以下文章来源于风云君的研究笔记 ，作者专注私募研究的 风云君的研究笔记 . 专注私募研究，洞察私募行业热点，私募策略、单品全面分析解析。更有高端专业的私募圈子-厚雪长 坡俱乐部(严格筛选，永久免费，知己同行) 又到了每周私募策略环境监测的时间！本周海内外股票、债券、商品齐涨，宏观策略或将王者归 来，量化股多持续强势。 以下是本周私募策略的预计表现情况： 宏观策略 预计表现： 表现 较好 ， 有一定修复 策略环境： 本周市场整体震荡上行，5月PMI制造业环比上行，服务业维持荣枯线以上，多数行业 录得正收益， 成长优于价值， 市场风险 偏好有所抬升，中美关税谈判仍是当前最重要的宏观变 量。 南下资金继续净流入，恒生指数和恒生科技均表现较好，AH溢价继续缩小，尽管恒生科技PB 估值处于较高水平，但PE估值仍处于20%以内的较低位置。 市场中性 预计表现：平稳 ，股票端超额稳定，对冲端周度无特别影响。 策略环境： 中证500期货年化贴水率较上周五（15%）变化不大，当前为16%。 策略环境： 中国权益上涨、债券上涨；黄金上涨、原油上涨，股票债券商品齐涨。 今年以来备受 煎熬的宏观策略，终于扬眉吐气了！ 叠加 海外权益 ...

Group 1: Fund Market Dynamics - The public fund issuance market has seen a significant increase, with over 4.2 billion new fund shares issued this year, and equity funds accounting for over 46% of this total [1] - In May, the number of newly established public funds reached 115, marking the third consecutive month of exceeding 100 new funds, with an average subscription period of 20.97 days [1] - The private equity stock strategy products have achieved an average return of 7.46% in the first five months of the year, with quantitative long strategies performing particularly well [1][2] Group 2: Private Equity and Securities - The number of private securities products registered has surged by 45.03% year-on-year, with a total of 4,361 products registered in the first five months of the year [2] - Leading quantitative private equity firms have dominated the market, attracting significant capital inflows [2] Group 3: Bond Market Developments - The issuance of technology innovation bonds (科创债) has surpassed 200 billion yuan, with 202 bonds issued and a total issuance scale exceeding 388.3 billion yuan [2] - Banks have been the primary issuers of these bonds, accounting for over half of the total issuance [2] Group 4: Hong Kong Market Trends - The Hong Kong stock market is experiencing a revival, with a surge in IPOs from Chinese companies, indicating a shift in the valuation dynamics between A-shares and H-shares [3] - The trend of A-share companies listing in Hong Kong is expected to inject new vitality into the Hong Kong market, enhancing its long-term investment appeal [3] Group 5: Industry-Specific Insights - The price of the third-generation refrigerant R32 has increased by 42% year-on-year, with the current average price exceeding 50,000 yuan per ton [4] - Analysts are optimistic about the profitability of leading companies in the refrigerant industry due to favorable supply-demand dynamics [4]

（原标题：和讯投顾黄儒琛：要信早信要么不信，延续缩量抱团狂欢） ★ 跟踪：中证细分食品饮料产业主题指数 近五日涨跌: 1.17% 市盈率: 21.68倍 5月16日，和讯投顾黄儒琛认为，缩量下跌倒逼抱团，这句话的含金量仍在提升。另外周初说的本周大概率处于震荡式的轮动节奏，持筹各题材方 向的核心轮动到了你就兑付这个思路现在来看是没有任何问题的。因为到今天有些题材的前排高标核心，事实上已经成为了抱团股的核心。先说 一个对下周一的预判，吧抱团今天高潮，下周一大概率是要接分歧的情绪上，今天可以看做冰点接弱修复，或者说是昨天强分歧，今天弱修复， 毕竟日内的赚钱效应其实非常有限，都体现在了局部的抱团前排高标，那么情绪上也肯定是局部的修复，主要是抱团股带来的指数跟量能则是双 杀跌停和最大回撤，也都是被淘汰的高标。因为今天强势的高标都是抱团的核心，从接近35%的炸板率，也能侧面体现今天的赚钱效应也不够 强。 题材上抱团股今天达到了全场狂欢，我首次在视频当中谈到把抱团的核心看成一个题材，是今年的1月份，在直播当中经常提抱团股看成一个题 材，是从上个月4月份的时候开始的，因为当时主要让大家观察换手上来的零售电力化工的前排核心，老 ...