Group 1 - The Hong Kong stock market has shown strong performance this year, with increasing investor interest and a rise in the number of companies listing in Hong Kong [1][4] - As of May 30, the Hang Seng Index rose by 5.29% in May, while the Hang Seng China Enterprises Index and the Hang Seng Technology Index increased by 4.41% and 1.63% respectively [2] - The energy, financial, telecommunications, and healthcare sectors led the gains among the 12 sub-indices of the Hang Seng Composite Industry Index, with increases of 8.97%, 8.45%, 7.73%, and 7.11% respectively [2] Group 2 - Southbound capital has continued to flow into the Hong Kong market for five consecutive months, with a net inflow of HKD 456.17 billion in May [3] - Financial, discretionary consumption, energy, healthcare, and telecommunications sectors saw the highest net inflows from southbound capital, amounting to HKD 279.7 billion, HKD 104.93 billion, HKD 85.45 billion, HKD 76.58 billion, and HKD 73.34 billion respectively [3] Group 3 - The technology narrative has significantly boosted the Hong Kong market, with a notable increase in IPOs attracting investor interest [4] - Analysts predict that the Hong Kong market will become a strategic location for global capital allocation in Chinese technology assets, with expectations of rapid development over the next three years [4] - The current low valuation of Hong Kong stocks presents a clear advantage in the global market [4][6] Group 4 - The market is expected to trend upwards with structural opportunities, focusing on technology giants and high-dividend assets in sectors like banking, telecommunications, and utilities [6][7] - Analysts suggest that the Hong Kong market may adjust its economic expectations for the second quarter, potentially enhancing risk appetite [6]

Group 1 - The core viewpoint of the article highlights a positive market trend, with major indices such as the Shanghai Composite Index rising by 0.72%, the Shenzhen Component Index by 1.12%, and the ChiNext Index by 1.16% [1] - There is a notable surge in smart driving concept stocks, with financial technology concepts also showing strength, while sectors like precious metals and food processing manufacturing are experiencing declines [1] - Over 4,400 stocks in the market have seen an increase, indicating a broad-based rally [2] Group 2 - According to institutional perspectives, the recent market rebound is occurring at the 60-day moving average, with a potential challenge to the 3,400-point mark [4] - Growth-oriented sectors such as autonomous driving and controllable nuclear fusion are performing exceptionally well, suggesting that further strengthening of growth styles could attract additional capital into the market [4] - The improvement in the external environment is seen as a catalyst for the A-share market to realize potential benefits, with a focus on changes in trading volume being crucial for future market performance [4]

800红利低波ETF（159355）跟踪中证800红利低波动指数，该指数以中证800指数作为样本空间，采用 红利低波策略筛选沪深两市的优质大中盘龙头，不含微盘股，更具成熟度，表现更稳健，适合作为压舱 石。 放手一搏，直上九天：通用航空ETF华宝（159231） 通用航空ETF华宝（159231）跟踪国证通用航空指数，覆盖低空经济、军民融合、大飞机、商业航天、 飞行汽车等领域，同时重点布局技术壁垒和商业化核心环节（飞行器制造），更契合产业链现状，市场 空间广阔。指数历史表现更具弹性和爆发力，可以作为进攻的选择。 一手画方，一手画圆——这是《射雕英雄传》中的巅峰辅助型武学"左右互搏术"的第一要义，学会了左 右互搏，纵使内力不能增加，但招式却增加了一倍，在战斗中便可占尽优势。借此，郭靖可以右手与裘 千仞相斗，左手回挡欧阳锋。 对于低空经济板块的持续回调行情，中航证券指出，调整是暂时的也是良性的，低空经济产业不是短期 的热点概念，是国家顶层战略规划支持的重点发展方向，具有较强的可持续性，是值得长期投资，耐心 投资的重要赛道。截至5月28日，通用航空ETF华宝（159231）已从阶段高点连续回调超5%，当下或许 是逢跌 ...

