Group 1 - The report emphasizes a strategy of maintaining confidence in policies while lowering slope expectations, recommending a "4+1" investment approach focusing on domestic consumption, technology growth, cost improvement, and structural opportunities abroad, along with a stable dividend base [3][22][20] - The report identifies key sectors for investment in June, including transportation, non-bank financials, coal, environmental protection, construction decoration, beauty care, food and beverage, media, electric equipment, and social services based on an industry rotation model [4][25] Group 2 - In the media sector, Shanghai Film (601595.SH) is highlighted as a leading company benefiting from the recovery of the film market, with AI technology enhancing cost efficiency and expanding IP monetization opportunities [5][27] - In the communication sector, New Yi Sheng (300502.SZ) is recognized as a global leader in optical modules, with ongoing partnerships with major internet and communication equipment companies, driven by increasing demand for high-speed optical modules [6][30] - In the electric new energy sector, Daikin Heavy Industries (002487.SZ) is noted for being the only supplier in the Asia-Pacific region capable of delivering offshore products to Europe, with a robust order book and potential for profit growth as European offshore wind projects accelerate [7][32] - In the utilities sector, China Nuclear Power (601985.SH) is positioned as a domestic duopoly with significant cost advantages in nuclear power generation, promising future profits and dividends [8][34] - In the pharmaceutical sector, Sanofi Pharmaceutical (1530.HK) is recognized for its diverse product portfolio and strong commercialization capabilities, with promising new drug pipelines [9][36] - In the chemical sector, Zhenhua Co. (603067.SH) is highlighted as a leading global player in the chromium salt industry, expected to benefit from strong downstream demand [10][39] - In the automotive sector, XPeng Motors (9868.HK) is noted for its strong product lineup and potential for profitability as it expands its AI capabilities [11][42] - In the consumer discretionary sector, Ninebot (689009.SH) is projected to maintain high double-digit revenue growth in Q2, driven by strong sales of electric scooters and lawnmowers [12][44] - In the non-bank financial sector, Jiangsu Jinzhong (600901.SH) is expected to benefit from lower funding costs due to monetary easing, with projected earnings growth of 13% in 2025 [13][47] - In the computer sector, Zhuoyi Information (688258.SH) is recognized for its innovative AI programming products and potential benefits from high computing demand [14][50]

策略研究团队 2025 年 05 月 18 日 八问公募新规对行业影响几何 ——投资策略周报 韦冀星（分析师） weijixing@kysec.cn 证书编号：S0790524030002 周内影响市场最大两个要素—中美贸易谈判以及公募新规 对于中美贸易谈判，我们于 5 月 12 日发布的策略点评《谈判在时点上超预期， 坚定政策信心，降低斜率预期》中提出 4 大判断。本文将着重于解读 2025 年 5 月 7 日证监会发布的《推动公募基金高质量发展行动方案》（下文简称《方案》）， 即公募新规，虽然更多细节有待进一步披露，但本轮政策的基调已然确立。我们 认为新规的核心在于强化权益投资导向与长期绩效评价，将引导行业改变过去 "重新发，轻存量的"格局，对权益市场而言更将是中长期的制度红利，利于 长期资金的流入。 公募新规 8 问 8 答 1、公募行业改革为何强调"存量优先"？监管通过费率改革与绩效考核机制重塑， 引导公募由"首发驱动"转向"存量精耕"，夯实持营能力中枢。 2、浮动费率机制如何影响主动权益类基金的设计和考核？浮动费率倒逼产品回归 "真实α"导向，强化基准约束，压缩高规模低绩效的无效供给。 风险提示：政 ...

2025 年 05 月 12 日 策略研究团队 谈判在时点上超预期，坚定政策信心，降低斜率预期 ——投资策略点评 韦冀星（分析师） weijixing@kysec.cn 证书编号：S0790524030002 事件：中美发布《中美日内瓦经贸会谈联合声明》。本次中美协商谈判结果为： 当前美国对中国额外征收 30%关税，中国对美国只保留额外征收 10%。同时美 国保留 24%的额外空间（延后 90 天），作为后续谈判的筹码。 策略视角，我们从 4 个视角去解读本次谈判结果 1、中美为什么谈判超预期？最强烈的诉求在美国这边，而不在中国。美国至今 为止有效的谈判成效并不多，特朗普急于获得新的谈判成果，以回头进一步和其 他国家获取谈判利益。从结果来看，更超预期的是谈成的时间，而非关税幅度。 2、中美谈判后续会继续这么顺利么？建议投资者做好心理准备，并不一定会。 如果后续美国和其他国家的谈判依然不太顺利，那么 90 天的延长期限会进一步 延长；但如果特朗普又"大获成功"，那么对中国的态度可以随时强硬。后续谈 判会是漫长的，因为我们要去理解美国行为背后的动机—— 3、美国到底想要什么？对其他国家的关税会显著下降吗？债务危机 ...