节前最后一个交易日市场震荡分化，三大指数涨跌不一，沪深两市当日成交额1.17万亿；6日开盘，A股 三大股迎来五月开门红，上证指数涨0.49%报3295.25点；深证成指涨0.75%报9974.53点；创业板指涨 0.97%报1966.97点；沪深300涨0.63%报3794.38点；科创50涨0.4%报1016.44点；北证50涨1.32%报 1348.69点 中信建投指出，展望五月，市场中期或将继续处于震荡格局，但短期风险偏好呈现边际改善迹象，或推 动市场风格阶段性转向成长。市场或呈现"成长-避险-消费"阶段性轮动特征。中期建议重点关注具备内 需驱动和成长弹性特征的"新质内需成长"方向，短期重点关注科技成长与服务消费。包括：电子、机械 设备、计算机、汽车、家电、农林牧渔、商贸零售、美容护理、社会服务等。 来源：读创财经综合 盘面上，超聚变服务器、日用陶瓷、金属成形机床、高压直流输电HVDC、数据运维、棉纺、体育彩 票、配套设备、软件外包服务（ITO）、电源设备等涨幅居前。建筑信息化、重组胶原蛋白、蜜雪冰城 概念、院线、MR（磁共振成像系统）、客车、酒店及餐饮、百货商场、汽车玻璃、碳交易所等跌幅居 前。贵金属 ...

凤凰网财经讯 5月6日，A股三大指数高开，沪指涨0.49％，深成指涨0.75％，创业板涨0.97％。黄金、 稀土永磁、消费电子、服务器、CPO、算力、机器人、6G、金融科技指数纷纷走强；PEEK材料、宠物 经济、零售概念股走弱。 外围市场： 中金公司研报指出，商务部数据显示，五一假期全国重点零售和餐饮企业销售额同比增长6.3%，增速 相较2024年国庆（4.5%）、2025年春节（5.4%）呈环比提速；各省市及线上平台发布的消费数据显 示，长线游、出入境游均有亮眼表现，同时品类上以旧换新备受欢迎，演唱会、潮玩等体验型消费亦表 现较好。展望后续，继续看好消费提振政策逐步显效，全年居民消费需求持续释放。 ②中信建投：短期重点关注科技成长与服务消费 中信建投研报指出，展望五月，市场中期或将继续处于震荡格局，但短期风险偏好呈现边际改善迹象， 或推动市场风格阶段性转向成长。市场或呈现"成长-避险-消费"阶段性轮动特征。中期建议重点关注具 备内需驱动和成长弹性特征的"新质内需成长"方向，短期重点关注科技成长与服务消费。包括：电子、 机械设备、计算机、汽车、家电、农林牧渔、商贸零售、美容护理、社会服务等。 ③中泰证券：红利 ...

Group 1 - A-share market is expected to experience a volatile recovery in May, with a focus on structural opportunities, particularly in technology growth and domestic consumption [1][6] - The performance of A-shares is likely to improve post-holiday, driven by a rebound in global markets and a decrease in tariff impacts [2][6][7] - The automotive sector is seeing various promotional activities, with some models offering discounts exceeding 50,000 yuan, which may stimulate consumption in the second quarter [3] Group 2 - Over 74% of listed companies in the Shanghai and Shenzhen markets reported profits for 2024, indicating resilience in corporate performance [4][13] - The financial sector achieved a net profit of 2.7 trillion yuan in 2024, reflecting a 10.3% year-on-year growth [4] - The net inflow of funds into ETFs has reached approximately 270 billion yuan this year, highlighting their role in stabilizing the market [5] Group 3 - The trend of data assets being included in financial statements is accelerating, with the number of participating companies increasing from 17 to 92 and the disclosed scale rising to 2.495 billion yuan [11] - More than 40 A-share companies are planning to list in Hong Kong, driven by policy support and the attractiveness of the Hong Kong market [12] Group 4 - Recent institutional research has focused on export-oriented companies and their strategies to cope with external pressures, emphasizing the importance of core competitiveness [10] - The overall revenue of A-share listed companies reached approximately 72 trillion yuan in 2024, reflecting a steady improvement in performance [13]

