Core Viewpoint - Zhejiang's economy demonstrates resilience amid external pressures, with a stable overall performance reported for April 2023 [2][3]. Foreign Trade - From January to April, Zhejiang's foreign trade reached 1.75 trillion yuan, a year-on-year increase of 6.6%, with exports at 1.31 trillion yuan (up 9.7%) and imports at 436.25 billion yuan (down 1.6%) [4]. - Zhejiang's foreign trade growth outpaced the national average by 4.2 percentage points for total trade, 2.2 percentage points for exports, and 2.6 percentage points for imports, with market shares increasing compared to the previous year [4]. - Despite challenges in exports to the U.S., Zhejiang has successfully diversified its markets, with notable export growth to ASEAN (180.28 billion yuan, up 9.2%), Latin America (145.06 billion yuan, up 21.5%), and the Middle East (123.01 billion yuan, up 10.4%) [6]. Industrial Production - In April, Zhejiang's industrial output value increased by 6.3% year-on-year, continuing to exceed the national growth rate [7]. - High-tech manufacturing, digital economy core industries, equipment manufacturing, and strategic emerging industries all showed significant growth, with increases of 13.9%, 12.4%, 10.0%, and 9.9% respectively [7]. Domestic Demand - In April, Zhejiang's total retail sales of consumer goods reached 282.4 billion yuan, a year-on-year increase of 5.4%, with a total of 1.21 trillion yuan for the first four months, growing by 4.7% [10]. - Notable growth was observed in quality-of-life consumption categories, with significant increases in sales of computers and accessories (up 1.9 times), home appliances (up 1.2 times), wearable devices (up 1.2 times), smartphones (up 72.1%), and new energy vehicles (up 11.5%) [10]. Investment - From January to April, fixed asset investment in Zhejiang grew by 2.0%, with project investment increasing by 11.7% [12]. - The province has initiated 204 major projects with a total investment exceeding 580 billion yuan, demonstrating a commitment to stabilizing investment levels [12].

Group 1 - The core index, the China Securities Hong Kong-Shenzhen Connect Leisure Index, has shown a recent increase of 1.28% over the past month, but a decline of 2.96% over the last three months, and a year-to-date increase of 0.93% [1] - The index is based on the comprehensive index samples of the Hong Kong-Shenzhen Connect and the China Securities Hong Kong-Shenzhen 500 Index, reflecting the overall performance of securities listed in the Hong Kong, Shenzhen, and Shanghai markets [1] - The top ten holdings in the index include Tencent Holdings (13.02%), Kweichow Moutai (11.14%), Meituan-W (8.38%), and Wuliangye (7.38%) [1] Group 2 - The index's holdings are primarily concentrated in the media sector (41.59%), followed by food, beverage, and tobacco (35.38%), and consumer services (21.05%) [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - In case of special circumstances, temporary adjustments to the index samples may occur, such as when a sample company is delisted or undergoes mergers or acquisitions [2]

Core Insights - Chengdu has solidified its status as a "popular tourist destination" during the May Day holiday, ranking among the top three in China for both visitor numbers and spending [1] - The introduction of the "immediate tax refund" policy has significantly enhanced the shopping experience for international tourists, allowing them to receive tax refunds directly at retail locations rather than at the airport [1][3] Group 1: Immediate Tax Refund Policy - The "immediate tax refund" policy has been a game changer, with tax refund services now available in high-end shopping malls like SKP and IFS, leading to a 450% increase in tax refund transactions during the May Day holiday [1][5] - The threshold for tax refunds has been lowered from 500 yuan to 200 yuan, and the cash refund limit has been raised from 10,000 yuan to 20,000 yuan, making it more accessible for small-scale shoppers [3][5] - The convenience of receiving cash refunds on-site has made the process more appealing to international tourists, as opposed to waiting in long lines at the airport [3][5] Group 2: Impact on Tourism and Retail - Chengdu experienced a 40.7% year-on-year increase in inbound tourists during the May Day holiday, with tourism revenue reaching 12.91 billion yuan [7] - The optimization of the tax refund policy has effectively catered to high-end consumer demands, creating a dual boost in "tourism + shopping" [7] - The rise of domestic brands has attracted international shoppers, contributing to the growth of Chengdu as a shopping destination [5][8] Group 3: Future Aspirations - Chengdu aims to position itself as an "international consumption center," leveraging the "immediate tax refund" policy to attract more international tourists and enhance its shopping appeal [8] - The expansion of international flight routes from Tianfu Airport is expected to further increase the attractiveness of the tax refund policy, potentially establishing Chengdu as a new benchmark for shopping destinations in Asia [8]

