5月5日，和讯投顾高璐明就假期期间国内外市场动态及A股后续走势发表了观点。他指出，假期期间市 场消息频出，中国资产大幅飙升，汇率也呈现升值态势，同时现货黄金市场也出现大涨。在此背景下， 投资者普遍关注A股市场在假期后能否迎来开门红。 高璐明强调，在市场资金未完全发力之前，投资者可以关注科技品种或受消息政策影响的方向，但整体 仓位不宜过重。他建议投资者等待市场资金发力、新的明确热点方向或主线方向启动时再重点加仓。对 于短线投资者而言，一旦出现明显涨不动或冲高回落的情况，应及时减仓或离场。 从技术面来看，高璐明认为市场在经历连续回踩后正在构筑中期底部。他建议投资者等待市场给出明确 的中大阳线、成交量放大等信号，并确定主线方向后再加重仓位参与第二次抄底。尽管市场节奏需要把 握，但他对未来行情并不悲观。 在谈到市场走势时，高璐明认为，尽管假期期间市场出现了诸多利好信号，如中国资产上攻、汇率升 值、富时A50及港股正反馈等，但投资者仍需防范市场高开回落的风险。他提到，外部事件虽然传递出 谈判意愿，但小额包裹免税政策最终未减免，显示出对方意愿并不强烈。同时，国际原油价格持续跳 水，将对国内石油板块形成负面影响，进而压制盘 ...

2025.05. 05 本文字数：303，阅读时长大约1分钟 微信编辑 | 七三 推荐阅读 多地宣布发钱奖励结婚！ 5月2日，A股休市，港股正常交易。当天港股全线大涨，恒生指数收涨1.74%，恒生科技指数收涨 3.08%。 5月2日，离岸人民币汇率持续走强，离岸人民币兑美元日内最高升至7.24，为自4月4日以来的最高 水平。5月5日，人民币继续大涨，离岸人民币兑美元汇率盘中升破7.20关口，为去年11月以来首次。 据券商中国，展望5月市场，券商分析人士指出，节日期间，港股、人民币汇率等相关资产走势整体 乐观，如无意外，节后A股大概率顺势向上"补涨"，4月7日的跳空缺口将有更大程度的修复。 " 五一 "假期期间，全球风险资产延续修复行情，其中中国资产领涨。 ...

Market Review - The global stock indices experienced a rebound after the initial drop due to the announcement of "reciprocal tariffs" by the US in early April, with major indices in Brazil, India, Australia, Japan, South Korea, and the US Nasdaq recovering to pre-tariff levels. The A-share market showed strong performance in value and stability styles, while growth styles lagged behind, with significant net subscriptions in ETFs during April [1][2] - In April, the power equipment index fell by 8%, while the communication, computer, electronics, and machinery equipment sectors saw declines exceeding 4%. In the commodities market, gold stood out with strong performance, while crude oil, copper, aluminum, and black commodities experienced declines. The US dollar index significantly decreased, and the offshore RMB appreciated against the US dollar, recovering the 7.2 level since mid-April [1][2] Market Outlook - The appreciation of the RMB is expected to boost confidence in Chinese assets, with significant gains in Hong Kong and Chinese concept stocks during the holiday period, leading to an anticipated strong opening for A-shares post-holiday. From May 1 to 2, the Nasdaq China Golden Dragon Index and the Hang Seng Tech Index rose by 3.7% and 3.1%, respectively, leading global major indices [3][4] - The Politburo meeting in April conveyed a stabilizing signal, indicating a domestic policy direction focused on "actively responding and daring to fight" externally, while internally emphasizing "managing our own affairs." This suggests a clear policy approach to expand domestic demand and stabilize expectations, which may manifest in the establishment of long-term market stabilization mechanisms and regular "support" signals in the capital market [3][4] - The domestic and international AI technology industry trends continue to evolve, with a focus on catalysts in the AI sector in May. Following the tariff impacts, the A-share AI+ industry chain has seen an overall correction, but investment opportunities in the AI+ sector are expected to become active again. High capital expenditure in the AI field is anticipated to continue, with significant developments from companies like Microsoft and Meta, as well as new model releases from Alibaba and Xiaomi [4]

