华泰证券：看好全球核电新建加速带来的设备端机会 凤凰网财经讯 5月27日，A股三大指数集体低开，沪指跌0.01%，深成指跌0.17%，创业板指跌0.18%。 电机制造、乘用车等板块跌幅居前。 机构观点 国泰海通：宏观扰动再起 金属价格预计震荡运行 国泰海通表示，特朗普全面减税法案的最终落地、以及其关税威胁均存在不确定性，市场情绪反复之 下，金价或呈现震荡。国内宏观利好频出，或将对冲部分海外影响，不过仍需关注淡季下游需求反馈， 工业品价格预计震荡运行。 中金公司表示，2000年以来，韩系企业凭借全产业链优势逐步占据全球彩电品牌竞争高地。而如今，中 国产业链布局反超、品牌方研发创新提速，全球彩电市场竞争格局已开始变化。过去十年中，黑电马太 效应显现，中国企业以质价比在全球挤占当地中小品牌市场份额，2024年全球彩电CR4达56.3% （Omdia数据）。中长期看，中金公司认为随着中高端Mini LED技术的普及、全球市占率突破，中国黑 电企业正在全球范围内重塑品牌形象，盈利能力的持续改善或将重塑行业估值体系，打开成长新空间。 华泰证券认为，4月随关税豁免落地，天然铀价格已走出低谷，从65$/lbs回升至71$/l ...

智通财经APP获悉，根据中国汽车流通协会乘用车市场信息联席分会联合上海福蓝汽车技术有限公司发布的"产品竞争力指数"，以2019年1月为基期， 2025年4月整体市场产品竞争力指数为85.5，环比下滑1.5个点；从三大细分市场来看，SUV市场环比下滑1.9个点，而轿车和MPV市场环比分别上升1.3和 19.0个点。 2025年4月指数概览 "产品竞争力指数"是在用户口碑、市场热度、产品评价、价格力度四个维度基础上构建产品竞争力指标体系，量化产品竞争力的一个指数。指数数值越 大，意味着产品的综合竞争力越强。 总体来看，2025年4月轿车市场产品竞争力指数为89.4，环比上升1.3个点，其中价格力度、用户口碑和产品评价指标环比均上升，上升幅度分别为1.8、1.6 和1.3个点，而市场热度指标环比下滑0.6个点。 SUV市场产品竞争力指数走势 总体来看，2025年4月SUV市场产品竞争力指数为86.2，环比下滑1.9个点，其中产品评价、价格力度和市场热度指标环比均下滑，下滑幅度分别为3.5、0.9 和0.9个点，而用户口碑指标环比上升0.6个点。 备注：仅保留最近12个月数据，以2019年1月为基点100% 整体市场 ...

点 击 蓝 字 关 注 我 们 本文全文共 1365 字，阅读全文约需 4 分钟 中国汽车流通协会乘用车市场信息联席分会联合上海福蓝汽车技术有限公司发布"产品竞争力指数"， 旨在通过构建成熟的产品评价标准，研究产品竞争力的影响因素，洞察市场的变化趋势 。 "产品竞争力指数"是在用户口碑、市场热度、产品评价、价格力度四个维度基础上构建产品竞争力指标 体系，量化产品竞争力的一个指数。指数数值越大，意味着产品的综合竞争力越强。 2025年4月指数概览 以2019年1月为基期，2025年4月整体市场产品竞争力指数为85.5，环比下滑1.5个点；从三大细分市 场来看，SUV市场环比下滑1.9个点，而轿车和MPV市场环比分别上升1.3和19.0个点 。 整体市场产品竞争力指数走势 2025年4月，乘用车批发量219.0万辆，同比增长、环比下跌；在国家促消费政策推动下，很多省市出 台并逐步落实相应的促消费政策，叠加各厂商厂补加码、金融支持、车展等线下活动，使得整体市场的价 格力度环比下滑1.5个点；总体来看，整体市场产品竞争力指数环比上月下滑1.5个点 。 备注：仅保留最近12个月数据，以2019年1月为基点100% 轿车 ...