本文全文共 2605 字，阅读全文约 8 分钟 2025年4月份社会消费品零售总额增长5.1% 2025年1—4月份全国固定资产投资增长4.0% 2025年4月份规模以上工业增加值增长6.1% 2025年4月份能源生产情况 2025年4月份社会消费品零售总额增长5.1% 4月份，社会消费品零售总额37174亿元，同比增长5.1%。其中， 除汽车以外的消费品零售额33548亿元，增长5.6% 。1—4月份，社会消费品零售总额161845亿 元，增长4.7%。其中， 除汽车以外的消费品零售额147005亿元，增长5.2% 。 点 击 蓝 字 关 注 我 们 按经营单位所在地分，4月份，城镇消费品零售额32376亿元，同比增长5.2%；乡村消费品零售额4798亿元，增长4.7%。1—4月份，城镇消费品零售额140433亿 元，增长4.7%；乡村消费品零售额21412亿元，增长4.8%。 按消费类型分，4月份，商品零售额33007亿元，同比增长5.1%；餐饮收入4167亿元，增长5.2%。1—4月份，商品零售额143651亿元，增长4.7%；餐饮收入 18194亿元，增长4.8%。 按零售业态分，1—4月份，限额以上 ...

证券研究报告/投资策略 机构调研、股东增持与公司回购策略周报（20250512-20250518） 投资要点 ➢ 机构调研热门公司梳理 近30天机构调研数前二十的热门公司有华明装备、雅戈尔、曼卡龙、中际联合、 泰和新材和塞恩斯等。近5天机构调研数前二十的热门公司有泰和新材、星帅尔、 农产品、国脉科技、雅化集团和东方嘉盛等。近30天机构调研数前二十的热门公 司中评级机构家数大于或等于10家的有7家，分别为华明装备、中际联合、周大 生、伟星新材、怡和嘉业、华利集团和小商品城。华明装备、中际联合、华利集 团和小商品城2024年归母净利润相较2023年实现较大增长。 ➢ 本周A股上市公司重要股东增持情况 2025年5月5日至2025年5月9日，发布重要股东增持进展情况公告的公司共计13 家，评级机构家数大于10家（含10家）的有3家，拟增持金额上下限均值占最新 公告日市值比例大于1%的共5家，分别为*ST庚星、海南发展、中铁工业、华懋科 技和玲珑轮胎。 ➢ 本周A股上市公司回购情况 2025年5月12日至2025年5月16日，共计109家公司发布回购进展情况公告，评 级机构家数大于10家（含10家）的共20家公司，其 ...

Group 1: M&A Activity Overview - From May 12 to May 18, there were a total of 86 M&A events involving listed companies, with 33 classified as significant M&A transactions[8] - Out of the total M&A events, 19 were completed, including 1 significant M&A transaction[8] Group 2: Policy Updates - The China Securities Regulatory Commission (CSRC) revised the "Management Measures for Major Asset Restructuring of Listed Companies," emphasizing a phased payment mechanism for restructuring shares and simplifying the review process[6] - The new rules allow for a 48-month validity period for registration decisions on phased share issuances for asset purchases[21] Group 3: Encouragement for Private Equity - The revised measures encourage private equity funds to participate in M&A activities, with a reduction in lock-up periods for certain transactions[21] - For private equity funds with a 48-month investment period, the lock-up period for third-party transactions is reduced from 12 months to 6 months[21] Group 4: Market Performance - During the week of May 12 to May 18, the restructuring index outperformed the Wind All A index by 1.19%[16] - The rolling 20-day return difference between the restructuring index and the Wind All A index remained near the zero axis, indicating stable performance[16] Group 5: Failed M&A Events - There were 5 failed M&A events during the week, involving companies such as Xinkeng Intelligent and Aisen Co., with total transaction values including 600,000 CNY for Huafeng Chemical's failed acquisition[13]

作者-甜 编辑-甜 特朗普他最近又开始挥舞关税大棒，摆出一副"我说了算"的架势，这回，他把矛头对准了沃尔玛，美国零售界的老大哥，直接放话，"你们这些大零售商， 关税成本自己搞定，别指望消费者买单！"这话听着挺硬气，但细一琢磨，里头门道可不少，特朗普为啥这么干？ 特朗普又开始冲着美国零售巨头沃尔玛喊话，"关税的账单，你们自己掏腰包"！ 中国这边压根儿不吃这一套，摆明了不买美国的账。 他想让美国企业"听话"，把供应链从中国挪回美国，或者至少别把关税成本甩给普通消费者，免得物价飙升，民怨沸腾，可这招儿，真的那么好使吗？沃尔 玛这种巨头，供应链遍布全球，尤其是中国，哪是说断就能断的？再说，关税这玩意儿，本质上就是个"谁来买单"的游戏。 特朗普想让沃尔玛自己吞下这颗苦果，可沃尔玛也不是吃素的，他们能乖乖听话？更别提，特朗普这招还有个大背景，他想借着关税给中国施压，逼中国在 贸易谈判桌上让步，可中国这边，压根儿不吃这一套，咱们往下看，中国的回应，那叫一个硬核！说到中国，咱得竖个大拇指！ 面对特朗普的关税大棒，中国压根儿没怂，直接摆出一副"你来啊"的架势，过去几年，中国的态度一直很明确，你加关税，我奉陪，你想打贸易战，咱就 ...

