然而，律师真的是中年人重启人生的最佳选择吗？ 做律师，如今和送外卖、跑滴滴并称为中年人的"再就业三件套"。 其原因在于，这三者的起步成本都很低。对于律师来说，只要通过法考，就拿到了进入行业的敲门砖。而做律师因为社会地位更高、工作时间更自由，成 为了其中最热门的赛道。 法考，全称是国家统一法律职业资格考试，报名人数正在逐年增高。 2023年，法考客观题报名人数为86万人，相比2022年增幅5.26%。到了2024年，人数超过86万人，增长了12%。数据预测，今年法考的报名人数将首次突 破100万人。有机构随机调查发现，报名考生中年龄在26~35岁的占47.36%，接近33%的考生年龄在36~50岁。 徘徊在失业边缘的中年人，将法考视为人生后半场的谋生手段；体制内工作者，期待自己能通过法考多一个选择；即便是收入稳定的中产们也希望换个赛 道，走上一条"既自由又没有收入上限"的道路。 截至2024年年末，全国律师人数已达到80万人，预计在2025年年末，这一数据将达到90万人，有法律界人士发出疑问："律师都转行了，怎么还有大把的 人涌进来？" 另一边，法考终究不是一场容易的考试，每4~5名考生就有一位弃考。如果没有坚 ...

编辑人 崔健 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 渤海证券研究所晨会纪要（2025.05.13） 宏观及策略研究 输入性因素拖累明显——2025 年 4 月物价数据点评 进出口增速均超预期——2025 年 4 月进出口数据点评 基金研究 国防军工领涨行业 ，公募高质量发展行动方案落地——公募基金周报 晨会纪要（2025/05/13） 输入性因素拖累明显——2025 年 4 月物价数据点评 王哲语（证券分析师，SAC NO：S1150524070001） 周 喜（证券分析师，SAC NO：S1150511010017） 李济安（证券分析师，SAC NO：S1150522060001） 1、CPI：食品和出行价格上行 证 券 研 究 报 告 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 6 晨会纪要（2025/05/13） 宏观及策略研究 2025 年 4 月 CPI 同比降幅持平，环比由降转涨。CPI 环比走高主要受食品价格和出行服务价格支撑，其中， 食品价格上行主要与牛肉进口量减少、部分地区 ...

Market Sentiment - The latest US Economic Policy Uncertainty Index (EPU) is reported at 618 points, with a 7-day moving average of 556 points, indicating an overall downward trend [3][7][8] - The sentiment indicator from the American Association of Individual Investors (AAII) shows that 51.5% of retail investors are bearish on the stock market, while 29.4% are bullish, resulting in a bullish-to-bearish ratio of 0.57, an increase from the previous value of 0.35 [3][9] - The Fear and Greed Index improved rapidly last week, closing at 62 points, moving from 'neutral' to 'greed', and remained in the 'greed' zone throughout the week [3][10] Global Market Overview - The global equity market experienced a weekly decline of 0.3%, with emerging markets outperforming developed markets, which saw a decline of 0.3% [12] - Bitcoin showed exceptional performance with a weekly increase of 6.3%, making it the best-performing asset class for the week, while gold rose by 2.6% [12] US Stock Market Performance - The S&P 500 index declined by 0.5% for the week, while the seven major tech stocks fell by 0.7%, and the Golden Dragon Index weakened with a 1.5% drop [12][13] - In terms of investment style, small-cap value stocks outperformed large-cap value stocks, and large-cap growth stocks outperformed small-cap growth stocks [12][13] Industry Performance - Among the 36 secondary industries in the US stock market, 18 showed gains, with coal, electrical equipment, and textile apparel among the top performers [15] - A total of 21 secondary industries outperformed the S&P 500 index, which declined by 0.5% [15] Valuation Metrics - As of now, 360 S&P 500 companies have reported Q1 earnings, with 76% (274 companies) exceeding EPS expectations, slightly above the 10-year average of 75% [3] - The current S&P 500 PE (TTM) is at 25.3 times, slightly above the 10-year average of 24.5 times, placing it in the 70th percentile over the past decade [3][10] - The forward PE for the S&P 500 decreased slightly from approximately 21.7 times to 21.6 times, while forward EPS fell from $262.4 to $261.7, a decline of about 0.3% [3][10] Strategy Insights - The Federal Reserve maintained interest rates and balance sheet reduction in May, aligning with expectations, and emphasized the significant uncertainty of tariff policies on economic growth and inflation [3] - The report suggests that the worst of tariff uncertainty has passed, with expectations of more countries gradually signing trade agreements with the US [3] - The S&P 500 valuation is not considered high, and earnings are performing well, leading to a more optimistic outlook for the market [3]

