Core Viewpoint - The market is experiencing significant influence from policy and event-driven factors, leading to accelerated sector rotation and structural capital flows [4]. Market Overview - On May 12, the three major stock indices opened higher: the Shanghai Composite Index at 3352.97 points (+0.33%), the Shenzhen Component Index at 10220.33 points (+0.92%), and the ChiNext Index at 2042.9 points (+1.55%) [3]. Guest Insights - According to fund manager Deng Yichao, certain sectors are driven by emotional and capital momentum, showing strong explosive characteristics, while others are becoming defensive due to decreased market risk appetite [4]. - The market is expected to experience increased volatility in the short term, with more pronounced internal differentiation [4]. Brokerage Perspectives - China Galaxy Securities suggests that the A-share market will maintain a range-bound oscillation, recommending focus on three areas: stable dividend-paying defensive sectors, clear "technology narrative" opportunities, and consumer sectors supported by policy [9]. - Huatai Securities is optimistic about the passenger car sector maintaining high prosperity in Q2, driven by policies stimulating demand and improvements in profitability for domestic brands [10].

Market Overview - The three major indices opened higher, with the Shanghai Composite Index up 0.33%, the Shenzhen Component Index up 0.92%, and the ChiNext Index up 1.55% [1] - Key sectors showing significant gains include CPO, consumer electronics, and textiles [1] Index Performance - Shanghai Composite Index: Latest at 3352.97, up 0.33%, with 1758 gainers and 315 losers [2] - Shenzhen Component Index: Latest at 10220.33, up 0.92%, with 2326 gainers and 372 losers [2] - ChiNext Index: Latest at 2042.90, up 1.55%, with 1148 gainers and 180 losers [2] Sector Insights - China Galaxy Securities suggests that the A-share market will maintain a range-bound pattern, recommending focus on three areas: stable dividend-paying sectors, clear "technology narrative" opportunities, and consumer sectors supported by policy [3] - Huatai Securities is optimistic about the passenger car sector maintaining high prosperity in Q2, with expected revenue and net profit growth of 8% and 19% year-on-year, respectively [4] - CITIC Securities highlights four key areas in the food and beverage sector: recovery in demand for leading liquor brands, rebound in beer sales, growth in restaurant chains, and sustained high demand for snacks [5] - CITIC Securities also notes that strengthened export controls on strategic metals may lead to a revaluation of these assets, with prices for rare earths, tungsten, and antimony expected to rise [6]

■机构展望 ◎记者 汪友若 5月首个交易周，A股市场整体表现强势，日均成交额较4月底改善，情绪面显著回暖。消息面上，5月7 日，金融管理部门出台了一揽子金融政策支持稳市场稳预期。机构观点认为，一揽子金融政策的出台节 奏超出市场预期，显著提振了市场风险偏好。 市场风格演绎方面，机构称，短期科技板块的景气度高企，A股"科技叙事"逻辑有望伴随着产业突破得 到进一步强化。中长期来看，中国证监会5月7日印发了《推动公募基金高质量发展行动方案》，提出25 条措施督促行业从"重规模"向"重回报"转变，公募新规或推动A股市场风格向大盘权重股、红利资产等 方向演变。 一揽子金融政策提振市场信心 申万宏源证券分析称，上周金融管理部门出台一揽子政策，其政策落地的全面性、集中性、一致性显著 超出市场预期。招商证券认为，央行降准、降息、新设立结构性货币政策工具等多项政策落地，对市场 信心的提振较明显。 中金公司研究部首席国内策略分析师李求索认为，一揽子金融政策释放积极信号，有助于进一步稳增长 稳市场稳预期，在外部面临较大不确定性的环境下，助力促进投资者风险偏好回升。结合当前A股市场 估值仍处于相对低位具备较好投资吸引力，以及科技叙事和 ...

