Market Overview - The market opened with a slight increase but closed slightly down, maintaining a five-star rating [1] - The CSI 300 large-cap stocks saw a minor increase, while small-cap stocks experienced a slight decline. Value styles such as banking and dividends rose, whereas growth styles fell. The pharmaceutical sector overall increased [2] - The Hong Kong stock market, which had a significant rise yesterday, saw a decline in the morning [3] Sector Performance - Technology stocks in Hong Kong experienced a notable decline [4] - Despite the recent drop, the technology stocks are still considered to be at normal valuation levels after a significant rise in previous weeks, indicating they are not yet undervalued [5] - The earnings reports for Hong Kong technology stocks are being updated, with Q1 earnings growth appearing relatively strong, alleviating concerns about short-term volatility [6][8] Trade and Tariff Updates - A recent announcement regarding the postponement of tariff increases led to a market rebound [9] - However, the tariff issue remains unresolved, with ongoing uncertainty due to factors such as Trump's unpredictability [10] - The market is expected to experience fluctuations in the near term [11] Investment Strategies - The article discusses a systematic investment strategy using a "periodic but irregular" approach, where more is invested when valuations are lower [16] - Two methods for following investment combinations are available: manual and automatic [18][19] - The article emphasizes the importance of maintaining a calm demeanor and being able to withstand market fluctuations to achieve satisfactory investment results [29]

日前，《中美日内瓦经贸会谈联合声明》发布，牵动资本市场脉搏。 券商中国记者注意到，摩根大通、野村东方国际、摩根士丹利、瑞银等四大外资机构发布最新观点。四大外资 一致认为，本次中美经贸高层会谈成功超市场预期，释放积极信号，中国经济增长预期改善。 一是内需复苏主线，涉及行业中估值弹性较大的是食品饮料、业绩弹性较大的是房地产、政策弹性较大的是医 药，以及内需消费升级相关的服务消费、品质必需消费与潮玩可选消费； 二是伴随央行"促进物价合理回升"的政策表态，关注PPI修复预期带动的周期品，尤其是中国定价权更强的钢 铁、煤炭和铝等； 三是把握高景气科技领域的产业迭代趋势，关注AI、储能和各类长验证周期的题材如国产替代和商业航天 等。 同时，本周以来，多家券商发布研报看好中国科技板块，中国资产重估的逻辑仍在。此外，根据摩根士丹利最 新研报，海外投资者增配中国股票的意向也在上升。 摩根大通朱海斌：经贸会谈成果超预期，释放积极信号 摩根大通中国首席经济学家兼大中华区经济研究主管朱海斌认为，中美日内瓦经贸会谈成果超预期，释放积极 信号。与此同时，摩根大通上调了中国2025年全年GDP增速预测至4.8%。 朱海斌分析称，美中双方同 ...

Group 1 - The core viewpoint of the article highlights the increasing trend of A-share companies seeking to list on both A and H stock markets, with a notable surge expected starting from Q4 2024 [1][6][7] - Wolong Nuclear Materials (沃尔核材) announced plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange [1] - Other A-share companies such as Saisir (赛力斯), Zhaowei Electromechanical (兆威机电), and Dongpeng Beverage (东鹏饮料) have also recently announced intentions to list in Hong Kong [1][6] Group 2 - Wolong Nuclear Materials reported a significant increase in revenue and net profit for 2024, with revenue reaching 6.93 billion yuan, up 21.0% year-on-year, and net profit of 848 million yuan, also up 21.0% [3] - In Q1 2024, the company achieved revenue of 1.76 billion yuan, a 26.6% increase year-on-year, and a net profit of 250 million yuan, up 35.9% [3] - Despite strong overall performance, the company experienced a decline in gross profit margins for its new energy products, with a decrease of 4.37% for power products, 3.06% for new energy vehicles, and 1.96% for wind power products [3][4] Group 3 - The article notes that many A-share companies are pursuing H-share listings to expand internationally, with companies like Heng Rui Pharmaceutical (恒瑞医药) and Bai Li Tianheng (百利天恒) citing enhanced global brand influence and funding for international operations as key motivations [8] - Deloitte predicts that around 80 new stocks will enter the Hong Kong market in 2025, raising between 130 billion to 150 billion HKD [8] - The liquidity and valuation of Hong Kong stocks have improved since September 2022, creating favorable conditions for A-share companies to list in Hong Kong [8]

为搭建开放、高效、务实的产融对接平台，全面提升四川省、成都市及成都高新区的行业吸引力，助力医 药健康产业高质量发展，5月13日，以"智汇药械·共创未来"为主题的医药健康产业合作恳谈会在北京顺利 举行。 此次活动由四川省经济合作局、成都高新技术产业开发区管理委员会联合主办。活动现场，四川省、成都 市及成都高新区相关负责人对城市营商环境和对外开放政策做了全面推介，成都高新区正式发布医药健康 产业"梧桐计划"，率先打出"服务招商"品牌。科兴生物、波士顿科学、中仪医疗、默沙东、飞利浦、中金 资本、君联资本、智路资本等70余家行业龙头、资本机构及行业协会代表齐聚，共谋医药健康产业发展新 路径。 "此次活动旨在构建省、市、区三级协同的产融对接机制，通过打造开放共享、精准高效的资源对接平 台，系统展现四川省、成都市及成都高新区的制度优势与开放格局。"成都高新区相关负责人表示，期待 以政策红利释放为契机，以产业生态构建为纽带，吸引更多优质药械企业开展深度考察合作，持续放大区 域产业集聚效应，助力成都高新区加速崛起成为医药健康领域投资兴业的首选战略支点。 "去年，我们顺利完成了从北京到成都的整体搬迁工作。我们关注到了成都高新区 ...

