Market Overview - The three major A-share indices opened lower, with the Shanghai Composite Index down by 0.05% and the ChiNext Index down by 0.07% [1] Institutional Insights - Zhongtai Securities suggests that market indices may maintain strong resilience due to the unexpected suspension of "reciprocal tariffs," which enhances short-term risk appetite. Structural divergences remain, and the space for long-term tariff reductions is limited. The current market environment shows a strengthening of total policy determination, improvement in core city real estate, and high historical levels of margin trading, which, combined with policies emphasizing indices, may support continued resilience in market indices [2] - Investment funds are expected to rotate around sectors with high first-quarter report performance and mid-term industry trends, including public utilities, AI upstream and leading technology firms, gold, nuclear power equipment, military industry, and consumer sectors related to younger demographics such as pets and beauty products. Investors are advised to accumulate positions in these sectors on dips and to focus on high-quality leaders in the CSI 300 with significantly lower institutional allocation compared to index component ratios [2] New Market Dynamics - Minsheng Securities notes that a new order and narrative are emerging as investors begin to price in the marginal easing of trade shocks. However, structural shocks will persist, and the return to fundamental pricing characteristics will gradually become evident. Future declines in total demand and the fluctuating path of trade easing may disrupt market tranquility. The first quarter of 2025 is anticipated to be a pivotal moment for technology breakthroughs influencing market risk appetite, while the current phase is characterized by a rotation in investor styles towards technology themes, which may lack sustainability [3] - The gradual establishment of a long-term mechanism for domestic consumption is expected to yield three sources of returns: net profit growth, dividend payments, and valuation increases, with recommendations for sectors such as home appliances, food and beverages, cosmetics, trendy toys, tourism, gaming, and online retail [3] - The restructuring of China's foreign trade system is likely to gradually reveal the value of capacities in advantageous industries, such as machinery and automotive manufacturing, while resource products with significant supply constraints (copper, aluminum, gold) may also see new opportunities [3] - As the economic transition progresses and real estate stabilizes, the de-financialization process in China is nearing its end. The current investment and financing environment for Chinese enterprises is improving, which may drive new expansions in the financial sector, particularly as the new domestic growth paradigm and the acceleration of the RMB internationalization process unfold [3]

Group 1 - The current discussions among brokerages focus on the new public fund assessment regulations rather than clear predictions for index movements [1][2] - The expectation of future investment behavior by public funds is influencing the rise of "underweight sectors," rather than actual large-scale portfolio adjustments by these funds [1][3] - The market is expected to remain in a trend of steady upward movement despite concerns over fluctuating tariffs and profit-taking sentiments [1][2] Group 2 - The upcoming April economic data is anticipated to show a slowdown in domestic demand momentum, with limited upward catalysts for the market in the short term [2][5] - The market may enter a phase of accelerated rotation of hotspots and styles, with limited downside risks due to ongoing fundamental recovery and policy expectations [2][5] - The new public fund regulations are expected to optimize fund operation models, leading to discussions about future industry ecological changes [5] Group 3 - The market's risk appetite has improved due to unexpected decreases in US-China tariffs, which has positively impacted A-share indices [1][3] - The public fund's goal remains to outperform benchmarks, with decisions on sector allocations influenced by actual fundamentals and valuation judgments [1][3] - The active management of public funds is likely to evolve towards a more balanced allocation, reflecting the distribution of various institutional investors [1][3]

A 股策略周报 20250518 ➢ 当下主题投资活跃，但力度未来很难回到一季度。2025 年 Q1 的主题行业 具备诸多条件的共振：经济基本面预期企稳向上为科技制造业提供了盈利基本 面，而主题行业本身又存在催化，甚至引领了中国资产重估的叙事。当前贸易 冲击阶段平复，但是全球经济在关税冲突前就在放缓的趋势仍未改变，未来出 口有新的扰动，中小盘成长由于对出口的暴露更高，表现波动也会明显放大； 当下贸易和谈带来的信心修复，来源恰好是中国总量供给在全球的优势，而不 是单一科技行业的突破，反而核心科技主题当下缺乏新产业催化做进一步支 撑。总结来看，2025 年 Q1 是科技突破引领市场风险偏好，而现在是市场风险 偏好修复投资者风格阶段轮动科技主题，持续性资产较弱。 ➢ 未破未立的尴尬，但新秩序，新故事一直在孕育。第一，内需消费长效机 制的逐步建立下板块具备净利润增长、股息支付和估值提升三类收益来源，推 荐家电、食品饮料、化妆品、潮玩、旅游休闲、游戏、线上零售等；详细分析 可参考前期周报《修复之后，关注变化》。第二，中国对外贸易体系重塑下部分 提前完成出清供需格局相对良好的中国优势产业的产能价值有望逐渐体现（机 械设备 ...

