Monetary Policy - The People's Bank of China announced a 0.5 percentage point reduction in the reserve requirement ratio for financial institutions, effective May 15, which is expected to provide approximately 1 trillion yuan in long-term liquidity to the market [2] - The reserve requirement ratio for auto finance companies and financial leasing companies was reduced from 5% to 0%, enhancing their credit supply capabilities [2] Trade Relations - The U.S. has rescinded a total of 91% of tariffs on Chinese goods and modified a 34% tariff, with 24% of it suspended for 90 days, while retaining 10% [3][4] - In response to the U.S. tariff adjustments, China has also suspended related countermeasures, including 91% of its retaliatory tariffs [10] E-commerce and Export - Following the adjustment of U.S.-China tariff policies, many cross-border e-commerce companies quickly lowered their product prices, leading to a surge in orders [5] - A Shenzhen-based company reported a significant increase in orders from previously disconnected U.S. clients, prompting them to expedite production and shipping [5] Investment Trends - Bridgewater Associates significantly increased its holdings in Alibaba by over 5.4 million shares, marking a 21-fold increase, and also initiated positions in JD.com and a gold ETF [6] - The fund reduced its stake in major holdings like the S&P 500 ETF and Nvidia, indicating a strategic shift in investment focus [6] Export Controls - The Ministry of Commerce announced a temporary suspension of export control measures on 28 U.S. entities for 90 days, allowing for potential exports of dual-use items [7] - The government emphasized the importance of controlling the export of strategic minerals to safeguard national security [8][9] Real Estate and Loans - The central bank reported a decline in the proportion of residential loans from 37% to approximately 32% over the past five years, indicating a more rational approach to housing investment by residents [15] - The manufacturing sector's share of medium to long-term loans increased from 5.1% to about 9.3%, while the real estate and construction sectors saw a decrease from 15.9% to 13% [15] Financial Support - Shenzhen Metro Group has provided nearly 12 billion yuan in direct loans to Vanke this year, with the latest loan amounting to 1.55 billion yuan [24]

证券研究报告·北交所报告·北交所定期报告 北交所定期报告 20250514 七部门联合发布文件，着力发展科技金融体 制 2025 年 05 月 14 日 证券分析师 朱洁羽 执业证书：S0600520090004 zhujieyu@dwzq.com.cn 证券分析师 易申申 执业证书：S0600522100003 yishsh@dwzq.com.cn 证券分析师 余慧勇 执业证书：S0600524080003 yuhy@dwzq.com.cn 研究助理 薛路熹 执业证书：S0600123070027 xuelx@dwzq.com.cn 研究助理 武阿兰 执业证书：S0600124070018 wual@dwzq.com.cn 相关研究 《险资长期投资试点即将再扩容：中 邮保险资产、国寿资产等正积极争取 三期试点资格》 2025-05-13 《北交再度跑赢大盘，继续看好成长 板块》 2025-05-10 东吴证券研究所 1 / 8 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 资本市场新闻：1）金融监管总局等七部门联合发布《加快构建科技金 融体制 有力支撑高水平科 ...

昨日A股 5月14日，市场午后在金融股带动下震荡走高，创业板指领涨，沪指重回3400点上方。截至收盘，沪指 涨0.86%，深成指涨0.64%，创业板指涨1.01%。沪深两市全天成交额1.32万亿，较上个交易日放量252 亿。 盘面上，市场热点较为杂乱，个股跌多涨少，全市场超2800只个股下跌。从板块来看，大金融股午后爆 发，港口、物流股集体大涨，化工股持续活跃。下跌方面，光伏概念股集体调整。板块方面，保险、港 口、物流、化工等板块涨幅居前，光伏、贵金属、轨交设备等板块跌幅居前。 | 名称 | 最新点位 | 涨跌幅 | | --- | --- | --- | | 上证指数 | 3403.95 | +29.08(0.86%) | | 深证指数 | 10354.22 | +66.14(0.64%) | | 创业板指 | 2083.14 | +20 88(1.01%) | | | 日期:5月14日 制图:21投资通 | | 隔夜外盘 纽约股市三大股指5月14日涨跌不一。纳指连涨第六天，标普三连涨。截至当天收盘，道琼斯工业平均 指数比前一交易日下跌89.37点，收于42051.06点，跌幅为0.21%；标准普尔500种 ...

