1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - Overnight, the overseas market's risk aversion declined, but risk appetite remained constrained, and the rebound of US stocks showed signs of slowing. In contrast, the domestic A-share market rebounded led by the large financial sector, yet more stocks declined than rose. With support at the bottom and a lack of strong fundamental support at the top, it is highly likely that funds will rotate into the large financial sector during the dividend - intensive period. When there is no leading sector in the market, chasing the rise is not advisable. Today, attention should be paid to the activity of individual stocks and sector rotation during the index fluctuations. Currently, the strategy should maintain a balanced style [3][13] 3. Summary by Directory 3.1行情观点 3.1.1海外隔夜 - The US government stated that it is "close to reaching" a trade tariff agreement with Japan, South Korea, and India, and also indicated that it does not seek a weaker US dollar in tariff negotiations. Overnight, the US dollar index rose after a decline, ending slightly higher. Both short - and long - term US Treasury yields increased, gold prices fell, the Dow Jones Industrial Average declined among the three major US stock indexes, while the Nasdaq and S&P 500 rose, the Nasdaq Golden Dragon China Index increased, and the offshore RMB exchange rate depreciated. Although market risk aversion improved, future uncertainties still restricted market risk appetite [2][5] 3.1.2国内行情回顾 - On Wednesday, the broader market opened lower, fluctuated, and then rose 0.86%. The Shenzhen Component Index rose 0.64%, and the ChiNext Index rose 1.01%. The market showed a rebound trend. In the morning session, the market was in a stalemate, and in the afternoon, the index rebounded rapidly led by the large financial sector. However, the market had a significant 2 - 8 divergence, with more stocks declining than rising. In terms of sectors, non - bank finance, transportation, food and beverage, and commerce and retail led the gains, while military industry, beauty care, machinery and equipment, and social services led the losses. There were 2327 rising stocks and 2816 falling stocks in the entire market. Seven departments including the Ministry of Science and Technology issued policies to accelerate the construction of a science - finance system and established the "National Venture Capital Guidance Fund" [2][6] 3.1.3重要资讯 - Trade tariff news: The US is close to reaching a trade tariff agreement with Japan, South Korea, and India; the US does not seek a weaker dollar in tariff negotiations; the EU plans to impose higher tariffs on Ukrainian imports; Trump has rewritten trade rules over 50 times in 100 days. - Russia - Ukraine talks: Putin determined the Russian delegation list for the Russia - Ukraine negotiations; Rubio and Zelensky headed to Turkey; Putin has no intention of having a one - on - one meeting with Zelensky; the EU agreed to impose the 17th round of sanctions on Russia. - Central bank data: From January to April, the increment of social financing was 16.34 trillion yuan, and new loans reached 10.06 trillion yuan. In April, M2 increased by 8% year - on - year. - Other news: The second meeting of the China - EU Financial Working Group was held in Brussels; seven departments including the Ministry of Science and Technology issued policies on science - finance; the international road transport route from China to Hanoi, Vietnam was officially opened; the US adjusted tariffs on China; the Ministry of Commerce responded to questions about suspending 17 US entities from the unreliable entity list and export control list [7][8][9][10][11][12] 3.1.4今日策略 - Overnight, the overseas market's risk aversion declined, but risk appetite remained constrained, and the rebound of US stocks showed signs of slowing. The domestic A - share market rebounded led by the large financial sector, yet more stocks declined than rose. With support at the bottom and a lack of strong fundamental support at the top, it is highly likely that funds will rotate into the large financial sector during the dividend - intensive period. When there is no leading sector in the market, chasing the rise is not advisable. Today, attention should be paid to the activity of individual stocks and sector rotation during the index fluctuations. Currently, the strategy should maintain a balanced style [3][13] 3.2期货市场跟踪 - The report presents detailed data on the performance, trading volume, and positions of various stock index futures contracts such as the Shanghai 50 Index, CSI 300 Index, CSI 500 Index, and CSI 1000 Index, including closing prices, settlement prices, price changes, trading volumes, and open interest [15][16] 3.3现货市场跟踪 - The report shows the performance of the spot market, including the current points, daily, weekly, monthly, and annual price changes, trading volumes, and valuation data of major indexes such as the Wande All - A Index, Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index. It also analyzes the impact of market styles on the Shanghai 50 Index, CSI 300 Index, CSI 500 Index, and CSI 1000 Index, and presents the valuation data of important indexes and Shenwan sectors, as well as data on market trading volume, turnover rate, number of rising and falling stocks, and index trading volume changes [40][41][42] 3.4流动性跟踪 - The report includes charts on central bank open - market operations and Shibor interest rate levels, which are used to track market liquidity [58]

