今天全面普涨，是个送钱的日子，成交额12864亿，放量134 4亿。全市场上涨个股数量较 多，赚钱效应有所提升， 市场情绪较为积极 ，连板股表现活跃，共创草坪晋级 6 连板， 金时科技实现 5 连板等，反映出市场存在一定的热点炒作氛围。 唯一不好的是3 4 0 0点差了一点点， 表明资金分歧还在，但是向上的共识多了，如果关税 战不传来大利空，能站稳3 4 00点，上攻突破3500，全面牛市可期。 这个过程比较缓慢，这也是A股的脾性，这点港股就比较好。 01 周末，国家队发布大消息 从行业动态来看，自去年以来， 在监管鼓励券商通过并购重组做大做强等政策推动下， 新一轮券商并购整合步伐加快，多个并购组合取得实质性进展。 长江证券首席策略分析师戴清点评，中央汇金公司明确类"平准基金"定位， 实质是向市 场传递"底线思维"信号，中央汇金公司的增持有利于快速稳定市场情绪，助力市场底部企 稳。 说白了，汇金在给市场吃定心丸：跌了别怕，国家队在呢！ 02 新行情下，该如何操作？ 今天最强的是创新药方向，化学制药、生物制品、医疗服务等全面爆发，板块中1 0余股涨 超1 0%。 在不久前刚结束的医学盛会" 2025美国临床肿瘤 ...

Group 1 - The market showed a positive trend last week, with major indices rising, particularly the ChiNext Index leading the gains [2] - Economic recovery is expected to continue in the second quarter, supported by a gradual improvement in exports following tariff reductions [3] - The manufacturing PMI increased by 0.5 percentage points to 49.5% in May, indicating a slight recovery in production and demand [3] Group 2 - Domestic demand is anticipated to become the core driver of economic growth in the second half of the year, especially as real estate sales show signs of weakness [4] - Government bond issuance has accelerated, with net financing reaching 6.4 trillion yuan from January to May, exceeding the same period last year by 3.7 trillion yuan [4] - The U.S. job market remains resilient, with May non-farm payrolls increasing by 139,000, surpassing expectations [5] Group 3 - The employment data in the U.S. alleviates recession concerns and supports the Federal Reserve's cautious stance on interest rates [5] - The overall economic environment is stabilizing, with limited downside risks due to the gradual recovery and support from policies [7] - Short-term market sentiment may be positively influenced by upcoming discussions between U.S. and Chinese leaders [7]

Group 1 - The core viewpoint of the news is the expansion of Central Huijin's control over financial institutions, now totaling 24, which enhances its influence across various financial sectors including banking, securities, insurance, and asset management [1][2][9] - The recent approval by the CSRC for the change of actual controllers of eight financial institutions to Central Huijin is part of a broader integration process that began earlier this year with the transfer of significant stakes in major financial platforms [1][4] - Central Huijin, established in 2003, operates as a state-owned company responsible for managing key state-owned financial enterprises, aiming to stabilize the financial system and promote efficient market operations [2][5] Group 2 - The acquisition of controlling stakes in three major Asset Management Companies (AMCs) positions Central Huijin as a dominant player in the AMC sector, managing over 10 trillion RMB in assets, which constitutes over 80% of the total assets of the four major AMCs [4][9] - Central Huijin's role resembles that of a "stabilization fund," focusing on market stability rather than maximizing returns, and it has significant capital that aligns with international standards for such funds [5][8] - The expansion of Central Huijin's financial footprint signals accelerated industry consolidation, potentially leading to the creation of "carrier-level" securities firms and enhancing market confidence, particularly benefiting leading brokerage firms and public funds [7][9] Group 3 - The integration of Central Huijin's financial institutions is expected to create synergies across investment banking, asset management, and futures, which may lead to increased competitiveness and resource optimization [7][8] - The market anticipates that the newly integrated firms will receive preferential treatment in terms of business resources, particularly in cross-border operations and innovative business licenses [7][8] - The overall financial landscape is set for deeper integration, with a clear roadmap for the emergence of comprehensive financial giants supported by Central Huijin's capital strength and policy backing [9]

6月6日，据证监会网站，长城国瑞证券有限公司、东兴证券股份有限公司、信达证券股份有限公 司、东兴基金管理有限公司、信达澳亚基金管理有限公司、长城期货股份有限公司、东兴期货有限责 任公司、信达期货有限公司的变更实际控制人申请文件已获核准。 中央汇金投资有限责任公司成为上述8家公司的实际控制人。 证监会表示，相关公司需按规定及时办理工商变更登记等事宜，完善公司治理结构，维护公司及投资 者合法权益。 今年2月14日晚间，中国信达、东方资产、长城资产3家全国性资产管理公司（AMC）集体发布公告 称，财政部所持公司股权全部划转至中央汇金。 今年5月7日，国新办举行新闻发布会，发布会上，中国证监会主席吴清表示，全力巩固市场回稳向 好势头。强化市场监测和风险综合研判，动态完善应对各类外部冲击的工作预案，全力支持中央汇金 公司发挥好类"平准基金"作用，配合中国人民银行健全支持资本市场货币政策工具长效机制，更好 发挥市场各参与方的内在稳市功能。 据中央汇金官网，中央汇金投资有限责任公司是依据《中华人民共和国公司法》由国家出资设立的国 有独资公司。2003年12月，中央汇金公司成立，总部设在北京，代表国家依法行使对国有商业银行 ...

