12日收盘后传出中美关税谈判取得实质性进展的消息，对A股市场是实打实的利好。13日大盘也不出意 料高开，只是没有想到不论是指数还是大部分个股，都是开盘即巅峰，出现高开低走。虽然没有出现大 跌，但个股涨少跌多，持股体验感很差。特别是对大盘抱有希望的投资者，又一次被伤了心。 长沙晚报掌上长沙5月13日讯（全媒体记者 刘军） A股三大指数13日震荡整理。截至收盘，沪指涨 0.17%，收报3374.87点；深证成指跌0.13%，收报10288.08点；创业板指跌0.12%，收报2062.26点。沪深 两市成交12916亿元，较12日小幅缩量169亿元。 行业板块涨少跌多，航运港口、光伏设备、银行、美容护理板块涨幅居前，航天航空、船舶制造、小金 属、计算机设备、交运设备、通信设备板块跌幅居前。个股方面，上涨股票1941只，涨停70只；下跌股 票3234只，跌停14只。 在利好消息刺激下，大盘高开低走，主要原因有三个，一是关税还存在重大不确定性，目前中国很多商 品出口美国还要交近30%的关税，二是前期低点进入市场的资金有获利撤出的需求；三是主力资金大幅 流出超416亿元，并且成交量小幅缩量。 从技术上来看，沪指在5月7日 ...

华金证券认为，A股短期震荡偏强的趋势可能进一步加强，基本面预期的改善可能导致A股突破上行。 一是近期A股震荡偏强的核心驱动因素可能进一步加强：首先，政策和流动性宽松是A股"五一"节后走 强的主要驱动因素，此次超预期大幅降低加征关税不会对国内政策和流动性宽松产生影响，反而可能进 一步加大美联储降息和人民币升值的预期，对流动性宽松预期有利；其次，中美缓和带来的风险偏好改 善是推动近期走势偏强的另一个核心因素，本次超预期降低关税对这个因素有进一步的更强的推动。二 是对短期A股震荡上行最大的压制因素可能大幅消减：首先，对加征关税导致的出口回落以及经济和盈 利基本面偏弱的担忧是压制短期A股走势的最大因素，本次超预期大幅降低关税可能大幅改善这种压 制；其次，A股短期持续维持偏低的成交额，主要还是对经济基本面的担心导致保险、基金及外资等机 构资金和增量资金未入市，本次降低关税可能大幅改善机构的风险偏好，一旦A股成交额放大，可能开 启突破上行的行情。 （文章来源：证券时报网） 盘面上看，军工、券商、半导体、汽车、地产等板块走低，有色、银行、家居、煤炭、医药等板块拉 升，光伏产业链、航运概念、跨境电商概念等活跃。 13日早盘， ...

A股三大股指高开高走，创业板指涨超2%，深证成指涨1.3%，沪指涨0.76%，中船系拉升，军工板块走 强，全市场超3800只个股上涨。 ...

Summary of Conference Call Notes Industry or Company Involved - The discussion primarily revolves around the A-share market and public funds in China, particularly focusing on the impact of the "Action Plan for Promoting High-Quality Development of Public Funds" [1][1]. Core Points and Arguments - The implementation of the action plan is expected to drive more medium to long-term capital into the A-share market, enhancing market resilience [1]. - Currently, the proportion of equity public funds is relatively low, but under policy guidance, this proportion is likely to continue increasing, bringing substantial incremental capital to the A-share market [1][1]. - Technology-related broad-based indices, such as the Sci-Tech 50 Index and semiconductor-related indices, are anticipated to benefit significantly from this policy shift [1]. - Industries with strong profitability and stable performance are expected to attract public fund investments, including household appliances, banking, transportation, food and beverage, and non-bank financial sectors [1]. - Specific industries that are currently underweighted by funds, such as banking, transportation, and non-bank financials, may warrant particular attention [1]. Other Important but Potentially Overlooked Content - The market may experience scenarios of "weak reality, weak sentiment" or "weak reality, strong sentiment," which correspond to rotations between defensive and growth styles [2]. - Under the defensive style, focus should be on stable or high-dividend industries, while the growth style should emphasize thematic growth and independent prosperity industries [2]. - Risk factors include the possibility of policy implementation falling short of expectations, significant declines in market sentiment, economic growth levels being substantially below expectations, and a severe deterioration in China-U.S. relations [3].

