Group 1 - The core viewpoint of the report indicates that the A-share market is experiencing a volatile trend with noticeable theme rotation, while defensive sectors like banking are performing well, and small-cap stocks represented by the CSI 2000 and Northbound 50 indices show signs of upward movement [1] - In the Hong Kong stock market, high-quality leading companies listed in both A and H shares are gaining attention, driven by profit effects and incremental capital, reflecting the structural growth potential of new consumption and new technology companies [1] - The report highlights that companies with strong fundamental growth are increasingly being recognized in the current market style, which places more weight on fundamentals [1] Group 2 - The company believes that many excellent firms are demonstrating strong operational resilience and growth capabilities amidst various fundamental factors, providing more selection opportunities for bottom-up stock picking [2] - The focus for future opportunities includes: first, leading companies in high-end manufacturing with global operational capabilities that can shift production from China to global markets; second, companies in the AI innovation upgrade space, such as smart terminals, consumer electronics, and data centers, which maintain strong profitability; third, investments in self-controllable sectors represented by semiconductor equipment and domestic computing power [2] - Despite existing uncertainties, the report asserts that the growth resilience exhibited by excellent companies based on their strengths offers relatively scarce certainty from a micro perspective [2]

编辑：林森 着眼于产业趋势，同时结合宏观经济、外部关税的可能演进，淡水泉投资继续聚焦在以下三个方面。其 一，高端制造领域具有全球化运营实力的头部公司，这类公司在面对外部关税挑战时，有能力将产能外 移，从中国制造走向全球制造，加大对非美市场的拓展，降低对美国市场的依赖，一定程度上也具备相 对的关税免疫能力。其二，看好AI创新升级带来的智能终端、消费电子、数据中心等产业链公司的投 资机会，这些企业作为产业链上的"卖水人"难以被替代，同时大客户的新产品也有望带动企业盈利的增 长。此外，布局了以半导体设备、国产算力为代表的自主可控领域，这类机会更加能够平衡关税的影 响。最后，在内需方向，一些具备业绩快速增长潜力的新消费头部公司也是关注方向。（资讯） 近期，A股市场在中美达成阶段性共识开启关税谈判后，情绪有所回升，市场普遍反弹。伴随着情绪修 复，A股市场回补了4月"对等关税"冲击带来的下跌缺口，不过市场整体风险偏好仍相对较低。头部私 募机构淡水泉投资发布的最新月报表示，越来越多近期赴港上市的"A+H"优质龙头走到了市场的聚光灯 前。港股IPO的火爆，AH溢价的趋势性收敛，这既得益于赚钱效应和增量资金的推动，也反映出优秀 ...