5月26日周一，A股低开，早盘沪指震荡走高，创业板走低，核电、黄金板块活跃，汽车股下跌，港股恒指、恒科指 双双低开，恒科指跌超1%，美团跌超4%，新能源汽车股领跌。债市方面，国债期货小幅走高。核心市场走势： | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | | 3355.54 | 7.17 | 0.21% | | 399001 | 深证成指 | | 10111.06 | -21.36 | -0.21% | | 399006 | 创业板指 | | 2006.57 | -14.93 | -0.74% | | 000300 | 沪深300 | | 3874.71 | -7.56 | -0.19% | | 000016 | FiF50 | | 2712.07 | 0.22 | 0.01% | | 000680 | 科创综指 | | 1156.37 | 1.15 | 0.10% | | 000688 | 科创20 | | 981.18 | 0.61 | 0.06% | | 899050 | ...

Market Trend Analysis - Macro Global Markets processes 120 million market data points every minute, providing effective intelligence equivalent to a medium-sized library for each user every second [3] - The "Three-Dimensional Policy Shock Model" quantifies central bank interest rate paths, fiscal stimulus scales, and regulatory frameworks into tradable parameters, predicting that a one-month delay in the Fed's balance sheet reduction could narrow emerging market bond spreads by 8-12 basis points [3] Investment Strategy Core - The global macro strategy of Macro Global Markets is regarded as a "decision-making bible" due to its three-layer penetrating analysis framework, focusing on economic fundamentals, political cycles, and technological leaps [5] - The "Volatility Quadrant Tool" redefines risk-return ratios by categorizing assets into four types, with a recommendation to increase allocation to low correlation, high volatility assets to hedge against geopolitical risks, achieving a 3.2% positive return during a 9% drop in the Nasdaq index [5] Risk Quantification - The "Stress Test Matrix" offers a solution that surpasses traditional VaR models, simulating both sudden shocks and chronic risks, predicting a 12%-15% valuation correction for China's new energy vehicle sector if EU carbon tariffs expand [6] - The "Options Implied Volatility Surface Anomaly Scanning System" has successfully captured early signs of multiple black swan events, providing a 72-hour window for institutional investors to adjust their positions ahead of potential Fed rate cuts [6] Future Economic Forecast - Predictions indicate that 2026 may become the "year of AI productivity realization," driven by breakthroughs in general artificial intelligence, brain-computer interfaces, and controllable nuclear fusion [8] - The "Geopolitical Heat Index" suggests Southeast Asia is emerging as a new value area, with significant growth in infrastructure investment and digital payment penetration, recommending a focus on tech-consumer hybrid sectors in the region [8] Conclusion - Macro Global Markets' "anti-fragile analysis system" combines machine learning with human insights to navigate market uncertainties, helping professional investors create a "wealth navigation map" for the current era [9]

5月26日，A股早盘走势分化，沪指盘中翻红，截至9:39，沪指涨0.21%，深证成指跌0.06%，创业板指跌0.26%。 2、可控核聚变概念强势 可控核聚变概念延续强势，融发核电2连板，哈焊华通、久盛电气、保变电气、永鼎股份、雪人股份、天力复合等跟涨。 点评：消息面上，据央视新闻报道，当地时间23日，美国总统特朗普签署了一系列有关核能的行政命令，计划在2030年前启动10 座大型核电站建设，并在2050年前将美国核电产能翻四倍。中信证券认为，近年来海外可控核聚变发展提速，以美国企业为代表 的商业化聚变项目有望在2030前投入商用，倒逼国内产业加速推进。 盘面上，中科院系概念冲高，中国科传涨停；可控核聚变概念延续强势，融发核电2连板；移动支付概念活跃，远望谷涨停；下 跌方面，大消费继续弱势，医药、汽车、大金融等板块跌幅居前。 展望后市，申万宏源指出，维持A股二季度是中枢偏高的震荡市判断不变，短期市场小波段调整。 热门板块 1、中科院系概念活跃 中科院系概念活跃，中国科传涨停，森远股份、中科信息、中科星图、奥普光电、汉王科技等涨幅靠前。 点评：消息面上，海光信息公告称，公司与中科曙光正在筹划由海光信息通过向中科曙 ...

可控核聚变概念多股高开，融发核电（002366）涨超9%，国光电气涨近4%，保变电气（600550）、雪 人股份（002639）、哈焊华通（301137）等跟涨。 暗盘资金一眼洞悉庄家意图>> ...