Core Insights - The report highlights a positive outlook for the A-share market, with a focus on sectors such as technology and consumer upgrades as key drivers for medium to long-term investment opportunities [9][10][12] - The semiconductor industry is experiencing robust growth, with significant revenue and profit increases reported for major players, driven by advancements in AI and SoC technologies [21][24] - The food and beverage sector continues to outperform the broader market, with strong sales growth in snacks and dairy products, indicating a resilient consumer demand [19][20] Domestic Market Performance - The Shanghai Composite Index closed at 3,403.95, up 0.86%, while the Shenzhen Component Index rose by 0.64% to 10,354.22 [3] - The average P/E ratios for the Shanghai Composite and ChiNext are at 13.82x and 36.92x respectively, suggesting a favorable environment for medium to long-term investments [10][11] International Market Performance - The Dow Jones Industrial Average fell by 0.67%, while the Hang Seng Index increased by 2.30%, indicating mixed performance across global markets [7] Industry Analysis - The semiconductor sector reported a 12.99% year-on-year increase in revenue for Q1 2025, with a notable 33.22% rise in net profit, reflecting strong demand and operational efficiency [22][24] - The food and beverage index showed a slight decline of 0.23% in April, but it outperformed the broader market, with a cumulative increase of 0.5% from January to April 2025 [19][20] - The photovoltaic industry saw a significant increase in installed capacity in March 2025, with a year-on-year growth of 124.39%, although the sector faced challenges with declining stock prices [30][31] Investment Recommendations - The report suggests focusing on sectors such as technology, consumer goods, and renewable energy for potential investment opportunities, particularly in companies demonstrating strong fundamentals and growth potential [9][12][30] - In the semiconductor industry, continued investment in AI and SoC manufacturers is recommended due to their impressive growth trajectories and market demand [21][24] - The food and beverage sector remains a strong investment area, particularly in sub-sectors like snacks and dairy, which are expected to maintain growth momentum [19][20]

第一财经每日早间精选热点新闻，点击「听新闻」，一键收听。 【今日推荐】 美国调整对华加征关税 据商务部，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。 外贸企业连夜赶工应对爆单潮 随着中美关税政策调整，15日中午12点，不少跨境电商企业第一时间下调了商品的价格，大量订单随之 涌入。在 ...

Domestic News - The State Council has included the revision draft of the Road Traffic Safety Law in the 2025 legislative work plan, aiming to enhance public welfare and improve living standards [2] Industry News - Seven departments, including the Ministry of Science and Technology and the China Securities Regulatory Commission, have jointly issued policies to optimize the merger and acquisition, and equity incentive systems for technology-based listed companies, enhancing support for tech innovation enterprises [3] - Chery has established a new automotive company, Delian Automotive (Guiyang) Co., Ltd., with a registered capital of 200 million yuan, focusing on automotive parts R&D, manufacturing, and sales of new energy vehicles [9] International News - The International Energy Agency reports that China continues to lead global electric vehicle sales, with global EV sales expected to exceed 20 million units by 2025, accounting for over 25% of total new car sales [4] - General Motors announced a partnership with LG Energy to commercialize a new lithium manganese-rich (LMR) square battery for future electric trucks and SUVs, aiming to be the first automaker to deploy LMR batteries [5] - Ford workers in Germany protested against the company's plan to lay off thousands, reflecting broader industry changes as automakers face competition from Chinese manufacturers and the high costs of electrification [8] - Tesla plans to begin transporting components from China for the production of Cybercab and Semi electric trucks in the U.S. by the end of the month [12]

【隔夜行情】 •周三（2025年5月14日），A股三大股指午后拉升，截至收盘，上证综指涨0.86%，报3403.95点；科创 50指数涨0.41%，报1013.77点；深证成指涨0.64%，报10354.22点；创业板指涨1.01%，报2083.14点。沪 深两市成交总额13168亿元，较前一交易日的12915亿元增加253亿元。 •周三（2025年5月14日），港股三大指数均涨超2%。截止收盘，恒生指数涨2.3%或532.38点，报 23640.65点，全日成交额2228.41亿港元；恒生国企指数涨2.47%，报8593.07点；恒生科技指数涨 2.13%，报5381.78点。 【中国4月货币供应量M2同比增长8% 高于市场预期】5月14日，央行数据显示，4月末，广义货币(M2) 余额325.17万亿元，同比增长8%。狭义货币(M1)余额109.14万亿元，同比增长1.5%。流通中货币(M0) 余额13.14万亿元，同比增长12%。前四个月净投放现金3193亿元。 【七部门：建立债券市场"科技板" 将优质企业科创债纳入基准做市品种】5月14日，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 ...

