盈信量化（首源投资）A股早盘三大指数低开后突然集体拉升，个股涨多跌少，银行板块更是创出历史新高，乍一看像是"稳了"，但仔细琢磨却透着不对 劲。护盘资金在台前卖力表演，但台下观众的反应却有些冷淡。 虽然主力拉银行股，但证券板块也不甘示弱，也走出了强势阵营。 题材股的表现同样尴尬。早盘算力硬件、CPO等概念活跃，但午后多数回落，微盘股指数更是暴跌3.6%。这种"一日游"行情说明资金对题材炒作缺乏信心。 早盘指数拉升，成交量还是比较正常，沪深两市半日成交额仅7639亿，这种情况，要么是主力资金高度控盘，要么是市场追涨意愿不足。这次显然更偏向后 者——银行板块虽然涨得欢，但主力资金净流出60亿元。 结语：现在关注成交量变化和板块资金流向，别被银行股的"虚火"冲昏头脑，也别错过那些被错杀的优质股。 银行股和微盘股同时创出新高。银行股的上涨可能是机构抱团取暖，而微盘股则更像游资炒作的"击鼓传花"。这种分化就像一桌宴席，有人在大鱼大肉，有 人却只能啃骨头，很难形成真正的合力。 煤炭、电力、家电等传统核心资产下跌，而银行、券商等金融股逆势走强，这种"跷跷板"效应暴露了市场的分歧。银行股的强势虽然暂时稳住了指数，却也 虹吸了其 ...

Performance Overview - The Wande Micro Stock Index increased by 2.65% over the past week, ranking 2nd among 38 broad-based indices[4] - The index rose by 11.76% in the past month, ranking 1st among 38 broad-based indices[26] - Over the last quarter, the index saw a 17.92% increase, also ranking 1st among 38 broad-based indices[27] - In the past year, the index surged by 75.4%, ranking 2nd among 38 broad-based indices[29] Factor Analysis - The top five internal factors for the micro stocks this week include the leverage factor (0.143), trading volume factor (0.051), and PB inverse factor (0.042) with historical averages of -0.006, -0.08, and 0.034 respectively[5] - The bottom five factors include the unadjusted stock price factor (-0.19) and PE_TTM inverse factor (-0.143), with historical averages of -0.017 and 0.018 respectively[5] Market Sentiment and Predictions - The micro stocks are expected to reach a turning point soon, with a potential buy signal if the weekly drop exceeds 6%[6] - The current market conditions suggest limited room for further declines, indicating a possibility of maintaining high levels without a pullback[6] Calendar Effects - The Wande Micro Stock Index shows positive average returns on Tuesdays and Thursdays, while Mondays and Wednesdays tend to have negative average returns[7] - The index achieved an 84% win rate in February and a 90% win rate in March and May during the 2024-2025 period[7] Risk Factors - Key risks identified include policy risk, public sentiment risk, and liquidity risk[8]

Core Viewpoint - Huicheng Environmental has seen a dramatic stock price increase of over 15 times since November 2022, making it the top-performing stock in the A-share market during this period, despite significant discrepancies between its stock price and fundamental performance [1][2]. Summary by Sections Stock Performance - Huicheng Environmental's stock price reached a historical high on May 30, 2023, with a cumulative increase of 15.2 times since November 2022, marking it as the top "demon stock" since then [3][4]. - The stock has shown a year-to-date increase of 77.52% in 2023, with monthly gains exceeding 20% for most months [3][4]. - The stock's market capitalization is currently 34 billion yuan, with a TTM price-to-earnings ratio of 2468 times, significantly higher than the industry average of 48 times [1][4]. Business Model and Market Context - Huicheng Environmental specializes in solid waste treatment and resource recovery, primarily serving oil refining companies [3][4]. - The environmental sector has seen a resurgence due to favorable policies, with the Wind environmental index rising by 11.91% in 2023 [4]. Institutional and Retail Investor Activity - Institutional investors, including foreign entities like Goldman Sachs and Morgan Stanley, have participated in Huicheng Environmental's stock but have not been the primary drivers of its price increase [5][6]. - Retail investors have shown significant interest, but there has been a lack of evidence of speculative trading from major retail players during the stock's rise [4][5]. Financial Performance and Volatility - The company's revenue has fluctuated significantly, with a notable drop in net profit in 2024, down 69.25% year-on-year, despite a revenue increase of 7.33% [8][9]. - In 2023, the company reported a revenue of 1.071 billion yuan, a 194.76% increase, attributed to successful project completions [7][8]. - The company's profitability is under pressure due to declining demand for refined oil products and reliance on a concentrated customer base in Shandong province [9]. Future Outlook - Huicheng Environmental is focusing on a new project for plastic waste recycling, which is expected to be a key growth area, although its contribution to revenue remains uncertain as of May 2023 [9].

