Core Insights - The report highlights the recent trade agreement framework between the US and UK, which is seen as a potential model for future agreements, although it lacks detailed coverage and may not be easily replicated by other countries [2][3][5] - The report indicates that the trade negotiations between the US and China are ongoing, with expectations of a potential reduction in tariffs, creating a "window period" for possible agreements [5][6] - The macroeconomic environment is characterized by cautious optimism, with improvements in risk sentiment supporting market performance, particularly in the Hong Kong stock market [6][7] Macroeconomic Overview - The global PMI data for April shows a decline in manufacturing new orders and export orders, indicating the impact of tariffs on economic activity [3] - The US Federal Reserve remains cautious, with no immediate changes to monetary policy expected, pending further economic data [3][5] - The report notes that the trade tensions have led to a mixed performance in global markets, with US stocks experiencing slight declines while commodities generally rose [3][5] Industry Analysis - The automotive sector is highlighted for its resilience, with a notable increase in sales for domestic brands like BYD, driven by the "old-for-new" policy stimulating demand [16][18] - Semiconductor company SMIC reported a revenue of $2.25 billion for Q1 2025, with a slight increase in wafer shipments, although ASP declined [18] - The defense sector, represented by Tianhai Defense, showed significant growth in revenue and net profit, benefiting from advancements in deep-sea technology [19] Investment Strategy - The report suggests focusing on sectors supported by government policies, particularly technology and consumer sectors, as well as dividend stocks with stable performance [6][7] - It emphasizes the importance of identifying quality thematic opportunities in the current market environment, particularly in sectors like innovation and technology [13][19] - The report advises maintaining a neutral position in convertible bonds while focusing on specific opportunities within the market [13][14]

证 券 研 究 报 告 【宏观快评】 金融政策率先启动——政策周观察第 29 期 4 月政治局会议后，货币金融政策率先启动。5 月 7 日，央行、证监会、金融 监管总局主要负责人出席国新办新闻发布会，介绍一揽子金融政策。参考点评 《为"确定性"护航——5 月 7 日"一揽子金融政策支持稳市场稳预期"学习 理解》。 1、央行潘行长公布了十项货币政策措施：①降低存款准备金率 0.5 个百分点； ②阶段性将汽车金融公司、金融租赁公司的存款准备金率从目前的 5%调降为 0%；③下调政策利率 0.1 个百分点；④下调结构货性货币政策工具利率 0.25 个百分点；⑤降低个人住房公积金贷款利率 0.25 个百分点；⑥增加 3000 亿元 科技创新和技术改造再贷款额度；⑦设立 5000 亿元"服务消费与养老再贷款"； ⑧增加支农支小再贷款额度 3000 亿元；⑨将证券基金保险公司互换便利和股 票回购增持再贷款的额度合并使用；⑩创设科技创新债券风险分担工具。 2、国家金融监督管理总局李局长公布了八项政策措施：①加快出台与房地产 发展新模式相适配的系列融资制度；②进一步扩大保险资金长期投资试点范 围；③进一步调降保险公司股票投资 ...

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]

本周策略观点： 2025 年 05 月 11 日 《公募基金高质量发展行动方案》 发布，关注北证低配权重股 ——北交所策略周报（20250505-20250511） 本周市场行情： ⚫ 市场：本周北证 50 指数上涨 3.62%。北交所个股中 246 只股票上涨，七丰精工、慧为 智能涨幅居前。19 只股票下跌，0 只股票持平，涨跌比为 12.95。估值：北交所 PE（TTM） 均值 90.06 倍，中值 50.35 倍；创业板 PE（TTM）均值 74.95 倍，中值 34.56 倍；科创 板 PE（TTM）均值 77.05 倍，中值 31.83 倍。交易：本周北交所成交量为 56.73 亿股， 环比增加 83.63%；成交额为 1244.77 亿元，环比增加 93.28%。本周北交所融资融券余 额为 52.29 亿元，较上周增加 0.23 亿元。 北交所新股： 新三板动态： ⚫ 本周新挂牌 9 家，摘牌 9 家，周新增计划融资 0.75 亿元，完成融资 0.50 亿元。 风险提示： ⚫ 个股业绩季度波动过大风险，宏观经济下行的风险。 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 告 证 ...

