Group 1 - The core viewpoint of the news is that the market is expected to stabilize and gradually rise, with a focus on high-quality development and technology sectors amidst external uncertainties and internal economic transitions [2] - The recent performance of the CSI 500 Quality Growth Index shows a mixed trend among constituent stocks, with notable gainers and losers, indicating volatility in the market [1][3] - The CSI 500 Quality Growth ETF has seen significant growth in both scale and shares over the past two weeks, ranking in the top third among comparable funds [1][2] Group 2 - The political bureau meeting emphasized the importance of maintaining strategic focus and adapting to external uncertainties while promoting high-quality development [2] - The top ten weighted stocks in the CSI 500 Quality Growth Index account for 24.26% of the index, highlighting the concentration of performance among a few key companies [3][5] - The ETF closely tracks the CSI 500 Quality Growth Index, which selects 100 companies with strong profitability and growth potential, providing diverse investment options for investors [2]

截至2025年4月28日 11:11，恒生科技指数上涨0.09%，成分股地平线机器人-W上涨2.93%，中芯国际上涨2.55%，京东集团-SW上涨2.50%，ASMPT上涨 2.08%，金蝶国际上涨2.03%。恒生科技ETF基金(159741)下修调整。 数据显示，杠杆资金持续布局中。恒生科技ETF基金前一交易日融资净买额达188.68万元，最新融资余额达4713.29万元。 从估值层面来看，恒生科技ETF基金跟踪的恒生科技指数最新市盈率（PE-TTM）仅20.9倍，处于近1年14.72%的分位，即估值低于近1年85.28%以上的时 间，处于历史低位。 有机构指出，当前来看，科技股的短期调整已较充分，而科技板块的长期趋势不改。从战略角度看，当前国产化替代、自主可控趋势是主流，国家战略部署 中明确将人工智能作为重点发展方向；技术角度看，当前AI大模型、人形机器人等细分赛道的技术快速迭代，商业化模式逐渐清晰，政策、技术双轮驱动 下未来具备较大成长空间。 国元国际认为，南向资金持续流入为港股筑底带来巨大助力。国内资金"外溢"推动南向资金大幅流入港股市场，从资金流向的结构上看，科技类资产受到了 内资的青睐，AI相关的 ...

规模方面，科创综指ETF华夏最新规模达33.72亿元，创成立以来新高，位居可比基金1/12。 截至2025年4月28日 10:37，上证科创板综合指数(000680)上涨0.08%，成分股深科达(688328)上涨16.51%，联测科技(688113)上涨8.90%，神工股份(688233)上 涨8.58%，博瑞医药(688166)上涨6.80%，艾迪药业(688488)上涨6.43%。科创综指ETF华夏(589000)多空胶着，最新报价0.93元。 流动性方面，科创综指ETF华夏盘中换手1.83%，成交6131.23万元。拉长时间看，截至4月25日，科创综指ETF华夏近1周日均成交2.14亿元，排名可比基金 第一。 数据显示，截至2025年3月31日，上证科创板综合指数(000680)前十大权重股分别为海光信息(688041)、寒武纪(688256)、中芯国际(688981)、金山办公 (688111)、中微公司(688012)、传音控股(688036)、联影医疗(688271)、百利天恒(688506)、澜起科技(688008)、晶科能源(688223)，前十大权重股合计占比 22.34%。 科创综指ET ...

截至2025年4月28日 10:49，上证科创板100指数(000698)上涨0.84%，成分股博瑞医药(688166)上涨9.51%，派能科技(688063)上涨5.94%，荣昌生物(688331)上 涨5.94%，翱捷科技(688220)上涨5.57%，芯动联科(688582)上涨5.49%。科创100指数ETF(588030)上涨0.63%，最新价报0.96元。拉长时间看，截至2025年4月 25日，科创100指数ETF近1周累计上涨0.85%，涨幅排名可比基金3/10。 流动性方面，科创100指数ETF盘中换手1.56%，成交9542.30万元。拉长时间看，截至4月25日，科创100指数ETF近1年日均成交4.54亿元，居可比基金第 一。 消息面上，4月25日政治局会议召开，分析研究当前经济形势和经济工作。此外，科创板2024年度业绩说明会专设"科创热点行业周"，将于4月28日至5月9日 举行。"科创热点行业周"将发挥科创板产业集聚优势，在半导体设备、人工智能及软件、低空经济、机器人、智能消费、创新药、新能源等市场关注度较高 的细分行业依次举办集体业绩说明会。 中银国际指出，本次政治局会议后，市场短期 ...

