Group 1 - Hong Kong stocks in the pharmaceutical and internet sectors saw significant gains, with companies like WanGuo Data-SW rising over 12%, and others such as 3SBio, CanSino Biologics, and MicroPort Medical gaining over 6% [1] - The Hong Kong Technology 50 ETF (159750), which covers high-tech industries including internet, new energy vehicles, and innovative pharmaceuticals, increased by 0.79% [1] - The first quarter holdings data from top Chinese private equity firms such as Hillhouse, Gaoyi, and Jinglin attracted market attention, revealing new investments in companies like Baidu and Li Auto, as well as increased stakes in Pinduoduo, NetEase, Beike, JD.com, and Trip.com [1] Group 2 - Analysts noted a "see-saw" effect in capital flows, indicating a global revaluation of assets, with funds moving from overvalued US tech stocks to Chinese assets as their value becomes more apparent [2] - Open Source Securities' overseas market team suggested that while short-term volatility remains due to policy dynamics, the mid-term outlook requires assessment of tariff policies' potential pressure on China's economic fundamentals, which may limit significant rebounds in the Hong Kong market [2] - The focus for the Hong Kong market is on the main themes of China's economic transformation, including sectors like internet, automotive, and semiconductors [2]

5月19日，国家统计局发布的房价数据显示，2025年4月份，70个大中城市中，各线城市商品住宅销售价格环比持平或略降，同比降幅均持续收 窄。4月份，一线城市新建商品住宅销售价格环比由上月上涨0.1%转为持平。其中，北京和上海分别上涨0.1%和0.5%，广州和深圳分别下降 0.2%和0.1%。二线城市新建商品住宅销售价格环比持平，与上月相同。三线城市新建商品住宅销售价格环比下降0.2%，降幅与上月相同。 4月份，一线城市二手住宅销售价格环比由上月上涨0.2%转为下降0.2%。其中上海上涨0.1%，广州持平，北京和深圳分别下降0.6%和0.3%。 二、三线城市二手住宅销售价格环比均下降0.4%，降幅比上月分别扩大0.2个和0.1个百分点。（国家统计局网站） ｜点评｜ "稳楼市"政策效应逐渐减弱，加上关税影响，一些购房人可能推迟买房计划，整体而言，4月楼市出现了弱复苏的迹象。尽管此前在政 策支持下，市场预期有所改善，但从销售层面来看，房地产市场依然延续了以价换量的行情，其中二手房市场的表现尤为明显。部分地区取消 了二手房限售，场内供应增加，或也在短期内对市场形成了冲击。 点击上图 ▲立即加入 4月全国规上工业增加值 ...

Core Viewpoint - The Shenzhen Stock Exchange is hosting the 2025 Global Investor Conference from May 19 to 20, showcasing the investment value of Chinese assets and the A-share market [1] Group 1: Event Overview - The conference will feature keynote speeches, roundtable discussions, and company roadshows, aimed at promoting high-level openness to the outside world [1] - This event has been held annually since 2020, serving as a bridge for communication and mutual learning between domestic and foreign markets [1] - This year's conference is unprecedented in scale, attracting over 400 domestic and foreign guests and involving more than 100 investment institutions [1] Group 2: Participation and Significance - Several CEOs, investment heads, and investment directors from foreign institutions will attend in person, marking the largest scale and highest specifications in the event's history [1] - The conference is taking place against the backdrop of a new phase in the revaluation of Chinese asset values, indicating significant interest from global investors [1]

Core Viewpoint - The article emphasizes the resilience of Chinese assets amidst global economic changes and tariff disputes, highlighting the strong recovery of domestic indices and the positive impact of policy measures on market stability [1][3][16]. Group 1: Tariff Impact and Market Recovery - The recent tariff disputes have significantly affected market expectations, leading to substantial declines in global stock indices, with the Hang Seng Technology Index dropping over 17% and the Shanghai Composite Index falling over 7% on April 7, 2025 [3]. - Following the announcement of supportive measures from regulatory bodies, including large-scale fund injections and stock buybacks, domestic indices have recovered to previous lows by May 12, 2025 [3][4]. - The recent progress in US-China trade talks, including a joint statement on reducing bilateral tariffs, is expected to further enhance the valuation of Chinese assets [3][16]. Group 2: Sector Performance and Technological Advancements - High-growth technology sectors, represented by indices such as DeepSeek and humanoid robots, have shown remarkable performance this year, with significant innovations attracting global attention [8]. - The success of Chinese films and cultural IPs in the global market indicates a growing recognition of Chinese cultural brands, further enhancing the investment landscape [8]. Group 3: Valuation Comparisons - Current valuations of Chinese assets are at historically low levels compared to US markets, with the Hang Seng Technology Index PE at 24.7, while the Nasdaq Index PE is at 41.4 [11][13]. - The divergence in valuations suggests a potential for convergence, as domestic policy expectations improve and technological advancements continue [11][16]. Group 4: Public Fund Reforms - The public fund industry is undergoing significant reforms aimed at enhancing the alignment of interests between funds and investors, transitioning from a focus on scale to value creation [14]. - These reforms are expected to stabilize the capital market and transform the Chinese stock market from a trading market to a more structured allocation market [14][16]. Group 5: Overall Market Outlook - The combination of robust policy support, technological breakthroughs, and public fund reforms is creating a favorable environment for investment opportunities in the Chinese equity market [16].