5月7日，证监会印发《推动公募基金高质量发展行动方案》（以下简称《行动方案》），新规锚定"基 民赚钱"，告别"规模至上"，吹响了公募基金行业进一步深化改革、推进高质量发展的"号角"。 《行动方案》发布后，公募基金行业反响热烈。业内人士表示，《行动方案》围绕完善行业考核评价制 度、全面强化长周期考核与激励约束机制等提出诸多措施，将有效引导行业更加注重长期投资价值的创 造，有利于强化基金公司与投资者利益绑定，为投资者提供长期稳健的投资回报。 考核模式将从"规模导向" 转向"回报导向" 国联基金产品开发负责人许超认为，新考核机制将彻底打破公募基金"旱涝保收"的旧有格局，成为行业 优胜劣汰的关键转折点。基金经理为保薪酬、谋发展，必须重视投资者体验，与投资者"同甘共苦"。在 此机制下，基金经理将更关注投资策略的可持续性，自觉规避"风格漂移"、过度投机等行为，让基金收 益更稳定、可预期，切实满足投资者长期财富增值需求，实现行业与投资者共赢，推动公募基金健康长 远发展。 《行动方案》提出，改革基金公司绩效考核机制，包括出台基金公司绩效考核管理规定，全面建立以基 金投资收益为核心的考核体系，适当降低规模排名、收入利润等经营性 ...

Core Viewpoint - The introduction of a "sale coordinator" role in the issuance of the Southern Shanghai Stock Exchange Science and Technology Innovation Board Growth ETF is a rare occurrence in the fund issuance process, indicating potential adjustments in response to new market conditions [1][3][5]. Group 1: Role of Sale Coordinator - The sale coordinator is responsible for managing the flow of funds during the fund subscription period, ensuring that the funds are collected and allocated to the fund custodian account [2][4]. - This role is uncommon in the issuance of ETFs and almost non-existent in non-ETF fund issuances, suggesting a unique approach taken by the fund company [1][6]. - The addition of a second sale coordinator, Zhongtai Securities, alongside Changjiang Securities, reflects a possible adaptation to recent developments in the ETF market [6][8]. Group 2: Fund Issuance Process - The Southern Shanghai Stock Exchange Science and Technology Innovation Board Growth ETF is open for subscription from May 6 to May 16, with both online and offline cash subscription options available [3]. - The issuance process involves multiple parties, including the fund company, distribution agencies, and custodians, with brokers typically acting as distribution agents [3][4]. - The introduction of the sale coordinator may enhance the efficiency of the fund issuance process, aligning with the broader goal of high-quality development in the public fund industry [9][10]. Group 3: Regulatory Context - The recent regulatory framework emphasizes the importance of fund issuance as a critical component of high-quality development, with specific measures aimed at optimizing the registration process for equity funds [9][10]. - The new measures aim to enhance the scale and proportion of equity investments, reflecting a shift towards prioritizing investor interests in fund operations [10].

Group 1 - The report highlights that the "Action Plan for Promoting the High-Quality Development of Public Funds" is expected to have a profound impact on the A-share market and the fund industry allocation [2][32][34] - The plan aims to shift the focus of fund companies and sales institutions from "scale" to "returns," marking a turning point for high-quality industry development [2][32] - The plan is anticipated to drive more medium- to long-term capital into the A-share market, enhancing market resilience [3][34] Group 2 - As of April 2025, the combined share of money market and bond funds in the public fund market reached 73.4%, while equity and mixed equity funds accounted for only 13.1% and 10.1%, respectively, indicating a low current proportion of equity funds [3][34] - Historical data shows that the issuance of equity funds has led to significant capital inflows, with a notable increase in the Shanghai Composite Index by 46.2% from January 3, 2019, to February 9, 2021, following the issuance of approximately 3.14 trillion units of new equity funds [3][34] - The report suggests that technology-related broad-based indices, such as the Sci-Tech 50 Index and semiconductor-related indices, are likely to benefit significantly from the policy direction [4][41] Group 3 - The report indicates that industries with strong profitability and stable performance, such as household appliances, banking, transportation, food and beverage, and non-bank financials, are expected to attract public fund investments [4][42][43] - The plan emphasizes the need for a long-term performance evaluation mechanism, with at least 80% weight on three-year and longer-term returns, which may favor industries with strong profitability [42][43] - The report notes that the market style may rotate between defensive and growth styles, with defensive sectors focusing on stable or high-dividend industries, while growth sectors will emphasize thematic growth and independent cyclical industries [5][54][55]

