Group 1 - The medical consumables sector experienced a 2.21% increase last week, outperforming the CSI 300 index by 3.3 percentage points [1] - The current PE ratio for the medical consumables sector is 30.61X, with a year-to-date maximum of 52.08X and a minimum of 28.42X [1] - The current PB ratio is 2.21X, with a year-to-date maximum of 2.92X and a minimum of 1.99X [1] Group 2 - Zhonghong Medical announced the establishment of a new overseas glove production line with a total investment of RMB 557 million, expected to take 18 months to complete [2] - Sino Medical's subsidiary received approval for a blood flow-guided mesh stent, marking it as the first of its kind in China with an anti-thrombus coating [2] - Low-value consumable companies are expanding overseas to enhance risk resilience, while high-value consumables are expected to benefit from ongoing domestic procurement reforms [2] Group 3 - The medical consumables industry is recommended to focus on two main lines: performance recovery opportunities post-collection pressure and increased penetration of innovative products [3][4] - Companies with improving performance in orthopedic consumables and those with rich product lines and high innovation in high-value consumables are suggested for attention [4]

以下文章来源于i黑马 ，作者创业认知 i黑马 . 让创业者不再孤独@i黑马 在如今人人喊着生意难做的情况下， 黑马导师卫哲 投出的 沪上阿姨 （02589.HK）， 5月8 日 在 港 交 所 主 板 上 市 ， 发 行 价 113.12 港 元 / 股 ， 开 盘 价 190.6 港 元 / 股 ， 较 发 行 价 上 涨 68.5%。 卫哲 嘉御基金董事长 创业黑马导师 另一家火锅烧烤食材超市品牌 锅圈食汇 ，在2020—2023的三年时间里，门店数从3000多家 增长至 10000家 。成立仅6年时间，就在港交所上市。 以下是卫哲的独家分享： 如何实现从百店到千店，尤其是如何实现千店到万店呢？ 我们的独门方法论，叫 拒绝小而美，走向"高大上"。 什么是"高大上"？高目标、大愿望、上速度。 首先，高目标怎么来的？我们第一步叫"市值到财务"。 什么叫"市值到财务"？ 如果你的理想净利润率是5%—6%。那我们反推一下，30亿营业额，5%的利润，等于你的营业 额乘以20倍。 所以锅圈食汇当年要做到一千亿市值的话，市值到财务的第一步是什么？600亿销售额，30亿 利润，这样一千亿市值肯定有了。打造百亿市值的方法也 ...

5 . 2 4 - 5 . 3 0 周度研究成果 2 0 2 5 申 万 宏 源 宏 观 研 究 团 队 目录 深度专题 1、深度专题 | 如何看待美国法院裁定特朗普关税违法？——关税"压力测试"系列之十 热点思考 高频跟踪 电话会议 1、 "周见"系列会议第32期 《再谈"股债汇三杀" 》 2、 "洞见"系列会议第63期 热点思考 《中国制造"难替代性"？——"反脆弱"系列专题之八》 深度专题 1、 热点思考 | 美债"风暴"将至？——关税"压力测试"系列之九 2、热点思考 | 就业"新趋势"？ 3、热点思考 | 财政"前置"后该关注什么？ 1、 利润修复的持续性？——4月工业企业效益数据点评 2、国内高频 | 汽车销量持续走强 3、政策高频 | 众议院通过减税法案，市场再现"股债汇"三杀 4、政策高频 | 制造业是国民经济的重要支柱 5、Top Charts | 消费困局的"盲点"？——见微知著系列专题之六 深度专题 | 如何看待美国法院裁定特朗普关税违法？——关税"压力测试"系列之十 点击看全 文 深度专题 2025.5.29 大类资产&海外事件&数据：众议院通过减税法案，市场再现"股债汇Q"三杀 | ...

深度专题 1、深度专题 | 如何看待美国法院裁定特朗普关税违法？——关税"压力测试"系列之十 热点思考 5 . 2 4 - 5 . 3 0 周度研究成果 2 0 2 5 申 万 宏 源 宏 观 研 究 团 队 目录 高频跟踪 电话会议 1、 "周见"系列会议第32期 《再谈"股债汇三杀" 》 2、 "洞见"系列会议第63期 《中国制造"难替代性"？——"反脆弱"系列专题之八》 深度专题 1、 热点思考 | 美债"风暴"将至？——关税"压力测试"系列之九 2、热点思考 | 就业"新趋势"？ 3、热点思考 | 财政"前置"后该关注什么？ 1、 利润修复的持续性？——4月工业企业效益数据点评 2、国内高频 | 汽车销量持续走强 3、政策高频 | 众议院通过减税法案，市场再现"股债汇"三杀 4、政策高频 | 制造业是国民经济的重要支柱 5、Top Charts | 消费困局的"盲点"？——见微知著系列专题之六 深度专题 | 如何看待美国法院裁定特朗普关税违法？——关税"压力测试"系列之十 点击看全 文 深度专题 2025.5.29 大类资产&海外事件&数据：众议院通过减税法案，市场再现"股债汇Q"三杀 | 图表 2: ...