Group 1 - The core viewpoint emphasizes the importance of implementing the spirit of the Central Eight Regulations and enhancing the construction of the Party's work style, with a focus on problem-oriented approaches and strict standards [1][2] - The need for grassroots party members and cadres to align their learning and education with practical work, particularly in rural revitalization and grassroots governance, is highlighted [1][2] - Continuous efforts to reduce formalism and alleviate burdens on grassroots cadres are essential to allow them to focus more on serving the public [1] Group 2 - The implementation of learning education is identified as a key task for Party building this year, with a call for thorough understanding and adherence to Xi Jinping's important discourses [2] - Specific and in-depth problem identification is necessary, with an emphasis on soliciting public opinions and ensuring that higher-level Party organizations strengthen oversight [2] - A commitment to addressing issues such as "eating and drinking" and neglecting public interests, along with strict accountability for violations, is underscored [2]

Core Insights - The article highlights the shift in brand expectations from "traffic acquisition" to "sustainable growth" in the short video e-commerce sector, with Chengdu Hechengjinzhi Network Technology Co., Ltd. emerging as a trusted partner in the Douyin e-commerce service field in Southwest China [1] Group 1: Company Capabilities - Hechengjinzhi is recognized as a "high-quality e-commerce service provider" officially certified by Douyin, possessing complete business qualifications and industry access permits, ensuring compliance with platform rules and advertising laws [1] - The core team consists of former Douyin platform operation experts, brand marketing strategists, and e-commerce data scientists, with an average of over 6 years of practical experience in the Douyin ecosystem [1] - A successful case involved a traditional food brand, where the team implemented a "cultural tracing + scenario-based live streaming" strategy, achieving an 8-fold increase in followers and over 2 million yuan in monthly sales within three months [1] Group 2: Data Empowerment and Transparency - Hechengjinzhi has developed a unique "four-dimensional visualization management model" that transforms reliability into quantifiable and traceable service standards [3] - The "Jinzhiyun Strategy System" allows real-time monitoring of over 40 key metrics, enabling clients to view operational data 24/7 with zero delay in performance updates [3] - The company provides daily operational briefs and weekly in-depth reviews to analyze traffic fluctuations and dynamically optimize the investment model [3] - A performance guarantee agreement is in place, where key metrics like GMV and ROI are included in contracts, ensuring shared risks and benefits [3] Group 3: Compliance and Risk Management - In response to prevalent issues like "data fraud" and "illegal traffic diversion," Hechengjinzhi adheres to a "three strict principles" approach: strict qualification review, strict operational compliance, and strict data security [4] - The company has established a five-level risk control system, including a dual-review system for contracts to eliminate hidden risks [4] - Advertising funds are managed by a third-party platform to ensure dedicated use, and monthly compliance training is conducted for all staff, achieving a 100% compliance rate with new platform regulations [4] Conclusion - For brands seeking breakthroughs in Douyin e-commerce, Chengdu Hechengjinzhi Network Technology Co., Ltd. offers not just operational services but a "reliable growth engine," reshaping industry service standards with a foundation of qualifications, data-driven insights, and compliance measures [4]

Core Viewpoint - The State Council's recent issuance of guidelines aims to establish a long-term regulatory mechanism for enterprise-related fees, focusing on comprehensive regulation to reduce business costs and optimize the business environment, which is crucial for stimulating market vitality and promoting high-quality economic development [1][2]. Group 1: Regulatory Framework - The guidelines emphasize the need for a systematic approach to regulate enterprise-related fees, including the establishment of a directory system and enhanced monitoring of fee practices [1][2]. - Previous efforts have included special rectification activities targeting key areas to alleviate the burden on enterprises, with policies aimed at cleaning up illegal fees in administrative and intermediary services [2][3]. Group 2: Monitoring and Compliance - There are ongoing issues with some administrative bodies abusing their power to impose unreasonable fees, which complicates the regulatory landscape and stifles innovation [3][4]. - The guidelines call for a comprehensive tracking system for fee-related funds, utilizing electronic invoicing and non-tax revenue management platforms to ensure transparency and accountability in fund allocation [4][5]. Group 3: Improvement Measures - A multi-channel approach for collecting and addressing complaints regarding enterprise-related fees is recommended, including online platforms and hotlines to enhance responsiveness [4][5]. - The focus is on transitioning from merely reducing burdens to establishing a robust regulatory framework that addresses the root causes of fee-related issues, ensuring a more favorable market environment for enterprises [5].

