报告类型 股指日评 日期 2025 年 5 月 15 日 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 研究员：何卓乔(宏观贵金属) 18665641296 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(宏观国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 宏观金融团队 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与后市展望 1.1 行情回顾： 经中美日内瓦会谈后，双方关税回到 4 月 2 日再各加 10%水平，双方关系缓 和超预期，市场情绪明显提振。从宏观经济基本面来看，一季度开局良好，且随 着"抢出口"转为"抢转口"，外贸数据表现出一定韧性，宏观经济表现或好于 原本预期。国内政策方面，随着 5.7 政策落地，国家稳市场、稳预期信心进一步 增强，同时互换便利与回购增持再贷款额度合并后"国家队"资金储备充足，股 请阅读正文后的声明 - 2 - 5 月 ...

Group 1 - The core viewpoint of the news is the release of the "Policy Measures" by seven government departments to accelerate the construction of a technology finance system that supports high-level technological self-reliance and strength [1] - The "Policy Measures" propose 15 specific initiatives focusing on enhancing financial support for major technological tasks and technology-based small and medium-sized enterprises [1] - The establishment of a "National Venture Capital Guidance Fund" aims to promote the growth of technology-based enterprises and foster the development of strategic emerging industries, particularly future industries [1][2] Group 2 - The National Venture Capital Guidance Fund will focus on guiding financial capital to invest early, small, long-term, and in hard technology, targeting cutting-edge fields such as artificial intelligence, quantum technology, and hydrogen energy storage [2] - The "Policy Measures" emphasize the importance of structural monetary policy tools to support technological innovation, including expanding the scale of re-lending and optimizing support mechanisms for technology-based SMEs [2][3] - The measures also highlight the need to enhance capital market support for technology innovation enterprises by improving the mechanism for counter-cyclical adjustment of new stock issuance and prioritizing financing for enterprises that achieve breakthroughs in key core technologies [3]

Group 1 - The core viewpoint of the news is the issuance of the "Policy Measures" by seven departments, including the Ministry of Science and Technology and the People's Bank of China, aimed at accelerating the construction of a technology finance system to support high-level technological self-reliance and strength [1][2][3] - The "Policy Measures" emphasize the role of capital markets in supporting technological innovation, prioritizing the listing and financing of technology companies that achieve breakthroughs in key core technologies [1][2] - The establishment of a "National Venture Capital Guidance Fund" is proposed to cultivate strategic emerging industries and promote the transformation of major technological achievements into productive forces [1][2] Group 2 - The "Policy Measures" call for optimizing monetary credit support for technological innovation, expanding the scale of relending, and encouraging banks to explore long-cycle technology innovation loan performance assessment [2] - It is highlighted that technology insurance will play a stabilizing role in innovation, with plans to develop high-quality technology insurance and encourage insurance capital to participate in major national technological tasks [2][3] - The measures aim to enhance fiscal policy guidance for technology finance, utilizing tools like loan interest subsidies and risk compensation to support corporate technological innovation [2][3] Group 3 - The initiative promotes collaboration between central and local governments to advance national technology finance work and encourages regional innovation practices [3] - It supports foreign investment in domestic technology companies and aims to facilitate cross-border financing channels for technology enterprises [3] - The implementation of the "Policy Measures" is expected to effectively coordinate various technology finance tools, directing more financial resources into the technology innovation sector [3]

Group 1 - The core viewpoint of the article is the implementation of the "Action Plan for Promoting High-Quality Development of the Private Economy in Henan Province," which includes six special actions and 21 key tasks aimed at enhancing the contribution of the private economy to the province's overall economic growth [1] - The plan aims for a qualitative improvement and reasonable quantitative growth of the private economy in Henan over approximately three years, with a focus on increasing the number of operating entities and enhancing the core competitiveness of leading private enterprises [1][3] - The private economy in Henan contributes over 55% of the province's GDP, around 65% of tax revenue, approximately 70% of total imports and exports, over 85% of high-tech enterprises, and over 90% of new urban employment [1] Group 2 - As of the end of 2024, the number of private economic entities in Henan is expected to reach 10.817 million, accounting for 96% of all operating entities [2] - The plan includes specific actions such as cultivating backbone private enterprises, increasing support for transformation and upgrading, and encouraging research and development investments [5][6] - The plan also emphasizes the need to match the number of private enterprises in the "Top 500 Private Enterprises in China" with the province's economic scale [3]

重要的消息有哪些 1．记者14日从商务部获悉，根据美国白宫5月12日发布的《修改对等关税税率以反映与中华人民共和国 会谈情况的行政令》，美方已于美东时间5月14日凌晨00:01撤销根据2025年4月8日第14259号行政令和 2025年4月9日第14266号行政令对中国商品(包括香港特别行政区和澳门特别行政区商品)加征的共计91% 的关税，修改2025年4月2日第14257号行政令对中国商品(包括香港特别行政区和澳门特别行政区商品) 加征的34%的对等关税措施，其中24%的关税暂停加征90天，保留剩余10%的关税。同时，美方还下调 或撤销对中国小额包裹(包括香港特别行政区小额包裹)加征的关税，将国际邮件从价税率由120%下调至 54%，撤销原定于2025年6月1日起将从量税由每件100美元调增为200美元的措施。鉴于美方根据中美经 贸高层会谈共识撤销、暂停或调整有关对华加征关税，中方相应调整有关关税和非关税对美反制措施。 （新华社） 2．外交部回应中美大幅降低关税。今天，外交部发言人林剑表示，中美双方在日内瓦的经贸会谈达成 多项积极共识，同意大幅降低双边关税水平。美方承诺取消91%关税，暂停实施24%的对等关 ...

