Core Viewpoint - The Chinese government has introduced policies to facilitate the listing of Hong Kong-listed companies from the Guangdong-Hong Kong-Macao Greater Bay Area on the Shenzhen Stock Exchange, aiming to enhance the competitiveness of the Shenzhen market and attract international capital [1][2]. Group 1: Policy Overview - The State Council's recent opinion allows eligible Hong Kong-listed companies to issue depositary receipts on the Shenzhen Stock Exchange [1]. - The policy aims to strengthen the core position of the Shenzhen Stock Exchange in the capital market and promote cross-border financial flows [1][2]. Group 2: Potential Companies for "Return to A-Shares" - Approximately 200 companies from Guangdong are currently listed in Hong Kong but not in A-shares, with many using the red-chip model [2]. - Notable companies that could consider returning to A-shares include Tencent Holdings, Tencent Music, and Xiaopeng Motors, among others [2][3]. - Companies like Sunshine Insurance and Yubis have registered in mainland China and are also potential candidates for A-share listings [3][4]. Group 3: Types of Companies Likely to "Return to A-Shares" - High-tech companies with undervalued stock in Hong Kong may seek to return to A-shares for better valuations and funding opportunities [4][5]. - Mature tech platform companies that are still in a "burning cash" phase may also consider returning to A-shares for additional financial support [5]. - Core technology companies in policy-sensitive industries may benefit from the dual support of national policies and market funding by returning to A-shares [5]. Group 4: Challenges in Policy Implementation - The transition from Hong Kong to A-shares may face challenges due to differences in listing rules, financial auditing standards, and information disclosure requirements [7][8]. - Companies using red-chip or VIE structures may encounter high costs and lengthy processes to adjust their structures for A-share listings [7][8]. - The need for high-quality Chinese information disclosure and technical verification may pose additional hurdles for tech companies [8]. Group 5: Recommendations for the ChiNext Board - Suggestions include simplifying the review process for returning companies and establishing a green channel for eligible firms to expedite the listing process [9][10]. - The introduction of a dedicated channel for tech companies on the ChiNext Board could focus on core technology and business models rather than short-term profitability [10]. - Encouraging the use of depositary receipts for tech companies could lower the costs associated with structural adjustments [10].

Core Viewpoint - The A-share market has rebounded significantly, with the Shanghai Composite Index rising from around 3000 points to over 3400 points, indicating a recovery from previous lows [1][2]. Group 1: Current Market Situation - The current market dynamics are characterized by a "volume surge followed by a volume contraction" pattern, similar to an athlete's intermittent sprinting [6]. - There are two structural contradictions affecting the market: insufficient incremental capital and ongoing external uncertainties, such as tariffs, which have shifted investor sentiment from enthusiasm to hesitation [7]. - Despite these challenges, most indices are within a reasonable valuation range, suggesting a certain level of safety [7][8]. Group 2: June Market Outlook - The market is currently in a state of uncertainty, with expectations for June being influenced by mid-year earnings forecasts, policy expectations, and global liquidity trends [13]. - A diversified investment strategy is recommended, focusing on low-volatility dividend assets and technology sectors that have regained valuation appeal [14][18]. - Gold is suggested as a hedge during periods of market volatility [21]. Group 3: Response Strategies - Investors are advised to maintain balanced portfolios and avoid overcommitting to a single sector, as market sentiment remains divided between growth and value styles [23]. - It is crucial to manage positions carefully, avoiding extremes of being fully invested or completely out of the market, to enhance the likelihood of capturing trends [24]. - Historical data indicates that a significant portion of capital market returns is generated during a small percentage of trading time, emphasizing the importance of remaining engaged in the market [25][26].

