点击注册小程序 查看完整报告 报告摘要 5月A股港股市场有所回暖 5月A股主要指数涨跌分化，行业端涨多跌少。受风险偏好波动等因素影响，5月（截至27日），A股主要指数 涨跌出现分化，其中万得全A涨幅最大，而科创50跌幅最大。行业端涨多跌少，轻工制造、综合、纺织服饰等 行业表现较好，而电子、计算机、房地产、社会服务等行业表现相对较差。 5月港股市场震荡上行。5月受海外扰动缓和、国内风险偏好回暖等因素影响，港股市场整体走势震荡上行。截 至2025年5月27日，恒生香港35、恒生指数、恒生综合指数、恒生中国企业指数、恒生科技的涨幅分别为 7.6%、5.7%、5.3%、4.9%、1.9%。 A股观点：继续关注三类资产 政策的持续支持以及中长期资金积极流入背景下， A股市场有望震荡上行。当前A股市场的估值处于2010年以 来的均值附近，而随着政策的积极发力，中长期资金带来的增量资金或将持续流入市场，对资本市场形成托 底，A股市场有望震荡上行。 配置方向上，关注三类资产。方向一：稳定类资产，如高股息、黄金。稳定类资产能够在市场面临不确定时提 供确定性。方向二：产业链自主可控。在"双循环"新发展格局和全球产业链重构的双重驱 ...

Core Viewpoint - The A-share market is experiencing a continued volume contraction and slight adjustments, with the A500 Index ETF showing resilience and attracting significant investment interest [1] Market Performance - The Shanghai Composite Index closed at 3339.93 points, down 0.02% - The A500 Index ETF (159351) saw a minor decline of 0.21% but recorded a trading volume of 2.533 billion yuan, ranking second in the market for similar products and first in the Shenzhen market [1][1] - The turnover rate for the A500 Index ETF reached 17.46%, the highest among its peers [1] Sector Performance - Consumer and technology sectors showed strong performance, with Dongpeng Beverage rising by 6.30% to reach a historical high - In the technology sector, stocks such as Newyeason and Yanshan Technology increased by over 6%, while Huace Navigation rose by over 5% [1][1] Investment Trends - The A500 Index ETF has demonstrated significant value, with a net subscription for six consecutive trading days and a year-to-date share growth of 15.48%, leading its category [1][1] - Brokerage firms suggest that the market's short-term volatility will continue, with a shift in preference towards more certain investment options, particularly in technology innovation and domestic consumption [1][1] Index Composition - The A500 Index ETF tracks the CSI A500 Index, comprising 500 stocks with large market capitalization and good liquidity, offering a balanced industry distribution and a focus on mid-to-large cap stocks [1][1] - The index includes a high proportion of new productive forces, providing investors with a tool to access representative A-share companies [1][1] Investment Opportunities - Investors can access quality core asset opportunities through the A500 Index ETF linked funds (Class A 022453; Class C 022454) [1][1]

Group 1 - In 2025, over 2000 listed companies have been surveyed by brokers, with more than 700 in May alone [1][2] - The electronic, machinery equipment, and pharmaceutical industries are favored by institutions, with over 30% of surveyed companies in these sectors [2][3] - The electronic industry has the highest survey activity, with over 90 companies surveyed in May, focusing on electronic components, integrated circuits, and semiconductor materials and equipment [2][3] Group 2 - Companies like Anji Technology (688019.SH) have been heavily surveyed, with 56 brokers participating in its research [2] - The pharmaceutical industry has also seen significant interest, with over 230 companies surveyed this year, and more than 60 in May [2] - Recent interest has also risen in the non-ferrous metals and defense industries, with around 20 companies surveyed in May [3] Group 3 - Brokers are optimistic about low-valuation defensive sectors and high-growth tracks, with over 130 companies being increased or newly held in Q1 2025 [3] - The focus for the second half of the year includes dividend sectors, domestic consumption, and technology tracks, driven by policy dividends and industrial upgrades [4][5] - Analysts suggest that investment strategies should consider geopolitical risk premiums and domestic demand activation, with a focus on sectors like military and gold as new safe-haven assets [4][6]