其次，随着美国关税政策的影响边际递减，投资者风险偏好逐渐回升，加之中国政府实施更加积极有为 的宏观政策，包括更加积极的财政政策和适度宽松的货币政策，这些都有助于提升市场的整体情绪，进 而可能促进科技板块的表现。 此外，科技板块作为自主可控程度较高的行业，受益于国家政策的支持，特别是在科技创新、扩大消费 等方面，这为科技企业提供了良好的发展环境。 今日，港股科技盘中走低，新能源、医药、通信集体回调，港股科技ETF（513020）跌1.6%，网罗港股 互联网+硬科技龙头，资金持续布局中，连续4日净流入额超1.3亿元，今年来份额增长超130%。 银河证券表示，从估值角度来看，截至4月17日，资讯科技业的PE估值处于2019年以来40%分位数以 下，表明该行业估值处于历史中低水平，这意味着相对于历史估值，当前科技板块具有一定的估值吸引 力。 港股科技ETF（513020）跟踪中证港股通科技指数，包括互联网、新能源车、芯片、生物医药和创新药 等核心科技板块，代表了中国科技资产的整体投资价值。相比于恒生科技指数，港股通科技指数在科技 领域布局更均衡，能更好把握成长板块的投资机会。 没有股票账户的投资者可以通过港股科技ET ...

Group 1 - The core viewpoint of the articles highlights the strong financial performance of Northern Huachuang, a leading semiconductor equipment company, with Q1 2025 revenue of 8.21 billion yuan, a year-on-year increase of 37.9%, and a net profit of 1.58 billion yuan, up 38.8% [1] - The growth in Northern Huachuang's performance is attributed to key technological breakthroughs in integrated circuit equipment, increased coverage of new product processes, and a rise in market share of mature products [1] - The global semiconductor manufacturing equipment shipment value is projected to reach 117.1 billion USD in 2024, reflecting a 10% increase from 106.3 billion USD in 2023, with China's investment in semiconductor equipment growing by 35% to 49.6 billion USD [1] Group 2 - The semiconductor equipment ETF (561980) has seen a net inflow of funds for three consecutive days, with a total net subscription amount of 11.69 million yuan [2] - The ETF's index focuses on 40 companies in the semiconductor equipment and materials upstream supply chain, with the top ten constituent stocks, including Northern Huachuang, accounting for over 76% of the index [2] - The index is characterized by high sharpness and elasticity, indicating strong performance potential in the semiconductor equipment sector [2]

Economic Indicators - The National Bureau of Statistics will release the April PMI data this week [1] - In the first quarter, the profit of industrial enterprises above designated size increased by 0.8% year-on-year, totaling 15,093.6 billion yuan [7] - The unemployment rate in Germany for April will be published, along with various economic indicators from the Eurozone and the US [2][3] Market Movements - A new round of domestic refined oil price adjustments will begin on April 30, with an expected increase of 60 yuan per ton [18] - The first ultra-long-term special government bonds for 2025 will be listed for trading, with a total issuance of 1,210 billion yuan [19] - Over 407 billion yuan in market value of restricted stocks will be unlocked in the Shanghai and Shenzhen markets this week, with 43 stocks facing unlock [4][5] Sector Developments - The civil aviation sector reported growth in all three major indicators in the first quarter, with passenger transport volume reaching 190 million, a year-on-year increase of 4.9% [10] - The solar industry has released the first "BC Battery Technology Development White Paper," indicating that the mass production efficiency of BC technology batteries has surpassed 27% [13] - Huawei has launched a smart driving safety initiative in collaboration with 11 automotive brands [11] Policy Changes - The Ministry of Commerce and other departments have announced a reduction in the threshold for departure tax refunds to stimulate inbound consumption [9] - The Central Internet Information Office and other departments have issued guidelines to enhance digital literacy and skills by 2025, focusing on various key tasks [14]