中央汇金的最新动作引发关注。 6月6日，据证监会网站，长城国瑞证券有限公司、东兴证券股份有限公司、信达证券股份有限公司、东兴基金管理有限公 司、信达澳亚基金管理有限公司、长城期货股份有限公司、东兴期货有限责任公司、信达期货有限公司的变更实际控制人申 请文件已获核准，中央汇金投资有限责任公司（以下简称"中央汇金公司"）成为其实际控制人。相关公司需按规定及时办理 工商变更登记等事宜，完善公司治理结构，维护公司及投资者合法权益。 中信证券认为，"汇金系"券商的股权调整有望推动证券行业新一轮并购，可关注证券行业同一实控人下行政化并购与市场化 并购主线，重点关注两方面，一是同属同一实控人的证券机构，二是后续市场化并购可能性较高的证券公司。 从行业动态来看，自去年以来，在监管鼓励券商通过并购重组做大做强等政策推动下，新一轮券商并购整合步伐加快，多个 并购组合取得实质性进展。 业内人士分析，未来券商并购重组将主要围绕"头部券商强强联合，整合资源优势做优做强"以及"中小券商结合股东背景、区 域优势等资源禀赋和专业能力做精做细，实现特色化、差异化发展"两个方向推进。 从实现路径上，同一实控人旗下的两家或多家券商、非金控类央企剥 ...

Core Viewpoint - The market is expected to remain in a high central oscillation phase during Q2, with short-term adjustments anticipated due to increased uncertainty in the U.S. economy and limited expansion space for new consumption [1][2][3]. Group 1: Market Conditions - Q2 is characterized as a high central oscillation market, with short-term adjustments expected [2]. - The upper limit of the oscillation range is supported by a combination of wide monetary policy and external demand improvements, but concerns about economic downturns remain [2][3]. - The lower limit is influenced by the timely implementation of monetary policies and the role of stabilization funds in managing market sentiment [2][3]. Group 2: Sector Analysis - Technology and consumer sectors are currently not positioned to lead market breakthroughs, with technology still in a mid-term adjustment phase [2][4]. - New consumption trends are facing limitations in expanding outward due to reduced internal demand stimulus [2][4]. - The pharmaceutical sector (CXO and innovative drugs) and precious metals are expected to continue their positive trends in the short term [4]. Group 3: Fund Management and Market Dynamics - The recent trend of public funds aligning with performance benchmarks has concluded, with potential for a new round of market dynamics in June [5]. - Fund managers are encouraged to reassess their benchmark choices, as the alignment with performance benchmarks may not be suitable for all [3][4]. - The potential inflow of funds into sectors such as non-banking, banking, construction, public utilities, and coal is noted, although actual inflows remain low relative to market capitalization [3]. Group 4: Profitability and Economic Outlook - A general expectation is that A-shares will struggle to see a significant uptick in profitability until 2025 [2]. - The mid-term outlook for A-shares relies heavily on breakthroughs in the technology sector, particularly in AI, embodied intelligence, and defense industries [4]. - The combination of new merger regulations and venture capital financing is anticipated to contribute positively to high-growth segments of the new economy [4]. Group 5: Market Sentiment Indicators - The market sentiment indicators show varying levels of profitability across sectors, with banking at 97% and consumer sectors like beauty care and pharmaceuticals showing moderate expansion [8]. - Sectors such as public utilities and basic chemicals are experiencing contraction, indicating a need for focused investment strategies [8]. - The overall A-share market sentiment is showing signs of contraction, with only 42% of stocks indicating profitability expansion [8].