Core Viewpoint - The A-share market is experiencing a recovery after a technical adjustment around the 3400-point level, supported by recent monetary easing and trade negotiations [1][2] Market Outlook - The peak impact of the tariff events has passed, and the A-share market is expected to continue its recovery despite fluctuations. The extreme drop on April 7 was a one-time reaction to the "reciprocal tariffs" event, and the subsequent rebound in April reflects a correction of pessimistic sentiment. With the implementation of monetary easing and the first phase of trade negotiations, the market has entered a new phase of substantive recovery [2][3] Key Sectors - In May, attention should shift back to technology growth and innovative pharmaceuticals. The low valuation and high dividend sectors performed well in April, and the market style may switch back to technology growth in May. Anticipated catalysts include updates to AI large models and developments in robotics competitions. The semiconductor industry remains a key focus, particularly in domestic production, including semiconductor equipment and IC design [3][4] Market Review - The A-share market showed a gradual rebound with increased trading volume, and over 3800 stocks rose. Most of the 31 primary sectors experienced gains, particularly in growth-oriented industries such as beauty care, media, home appliances, and pharmaceuticals. In contrast, cyclical sectors like military, coal, real estate, and steel saw declines [4]

报告导读： 5月以来主题交易热度小幅回升，港口海运相关主题大涨，科技类主题边际 转弱。上市公司并购重组政策优化落地，国务院做强国内大循环工作推进会强调深挖潜 力提振消费。推荐：AI智能体/具身智能/并购重组/内需消费。 主题温度计：港口海运相关主题大涨，科技类主题边际转弱。 5 月 12 日 -5 月 16 日热点主题日均成交 额平均 4.73 亿元，日均换手率 3.25% ， 5 月以来交易热度小幅回升。热点主题结构上科技主题边际走 弱，军工信息化、卫星互联网、航发等军工相关主题回调，电力、黄金相关主题走弱；关税谈判催化下的 港口、海运类主题大涨，内需相关的动保、宠物经济和离境退税主题走强。上市公司并购重组政策优化有 望提振各参会与主体积极性，国务院做强国内大循环工作推进会强调深挖潜力提振消费，而人工智能、机 器人等新兴科技领域增联催化不断，看好增量政策与产业增长势能共振的主题方向。 主题一： AI 智能体。 AI 智能体公司 Manus 开放普通用户注册，阿里 AI 助手 " 心流 " 上线高级研究功 能，字节跳动发布 Agent 产品 " 扣子空间 " ，百度推出智能体 " 心响 " 。 AI Agen ...

Group 1 - The core viewpoint of the articles highlights the resilience of domestic consumption in April, despite external pressures, with a focus on structural opportunities in the consumer sector driven by government policies to boost consumption [3][4]. - The main consumer ETF (159672) has shown a 0.90% increase, with a trading volume of 476.07 million yuan, indicating strong market interest [3]. - The major consumer index (000932) has a year-to-date maximum drawdown of 5.57%, with a management fee of 0.50%, making it one of the lowest in comparable funds [4]. Group 2 - As of April 30, 2025, the top ten weighted stocks in the major consumer index account for 67.16% of the index, with notable companies including Yili (600887) and Kweichow Moutai (600519) [5]. - The major consumer ETF has achieved a maximum monthly return of 24.35% since its inception, with an average monthly return of 5.36% during rising months [4]. - The latest price-to-earnings ratio (PE-TTM) for the major consumer index is 19.95, indicating it is at a historical low compared to the past year [4].

Group 1: Passenger Transport - Guangzhou's passenger transport volume exceeded 100 million in the first four months of the year, reaching 108 million, with a year-on-year growth of 0.5% [2] - In April alone, the city completed a passenger volume of 27.7 million, a year-on-year increase of 3.6%, driven by the rise in railway and air travel, with growth rates of 5.3% and 8.5% respectively [2] - Baiyun Airport reported a passenger throughput of 6.66 million in April, a significant year-on-year increase of 26.3%, with international passengers accounting for 20.5% of the total [2] Group 2: Freight Transport - Guangzhou's total freight volume reached 292 million tons in the first four months, marking a year-on-year increase of 2.9% [3] - In April, the freight volume was 80.25 million tons, showing a year-on-year growth of 7.8%, with waterway, railway, air, and road freight volumes increasing by 11.7%, 10.2%, 7.9%, and 4.2% respectively [3] - The port of Guangzhou handled 22.3 million tons of cargo and 896,610 TEUs in the first four months, with year-on-year growth of 3.8% and 7.9% respectively [3] Group 3: International Trade - The foreign trade container throughput at Guangzhou Port continued to show double-digit growth, reaching 450,370 TEUs in the first four months, a year-on-year increase of 21.9% [3] - Container volumes to ASEAN countries grew by 30.9%, and new direct shipping services to the EU were introduced [3] - Business with "Belt and Road" countries performed exceptionally well, with a year-on-year growth of 49.48% [3]