Core Viewpoint - The QDII funds are showing increased tolerance for stock valuations, reflecting a shift in market risk appetite as liquidity conditions change and Chinese asset prices rise globally [1][4]. Group 1: QDII Fund Investment Trends - QDII funds are beginning to invest in previously overlooked stocks, such as Blucor, which has seen its stock price rise over 110% in the last five months despite a projected net loss of 401 million yuan for 2024 [2]. - Funds are increasingly focusing on new economy sectors, with E Fund investing in Quzhi Group, which operates AI-driven vending machines, despite the company projecting a net loss of 167.2 million yuan for 2024 [3]. - Southern Fund has invested in the U.S.-listed company Manbang, which utilizes AI for logistics, marking a shift in QDII fund strategies towards more aggressive stock selection [3]. Group 2: Market Sentiment and Strategy - The shift towards a more aggressive investment strategy among QDII funds indicates growing confidence among institutional investors in the current market [4]. - Historically, QDII funds maintained strict selection criteria to avoid significant losses, but recent changes in liquidity and asset pricing have prompted a reevaluation of these strategies [4]. - Even companies with substantial losses, such as Weimeng Group, are being targeted by funds, suggesting a belief in their potential to benefit from domestic consumption recovery [4]. Group 3: Valuation Perspectives - Valuation assessments are subjective, varying significantly among fund managers based on their market outlook and investment philosophy [5]. - The rise of technology narratives is influencing stock market valuations, contributing to the more aggressive strategies adopted by QDII funds [6]. - The emergence of Chinese tech companies as new growth engines is creating diverse and sustainable investment opportunities, particularly in sectors like AI and consumer demand [7]. Group 4: Market Dynamics - The recovery of the Hang Seng Index's dynamic P/E ratio to historical averages suggests that further valuation increases will depend on corporate earnings and macroeconomic recovery [8]. - There is a notable shift of funds from higher-valued markets in the U.S. and India to lower-valued markets in China and Europe, providing additional capital to the Hong Kong tech sector [7].

事实上，自去年4月12日《国务院关于加强监管防范风险推动资本市场高质量发展的若干意见》（即 新"国九条"）发布以来，资本市场"1+N"政策体系渐次落地，新一轮资本市场改革的画卷正徐徐展开， 完善稳市机制、深化资本市场投融资综合改革等举措持续推进。 ■谢若琳 在5月7日举行的国新办新闻发布会上，证监会主席吴清表示，中国资产的配置价值和吸引力在持续提 升。吴清表示："前行路上有风有雨是常态，不管面临的是轻风细雨还是狂风暴雨，是风高浪急还是惊 涛骇浪，我们都完全有条件、有信心、有能力实现中国股市稳定健康发展。" 在推动资本市场破浪前行之路上，风雨兼程是状态，风雨无阻是心态。监管层的表态，必将大大提振投 资者信心，激发市场活力，助力市场行稳致远。 面对外部冲击，政策与市场协同发力。一方面，政策持续护航。4月25日召开的中共中央政治局会议强 调，要"持续稳定和活跃资本市场"，这延续了2024年中央经济工作会议、2025年《政府工作报告》等重 要会议和文件中"稳市"的态度，充分体现了国家对资本市场的呵护。 数据显示，A股合计有5392家上市公司披露了2024年年报，合计实现营业收入70.46万亿元，实现归母净 利润5.2 ...

非银金融 证券研究报告 关注新提法，续写新叙事——国新办"一揽子金融政 行业报告 | 行业点评 策支持稳市场稳预期"发布会点评 事件：2025 年 5 月 7 日，国新办举办"一揽子金融政策支持稳市场稳预期"发布 会，央行行长潘功胜、金管局局长李云泽、证监会主席吴清分别介绍政策情况。 要点： 1、央行方面，以定向"加杠杆"的方式"稳内需"，科技和消费是两大抓手。第一， 数量政策和价格政策符合预期。下调存款准备金率 50bps，下调政策利率 10bps， 下调公积金贷款利率 25bps。第二，结构政策力度更大。结构性货币工具利率下调 25bps，力度更大。第三，着力于以央行加杠杆支持实体经济，定向清晰。十项政 策中六项直指再贷款工具，两项与准备金率相关，以央行定向加杠杆的形式稳定内 需。主要提及"科技"和"消费"两大抓手，科技改造再贷款、服务消费与养老再 贷款、支农支小再贷款、创新债券风险分担工具。 2、金管局方面，宏观方针锚定稳预期，微观举措定向于科技发展与企业纾困。一 方面，进一步推动银行和保险公司资本金补充，"稳楼市"和"稳股市"仍是"稳预 期"目标的具象阐释，优化保险公司股票投资风险因子引导保险资金入市 ...