Core Viewpoint - The A-share market experienced a decline, with the Shanghai Composite Index falling by 0.30% and the ChiNext Index dropping by 1.28%, indicating a bearish sentiment in the market [1][3]. Market Performance - The A-share market saw a total trading volume of 661.07 billion, with 2,527 stocks rising, 2,624 stocks falling, and 257 remaining unchanged [3]. - The Shanghai Composite Index closed at 3,338.42, down by 9.95 points, while the Shenzhen Component Index closed at 10,060.36, down by 72.06 points [3]. - The ChiNext Index fell to 1,995.61, marking a decline of 25.89 points [3]. Sector Performance - Sectors such as controllable nuclear fusion, cloud gaming, superconductors, and shipping saw significant gains, while innovative drugs and automotive sectors weakened [2]. - Main capital flows showed a net inflow into electronic, mechanical equipment, and computer sectors, while there was a net outflow from pharmaceutical, automotive, and banking sectors [4]. Individual Stock Movements - Notable stocks with net inflows included Shenghong Technology (9.31 billion), Shanghai Electric (8.14 billion), and Wuhan Fanggu (6.57 billion) [5]. - Conversely, stocks like BYD, CATL, and Kweichow Moutai faced significant sell-offs, with net outflows of 16.55 billion, 9.29 billion, and 7.88 billion respectively [6]. Market Sentiment and Strategy - Analysts suggest that the rising volatility in the A-share market indicates an increase in risk aversion among investors, recommending a focus on defensive sectors and a "barbell strategy" for asset allocation [8]. - The market is expected to oscillate within the range of 3,340 to 3,360 points, with key support at 3,316 points [9]. Currency and Economic Indicators - The offshore RMB appreciated against the USD, reaching a midpoint of 7.1833, the highest since April 2 [11]. - The People's Bank of China conducted a 3,820 billion reverse repurchase operation with a rate of 1.40% [11]. Other Market Highlights - The Hong Kong market also faced declines, with the Hang Seng Index dropping by 1% and the Hang Seng Tech Index down by 1.32% [1][12]. - The gaming sector showed strength, with stocks like Ice Age Network and Youzu Network experiencing significant gains [26].

不过今天除了小票，银行、电力等红利板块午盘也跳水了，要不然上证指数很难跳水。像银行这种稳如 泰山的板块，没有利空突然跳水，大概率有投机资金抱团银行了。 今天A股突然跳水，又是4200多家下跌，20家跌停。从下面的图可以看出来，我周二提示小微盘股风险 后，国证2000和沪深300成交额的比值往下拐头，同时国证2000指数也往下拐，这意味着资金从上半个 月的抱团炒作小微盘股以至于吸血AI等科技板块，到月末资金已经开始出货。我去年也用这个指标两 次精准预判题材炒作崩盘，特别是市场开始缩量的时候屡试不爽，小票炒作说白了就是过剩流动性给的 溢价，量能一缩自然就撑不住这么多股票炒作了。 大家知道去年哑铃策略很盛行，由于经济预期比较悲观，资金就低配复苏线，抱团和经济周期相关性不 大的红利和科技。今年来看，由于一季度机构太过超配科技，AI、机器人一季度涨幅也比较大，二季 度机构就开始减仓高位的科技、加仓低位的医药、新能源等。现在的哑铃策略似乎变成了红利和小票。 说实话我一直盼着银行下跌，因为涨的不合理，但我说的不算。A股行情向来都是资金驱动，"风格"两 字压死人，防守风格主导的时候，你科技股各种利好就是不会涨，美股AI硬件、 ...

Group 1 - The A-share market has returned to levels seen before April 2, indicating an upward adjustment in economic expectations for the second quarter, which may enhance risk appetite [1] - The market is expected to focus on structural trends, with a potential rotation between dividend and technology sectors contributing to excess returns [1] - The A500 index, designed with an "industry balance" approach, provides a natural barbell structure by evenly distributing investments between dividend and technology sectors [1] Group 2 - The A500 ETF (159339) has shown a high market activity with an average daily trading volume of 261 million yuan over the past 20 trading days [1] - In the A500 index, stocks such as Betta Pharmaceuticals and Sihuan Pharmaceutical have risen over 9%, while Huahai Pharmaceutical and Tigermed have increased over 7% [1] - The A50 ETF (159592) tracks the A50 index, which focuses on large-cap leading stocks across various industries, benefiting from increased market concentration due to supply-side reforms [2] Group 3 - Recent trade negotiations have led to a temporary recovery in market sentiment, but subsequent pullbacks indicate a return to rationality among investors, focusing more on fundamental support [2] - The previous rise in A-shares was primarily driven by event-based sentiment rather than substantial improvements in corporate earnings or macroeconomic conditions [2] - As short-term sentiment factors fade, capital pricing is expected to align more closely with actual business performance and industry development trends [2]

