金融界3月31日消息，上证指数下跌0.46%，中证资源80指数 (资源80，000801)报3513.07点。 数据统计显示，中证资源80指数近一个月上涨4.52%，近三个月上涨0.09%，年至今上涨0.78%。 从指数持仓来看，中证资源80指数十大权重分别为：紫金矿业（5.88%）、万华化学（4.74%）、中国 神华（4.65%）、中国石油（3.95%）、中国石化（3.55%）、陕西煤业（3.26%）、盐湖股份 （2.67%）、中国铝业（2.51%）、北方稀土（2.43%）、中国海油（2.31%）。 从中证资源80指数持仓的市场板块来看，上海证券交易所占比71.28%、深圳证券交易所占比28.72%。 从中证资源80指数持仓样本的行业来看，原材料占比71.11%、能源占比28.47%、主要消费占比0.42%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。每次调整的样本比例一般不超过10%。权重因子随样本定期调整而调整，调整时间与指数样本 定期调整实施时间相同。在下一个定期调整日前，权重因子一般固定不变。遇临时调整时，当中证800 指数调整样本时，指数 ...

Core Insights - The report indicates that after a strong start to the year, the Hong Kong stock market has entered a period of consolidation, with the technology and internet sectors being the main contributors to the earlier gains [2][3] - Despite the recent slowdown, the overall market remains active, with average daily trading volumes exceeding HKD 200 billion, significantly higher than the historical average of around HKD 1000 billion over the past decade [5][6] - The report highlights that foreign capital has been optimistic about the Hong Kong market, with significant inflows into technology and consumer sectors, driven by the performance of the Nasdaq Golden Dragon China Index [8][11] Market Performance - The technology sector has outperformed the Hang Seng Index, with notable increases of 32.0% in information technology, 27.5% in discretionary consumption, and 18.7% in healthcare [3][4] - High-dividend sectors such as materials, energy, and finance have seen slight rebounds during the recent market fluctuations [3] Capital Flows - Southbound capital has accelerated its inflow into the Hong Kong market since Q4 2024, influenced by declining domestic risk-free interest rates and improved industry expectations, particularly in AI-related companies [11] - The report notes a shift in domestic investors' preferences from high-dividend sectors to technology and consumer industries, reflecting a growing interest in growth potential [11] Earnings and Valuation - Recent earnings reports from major technology companies have exceeded market expectations, with many planning to increase capital expenditures in computing and AI [12][14] - As investor expectations adjust and valuations recover to historical averages, there is increasing divergence in views regarding corporate earnings and future growth potential [14] Investment Strategy - The report recommends maintaining a "barbell" investment strategy, focusing on both technology and hardware sectors for revaluation opportunities while also holding stable high-dividend sectors for reliable income [15]

▍ Trump put：特朗普政府对即将实施的对等关税政策立场有所松动。 2月中旬，美国政府发布《对等贸易与关税备忘录》，宣布将对贸易伙伴实施对等关税。美国总 统特朗普随后宣布，自4月2日起将全面实施对等关税政策。然而，在美国对等关税全面加征日渐 迫近之时，特朗普于3月2 1日表示，虽不会为即将实施的关税政策设立豁免，但对等关税政策将 保留一定的"灵活性"。3月2 4日，特朗普进一步宣布，未来几天将对汽车、木材及芯片征收额外 关税，但其在全面对等关税征收的表述上有所缓和。特朗普表示，并非所有国家的关税都将在4 月2日施行，部分国家或将获得豁免，但仍将遵循对等原则。此前，欧盟对汽车进口征收1 0%的 关税，是美国乘用车进口税率2 . 5%的四倍。特朗普在宣布部分国家关税豁免时提及，欧盟已同意 将汽车关税降至2 . 5%。在临近对等关税政策实施之际，特朗普政府的关税政策立场较此前已出现 一定程度的松动，但仍需关注四月初美国政府贸易备忘录调查结果以及后续对等关税的实际执行 情况。此外，近期投资者也担忧联邦裁员/削减支出会对美国就业和消费造成较大的负面冲击。但 我们不排除经济走弱的迹象下，未来美国财政政策会出现一定的 ...

盘后财政政策重大发布！A500ETF(159339)今日深 V收盘翻红，过去10个交易日日均成交额7.40亿元 消息面上，2025年3月24日，财政部发布《2024年中国财政政策执行情况报告》称，2025年财政政 策要更加积极，持续用力、更加给力。强调提高财政赤字率，加大支出强度、加快支出进度。安排更大 规模政府债券，为稳增长、调结构提供更多支撑。支持全方位扩大国内需求。大力提振消费。支持现代 化产业体系建设。着力提升科技创新能力，加大中央本级科技投入。 A500ETF（159339）跟踪A股新时代核心宽基A500指数，以500只成份股覆盖A股市场营收的63%和 净利润的70%，代表A股核心资产。所有成份股都处于互联互通范围内，便利外资配置。指数编制方案 重视行业均衡，均衡配置"科技+顺周期"，把握A股盈利主线。 3月24日，A股市场临近收盘大幅反弹，A500指数深V修复至收红。A500指数成份股中，石英股份 涨超10%，江西铜业、胜宏科技、中集集团涨超5%，洛阳钼业、铜陵有色、新易盛、西部超导涨超 4%，其余成份股走势积极。 A500ETF（159339）跟踪中证A500指数，在编制方案上具备四大特点，分别 ...