Market Performance - In May, the A-share market showed a positive trend after a slight decline in April, with the Shanghai Composite Index recovering the 3300-point mark, closing at 3316.11 points, a daily increase of 1.13% on the first trading day of May [2][4] - The Shanghai Composite Index experienced a weekly increase of 1.92%, successfully filling the gap created on April 7 [4] - The Shenzhen Component Index regained the 10,000-point level, closing at 10126.83 points with a weekly increase of 2.29%, although it has not yet filled the gap from April 7 [6] - The ChiNext Index also recovered the 2000-point mark, closing at 2011.77 points with a weekly increase of 3.27%, but it has not filled the gap from April 7 either [8] Key Indices and Gaps - All three major indices (Shanghai Composite, Shenzhen Component, and ChiNext) are above significant psychological levels, indicating a strengthening market [8] - The gaps from April 7 for the Shenzhen Component Index (10248.98—10328.02 points) and the ChiNext Index (2036.1—2057.63 points) remain unfilled, suggesting some weakness in the Shenzhen market compared to the Shanghai market [6][8] Sector Performance - The blue-chip stocks played a crucial role in the market's rise, particularly financial stocks, with the China Securities Bank Index increasing by 3.87%, reaching a four-year high, just 60 points shy of its historical peak [10] - Other sectors such as insurance and brokerage also saw slight increases, while themes like communication equipment and military industries performed notably well [10] Supportive Policies - The People's Bank of China announced a 0.5 percentage point reserve requirement ratio cut, injecting approximately 1 trillion yuan into the market, along with a 0.1 percentage point reduction in policy interest rates, which positively influenced market sentiment [2][10] - The China Securities Regulatory Commission emphasized the importance of stable macroeconomic policies and institutional guarantees to support market confidence and stability [10]

A股开盘，上证指数跌0.05%，深证成指跌0.07%，创业板指跌0.05%。 ...

5月8日，A股市场在利好消息中走出"高开低走"的纠结行情。沪指全天振幅超1.5%，深成指与创业板指盘中一度翻绿，最终勉强收红。两市成交额突破1.46 万亿元，较昨日再放量的1300亿元，显示资金活跃度不减。但这份"热闹"背后，市场情绪却透着几分谨慎——利好兑现不彻底、外围不确定性、做空机制未 受限，三大矛盾点正牵制着反弹步伐。 利好当前，A股为何"犹豫"？ 今日盘面呈现三大反常现象： 政策力度超预期，市场反应却平淡。尽管证监会午间发布《推动公募基金高质量发展行动方案》，从降费率、强监管到提权益投资规模，条条直指行业痛 点，但资金并未因此疯狂追涨。 指数红盘，个股赚钱效应不足。上涨个股虽超2800只，但涨跌中位数仅0.3%，半数投资者账面未跑赢指数。 外资动向矛盾。北向资金全天净买入32亿元，但尾盘集合竞价阶段却出现集中撤单，显示海外资金对美联储利率决议仍存顾虑。 这种"纠结"背后有三重逻辑： 点位压力：沪指已逼近3350点压力位，此处堆积着2023年8月以来的套牢盘，解套抛压需时间消化； 外围干扰：明日凌晨美联储将公布最新利率决议，尽管市场普遍预期维持利率不变，但鲍威尔的表态仍可能引发全球资产波动； 做空漏洞 ...

A股开盘，上证指数跌0.34%，深证成指跌0.23%，创业板指跌0.12%。 ...

Group 1 - The A-share market is gradually stabilizing and recovering after the impact of "reciprocal tariffs," with a slight decline for the month. It is suggested that future fund allocations maintain a balanced style while moderately leaning towards growth, emphasizing the importance of fund managers' stock selection and risk control capabilities [1][2] - In April, the manufacturing PMI was 49.0%, a decrease of 1.5 percentage points from the previous month, influenced by the drastic changes in the external environment due to trade friction. The strategy team believes that after the shock, investors' understanding of the economic situation has improved, which is crucial for the stock market's recovery [2] - The focus of Sino-US competition extends beyond economic trade to technological and productivity advantages. In the medium to long term, emerging technology remains a key theme, and the financial cycle is expected to be a dark horse under the influence of declining risk-free interest rates and new capital inflows [2] Group 2 - Global central bank gold purchasing behavior is expected to be long-term and sustained, reflecting changes in the trust foundation of the global monetary system. The rise of trade protectionism and the restructuring of the global economy will increase economic differentiation, supporting residents' demand for gold [3] - The fundamental impact of the US dollar on gold pricing has weakened but still holds some influence. If the US economy weakens, the support for gold prices will strengthen. This gold bull market is characterized by different driving factors and pricing frameworks, suggesting a potentially long cycle [3] - From a long-term investment and risk-hedging perspective, it is recommended to allocate to gold ETFs [3]

A股深证成指午后率先翻绿，盘中一度涨超1.6%，上证指数涨幅收窄至0.37%，创业板指收窄至 0.04%。 ...