Core Insights - The A-share core assets have shown strong performance since May, with the overall stock index maintaining a rebound trend, as evidenced by the Every Day Brand 100 Index closing at 1096.38 points, down 0.03% for the week [1][2] - Hong Kong stocks outperformed, with notable weekly gains from companies such as Orient Overseas International (6.92%), China Communications Services (4.31%), and Meituan (4.19%) [2][3] - Tencent Holdings, CATL, and Xiaomi Group saw their market values increase by over 50 billion yuan, with Tencent alone adding approximately 92.27 billion yuan in market value in one week [5] A-Share Market Performance - The Shanghai Composite Index fell by 0.57% and the Shenzhen Component Index by 0.46% for the week, while the ChiNext Index and STAR 50 Index experienced larger declines of 0.88% and 1.47% respectively [2] - The Every Day Brand 100 Index demonstrated relative resilience compared to major A-share indices, with a minimal decline [2] Hong Kong Market Highlights - The listing of CATL on the Hong Kong Stock Exchange marked a significant event, as it became the first domestic power battery company to be listed on both A-shares and H-shares, reflecting a shift in market perception towards H-shares [6] - The premium of CATL's H-shares over A-shares is approximately 10%, indicating a growing recognition of quality domestic assets by global investors [6] Automotive Sector Developments - The automotive ETF saw a weekly increase of 4.48%, driven by the strong performance of leading companies like CATL and BYD, which are enhancing the investment value of automotive-related ETFs [7][10] - The overall automotive market showed stable growth in production and sales compared to the previous year, supported by domestic demand and a stable export environment [7] Key Stocks in Automotive Index - Major constituents of the automotive index include BYD, Changan Automobile, and GAC Group, which collectively account for 30% of the index weight, highlighting their significance in the market [10]

据中国汽车工业协会统计分析，2 02 5 年4月， 中国品牌乘用车共销售 157.1 万辆，环比下降 3.5% ，同比增长 23.5% ，占乘用车销售总量的 70.7% ，销量占有率比上年同期提升 7.1 个百分点 。 2025 年 1-4 月， 中国品牌乘用车共销售 594 万辆，同比增长 27.4% ，占乘用车销售总量的 68.7% ，销量占有率比上年同期提升 8.1 个百分点 。 来源： 中汽协会行业信息部 ...

Core Viewpoint - The automotive sector experienced a significant surge, driven by the strong performance of Seres, with automotive ETFs showing notable gains in the market [1][2]. Group 1: ETF Performance - Automotive ETF (159512) achieved a half-day increase of 3.96%, leading the ETF market, with a total scale of 0.45 billion shares and a transaction amount of 13.97 million yuan [1][3]. - Automotive ETF (516110) also saw a half-day increase of 3.5%, with a scale of 3.35 billion shares and a transaction amount of 85.51 million yuan [1][6]. Group 2: Market Trends - The automotive market showed stable growth in production and sales compared to the same period last year, supported by the accelerated release of domestic demand [2]. - Exports remained stable despite drastic changes in the external environment, and the new energy vehicle sector continued to grow rapidly [2]. - National policies aimed at stabilizing employment and the economy are expected to further boost domestic demand in the automotive market, helping to mitigate negative impacts on exports [2]. Group 3: ETF Share Changes - Year-to-date, the share of Automotive ETF (516110) decreased by 78 million shares, representing a change of -18.9%, while Automotive ETF (159512) saw a reduction of 34 million shares, with a change of -43% [2]. Group 4: Major Holdings - Major stocks in the CSI Automotive Index include BYD (20.05% weight), Seres (14.01%), and SAIC Motor (11.01%) [4][5]. - Major stocks in the CSI 800 Automotive and Parts Index include BYD (20.03% weight), Seres (10.67%), and Fuyao Glass (9.32%) [7].

Group 1 - The core viewpoint of the news highlights the contrasting performance of major technology stocks in the Hong Kong market, with BYD shares rising while Alibaba and Tencent experienced slight declines [1] - Xiaomi's 15th anniversary strategic product launch event is seen as a significant milestone in its transformation from a consumer electronics company to a hardcore technology enterprise, covering self-developed chips, flagship smartphones, high-end tablets, and smart cars [3][4] - The launch of the Xiaomi 15S Pro, featuring the self-developed 3nm chip "Xuanjie O1," positions Xiaomi as the fourth globally and the second domestically to possess self-developed SoC capabilities, filling a gap in advanced process design below 5nm in China [4] Group 2 - The Xiaomi Group's stock has performed exceptionally well in the Hong Kong market since 2025, with a nearly 58% increase as of May 21, making it a leading player in the Hong Kong technology sector [4] - The Hong Kong Technology 50 ETF (159750) has seen a net inflow of 460 million yuan this year, indicating strong investor interest and liquidity, with Xiaomi Group being the largest weighted stock at 14.04% [9] - The Hong Kong Technology Index includes a broader range of companies compared to the Hang Seng Technology Index, with a focus on both large-cap and small-cap technology firms, and it uniquely covers the "Terrific 10" companies with a high weight of 70% [7][9]