Core Viewpoint - The 36th Pharmaceutical Economic Information Conference emphasized the need for comprehensive implementation of regulatory reforms in the pharmaceutical industry to enhance drug safety and promote high-quality development [1] Group 1: Regulatory Reforms - The National Medical Products Administration (NMPA) aims to fully implement the spirit of the 20th National Congress of the Communist Party of China [1] - The NMPA is committed to deepening drug regulation reforms throughout the entire process and supporting high-quality development across the industry [1] Group 2: Public Health Contribution - The reforms are designed to strengthen the safety baseline of pharmaceuticals and contribute significantly to the protection and promotion of public health [1]

银河证券认为，本轮协议的达成释放出中美经贸关系缓和的积极信号，降低了贸易方面的不确定性，有 助于推动市场避险情绪降温，提振投资者情绪。同时，贸易摩擦对国内经济增长的潜在压力缓解，企业 盈利预期有望上修，特别是对于出口依赖度较高的行业，经营环境短期内迎来明显改善。这有望带动A 股市场估值进一步修复。 富荣基金表示，贸易博弈预计将呈现中长期态势，伴随着加码、谈判、缓和等反复拉锯的过程，其对市 场的影响也将边际减弱。另一方面，国内政策层面积极发力。在关税战背景下，国内政府机构已做好一 揽子政策储备，通过多工具配合，由点及面地稳定市场预期，这也充分显示了政府稳市场、稳预期的决 心与信心。对于市场而言，指数层面下有支撑，但向上仍需消化外需回落的担忧。因此，把握结构性机 会成为当下的核心。 （文章来源：证券时报网） 13日，A股盘中冲高回落，深证成指、创业板指翻绿，北证50指数跌近1%，场内超3200股飘绿。具体 来看，三大股指全线高开，盘中震荡回落，沪指勉强翻红。 截至收盘，沪指微涨0.17%报3374.87点，深证成指跌0.13%报10288.08点，创业板指跌0.12%报2062.26 点，上证50指数涨0.2%， ...

个股跌多涨少，全市场超3200只个股下跌。沪深两市全天成交额1.29万亿元，较上个交易日缩量169亿元。 继上周三（5月7日）之后，A股再现"高开低走"行情。 5月13日，市场全天高开低走，三大指数涨跌不一。截至收盘，沪指涨0.17%，深成指跌0.13%，创业板指跌 0.12%。 这样的走势，也让"股市"一词在早盘时段登上热搜榜。 板块方面，港口、光伏设备、环氧丙烷、银行等板块涨幅居前，军工、商业航天、轨交设备、小金属等板块跌 幅居前。 当新股民或者财经自媒体还在惊呼"追高被套"，一些老股民可能已默念口诀——"逢高先卖"，顺手低位接回。 毕竟短线就是需要决策果断，稍一犹豫，其他资金（尤其没有感情的量化资金）便先发制人了。 不过，这"题"好像大家上周刚刚做过。 | F9 不复权 韶级营加 圆线 11 | 全A平均股价 | | | | 8841719 | | --- | --- | --- | --- | --- | --- | | 2024/10/09-2025/05/13(144日) | | | | | -0.06 -0.27% | | 3.0 | | | | | Wind概念指数 / ● + | | | | ...

5月13日消息，据报道，美国财长贝森特表示，美国将把医药、半导体和其他战略产业带回本土；对贸 易持乐观态度，有望实现更多无摩擦贸易。 ...

Core Viewpoint - The U.S. Treasury Secretary, Janet Yellen, announced plans to bring back strategic industries such as pharmaceuticals and semiconductors to the United States [1] Group 1: Strategic Industries - The U.S. aims to reshore its pharmaceutical industry, which has been heavily reliant on foreign production [1] - The semiconductor sector is also a key focus, with efforts to reduce dependence on overseas supply chains [1] Group 2: Economic Implications - The initiative is expected to enhance national security by ensuring critical industries are based domestically [1] - This move may lead to job creation in the U.S. as manufacturing capabilities are developed locally [1]

2025年5月12日，中美联合发布《中美日内瓦经贸会谈联合声明》（下称《声明》）。资本市场反响热烈，恒 生指数大涨3%，人民币升破7.2关口。 一、双边关税：超预期大幅下行 结合双方信息，此次中美主要达成了三方面共识。 资料来源：招商银行研究院 二是双方同意设立中美经贸磋商机制， 定期在中、美或第三国开展对话，重点解决供应链安全、数字贸易规 则等议题。 三是达成部分产业共识， 美中双方已就五到六个具有战略意义的产业链供应链脆弱环节达成初步共识，如医 药和钢铁等行业，美国将在这些领域寻求供应链独立性，并优先从盟友国家获取稳定供应。 一是双边关税超预期大幅下行。美国方面，4月2日后对华加征的额外关税大幅降至10%， 还有24%的关税将 在"解放日"后的90天内暂停实施。如此一来，5月14日后，美国对华对等关税将由125%降至10%，此部分"基础 关税"或长期保留。叠加2-3月累计加征的20%"芬太尼"关税，特朗普2.0时期对华加征的关税将降至30%。特朗 普政府在对等关税的实施上对所有国家"一视同仁"，对中国也按下了暂停键。加上特朗普1.0时期所加征的关 税， 当前美国对华平均关税为42.7%。 结合各方信息研判 ...