Group 1 - The article emphasizes that the fundamental outlook is expected to improve in a pulse-like manner, supported by the stabilization of capital market expectations through the balanced fund [2] - The market is currently engaged in a game where public fund holdings are aligning with performance benchmarks, indicating a focus on thematic investments [2] - Global risk appetite is rising due to easing geopolitical tensions, as indicated by positive movements in major indices like the S&P 500 and Nasdaq 100 [3] Group 2 - The demand is showing slight recovery, but asset turnover rates are declining, which is negatively impacting profitability [6] - The future rhythm of the industry remains unchanged, with key catalysts for the domestic AI industry still pending [7] - The article suggests a focus on consumer sectors such as air conditioning, white goods, liquor, education publishing, traditional Chinese medicine, dairy products, and non-sports apparel [20]

2025 年 05 月 18 日 做强国内大循环 宏观研究团队 | 何宁（分析师） | 沈美辰（分析师） | | --- | --- | | hening@kysec.cn | shenmeichen@kysec.cn | | 证书编号：S0790522110002 | 证书编号：S0790524110002 | |  | 国内宏观政策：金融政策标志"以我为主"政策启幕 | 过去两周（5 月 4 日-5 月 18 日）国内宏观主要聚焦以下几个方面： 经济增长方面，国务院召开做强国内大循环工作推进会，国务院总理李强强调， 要深刻认识和准确把握当前经济形势，把发展的战略立足点放在做强国内大循环 上，以国内大循环的内在稳定性和长期成长性对冲国际循环的不确定性。 基建与产业方面, 近两周政策聚焦加快提升农业科技创新体系整体效能；工信部 召开部分省份工业经济运行座谈会，以高质量发展的确定性应对外部环境急剧变 化的不确定性；科技部推动加快构建科技金融体制；中办、国办印发《关于持续 推进城市更新行动的意见》，提出八方面主要任务，其中包括：推进城镇老旧小 区整治改造，开展完整社区建设，推进老旧街区、老旧厂区、城中村等更新改 ...

Group 1 - The Shanghai Composite Index has shown a two-day consecutive rise, with core indices like CSI 300 and SSE 50 experiencing nearly 30% gains, while small and medium-sized stocks have surged about 50% [1] - The market is expected to continue its upward trend, with 2024 being seen as the starting point of a new bull market, following the first wave of rebound in the 924 market [3] - Major institutional investors such as state-owned financial institutions, insurance funds, and social security funds are expected to drive the market, with a focus on index investments rather than individual stocks [4][6] Group 2 - The current market conditions are reminiscent of the 2020 rally, with expectations for a sudden surge in key sectors, potentially pushing the Shanghai Composite Index above 4000 points [6] - The anticipated bull market is expected to at least double the current index levels by summer 2026, with significant participation from large institutional investors [6] - The preference for index investments over individual stocks among major funds indicates a structural shift in market participation, with a focus on large-cap stocks [4][8]

Key Insights - The core viewpoint indicates that after the verification period in April, the main contradiction in the fundamentals has shifted, with concerns about external demand still present. The domestic actual hedging strength has become the primary contradiction. Since May, two important catalysts have emerged: the press conference on May 7 and the Sino-US Geneva trade talks on May 12, leading to an upward adjustment in the A-share market's fluctuation range [2][3] Short-term Outlook - The market is expected to test the upper limit of the fluctuation range following key changes. The financial policy is fully relaxed, directly related to stabilizing capital market expectations. The central bank has implemented various tools to support the market, which is anticipated to maintain short-term risk appetite and overall market activity [2][12] Medium-term Supply and Demand Outlook - The supply and demand structure has not yet systematically improved, and the judgment of a fluctuating market remains unchanged. Concerns about the impact of Trump’s policies persist, and the absolute pressure on domestic supply remains high. The demand side shows that the support for import demand from US inventory replenishment has peaked, with further pressure expected in the second and third quarters of 2025 [2][19][33] Earnings Forecast Update - The earnings forecast for A-shares in 2025 has been updated, reflecting a slight increase from the bottom but not confirming effective improvement. The net profit growth rate for the entire A-share market was -55% in Q4 2024, significantly below expectations, while Q1 2025 showed a growth of 6.3%, exceeding expectations. However, the logic behind these changes remains unclear [2][48][54] Sector Performance Insights - The first quarter of 2025 saw a slight recovery in demand, but the supply-demand structure remains weak. Key sectors showing clear performance improvement include consumption, pharmaceuticals, and AI computing power. The consumer sector is mainly benefiting from durable goods, while the pharmaceutical sector is seeing growth in innovative drugs and blood products. AI computing revenue growth has also shown signs of recovery [3][5][22] Policy and Market Dynamics - The recent policy changes by the China Securities Regulatory Commission (CSRC) aim to enhance the quality of public funds and strengthen the binding of interests with investors. The focus is on improving the stability of fund investment behavior and enhancing the ability to serve investors. The impact of these policies is expected to resonate with the long-term trend towards passive equity products [3][5][12] Structural Recommendations - Both short-term and long-term structural recommendations favor technology sectors. The first quarter earnings expectations for technology have strengthened, indicating a relative advantage in cost-effectiveness. The long-term outlook for A-shares requires significant catalysts from key technology industries to restart a structural bull market [3][5][6]