Group 1: Overall Performance - In 2024, the overall profit of the A-share market slightly declined, with total operating revenue of 71.90 trillion yuan, a year-on-year growth rate of -0.86%. The net profit attributable to shareholders was 5.21 trillion yuan, down 2.27% year-on-year [9][10] - In Q1 2025, the net profit attributable to shareholders in the A-share market showed a recovery, reaching 1.49 trillion yuan, with a year-on-year growth rate of 3.64% [10][11] Group 2: Industry Performance - The electronic industry showed significant growth, with a revenue increase of 17.4% in 2024, ranking first among industries. In Q1 2025, the revenue growth was 15.9%, ranking second [11][12] - The real estate and building materials industries faced substantial declines, with revenue growth rates of -21.0% and -12.4% respectively in 2024 [11][12] Group 3: Investment Recommendations - Focus on industries with continued growth and improving conditions in 2024 and Q1 2025, including non-bank financials, electronics, home appliances, automobiles, and agriculture [20] - In the non-bank financial sector, the new policies are expected to enhance the capital market, suggesting opportunities in large, stable brokerage firms and competitive insurance companies [21][22] - The electronics sector is expected to benefit from the rise of AI and self-sufficiency, presenting numerous investment opportunities [23][24] - The home appliance industry is driven by domestic demand for upgrades and has promising long-term export prospects [25][26] - The automotive industry is supported by policies encouraging trade-in and the growing international presence of Chinese electric vehicles [27][28] - The agriculture sector is seeing a recovery in demand for feed and veterinary products, with favorable conditions for large-scale planting investments [30][31]

策 略 研 究 华福证券 策略定期研究 2025 年 5 月 12 日 大事记下的市场运行 投资要点： 本周（5/5-5/9）市场偏强震荡，全 A 收涨 2.32%。从指数情况看，微 盘股、创业板指领涨，仅科创 50 收跌。从风格情况看，先进制造、金融地 产领涨，科技、医药医疗涨幅居后。本周 31 个申万行业全部收涨，国防军 工、通信、电力设备领涨，商贸零售、电子、房地产涨幅较窄。 策 略 定 期 报 告 市场观察：股债收益差下降，行业轮动强度上升。（1）市场估值：股 债收益差下降至 1.4%，位于+1 标准差、+2 标准差之间。估值分化系数有 所上升。（2）市场情绪：市场情绪回暖，行业轮动强度上升。市场小盘风 格占优，微盘股指数跑赢市场，主题热度主要聚集在商业航天、军工信息 化、通用航空。（3）市场结构：市场量能环比上升，国防军工、家用电器、 计算机多头个股占比居前，石油石化、商贸零售、农林牧渔内部或存在α 机会。（4）市场资金：本周陆股通周内日平均成交金额较上周上升 187 亿 元，本周陆股通周内日平均成交笔数较上周上升 58 万笔。陆股通成交额排 名前三的标的为比亚迪、宁德时代、新易盛，近 5 日涨幅分 ...

Core Viewpoint - The article discusses various industry reports highlighting trends and forecasts in sectors such as steel, copper, chemicals, oil and gas, coal, automotive, and semiconductor industries, indicating potential investment opportunities and market dynamics. Steel Industry - The Ministry of Industry and Information Technology revised the "Steel Industry Normative Conditions," which may lead to a recovery in steel sector profitability to historical average levels, positively impacting steel stock price-to-book ratios [4]. Copper Industry - Domestic scrap copper production in April decreased by 22.5% year-on-year and 20% month-on-month, while copper inventories fell to low levels. High operating rates in cable enterprises and expected policy stimulus may support copper price increases [5]. Chemical Industry - The article emphasizes the ongoing trend of domestic substitution in the chemical sector, particularly for MXD6, ion exchange resins, and semiconductor materials, driven by technological advancements and market demand [6]. Oil and Gas Industry - Geopolitical risks are rising, and a recent trade agreement between the UK and the US has boosted confidence in oil demand, leading to a rebound in oil prices, with Brent and WTI crude oil prices increasing by 4.0% and 4.6% respectively [7]. Coal Industry - As of May 9, coal inventories at ports reached 33.051 million tons, up 6.5% week-on-week and 42.15% year-on-year, indicating high inventory pressure. Consequently, coal prices have started to decline, reflecting weak downstream demand [8]. Automotive Industry - The automotive sector's overall performance met expectations, with a focus on the potential for increased domestic sales in 2025 driven by trade-in programs and advancements in smart driving technology [9]. Semiconductor Industry - Semiconductor company SMIC faced production issues in Q1 2025, leading to lower-than-expected revenue and guidance for Q2, despite a year-on-year revenue increase of 28.4% to $2.247 billion [9].