1、核电开闸!国常会核准浙江三门三期工程等核电项目，拉动超2000亿投资 类型：行业 情绪影响：正面 国务院常务会议决定核准浙江三门三期工程等核电项目，这是2025年国内核电项目审批首次开闸。核电 工程历来是扩大有效投资的重要拉动力，以单台国产百万千瓦三代核电机组约200亿元的投资力度估 算，此次新核准机组的投资总额超过2000亿元。 盘前要闻 2、六部门发文优化离境退税政策：下调离境退税起退点，上调现金退税限额 类型：行业 情绪影响：正面 商务部等六部门发文，明确将推动离境退税商店增量扩容，下调离境退税起退点，由原来的500元人民 币下调为200元;上调现金退税限额，由原来的1万元人民币上调至2万元。商务部副部长盛秋平表示，打 造一批国际消费集聚区和入境消费友好商圈。 3、十部门推动交通运输与能源融合发展，目标到2035年纯电汽车成为主流 类型：行业 情绪影响：正面 交通运输部等十部门发文提出，到2027年，交通运输行业电能占行业终端用能的比例达到10%。新增汽 车中新能源汽车占比逐年提升，交通运输绿色燃料生产能力显著提升。到2035年，交通运输行业电能占 行业终端用能比例保持高位。纯电动汽车成为新销售车辆 ...

5 月行业配置关注：关税冲击修复与景气改善线索 20250427 摘要 • 财政政策更加落实，财政支出增速明显改善，为维持国内经济稳定提供支 撑，一季度消费边际改善，显示中国经济的韧性和结构性变化。 • 二季度出口受益于关税豁免期及转口贸易，预计基本面乐观。财政支出和 消费增速提升对股票市场有积极影响，内平准基金机制锁定向下空间，增 加市场向上弹性。 • 风险偏好回升依赖于人工智能、人形机器人、低空经济等新产业趋势的发 展，这些新兴产业为市场提供布局和投资机会，尤其在业绩真空期。 • 政治局会议强调稳定并活跃资本市场，支持未来积极变化预期。市场可能 向上突破，并体现为积极的产业趋势变化，特别是在 5 月份。 • 5 月份行业配置思路可从自上而下逻辑、八个维度打分模型及重点行业具 体推荐三方面分析，市场呈 V 型走势，消费和科技板块快速轮动。 • 一季度经济内生增长动能改善，消费服务表现突出，家电、汽车和通信器 材增长亮眼，受以旧换新及国补政策驱动。中高端制造业生产端保持较高 景气度。 • 5 月份市场偏好预计改善，布局关税影响趋缓及景气改善线索，关注前期 超跌且对美出口依赖度小的板块，以及受益于内需消费及自主 ...

Group 1: Market Outlook - The market is expected to maintain a volatile trend in May, with limited upward momentum and downward risks, influenced by the easing of tariff risks and the adequacy of domestic policy reserves to counteract economic shocks [3][5][13] - The central political bureau meeting emphasized the need for timely policy responses to external shocks, indicating a proactive stance on fiscal and monetary policies to stabilize the economy [13][14][15] Group 2: Economic Indicators - April's high-frequency data shows weak internal momentum, with a noticeable decline in exports affecting production, while consumer goods maintain a relatively high growth rate due to policy support [4][19] - Retail sales in April are projected to grow by approximately 5.2% year-on-year, with fixed asset investment increasing by 4.1%, while real estate investment shows a decline of 10.2% [19][23] Group 3: Policy Measures - The government is expected to implement structural monetary policy tools to maintain liquidity, with a focus on supporting consumption and stabilizing foreign trade [27][28] - The central bank's recent actions, including the release of 500 billion yuan in medium-term funds, indicate a shift towards structural support rather than broad monetary easing [27][28] Group 4: Investment Strategy - A "barbell" investment strategy is recommended, focusing on stable dividend-paying assets like banks and insurance on one end, and growth sectors such as technology on the other [5][35] - The banking sector is highlighted for its stability and potential for long-term strategic value, especially with recent government measures to bolster capital and improve asset quality [38][39] Group 5: Sector Performance - The consumer sector has undergone significant internal rotation, while cyclical sectors remain weak; growth technology sectors are seen as having strong recovery potential following recent corrections [5][35][36] - The technology sector, particularly in AI and robotics, has experienced a deep correction of over 25%, presenting a favorable entry point due to recent policy catalysts [36][37]