第 637 期 "A+H"潮起，超40家A股上市公司冲刺港股IPO 大河财立方记者注意到，今年以来，已有宁德时代、恒瑞医药等3家A股上市公司赴港上市。另有安井 食品、海天味业、南华期货等超40家A股企业宣布赴港计划或已递交申请。而在河南，亦有牧原股份、 真实生物等企业宣布冲刺港股IPO 。 港股不仅成为企业引入国际资本的关键通道，更为其跨境并购和海外扩张提供跳板，在政策红利和市场 机遇的双重驱动下，A股上市公司正加速迈向全球资本市场。 2025-05-26 焦点事件 首批新型浮动费率基金将发行 5月24日，16家基金公司集体公告，旗下浮动费率基金产品发行定档，均将于5月27日开启发行，多数产 品将于6月中下旬结束认购。从基金合同中可以看到浮动费率基金具体的收费形式，当投资者持有基金 份额达到一年后赎回，若期间年化收益率跑输业绩比较基准3个点及以上，仅收取0.60%年费率；若跑 赢业绩比较基准6个点及以上且收益为正，则适用1.50%年费率；其他情形则适用1.20%年费率。 宏观要闻 《网络交易平台收费行为合规指南》征求意见 为规范网络交易平台向平台内经营者收取佣金、抽成、会员费、技术服务费、信息服务费、营销推广 ...

Group 1 - Central state-owned enterprises are enhancing market value management and accelerating valuation restructuring, with multiple companies holding performance briefings to communicate their value [1] - Policies from regions like Shanghai, Fujian, and Jilin are guiding enterprises to strengthen market value management, indicating a shift from policy advocacy to practical implementation [1] - The market is expected to see a new opportunity for value reassessment of central state-owned enterprises, particularly those with negative net asset values [1] Group 2 - The first case of absorption merger under the revised Major Asset Restructuring Management Measures involves Haiguang Information planning to absorb and merge with Zhongke Shuguang [2] - Both companies have announced a suspension of their A-share stocks starting May 26, with the suspension expected to last no more than 10 trading days [2] Group 3 - The first batch of 26 floating rate funds has received approval from the CSRC, with issuance set to begin on May 27 [3] - The fee structure for these funds includes a significant asymmetry in incentives, where management fees can be halved if performance lags behind benchmarks by 3 percentage points or more [3] - This model reflects a commitment from fund companies to prioritize investor interests, potentially leading to a normalization of floating rate models in active equity funds [3] Group 4 - The Ministry of Commerce has released a plan with 16 measures to support the high-quality development of national economic and technological development zones [4] - The plan encourages the creation of future industry incubators and the introduction of leading industrial internet platforms to promote digital transformation in manufacturing [4] - It also emphasizes financial support for development entities in these zones to expand financing channels through public listings [4] Group 5 - Foreign investment in China's public fund industry is increasing, with significant capital injections from overseas institutions [5] - Morgan Fund has launched several new ETFs targeting the Chinese market, indicating a growing interest from foreign investors [5] - The trend reflects China's increasing attractiveness to foreign capital amid ongoing high-level opening of the public fund sector [5] Group 6 - The humanoid robot industry is experiencing a surge in events aimed at promoting production through competition, with several competitions scheduled across China [7] - Experts suggest that these high-visibility events can enhance industry attention but call for innovation in event design to effectively test technological capabilities [7] Group 7 - A surge in shipping demand has led to a significant increase in freight rates, with prices rising over 40% as of late May [8] - Despite the rising rates, foreign trade enterprises are becoming cautious in accepting new orders due to uncertainties in the market [8] - The shipping market is currently characterized by a supply-demand tug-of-war, with expectations of continued price increases in the short term [8] Group 8 - Over 670 listed companies have been surveyed by brokerages in May, with a focus on sectors like electronics, pharmaceuticals, and non-ferrous metals [9] - The defense and military industry has also seen a notable increase in attention from brokerages [9] - The pharmaceutical sector, particularly innovative drugs, has shown significant stock price recovery, attracting considerable interest from analysts [9] Group 9 - The Hong Kong stock market has become a key performance driver for many A-share fund managers, with both traditional and emerging sectors showing strong upward trends [10] - Public fund managers are optimistic about the investment potential in new technologies, new consumption, and pharmaceuticals within the Hong Kong market [10] - The market is expected to continue attracting more foreign capital, despite some hesitance from overseas investors [10] Group 10 - Recent policies have increased support for technology-driven enterprises, leading to a rise in interest for innovation-focused ETFs, particularly in the pharmaceutical and gold sectors [11] - Significant inflows into various ETFs indicate a strong market response to these themes, with several funds seeing net inflows exceeding 1 billion yuan [11] Group 11 - Over 130 A-share companies have hosted foreign institutional investor surveys this month, with a focus on their international business expansion and capacity building [13] - Industries such as electronics, integrated circuits, and pharmaceuticals are particularly favored by foreign investors [13] Group 12 - Companies are actively investing in the controllable nuclear fusion sector, with significant contracts awarded for related research and development [14] - Key players in the industry are making strides in reducing reliance on imports for critical components used in nuclear energy projects [14] Group 13 - Huawei is expanding its smart automotive ecosystem through a deepened strategic partnership with Dongfeng Motor Group, focusing on areas like intelligent driving and software development [15] - The collaboration aims to leverage Huawei's technology to reshape the automotive industry, with over 20 major car manufacturers already involved in its smart vehicle solutions [15]

