□本报记者 张凌之 上周（5月12日至5月16日），A股整体呈现震荡整理态势，主要股指小幅上涨。在板块方面，美容护 理、汽车、交通运输、非银金融涨幅居前，计算机、电子、传媒、房地产表现相对疲弱。 5月以来，涨幅居前的仍为跨境ETF。其中，标普消费ETF和两只港股汽车主题ETF的月内涨幅超10%。 不过，从资金净流入额来看，涨幅居前的跨境ETF在5月以来资金多呈现净流出状态，涨幅较高或与炒 作资金有关。 受现货黄金大跌影响，上周黄金主题ETF普跌，跌幅前十的ETF多为黄金主题ETF，且跌幅均超过4%。 资金整体呈净流出 整体来看，上周全市场ETF的资金总体呈净流出状态。Wind数据显示，5月12日至5月16日，全市场ETF 资金净流出额达到318.31亿元。股票型ETF上周也呈净流出，净流出额282.92亿元。 具体来看，资金净流入方面，上周固收类ETF成为ETF市场"吸金"主力。一周净流入额前十的ETF中， 有5只为固收类ETF，合计"吸金"72.45亿元。短融ETF一周净流入33.87亿元，30年国债ETF一周净流入 额也超过17亿元。此外，一周净流入额居前的ETF中还出现了两只科创相关ETF，两只军工主题 ...

中信证券：关于回归基准配置的几个误区和几个事实 我们认为市场对于公募考核新规以及回归基准行业配置的讨论存在一些误区。从海外经验来看，回归基准是通 过基准的行业配比向基金持仓配比演化而不是相反；产品投资策略向客户盈利导向回归，在长期视野下，这与 追求排名和绝对收益并不矛盾，反而是统一的；跑输基准的惩罚机制最终导致的是基金减少博弈性持仓，长期 来看最大的影响是活跃头寸的占比下降。 此外，用前瞻眼光去看，未来如果外资逐步回流，市场生态也会相较过去3年发生重大转变，不能用后视镜视 角静态去看行业配比，好公司和差公司之间的差异会远远超过所谓的"好行业"和"差行业"。 申万宏源：公募持仓向业绩比较基准靠拢未必是普遍趋势 《推动公募基金高质量发展行动方案》是长期改革，而其短期映射，成为结构性行情的主要线索。在我们看 来，主动公募产品调整业绩比较基准，是集中梳理产品策略的一次机遇。而持仓向业绩比较基准靠拢却未必是 普遍趋势。 如何去有效地设定基准是长期而言实现客户利益、赢得竞争并避免被被动型产品替代的最关键问题。对于主动 权益型产品而言，沪深300、中证800以及A500作为全市场基金基准都有较大的局限性，能够反映新质生产力 ...

Group 1 - Short-term macro expectations are unlikely to change direction, maintaining the judgment that the second quarter will be a high central oscillation market. The mid-term A-share fundamentals have not fundamentally changed, and it is insufficient to support a breakout in A-shares [4][5][6] - The active public funds are aligning with performance benchmarks, emphasizing the importance of not underestimating long-term impacts while not overestimating short-term effects. The adjustment of performance benchmarks for public funds is seen as an opportunity to consolidate product strategies [5][6][7] - In the active equity products, 77% of the scale is based on broad-based indices, and 42% is based on the CSI 300. Future performance benchmarks need to clarify product positioning, investment strategies, and investment styles [6][7][8] Group 2 - The market is currently discussing the long-term impact of the public fund quality development action plan, which has become a major clue for short-term structural trends. The alignment of holdings with performance benchmarks is not necessarily a universal trend [5][6][7] - The public fund's performance indicators are generally showing cyclical fluctuations and are currently at a bottom area. The next two years may see a gradual recovery in public fund profitability and an increase in the proportion of profitable clients [7][8] - The report highlights that low-valuation, high-dividend assets benefiting from public fund reforms are currently in a low cost-performance area. The technology sector remains a relatively high cost-performance direction compared to consumption, with a strategic focus on the domestic AI industry chain and embodied intelligence investment opportunities [8][9]

◎记者 李雨琪 5月16日，A股三大指数缩量震荡，北证50指数逆势活跃。截至收盘，上证指数报3367.46点，跌 0.40%；深证成指报10179.60点，跌0.07%；创业板指报2039.45点，跌0.19%。全市场成交额11241亿 元，较前一个交易日缩量663亿元。 盘面上，全市场超3000只个股上涨，机器人、智能驾驶、可控核聚变等概念涨幅居前。资金持续聚焦高 位抱团股，成飞集成再度涨停，走出8连板行情；宁波海运、宁波远洋、南京港、连云港收获4连板；红 墙股份收获19天11板，利君股份8天7板。 机器人概念股走强 昨日，机器人产业链全线上涨，PEEK材料概念领涨。截至收盘，格力博、豪恩汽电以20%幅度涨停， 精锻科技、鑫宏业涨超10%，中超控股、日发精机、中欣氟材等涨停。 PEEK材料是人形机器人关节与传动系统的核心替代材料。近期，多家上市公司披露在该领域的布局情 况。 唯科科技在投资者关系活动记录表中称，公司高度关注并积极推动在人形机器人方面的产品应用，已有 潜在技术储备涉及关节电机零部件、PEEK丝杆、PPS螺杆等轻量化产品等方面。 PEEK材料概念日K线图 周恒 制图 山西证券表示，随着数据积累、 ...