四是"建立债券市场'科技板'"。5月7日，中国人民银行、中国证监会联合发布《关于支持发行科技创新 债券有关事宜的公告》，为构建债券市场"科技板"作出顶层指导。5月9日，首批36单科技创新债券在银 行间市场上线发行，发行主体包括22家科技型企业和14家股权投资机构，其中民营企业占比达到25%。 展望未来，债市"科技板"的推出将有效破解科技型企业和股权投资机构的"融资难、融资贵"问题，助力 新质生产力的培育与发展。 责任编辑：杨赐 一是"健全新股发行逆周期调节机制"。2025年1-4月拟IPO企业上会节奏明显提速，上会企业数量分别为 1家、3家、4家和9家，过会率高达100%，表明拟IPO企业质量整体较高。其中，16家上会企业属于战略 性型产业，占比达到94.12%。 二是"持续支持优质未盈利科技型企业发行上市"。2025年3月，中国证监会明确提出 "稳妥恢复科创板 第五套标准适用"。这一标准主要针对尚未盈利但具备高成长性的科技企业，允许其通过"市值加研 发"的方式在没有利润的情况下上市。未来科创板第五套标准重启，将有利于生物医药、半导体等领域 的硬科技企业突破资金瓶颈、加速研发成果转化。 三是"进一步发挥北交所 ...

Group 1 - The core viewpoint of the article is the issuance of a notification by seven departments, including the Ministry of Science and Technology and the People's Bank of China, aimed at accelerating the construction of a technology finance system to support high-level technological self-reliance and strength [1][2] - The notification emphasizes the role of venture capital in supporting technological innovation, establishing a "National Venture Capital Guidance Fund" to promote the growth of technology-based enterprises and strategic emerging industries [1] - It aims to broaden the sources of venture capital funding by expanding the pilot scope of financial asset investment companies (AIC) to 18 provincial cities and encouraging insurance funds to participate in venture capital investments [1][2] Group 2 - The notification also focuses on optimizing the evaluation mechanism for state-owned venture capital, ensuring that state-owned capital becomes a long-term and patient capital for supporting venture investments [2] - It highlights the need to improve exit channels for venture capital, assessing the effectiveness of private equity fund share transfer trials in regions like Beijing, Shanghai, and Guangdong, and optimizing the share transfer process [2]

Core Viewpoint - The article emphasizes the importance of developing a technology finance system to support high-level technological self-reliance and innovation in China, aligning with the directives from the 20th National Congress of the Communist Party and the Central Financial Work Conference [2][4]. Group 1: Overall Requirements - The initiative aims to integrate various financial tools such as venture capital, bank credit, capital markets, technology insurance, and bond issuance to provide comprehensive financial services for technological innovation [4]. Group 2: Role of Venture Capital - Establishment of a "National Venture Capital Guidance Fund" to support the growth of technology-based enterprises and promote the transformation of major technological achievements into productive forces [5]. - Expansion of venture capital funding sources, including the involvement of insurance funds and encouraging social security funds to invest in equity funds for technology innovation [5]. - Optimization of the evaluation mechanism for state-owned venture capital investments to ensure long-term and patient capital support [5][6]. Group 3: Role of Monetary Credit - Utilization of structural monetary policy tools to enhance support for technological innovation, including expanding the scale of re-lending and optimizing support processes [7]. - Establishment of a specialized mechanism for bank credit support for technology innovation, including the creation of technology finance institutions in resource-rich areas [8]. Group 4: Role of Capital Markets - Enhancement of capital market support for technology innovation enterprises, including improving the mechanism for new stock issuance and prioritizing financing for enterprises with key technological breakthroughs [9]. - Development of a "technology board" in the bond market to promote high-quality development of technology innovation bonds [9]. Group 5: Role of Technology Insurance - Promotion of innovation in technology insurance products and services, establishing a comprehensive insurance product system covering the entire lifecycle of technology enterprises [10]. Group 6: Fiscal Policy Support - Leveraging fiscal policies to mobilize more financial resources for technological innovation, including innovative fiscal investment methods and implementing special guarantee plans for technology innovation [12]. Group 7: Central-Local Coordination - Promotion of an "innovation points system" nationwide to better evaluate and support technology-based SMEs [13]. - Support for regional technology finance innovation practices in key areas such as Beijing, Shanghai, and the Guangdong-Hong Kong-Macao Greater Bay Area [13]. Group 8: Open Innovation Ecosystem - Encouragement of foreign investment in domestic technology enterprises and facilitation of cross-border financing channels for technology firms [14]. - Establishment of a coordinated mechanism for promoting technology finance, enhancing inter-departmental coordination and policy implementation [14].