文章来源：公众号喵姐交易日记 周一可能出现一些迹象，周五10年期美国国债收益率在成交量清淡的情况下一度升至4.49%，而追踪标准普尔500指数的交易所交易基金(ETF)盘后下跌 0.6%。 富兰克林邓普顿投资解决方案副首席投资官马克斯·戈克曼表示："在持续不断、资金匮乏的财政慷慨政策下，且势必加速的情况下，美国国债评级下调并 不令人意外。随着主权和机构大型投资者开始逐步将美国国债换成其他避险资产，偿债成本将继续攀升。不幸的是，这可能会给美国债券收益率带来危险 的熊市螺旋式上升，进一步给美元带来下行压力，并降低美国股市的吸引力。" 周一(5月19日)，美元指数跌至100.81，黄金回升至3246美元，比特币跌深后反弹至106600美元附近。穆迪下调美国评级，进一步给美元带来下行压力。美 国贸易战恐慌回归，美国总统特朗普抨击沃尔玛(Walmart)因关税而涨价。 黑天鹅事件：穆迪下调美国评级美元买盘受挫 投资者本周交易开局仍将面临又一次坎坷，不过这一次，引发波动的可能是对美国债务而非关税的日益担忧。 周一亚洲金融市场重新开市，此前，穆迪评级公司周五晚间宣布，将美国政府的信用评级从Aaa下调至Aa1。穆迪的评级落后 ...

宏观 关税压力暂缓后关注经济数据变化 华泰研究 2025 年 5 月 18 日│中国内地 海外周报 研究员 易峘 SAC No. S0570520100005 SFC No. AMH263 证券研究报告 evayi@htsc.com +(852) 3658 6000 研究员 胡李鹏，PhD SAC No. S0570525010001 SFC No. BWA860 hulipeng@htsc.com +(86) 10 6321 1166 研究员 陈玮 SAC No. S0570524030003 SFC No. BVH374 chenwei023580@htsc.com +(86) 10 6321 1166 联系人 赵文瑄 SAC No. S0570124030017 zhaowenxuan@htsc.com 高频数据 高频数据显示美国消费回暖，劳动力市场仍有韧性，住房需求偏弱。增长方 面，亚特兰大联储 GDP Now 指示美国二季度实际 GDP 增速 2.4%（剔除 黄金影响后为-0.1%）。消费方面，上周实际个人消费的 Nowcast 上升至 3.7%。就业市场方面，首申人数持平于前值的 22.9 万人， ...

Retail Performance Overview - In April, the total retail sales of consumer goods reached 37,174 billion yuan, with a year-on-year growth of 5.1% [5] - From January to April, the total retail sales of consumer goods amounted to 161,845 billion yuan, growing by 4.7% year-on-year [5] Urban and Rural Consumption - In April, urban retail sales were 32,376 billion yuan, increasing by 5.2% year-on-year, while rural retail sales were 4,798 billion yuan, up by 4.7% [2] - For the first four months, urban retail sales totaled 140,433 billion yuan, with a growth of 4.7%, and rural retail sales reached 21,412 billion yuan, growing by 4.8% [2] Retail Categories - In April, the retail sales of goods were 33,007 billion yuan, with a year-on-year increase of 5.1%, and catering revenue was 4,167 billion yuan, growing by 5.2% [5] - From January to April, the retail sales of goods totaled 143,651 billion yuan, increasing by 4.7%, while catering revenue reached 18,194 billion yuan, growing by 4.8% [5] Online Retail Performance - From January to April, online retail sales reached 47,419 billion yuan, with a year-on-year growth of 7.7% [4] - Among online retail, the sales of physical goods were 39,265 billion yuan, growing by 5.8%, accounting for 24.3% of total retail sales [4] Retail Formats - For the first four months, retail sales in convenience stores, specialty stores, supermarkets, department stores, and brand specialty stores grew by 9.1%, 6.4%, 5.2%, 1.7%, and 1.4% respectively [4]