点 击 蓝 字 关 注 我 们 本文全文共 3195 字，阅读全文约需 10 分钟 本文详细资讯可在中国汽车流通协会乘用车市场信息联席分会官网下载：www.cpcaauto.com 1.本周车市概述 乘用车： 5月1-18日，全国乘用车市场零售93.2万辆，同比去年5月同期增长12%，较上月同期增长18%， 今年以来累计零售780.4万辆，同比增长8%；5月1-18日，全国乘用车厂商批发85.8万辆，同比去年5月同期增 长18%，较上月同期下降2%，今年以来累计批发932.6万辆，同比增长12%。 新能源： 5月1-18日，全国乘用车新能源市场零售48.4万辆，同比去年5月同期增长32%，较上月同期增长 15%，全国新能源市场零售渗透率52%，今年以来累计零售380.8万辆，同比增长35%；5月1-18日，全国乘用 车厂商新能源批发46.7万辆，同比去年5月同期增长23%，较上月同期增长0%，新能源厂商批发渗透率54.4%， 今年以来累计批发444.8万辆，同比增长40%。 2.2025年5全国乘用车市场零售销量平稳 | | 1-5日 | 6-11日 | 12-18日 | 19-25日 | 26-31日 | ...

花旗上调比亚迪目标价 称中国乘用车出口格局利好该公司 智通财经5月21日电，花旗再次上调比亚迪目标价，称今年前四个月的中国乘用车出口格局进一步利好 比亚迪。分析师Jeff Chung等人在报告中表示，比亚迪纯电动车出口市场份额从2024财年的23%大幅上 升至2025年前四个月的38%。中国插电式混合动力车出口增长惊人，尚未形成市场共识。对于2026年潜 在的价格下调，比亚迪具备最强的应对能力。比亚迪2025财年出口80万至100万辆的目标进展顺利。花 旗分别上调比亚迪港股和A股目标价至727港元、669元人民币，此前花旗已于2月上调该股目标价。 ...

Core Viewpoint - The smart automotive sector is experiencing accelerated penetration of intelligent technology, which is expected to drive differentiation within the industry, particularly in the automotive parts sector [1]. Group 1: Industry Insights - The Special Vehicle Industry Innovation Development Conference was held in Shiyan, Hubei from May 15 to 17, focusing on the implementation of new energy and intelligent technology, emphasizing industry chain collaboration and global layout [1]. - Data indicates that by 2024, the penetration rate of new energy special vehicles in China is projected to reach 29.8% [1]. - The automotive parts sector is expected to see a divergence in revenue and profit growth from Q4 2024 to Q1 2025, with the intelligent driving industry chain performing notably well [1]. Group 2: Market Trends - Benefiting from the increase in intelligent driving penetration, sectors such as intelligent chassis, domain control, and sensors are expected to see performance growth surpassing the industry average [1]. - The penetration rate of L2.5 and above intelligent driving models is anticipated to enter a rapid growth phase by 2025 [1]. - The passenger vehicle market is accelerating its phase-out, with leading domestic automakers and new force car companies expected to expand their market share [1]. Group 3: Commercial Vehicle Outlook - In the commercial vehicle segment, new energy buses are maintaining high demand supported by subsidy policies, while the heavy truck market shows resilience in both domestic and international demand [1]. - Gas and new energy heavy trucks are likely to continue benefiting from market conditions [1]. Group 4: ETF and Index Information - The Smart Automotive ETF (159889) rose by 1.63%, tracking the CS Smart Automotive Index (930721), which is compiled by China Securities Index Co., Ltd. and includes listed companies involved in intelligent driving and vehicle networking [1].