Investment Rating - The report assigns a "Buy" rating for the majority of the stocks listed, indicating a potential upside of over 15% within the next 12 months [10]. Core Insights - The report highlights a basket of 23 long positions that achieved an average return of 8.5%, outperforming the MSCI China Index, which returned 6.3% [7]. - Among the 23 stocks, 4 recorded returns of 20% or more, and 11 exceeded the benchmark return [7]. Summary by Relevant Sections Stock Recommendations - The report includes several stocks with their respective ratings and target prices, such as: - Geely Automobile (175 HK) with a target price of 24.50 and a current price of 19.00 [4]. - Xpeng Motors (XPEV US) with a target price of 24.56 and a current price of 16.00 [4]. - Anta Sports (2020 HK) with a target price of 126.68 and a current price of 99.80 [4]. - Luckin Coffee (LKNCY US) with a target price of 38.51 and a current price of 35.84 [4]. New Additions and Removals - New additions to the stock recommendations include Kuaishou (1024 HK) and Trip.com Group (TCOM US), both rated as "Buy" [5]. - Stocks removed from the recommendations include China Hongqiao (1378 HK) and NetEase (NTES US) [5]. Performance Review - The report indicates that the selected stocks have shown resilience and growth, with a significant portion outperforming the market index [7].

Macro Economic Overview - The report forecasts the USD/CNY exchange rate to reach 7.48, 7.33, and 7.55 by the end of 2025, 2026, and 2027 respectively, with Bloomberg's median market predictions being 7.45 and 7.35 for 2025 and 2026 [2] - The Chinese economy is expected to continue its recovery in 2025, but may slow down again in 2026, with no intention from policymakers to seek a significant depreciation of the RMB to boost exports [5] Company Analysis Bilibili (BILI US) - Bilibili reported Q4 2024 revenue of 7.73 billion RMB, a 22% year-on-year increase, and an adjusted net profit of 453 million RMB, significantly exceeding market expectations [6] - The company anticipates continued robust revenue growth in its advertising and mobile gaming segments, leading to an upward revision of FY25-FY26 earnings forecasts by 7-13% [6] NetEase (NTES US) - NetEase's Q4 2024 revenue decreased by 1.4% to 26.7 billion RMB, aligning with market expectations, while operating profit increased by 13.9% to 7.8 billion RMB [6] - The company expects new game launches to drive revenue growth in FY25, with a slight downward adjustment of total revenue forecasts by 2-3% [6] Alibaba (BABA US) - Alibaba's Q3 FY25 revenue reached 280.2 billion RMB, a 7.6% year-on-year increase, surpassing market expectations [7] - The company is optimistic about EBITA growth prospects for FY26, driven by increased adoption of its "full-site push" strategy and narrowing losses in its AIDC segment [8] Yancoal Australia (3668 HK) - Yancoal reported a net profit of 1.2 billion AUD for 2024, a 33% decline but 8% above expectations, and announced a final dividend of 0.52 AUD per share [8] - The company maintains production and cost guidance for 2025 similar to 2024, with increased capital expenditure anticipated [8] Weir Semiconductor (603501 CH) - Weir Semiconductor is positioned to benefit from the acceleration of AI applications in edge devices and the penetration of smart driving systems in vehicles [8] - The company expects revenue to grow by 27% in 2025, reaching 33 billion RMB, driven by sales growth in mobile and automotive CIS [8]

2025 年 2 月 19 日 招银国际环球市场 | 市场策略 | 招财日报 ` 每日投资策略 公司点评 全球市场观察 昨日（2 月 18 日）中国股票冲高回落。港股涨幅收窄，资讯科技、可选消费 与医疗保健板块领涨，地产与能源板块下跌，南向资金持续净买入 224 亿港 元。A 股回调，机器人、AI 医疗等近期热点概念股下跌，银行等防御性板块 逆势走强。中概股多数下跌。中国股票估值仍有吸引力，2025年恒生指数与 恒生科技指数动态 PE 约 10 倍和 18.5 倍，沪深 300 指数和创业板指数动态 PE 约 13.2 倍和 23.5 倍，而 MSCI 日本指数动态 PE 约 15.5 倍，MSCI 印度 指数和标普印度科技指数动态 PE 约 21 倍和 27.6 倍。 欧股再创新高。军工股持续大涨，特朗普希望减少美国对欧洲的防卫开支， 要求北约成员国将国防预算从 GDP 的 2%提高至 5%，投资者预期欧洲将增 加军费开支以自主承担更多安全责任。银行股领涨，估值优势和股票回购等 因素支撑银行股。年初以来，部分国际资金从美国科技股切换至欧洲股票， 令欧股跑赢美股。目前欧股仍有估值吸引力，欧元区斯托克指数 20 ...