Core Viewpoint - The A-share market experienced a decline, with major indices showing negative performance, while certain sectors like banking performed well amidst overall market weakness [3][4][6]. Market Performance - On May 22, the Shanghai Composite Index fell by 0.22% to 3380.19 points, the Shenzhen Component Index decreased by 0.72% to 10219.62 points, and the ChiNext Index dropped by 0.96% to 2045.57 points. The North Star 50 Index saw a significant decline of over 6% [3][4]. - Over 4400 stocks in the market experienced declines, with sectors such as beauty care, pet economy, chemical fiber, and aquaculture showing the largest drops [7]. Sector Analysis - Banking stocks, including Shanghai Pudong Development Bank, Jiangsu Bank, and Chengdu Bank, reached historical highs, indicating strength in this sector [6]. - Solid-state battery concept stocks faced significant declines, with companies like Ningxin New Materials, Lingge Technology, and Honggong Technology dropping over 10% [6]. Capital Flow - Main capital flows showed net inflows into aerospace, gaming, and insurance sectors, while there were net outflows from power, photovoltaic equipment, and food and beverage sectors. Notable net inflows included Kunlun Wanwei (1.274 billion), Qingdao Jinwang (455 million), and Hongbo Shares (393 million) [9]. - Conversely, Tianqimo, Hongbaoli, and Guoxuan High-Tech faced significant sell-offs, with outflows of 985 million, 616 million, and 599 million respectively [9]. Institutional Perspectives - Galaxy Securities noted that the fundamentals are being revised upwards for Q2, with global funds showing a preference for Hong Kong stocks over A-shares [11]. - CITIC Securities highlighted that the index has repeatedly tested the 3400-point mark without significant volume increase, suggesting potential for a breakthrough. They recommend investors focus on sector rotations and domestic technological innovations [11]. - Shanghai Securities emphasized that market liquidity remains ample, and even with adjustments, the downside is limited. They foresee continued foreign capital inflows and support for technology sectors as a long-term investment theme [11].

固态电池概念股震荡走低，宁新新材、灵鸽科技、宏工科技跌超10%，力王股份、领湃科技、万向钱潮等跌幅居前。 银行、游戏、军工电子板块走强。全市场超4400只个股下跌。 5月22日，A股主要指数全天低位震荡，截至收盘，沪指跌0.22%，深证成指跌0.72%，创业板指跌0.96%，北证50跌超 6%。 | 代码 | | 力 冬 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | | 3380.19c | -7.39 | -0.22% | | 399001 | 深证成指 | | 10219.62 c | -74.60 | -0.72% | | 399006 | 创业板指 | | 2045.57 c | -19.82 | -0.96% | | 899050 | 北证50 | | 1388.83 c | -90.98 | -6.15% | | | 計劃加發 | | | | | | | | 两市近5日成交额 | | (单位:亿元) | | | | | 11697 | 11735 | | | | | 10895 | 10865 | ...

Market Overview - The market experienced fluctuations throughout the day, with the ChiNext Index leading the decline and the North Stock 50 Index dropping over 6% [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.1 trillion, a decrease of 70.8 billion compared to the previous trading day [1] - More than 4,400 stocks in the market declined, indicating a broad-based downturn [1] Sector Performance - Banking stocks showed resilience, with several stocks, including Pudong Development Bank, reaching new historical highs during the session [1] - Military industry stocks saw a temporary surge, with companies like Galaxy Electronics hitting the daily limit [1] - In contrast, new consumption concept stocks collectively fell sharply, with Reliable Holdings dropping over 10% [1] - Solid-state battery concept stocks also experienced volatility, with Honggong Technology declining over 10% [1] Index Performance - By the end of the trading session, the Shanghai Composite Index fell by 0.22%, the Shenzhen Component Index decreased by 0.72%, and the ChiNext Index dropped by 0.96% [1]

Group 1 - Solid-state battery concept stocks have been declining, with Ningxin New Materials and Lingge Technology dropping over 10% [1] - Other companies such as Wuhan Land Electric, Honggong Technology, Liwang Co., Lingpai Technology, Naconor, Jinyinhai, Liyuanheng, Betterray, and Shanghai Xiba have also seen declines of over 5% [1]