"五一"小长假期间，海外市场仍在交易。 从最新情况看，中国资产相关的股票和人民币汇率都出现明显走强。虽然今年以来的宏观不确定性带来巨大扰动，但明星私募们对于中国股市的看法继续保 持乐观。 截至5月2日，海外市场中国资产走势强劲。 从明星私募近期对外发布的观点看，总体对后市仍相对乐观，存在很多结构性机会。 睿郡资产执行董事杜昌勇近期在参加活动时提出，今年权益市场的机会成本很低，同时权益市场经过三年多的持续调整，幅度和空间都足够。从估值来看，A 股市场属于合理水平，香港市场处于相对低估的状态，在其他可投资资产缺乏的情况下，这个市场是可为的。今年外部的环境非常复杂，但大家可以预期的 是，在复杂的外部环境下，对内各种刺激政策出台的可预期性也大幅增加，所以总体上市场是可为的。 外汇市场方面，离岸人民币兑美元大涨逾600点，回到7.21附近，表明外资对中国资产信心增强。 股市方面，首先是港股收盘大涨，恒生指数收涨1.74%，恒生科技指数收涨3.08%，代表公司腾讯上涨2.56%，阿里巴巴上涨3.8%，小米集团更是涨超6%。 其 次是隔夜美股市场中概股大幅走强，纳斯达克中国金龙指数上涨3.5%。热门中概股大多上涨，小鹏汽车 ...

Core Viewpoint - During the recent "May Day" holiday, overseas markets continued trading, with Chinese assets showing significant strength, indicating growing confidence from foreign investors in the Chinese market [1][2]. Group 1: Performance of Chinese Assets - As of May 2, the offshore RMB appreciated over 600 points against the USD, reaching around 7.21, reflecting increased foreign confidence in Chinese assets [4]. - The Hong Kong stock market saw substantial gains, with the Hang Seng Index rising by 1.74% and the Hang Seng Tech Index increasing by 3.08%. Notable stocks included Tencent up 2.56%, Alibaba up 3.8%, and Xiaomi up over 6% [4]. - In the U.S. market, Chinese concept stocks also performed well, with the Nasdaq Golden Dragon China Index rising by 3.5%. Key stocks included XPeng up 5.84%, JD.com up 4.93%, and Alibaba up 4.34% [4]. Group 2: Outlook from Private Equity Firms - Star private equity firms remain optimistic about the market, identifying numerous structural opportunities. They believe the cost of equity market opportunities is low, and the A-share market is reasonably valued while the Hong Kong market is relatively undervalued [6]. - The overall economic environment is complex, but the expectation of various domestic stimulus policies has increased, suggesting a favorable market outlook [6]. - Private equity firms are focusing on three main investment themes: policy verification, global capital reallocation towards "core Chinese assets + globally competitive industries," and industry upgrade alpha through technology and commercialization processes [7].

Group 1 - The offshore RMB against the USD rose to 7.2103, an increase of 686 points from the previous trading day, with a trading range of 7.2808-7.2091 [1] - The Nasdaq China Golden Dragon Index increased by over 3%, driven by market sentiment and fluctuations in the USD index [1] - The Hang Seng Index rose by 1.74% and the Hang Seng Tech Index rose by 3.08%, with notable gains from Horizon Robotics-W (+14.5%), Kingsoft (+6.74%), XPeng Motors-W (+6.66%), and Xiaomi Group-W (+6.31%) [1] Group 2 - The 3x leveraged daily China ETF rose over 8%, while the 2x leveraged China Internet stocks ETF increased by over 6% [2] - The Hong Kong Monetary Authority sold approximately 47 billion HKD (around 6 billion USD) to maintain the HKD/USD exchange rate within the 7.75 to 7.85 range, marking its first foreign exchange intervention since 2020 [2] - Following the HKMA's intervention, the balance of the Hong Kong banking system is expected to rise from 46.539 billion HKD to 91.309 billion HKD (approximately 85.66 billion RMB) by May 7 [2] - Analysts from Everbright Securities anticipate a continued rebound in the Hong Kong stock market, with the Hang Seng Index currently at a medium-low valuation and the Hang Seng Tech Index at a historical low valuation, indicating high investment value [2] - China Galaxy Securities notes a gradual recovery in investor risk appetite, supported by positive fiscal policies and moderately loose monetary policies, which are expected to stabilize and increase profitability in the Hong Kong stock market [2]

中国资产大涨。 | 当地时间5月2日，美股开盘集体上涨。经济数据方面，当日发布的美国4月非农数据超预期。 | | --- | | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | | DJI | 道琼斯工业指数 | 41063.12 | 310.16 | 0.76% | | IXIC | 纳斯达克指数 | 17822.34 | 111.60 | 0.63% | | SPX | 标普500 | 5645.43 | 41.29 | 0.74% | 中国资产表现强势，纳斯达克中国金龙指数涨超3%，此外，离岸人民币兑美元汇率大涨超600个基点。 其次，富时中国A50指数期货夜盘继续走高。 中国资产强势上涨 北京时间5月2日白天，A股因"五一"假期休市，港股强势上涨，恒生指数收涨1.74%，恒生科技指数收涨3.08%。 晚间，中国资产继续上涨。首先是离岸人民币兑美元汇率，在港股收市后，离岸人民币兑美元汇率涨幅继续扩大，截至发稿，日内涨幅已超过600个基点，盘 中一度涨破7.21关口。 美股开盘后，中概股表现强势，截至发稿，纳斯达克中国金龙指数涨超3%。金 ...