Group 1 - The China Securities Financial Technology Theme Index (930986) decreased by 0.46% as of May 16, 2025, with mixed performance among constituent stocks [3] - Leading gainers included Geling Deep Vision (688207) up 4.05%, Yinxin Technology (300231) up 1.60%, and Kela Software (300663) up 1.44%, while leading decliners were Lakala (300773) down 2.38%, Cuiwei Co. (603123) down 2.25%, and Tax Friend Co. (603171) down 2.18% [3] - The Financial Technology ETF (516860) fell by 0.58%, with the latest price at 1.2 yuan and a trading volume of 38.16 million yuan [3] Group 2 - The recent US-China trade talks in Geneva resulted in a significant reduction in tariffs, which is expected to alleviate sentiment pressure on the computer sector, highlighting potential investment opportunities [3] - Companies within the AI industry chain and financial technology sectors are anticipated to have substantial growth potential following the easing of tariff tensions [3] Group 3 - The Financial Technology ETF has reached a new high of 753 million shares, with a net inflow of 21.87 million yuan recently [4] - Over the past five trading days, there were net inflows on four days, totaling 36.30 million yuan, with an average daily net inflow of 7.26 million yuan [4] - The ETF's financing buy-in amount reached 9.61 million yuan, with a financing balance of 42.83 million yuan [4] Group 4 - As of May 15, 2025, the Financial Technology ETF has achieved a 64.04% increase in net value over the past year, ranking first among comparable funds [4] - The ETF has a historical maximum monthly return of 55.92% and an average monthly return of 10.57%, with a 66.67% annual profit percentage [4] - The probability of profit over a three-year holding period is 96.71% [4] Group 5 - The Financial Technology ETF has a Sharpe ratio of 1.21 for the past year, indicating strong risk-adjusted returns [5] - The ETF's management fee is 0.50% and the custody fee is 0.10%, which are among the lowest in comparable funds [6] - The tracking error for the ETF over the past two years is 0.046%, the highest tracking precision among comparable funds [6] Group 6 - As of April 30, 2025, the top ten weighted stocks in the China Securities Financial Technology Theme Index accounted for 53.28% of the index [6] - The top stocks include Tonghuashun (300033) at 9.50%, Dongfang Caifu (300059) at 9.01%, and Hengsheng Electronics (600570) at 7.47% [8]

野村将中国股票评级大幅上调至战术性超配。该机构称，中美暂时降低关税的协议对市场来说是一个重 大惊喜，可能会在短期内对市场情绪提供支撑，在此推动下，中国股市在过去一个月的反弹或将得以持 续。 高盛建议，聚焦多条主线以捕捉主题性超额收益。内需驱动型板块中，互联网与服务行业将受益于消费 复苏与数字化转型加速。同时，在政策宽松周期下，优质区域银行与头部房企估值修复可期。此外，基 建产业链与A I产业链也值得关注。 5月16日，A股三大股指开盘微跌。前一日，沪深300指数收于3907.2，A500指数收于4577.84，基本收复 4月2日以来关税风暴形成的技术缺口。随着中美经贸关系阶段性缓和，叠加国内组合拳持续发力，市场 情绪逐步修复，多家外资行上调中国股票评级。 高盛将MSCI中国指数和沪深300指数的12个月目标分别上调至84点和4600点（对应11%和17%潜在涨 幅），并维持对中国股票"超配评级"。这是高盛月内第二次上调中国股票评级。 A500指数ETF（560610）聚焦A股核心资产，对中证二级行业实现全覆盖，在行业分布均衡的同时，纳 入了更多新兴领域龙头，工业、信息技术、通信服务、医药卫生行业合集权重约50 ...