Core Viewpoint - The market is experiencing significant volatility, with the North Stock Exchange 50 index dropping by 4.38%, indicating a broader market weakness despite some sectors showing resilience [1][3]. Market Analysis - The unexpected drop in the North Stock Exchange 50 index is attributed to a recent influx of capital into small-cap stocks, leading to a liquidity crunch as funds begin to flow back to larger boards [3]. - The overall market volume has decreased to 745.7 billion, reflecting a cautious sentiment among investors, with many funds possibly being diverted to other markets or defensive sectors [3]. Sector Performance - **Military Industry**: The military sector has shown strong performance, with stocks like Guoketecheng and Sichuang Electronics hitting the daily limit. This is driven by increased defense demand due to international tensions and a consistent rise in defense budgets [3]. - **Banking Sector**: Bank stocks have rebounded, led by Qingdao Bank and Chongqing Rural Commercial Bank. This is linked to recent regulatory changes favoring investor returns and improving asset quality expectations amid a weak economic recovery [4]. - **Innovative Pharmaceuticals**: The innovative drug sector remains active, with Sanofi's stock rising for four consecutive days, supported by favorable policies for medical innovation and positive clinical developments from certain companies [4]. Underperforming Sectors - **Solid-State Battery Concept**: This sector has seen significant declines, with stocks like Ningxin New Materials and Changhong Energy dropping over 5%. The uncertainty surrounding the commercialization of solid-state batteries has led to profit-taking [5]. - **Pet Economy**: The pet economy sector has also faced sharp declines, with stocks like Kexin Co. and Jieya Co. falling over 5%. Issues within the industry, such as direct consumer engagement through live streaming, have compressed profit margins and led to price wars [5]. Investment Recommendations - Investors are advised to remain calm and avoid panic selling, as the current market may present buying opportunities, particularly in resilient sectors like military and banking [6]. - Monitoring capital flows is crucial; a rebound in trading volume above 1 trillion could indicate new capital entering the market, suggesting potential stabilization [6]. - Caution is advised against chasing high-flying sectors like solid-state batteries and the pet economy until clear signs of stabilization emerge [6].

Market Overview - The three major indices showed mixed performance, with the Shanghai Composite Index closing flat at 3387.63 points, the Shenzhen Component Index down 0.28% at 10264.93 points, and the ChiNext Index down 0.44% at 2056.22 points [3][4]. - Overall, more than 4100 stocks declined, indicating a broad market downturn [5]. Sector Performance - Solid-state battery concept stocks experienced a pullback, while sectors such as pet economy, beauty care, port shipping, and aquaculture saw significant declines [7]. - Conversely, bank stocks performed strongly, with several reaching new highs; military electronics, insurance, automotive, and gaming stocks also showed gains [7]. Institutional Insights - China Galaxy Securities noted that the asymmetric interest rate cuts for deposits and loans have stabilized bank interest margins. Despite some fluctuations in Q1 bank performance, recent financial policies and structural tools are expected to support a positive outlook for bank fundamentals, indicating a potential performance turning point [9]. - Huatai Securities emphasized the importance of urban renewal in stabilizing the real estate market, suggesting a focus on specific scales, funding arrangements, project feasibility, and implementation pace. The firm remains optimistic about the recovery pace in core cities, particularly first-tier cities, and recommends real estate stocks with strong credit, good locations, and quality products [9]. - Huaxi Securities highlighted the acceleration of 5G-A commercialization and the widespread adoption of AI technology, predicting that AI-centric networks will help operators transition from a "traffic operation" model to a "differentiated experience operation" model. This shift is expected to unlock the potential of network connections, benefiting upstream components such as antennas, filters, high-end PCBs, and optical modules [9].

机构观点方面，华泰证券研报表示，统计局发布4月全国房地产市场基本情况。数据显示，行业投资端 仍有一定压力，融资端白名单机制发力缓解房企资金压力，市场端房价同比降幅有所收窄，成交量季节 性回落，其中核心城市表现更优。华泰证券依然更加看好以一线城市为代表的核心城市复苏节奏，以及 在对应区域拥有储备或新获取资源的房企的估值修复，继续推荐具备"好信用、好城市、好产品"即"三 好"逻辑的地产股，同时分红与业绩稳健的物管公司亦有望受益于市场止跌回稳。 长江证券湖南分公司表示，昨天固态电池概念涨幅居前，消息面上，近日，国轩高科宣布已建成 0.2GWh全固态电池中试线，并发布了包括G垣准固态电池在内的6项新产品。这款准固态电池已有4家 以上客户上车测试。基本面看，2025年成为固态电池产业化的关键拐点，产业链各环节企业正加速布局 生产线建设，为后续固态电池车型量产做准备。固态电池产业化进度有望在未来2～3年内加速落地。市 场角度来看，固态电池板块的爆发，本质上仍属于事件驱动下的超跌修复，想要就此开启一轮波段主升 行情或存在难度，后续大概率轮动上行为主，届时或可留意本轮的领涨核心国轩高科的市场反馈。 行情上，昨天市场全线维持震 ...