Core Viewpoint - The valuation of Huicheng Environmental Protection is significantly inflated, with a TTM P/E ratio of 2468 and an estimated P/E ratio of 184 for 2025, while the average P/E ratio for the environmental sector is around 48 [1][6]. Group 1: Stock Performance - Huicheng Environmental Protection's stock price has surged over 15 times since November 2022, making it the top-performing stock in the A-share market during this period [1][2]. - The stock experienced a 28.33% increase in the last two weeks of May, despite a general market downturn, indicating a potential topping pattern [2]. - The stock has shown a year-to-date increase of 77.52%, with monthly gains exceeding 20% in most months [2]. Group 2: Business Model and Market Position - The company specializes in solid waste treatment and disposal services, focusing on the processing and recycling of waste catalysts for refining enterprises [2][3]. - Huicheng Environmental Protection's business model includes waste catalyst treatment, resource recycling, and sales of recycled catalysts [2]. Group 3: Financial Performance - The company reported a significant revenue increase in 2023, achieving 1.071 billion yuan, a 194.76% year-on-year growth, and a net profit of 138 million yuan, a 55-fold increase [6]. - However, the company has faced profitability challenges in 2024, with a projected revenue of 1.149 billion yuan, a 7.33% increase, but a net profit decline of 69.25% [7]. - The first quarter of 2024 saw a continued net loss of 10.336 million yuan, with revenue down 4.27% to 285 million yuan [7]. Group 4: Market Dynamics and Challenges - The environmental protection sector has seen a rise in interest due to policy catalysts, but Huicheng Environmental Protection's performance is not aligned with its stock price [3][6]. - The company's reliance on the refining catalyst business is concerning, as demand for refined oil is declining due to the rise of electric vehicles and regional economic pressures [7]. - The company is attempting to diversify by developing a waste plastic recycling project, which is still in the preparatory phase and has uncertain revenue contributions [7].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - As of May 30, 2025, the average position of active equity funds dropped to a low point this year [2]. - In the short - term, one should be cautious about the sustainability of the excess returns of micro - cap stocks and control the allocation risk of micro - cap style related assets [3]. - It is recommended to focus on high - quality targets with improved profitability and solid fundamentals [3]. - The service innovation of the public fund industry is expected to enhance its comprehensive competitiveness [3]. Summary According to Relevant Catalogs 1. Weekly Market Review - From May 26 to May 30, 2025, the overall trading in the A - share market became dull, with the average daily trading volume falling to a relatively low level near one trillion yuan, and risk appetite declined [3][11]. - The previous strong Beizheng 50 index continued to lead the gains, but one should be cautious about the sustainability of the excess returns of micro - cap stocks [3][11]. - The net outflows of domestic Hong Kong - related ETFs have occurred in recent weeks, and the net buying strength of southbound funds has also weakened [3]. - The public fund industry is accelerating the optimization of products and services, and many fund companies have opened the conversion business between different shares of the same fund [3][12]. - The performance of major broad - based indexes was differentiated. The Beizheng 50 performed relatively strongly, while the Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, and CSI 300 all declined [12]. - The performance of primary industries was also differentiated. The automobile sector had the largest decline, while the top - performing industries included comprehensive finance, national defense and military industry, medicine, agriculture, forestry, animal husbandry, and fishery, and communication [15]. 2. Public Funds 2.1 Public Fund Position Calculation - As of May 30, 2025, the average position of active equity funds was about 85.98%. The average positions of common stock funds, partial - stock hybrid funds, and allocation funds decreased, and the average position of "fixed - income +" funds also decreased [2][20]. 2.2 Style Trends of Active Equity Products - As of May 30, 2025, the exposure of the mid - cap style of active partial - stock funds increased relatively. The positions of large - cap growth and small - cap value increased, while the positions of large - cap value, small - cap growth decreased [3][28]. 2.3 Industry Trends of Active Equity Products - From May 26 to May 30, 2025, the allocation ratios of active equity funds in industries such as food and beverage, machinery, and commercial retail increased, while the ratios in industries such as computer and electronics decreased [3][31]. 2.4 ETF Market Tracking - From May 26 to May 30, 2025, the funds of broad - based ETFs flowed back, exchange - traded credit bond ETFs continued to attract capital, and some medical theme ETFs had obvious profit - taking [33]. - The net inflow of broad - based ETFs was about 6.171 billion yuan, the net outflow of industry ETFs was about 121 million yuan, the net inflow of style and theme ETFs was 1.403 billion yuan, the net outflow of cross - border ETFs was about 2.049 billion yuan, the net inflow of bond ETFs was about 15.106 billion yuan, and the net outflow of commodity ETFs was 106 million yuan [33]. 2.5 Newly Established Funds - From May 26 to May 30, 2025, there were 30 newly established domestic funds, including 4 active equity funds. The total newly issued shares of active equity funds were about 1.735 billion shares, at the 78.4% quantile in the past year [38]. 3. Main/Active Fund Flows - From May 26 to May 30, 2025, the main and active funds had a net inflow into the banking sector and a net outflow from sectors such as electronics, computers, automobiles, and power equipment and new energy [5][51]. - In terms of individual stocks and industries, there were differences in the net inflow and outflow directions of main funds and active funds [5][51].