Core Viewpoint - The article highlights a significant rebound in Chinese assets, particularly in the stock market, driven by increased foreign investment and positive economic indicators [1][2]. Group 1: Market Performance - Since May, major indices such as the Shanghai Composite Index, Hang Seng Index, and Nasdaq Golden Dragon Index have shown notable rebounds [1]. - Chinese stock ETFs listed in the U.S. have experienced substantial net inflows, indicating growing investor interest [1][3]. Group 2: Foreign Investment Trends - Morgan Stanley reports that U.S. hedge funds have increased their holdings in Chinese stocks, suggesting a renewed interest in the Chinese market [5][6]. - In the week from May 6 to May 9, northbound capital saw a net inflow of 12.9 billion yuan, while flexible foreign capital had a net inflow of 5.9 billion yuan [5]. Group 3: Institutional Insights - Major asset management firms, including BlackRock and Allianz, have expressed optimism about Chinese assets, citing multiple favorable factors that enhance their attractiveness [7][8]. - BlackRock's chief economist for China noted that recent economic data and policy measures are likely to boost investor confidence in Chinese assets [7]. - Allianz's research head emphasized the relative attractiveness of A-shares compared to RMB bonds, advocating for a continued overweight in equities [8].

5月12日，《中美日内瓦经贸会谈联合声明》发布，全球资本市场应声上涨。在笔者看来，随着中美经 贸高层会谈取得实质性进展，来自政策、基本面以及市场预期的三重共振将推动中国资产价值重估进入 新阶段。 其一，政策组合拳助力提升中国资产应对外部环境急剧变化的能力。 在5月7日国新办举行的新闻发布会上，中国人民银行、国家金融监督管理总局、中国证监会三部门负责 人宣布一揽子重磅政策，涉及降准降息，推动中长期资金入市，支持科技创新、提振消费、房地产等重 点领域，释放出稳市场稳预期的强信号。同日，《推动公募基金高质量发展行动方案》发布，旨在形 成"回报增—资金进—市场稳"的良性循环，进一步优化资本市场生态。 "当前，我国经济回稳向好的态势不断巩固，各有关方面对外部冲击做了政策应对的充分准备，这不仅 为充满不确定性的世界经济注入更多确定性，也为我国资本市场稳定运行创造了坚实的基础和条 件。"证监会主席吴清表示。 在多重挑战之下，这套"宏观调控+微观改革+制度创新"的政策组合，既构建起中国资产抵御外部冲击 的防火墙，更将培育出价值重估的肥沃土壤。 其二，基本面韧性强化中国资产价值重估逻辑。 今年以来，大模型、低空经济、机器人、具 ...

Group 1: Market Overview - The Asia-Pacific stock market experienced a significant rally on May 2, with the Hong Kong Hang Seng Index rising by 1.22% and the Hang Seng Tech Index surging by 3%, marking the largest single-day gain in nearly three months [1] - Chinese concept stocks saw explosive growth in after-hours trading, with the three-times leveraged FTSE China 50 ETF (YINN) soaring nearly 7%, and major companies like XPeng, Li Auto, and Alibaba all rising over 4% [1][2] - The insurance sector also saw strong performance, with major players like China Life and New China Life leading the gains, driven by high dividend yields and favorable policy developments [3][4] Group 2: XPeng Motors Performance - XPeng Motors reported a record monthly delivery of 35,045 vehicles in April, a staggering year-on-year increase of 273% and a month-on-month rise of 6% [2] - The success of XPeng's models, particularly the MONA M03 and P7+, has significantly contributed to its market position, with the MONA M03 achieving over 100,000 deliveries in just eight months [2] - XPeng's growth is attributed to its competitive pricing and advanced technology, positioning it favorably against rivals like Tesla [2] Group 3: Insurance Sector Dynamics - The insurance sector's rally is characterized by a dual focus on high dividends and policy benefits, with companies like China Life offering a dividend yield of 6.2%, which is significantly higher than the 10-year government bond yield [3] - Recent regulatory guidance has encouraged insurance companies to increase their equity investments, suggesting a potential influx of capital into the stock market [3][4] - The insurance industry is viewed as a safe haven for foreign capital, especially in light of geopolitical risks and the need for stable growth assets [4] Group 4: Gold Sector Decline - In contrast to the stock market rally, gold stocks experienced a sharp decline, with companies like Tongguan Gold and Shandong Gold dropping over 4% due to fluctuations in international gold prices [5][6] - The recent volatility in gold prices, influenced by U.S. economic data and geopolitical developments, has led to a reassessment of gold as a safe-haven asset [6] - Funds are shifting from gold to riskier assets, as evidenced by the overall positive performance of the Asia-Pacific stock markets [6] Group 5: Foreign Investment Trends - The influx of foreign capital into Chinese assets is gaining momentum, with significant net inflows into the Chinese stock market reported [7][8] - Major international banks have upgraded their ratings for Chinese stocks, citing improved government policies and corporate earnings as key factors [7][8] - The current valuation of Chinese stocks is seen as attractive compared to global counterparts, with the Hang Seng Index trading at a price-to-earnings ratio of only 9 times [8]