美国对EDA和航发技术的禁售看似凶狠，实则暴露了底牌已尽的窘境。中国罕见地保持沉默，却在关 键时刻亮出为C919量身定制的新型航发，推力达11吨，直接打脸美国的封锁。这种沉稳的反击背后， 是中国制造业转型成功的底气。 特朗普的关税战让美国海关收入暴涨，每月多收数百亿美元，但企业利润却暴跌千亿，一季度GDP负增 长。中国制造业PMI虽然短暂跌破50，但整体经济仍保持5%以上的增速，高端制造业投资活跃。美国 的打压反而加速了中国科技自主的步伐。 中国近期动作频频：与拉美国家举办北京峰会，同东盟、海合会举行首届峰会，筹备中非和中亚峰会， 地缘影响力快速扩张。更关键的是两记重拳——四月抛售超百亿美债导致收益率飙升，香港议会火速通 过全球首个与法币1:1挂钩的稳定币法案。这直接打断了美国通过稳定币重构美元体系的算盘。 美国越打越急，中国越打越稳。双方最后的对决很可能避开热战，在金融战场一决高下。中国正在积蓄 力量，等待时机对美元霸权发起总攻。香港稳定币的突破性立法，就是这场货币战争的第一声炮响。 美元霸权的根基正在动摇。美国滥用金融制裁，冻结他国外汇储备，让全世界看清了美元体系的政治风 险。俄乌冲突后，多国加速去美元化 ...

Group 1: Consumer Goods and Market Trends - The sales volume of consumer goods through the old-for-new program has exceeded 1 trillion yuan as of June 1, indicating a strong recovery in consumption [1] - As of May 31, the old-for-new program has driven a total sales volume of 1.1 trillion yuan across five major categories, with approximately 175 million subsidies issued to consumers [1] - The automotive sector has seen 4.12 million subsidy applications, while 49.86 million consumers purchased 77.62 million units of 12 major categories of home appliances [1] Group 2: Stock Market Analysis - The A-share market is experiencing rapid shifts in hotspots, with technology sectors leading the gains, although uncertainties remain due to ongoing overseas tariff issues [2] - The average price-to-earnings ratios for the Shanghai Composite Index and the ChiNext Index are at 13.69 times and 35.8 times, respectively, indicating a suitable environment for medium to long-term investments [3] - The market is expected to continue a pattern of oscillation and rotation of hotspots, with a focus on technology and consumer sectors [4] Group 3: Stablecoin Industry Developments - Circle, the issuer of the USDC stablecoin, plans to go public on the NYSE, aiming to raise up to $624 million with a total valuation of $6.7 billion [5] - The global stablecoin market is projected to reach nearly $240 billion by April 2025, with USDT and USDC dominating the market with a combined share of nearly 90% [5] - Stablecoins are increasingly being utilized in various payment and transaction scenarios, with a total transfer volume expected to reach $27.6 trillion in 2024, surpassing traditional payment giants [6] Group 4: Industrial Software and Investment Opportunities - The inclusion of industrial software in the "two new" policy is expected to stimulate investment and development in the sector, with a projected market size of 333.2 billion yuan by 2024 [8][9] - The government aims to update approximately 200,000 sets of industrial software and 80,000 sets of operating systems by 2027, focusing on key industries such as petrochemicals and aerospace [8] - Companies like Saiyi Information and Dingjie Zhizhi are recommended for investment due to their involvement in the industrial software sector [9] Group 5: Solid-State Battery Market Insights - Solid-state batteries are anticipated to play a crucial role in the global energy market, with expected shipments reaching 614.1 GWh by 2030 [10][11] - The market for solid-state batteries is driven by demand from electric vehicles, low-altitude economy, and robotics, with significant advantages over traditional lithium-ion batteries [10] - Investment opportunities in the solid-state battery sector include companies such as Sanxiang New Materials and Shanghai Xiba [12]

