截至5月20日收盘，重组蛋白概念上涨3.90%，位居概念板块涨幅第4，板块内，46股上涨，三生国健、 一品红等20%涨停，未名医药、*ST苏吴等涨停，科兴制药、三元基因、敷尔佳等涨幅居前，分别上涨 15.56%、12.08%、10.77%。跌幅居前的有*ST万方、通化东宝等，分别下跌3.53%、0.13%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 培育钻石 | 4.10 | 航运概念 | -1.44 | | 宠物经济 | 4.08 | 中韩自贸区 | -1.24 | | 动物疫苗 | 4.00 | 成飞概念 | -1.16 | | 重组蛋白 | 3.90 | PEEK材料 | -0.75 | | IP经济(谷子经济) | 3.45 | 自由贸易港 | -0.68 | | 人造肉 | 3.14 | 钛白粉概念 | -0.58 | | 托育服务 | 2.95 | 碳纤维 | -0.34 | | 兵装重组概念 | 2.75 | 太赫兹 | -0.23 | | NFT概念 | 2.74 | 中船系 | -0. ...

截至5月20日收盘，兵装重组概念上涨2.75%，位居概念板块涨幅第8，板块内，6股上涨，湖南天雁涨 停，东安动力、长安汽车、中光学等涨幅居前，分别上涨4.59%、1.78%、1.65%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 培育钻石 | 4.10 | 航运概念 | -1.44 | | 宠物经济 | 4.08 | 中韩自贸区 | -1.24 | | 动物疫苗 | 4.00 | 成飞概念 | -1.16 | | 重组蛋白 | 3.90 | PEEK材料 | -0.75 | | IP经济(谷子经济) | 3.45 | 自由贸易港 | -0.68 | | 人造肉 | 3.14 | 钛白粉概念 | -0.58 | | 托育服务 | 2.95 | 碳纤维 | -0.34 | | 兵装重组概念 | 2.75 | 太赫兹 | -0.23 | | NFT概念 | 2.74 | 中船系 | -0.23 | | 电子竞技 | 2.69 | 氟化工概念 | -0.22 | 资金面上看，今日兵装重组概念板块获主力资金净流入 ...

截至5月20日收盘，宠物经济概念上涨4.08%，位居概念板块涨幅第2，板块内，83股上涨，天元宠物、 创源股份等20%涨停，贝因美、依依股份、实丰文化等涨停，路斯股份、驱动力、美农生物等涨幅居 前，分别上涨18.10%、14.10%、13.81%。跌幅居前的有哈三联、新华制药、狮头股份等，分别下跌 3.49%、3.23%、3.01%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 培育钻石 | 4.10 | 航运概念 | -1.44 | | 宠物经济 | 4.08 | 中韩自贸区 | -1.24 | | 动物疫苗 | 4.00 | 成飞概念 | -1.16 | | 重组蛋白 | 3.90 | PEEK材料 | -0.75 | | IP经济(谷子经济) | 3.45 | 自由贸易港 | -0.68 | | 人造肉 | 3.14 | 钛白粉概念 | -0.58 | | 托育服务 | 2.95 | 碳纤维 | -0.34 | | 兵装重组概念 | 2.75 | 太赫兹 | -0.23 | | NFT概念 | 2. ...

Group 1 - The childcare service concept index rose by 2.95%, ranking 7th among concept sectors, with 15 stocks increasing in value, including Chuangyuan Co., which hit a 20% limit up, and Kid Kingdom, Tom Cat, and Helen Piano showing gains of 6.99%, 6.27%, and 4.26% respectively [1] - The childcare service sector saw a net inflow of 493 million yuan from main funds, with Kid Kingdom leading the inflow at 255 million yuan, followed by Tom Cat and Chuangyuan Co. with inflows of 240 million yuan and 138 million yuan respectively [2] - The top stocks in terms of net inflow ratio included Times Publishing, Chuangyuan Co., and Kid Kingdom, with net inflow ratios of 20.65%, 17.40%, and 15.62% respectively [3] Group 2 - The overall performance of the childcare service sector was positive, with significant contributions from key players, indicating strong market interest and investment potential [1][2] - The data reflects a healthy trading environment for the childcare service sector, with notable trading volumes and turnover rates among leading stocks [3]

Group 1 - The NFT concept index rose by 2.74%, ranking 9th among concept sectors, with 61 stocks increasing in value, including Mankalon which hit a 20% limit up [1] - Notable gainers in the NFT sector included Beinmei, Zhejiang Wenhu, and Chaohongji, all reaching the limit up, while major decliners were Hailian Jinhui, Advanced Data, and ST Kaiven [1] - The NFT sector saw a net inflow of 1.971 billion yuan, with 37 stocks receiving net inflows, and 9 stocks exceeding 50 million yuan in net inflow, led by Beinmei with 653 million yuan [2][3] Group 2 - The top stocks by net inflow ratio included Beinmei at 39.98%, Aofei Entertainment at 32.50%, and Shifeng Culture at 28.62% [3] - The NFT concept's top performers included Beinmei, Aofei Entertainment, Zhejiang Wenhu, and Tom Cat, all showing significant price increases and trading volumes [3][4] - The overall market performance showed a mixed trend, with various sectors experiencing both gains and losses, highlighting the volatility in the current market environment [2][6]