Core Viewpoint - Chinese assets are experiencing a broad-based rebound, with optimistic outlooks from various institutions regarding future performance [2][8]. Market Performance - A-shares and Hong Kong stocks saw a recovery, with major indices turning positive; the Hang Seng Tech Index rose over 2% at one point [2][4]. - A-shares closed with the Shanghai Composite Index up 0.15%, Shenzhen Component Index up 0.07%, and ChiNext Index up 0.01% [4]. - In the Hong Kong market, the Hang Seng Tech Index increased by 1.72%, the Hang Seng Index by 0.92%, and the Hang Seng China Enterprises Index by 1.27% [4]. Sector Highlights - Cyclical stocks, particularly in the non-ferrous metals sector, showed strong performance, with copper stocks leading the gains [4]. - Companies like Jiangxi Copper and Luoyang Molybdenum saw significant increases in their stock prices, driven by expectations of a long-term bull market in copper due to rising electrification demand [4]. Fiscal Policy Insights - The Ministry of Finance released a report indicating that fiscal policy in 2025 will be more proactive, focusing on increasing the fiscal deficit ratio and government bond issuance [5][6]. - Key areas of focus include optimizing expenditure structure, enhancing local financial support, and promoting domestic demand and consumption [5][6]. Future Outlook - Institutions like Huatai Securities maintain a positive outlook on Chinese assets, citing strong earnings from major tech companies and the potential for AI-driven investments to boost domestic demand [8]. - The report suggests that the market may see a rebalancing of styles, focusing on stable earnings and free cash flow, while technology remains a key theme [9]. - Concerns about increased volatility during the earnings season are noted, with a potential shift from valuation-driven to fundamentals-based pricing [9].

GUIDE 摘要 光大证券：市场虽然调整，但趋势并没改变； 华 泰证券 中信证券：预计美联储年内降息不超过2次； 华泰证券：坚定看好中国资产价值重估行情演绎。 光大证券 市场虽然调整，但趋势并没改变 光大证券表示，观望情绪升温，导致市场连续缩量。展望后市， 市场虽然调整，但趋势并没改变，预 计市场大概率延续震荡向上的态势 ；在连续缩量的背景下，热点轮动的风格或将继续。 中信证券 预计美联储年内降息不超过2次 中信证券研报称，美联储2025年3月议息会议维持政策利率不变，符合市场预期。本次点阵图显示今年 目标利率中枢为3.9%，与2024年12月会议点阵图持平，同时上调今年通胀预测和失业率预测、下调经 济增速预测。预计美联储年内降息次数小于或等于2次。 坚定看好中国资产价值重估行情演绎 华泰证券首席宏观经济学家易峘表示， 近期恒生指数表现依然强劲，且部分热点呈现扩散趋势，主 要受三重逻辑支撑 ：科技股企业盈利较强，经济初现企稳迹象，政策预期提振信心。展望未来，这 三重逻辑整体向积极方向发展的概率正在上升，港股相对收益仍有支撑。中长期而言，仍旧坚定看 好中国资产价值重估行情演绎。 免责声明 以上观点来自相关机构， ...

如果说韩国人去年的热门活动是组团扎堆中国上海，今年热门活动则是组团扎堆中国股市； 去年韩国人最大的 孝顺 ， 是送父母去张家界旅游， 那么今年韩国人最大的孝顺，则是买中国股票。 根据韩国证券存托结算院的数据，韩国投资者2月份疯狂买入A股和港股资产，月度交易额高达7.82亿美元，环比增长200%。 点击图片▲立即收听 " 在韩国，未成年人只要征得父母同意，就可以开设账户炒股。 " 文 / 巴九灵（微信公众号：吴晓波频道） 这个数据不仅创下3年来新高，而且远高于同期对于日本和欧洲股市的买入金额。 换言之，韩国投资者，开始做多中国。 以前姥姥不疼舅舅不爱的中国资产，为何能受到韩国投资者的热捧？ 韩国投资者"扫货"A股 春江水暖鸭先知，韩国人就是一只感应全球股市冷暖的敏锐鸭子。 在他们眼中，如今去中国" 扫 货 "，是因为能赚钱，而且能赚大钱。 2025年以来，中国股市行情逐渐回暖，上证指数涨幅2.16%，深成指涨幅4.48%，香港恒生指数涨幅高达13.43%，而韩国投资者更加偏爱的恒生 科技指数涨幅则高达17.9%。 就算受到美股拖累的美国中概股，表现也相当不错，Wind中概100指数涨幅超过15%，引领全球金融市 ...