Group 1 - The core viewpoint of the article is the release of the "Action Plan for Promoting the High-Quality Development of Public Funds," which outlines 25 specific measures aimed at guiding the future high-quality development of the public fund industry [1] - The floating fee rate mechanism will break the traditional income model of guaranteed returns, allowing fund companies to charge fees based on performance, thus promoting a more performance-driven approach [1] - Fund companies are encouraged to strengthen core research and investment capabilities, shifting from a traditional individual-driven model to a collaborative team approach to enhance overall investment efficiency [1] Group 2 - Establishing clear performance benchmarks for funds is essential to avoid style drift, enabling investors to better assess fund performance and enhancing confidence in public funds [1] - The measures aim to improve the scale and stability of equity investments in public funds, ultimately contributing to a healthier market development [1]

专题：证监会印发《推动公募基金高质量发展行动方案》 5月7日，证监会发布《推动公募基金高质量发展行动方案》（以下简称《行动方案》），从优化基金运 营模式、完善考核评价制度、大力发展权益类基金、守牢风险底线、强化监管执法、促进高质量发展等 六方面提出了25条改革措施。方案突出问题导向、精准施策、系统推进，重构公募基金行业运行逻辑， 强化行业与投资者的利益绑定，指引行业进一步彰显功能性定位，提升整体发展质量和服务水平。 MACD金叉信号形成，这些股涨势不错！ 责任编辑：韦子蓉 聚焦重点领域，构建长效机制，守牢风险底线。《行动方案》针对重点风险领域，提出多项监管举措多 维发力，系统性守牢风险底线：一是扩充流动性风险防控工具，优化风险准备金动态调整机制，完善行 业多层次流动性风险防控机制。二是通过产品注册逆周期调节、强化主题基金监管及投资集中度约束等 方式，引导行业机构更加注重长期投资。三是提高公私募基金经理兼任及业务风险隔离要求、清理类通 道业务、高压打击不当利益输送等举措，堵住合规风险漏洞。四是提高行业声誉管理及预期引导能力， 以舆情监测、政策解读和打击虚假信息，重塑行业形象、提升投资者信心。 提升机构发展水平， ...

Group 1 - The core viewpoint of the news is the release of the "Action Plan for Promoting the High-Quality Development of Public Funds" by the China Securities Regulatory Commission (CSRC), which includes 25 measures aimed at reforming the public fund industry to focus on performance-driven growth rather than scale-driven growth [2][3] - The Action Plan is considered one of the most systematic and forward-looking regulatory innovations in China's capital market in recent years, promoting a return to an "investor-centric" value perspective [2][3] - Key measures include adjusting performance compensation for fund managers based on their performance relative to benchmarks, with significant penalties for underperformance and rewards for overperformance [4][5] Group 2 - The plan encourages the reduction of management fees for large-scale index funds and money market funds, and mandates that fund companies' assessments of executives include a minimum of 50% weight on investment returns [5][6] - A long-term performance assessment mechanism will be implemented, with at least 80% weight on medium to long-term returns over three years [6] - The plan also introduces a rapid registration mechanism for exchange-traded funds (ETFs), aiming to complete registration within five working days [6] Group 3 - The news highlights the recent self-purchase actions by public fund companies, with announcements from Anxin Fund and Fuguo Fund committing to invest at least 25 million yuan in their respective new funds [7][8][22] - The self-purchase actions are seen as a way to boost investor confidence and stabilize market expectations [22] Group 4 - The report mentions the recent approval of new public REITs, with a focus on consumer infrastructure, indicating a growing interest in this sector [9] - The performance of public REITs in the secondary market has been strong, with some consumer-related REITs showing gains of over 40% this year [9] Group 5 - The news also covers the significant changes in the leadership of major fund companies, with the resignation of a long-serving general manager at Huatai-PB Fund, indicating a shift towards new leadership in the industry [12] - The report notes that there are still nine other fund managers with over ten years of service, suggesting a mix of experienced and new leadership in the sector [12]