1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The future demand for fixed - income assets may exceed supply, potentially leading to an asset shortage and driving interest rates down. The 10 - year treasury bond yield could reach 1.4% - 1.5% this year [23]. - Fundamental factors are difficult to break the narrow - range fluctuation pattern of the bond market. A decline in deposit rates is short - term positive for non - bank allocation demand. It is recommended to focus on 3 - and 5 - year credit bonds and Tier 2 capital bonds [23]. - Adding 10% - 20% financial bonds to a credit or treasury bond portfolio can optimize the portfolio by reducing volatility and drawdown with little impact on returns [23]. - The Chinese government's macro - economic control policies have led to an improvement in economic indicators, and Moody's decision to maintain China's sovereign credit rating is a positive reflection of China's economic prospects [2][11]. - The appreciation of the RMB is beneficial to the Chinese stock market, and Goldman Sachs is overweight on Chinese stocks due to the potential exchange - rate resilience of the RMB [11][28]. 3. Summary by Directory 3.1 Macro Data - In Q1 2025, GDP grew by 5.4% year - on - year, the same as the previous quarter and higher than the same period last year [1]. - In April 2025, the manufacturing PMI was 49%, down from 50.5% in the previous month and 50.4% in the same period last year [1]. - In April 2025, the non - manufacturing PMI was 50.4%, down from 50.8% in the previous month and 51.2% in the same period last year [1]. - In April 2025, the year - on - year growth rates of M0, M1, and M2 were 12%, 1.5%, and 8% respectively, with M0 and M2 increasing compared to the previous month and M1 decreasing [1]. - In April 2025, the CPI was - 0.1% year - on - year, the same as the previous month but lower than the same period last year; the PPI was - 2.7% year - on - year, lower than the previous month and the same period last year [1]. 3.2 Commodity Investment 3.2.1 Comprehensive - The Chinese government aims to improve the modern enterprise system, including salary systems and corporate governance of listed companies [2][10]. - OPEC + may increase production by 411,000 barrels per day in July to target the US shale oil market [2]. - As of May 26, 70.05 million mu of summer wheat had been harvested, and over 17 million sets of agricultural machinery will be used for the "Three Summers" operations [3]. 3.2.2 Main Varieties - Cast aluminum alloy futures will be listed on June 10, with a trading margin of 9% (8% for hedging) and a daily price limit of ±7% (doubled on the first day) [4]. - In April, Hong Kong's total gold exports to the Chinese mainland were 58.61 tons, up from 21.071 tons previously [4]. - On May 26, the global thermal coal price hit a four - and - a - half - year low due to oversupply and high inventories [6]. - Russia's Deputy Prime Minister said that OPEC + has not discussed a July production increase [7]. - Iraq's oil exports in April were 100.95 million barrels [8]. - Iran set the price of Iranian light crude oil for Asia in June at Oman/Dubai crude oil price plus $1.80 per barrel [8]. - Malaysia's palm oil exports from May 1 - 25 increased by 11.6% month - on - month [9]. 3.3 Financial News - On May 26, the central bank conducted 382 billion yuan of 7 - day reverse repurchase operations, resulting in a net injection of 247 billion yuan [9]. - Third - round, fourth - batch central environmental protection inspections have been launched in 5 provinces and 3 state - owned enterprises [11]. - On May 26, the on - shore and off - shore RMB exchange rates against the US dollar rose, breaking through the 7.17 mark [11]. - This year, nearly 3,000 idle land parcels with a total area of over 133 million square meters are planned to be repurchased using special bonds [12]. - From January to April, the proportion of residential sales of over 120 square meters increased in 20 out of 30 representative cities [12]. - Credit bond ETFs are expected to be included in the repurchase collateral pool [12]. - As of April 30, the on - time disclosure ratios of 2024 annual reports and 2025 Q1 reports of debt - financing tool issuers and credit enhancement institutions were 99.80% and 99.65% respectively [13]. - Mitsubishi UFJ Bank (China) will adjust RMB deposit rates from June 3 [13]. - Inner Mongolia Rural Commercial Bank was established through a new merger and will open on May 27 [13]. - Hubei aims to transform the real - estate industry and ensure its stable operation [14]. - Guizhou will carry out special rectification and actions to solve problems faced by enterprises [14]. - The four major Japanese life insurance companies had a bond portfolio floating loss of about $60 billion last fiscal year [15]. - Multiple factors may trigger a "bond vigilante" action [15]. - There are significant events in the bond market, such as debt restructuring and bond suspension [16]. 3.4 Bond Market - Treasury bond futures mostly rose, and the yields of major inter - bank interest - rate bonds mostly declined. The overnight and 7 - day inter - bank repo rates showed different trends [17]. - In the exchange - traded bond market, some bonds rose while others fell. The Wande real - estate bond 30 index declined slightly, and the Wande high - yield urban investment bond index rose [18]. - The CSI Convertible Bond Index and the Wande Convertible Bond Equal - Weighted Index both declined [18]. - Most money - market interest rates showed an upward trend, while Shibor short - term rates were mixed [18][19]. - The winning yields of some financial bonds issued by policy banks were announced [20]. - European bond yields generally declined [20]. 3.5 Foreign Exchange Market - The on - shore RMB exchange rate against the US dollar rose by 52 points at the 16:30 close, and the central parity rate was raised by 86 points [22]. - The US dollar index declined, and most non - US currencies rose [22]. 3.6 Stock Market - The CSRC will promote the introduction of a supervision and management regulation for listed companies to improve corporate governance [27]. - On Monday, the A - share market had a narrow - range adjustment. The controllable nuclear fusion concept rose, while pharmaceutical and automobile stocks declined [27]. - The Hong Kong Hang Seng Index and related indices declined. Automobile stocks fell, and nuclear - power stocks rose [27]. - Southbound funds had a net sell - off of HK$1.5 billion. Tencent and Alibaba were net sold, while Meituan was net bought [28]. - Central Huijin will better perform its duties in managing state - owned financial capital [28]. - Goldman Sachs is overweight on Chinese stocks due to the potential appreciation of the RMB [28]. - Meituan's Q1 revenue and adjusted net profit exceeded market expectations [28].

