新华财经北京5月9日电（记者翟卓）9日，《2025年第一季度中国货币政策执行报告》重磅发布，在充 分总结前期货币政策执行情况并阐明下阶段工作重点的同时，还释放出加力支持实体经济、支持扩大消 费和有力应对外部冲击等三大信号。 与此同时，报告还开设了六个专栏回应市场关切，从中不仅可以看到宏观政策思路的转变，还展现了央 行利率调控机制作用的强化过程。 总的来看，业内人士表示，在各项货币政策的支持下，货币信贷合理增长，社会综合融资成本稳步下 行，信贷结构进一步优化，持续多年、多次降准降息的累积效应不断显现，预计后续适度宽松货币政策 将持续发力，有效支持经济合理运行。 ——降准降息的累积效应显现新的政策信号也不断释放 报告显示，人民银行继续坚持支持性的政策立场，实施适度宽松的货币政策，灵活开展公开市场操作， 综合运用各类总量和结构性政策工具，保持流动性充裕，人民币汇率在复杂形势下保持基本稳定，金融 市场运行整体平稳。 与此同时，具体的政策操作进一步优化，如调整中期借贷便利（MLF）中标方式，用好两项资本市场 支持工具，以及将支农再贷款和支小再贷款合并为支农支小再贷款等。 市场人士表示，从报告可以看出，货币政策的逆周期调 ...

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Investment Rating - The report rates the pharmaceutical industry as "Overweight" [1]. Core Insights - The impact of US pharmaceutical tariffs on Chinese companies is limited, with a focus on domestic substitution, innovative drugs, and domestic demand [35][36]. - The US pharmaceutical trade deficit is expanding, primarily driven by imports from Europe, with a projected deficit of 118.6 billion USD in 2024, a 35% year-on-year increase [37]. - If tariffs are implemented, large multinational pharmaceutical companies may face significant challenges, but the transfer of the industry chain back to the US is unlikely to happen quickly due to high costs and long construction cycles [38]. Summary by Sections 1. US Pharmaceutical Market Trade Deficit - The US pharmaceutical trade deficit is projected to reach 118.6 billion USD in 2024, with imports at approximately 213 billion USD and exports at 94.4 billion USD, marking a 20% increase in imports and a 5% increase in exports year-on-year [6][37]. - The US maintains a trade surplus with China in pharmaceuticals, with imports from China accounting for only 1.5% of total pharmaceutical imports [36][16]. 2. Potential Tariff Impacts - The report discusses the potential for tariffs on pharmaceuticals, with Trump threatening a 25% tariff to encourage domestic production [17][19]. - Most pharmaceutical sectors are currently exempt from tariffs, but medical devices and some excipients are facing increased tariffs [19][20]. 3. Historical Context and Future Outlook - Historical data indicates that tariffs have had a limited impact on China's pharmaceutical exports to the US, with exports continuing to grow despite previous tariff threats [22][23]. - The report suggests that tariffs may benefit domestic substitution efforts in China, particularly in medical devices and innovative drugs, while also reshaping export and domestic sales patterns [25][28].

Group 1 - The North Exchange 50 index decreased by 2.16%, with a trading volume of 1503.29 billion, reflecting an 8% decrease week-on-week [12][17][27] - The new code switching pilot for six stocks will be launched after May Day, aimed at enhancing the recognition of the North Exchange and distinguishing it from the New Third Board [12][13][54] - The report emphasizes a cautious approach before the holiday and a non-pessimistic outlook afterward, suggesting a focus on technology sectors that have undergone sufficient adjustments [13][17][49] Group 2 - No new stocks were listed on the North Exchange this week, with a total of 265 companies currently trading [3][31] - The New Third Board saw nine new listings and 18 delistings, with no new financing plans and a completed financing of 0.50 billion [4][55] - The report highlights the performance of specific companies, with notable gains for Fangda New Materials and Zhongyu Technology, while companies like Minshida and Kangbiter faced significant declines [39][40][42] Group 3 - The average PE (TTM) for the North Exchange is 78.81 times, with a median of 47.08 times, indicating a higher valuation compared to other exchanges [24][26] - The report notes that the financing balance for margin trading on the North Exchange increased to 53.14 billion, reflecting a slight rise from the previous week [30][27] - Key announcements include the issuance of guidelines for share changes and updates to the listing rules by the Beijing Stock Exchange [49][51]

一、首届人形机器人半程马拉松比赛过程和结果， "大跌"眼镜 备受瞩目的 全球首个人形机器人半程马拉松 昨天在北京亦庄 圆满完赛 ， 大家通过多个 媒体平台观看了这场比赛直播，比赛现场可谓状况百出，让投资者 "大跌"眼镜：有的机 器人刚起跑就 " 趴窝 " ，有的跑到一半脑袋掉了还在坚持，还有的每跑几公里就得换电 池。最要命的是，转弯时动不动就摔跟头，遇到个小坡就卡壳，连地上的影子都能把它们 吓到 " 腿软 " 。 这些表现暴露了三大硬伤：一是电池能源有待提升，跑个半马得换好几次电池；二是关节 和螺丝扛不住折腾，跑着跑着就散架；三是 " 大小脑 " 不太灵光，遇到突发状况就蒙 圈。 实际上作为全球首届人形机器人半程马拉松比赛，这个还是很不容易的，能够参事本身就 是一种勇气，而这些跟头没白摔，至少让我们看明白了：要想让机器人真正实用，得先搞 定三件事：把电池做得更耐用更散热，把零件造得更结实更耐用，把 "AI 小脑 " 训练得 更聪明。这次比赛就像照妖镜，照出了行业的真实水平，但也指明了方向：谁能先解决散 热、续航和自主决策这些痛点，谁就能在机器人赛道跑出未来！ 当然 短期情绪 冲击上，这次比赛情况对于机器人板块 ...