今日周六（5月31日）因国际端午节休市。黄金期货目前交投于768.60元附近，截至发稿，黄金期货暂 报771.80元/克，上涨0.98%，最高触及776.16元/克，最低下探768.60元/克。目前来看，黄金期货短线偏 向看涨走势。 债券市场上，2年期美债收益率微调0.2个基点，报3.937%；10年期美债收益率几乎持平，微降0.4个基 点至4.416%；而30年期美债收益率则小幅上扬0.6个基点，达到4.929%，反映出市场对长期经济前景的 复杂情绪与预期。 【最新黄金期货行情解析】 黄金期货今日上方阻力位为786.74-790.00，下方支撑位为760.00-780.00。 【要闻速递】 最新数据揭示，美联储密切关注的个人消费支出价格指数（PCE）在当月仅温和上升0.1%，年度通胀率 则定格于2.1%，与道琼斯此前的预测相吻合，但较预估年通胀率低了0.1个百分点。尤为值得注意的 是，剔除食品和能源波动后的核心PCE物价指数，其月增长率和年增长率分别稳定在0.1%和2.5%，略低 于市场先前预期的0.1%和2.6%，显示出通胀压力的进一步缓和。 然而，经济学家们对于关税可能触发的新一轮通胀风险表示忧虑，尽管 ...

Group 1 - The Chief Economic Advisor of India stated that the decline in crude oil prices could reduce the import bill, creating fiscal space and alleviating external economic pressures [1]

Group 1 - The domestic real estate market has been on a downward trend, with average housing prices dropping by 30% from their historical peak, affecting both new and second-hand homes [1] - The number of families owning two or more properties has increased from 41.5% to 45%, indicating a growing challenge for these households as they face asset depreciation [2][4] - The decline in housing prices is attributed to several factors, including high prices relative to local income levels, economic downturns leading to reduced incomes, and an oversupply of both new and second-hand homes [4][6] Group 2 - Households with multiple properties are experiencing increased financial pressure due to stagnant incomes and rising monthly mortgage payments, alongside escalating costs for property maintenance and management [6] - The volume of second-hand homes for sale has surged, with cities like Beijing, Guangzhou, and Shanghai seeing listings reach 16.1 million, 20 million, and 37 million respectively, indicating a lack of confidence in future price recovery [8] - Rental markets are becoming increasingly challenging, with both first-tier and third-tier cities facing difficulties in leasing properties, exacerbated by high living costs and an influx of affordable housing options [10]

Core Viewpoint - The European Central Bank (ECB) President Christine Lagarde highlighted that the Eurozone is facing a historic strategic window due to structural pressures on the US dollar system, which includes increased political polarization in the US, frequent adjustments in the Federal Reserve's monetary policy framework, and a global trust crisis stemming from geopolitical strategic contraction [3]. Group 1: Eurozone's Strategic Position - Lagarde emphasized the need for the Eurozone to leverage its institutional advantages, such as the ECB's transparent policy transmission mechanism, a robust financial regulatory framework developed through the subprime crisis, and the stability of the EU legal system, to reshape the Euro's strategic position in the international monetary system [3]. - The current capital flow dynamics are influenced by the ambiguity of the Federal Reserve's policy path and the political uncertainties surrounding the upcoming US elections, particularly the potential return of Trump, which is prompting global investors to reassess the long-term risk premium of dollar assets [3]. Group 2: Structural Reforms in the Eurozone - Two significant structural reforms are being advanced in the Eurozone: the deepening of the Capital Markets Union to facilitate cross-border investment and financing, and the innovation of common debt instruments aimed at creating a regional risk-hedging mechanism [3]. - These initiatives are expected to fundamentally enhance the Euro's status as a safe-haven currency, providing a scarce strategic resource of certainty in increasingly volatile global markets [3]. Group 3: Technical Analysis of Euro to USD - The technical analysis indicates that the Euro to USD exchange rate is exhibiting clear range characteristics, with resistance levels concentrated around 1.1330-1.1335, and support levels at 1.1270-1.1275 and 1.1245-1.1250 [4]. - A trading strategy could involve positioning for a short near 1.1335, with a stop-loss set 40 points above the breakout, targeting the lower end of the range [4].

Group 1 - The core viewpoint is that the Reserve Bank of New Zealand, led by Governor Hawkesby, has observed a decline in demand and a reduction in inflationary pressures compared to February [1] Group 2 - The statement indicates that the economic environment is showing signs of weakness, which may influence future monetary policy decisions [1] - The reduction in inflationary pressures suggests that the central bank may have more flexibility in adjusting interest rates moving forward [1]

Core Viewpoint - The recent adjustment of deposit interest rates by various banks reflects significant pressure on net interest margins, with a notable trend of rapid follow-up and substantial rate cuts observed across the banking sector [1][4][5]. Group 1: Rate Adjustments - Since May 20, multiple city commercial banks and private banks have quickly followed suit in lowering deposit interest rates, with some banks reducing rates by as much as 30 basis points [1]. - Shanghai Huari Bank has lowered its deposit rates for the third time since April, with a 10 basis point reduction for both demand and 3-year fixed deposits [2]. - As of May 28, several city commercial banks, including Beijing Bank and Jiangsu Bank, have completed their deposit rate adjustments [2]. Group 2: Comparative Analysis - After adjustments, Ningbo Bank's deposit rates remain higher than those of other city commercial banks, with rates for various terms ranging from 0.80% to 1.60% [3]. - In contrast, Changsha Bank has implemented larger rate cuts, with reductions of up to 30 basis points for longer-term deposits [3]. Group 3: Implications of Rate Cuts - The current round of deposit rate cuts is characterized by larger and faster adjustments compared to previous rounds, indicating ongoing pressure on banks' net interest margins [4][5]. - Analysts suggest that the average reduction in deposit rates exceeds the LPR cut, which may lead to a structural adjustment in bank liabilities, potentially causing a "deposit migration effect" [6]. - The significant rate cuts may prompt depositors to move funds from lower-rate banks to those offering higher rates or to shift some deposits into non-bank financial products [6].