5月27日，A股早盘弱势震荡，截至9:41，沪指跌0.08%，深证成指跌0.51%，创业板指跌0.62%。 无人物流车概念反复活跃，科捷智能2连板，云内动力走出5天3板，金龙汽车、德邦股份涨停。 点评：消息面上，据《科创板日报》记者梳理，今年以来，白犀牛、卡尔动力、九识智能等聚焦物流场景的自动驾驶企业陆续完成新一轮融资。其中，白犀 牛获得顺丰与鑫源汽车联合投资2亿元，计划在50城部署2000台无人车；九识智能完成超4.3亿美元融资，2024年交付超3000台。 盘面上，食品饮料板块延续强势，会稽山走出5天3板，续创历史新高；无人物流车概念反复活跃，科捷智能2连板。下跌方面，可控核聚变概念回调，机器 人、飞行汽车、消费电子等板块跌幅居前。 展望后市，东方证券指出，短期看市场维持震荡格局未变，沪综指3300点有较强支撑，在行情未走强之前，可关注结构性题材机会。 热门板块 1、食品饮料板块强势 食品饮料板块延续强势，会稽山走出5天3板，续创历史新高，均瑶健康2连板，泉阳泉、欢乐家、诺普信、香飘飘等涨幅靠前。 点评：消息面上，近期，中国烹饪协会发布的4月份中国餐饮业表现指数报告显示，在各业态表现指数中，饮品业态表现指 ...

A股可控核聚变概念持续活跃，融发核电3连板，哈焊华通、合锻智能、中洲特材、保变电气、百利电 气等集体高开。 订阅A股市场资讯 +订阅 ...

每经编辑｜肖芮冬 本轮贸易冲突期间，人民币显示出较强的韧性，反映了中国出口竞争力的提升与多元化，以及投资者对于多元化投资的需求。当前阶段可以考虑定投、网格 等方式逢低布局，投资者可关注中证A500ETF（159338）、上证综指ETF（510760）等宽基标的。 债市方面，5月20日LPR调降后长端利率持续上行，10年期国债利率逼近1.7%。特别国债进入发行高峰，叠加中美贸易谈判带来的利好影响，债券市场受到 一定压制。后续来看，汇率约束走向宽松或能进一步打开货币政策空间。未来一段时间内，我国货币政策仍将保持以我为主、适当宽松的立场。 5月26日，A股缩量震荡调整，上证指数收跌0.05%报3346.84点，深证成指收跌0.41%，创业板指跌0.8%。两市成交1.01万亿元，较上一个交易日小幅缩量。 医药板块、汽车板块调整，可控核聚变概念再度领涨。 5月26日盘后，《关于完善中国特色现代企业制度的意见》印发。其中提出，完善企业收入分配制度，推动企业健全工资合理增长机制，建立科学的企业高 级管理人员薪酬和绩效考核制度。推动上市公司开展中长期激励，制定稳定、长期的现金分红政策。这一举措长期来看有望提升投资回报，使A股 ...