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证券研究报告 2025年05月12日 计算机 行业拐点或已显现，迎接AI时代晨曦 ——计算机2024年报和2025一季报总结 评级：推荐(维持) 刘熹(证券分析师) S0350523040001 liux10@ghzq.com.cn 最近一年走势 相关报告 -26% -9% 8% 24% 41% 58% 2024/05/08 2024/07/08 2024/09/08 2024/11/08 2025/01/08 2025/03/08 2025/05/08 计算机 沪深300 《计算机行业深度：大模型研究框架（2025）——"大模型"系列（5）（推 荐）*计算机*刘熹》——2025-04-21 《计算机"人工智能"系列专题：AutoGLM沉思： DeepResearch+Operator，开启智能体新阶段（推荐）*计算机*刘熹》— —2025-04-17 《计算机行业深度报告：关税对自主可控的影响拆解——计算机"自主可控" 系列报告（3）（推荐）*计算机*刘熹》——2025-04-11 相对沪深300表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 计算 ...

Group 1 - The core viewpoint is that the CSI A500 Index and its leading ETF have shown strong performance, with significant increases in both price and trading volume, indicating a favorable investment environment [1][2] - As of May 12, 2025, the CSI A500 Index has risen by 1.26%, with notable stocks such as AVIC Chengfei and Anker Innovations experiencing substantial gains [1] - The CSI A500 ETF has seen a remarkable increase in scale, growing by 170.21 billion yuan in the past six months, and its share count has increased by 183.09 billion shares, leading the comparable funds [1] Group 2 - The CSI A500 Index represents a balanced mix of approximately 50% traditional value industries and 50% emerging growth industries, making it a valuable tool for investors in the A-share market [2] - The top ten weighted stocks in the CSI A500 Index account for 20.8% of the index, with major companies like Kweichow Moutai and CATL leading the list [2] - Analysts suggest that the market may continue to experience a recovery trend supported by favorable economic data and policy measures, with a focus on sectors such as AI, innovative pharmaceuticals, and new consumption [3]

Economic Indicators - The US dollar has weakened overall since the abuse of tariff policies, with the dollar index declining recently, leading to a significant appreciation of the RMB and HKD[8] - April export data exceeded expectations, potentially due to the US delaying the implementation of "reciprocal tariffs" for 90 days, which buffered the impact on Chinese exports[12] Market Trends - The A-share and Hong Kong stock markets have historically risen during periods when the HKD triggers the strong-side convertibility guarantee, indicating increased global interest in Chinese assets[8][10] - The A-share market's overall price-to-earnings ratio is currently at 18.92 times, reflecting a 2.17% increase from the previous week[7] Policy Developments - Recent monetary policy easing and expansion of new policies are expected to support domestic demand and stabilize the capital market, which may bolster market liquidity and risk appetite[13] - The worst phase of the China-US tariff war appears to be over, but the negotiations are likely to enter a prolonged "negotiation while fighting" phase, suggesting a cautious outlook for the market[21] Investment Recommendations - Investors are advised to focus on sectors benefiting from policy support, such as dividends, domestic consumption, and self-sufficiency, which are expected to yield excess returns[21] - The market is anticipated to remain volatile in the second quarter, with a potential return to a "dumbbell" investment style[21]