Core Viewpoint - The article discusses the current state of the Hong Kong stock market, emphasizing a cautious approach to investment strategies amid ongoing market fluctuations and the need for a balanced asset allocation strategy. Group 1: Market Overview - Global major stock markets have recovered from the largest declines since April, with the Hong Kong stock market showing significant gains [1] - The southbound flow of the Hong Kong Stock Connect has been cautious since mid-April, indicating a defensive stance among investors [3] Group 2: Investment Strategy - A "defensive counterattack" strategy is suggested for investing in Hong Kong stocks, combining offensive and defensive asset allocations [3] - The strategy involves selecting assets with extreme attributes to hedge against uncertainties and balance risk and return [5] - Offensive assets should include sectors with high growth potential, such as AI and semiconductors, or leading companies with monopolistic advantages [3] - Defensive assets should consist of stable, high cash flow companies, such as utility leaders or sectors supported by government policies like new energy and infrastructure [3] Group 3: Asset Allocation Examples - An example of asset allocation is provided, suggesting a 50/50 split between defensive and offensive assets [4] - The Hong Kong Dividend Low Volatility ETF (SH520550) is highlighted for its high dividend yield of 8.2% and frequent dividend payments [4] - The Hong Kong Technology 50 ETF (SZ159750) is noted for its 27% year-to-date return and coverage of key sectors like innovative pharmaceuticals and AI [4] Group 4: Dynamic Adjustment - Regular adjustments to the asset allocation are recommended to maximize returns, such as selling portions of the technology ETF when it exceeds expectations [7] - The essence of the strategy is to survive with defensive assets while thriving with offensive assets, allowing for simple operations without frequent trading [7] - Both ETFs mentioned are T+0 trading, facilitating easy adjustments to the strategy [7]

Group 1: Trade Agreement Insights - The US-China trade negotiations have led to a significant reduction in tariffs, with the US's maximum tariff on China dropping from 145% to 30%[9] - Both countries have agreed to suspend the implementation of 24% counter-tariffs for 90 days, marking a shift from "almost embargo" to "tradeable" levels[11] - The reduction in tariffs is expected to alleviate inflation concerns in the US and improve market sentiment, potentially boosting US stock performance[10] Group 2: Market Implications - The easing of tariffs is likely to enhance risk appetite in the market, with expectations for improved economic forecasts in Q2 2025[11] - A-shares and Hong Kong stocks have returned to levels prior to the "equivalent tariffs," suggesting a focus on fundamental market conditions moving forward[11] - The report suggests a structural market strategy, with a focus on dividend and technology sectors potentially providing excess returns[18] Group 3: Economic Outlook - The negative impacts of tariffs on Chinese exports may be delayed until Q3 2025, with Q2 expected to shift from a drag to a boost for exports[11] - The necessity for preemptive domestic fiscal policies has decreased due to improved economic expectations[11] - The ongoing trade conflict is anticipated to enter a prolonged "negotiation phase," indicating that optimism should be tempered[18]

2025 年 05 月 16 日 研 港股金股刷新历史新高 —金融工程月报 投资要点 分析师：吕思江 S1050522030001 联系人：武文静 S1050123070007 ▌最新市场观点：哑铃策略延续占优，红利低波底 仓+互联网平台、港股新消费等科技弹性 北京时间 5 月 12 日下午 3 点，《中美日内瓦经贸会谈联合声 明》发布，中美关税谈判进度及降幅大超市场预期，恒生科 技暴涨 5.16%，中国资产全线爆发。短期风险偏好回暖下科 技受提振，5 月 14 日腾讯将披露一季报，阿里和小米也将于 5 月 15 日、5 月 27 日陆续披露财报，科技板块催化较多，港 股新消费、创新药、互联网平台为主要弹性方向。 相关研究 港股市场路标数据看，当前港股基本面指标延续回暖，但资 金面和情绪面指标仍为观望状态，南向资金净买入明显趋 缓。国际贸易软脱钩形势未变、国内政策预期放缓下，我们 依旧坚持红利底仓配置价值，港股央企红利低波配置价值凸 显。近期《推动公募基金高质量发展行动方案》发布，针对 基金产品风格漂移等问题，为每只基金设立清晰的业绩比较 基准，避免产品投资行为偏离名称和定位。公募基金低配板 块短期利好，包括 ...

【导读】部分港股通高股息指数最新股息率超过8% 低利率时代，高息资产吸引力凸显。 数据显示，部分港股通高股息指数最新股息率超过8%。 今年以来，全市场港股高息资产"吸金"势头强劲，其中红利主题ETF年内规模增幅达40%以上，港股红 利资产正成为市场资金关注的重要方向之一。 港股红利主题产品受捧 伴随关税局势缓和，经历4月初大波动的港股市场弹性十足，至今已实现四周连阳。而在央行降准降息 之后，港股红利资产正在成为市场资金关注的重要方向之一。 从ETF产品流入情况来看，截至5月15日，全市场港股红利主题ETF今年以来"吸金"超百亿元，合计净流 入达110亿元，合计规模接近462亿元，相较2024年年底的327亿元增长40%以上。 摩根基金旗下港股红利指数ETF年内资金净流入37.67亿元，最新规模为104.26亿元，也是港股红利主题 ETF中首只百元级ETF，较去年底规模增近一倍。 华安旗下港股通央企红利ETF年内资金净流入接近18亿元，至34.86亿元，较去年底的16.15亿元翻了一 番还多。 景顺长城港股央企红利50ETF净流入资金超过13亿元，至48.65亿元，较去年底增幅超过30%。 中国基金报记者天心 ...