Global Market Overview - During the May Day holiday, global markets mostly rose, with the Hang Seng Technology Index leading gains at over 3% [1][14]. - The US stock market also saw significant increases, with the Nasdaq rising nearly 3% and the S&P 500 achieving its longest winning streak in 21 years [2][20]. - Commodity prices generally fell, with oil prices dropping around 3% and gold also weakening, while agricultural products saw an overall increase [15][16]. US Economic Indicators - The US non-farm payroll data for April exceeded expectations, with an increase of 177,000 jobs, alleviating concerns about the economy and tariffs [23][24]. - The unemployment rate remained stable at 4.2%, and wage growth showed signs of slowing, which may influence Federal Reserve policy [23][24]. - The US dollar index rose above 100 points, supported by strong employment data and reduced expectations for interest rate cuts [17][18]. Domestic Consumption Trends - The May Day holiday saw a significant increase in cross-regional travel, with an estimated 1.42 billion trips, marking a year-on-year growth of approximately 4.5% [29]. - The tourism market was notably vibrant, with a surge in long-distance travel and a significant increase in domestic flight bookings [30][31]. - However, box office revenues during the holiday period saw a sharp decline of 51.6% year-on-year, totaling 515 million yuan [32]. Industry Developments - Xiaomi launched its first open-source reasoning model, MiMo, which outperformed larger models in mathematical reasoning tasks [41][42]. - Apple is collaborating with Anthropic to develop an AI platform for software coding, aiming to enhance internal workflows [48]. - Momenta and Uber have formed a strategic partnership to commercialize Robotaxi services in international markets, starting in Europe in 2026 [49]. Policy and Regulatory Updates - The Chinese government is evaluating the sincerity of the US in tariff negotiations, emphasizing the need for concrete actions from the US side [38]. - The Ministry of Finance in China is advocating for a more proactive fiscal policy to support economic growth and stability [39][40]. - The Shenzhen Stock Exchange has revised the index compilation scheme for the ChiNext board, introducing an ESG negative exclusion mechanism [34][35]. Market Outlook - The market outlook remains positive for growth sectors, with expectations of a shift back to technology and growth stocks as external tariff impacts diminish [55][56]. - Key areas of focus include robotics, artificial intelligence, domestic computing power supply chains, military electronics, innovative pharmaceuticals, and low-altitude economy [55][56].

Group 1 - The overall market view indicates that the impact of overseas tariffs is weakening, and the A-share market is expected to experience fluctuations upward, with a focus on growth rebounds [3][11][15] - The banking sector's quarterly reports fell short of expectations, raising concerns about the sustainability of dividends, leading to a rapid disbanding of bank stock groups [3][15] - The report highlights the active performance of technology growth themes, particularly in sectors like AI, robotics, and autonomous driving, while emphasizing the importance of self-controllable industries such as semiconductors and military technology [3][15] Group 2 - The report lists the top ten stocks for May, including companies from various sectors such as electronics, AI, media, and automotive, with no specific ranking [4][10] - The electronic sector includes Zhishang Technology and Xingchen Technology, both showing significant revenue growth driven by market demand and technological advancements [17][20] - The computer & AI & internet sector features Mai Xinlin, which has seen rapid revenue growth due to its comprehensive computing services and strategic partnerships in the AI field [24][27] Group 3 - The media and new consumption sector includes Yaoji Technology, which is focusing on revitalizing its core businesses and leveraging AI to enhance its gaming and marketing services [34][36] - The small and mid-cap sector features Weike Technology, which reported robust revenue growth and is expanding its overseas production capacity [38][39] - The automotive sector highlights Rongtai Co., which is solidifying its position as a leader in steering systems and expanding into the humanoid robotics market [42][45] Group 4 - The electric power equipment sector includes Landai Technology, which has turned profitable with significant growth in its new energy transmission business [47][50] - The pharmaceutical sector features Yipin Hong, which is facing challenges with declining revenues and profits, indicating a need for strategic adjustments [51]

Group 1 - The report emphasizes a return to technology growth in May 2025, focusing on three main investment directions [2][5] - The recommended "golden stocks" for May include companies from various sectors such as technology, environmental services, defense, and healthcare, with detailed financial metrics provided [3][68] - The report highlights the importance of macroeconomic factors such as "loose monetary policy" and "weak dollar" in influencing market styles, favoring small-cap growth stocks [5][6] Group 2 - For the computer sector, the report recommends Shen Sanda A, citing its strong position in AI infrastructure and data services, with expected revenue growth driven by government and state-owned enterprise demand [10][11] - In the environmental services sector, Hanlan Environment is highlighted for its potential revenue growth and improved cash flow due to ongoing debt resolution and operational efficiency [15][16] - The defense sector's Steel Research High-tech is projected to benefit from increasing market demand for high-temperature alloys, with significant profit growth anticipated [20][23] Group 3 - The report identifies Xiaoshangpin City in the commerce sector as a key player in the small commodity trade, benefiting from the growth of the Yiwu market and new business opportunities in cross-border e-commerce [29][31] - Horizon Robotics is noted for its advanced autonomous driving solutions, with a significant market opportunity as the penetration of high-level autonomous vehicles increases [36][40] - BeiGene is recognized for its innovative drug pipeline, particularly the growth of its core product, with expectations of substantial revenue increases in the coming years [44][45] Group 4 - The report discusses the electronic sector's Jingzhida, which is positioned to capture market share in storage testing machines, with significant growth potential as domestic demand increases [54][55] - In the new energy sector, Sanhua Intelligent Control is highlighted for its strategic partnerships with major automotive manufacturers, anticipating strong profit growth driven by electric vehicle demand [56][57] - Huichuan Technology is noted for its advancements in automation and robotics, with expectations of increased market share and profitability as the industry recovers [62][63]

