of 2025 is projected to see a 3.5% year-on-year growth in A-share earnings, with significant growth in the TMT sector, particularly in electronics and semiconductors [4]