智通财经5月27日电，中信证券研报指出，可控核聚变行业近期政策信号不断明确、融资规模提升、装 置建设加速、技术进展明显，判断多重利好短期有望促进行业加速上涨。同时认为行业长期发展空间广 阔，国际装置加速建设下，国内后续或有潜在的行业顶层设计或支持资金预期，对行业坚定看好。 中信证券：多重利好短期有望促进可控核聚变行业加速上涨 ...

Economic Information - A significant number of cross-border ETFs have issued premium risk warnings, with over 80 funds reporting such warnings since May, primarily for ETFs investing in the US, Saudi Arabia, and Germany [2] - Meituan's CEO Wang Xing stated that the company will spare no effort to win competition against JD.com's 10 billion subsidy for food delivery, emphasizing the potential of the industry despite recognizing some irrational subsidies leading to low quality and prices [2] Company Alerts - Zhongyida announced that it will apply for a trading suspension if significant abnormalities in stock trading continue [4] - Longi Green Energy's Li Zhenguo has resigned from his position as General Manager and legal representative [4] - Several companies, including Yihua, Huatu Shanding, and Meilian New Materials, have announced plans for significant share reductions by major shareholders [4][6] Overseas Alerts - German Chancellor Merz confirmed that Germany and EU countries will continue to support Ukraine without restrictions on the range of weapon assistance, with Germany joining allies in providing cruise missiles [3] - UBS downgraded the dollar rating to "unattractive," advising investors to reduce excess dollar cash and diversify into other currencies like yen, euro, pound, and Australian dollar [3] Market Trends - The global thermal coal market is facing a "perfect storm," with prices dropping to a four-and-a-half-year low, only a quarter of the peak levels seen during the 2022 energy crisis [5]

扬子晚报网5月27日讯（记者 范晓林）今天是周二，昨天汇得科技4连板，尚纬股份3连板，宜宾纸业、棕榈股份6天5板，莱绅通灵、京华激光5天4板，通 达电气4天。板。沪深两市全天成交额1.01万亿，较上个交易日缩量1456亿。盘面上，市场热点较为杂乱，个股涨多跌少，全市场超3700只个股上涨。板 块方面，可控核聚变、智能物流、PEEK材料、IP经济等板块涨幅居前。近期无人配送概念板块受到资金关注，可稍加留意。 A.利好精选 中毅达：如后续公司股票交易进一步出现重大异常 将依规申请停牌核查 中毅达(600610.SH)公告称，公司A股股票自2025年3月10日至5月26日期间，累计涨幅达299.26%，但公司基本面没有发生重大变化，公司2024年度处于亏 损状态，市净率远高于行业平均水平。公司股价严重脱离公司基本面，存在市场情绪过热情形及较高的炒作风险。此外，公司存在商誉减值风险和长期无 法分红的风险。如后续公司股票交易进一步出现重大异常，公司将依规申请停牌核查。 哈焊华通：公司产品可以用于可控核聚变项目 但目前用于该领域的产品收入占比较小 哈焊华通(301137.SZ)公告称，公司股票于2025年5月23日、26 ...

在自然界，钨的硬度仅次于钻石，密度则接近黄金，几乎"啃得动"所有东西，号称"工业牙齿"。近期， 钨价节节攀升，涨至历史高位，上海钢联数据显示，5月26日，黑钨精矿价格为16.55万元/标吨，相较4 月初（14万元/标吨）上涨18.2%。中间品价格也水涨船高，5月26日，仲钨酸铵（APT）价格为24.4万 元/吨，相较4月初上涨17%。 上海证券报记者采访了解到，近期钨原料价格上涨缘于供需基本面驱动。钨矿开采配额有所收紧，老矿 山含钨量缩水，新矿山接棒乏力。专家认为，在需求端，PCB（印制电路板）切削刀具等领域用钨量仍 有增长潜力。中长期来看，钨产业景气度或将持续向好。 一位钨企采购人士认为，除钨矿开采总量控制指标在收缩外，当前市场已完成去库存。此外，钨产业链 绿色转型持续推进，对钨矿开采的管控也更加严格。随着对钨环保、出口方面的管控增强，市场上开采 手续不完整的钨矿逐渐消失，钨矿供应少于往年。 多重因素造成钨原料供应紧张 业内人士认为，钨原料供应总体减少是钨价上升的主要原因：一方面，2025年首批钨矿开采配额下滑； 另一方面，现有老矿山品位下滑、增量资源有限。 我国是主要的钨生产国和消费国，数据显示，2024 ...