证券研究报告 | 基金研究（公募） 2025 年 5 月 11 日 公募长效考核改革大幕拉开，费率改革迎来"机制重构" 基金市场动态周报 20250511 本报告重点聚焦基金市场动态、基金产品热点、海外市场跟踪、基金发行概况 等内容，总结过去一周基金市场值得关注的热点，供投资者参考。 ❑ 基金市场动态： ❑ 基金产品热点： ❑ 海外市场跟踪： ❑ 基金发行概况： ❑ 风险提示：报告仅作为投资参考，不构成投资收益的保证或投资建议；部分 材料整理自公开新闻报导，信息可能存在不准确的问题。 徐燕红 S1090524120003 xuyanhong@cmschina.com.cn 汪思杰 研究助理 wangsijie@cmschina.com.cn 敬请阅读末页的重要说明 1. 公募长效考核改革大幕拉开，强化与投资者利益绑定。 2. 年内公募自购金额超 80 亿元。 3. 51 只基金定档本月发行，被动投资与债基配置成双主线。 4. 4 月备案私募产品数量创两年新高。 5. 迈向规范发展之路，私募行业生态持续优化。 6. 基金公司设立审批，本周无新增。 7. 基金管理公司 QDII 业务资格，本周无新增。 8. 基金 ...

A 股策略周报 20250511 修复之后，关注变化 2025 年 05 月 11 日 ➢ 经济潜在的走弱即将验证，而对政策期待还需要时间兑现。此前全球大部分 市场基于贸易争端缓和预期的修复是一种短暂的平静，资产的波动率可能将再次 放大。本周中美市场似乎已经摸到"天花板"：A 股、港股都在刚好接近 4 月 2 日水平之前出现回落，美股在修复到 4 月 2 日水平时开始止步不前，两个市场都 需要支撑上涨的进一步证据。A 股自 4 月 2 日以来涨幅前 10 的二级行业平均海 外营收占比是 10%，而跌幅前 10 的二级行业平均海外营收占比是 8%，意味着 A 股的进一步修复要么需要贸易上出现积极改善信号，促使落后的外需型行业反 弹，要么是内部出现增量的扩内需政策。就前者而言，虽然中美经贸高层会谈于 当地时间 10 日上午在瑞士日内瓦开始举行，但从本周美国高调公布的"重大贸 易协议"仅是与英国之间达成了一份模糊的协议来看，要中美之间通过一次会议 接触就拿出一份有重大进展的贸易协议的难度很高，"夹在"中国供给和美国需 求之间的越南股市的较差表现也侧面印证了这一点。就后者而言，中美两国政策 都进入了"自动巡航"的阶段 ...

A 股策略周报 20250511 修复之后，关注变化 2025 年 05 月 11 日 ➢ 经济潜在的走弱即将验证，而对政策期待还需要时间兑现。此前全球大部分 市场基于贸易争端缓和预期的修复是一种短暂的平静，资产的波动率可能将再次 放大。本周中美市场似乎已经摸到"天花板"：A 股、港股都在刚好接近 4 月 2 日水平之前出现回落，美股在修复到 4 月 2 日水平时开始止步不前，两个市场都 需要支撑上涨的进一步证据。A 股自 4 月 2 日以来涨幅前 10 的二级行业平均海 外营收占比是 10%，而跌幅前 10 的二级行业平均海外营收占比是 8%，意味着 A 股的进一步修复要么需要贸易上出现积极改善信号，促使落后的外需型行业反 弹，要么是内部出现增量的扩内需政策。就前者而言，虽然中美经贸高层会谈于 当地时间 10 日上午在瑞士日内瓦开始举行，但从本周美国高调公布的"重大贸 易协议"仅是与英国之间达成了一份模糊的协议来看，要中美之间通过一次会议 接触就拿出一份有重大进展的贸易协议的难度很高，"夹在"中国供给和美国需 求之间的越南股市的较差表现也侧面印证了这一点。就后者而言，中美两国政策 都进入了"自动巡航"的阶段 ...

Group 1 - The National Development and Reform Commission (NDRC) is supporting private enterprises to actively participate in the construction of "two heavy" projects and "two new" initiatives [1] - The NDRC is accelerating the improvement of a long-term mechanism for private enterprises to engage in national major project construction [1]