报告类型 股指日评 日期 2025 年 5 月 15 日 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 研究员：何卓乔(宏观贵金属) 18665641296 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(宏观国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 宏观金融团队 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与后市展望 1.1 行情回顾： 经中美日内瓦会谈后，双方关税回到 4 月 2 日再各加 10%水平，双方关系缓 和超预期，市场情绪明显提振。从宏观经济基本面来看，一季度开局良好，且随 着"抢出口"转为"抢转口"，外贸数据表现出一定韧性，宏观经济表现或好于 原本预期。国内政策方面，随着 5.7 政策落地，国家稳市场、稳预期信心进一步 增强，同时互换便利与回购增持再贷款额度合并后"国家队"资金储备充足，股 请阅读正文后的声明 - 2 - 5 月 ...

Group 1 - The core viewpoint of the news is the release of the "Policy Measures" by seven government departments to accelerate the construction of a technology finance system that supports high-level technological self-reliance and strength [1] - The "Policy Measures" propose 15 specific initiatives focusing on enhancing financial support for major technological tasks and technology-based small and medium-sized enterprises [1] - The establishment of a "National Venture Capital Guidance Fund" aims to promote the growth of technology-based enterprises and foster the development of strategic emerging industries, particularly future industries [1][2] Group 2 - The National Venture Capital Guidance Fund will focus on guiding financial capital to invest early, small, long-term, and in hard technology, targeting cutting-edge fields such as artificial intelligence, quantum technology, and hydrogen energy storage [2] - The "Policy Measures" emphasize the importance of structural monetary policy tools to support technological innovation, including expanding the scale of re-lending and optimizing support mechanisms for technology-based SMEs [2][3] - The measures also highlight the need to enhance capital market support for technology innovation enterprises by improving the mechanism for counter-cyclical adjustment of new stock issuance and prioritizing financing for enterprises that achieve breakthroughs in key core technologies [3]

Group 1 - The core viewpoint of the news is the issuance of the "Policy Measures" by seven departments, including the Ministry of Science and Technology and the People's Bank of China, aimed at accelerating the construction of a technology finance system to support high-level technological self-reliance and strength [1][2][3] - The "Policy Measures" emphasize the role of capital markets in supporting technological innovation, prioritizing the listing and financing of technology companies that achieve breakthroughs in key core technologies [1][2] - The establishment of a "National Venture Capital Guidance Fund" is proposed to cultivate strategic emerging industries and promote the transformation of major technological achievements into productive forces [1][2] Group 2 - The "Policy Measures" call for optimizing monetary credit support for technological innovation, expanding the scale of relending, and encouraging banks to explore long-cycle technology innovation loan performance assessment [2] - It is highlighted that technology insurance will play a stabilizing role in innovation, with plans to develop high-quality technology insurance and encourage insurance capital to participate in major national technological tasks [2][3] - The measures aim to enhance fiscal policy guidance for technology finance, utilizing tools like loan interest subsidies and risk compensation to support corporate technological innovation [2][3] Group 3 - The initiative promotes collaboration between central and local governments to advance national technology finance work and encourages regional innovation practices [3] - It supports foreign investment in domestic technology companies and aims to facilitate cross-border financing channels for technology enterprises [3] - The implementation of the "Policy Measures" is expected to effectively coordinate various technology finance tools, directing more financial resources into the technology innovation sector [3]