热门中概股涨跌不一，阿里巴巴跌0.62%，京东跌1.01%，百度跌0.31%，拼多多跌0.47%，网易涨 0.61%，理想汽车涨0.84%，腾讯音乐涨3.48%，携程涨2.08%。 ►►据新华社，李强主持召开国务院常务会议，审议通过《制造业绿色低碳发展行动方案（2025－2027 年）》，研究进一步健全横向生态保护补偿机制有关举措，讨论《中华人民共和国食品安全法（修正草 案）》。 ►►为规范网络交易平台向平台内经营者收取佣金、抽成、会员费、技术服务费、信息服务费、营销推 广费等收费行为，维护平台内经营者合法权益，促进平台经济健康有序发展，近日，市场监管总局研究 起草了《网络交易平台收费行为合规指南（征求意见稿）》，并向社会公开征求意见。 ►►商务部印发《深化国家级经济技术开发区改革创新以高水平开放引领高质量发展工作方案》。支持 在有条件的国家级经开区布局重大产业科技创新平台，支持区内相关单位承担国家和地方科技计划项 目。鼓励国家级经开区科技领军企业联合高校、科研机构等组成创新联合体，加强与国家大学科技园协 调联动，协同推进技术创新与商业转化。 机构表示，A股短期可能延续震荡偏强趋势，短期建议继续关注科技和部分 ...

Group 1 - Wangzi New Materials emphasizes that its involvement in controlled nuclear fusion is minimal, with its subsidiary only providing capacitor products for a specific component of the magnetic power supply project, which has a low revenue impact on the company's overall performance [1] - Zhongzhou Special Materials clarifies that its high-temperature corrosion-resistant alloy products have not been applied in the controlled nuclear fusion field, urging investors to differentiate between market speculation and actual business developments [3] Group 2 - Mingtai Aluminum has signed a strategic cooperation framework agreement with Penghui Energy to collaborate on the research and development of solid-state and sodium-ion batteries, as well as aluminum recycling, although the specifics of the partnership are yet to be determined [2]

| | | 5月25日重要公告摘要 | | --- | --- | --- | | 类型 | 公司 | 主要内容 | | 今日聚焦 | 中超控股 | 实际控制人减持股票用于江苏精铸设备采购等 | | | 城地香江 | 联合体预中标中国移动浙江公司数据中心机房动力系统建设项目 | | | 王子新材 | 可控核聚变业务占比小且可持续性存疑 | | | 北方长龙 | 筹划购买河南众晟控股权及配套融资 股票停牌 | | | *ST宇顺 | 近期经营情况及内外部经营环境未发生重大变化 股票明起复牌 | | 投资8签约 | 明泰铝业 | 与鹏辉能源签订战略合作框架协议 | | 股权变动 | 邦彦技术 | 终止发行股份及支付现金购买资产并募集配套资金 | | 增减持&回购 | 佳十科技 | 股东千鑫恒拟减持不超过3%公司股份 | | | 翔港科技 | 实控人拟减持不超3%公司股份 | | 学于国语2回分 | 润建股份 | 预中标3.74亿元中国移动家集客接入施工服务采购项目 | | 其他 | 众生药业 | 子公司一类创新药RAY1225注射液两项降糖 II期临床试验获伦理 批件 | 今日聚焦 【15天9板中超控股：实际控制 ...

Group 1 - Wangzi New Materials' controllable nuclear fusion business contributes a small proportion to its main revenue, with significant uncertainty regarding the sustainability of orders from such projects [3] - Beifang Changlong is planning to acquire the controlling stake in Henan Zhongsheng and will suspend trading due to uncertainties surrounding the transaction [4] - ST Yushun's recent operational conditions have not changed significantly, leading to the resumption of its stock trading after a temporary suspension [5] Group 2 - Runjian Co. has been pre-selected for a procurement project by China Mobile, with a total contract value of 374 million yuan for the service period of 2025 to 2026 [7] - Mingtai Aluminum has signed a strategic cooperation framework agreement with Penghui Energy to collaborate on new battery technologies and aluminum recycling [8] - Chengdi Xiangjiang's subsidiary has formed a joint venture to bid for a data center project with an estimated value of 440 million yuan, pending final confirmation [9] Group 3 - Zhongchao Holdings' actual controller has reduced his stake by selling 2.23 million shares, accounting for 0.16% of the total share capital, with proceeds directed towards equipment procurement [11] - Xianggang Technology's actual controller plans to reduce his stake by up to 3%, equating to 648,420 shares [13] - Youyan Powder Materials' controlling shareholder plans to reduce holdings by up to 103,000 shares, representing 1% of the total share capital [14]