Market Overview - The market experienced fluctuations with 50 stocks hitting the daily limit, while 18 stocks faced a limit down, resulting in a sealing rate of 73% [1] - The Shanghai Composite Index fell by 0.68%, the Shenzhen Component Index dropped by 1.62%, and the ChiNext Index decreased by 1.91% [1] - The total trading volume for the day was 1.15 trillion yuan, a decrease of 164.3 billion yuan compared to the previous trading day [1] Stock Performance - Chengfei Integration achieved a 7-day limit up streak, while Wanfeng Co. and Suzhou Longjie both recorded a 5-day limit up streak [1][3] - The upgrade rate for consecutive limit-up stocks rose to 64.7% [3] - The stocks that performed well included those in synthetic biology, food, ST stocks, and ports, while software development, cross-border payment, computing power, and Hongmeng concept stocks saw declines [1] Sector Analysis Shipping and Logistics - Following the reduction of tariffs between the US and China, container shipping bookings from China to the US surged by nearly 300% [16] - Stocks in the shipping and logistics sector, such as Ningbo Shipping and Ningbo Ocean, saw consecutive limit-up performances [16] Textile and Apparel - The textile sector benefited from a surge in orders from US clients following the tariff reductions, with stocks like Wanfeng Co. and Suzhou Longjie achieving consecutive limit-up performances [20][21] Chemical Industry - The chemical sector maintained high interest, with companies like Jilin Chemical Fiber announcing price increases for various products [6][24] - Stocks such as Jitai Co. and Youfu Co. recorded consecutive limit-up performances [24] Health and Beauty - The advertisement for Kelong Pharmaceutical's ergothioneine capsules sparked interest in related sectors, leading to a collective surge in stocks like Chuaning Biological and Tuoxin Pharmaceutical [5][30] Robotics - The robotics sector showed mixed performance, with some stocks like Daya Co. and Zhongjian Technology performing well despite overall sector weakness [7][28] Future Outlook - The market is currently in a phase of adjustment, with significant attention on the performance of large financial and dividend stocks to stabilize the indices [8] - The internal divergence within high-performing stocks may lead to a consolidation phase, with potential opportunities for low-priced stocks to emerge [6][8]

本报告导读： 关税缓和之下，计算机投资价值凸显 [Table_Industry] 计算机 股票研究 /[Table_Date] 2025.05.14 2025-05-15 021-38676666 021-38676666 021-38676666 登记编号 S0880525040027 S0880123070157 S0880124070047 业 跟 踪 报 告 证 券 研 究 报 告 此次关税缓和可以从多维度增强计算机板块投资信心，建议关注此前受到关税情绪 明显影响标的及具备长期趋势的 AI 产业链、科技自主可控以及绩优标的。 投资要点： 风险提示：国际政策环境变化；市场竞争加剧；需求不及预期。 请务必阅读正文之后的免责条款部分 股 票 | | | | 股票名称 | 股价 | | EPS（元/股） | | | PE（倍） | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 2024A | 2025E | 2026E | 2024A | 2025E | 2026E | | 锐明技术 | 49.97 | 1.66 | 2.18 | 3.00 ...

Wind数据显示： 规模方面，数字经济ETF最新规模达7.78亿元，创近1月新高，位居可比基金1/2。 份额方面，数字经济ETF近1周份额增长2800.00万份，实现显著增长，新增份额位居可比基金1/2。 资金流入方面，数字经济ETF近5个交易日内有4日资金净流入，合计"吸金"2472.43万元，日均净流入达 494.49万元。 截至2025年5月15日 13:06，中证数字经济主题指数(931582)下跌1.69%。成分股方面涨跌互现，柏楚电 子(688188)领涨0.84%，格科微(688728)上涨0.14%，宝信软件(600845)上涨0.04%；用友网络(600588)领 跌4.72%，广联达(002410)下跌4.07%，润泽科技(300442)下跌4.05%。数字经济ETF(560800)下跌 1.68%，最新报价0.76元。流动性方面，数字经济ETF盘中换手1.02%，成交784.44万元。拉长时间看， 截至5月14日，数字经济ETF近1年日均成交2296.81万元。（以上所列示股票为指数成份股，仅做示意 不作为个股推荐。过往持仓情况不代表基金未来的投资方向，也不代表具体的投资建议，投资方向、 ...

消息面上，据证券日报，近期，险资通过多种方式持续加大权益投资力度。业内人士预计，险企将继续 加大权益投资，提升投资弹性，同时，随着更多险资机构积极争取长期股票投资试点，上市公司市值波 动对当期利润表的影响有望减小，逐步达到"长期资金入市+平滑利润表波动"的平衡。整体来看，险资 有望逐步增加对中证A500指数（侧重科技和新兴产业龙头）成分股的配置。 中银国际表示，市场不确定性减弱、风险偏好回升，市场风格有望向更积极、更具弹性的成长风格转 换。海内外科技公司业绩密集披露，AI产业链公司业绩与景气度普遍向好，机器人产业化进程顺利， 经过3月下旬以来的调整，AI产业链、机器人产业链公司普遍回调到比较具有性价比的位置，市场风格 转换预期之下，AI产业链、机器人等有望逐步开启第二轮反弹趋势。 资金流向上，Wind金融终端数据显示，A500指数ETF（159351）昨日获超3.5亿元资金净流入。 A500指数ETF（159351）紧密跟踪新一代标杆指数中证A500指数，该指数优选各行业市值代表性强、 表征行业龙头的500只股票，兼顾大市值的同时均衡覆盖A股各行业核心龙头资产。此外，该指数在电 子、电力设备、医药生物、计算机 ...