龙芯中科最近有个重要消息：他们的 3A5000/3A6000 桌面终端电脑，和上海合见工软的 PCB 设计软件 UniVista Archer 成功 "配对" 了。简单来说，就是 咱们自己的电脑硬件和设计软件现在能一起流畅工作了，而且从芯片到设计工具全是国产的，这在电子行业里可是件大事。 申请入围"中国IC独角兽" 半导体高质量发展创新成果征集 总的来说，这次 "配对成功" 不只是两个产品的适配，而是标志着国产电子设计从 "能用国外工具" 到 "全自主可控" 的跨越。以前咱们在产业链上有短 板，现在补上了关键一环，未来还能以此为基础，推动芯片工艺、软件功能进一步升级，让整个电子产业在全球竞争中更有底气。对于普通用户来说，可 能感受不到背后的技术细节，但这一步确实为咱们的科技自主筑牢了一块重要基石。 加入"中国IC独角兽联盟"，请点击进入 投稿 、 商务合作 请微信 dolphinjetta 是说芯语，欢迎关注分享 龙芯这两款芯片就像电脑的 "大脑"，3A5000 性能已经不错，3A6000 更是升级款，速度比上一代快了大约 50%。但要让国产软件在自家芯片上跑起来并 不容易，因为龙芯用的是自主研发的架构，和国 ...

策略研究 | 证券研究报告 — 总量周报 2025 年 5 月 11 日 策略周报 政策落地，待新催化 政策预期阶段性落地，市场信心得到有力支撑，科技主线等待回归，配置上 "以我为主"，关注内需、科技自主相关板块。 中银国际证券股份有限公司 具备证券投资咨询业务资格 策略研究 证券分析师：王君 (8610)66229061 jun.wang@bocichina.com 证券投资咨询业务证书编号：S1300519060003 证券分析师：徐沛东 (8621)20328702 peidong.xu@bocichina.com 证券投资咨询业务证书编号：S1300518020001 证券分析师：郭晓希 (8610)66229019 xiaoxi.guo@bocichina.com 证券投资咨询业务证书编号：S1300521110001 证券分析师：徐亚 (8621)20328506 ya.xu@bocichina.com 证券投资咨询业务证书编号：S1300521070003 证券分析师：高天然 tianran.gao@bocichina.com 证券投资咨询业务证书编号：S1300522100001 国新办发布会 ...

英国又对美跪了，还有谁？ 近日，英国与美国签署了一项新的贸易协定，成为本轮全球关税战中首个向美国妥协的西方国家。这一举动再次引发国际社会对英国外交独立性的质疑，同 时也让外界关注其他国家的反应，尤其是中国的态度。 英国为何再次"对美下跪"？ 长期以来，英国在外交政策上对美国表现出高度的依附性，尤其是在脱欧后，英国更加依赖与美国的特殊关系来维持其全球影响力。此次英国率先与美国达 成贸易协定，本质上是其经济与外交困境的体现。 1. 经济压力下的妥协 英国脱欧后，经济面临巨大挑战，亟需稳定的贸易伙伴。美国作为全球最大经济体，自然是英国优先考虑的对象。然而，美国在贸易谈判中一贯强势，此次 协定很可能包含对英国不利的条款，例如在农产品、金融服务等领域作出让步。 2. 政治站队的必然选择 英国政府近年来在外交政策上紧跟美国，无论是乌克兰危机、对华科技封锁，还是在中东问题上的立场，英国几乎无条件支持美国。此次签署贸易协定，不 仅是经济需求，更是政治站队的体现。 3. 全球贸易战的牺牲品 当前，全球贸易保护主义抬头，美国对欧盟、中国等经济体加征关税，英国作为美国的"特殊盟友"，选择率先妥协，可能是为了避免更严重的贸易打击。但 ...