Group 1 - Institutional investors are focusing on long-term investment opportunities amid fluctuating international trade conditions, particularly in the technology sector, which is seen as a new driving force for China's economic growth and A-share market [1] - During the week of April 14 to 18, A-shares experienced fluctuations, with traditional sectors like banking, real estate, coal, and oil showing significant price recovery, leading to a 1.19% increase in the Shanghai Composite Index [1] - Over 206 listed companies received institutional research visits, with more than 100 companies achieving positive returns, including notable gains of around 30% for companies like Teli A, Shutai Shen, and Deyuan Pharmaceutical [1] Group 2 - Hongsoft Technology is increasing its investment in AI glasses, leveraging its established advantages in mobile photography and AI recognition to address technical challenges in low-power, low-computing environments [2] - Hongsoft Technology anticipates that its visual AI algorithms can be applied across various consumer electronics and industries, including smart wearables and AI-generated content [2] - Fuhanhui, traditionally focused on video surveillance chips, is also exploring opportunities in AI glasses, predicting that AI products will increasingly penetrate everyday items [2][3] Group 3 - Fuhanhui plans to launch 4K HD AI IPC consumer products in the first half of 2025, targeting smart glasses and action cameras with advanced chip technology [3] - Doctor Glasses is entering the smart glasses market by setting up dedicated smart glasses displays in over 100 retail stores, enhancing consumer experience and product conversion rates [4] - Doctor Glasses has partnered with Thunderbird Innovation to launch the Thunderbird V3 AI shooting glasses, focusing on comfort and aesthetics in design [4] Group 4 - Qingniao Fire Protection is developing advanced fire protection systems tailored for data centers and communication bases, addressing increased fire risks due to heightened electrification in AI infrastructure [4] - The company plans to integrate proprietary algorithms into its fire monitoring products, transitioning from traditional fire safety equipment to intelligent fire protection systems [4] Group 5 - Multiple institutions express optimism about the revaluation of Chinese technology assets under the "technology narrative," with a notable economist highlighting China's leading position in the current AI technology revolution [5] - The technology sector is expected to become a key driver of economic growth in China and support a bullish trend in the A-share market [5]

Core Viewpoint - The article discusses the significant changes in global capital markets driven by two unexpected narrative shifts: the breakthrough of DeepSeek, which reshapes perceptions of Chinese innovation, and the weakening of the "American exceptionalism" narrative under Trump's governance, prompting a reassessment of global geopolitical economics [1][3]. Group 1: Market Performance and Asset Revaluation - Since the beginning of the year, there has been little change in global economic fundamentals, but capital markets have experienced significant shifts, with Chinese stocks outperforming and the US dollar declining [3][4]. - As of March 14, the Hang Seng Tech Index, representing Chinese tech stocks, surged by 31.6%, leading global asset performance, while the Nasdaq index, which had previously led for three years, fell by 10% [3][4]. - The reversal in asset performance is attributed to the two narrative changes: the DeepSeek breakthrough and the challenges to the "American exceptionalism" narrative [3][4]. Group 2: Narrative Evolution and Its Impact - The article outlines the concept of narrative economics, emphasizing that successful narratives require elements such as personal relevance, repetition, narrative constellations, and self-reinforcement [5][6]. - DeepSeek exemplifies a successful narrative that has rapidly gained traction due to its low cost, high performance, and open-source advantages, symbolizing a break from Western technological monopolies [7][8]. - The geopolitical narrative has shifted since Trump's election, with initial optimism giving way to concerns over tariffs and immigration policies, leading to increased uncertainty in US economic policy [9][10]. Group 3: Capital Flow Dynamics - Over the past three years, global capital flows have been heavily influenced by the old narratives surrounding China and the US, with a notable outflow of foreign capital from China since 2022 [16][18]. - The share of foreign capital in China's A-share market has decreased from 10% in 2021 to approximately 7.5% currently, reflecting a shift in investor sentiment [16][17]. - In contrast, the US market has seen significant inflows, totaling around $950 billion since 2022, driven by the popularity of the AI narrative [18][19]. Group 4: Future Outlook and Policy Recommendations - The article posits that the current narrative changes may still be in their early stages, with potential for further asset revaluation and capital flow adjustments depending on the interaction between narratives and fundamentals [21][22]. - It outlines three potential phases for the evolution of the Chinese AI narrative: narrative strengthening, narrative realization, and narrative upgrading, each with corresponding implications for asset revaluation and capital flows [23][24][25]. - The company emphasizes the need for timely policy interventions to support economic recovery and investor confidence, particularly in real estate, local finance, and consumption [28].