Group 1 - The PEEK materials concept index declined by 0.75%, ranking among the top declines in the concept sector as of May 20 [1] - Within the PEEK materials sector, major decliners included Zhongxin Fluorine Materials, Zhongyan Shares, and Jusa Long, while notable gainers were Daon Shares, Wanrun Shares, and Kangtuo Medical, with respective increases of 3.55%, 1.49%, and 1.26% [1] - The concept sector saw a net outflow of 245 million yuan, with 20 stocks experiencing net outflows, and 10 stocks seeing outflows exceeding 10 million yuan [1] Group 2 - The stock with the highest net outflow was Zhongxin Fluorine Materials, with a net outflow of 110 million yuan, followed by Jinfat Technology, Zhongyan Shares, and Xiongdi Technology with net outflows of 30.26 million yuan, 25.26 million yuan, and 17.42 million yuan respectively [1] - The stocks with the highest net inflows included Daon Shares, Keda Li, and Xinhang New Materials, with net inflows of 23.21 million yuan, 14.38 million yuan, and 10.29 million yuan respectively [2] - The trading volume and turnover rates varied significantly among the stocks, with Zhongxin Fluorine Materials showing a turnover rate of 27.24% despite a decline of 9.23% [1][2]

Group 1 - The Free Trade Port concept declined by 0.68%, ranking among the top declines in concept sectors, with notable declines in stocks such as Xiamen Port, Ningbo Port, and Jinjiang Shipping [1] - Among the concept stocks, 14 experienced price increases, with Milkewei, Xinlong Holdings, and Shanghai Jianke leading with gains of 4.81%, 2.38%, and 1.64% respectively [1][2] - The top gaining concept sectors included Cultivated Diamonds (up 4.10%), Pet Economy (up 4.08%), and Animal Vaccines (up 4.00%), while the Shipping concept saw a decline of 1.44% [1] Group 2 - The Free Trade Port concept saw a net outflow of 417 million yuan, with 28 stocks experiencing net outflows, and five stocks seeing outflows exceeding 30 million yuan [1] - Xiamen Port had the highest net outflow of 127 million yuan, followed by Ningbo Port and Jinjiang Shipping with outflows of 67.43 million yuan and 40 million yuan respectively [1][2] - The stocks with the highest net inflows included Tianjin Port, Jiacheng International, and Xinlong Holdings, with inflows of 23.35 million yuan, 13.95 million yuan, and 7.49 million yuan respectively [1]

Core Viewpoint - The demand for traveling with pets has surged since 2025, prompting domestic airlines to introduce "pets in cabin" services as a new revenue strategy to counteract declining passenger revenues. This service is also expanding the "civil aviation + pet" service industry chain into areas such as quarantine, insurance, and tourism. However, challenges such as species restrictions and balancing cabin safety with passenger experience remain [1][3][10]. Group 1: Industry Trends - Since 2025, several listed airlines, including Hainan Airlines, China Southern Airlines, and Eastern Airlines, have either launched or upgraded their "pets in cabin" services, reflecting a growing trend in the industry [3][7]. - The "pets in cabin" service is driven by the increasing perception of pets as family members, with airlines aiming to address the pain points of pet separation during travel [7][10]. - The market for pet-related services is expanding, with the pet economy in China projected to reach 1.15 trillion yuan by 2028, indicating significant growth potential for the industry [12]. Group 2: Financial Implications - Airlines are charging fees for "pets in cabin" services, with prices generally under 1,500 yuan per pet per segment. For example, Eastern Airlines charges 1,288 yuan, while China Southern Airlines charges between 1,299 and 1,499 yuan depending on the distance [8][10]. - The introduction of "pets in cabin" services is seen as a way for airlines to enhance ticket revenue, especially in a market where average ticket prices have dropped by over 10% [10][12]. - The service not only meets customer demand but also helps airlines attract high-value customers, as pet owners are often willing to pay a premium for enhanced services [10][12]. Group 3: Operational Challenges - Despite the benefits, the "pets in cabin" service faces operational challenges, including restrictions on pet size and breed, and the need for standardized regulations across airlines [14][15]. - Airlines must balance the needs of pet owners with those of other passengers, addressing concerns such as allergies and fears related to pets [14]. - Safety protocols are crucial, with airlines needing to ensure that pets are properly vaccinated and secured during flights to maintain cabin safety [14][15].