华泰证券在策略周报中认为，依然看好港股相对收益表现，适度转向进攻。（1）产业上，港股板块 中，关税敏感性较高的出口链及中游制造企业市值占比较低；（2）政策环境改善有助于风险偏好提 振；（3）估值相对较低且受政策支持的港股科技和消费板块仍具吸引力；（4）美国经济硬数据转弱或 提升全球资金再配置需求。中期看，公募改革或进一步增加国内资金配置港股特色板块的需求。操作 上，建议配置：（1）具备政策逆周期调节预期的泛消费，尤其是同时受益于AI应用落地和内需上行逻 辑的标的；（2）盈利预期抬升明显、自主可控逻辑坚实、存政策预期支撑的港股硬科技方向等。 申万宏源在研报中指出，港股互联网一季报将至，AI云计算收入兑现及应用落地和商业化展望、小而 美悦己消费领域付费指标（音乐）、关税影响、本地生活与即时零售竞争影响指引等是重点。或可聚焦 AI兑现收入的云计算（如阿里巴巴、金山云、腾讯控股）和较低估值的AI应用等。 5月12日午后，港股再度走强，恒生科技指数午后一度涨超2.5%。港股通汽车ETF（159323）、恒生科 技指数ETF（513180）等热门ETF震荡上行，涨幅持续拉大。恒生科技指数ETF（513180）持仓股涨多 ...

流动性方面，创业板50ETF嘉实盘中换手4.71%，成交1799.59万元。拉长时间看，截至5月9日，创业板 50ETF嘉实近1年日均成交3670.87万元。 规模方面，创业板50ETF嘉实近3月规模增长2287.94万元，实现显著增长。份额方面，创业板50ETF嘉 实近3月份额增长5700.00万份，实现显著增长。 值得注意的是，该基金跟踪的创业板50指数估值处于历史低位，最新市净率PB为4.56倍，低于指数近5 年84.1%以上的时间，估值性价比突出。 数据显示，截至2025年4月30日，创业板50指数前十大权重股分别为宁德时代、东方财富、汇川技术、 迈瑞医疗、阳光电源、中际旭创、新易盛、爱尔眼科、亿纬锂能、同花顺，前十大权重股合计占比 64.53%。 截至2025年5月12日 13:42，创业板50指数强势上涨2.42%，成分股中航成飞上涨18.95%，蓝思科技上涨 7.53%，阳光电源上涨6.53%，景嘉微、指南针等个股跟涨。创业板50ETF嘉实(159373)上涨2.33%。 创业板50ETF嘉实(159373)，场外联接(A：023429；C：023430)。 中信建投证券策略研究复盘认为，年初市 ...

民生证券指出，国产大模型持续突破，DeepSeek、豆包、MCP等开始引领全球产业发展，Al应用落地 加速。芯片厂商也在加速适配国产算力生态。以自主可控为基石，云厂商资本开支持续加速。带动服务 器、电源、存储等上游产业链环节机遇。 国产替代之光，科创自立自强！乘风AI热潮，全球大模型百花齐放，国产DeepSeek实现弯道超车，打 破海外算力封锁，奠定了国产AI公司后来居上的基石。重点布局在国产AI产业链，具备较强国产替代 特点的科创人工智能ETF华宝（589520），其标的指数均衡配置应用软件、终端应用、终端芯片、云端 芯片四大环节，有望受益于端侧芯片/软件AI化进程提速。 风险提示：科创人工智能ETF华宝被动跟踪上证科创板人工智能指数，该指数基日为2022.12.30，发布 日期为2024.7.25，该指数2023年、2024年的年度涨跌幅分别为：12.68%、32.36%。指数成份股构成根 据该指数编制规则适时调整，其回测历史业绩不预示指数未来表现。本文中提及的指数成份股仅作展 示，个股描述不作为任何形式的投资建议，也不代表管理人旗下任何基金的持仓信息和交易动向。基金 管理人评估的该基金风险等级为R4-中 ...