Core Viewpoint - The active equity funds have shown significant performance disparity in 2023, with some funds achieving over 80% returns while others have seen declines exceeding 25% [1][2][5]. Group 1: Performance Highlights - As of May 20, 63 active equity funds have returned over 30% this year, with 11 funds exceeding 50% [1][2]. - More than 150 active equity funds have reached historical highs in their adjusted net asset values [1][2]. - The top-performing funds have capitalized on opportunities in innovative pharmaceuticals, new consumption, and robotics sectors [1][3]. Group 2: Characteristics of Top-Performing Funds - The leading fund, 华夏北交所创新中小企业精选两年定开混合基金, achieved a return of 80.79%, followed by 中信建投北交所精选两年定开混合基金 at 73.12% and 汇添富北交所创新精选两年定开混合基金 at 63.29% [3]. - Funds heavily invested in the robotics sector, such as 鹏华碳中和主题混合基金, reported returns of 61.72%, with several others exceeding 50% [3]. - Pharmaceutical-themed funds, particularly those focused on innovative drugs, have also performed well, with 长城医药产业精选混合基金 returning 55.32% [3]. - Funds focused on new consumption have seen significant rebounds, with 恒越匠心优选一年持有期混合基金 achieving a return of 51.49% [3]. Group 3: Underperforming Funds - Over 90 active equity funds have experienced declines of more than 10%, with the worst-performing fund down by 27.03%, resulting in a performance gap of 107.82 percentage points [1][5]. - Underperforming funds often exhibit concentrated holdings and frequent changes in their top stocks, indicating a trend of chasing market movements [5]. Group 4: Fund Flow and Market Outlook - Due to increased inflows into high-performing funds, several have announced purchase limits, including 中信保诚多策略混合基金 and 中欧价值回报混合基金 [5][6]. - The market is expected to shift from emotion-driven pricing to a focus on fundamentals, with attention on technology growth sectors, cyclical areas, and dividend assets [6]. - The AI sector is highlighted as a key investment theme for the year, with opportunities in AI applications and related hardware expected to exceed market expectations [6].

当前时点，A 股与港股怎么看？20250521 摘要 企业盈利预期稳定，贸易战硬数据冲击尚未显现，政策支持逐步落地， A 股震荡中枢预计上修至半年线附近，不宜过度下调全年盈利预测。 A 股市场缺乏主线逻辑，板块轮动迅速。中美贸易休战窗口期，美国进 口商或加速备货，短期利好港口、航运板块，中国制造业的全球竞争力 持续提升。 大宗商品价格受关税冲击影响，油价受多重利空因素压制，但中东局势 变化和需求恢复可能推动油价回升，工业金属需求也将随各国自主可控 发展而上升，低位是布局机会。 公募基金新规扰动市场，但小逻辑也引发关注。银行、非银、公用事业、 生物医药、石油石化等欠配行业或受青睐，电子、电力设备等超配板块 可能受损。 公募基金或逐步调整业绩基准，选择更贴合自身配置行业和风格的指数， 短期活跃资金可能减少。持续看好新消费领域，但传统消费刺激政策短 期效果有限，6 月或是更好时间节点。 Q&A 当前 A 股市场的整体趋势如何？ 当前 A 股市场处于宏观叙事逐步退潮的背景下，贸易战休战及内需财政政策预 期降低。我们维持震荡区间的判断，但认为震荡中枢有所调升。中国出口竞争 力未受破坏，加上降准降息等刺激政策，企业盈利预 ...

今天创业板指涨0.83%，领跑所有宽基，而宁德时代在创业板指的权重接近20%，一只票就贡献了0.84%的涨幅，也就是说，剔除宁王，创业板涨幅是0 ——事实上，今天70%左右的个股是下跌的。 ...... 今晚要参加个活动，没时间写，所以提前简单聊几句，有错别字的花，还请担待一下。 今天市场又是 被宁德时代带飞的一天 ，截止下午15点，港股还没收市，宁王在港股涨7%左右，最高涨超了10个点，而A股的宁王也跟涨了4%左 右，两者的估值倒挂，还在加剧，只能说是俺认知不够，给宁王跪下请罪了 。 说回标题那几个字—— 今年要有牛市思维 。 咱们看好股市，看好风险资产这个观点，大家也都清楚，光是明晃晃的标题党，过去两个月就写了两篇，《 为什么我长期看好股市 》，《 为什么继续看 好股市？ 》。 具体到股市内部，我们反复强调的观点也是，看好A股的结构性机会，警惕过热板块，且可以高看港股一眼。 但是，为什么今天要说，要有牛市思维呢？ 主要是想继续有针对性的劝说一些小伙伴， 放下熊市思维 ——其实在3月份的《 债券多头没信心了？ 》也提到过， 要 破除"股票熊市思维"这一信仰 。 什么是熊市思维？我觉得有几个特征。 其一，喜欢 ...