Market Overview - The market experienced a rebound with the North Stock 50 and Micro Stock Index reaching historical highs. The pet economy concept saw a collective surge, with companies like Yuanfei Pet and Yiyi Co. hitting the daily limit. The IP economy also strengthened, with companies such as Shifeng Culture and Haole Co. reaching the limit. Pharmaceutical stocks rose, with SanSheng Guojian and Huahai Pharmaceutical hitting the limit. M&A and restructuring stocks remained strong, while the shipping sector faced adjustments, with companies like Phoenix Shipping and Lianyungang hitting the limit down. Over 3,800 stocks in Shanghai, Shenzhen, and Beijing rose, with a total transaction volume of 1.21 trillion [1]. Hot Topics IP Economy / Guzi Economy - The Guzi economy sector saw significant gains, with stocks like Guobo Co., Chuangyuan Co., and Jinghua Laser hitting the daily limit. The catalyst for this surge was the historical high of Pop Mart's stock price in Hong Kong, with a market value approaching 300 billion [4][5]. - According to iiMedia Consulting, the market size of China's Guzi economy is expected to reach 168.9 billion in 2024, a year-on-year increase of 41%, and is projected to exceed 200 billion by 2025. Compared to the US and Japan, the conversion rate of domestic IP in film and television is relatively low, indicating significant potential for growth in China's Guzi industry [5][6]. Pet Economy - The pet economy sector exploded again, with Yuanfei Pet and Tianyuan Pet achieving two consecutive daily limits, and Yiyi Co. hitting the limit. Other companies like Lusi Co., Ruipu Biological, and Petty Co. also saw significant increases. The catalyst for this growth is the upcoming 2025 Shanghai Pet Expo, which is expected to break historical records in terms of participants and transaction amounts [7][8]. - According to iiMedia Consulting, the domestic pet industry is projected to reach 811.4 billion this year, with expectations to surpass 1 trillion in two years [9]. Pharmaceutical Sector - The pharmaceutical sector saw a significant rise, with SanSheng Guojian hitting the daily limit and other companies like Huahai Pharmaceutical and Weiming Pharmaceutical also reaching the limit. A key catalyst was SanSheng Pharmaceutical's announcement of a licensing agreement with Pfizer for its PD-1/VEGF dual-specific antibody SSGJ-707, which includes a $1.25 billion upfront payment and potential milestone payments of up to $4.8 billion [10][11]. - The agreement marks a record for the amount of foreign licensing for Chinese innovative drugs in recent years, indicating an escalation in competition in the global PD-1/VEGF dual antibody market [10][11]. Other Active Sectors - Besides the highlighted sectors, asset restructuring, consumer goods, and domestic chips are also active. In contrast, the chemical, shipping, and military sectors experienced the most significant declines [12].

Core Viewpoint - The A-share market showed a strong performance on May 20, with all three major indices rising, indicating a recovery in market confidence and active trading across various sectors [3][10]. Market Performance - The Shanghai Composite Index rose by 0.38% to close at 3380.48, while the Shenzhen Component Index and the ChiNext Index both increased by 0.77%, closing at 10249.17 and 2048.46 respectively [4][3]. - Over 3800 stocks in the market experienced gains, with total trading volume reaching 11,697 billion yuan, an increase of 832 billion yuan compared to the previous trading day [4][3]. Sector Performance - The sectors that saw significant gains included cultivated diamonds, pet economy, animal vaccines, millet economy, and plant-based meat, while the port and shipping sector faced declines [7]. - The pet economy concept saw a collective surge, with stocks like Tianyuan Pet, Yiyi Co., and Chuangyuan Co. hitting the daily limit [8]. - The IP economy concept also experienced a surge, with over 10 stocks, including Mankalon and Shifeng Culture, reaching the daily limit [9]. Capital Flow - Main capital inflows were observed in the automotive, cultural media, and food and beverage sectors, while outflows were noted in shipping ports, internet services, and real estate development [10]. - Specific stocks that attracted net inflows included OFILM Technology, Beingmate, and BYD, with inflows of 1.651 billion yuan, 632 million yuan, and 628 million yuan respectively [11]. - Conversely, stocks like Chengfei Integration, AVIC Chengfei, and Lijun Co. faced net outflows of 577 million yuan, 561 million yuan, and 465 million yuan respectively [12]. Analyst Insights - Analysts from Guoyuan Securities noted that the index is showing a strong oscillation, with individual stocks becoming active, but breakthroughs may require new catalysts [13]. - According to Zhongtai Securities, market confidence has fully recovered, and overall activity is high, although incremental capital may flow slowly without event-driven catalysts [13]. - The Qianhai Bourbon Fund anticipates a structural upward trend in the market, with a potential challenge to previous highs after a mild pullback [13].