金 融 期 货 研 究 | | | | 期指：外盘波动，内强于外再现 | | --- | 毛磊 投资咨询从业资格号：Z0011222 maolei@gtht.com 【期指期现数据跟踪】 期指数据 | | 收盘价 | 涨跌幅% | 基 差 | 成交额-亿 | 成交量 | 变 动 | 持仓量 | 变 动 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 沪深300 | 3916.38 | ↑0.47 | | 2170.4 | | | | | | IF2506 | 3881.2 | ↑0.43 | -35.18 | 655.9 | 56306 | ↑3734 | 146414 | ↓3691 | | IF2507 | 3840.6 | ↑0.41 | -75.78 | 29.6 | 2570 | ↑394 | 3836 | ↑1117 | | IF2509 | 3809 | ↑0.40 | -107.38 | 173.4 | 15168 | ↑1867 | 69200 | ↓275 | | IF2512 | 3765.8 | ↑0.43 | - ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The decline of lithium carbonate futures has slowed down, with total positions decreasing by 7,059 lots, and funds slightly leaving the market. The spot price of lithium carbonate continues to decline, and the cost - side support is ineffective. Salt plants have insufficient motivation to reduce production, and the supply side continues to pressure prices. However, the terminal demand is improving, which will support lithium prices. In the short term, the supply - side pressure and demand - side recovery coexist. It is expected that the social inventory of lithium carbonate will slightly decrease. The risk - return ratio of shorting is not good, and the rebound space of lithium carbonate is limited due to inventory pressure [7]. 3. Summary by Relevant Catalogs 3.1 Market Review and Operation Suggestions - Lithium carbonate futures fluctuated slightly up, with total positions down 7,059 lots. The spot price of lithium carbonate continued to decline, with electric carbon down 200, and ore prices also dropped. The losses of salt plants using purchased lithium spodumene and mica have narrowed. The cost - side support is difficult to work as ore prices haven't stopped falling, and salt plants have little motivation to cut production. From May 1 - 18, the retail sales of new - energy passenger vehicles in China reached 484,000, a year - on - year increase of 32% and a 15% increase from the same period last month. The terminal demand for energy - storage batteries is improving due to export rush, which will support lithium prices. It is expected that the social inventory of lithium carbonate will slightly decrease [7]. 3.2 Industry News - **Argentina's Mining Project**: On May 20, Argentina approved a $2.5 - billion lithium project of Rio Tinto, the first mining project under the new investment incentive mechanism. Other companies applying for mining projects include Ganfeng Lithium, McEwen Copper and Posco, but only Rio Tinto's project has been approved so far [8]. - **Solid - State Battery Development**: Since the beginning of this year, there have been continuous positive news in China's solid - state battery field. At the 17th Shenzhen International Battery Technology Exchange/Exhibition, many new solid - state battery products were unveiled. The solid - state battery technology is continuously breaking through, and the industrialization process is expected to accelerate. There are 49 A - share stocks related to solid - state batteries. Since May, the solid - state battery stocks have generally performed well, with the concept index up 5.4%, and 10 stocks up more than 10%, among which Guoxuan High - Tech, Xinyu Renhe and Defu Technology led the gains [9]. - **Cobalt Export Policy**: On May 20, CMOC called on the Democratic Republic of the Congo to lift the cobalt export ban, warning that the current policy is accelerating car companies' shift to cobalt - free batteries. Congo (DRC) imposed a four - month embargo in February. CMOC plans to produce 100,000 - 120,000 tons of cobalt this year. After the embargo expires on June 22, it may switch to a quota system, which may further support the rebound of cobalt prices [9].

Market Overview - The market experienced a high and then a pullback, with the three major indices showing slight increases and a divergence in performance between large and small-cap stocks [1] - Key sectors that saw strong performance included solid-state battery stocks, innovative drug concepts, and gold-related stocks, while robotics stocks underwent adjustments [1] ETF Fund Flows - On May 21, significant inflows were observed in the non-monetary ETF market, with the following funds seeing notable increases in shares and net inflows: - Fortune CSI Military Leaders ETF: 767 million shares added, net inflow of 473 million yuan - Penghua CSI Defense ETF: 623 million shares added, net inflow of 443 million yuan - Guotai CSI Military ETF: 412 million shares added, net inflow of 430 million yuan [1][2] - Conversely, the following ETFs experienced substantial outflows: - E Fund ChiNext ETF: 557 million shares decreased, net outflow of 1.133 billion yuan - Huaxia CSI A500 ETF: 804 million shares decreased, net outflow of 764 million yuan - Huatai-PB CSI 300 ETF: 163 million shares decreased, net outflow of 655 million yuan [2] Top ETF Inflows - As of May 21, the top 20 ETFs by net inflow for the month included: - 511360.SH: 6.562 billion yuan - 588000.SH: 4.060 billion yuan - 511070.SH: 1.796 billion yuan - 512480.SH: 1.632 billion yuan - 511090.SH: 1.537 billion yuan [4] Overall Market Statistics - As of May 21, the total ETF shares in the market amounted to 27,421.54 billion shares, with a total scale of 41,383.41 billion yuan [4] - The sector with the largest increase in shares was information technology, with four funds tracking it, while the largest thematic increase was in the CSI Military Leaders Index, tracked by one fund [4]