昨夜，市场已然硝烟弥漫。 美股持续震荡，最后半小时急速跳水，由涨转跌。 这主要是因为川普的减税法案加剧了财政赤字。 川普为了通过这项法案，不仅威胁称不通过此案将是对共和党议程的最终背叛，并且 甚至亲自出面说服党内反对的议员。 然后经过连夜的辩论，在黎明时分，法案以 215：214 的票数结果惊险通过。下一步，该法案将提交到参议院审议。 川普称其 为"一个伟大美丽的法案" ， 价值数万亿美元。 据悉，此法案的篇幅超过1000页，我帮大家梳理了下三点核心内容： 一是延长川普在第一任期内提出的减税条款； 二是对小费、汽车贷款等提供新的税收减免； 三是增加国防支出，并为打击移民提供更多资金。 川普说了，这项法案主要目的就是提振经济。 川普给出的逻辑很简单，给人民减税，大家手里有钱了就会去消费，给企业减税，企业就会扩产。 计划 在未来十年内，此法案能减税超过4万亿美元，并 削减至少1.5万亿美元支出。 川普的所有政策可以总结成一句话十二个字：对外加税、对内减税、放松监管。 问题在于，现在对外加税的效果一般，而减税的另一面就是政府收入减少，这样赤字就会更加严重。 这次在减少开支方面也有新的动作，主要是在削减福利上： 法案 ...

Core Viewpoint - The article discusses the recent fluctuations in the A-share market, highlighting the contrasting performance of bank stocks amidst a broader market decline, influenced by external factors such as U.S. Treasury yields and geopolitical tensions [1][2][3]. Market Performance - On May 22, A-shares experienced a decline, with the Shanghai Composite Index down 0.23%, the Shenzhen Component down 0.72%, and the ChiNext Index down 0.96%. The North Star 50 index fell significantly by 6.15% [5]. - The total market turnover was 11,398 billion yuan, a decrease of 747 billion yuan from the previous day, with over 4,400 stocks in the market showing losses [5]. Sector Analysis - Bank stocks showed resilience, with Qingdao Bank and Chongqing Rural Commercial Bank leading the gains [5]. - The article notes a significant drop in previously hot sectors such as pet economy and solid-state batteries, while innovative drug concepts remained active, with Sanofi's stock hitting a four-day limit up [5]. - The AI sector saw activity with Kunlun Wanwei's stock also hitting the limit up after the launch of its Skywork Super Agents product [5]. External Influences - The article mentions that the A-share market's decline was influenced by external factors, including significant risks in Japanese and U.S. bonds, with the 30-year U.S. Treasury yield rising to 5.09% and the 10-year yield to 4.60% [2]. - Bitcoin has emerged as a preferred asset for global investors amid uncertainty, reaching a new high of over $110,000, reflecting a 60% increase since Trump's election [3]. Investment Trends - The article highlights that foreign investors are increasingly reluctant to purchase U.S. assets, indicating rising fiscal risks in the U.S. economy [3]. - The article also notes that the Chinese central bank is taking measures to maintain liquidity in the banking system, with a planned 500 billion yuan MLF operation [6]. Capital Flow - The net outflow of main funds reached 470.82 billion yuan, with the basic chemical industry experiencing the largest outflow [8]. - The banking, defense, media, light manufacturing, and comprehensive sectors saw net inflows, while basic chemicals, power equipment, machinery, computing, and electronics faced net outflows [8].

