Key Points - The article highlights significant upcoming events including a new stock subscription, high-level Sino-U.S. trade talks, and a press conference regarding financial policies to stabilize the market [1][2][3] Group 1: Stock Subscription and Economic Policies - A new stock, Hanbang Technology, is available for subscription with a code of 787755 and an issue price of 22.77 yuan per share, with a subscription limit of 0.50 million shares [2] - A press conference will be held by the State Council Information Office to discuss a "package of financial policies to support market stability and expectations" [2] Group 2: International Relations and Economic Contributions - Chinese Vice Premier He Lifeng will visit Switzerland from May 9 to 12 for talks with U.S. Treasury Secretary Janet Yellen, focusing on Sino-U.S. economic relations [2] - China has contributed approximately 30% to global economic growth in recent years, with a GDP growth of 5.4% year-on-year in Q1 [3] Group 3: Market and Industry Developments - The Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange have launched a "Special Line for Technology Companies" to facilitate listing applications for tech and biotech firms [3] - The State Administration for Market Regulation has initiated a comprehensive governance plan to address the abuse of food additives across the country [3] Group 4: Company News and Performance - Daying Electronics is currently generating revenue from its humanoid robot business [7] - Zhaofeng Co. has not yet started any robot-related business, with its planetary roller screw research and sample testing in the early stages [8] - Huazhi Digital Media's film "Dumpling Queen" has achieved a cumulative box office revenue of approximately 218 million yuan as of May 5 [9] - Aoheng Automotive has received a designated order from a leading new energy vehicle brand [10] - A contract worth 297 million yuan has been signed by Aopu Optoelectronics for the development of a specific optical system [11] - Huamao Technology's controlling shareholder plans to increase its stake in the company by 100 to 200 million yuan [12] - Yunda Co.'s controlling shareholder also intends to increase its stake by 100 to 200 million yuan [13] - Linglong Tire's controlling shareholder plans to increase its stake by 200 to 300 million yuan [14] - Huayi Group intends to acquire 60% of San Aifu for 4.091 billion yuan [15] - Changchuan Technology plans to establish a joint venture with professional investment institutions for high-end packaging and testing equipment localization [16] - Xiangyuan Cultural Tourism reported a 50.47% year-on-year increase in revenue during the May Day holiday [17] - Saily's new energy vehicle sales reached 31,500 units in April, a year-on-year increase of 12.99% [18] - Far East Co. received contracts/orders exceeding 26.46 billion yuan in April [19] - Guoxin Technology successfully tested a new anti-quantum password chip product [20] - Tongyu Heavy Industry's actual controller will change from Zhuhai State-owned Assets Supervision and Administration Commission to Shandong State-owned Assets Supervision and Administration Commission, with stock and convertible bonds resuming trading on May 7 [21] - CATL has repurchased 6.641 million shares, totaling 1.551 billion yuan [22]

证券研究报告 | 策略专题报告 2025 年 5 月 6 日 融资资金有望回流，小盘成长风格回归 ——A 股流动性与风格跟踪月报（202505） 进入 5 月后， A 股由春节效应、春季攻势、业绩披露期等带来的季节效应结束， 市场风格的季节性效应弱化，综合 A 股盈利增速改善、中美贸易摩擦边际缓和 概率逐渐增大、外部流动性环境友好、以及融资资金可能逐渐回流，我们认为 A 股风格有望向小盘成长风格漂移。 ❑风格展望：小盘成长风格有望回归。进入 5 月后， A 股由春节效应、春季攻势、 业绩披露期等带来的季节效应结束，市场风格的季节性效应弱化，综合 A 股盈利 增速改善、中美贸易摩擦边际缓和概率逐渐增大、外部流动性环境、以及 A 股增 量资金结构变化，我们认为 A 股风格有望逐渐向小盘成长风格漂移。具体来说， 第一，2025 年一季度 A 股上市公司非金融石化企业净利润增速回升转正，从历史 来看，这比较有利于短期小盘成长风格表现。第二，目前中美双方就关税问题处 于僵持局面，但贸易摩擦最悲观的阶段已经过去，随着时间推移，中美开始磋商 的概率增大，不确定性风险会逐渐下降。第三，非农数据公布后，市场开始预期 6 月美联 ...

Group 1 - A-shares opened lower with the Shanghai Composite Index down 0.11% and the ChiNext Index down 0.16%, while the precious metals sector showed strong performance, and sectors like tourism, hotels, dairy, and education faced significant declines [1] - Shenwan Hongyuan predicts that the overall risk appetite for A-shares is expected to stabilize and recover, with a potential shift towards small-cap growth styles and an increasing weight of technology themes in the market [1] - The mid-term outlook suggests that the next offensive wave for A-shares may still be a structural rally in technology, with continued recommendations for domestic AI computing power and applications, embodied intelligence, and low-altitude economy [1] Group 2 - Industrial Securities indicates that the continuously improving economic fundamentals and timely responses to uncertainties will serve as a stabilizing anchor for the market, with a focus on domestic consumption and self-sufficiency as key themes [2] - The market is expected to be more self-reliant, with internal demand and self-sufficiency becoming focal points for economic momentum switching and short-term policy support [2] - Facing ongoing global trade negotiations, there is a need for preparedness against uncertainties, with a recommendation to tilt holdings towards low-volatility dividends and high-quality stocks [2] Group 3 - Dongfang Securities notes a short-term market adjustment with reduced trading volume, indicating a challenging environment for price movements, while emphasizing the importance of dividend stocks and the broader technology sector as key investment directions [3] - The bank sector's dividend attributes are highlighted, with policy easing potentially boosting retail credit demand, thus enhancing the investment value of bank stocks [3] - The market's inherent stability is gradually increasing with the influx of incremental capital, and there is a significant probability that the Shanghai Composite Index will continue to fill the "tariff gap" [3]