[Table_Reportdate] 2025年05月21日 [证券分析师： Table_Authors] 周啸宇 S0630519030001 zhouxiaoy@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 证券分析师： 刘思佳 S0630516080002 liusj@longone.com.cn 联系人： 赵敏敏 zmmin@longone.com.cn [晨会纪要 Table_NewTitle] 20250521 [table_summary] 重点推荐 财经要闻 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 晨 会 ➢ 1.邮储银行（601658）：非息收入表现较好，存贷同步降息缓解息差压力——公司简评报 告 ➢ 2.保险板块或已走出下降趋势，上涨空间大回落空间小——技术分析行业板块简评 ➢ 3.美出台措施加强半导体出口管制，国产AI芯片2025年国内市占率有望升至40%——电子 行业周报2025/5/12-2025/5/19 ➢ 1.国家发展改革委举行5月份 ...

注：指数/基金短期涨跌幅及历史表现仅供分析参考，不预示未来表现。市场观点随市场环境变化而变 动，不构成任何投资建议或承诺。文中提及指数仅供参考，不构成任何投资建议，也不构成对基金业绩 的预测和保证。如需购买相关基金产品，请选择与风险等级相匹配的产品。基金有风险，投资需谨慎。 （文章来源：每日经济新闻） 相关机构表示，受"十四五任务冲刺"+"建军百年目标"+"自主可控国产替代"三重逻辑催化，军工板块内 需增长确定性高，行业基本面具备较强的正向预期。 军工ETF（512660）是目前规模最大、流动性最好的军工板块ETF，跟踪中证军工指数（代码： 399967），该指数由中证指数有限公司编制，选取涉及十大军工集团控股且主营业务与军工相关的上市 公司，以及其他主营军工的代表性企业作为样本股，涵盖航空、航天、兵器、船舶等军工领域，以反映 中国A股市场军工行业证券的整体表现。 消息面上，根据新华社，《新时代的中国国家安全白皮书》发布，具体包括中国为变乱交织的世界注入 确定性和稳定性；总体国家安全观为新时代国家安全指引方向；为中国式现代化行稳致远提供坚实支 撑；在发展中固安全，在安全中谋发展；践行全球安全倡议，推进国际共同 ...

Core Viewpoint - The financial data and capital market trends are revealing the vulnerabilities of Longxin Zhongke, despite its narrative of "self-controllable" domestic chips, leading to a collective retreat of institutional investors [1][9]. Shareholder Reduction - Longxin Zhongke announced a shareholder reduction plan on May 9, with the third, fourth, fifth, and tenth largest shareholders planning to reduce their stakes, totaling approximately 3% of the company's total share capital [1][2]. - Seven out of the top ten shareholders have reduced their holdings, with specific plans to sell up to 3.88 million shares (0.97%), 3.58 million shares (0.89%), and 2.50 million shares (0.62%) among others [2]. Stock Performance - Following the reduction announcement, Longxin Zhongke's stock price dropped significantly, with the five-day average falling to 122.14 yuan [5]. - In the five trading days after the announcement, there was a substantial outflow of main funds totaling 98.17 million yuan [5]. Financial Performance - Longxin Zhongke reported a net loss of 625 million yuan for the full year of 2024, a year-on-year increase of 89.8%, and a first-quarter loss of 151 million yuan in 2025, worsening by 102.2% [9][12]. - The company has experienced negative operating cash flow for three consecutive years, with a net outflow of 335 million yuan in 2024 and further deterioration to -144 million yuan in the first quarter of 2025 [13][17]. Research and Development - The R&D expense ratio for Longxin Zhongke reached 105.3% in 2024, but the capitalization rate was only 19%, indicating ineffective output from the 980 million yuan R&D investment [12][13]. - The company faces significant inventory depreciation, with an inventory turnover period of 974 days, far exceeding the industry average of 300 days, leading to asset impairment losses of 249 million yuan [12]. Market Position and Challenges - Longxin Zhongke's revenue heavily relies on government procurement, which accounted for 53% of its income in 2024, but the collection period exceeds 270 days, resulting in a low accounts receivable turnover rate of 0.25 times [20]. - The company struggles with commercializing its technology, as its self-developed instruction set remains isolated, and the software ecosystem is underdeveloped, with only a few thousand compatible applications [19][20]. Future Outlook - Analysts suggest that the current market valuation of 492 billion yuan is inflated by 88% due to the "self-controllable" theme, with the actual hardware business valued at only 5.62 billion yuan [9]. - If the expected government procurement does not materialize in 2025, the price-to-sales ratio may need to be halved to below 50 times to align with the fundamentals, indicating a potential valuation bubble [9][20].