大型科技股互有涨跌 美东时间周一，美股三大指数收盘涨跌不一。截至收盘，道指涨0.28%，标普500指数涨0.06%，纳指跌0.1%。 大型科技股互有涨跌，英特尔涨超2%，苹果、奈飞、Meta小幅上涨；英伟达跌超2%，微软、谷歌、亚马逊小幅下 跌。 每经编辑 毕陆名 美东时间周一，美股三大指数收盘涨跌不一。截至收盘，道指涨0.28%，标普500指数涨0.06%，纳指跌0.10%。大型科 技股互有涨跌，英特尔涨超2%，苹果、Meta等小幅上涨；英伟达跌超2%，微软、谷歌、亚马逊小幅下跌。 热门中概股多数上涨，纳斯达克中国金龙指数涨0.68%。蔚来、向上融科、搜狐涨超6%，斗鱼、理想汽车、BOSS直 聘、唯品会涨超3%。 富时A50期指连续夜盘收涨0.03%，报13204点。 周一（4月28日）纽约尾盘，CME比特币期货BTC主力合约较上周五纽约尾盘跌1.07%，报95175美元。CME以太币期 货DCR主力合约跌1.02%，报1800美元。 商品方面，COMEX黄金期货涨1.83%，报3358.9美元/盎司；COMEX白银期货涨0.21%，报33.08美元/盎司。 国际原油期货结算价收跌1.5%。WTI原油期货6 ...

Group 1 - The resilience of Chinese assets has attracted significant attention from foreign institutions, with 236 A-share companies being investigated by foreign entities since April [1] - The top ten companies receiving the most foreign institution inquiries include Huaming Equipment, Hongfa Technology, Luxshare Precision, Anker Innovation, and others, focusing on sectors such as consumer electronics, pet economy, and technology innovation [1] - Notable foreign institutions conducting research include Morgan Stanley, Franklin Templeton, and UBS Asset Management, indicating strong interest in companies like Huaming Equipment and Hongfa Technology [1][2] Group 2 - The domestic demand sector has gained market attention, with companies like Guibao Pet and Baiya Co. experiencing significant stock price increases since April [1] - In the technology sector, companies such as Luxshare Precision and Anker Innovation have also been the focus of over ten foreign institution inquiries, highlighting their growth potential [2] - Blue Glass Technology has expanded into new fields such as humanoid robots and AI glasses, indicating diversification beyond traditional consumer electronics [2] Group 3 - Many foreign institutions are optimistic about Chinese assets, with Franklin Templeton noting that A-shares have a lower dependency on foreign investment compared to other Asian markets, enhancing market resilience [3] - The low holding ratio of overseas investors in Chinese stocks suggests potential for growth, with expectations of positive surprises in the Chinese economy and corporate performance [3] - Morgan Stanley emphasizes the stability of China's economic and policy environment, suggesting that global investors will reassess investment opportunities in Chinese assets [3]

张忆东：逢低吸纳科技领域"性价比最高"的核心资产 智通财经4月28日电，在由兴证全球基金、智通财经、腾讯新闻共同主办的中国投资人峰会上，兴业证 券全球首席策略分析师张忆东表示，当前市场需以积极防御应对短期"螺蛳壳里做道场"格局，即在指数 震荡、结构性行情轮动中保持逆向交易策略，避免过度追逐市场情绪。他表示，贸易摩擦实质性协议落 地前，投资者可适度防御，但中期仍坚定看多中国资产。布局方向上，建议逢低吸纳科技领域"性价比 最高"的核心资产，并关注短期超跌的新消费标的，此外，面对新旧秩序转换期的全球动荡，黄金、军 工等传统避险资产及另类配置仍是抵御风险的重要对冲工具。张忆东强调，短期谨慎与中期乐观并不矛 盾，核心在于把握结构性机会与战略节奏。（智通财经记者 吴雨其） ...