Core Viewpoint - The company has decided to lower the conversion price of its convertible bonds, "Wind Language Convertible Bonds," from 15.03 yuan per share to 12.02 yuan per share to ensure sustainable development and optimize its capital structure while protecting investor rights [2][22]. Group 1: Board Meeting and Resolutions - The fourth board meeting of the company was held on May 7, 2025, with all seven directors participating, and the resolutions made during the meeting were deemed legal and effective [1][3]. - The board approved the proposal to lower the conversion price of "Wind Language Convertible Bonds" [2][22]. - The voting results for the proposal showed unanimous support with 7 votes in favor and no opposition [3]. Group 2: Shareholder Meeting - The annual shareholder meeting took place on May 7, 2025, at the company's meeting room in Shanghai [6]. - All proposed resolutions at the shareholder meeting were passed, including the proposal to lower the conversion price of the bonds, which required a two-thirds majority [9][21]. - The meeting was conducted in compliance with the Company Law and the company's articles of association [7][10]. Group 3: Convertible Bond Details - The initial conversion price of the "Wind Language Convertible Bonds" was set at 22.15 yuan per share, later adjusted to 15.03 yuan per share due to annual profit distribution [15][16][22]. - The new conversion price of 12.02 yuan per share will take effect on May 9, 2025, following a temporary suspension of conversion on May 8, 2025 [18][22]. - The adjustment was triggered as the company's stock price fell below 80% of the previous conversion price for at least 15 trading days within a 30-day period [21].

核心要点 1. 投资策略调整：因估值因素，去年四季度开始减持超配股票与信贷，今年关税问题升温 后进一步降低风险。当前股票满仓但不超配，投资注重全球布局，看好金融板块，对新兴市 场持谨慎开放态度。 2. 经济形势判断：虽关税致不确定性增加，担忧滞胀和衰退，但经济衰退不是大概率事件。 美国经济优势犹存，科技和金融是经济韧性的关键支撑；欧洲市场今年表现好，是估值重新 定价，未来发展取决于财政等政策实施效果。 3. 科技行业展望：科技股曾因盈利、创新和资本支出表现好，估值受认可。目前资本支出 受关税影响，但企业核心增长因素仍在，只是发展节奏或因经济环境调整。 4. 新兴市场机遇：今年新兴市场因美国进口前置受益，表现优于美国，但长期看仍落后。 新兴市场债务是风险分散工具，收益率有吸引力，投资需谨慎选择，关注特定国家和企业机 会。 5. 美联储政策影响：美联储目前维持利率不变，下半年政策走向受关税、通胀和就业等因 素影响。市场期望降息，若其他央行降息而美联储维持，利差变化会影响资金流动和市场走 势。 6. 美元走势分析：美元近期承压，过去十年助力投资，其作为储备货币地位稳固，虽有波 动但难以被替代。近期走势受外资流动影响 ...

点击按钮 ▲立即预约 央行宣布降息降准释放万亿长期流动性 5月7日，国新办举行新闻发布会。央行行长潘功胜表示，降低存款准备金率0.5%，预计向市场提供长期流动性约1万亿元。下调政策利率0.1%， 即公开市场7天期逆回购操作利率从目前的1.5%调降至1.4%，预计将带动贷款市场报价利率（LPR）同步下行约0.1%。下调结构性货币政策工 具利率0.25%，降低个人住房公积金贷款利率0.25%。 潘功胜宣布，中国人民银行将设立5000亿元服务消费与养老再贷款，加大消费重点领域低成本资金支持。增加3000亿元科技创新和技术改造再 贷款额度，由目前的5000亿元增加至8000亿元，持续支持"两新"政策实施。坚定支持汇金公司在必要时实施对股票市场指数基金的增持，并向 其提供充足的再贷款支持，坚决维护资本市场的平稳运行。（财联社） ｜点评｜ 央行此前多次表示将择机降息降准，现在终于一并落地。本次一揽子货币政策包中从数量、价格、结构性等方面，为市场注入流动 性，提振市场信心。降息幅度略低于市场预期，考虑到银行一季度净利润表现全面下滑，此时央行很难采取大幅降息措施。央行用大幅降准的 方式，继续改善银行负债表，从而引导实际贷款利 ...