首席点评： 中美经贸关系竞合窗口期 2025 年 5 月 15 日，中方宣布自即日起暂停对 28 家美国实体的出口管制措施，同时美方同步撤销对中 国商品 91% 的关税，保留的 34% 关税中 24% 暂停加征 90 天。这场 " 关税休战 " 标志着双方在芬太尼 关税争端持续两年后首次达成竞合妥协，但商务部昨日 " 发现一起查处一起 " 的强硬表态，以及美方仍 保留 10% 战略关税的举措，揭示出博弈远未结束。 国内政策组合拳精准发力，央行降准释放万亿流动性与科技金融 15 条新政形成共振。 0.5 个百分点的 全面降准叠加汽车金融公司定向降准，既延续了适度宽松基调，又精准支持实体产业升级。值得关注的 是， 4 月企业新发贷款利率降至 3.2% 的历史低位，配合《促进科技金融发展意见》提出的全生命周期 金融服务体系，政策着力点正从总量刺激转向结构优化。 海外市场方面，特朗普政府的 " 交易艺术 " 展现新动向。在斩获卡塔尔 2000 亿美元大单的同时，美国 众议院推进数万亿美元减税计划，这种 " 左手贸易右手财政 " 的组合策略无不体现其交易的风格。 当前中美博弈已进入 " 边打边谈 " 的新阶段， 90 ...

Group 1 - The People's Bank of China announced a 0.5 percentage point reduction in the reserve requirement ratio for financial institutions starting May 15, injecting approximately 1 trillion yuan into the financial market [3] - As of the end of April, the broad money supply (M2) reached 325.17 trillion yuan, growing by 8% year-on-year, while narrow money supply (M1) was 109.14 trillion yuan, up by 1.5% [6] - The net cash injection in the first four months was 319.3 billion yuan, with the total RMB loan balance at 265.7 trillion yuan, reflecting a year-on-year growth of 7.2% [6] Group 2 - Tencent Holdings reported a net profit of 47.821 billion yuan for Q1 2025, representing a year-on-year increase of 14% [9] - Vanke A announced that Shenzhen Metro Group plans to provide a loan of no more than 1.552 billion yuan to the company [9] - Zhongjin Engineering's subsidiary won a bid for a project in Iraq worth 11.538 billion yuan [10] Group 3 - The State Council's news office will hold a press conference on May 19, 2025, to discuss the national economic operation for April 2025 [5] - The global physical gold ETF inflow in April was approximately 11 billion USD, with total assets under management reaching 379 billion USD by the end of April [7]

今日导读 1. 5月14日，多只宽基ETF成交显著放量。具体来看，华泰柏瑞沪深300ETF成交额为48.93 亿元，较前一日31.7亿元的成交额增加17.23亿元。华夏上证50ETF成交也有所放量，成交额 为35.14亿元，较前一日15.93亿元的成交额实现翻倍。 2. 腾讯控股公告，2025年第一季度收入为1800.22亿元，同比增长13%；公司权益持有人应 占盈利为478.21亿元，同比增长14%。公司加大了对元宝应用与微信内的AI等新AI机遇的投 入。 3. 贵州茅台5月14日公告，公司于4月25日披露了《关于召开2024年度股东大会的通知》， 公司2024年度股东大会现场会议将于2025年5月19日14点30分召开， 因登记参会人数超过 原定会议召开地点会场容量，计划调整公司2024年度股东大会现场会议召开地点等内容 。调整 后的股东大会现场会议召开地点为贵州省仁怀市茅台镇茅台会议中心。 宏观消息 1、 5月14日， 科技部网站消息，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》 ，重点 ...