Group 1: China Market Focus - The report highlights the importance of policy packages in stabilizing market expectations amid trade tensions, with a focus on stocks like Sungrow Power and Heng Rui Pharmaceutical [9][15][22] - The report emphasizes the potential for growth in the energy storage system (ESS) sector, particularly for Sungrow Power, due to increasing demand for grid upgrades in Europe [23] - Heng Rui Pharmaceutical is noted for its strong innovation capabilities, with expectations for record revenue and profit in 2024, driven by a significant share of innovative drug sales [23] Group 2: Japan Market Focus - The report indicates that Japan's economic growth is being hampered by trade wars, with a focus on stable high-dividend stocks [30][32] - The anticipated performance of high-dividend stocks such as KDDI and MS&AD Insurance is highlighted, as they are expected to continue to perform well despite economic uncertainties [41] - The report mentions that if Japan cannot secure tariff reductions from the U.S., it may face significant political risks [41] Group 3: Australia Market Focus - The report discusses the Labor Party's significant election victory and its historical correlation with strong performance in the energy and materials sectors [46][50] - Northern Star and Lynas Rare Earths are identified as key stocks that may benefit from increased demand for resources, particularly in the context of global shifts away from reliance on Chinese supply [56] - The report notes that historically, the Australian stock market has seen an average increase of 7.5% in the year following a Labor victory, with energy and materials sectors performing particularly well [56]

金融工程 | 金工专题报告 沪深 300：根据我们的预测，国货航、中航成飞等 6 只股票将会被调入沪 深 300 指数，而华兰生物、先导智能等 6 只股票将会被调出沪深 300 指数。 中证 500：根据我们的预测，神火股份、淮北矿业等 50 只股票将会被调入 中证 500 指数，而百克生物、弘元绿能等 50 只股票将会被调出中证 500 指数。 上证 50：根据我们的预测，上汽集团、国泰海通等 4 只股票将会被调入上 证 50 指数，而通威股份、中国中铁等 4 只股票将会被调出上证 50 指数。 科创 50：根据我们的预测，恒玄科技将会被调入科创 50 指数，而中复神 鹰将会被调出科创 50 指数。 科创 100：根据我们的预测，中复神鹰、纳睿雷达等 4 只股票将会被调入 科创 100 指数，而昱能科技、奥普特等 4 只股票将会被调出科创 100 指数。 创业板指：根据我们的预测，锐捷网络、乖宝宠物等 9 只股票将会被调入 创业板指，而钢研高纳、三角防务等 9 只股票将会被调出创业板指。 创业板 50：根据我们的预测，光线传媒、全志科技等 5 只股票将会被调入 创业板 50 指数，而兴齐眼药、东方日升等 5 ...

Group 1: New Stock Market Performance - The average increase of new stocks listed since 2024 is approximately 3.0%, with about 82.9% of new stocks showing positive returns[1] - The average increase for new stocks on the North Exchange is 5.5%, with around 96.2% of new stocks experiencing gains[5] - The average issuance price-to-earnings ratio for new stocks last week was 24.2X, with a subscription success rate of 0.0267%[4] Group 2: Market Trends and Recommendations - The current market is in a transformation window, with significant policy clarity expected to gradually materialize, indicating a potential new active cycle[2] - Caution is advised due to ongoing external disturbances, including geopolitical tensions and tariff negotiations, which may lead to market fluctuations[2] - Focus should be on near-term new stocks that have undergone sufficient adjustment and offer relatively high cost-performance ratios, particularly those benefiting from hot themes or policy expectations[3] Group 3: Upcoming New Stocks - This week, five new stocks are set to complete subscriptions, including one from the Sci-Tech Innovation Board and two from the Growth Enterprise Market[7] - One stock, Guqi Down Material, is expected to start pricing inquiries, being a significant supplier of duck down and goose down materials[8]