揽子金融政策稳市场稳预期 关键时间节点的发布会 核心观点: 分析师 杨超 ☎：010-8092-7696 网: yangchao_yj@chinastock.com.cn 分析师登记编码：S0130522030004 研究助理:王雪莹、周美丽 相关研究 | 2025-05-05，年报和一季报有哪些亮点? | | --- | | 2025-05-04. "五一"假期事件梳理及市场展望 | | 2025-04-25,"持续稳定和活跃资本市场"聚焦哪些 | | 方面? -- 4 月中央政治局会议解读 | | 2025-04-23,公募基金一季度持仓释放哪些信号? | | 2025-04-08. 中国版平准基金横空出世提振市场信心 | | 2025-04-08,汇金入市,坚定看多 | | 2025-04-03, "对等关税"冲击市场配置预期 | | 2025-04-03,港股 2025 年二季度投资展望:从估值修 | | 复到盈利兑现 | | 2025-04-02,2025年二季度 A 股投资展望:风格切换, | | 均衡配置 | | 2025-03-22. 港股市场 2025年以来行情拆解 | | 2025-03- ...

（文章来源：证券时报网） 灿芯股 科创板新股申购中签率情况 | 简称 | 申购代 | 发行日期 | 发行 | 发行总量（万 | 网上发行量（万 | 网上发行最终中签率 | | --- | --- | --- | --- | --- | --- | --- | | | 码 | | 价 | 股） | 股） | （%） | | 汉邦科 技 | 787755 | 2025.05.07 | 22.77 | 2200.00 | 704.00 | 0.03001029 | | 胜科纳 米 | 787757 | 2025.03.14 | 9.08 | 4033.11 | 1036.05 | 0.03181202 | | 海博思 创 | 787411 | 2025.01.16 | 19.38 | 4443.25 | 1512.60 | 0.0329001 | | 兴福电 子 | 787545 | 2025.01.13 | 11.68 | 10000.00 | 2828.85 | 0.03877818 | | 思看科 技 | 787583 | 2025.01.06 | 33.46 | 1700.00 | 544.00 | 0.0 ...

Group 1 - The announcement of tariffs by President Trump on April 2 has led to a significant decline in merger and acquisition (M&A) activities, with April's global M&A contracts dropping to the lowest level in over 20 years, totaling 2,330 deals, which is 34% lower than the historical monthly average [1] - The total value of global M&A activities fell to $233 billion in April, a 54% decrease from March and 20% lower than the average for the past 20 years [4] - In the U.S., only 555 deals were completed in April, marking the lowest level since May 2009 [1][4] Group 2 - Uncertainty surrounding U.S. trade policies has led investment bankers to advise clients to hold off on M&A and IPOs until there is more clarity [4] - Despite the overall decline, significant transactions like Global Payments' $24.25 billion acquisition of a credit card processing company provided some support to the struggling market [4] - The technology sector accounted for nearly 40% of the $600 billion in deals signed in the U.S. this year, with a focus on intellectual property rather than physical goods affected by tariffs [7] Group 3 - Different industries are experiencing varying impacts from the tariffs, with sectors like telecommunications, media, and utilities being less affected, while industrials and healthcare face greater challenges [7] - Investment banks are advising clients to thoroughly understand the additional risks associated with target companies' business models due to the current volatility in the market [7]

你理解了上午为什么冲高回落，你就知道今天下午该怎么办了。5月7日，和讯投顾徐梦婧分析称，首先 昨晚直播时预计今天有可能会有双降的可能性，但是大家看一下今天上午的利好，它是真正意义上的双 降吗？其实并不是。确实是降准了，但是我们作为股民最期待的并不是降准降准利好的是银行和地产， 我们最期待的是降息。但是大家记好是什么？全面的降息，今天上午它并不是全面的降息，它只是降低 了7天逆回购利率，这算是什么？这算是降低政策利率，所以说对今天上午利好的定义，看似是利好， 实则意义不大，怎么说？因为今天上午它利好的板块是什么？是地产和金融，但是这两个板块其实是对 市场造成吸血的，我们散户真正有赚钱效应的是科技，我们看今年恒生科技也是回调的，所以说今天的 利好它看似是给市场一个超预期的，我们散户在这里可能早上追高了，或者早上在这里非常兴奋怎么 样，但实则是对于接下来市场正常运行节奏的打乱，所以我对它的定义就是看似利好，实则意义不大。 那今天下午我们所说的像前期的这个科技怎么说，昨天科技板块我们已经连续上涨三天了，在最低点我 们布局的本来昨天就不应该再追了，今天下午科技板块仓位高的，其实可以考虑部分做这个落袋为安， 但是仓位低于 ...