Market Overview - The A-share market experienced a volume contraction on May 22, with the Shanghai Composite Index falling by 0.22% to 3380.19 points, the Shenzhen Component down by 0.72% to 10219.62 points, and the ChiNext Index decreasing by 0.96% to 2045.57 points. The total trading volume in the Shanghai and Shenzhen markets was 1.1 trillion yuan, a decrease of over 70 billion yuan compared to the previous day [1] - The market showed a broad decline across various sectors, with significant drops in battery, non-metal materials, engineering consulting services, automotive services, professional services, beauty care, instrumentation, electronic chemicals, and food and beverage sectors. Conversely, the banking sector index reached a historical high [1] Stock Performance - High-flying stocks that had recently surged faced a collective pullback, indicating a clear shift in market sentiment. The North Securities 50 index (899050) hit a historical high on May 21, briefly surpassing the 1500-point mark, but fell by 6.15% on May 22 [3] - The Micro Stock Index (861520) also declined, closing at 2325.03 points with a drop of 1.47%. Unlike the North Securities 50, it experienced a brief spike before gradually retreating [5] Investment Sentiment - Analysts noted that the Micro Stock Index had been reaching new highs, with the trading volume of the CSI 2000 exceeding March's peak, indicating significant overbought signals. The recent surge in high-priced stocks led to substantial profit-taking, particularly when liquidity expectations shifted or market sentiment cooled [7] - The stock of Zhongyida, which had previously issued risk warnings, opened at a limit down and fluctuated around an 8% decline throughout the day, closing at the limit down price. The turnover rate for Zhongyida was 23.28%, indicating a significant change in ownership over two days [8] Banking Sector Insights - The banking sector demonstrated resilience, with a rise of over 1% on the day, as banks like Shanghai Bank and Chengdu Bank reached new highs. Recent reductions in deposit rates by several banks, with some major banks' one-year fixed deposit rates falling below 1%, were interpreted positively for maintaining profitability [9] - According to analysis, the overall impact of recent interest rate cuts is expected to positively influence the net interest margin of listed banks, with a projected increase of 1.8 basis points in 2025 [9] Upcoming Events - Xiaomi is set to hold a strategic product launch event on the evening of May 22, where it will unveil its self-developed smartphone SoC chip and its first electric SUV. However, the stock price of Xiaomi Group-W (01810.HK) showed weakness, dropping nearly 3% during the day [11] - Hengrui Medicine's H-shares are scheduled to be listed on the Hong Kong Stock Exchange on May 23, with the final issuance price set at 44.05 HKD per share, exceeding market expectations [11] ETF Performance - Bank-related ETFs saw gains of nearly 1% as the banking sector rallied, reflecting strong investor interest in this segment [10] - The newly renamed Tianhong Innovation Drug ETF aims to enhance product recognition and optimize the investment experience for users, tracking the Hang Seng Shanghai-Shenzhen Hong Kong Innovation Drug 50 Index [12]

汇市方面，本周美元连续碎步下跌。美债也显著下跌，收益率全线上升，其中30年期美债收益率已升至 5%以上。人民币汇率周三显著回升。 美元及美债的下跌原因错综复杂，目前投资者对美元资产已产生些回避情绪。此外，黄金的上涨及周三 A股黄金股的上涨也部分与此密切相关。黄金上涨另一原因，应该是中国最新公布的4月份黄金进口环 比猛增73%至127.5公吨。 需要指出的是，在以往多数时候，美债收益率走高对美元易构成利好，但这次例外。美国6月份就将有 大约6万亿美元的政府债券到期，美国政府自然会希望以较低成本"发新偿旧"。故在此特定时期，美债 收益率的走高并不会支撑美元，反而会带来压力。 后市方面，个人觉得暂时还没有特别重大的因素能够打破A股的平衡格局。操作方面，建议投资者继续 以持股为主，轻仓者应可寻机加仓。 每经记者｜郑步春 每经编辑｜肖芮冬 周三A股窄幅震荡，各股指涨跌大多比较细微。消息面整体较平淡，A股盘面也显得较沉闷。全A总成 交额为12144亿元，与周二的12113亿元相差无几。截至收盘，上证综指涨0.21%至3387.57点。其余主要 股指涨跌互现，涨跌幅均极小。 值得一提的是，北证50指数虽然只涨了0.39%， ...

在行业调整期能够保持较好成长性的优质公司，未来有着更大的成长空间。 近期A股市场主要聚焦在两大主题，一是微盘股的抱团飙升，相关指数更是创出历史新高；二是红利股的稳定上涨。 今天（5月21日）早盘市场有所变化，微盘股出现一定调整，主要是因为ST板块的龙头*ST宇顺被停牌核查。红利板块表现较好，煤炭、保险、石 油等板块涨幅居前。 值得一提的是，市场较为关注的科技股近期整体表现不佳，结构性行情较为突出，比如这几天表现较好的创新药板块。另外，赛道股的核心—— 新能源龙头股有所表现，比亚迪、宁德时代两大龙头港股均创出历史新高。 比亚迪港股再创历史新高 早盘，比亚迪AH股均表现亮眼。其中A股再度突破400元/股，盘中创下404元/股的历史新高；港股一度大涨超4%并首次突破460港元/股，创出历史 新高，盘中最高价超464港元/股。截至5月20日收盘，比亚迪A股年内累计上涨近40%，港股累计涨幅接近67%。 随着股价的上涨，比亚迪的市值也水涨船高。截至5月20日收盘，该股总市值超过1.2万亿元，位居A股第八位。比亚迪作为知名大白马，曾以巴菲 特重仓而为大家所知。不过，巴菲特已减仓比亚迪港股，平均减持价格在250港元/股左右 ...