Global Market Overview - During the May Day holiday, global stock markets mostly rose, with the Nasdaq index up by 2.96%, and the Hang Seng Technology index rising by 3.08% on May 2, driven by easing US-China tariff tensions [5][19][20] - Commodity markets experienced an overall decline, with oil prices dropping approximately 3% and gold prices also weakening, while grain prices saw an increase [16][17] - The US dollar index surpassed 100 points, and the offshore RMB appreciated significantly, gaining nearly 700 basis points [17][18] Overseas Macro - The US economy showed signs of weakness under Trump's tariff policies, with a reported GDP contraction of 0.3% in Q1, while consumer spending increased by 0.7% in March [21][22] - The April non-farm payroll data exceeded expectations, with an increase of 177,000 jobs, leading to a reduced probability of interest rate cuts in June [22][23] - A mineral agreement was reached between the US and Ukraine, establishing a joint investment fund for resource exploration [25] Domestic Macro - The May Day holiday saw a significant increase in cross-regional travel, with an estimated 1.42 billion trips, marking a 4.5% year-on-year growth [29] - The tourism market was robust, with a notable increase in long-distance travel demand, while box office revenues saw a significant decline of 51.6% year-on-year during the holiday [30][32] - Policy developments included a meeting led by Xi Jinping focusing on economic and social development strategies for the upcoming "15th Five-Year Plan" [33] Industry Dynamics - Xiaomi launched its first inference open-source model, MiMo, which surpassed larger models from OpenAI and Alibaba in performance [43] - Apple is collaborating with Anthropic to develop an AI platform for software coding, aiming to enhance internal workflows [50] - Momenta and Uber announced a strategic partnership to commercialize Robotaxi services in international markets starting in 2026 [51]

Group 1 - The U.S.-China trade war has caused significant impacts on China, with Trump indicating a sense of urgency for negotiations as market expectations shift towards potential talks [1] - Hong Kong stocks experienced a strong rally despite the trade tensions, suggesting market optimism regarding possible negotiations [1] - The A-share market showed weaker performance compared to Hong Kong stocks, with a trading volume of 1.17 trillion yuan, indicating cautious sentiment among investors [3] Group 2 - The Shanghai Composite Index is showing a rounded top pattern, with a critical support level around 3224, which could trigger a technical rebound if reached [5] - The correlation between Hong Kong and A-share markets has increased, with potential favorable conditions for A-share rebounds if the Federal Reserve signals a policy shift [5] - A-share market dynamics are characterized by structural divergence, with technology and cyclical consumer sectors showing distinct trends, highlighting a shift from sentiment-driven to performance-driven investment strategies [7]

以下文章来源于资事堂 ，作者资事堂 重仓股曝光 根据最新公布的上市公司2024年报和2025年1季报，董承非管理的私募产品至少进入了四家公司的前十大股东名单，其中三家属于芯片行业公司。 资事堂 . 华尔街见闻出品 作者 郑孝杰 编辑袁畅 作为业内最知名的价值派明星基金经理之一，董承非的投资组合在过去几年内凸显了其个人风格。 有限的A股权益"暴露"，有效的衍生品应用，以及对于公共事业股等传统价值的布局，都显示了他个人强烈的逆向、价值投资风格。 但就是这样一个价值了一辈子的基金经理，在2024年末组合显示出强烈的"科技"含量。 这不能不让人对之突然感兴趣起来。 在这样百年一遇的时代里，董承非也开始迭代个人的投资组合和选股风格了。 | 股票 | 申万一级行业 | 核心业务属性 | | --- | --- | --- | | 元力股份 | 基础化工 | 新能源材料（跨界成长） | | 芯朋微 | 电子 | 半导体设计（电源管理芯片） | | 神工股份 | 电子 | 半导体材料 (硅片) | | 乐鑫科技 | 电子 | 物联网芯片设计 | 其一是物联网芯片设计公司 乐鑫科技 ，董承非旗下有三只产品进入了这家公司前十大股 ...

【第一财经智享会员专属】 【 今 日 早 盘 】 4 月 3 0 日 ， 三 大 股 指 开 盘 涨 跌 不 一 ， 上 证 指 数 开 盘 报 3 2 8 4 . 0 8 点 ， 跌 0 . 0 8% ， 深 成 指 开 盘 报 9 8 6 3 . 5 点 ， 涨 0 . 1 4% ， 创 业 板 指 开 盘 报 1 9 3 6 . 1 2 点 ， 涨 0 . 2 2% 。 电 力 股 持 续 调 整 ， 宠 物 经 济 、 维 生 素 、 存 储 器 概 念 股 走 弱；PEEK材料题材持续活跃，消费电子、光刻机、AI应用概念股活跃。 今日嘉宾观点 今日券商观点 ① 中信建投：机器人及智驾迎密集催化，短期科技成长主线或仍占优 中信建投研报表示，本周上海车展开幕，主机厂新车型集中亮相，自主品牌通过智能化上攻重塑品牌力，华 为、地平线及Mome n t a等头部智驾供应商密集宣发。整体内需改善及科技成长仍为汽车板块两条清晰投资主 线，前者依赖刺激政策进一步加码及新车供给提振需求，后者依赖技术迭代、客户拓展及风偏上修。 国联证券投资顾问刘俊认为，从估值水平、政策环境以及市场动能来看，当前市场整体仍具备做多基础。 ...