Group 1 - The China Securities Regulatory Commission (CSRC) announced reforms to enhance the IPO support mechanism for unprofitable tech companies, improving the inclusivity of the listing process and refining information disclosure rules [1] - In the A-share market, over half of the 5,403 listed companies reported positive revenue growth, with 55% of new listings achieving both revenue and net profit increases, and three-quarters of companies being profitable [1] - Following the introduction of the new regulations, the number of IPO projects under review in the Shanghai and Shenzhen markets initially surged but has since decreased as low-quality projects were filtered out, with 22 companies confirmed to be delisted this year [1] Group 2 - The market is currently focused on whether it can surpass the resistance level of 3,319 points, with significant support at 3,328 points from the 60-day and half-year moving averages [3] - A strong upward trend was observed, with the market needing a substantial bullish candle to reverse the recent downtrend, indicating a return of risk appetite among investors [3] Group 3 - Technology stocks have shown significant strength, particularly in sectors like nuclear fusion and computing power, with micro-cap stocks and the CSI 2000 index outperforming larger indices [5] - Institutional investors are optimistic about the tech growth style due to reduced overcrowding in the sector and a weakening of disruptive factors, shifting focus back to long-term industry trends [5] Group 4 - The market experienced a broad-based rally with nearly 5,000 stocks rising, indicating a positive start to May compared to April [7] - The Shanghai Composite Index broke through the 3,306.56 trend line, suggesting the beginning of a new upward wave, with any subsequent adjustments viewed as buying opportunities [7] - The first trading day after the holiday saw a significant recovery, with 4,700 stocks rising and nearly 100 hitting the daily limit up, while only one stock faced a limit down [7]

在市场不利因素方面，多数市场人士仍预期美国经济将陷入衰退，投资者对无风险资产的传统认知正在受到挑战，而美联 储短期内似乎不会改变现有政策立场。然而，积极因素也同样明显：尽管美国经济明显失去动能，但就业市场保持稳定； 关税相关的不确定性虽未完全消除，但整体趋势正朝缓和方向发展；市场技术面已转为有利状态，美国科技公司持续展现 强劲表现。 Pasquariello具体分析了几个关键支撑因素：首先，在资金流向方面，市场技术面改善吸引了此前减仓的"加杠杆投资者"回 归，量化基金和系统性资金重新进场。美国家庭投资者虽热情减退，但未转为净卖家。其次，就科技股表现而言，尽管"爆 炸性超预期"的时代可能已过，但苹果、微软、英伟达等科技巨头仍是全球资本回报较为强劲的企业。再次，美国经济增长 方面，财政赤字同比增长7%的事实表明，政府仍在通过适度扩张性财政政策支撑经济，这解释了为何就业和消费等"硬数 据"尚未出现明显下滑。第四，关税问题虽未出现新的实质性进展，但Pasquariello认为最极端的关税政策已过去，经济摩擦 虽不会立即消失，但市场预期正在调整，可能出现"贸易框架协议"与经济动能减弱并存的局面。 Pasquariell ...

美股盘初，主要行业ETF普跌，能源业ETF跌2%，金融业ETF、可选消费ETF跌超1%。 | 三优收集 | 自选基金 自选组合 | | | | | 10 | | --- | --- | --- | --- | --- | --- | --- | | 行业类 V | 当前价 ◆ | 涨跌幅 ◆ | 成交量 ÷ | | 总市值 = 年初至今 = | 0 | | 能源业ETF -... | 80.34 | -1.64 (-2.00%) | 181.99万股 | 201.19亿 | -5.48% | ( ) *** | | us XLE | | | | | | | | 金融业ETF --- | 49.19 | -0.57 (-1.16%) | 226.43万股 | 547.45亿 | +2.14% | ( ) ... | | us XLF | | | | | | | | 可选消费ET ... | 199.31 | -2.13 (-1.05%) | 14.64万股 | | 250.33亿 -10.92% | [] … | | US XLY | | | | | | | | 公用事业ET ... | 79.01 | -0. ...