Group 1 - The core viewpoint of the article is the implementation of the "Action Plan for Promoting High-Quality Development of the Private Economy in Henan Province," which includes six special actions and 21 key tasks aimed at enhancing the contribution of the private economy to the province's overall economic growth [1] - The plan aims for a qualitative improvement and reasonable quantitative growth of the private economy in Henan over approximately three years, with a focus on increasing the number of operating entities and enhancing the core competitiveness of leading private enterprises [1][3] - The private economy in Henan contributes over 55% of the province's GDP, around 65% of tax revenue, approximately 70% of total imports and exports, over 85% of high-tech enterprises, and over 90% of new urban employment [1] Group 2 - As of the end of 2024, the number of private economic entities in Henan is expected to reach 10.817 million, accounting for 96% of all operating entities [2] - The plan includes specific actions such as cultivating backbone private enterprises, increasing support for transformation and upgrading, and encouraging research and development investments [5][6] - The plan also emphasizes the need to match the number of private enterprises in the "Top 500 Private Enterprises in China" with the province's economic scale [3]

重要的消息有哪些 1．记者14日从商务部获悉，根据美国白宫5月12日发布的《修改对等关税税率以反映与中华人民共和国 会谈情况的行政令》，美方已于美东时间5月14日凌晨00:01撤销根据2025年4月8日第14259号行政令和 2025年4月9日第14266号行政令对中国商品(包括香港特别行政区和澳门特别行政区商品)加征的共计91% 的关税，修改2025年4月2日第14257号行政令对中国商品(包括香港特别行政区和澳门特别行政区商品) 加征的34%的对等关税措施，其中24%的关税暂停加征90天，保留剩余10%的关税。同时，美方还下调 或撤销对中国小额包裹(包括香港特别行政区小额包裹)加征的关税，将国际邮件从价税率由120%下调至 54%，撤销原定于2025年6月1日起将从量税由每件100美元调增为200美元的措施。鉴于美方根据中美经 贸高层会谈共识撤销、暂停或调整有关对华加征关税，中方相应调整有关关税和非关税对美反制措施。 （新华社） 2．外交部回应中美大幅降低关税。今天，外交部发言人林剑表示，中美双方在日内瓦的经贸会谈达成 多项积极共识，同意大幅降低双边关税水平。美方承诺取消91%关税，暂停实施24%的对等关 ...

Core Viewpoint - A-shares experienced a significant afternoon rally, with major indices closing higher, particularly driven by the banking and brokerage sectors, which saw a historic market capitalization surpassing 10 trillion yuan [1][3]. Financial Sector Performance - The banking sector's total market capitalization reached a historic high of over 10 trillion yuan, marking a significant milestone [3]. - The banking index has accumulated a year-to-date increase of over 8%, ranking fifth among the primary industry sectors [6]. - The banking index is now just over 100 points away from its historical peak from 2007, indicating potential for further growth if it rises by approximately 3% [8]. Reasons for Banking Sector Surge - Analysts attribute the surge in the banking sector to several factors: 1. Speculative buying driven by various rumors, including those from foreign media [10]. 2. The revision of the "Insurance Fund Utilization Management Measures," which has relaxed risk factors for equity assets, leading to increased institutional investment in the financial sector [10]. 3. Public fund managers are aligning their asset allocations with performance benchmarks, which may lead to a preference for high-dividend sectors [10]. Long-term Outlook - Long-term prospects for the banking sector are positive, with expectations of stable performance in 2025, including steady growth in revenue and net profit [10]. - Analysts recommend a diversified asset allocation strategy to mitigate risks associated with investing in a single sector [10]. Technology Sector Developments - A new policy initiative from the Ministry of Science and Technology and other departments aims to accelerate the development of a technology finance system, which includes the establishment of a "National Venture Capital Guidance Fund" to support technological innovation [12]. - This initiative is expected to foster the growth of technology-oriented enterprises and promote the transformation of major technological achievements into productive forces [12]. Market Trends and Investment Strategies - The market is transitioning from a phase of stabilization to one where the potential for profit increases, with a focus on maintaining risk preferences [13]. - Analysts suggest that the small-cap growth sector may see enhanced performance due to expected liquidity increases and a focus on new and emerging industries [15]. - A balanced investment approach that includes both small-cap growth and dividend-paying stocks is recommended to optimize returns while managing risk [16][17].