Core Viewpoint - The article provides a ranking of open-end funds based on their net asset value growth, highlighting the top and bottom performers in the market as of May 26, 2025 [2][4][6]. Fund Performance Summary - The top 10 funds with the highest net value growth include: 1. 华夏高端制造混合A with a net value of 1.1810, up from 1.1470, a change of 0.03 [2] 2. 华夏高端制造混合C with a net value of 1.1590, up from 1.1260, a change of 0.03 [2] 3. 华夏中证动漫游戏ETF with a net value of 1.1171, up from 1.0859, a change of 0.03 [2] 4. 国泰中证动漫游戏ETF with a net value of 1.1110, up from 1.0800, a change of 0.03 [2] 5. 游戏动漫 with a net value of 1.1584, up from 1.1270, a change of 0.03 [2] 6. 新华科技创新主题灵活配置混合 with a net value of 0.9141, up from 0.8894, a change of 0.02 [2] 7. 华夏中证动漫游戏ETF发起式联接A with a net value of 1.1964, up from 1.1648, a change of 0.03 [2] 8. 华夏中证动漫游戏ETF发起式联接C with a net value of 1.1832, up from 1.1520, a change of 0.03 [2] 9. 华夏中证动漫游戏ETF发起式联接D with a net value of 1.1834, up from 1.1522, a change of 0.03 [2] 10. 东方红益丰纯债债券E with a net value of 1.0538, up from 1.0261, a change of 0.02 [2] - The bottom 10 funds with the lowest net value growth include: 1. 华夏中证港股通汽车产业主题ETF with a net value of 1.2382, down from 1.3033, a change of -0.06 [4] 2. 广发中证港股通汽车ETF with a net value of 1.1929, down from 1.2555, a change of -0.06 [4] 3. 南方中证港股通汽车产业主题指数发起A with a net value of 1.1632, down from 1.2214, a change of -0.05 [4] 4. 南方中证港股通汽车产业主题指数发起C with a net value of 1.1639, down from 1.2221, a change of -0.05 [4] 5. 中欧恒生沪深港汽车主题指数发起C with a net value of 0.9696, down from 1.0080, a change of -0.03 [4] 6. 中欧恒生沪深港汽车主题指数发起A with a net value of 0.9700, down from 1.0084, a change of -0.03 [4] 7. 长城医药产业精选混合发起式C with a net value of 1.4731, down from 1.5268, a change of -0.05 [4] 8. 长城医药产业精选混合发起式A with a net value of 1.4776, down from 1.5314, a change of -0.05 [4] 9. 海富通中证港股通科技ETF with a net value of 0.6883, down from 0.7132, a change of -0.02 [4] 10. 景顺长城中证港股通科技ETF with a net value of 0.6879, down from 0.7126, a change of -0.02 [4] Market Analysis - The Shanghai Composite Index opened lower but rebounded slightly, while the ChiNext Index experienced a decline before recovering slightly, with a total trading volume of 1.03 trillion [6]. - Leading sectors included public transportation and the internet, both showing gains of over 2%, while the worst-performing sectors were car washing, pharmaceuticals, and liquor [6]. - The fund with the fastest net value growth was identified as 华夏高端制造混合A [6].

胜宏科技公告称，根据2025年5月26日询价申购情况，初步确定的询价转让价格为65.85元/股。参 与本次询价转让报价的机构投资者家数为24家，拟转让股份已获全额认购，初步确定受让方为22家 机构投资者，拟受让股份总数为2572.93万股。 2025.05. 26 5月26日晚间，沪深两市多家上市公司发布公告，以下是第一财经对一些重要公告的汇总，供投资者 参考。 【品大事】 胜宏科技：初步确定询价转让价格为65.85元/股 福田汽车：拟与亿纬锂能共同出资5亿元设立新能源科技公司 拓展新能源重卡业务 福田汽车公告称，为拓展新能源重卡业务，为客户提供多样化的电池租赁解决方案，公司拟与惠州亿 纬锂能股份有限公司共同出资设立北京福田亿纬新能源科技有限公司，注册资本5亿元，其中福田汽 车出资2.5亿元，持股比例50%，资金来源为公司自有资金。双方通过设立合资公司，共同开拓市 场，能够满足用户多样化电池租赁需求，有利于提升公司新能源重卡业务产品市场竞争力，促进新车 销售，提高公司新能源重卡利润率。 佳都科技：处置云从科技股份766.47万股 佳都科技公告，公司在2025年5月13日至26日期间，共处置云从科技集团股份有限 ...