Group 1 - The A-share market indices are rising, with a slight pullback in the military industry sector, particularly the aerospace ETF (159227) which is down by 0.50% as of 10:55 AM, while key holdings like Hongdu Aviation (600316) and others are increasing [1] - The military industry is heavily influenced by five-year plans, which significantly impact operational and market expectations, making it a primary driver of military market trends [1] - The year 2025 marks the end of the "14th Five-Year Plan," and the execution of military construction plans is entering a critical phase, with expected acceleration in order demand [1] - The importance of air power in modern warfare is increasing, making aerospace equipment a focal point for military development, characterized by high technical barriers and significant value within the military supply chain [1] - According to Huafu Securities, the military sector has strong domestic trade attributes, with substantial growth expected from 2025 to 2027 due to multiple catalysts, including the "14th Five-Year Plan" tasks and the centenary goals of the military [1] Group 2 - The aerospace ETF (159227) tracks the Guozheng Aerospace Index, which has a high concentration of core companies in China's military industry, covering sectors like large aircraft and low-altitude economy [2] - The military industry accounts for 99.2% of the index's composition, indicating a higher concentration compared to other indices like the Zhongzheng Military and Zhongzheng Defense indices [2] - The weight of aerospace equipment in the Guozheng Aerospace Index is as high as 73%, significantly surpassing the 40% and 53% weights in the Zhongzheng Military and Zhongzheng Defense indices, respectively [2]

Group 1 - The A-share market showed mixed performance on May 21, with artificial intelligence concept stocks experiencing divergent trends [1] - The Robot ETF (159770) saw a year-to-date share growth rate exceeding 240%, ranking first among similar products [1] - The Robot ETF (159770) reported excess returns of 1.81% and 4.59% over its performance benchmark for the past year and three years, respectively, also ranking first among similar ETFs [1] Group 2 - Various local governments, including Beijing, Wuhan, and Zhejiang, have issued policies to promote innovation and development in the artificial intelligence industry this year [2] - The human-like robot technology is rapidly evolving, becoming a new frontier in technological competition and a key driver of economic development [2] - The A-share market is entering a phase of reduced external disturbances, with expectations of a volatile short-term trend, particularly in technology growth sectors like AI and robotics [2]

伴随科技巨头持续加码芯片研发、AI资本开支的大力投入、AI端侧产品的密集发布、先进制程等核心 技术的突破，半导体行业自主可控趋势向好，国产替代逻辑持续兑现。目前半导体产业链各环节的国产 化率仍有较大空间。 公开信息显示，科创半导体ETF(588170)跟踪上证科创板半导体材料设备主题指数，囊括科创板中半导 体设备和半导体材料细分领域的硬科技公司。半导体设备和材料行业是重要的国产替代领域，具备国产 化率较低、国产替代天花板较高属性，充分受益于人工智能革命下的半导体需求扩张。 5月21日早盘，A股三大指数小幅低开。上证指数开盘报3380.21点，跌0.01%。深证成指开盘报10246.52 点，跌0.03%。创业板指开盘报2052.00点，涨0.17%。近期自主可控主题升温，科创半导体 ETF(588170)、信创ETF(562570)早盘均小幅回调。 消息面上，近日雷军表示，小米即将于5月22日晚7点举办发布会，届时将发布小米15S Pro新机。该手 机搭载小米第一款自主研发设计的旗舰芯片玄戒O1，该芯片从设计之初就被确定用于小米高端旗舰产 品。截至今年4月底，玄戒累计研发投入已经超过了135亿人民币。目前，研 ...

我们不是资讯的搬运工 而是有态度的发现者 万和财富早班车 2025年5月21日 | ● 国内金融市场 ● | | | ● 股指期货 · | | | | --- | --- | --- | --- | --- | --- | | 品种 | 收盘 | 涨跌幅 | 品种 | 收盘 | 涨跌幅 | | 上证指数 | 3380.48 | 0.38% | 上证当月连续 | 2699.40 | 0.45% | | 深证成指 10249.17 | | 0.77% | 沪深当月连续 | 3865.40 | 0.63% | | 创业板指 | 2048.46 | 0.77% | 恒生期货指数 | 30312.19 | 1.52% | 宏观消息汇总 1. 深交所:中国资产向上重估的共识不断扩大 2. 证监会:中国资本市场将为全球投资者提供不可替代投资机遇 3. 外汇局:数据显示 4月下旬外资投资境内股票转为净买入 二、行业最新动态 1. 上海城区首条低空观光航线起飞 低空经济万亿级市场加速崛 起,相关个股:佳力奇(301586)、航材股份(688563)等 2. 深圳国际眼镜业博览会下月召开AI眼镜有望再次站上风口,相 关个股:全志 ...