Core Viewpoint - A-shares experienced a significant afternoon rally, with major indices closing higher, particularly driven by the banking and brokerage sectors, which saw a historic market capitalization surpassing 10 trillion yuan [1][3]. Financial Sector Performance - The banking sector's total market capitalization reached a historic high of over 10 trillion yuan, marking a significant milestone [3]. - The banking index has accumulated a year-to-date increase of over 8%, ranking fifth among the primary industry sectors [6]. - The banking index is now just over 100 points away from its historical peak from 2007, indicating potential for further growth if it rises by approximately 3% [8]. Reasons for Banking Sector Surge - Analysts attribute the surge in the banking sector to several factors: 1. Speculative buying driven by various rumors, including those from foreign media [10]. 2. The revision of the "Insurance Fund Utilization Management Measures," which has relaxed risk factors for equity assets, leading to increased institutional investment in the financial sector [10]. 3. Public fund managers are aligning their asset allocations with performance benchmarks, which may lead to a preference for high-dividend sectors [10]. Long-term Outlook - Long-term prospects for the banking sector are positive, with expectations of stable performance in 2025, including steady growth in revenue and net profit [10]. - Analysts recommend a diversified asset allocation strategy to mitigate risks associated with investing in a single sector [10]. Technology Sector Developments - A new policy initiative from the Ministry of Science and Technology and other departments aims to accelerate the development of a technology finance system, which includes the establishment of a "National Venture Capital Guidance Fund" to support technological innovation [12]. - This initiative is expected to foster the growth of technology-oriented enterprises and promote the transformation of major technological achievements into productive forces [12]. Market Trends and Investment Strategies - The market is transitioning from a phase of stabilization to one where the potential for profit increases, with a focus on maintaining risk preferences [13]. - Analysts suggest that the small-cap growth sector may see enhanced performance due to expected liquidity increases and a focus on new and emerging industries [15]. - A balanced investment approach that includes both small-cap growth and dividend-paying stocks is recommended to optimize returns while managing risk [16][17].

创新之花离不开金融活水的浇灌。科技部、中国人民银行等7部门近日联合发布《加快构建科技金融体制 有力支撑高水平科技自立自强的若干政策举措》， 推出15项科技金融政策举措，为科技创新提供全生命周期、全链条的金融服务。 党的二十届三中全会提出"构建同科技创新相适应的科技金融体制"，为做好科技金融大文章提出了更高要求。 此次7部门联合发布的15项政策举措，从创业投资、货币信贷、资本市场、科技保险、财政政策、央地联合和生态建设7个方面强化部署，将推动更多金融资 源进入科技创新领域各环节，引导更多金融资本投早、投小、投长期、投硬科技。 创业投资是支持科技创新的生力军，文件提出设立国家创业投资引导基金、支持创业投资机构和产业投资机构发债融资等举措。同时，文件强调发挥货币信 贷的重要作用，优化科技创新与技术改造再贷款等结构性货币政策工具，鼓励银行探索较长周期的科技创新贷款绩效考核方案等。 为更好发挥资本市场支持科技创新关键枢纽作用，文件提出优先支持取得关键核心技术突破的科技型企业上市融资、建立债券市场"科技板"等政策举措。文 件还明确，发挥科技保险支持创新的减震器和稳定器作用，探索以共保体方式开展重点领域科技保险风险保障，鼓 ...

七部门：发挥财税政策作用 撬动更多金融资源支持科技创新 智通财经5月14日电，科技部、中国人民银行、金融监管总局、中国证监会、国家发展改革委、财政 部、国务院国资委印发《加快构建科技金融体制 有力支撑高水平科技自立自强的若干政策举措》，发 挥财税政策作用，撬动更多金融资源支持科技创新。创新财政科技投入方式，用好用足现有的贷款贴 息、保险补贴、风险补偿等政策，支持企业科技创新。充分发挥政府投资基金绩效评价作用，引导基金 投早、投小、投长期、投硬科技。实施科技创新专项担保计划，有效发挥政府性融资担保体系作用。落 实好天使投资、创业投资相关税收政策，引导社会资本更多投向科技创新。 ...

科技部等7部门印发《加快构建科技金融体制有力支撑高水平科技自立自强的若干政策举措》，其中指 出健全债券市场服务科技创新的支持机制。建立债券市场"科技板"。推动科技创新公司债券高质量发 展，将优质企业科创债纳入基准做市品种，引导推动投资者加大科创债投资。丰富银行间债券市场科技 创新债券产品，完善科技创新债券融资支持机制。发挥信用衍生品的增信作用，加大对科技型企业、创 业投资机构和金融机构等发行科技创新债券的支持力度，为科技创新筹集长周期、低利率、易使用的债 券资金。(科技部) ...

Core Viewpoint - The article discusses the issuance of policies by seven government departments to optimize the evaluation mechanism for state-owned venture capital and improve exit channels for venture investments [1] Group 1: Policy Measures - The policies aim to enhance the evaluation mechanism for state-owned venture capital, ensuring that assessments align with the entire lifecycle of the funds [1] - There is a focus on supporting the high-quality development of central enterprise venture capital funds, encouraging state capital to act as long-term and patient capital [1] - Local state-owned capital and other industry state-owned capital are encouraged to follow these policies [1] Group 2: Exit Channels - The article highlights the need to improve exit channels for venture investments, including evaluating the effectiveness of pilot programs in regional equity markets like Beijing, Shanghai, and Guangdong [1] - It mentions the optimization of share transfer business processes and pricing mechanisms for private equity funds [1] - The introduction of trials for physical distribution of stocks from private equity venture capital funds is encouraged, allowing for non-trading transfers of shares to investors [1] - Development of secondary market funds (S funds) for private equity is also promoted [1]