Market Overview - On May 7, the Hang Seng Index opened significantly higher due to policy support from the "One Bank, One Commission, One Bureau" press conference, reaching a peak of 23,197 points before closing at 22,691 points, a slight increase of 30 points or 0.1%[1] - The Hang Seng Tech Index fell by 0.8%, closing at 5,200 points, with total market turnover exceeding HKD 240.1 billion and a net outflow of HKD 7.87 billion from the Stock Connect[1] Sector Performance - Major state-owned enterprises in banking, insurance, and telecommunications supported the market, with four major banks rising between 0.4% and 2.0%[1] - AIA (1299 HK) saw its stock price increase by 2.9% over four consecutive trading days following the release of Q1 operational data[1] - REITs like Link REIT (823 HK) and Prosperity REIT (778 HK) rose by 6.7% and 2.7%, respectively, after the announcement of including REITs in the Shanghai-Hong Kong Stock Connect[1] Policy Impacts - The People's Bank of China announced a 0.25 percentage point reduction in the personal housing provident fund loan rate, lowering the five-year first home loan rate from 2.85% to 2.6%[3] - The China Securities Regulatory Commission emphasized enhancing the role of the National Social Security Fund to stabilize the market, indicating a proactive approach to financial regulation[2] Real Estate Market Dynamics - New home transaction volume in 30 major cities reached 149 million square meters, a year-on-year increase of 42.2%, indicating a rebound in the real estate market[9] - The inventory-to-sales ratio for major cities was 98.4, higher than last year but lower than the previous week, suggesting a tightening market[11] Automotive Sector Insights - Li Auto (2015 HK) reported sales of 11,400 vehicles for the week ending May 4, up from 8,600 the previous week, indicating strong demand ahead of the launch of new models[4] - Geely Auto (175 HK) proposed a privatization offer for Zeekr (ZK US) at a 20% premium to its 30-day average price, which is expected to positively impact Geely's stock price[4]

今日A股迎来五月首个交易日的"开门红"，三大指数全线飘红，上证指数涨1.13%至3316.11点，时隔两周重返3300点关口；深证成指涨1.84%至 10082.34点，创阶段新高；创业板指领涨1.97%至1986.41点，成交额突破1.34万亿元，较节前放量1668亿元。市场呈现普涨格局，超4800只个股上 涨，涨停个股达141只，投资者情绪显著回暖。 盘面上看，汽车、有色、家电、化工、半导体、钢铁、电力、券商、地产等板块拉升，可控核聚变、稀土、鸿蒙概念、算力概念等活跃。 资金流向方面，主力资金全天净流入计算机、电子、机械设备等板块，净流出银行板块。具体到个股来看，岩山科技、常山北明、海南华铁获净 流入7.67亿元、5.59亿元、5.42亿元。净流出方面，鸿博股份、探路者、中欣氟材遭抛售5.52亿元、4.67亿元、3.05亿元。 高平聚能资本认为，经过四月份的回调，市场担忧情绪得到一定的释放，特别是科技自主方向。当一季报压力窗口过后，五月A股或呈现修复行 情的机会。 中信证券表示，关税战至今，全球主流风险资产价格基本都回到原点，表明"交易事实，而非预期"应该是贸易战之下应对不确定性的第一原则； 展望5月，" ...

盘面上，可控核聚变、稀土永磁板块涨幅居前，脑机接口、鸿蒙概念、CPO、算力板块活跃；银行股调 整。全市场近5000只个股上涨。 具体来看，机器人概念股反复活跃，九联科技、大叶股份、天源迪科、通达动力等多股封板。 可控核聚变概念集体走强，久盛电气、合锻智能、兰石重装、海陆重工等8股涨停。 【资金流向】 主力资金全天净流入计算机、电子、机械设备等板块，净流出银行板块。 盘面上，可控核聚变、稀土永磁板块涨幅居前，脑机接口、鸿蒙概念、CPO、算力板块活跃；银行股调 整。全市场近5000只个股上涨。 5月6日，A股三大指数全天震荡上行，沪指重返3300点。截至收盘，沪指涨1.13%，深证成指涨1.84%， 创业板指涨1.97%。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | 振幅 | | --- | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | STATE hum | 3316.11 | 37.08 | 1.13% | 0.90% | | 399001 | 深证成指 | { | 10082.34 | 182.51 | 1.84% | 1 ...