Group 1: Market Outlook - The capital market reform in China is accelerating, leading to a positive outlook for the A/H stock market, with the Shanghai Composite Index rebounding over 300 points to around 3400 [1] - Investor concerns regarding US-China competition and the government's commitment to supporting the capital market have diminished, indicating a more stable investment environment [1] - The decline in risk-free interest rates and the government's stance on stabilizing and activating the capital market are key drivers for the upward trend in the Chinese stock market [1] Group 2: M&A and Restructuring - The revised regulations for major asset restructuring by the CSRC have introduced a simplified review process, significantly improving transaction efficiency [2] - New mechanisms for payment and regulatory adjustments enhance the adaptability of M&A in the tech sector and state-owned asset integration [2] - The current round of restructuring focuses on industrial logic rather than valuation-driven approaches, aiming to strengthen profitability through industry consolidation [2] Group 3: Sector Analysis - Financial sectors such as brokerage, insurance, and banks are recommended due to declining risk-free rates and increased market entry [3] - Emerging technology sectors are highlighted as growth areas, with recommendations for internet, media, semiconductor, and healthcare industries [3] - The emphasis on domestic consumption and fixed asset investment is rising, with recommendations for sectors like real estate, non-ferrous metals, and consumer goods [3] Group 4: Hong Kong Market Dynamics - Foreign capital remains dominant in the Hong Kong stock market, accounting for over 60% of the market, despite a slight decline in its proportion [6] - The proportion of southbound funds has increased significantly, indicating a growing influence on market pricing [6] - Different types of foreign capital exhibit distinct trading behaviors, with stable foreign capital favoring long-term holdings and flexible foreign capital engaging in short-term speculation [7]

Core Insights - The retail market in China is under pressure, with approximately 40% of retail companies facing challenges in revenue growth during the first four months of 2024 [1][2] - Shanghai and Chengdu have notably high vacancy rates of 8.5% and 8.3%, respectively, indicating a struggle in the retail sector [2][3] - The report highlights a complex market environment for retail, driven by insufficient consumer demand and a slow economic recovery, leading to a trend of price competition [2][3] Market Analysis - The report focuses on shopping centers, analyzing various factors such as project positioning, rental income, turnover, occupancy rates, tenant composition, and customer flow [2] - Despite a slight decrease in overall vacancy rates in core commercial markets, rental prices are declining, reflecting the economic challenges and uncertainty affecting retail and dining performance [3] - The first quarter of 2024 saw 71 major commercial real estate transactions in China, totaling 448 billion yuan, with office properties being the most favored [4] Company Performance - Approximately 60% of sample retail companies reported year-on-year revenue growth, although most of this growth was below 10%, with about 40% experiencing slight declines [5] - New business directions are being explored by companies, with a focus on inventory and non-standard offerings as potential growth areas [5] - The report notes that the leasing activity in the restaurant sector has been particularly vibrant, with a trend towards integrating popular dining concepts in mid-range shopping centers [5] Investment Trends - Since 2024, eight consumer infrastructure REITs have emerged in the C-REITS market, covering various asset types including shopping centers and supermarkets, with occupancy rates above 95% [6] - Notably, the highest occupancy rate recorded was 99.17% for Wuhan's first creative outlet, while Shanghai's Bai Lian You Yi City had the lowest at over 95% [6]

Core Viewpoint - The A-share market is experiencing a technical adjustment as it approaches the March high of 3439 points, but the underlying trend is strengthening due to recent monetary policy easing and trade negotiations [1][2] Market Outlook - The peak impact of the tariff events has passed, and the A-share market is expected to continue its recovery despite uncertainties regarding the effects of the "reciprocal tariffs" on industries with high overseas business reliance, such as consumer electronics and CXO [2] - The domestic consumption and technology self-innovation sectors are expected to benefit from future countermeasures [2] Hot Sectors - In May, attention may shift back to technology growth stocks, with catalysts including updates on AI large models and developments in robotics competitions [3] - Key areas to watch include: 1. AI development transitioning from model training to inference, with potential in cloud computing and AI applications in various sectors [3] 2. The trend of robot localization and integration into daily life, with opportunities in sensors and controllers [3] 3. The ongoing trend of semiconductor localization, focusing on semiconductor equipment and IC design [3] 4. The low-altitude economy, with expectations for accelerated construction in pilot cities [3] Market Review - The A-share market showed a gradual decline with reduced trading volume, and over 3800 stocks fell, particularly in technology growth sectors [4] - Defensive sectors such as beauty care, coal, and agriculture showed resilience, while technology sectors like computing and communication faced significant declines [4]