Core Insights - The report highlights a positive trend in China's trade, with April's import and export volume reaching 3.84 trillion yuan, a year-on-year increase of 5.6% [6][9] - The Consumer Price Index (CPI) showed a slight increase of 0.1% month-on-month in April, while the Producer Price Index (PPI) decreased by 2.7% year-on-year, indicating ongoing deflationary pressures [6][9] - The China Securities Regulatory Commission (CSRC) has outlined its legislative work plan for 2025, focusing on key projects related to public and private funds, futures, and listed companies [6][9] Domestic Market Performance - The Shanghai Composite Index closed at 3,342.00, down 0.30%, while the Shenzhen Component Index fell by 0.69% to 10,126.83 [4] - The average price-to-earnings (P/E) ratios for the Shanghai Composite and ChiNext indices are at 13.71 and 36.60, respectively, indicating a suitable environment for medium to long-term investments [10][15] International Market Performance - The Dow Jones Industrial Average closed at 30,772.79, down 0.67%, while the S&P 500 and Nasdaq also experienced declines of 0.45% and 0.15%, respectively [5] Industry Analysis - The report notes a significant increase in photovoltaic (PV) installations in March, with a year-on-year growth of 124.39%, although the sector faced a decline of 10.61% in April [22][23] - The nuclear power sector is experiencing accelerated project approvals, with the recent approval of 10 nuclear reactors, indicating a strong growth outlook for nuclear energy in China [33][34] Investment Recommendations - The report suggests focusing on sectors with strong fundamentals and stable earnings, such as traditional engineering machinery and high-speed rail equipment, while also considering emerging technologies like humanoid robots [31][32] - It emphasizes the importance of monitoring policy developments and market conditions, particularly in the technology and consumer sectors, for potential investment opportunities [10][15]

| 日期 | 当日涨跌幅（%） | 换手率（%） | 主力资金净流入（万元） | | --- | --- | --- | --- | | 2025.05.09 | -4.80 | 42.63 | -53970.61 | | 2025.05.08 | 10.00 | 15.89 | -1276.10 | | 2025.05.07 | 10.09 | 2.80 | 5817.80 | | 2025.05.06 | 10.10 | 1.29 | 3804.07 | | 2025.04.30 | 10.00 | 3.26 | 6473.06 | | 2025.04.29 | -0.74 | 3.12 | -866.11 | | 2025.04.28 | -4.56 | 6.71 | -4611.23 | | 2025.04.25 | 0.00 | 3.87 | -472.79 | | 2025.04.24 | -3.39 | 5.71 | -446.68 | | 2025.04.23 | 0.68 | 4.73 | 420.82 | 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （文章来源：证券时报网 ...

【A股三大指数集体高开】沪指高开0.33%，深成指高开0.92%，创业板指高开1.55%。元器件、纺织服 饰、电气设备、通信设备等板块涨幅居前；医药、银行等板块跌幅居前。 ...

Group 1: Hangzhou Kelin - Hangzhou Kelin has developed a full range of products across all voltage levels in line with the digitalization trend of the power grid, positioning itself as an industry leader [1] - The company has successfully signed a procurement contract for perovskite components, achieving commercial application in MW-level scenarios with an efficiency of 21.1% [1] - Based on its sensor R&D experience, Hangzhou Kelin is advancing the development of six-dimensional force sensors, expecting to generate business revenue in the second half of this year [1] Group 2: Xidi Micro - Xidi Micro achieved total operating revenue of 54,551.06 million yuan in 2024, a year-on-year increase of 38.58%, with a gross profit of 16,966.56 million yuan, up 17.59% [2] - In Q1 2025, the company reported total operating revenue of 17,767.93 million yuan, a year-on-year increase of 44.56%, although it recorded a net loss of 2,726.48 million yuan, indicating a narrowing of losses [2] - The smart visual perception business, particularly the voice coil motor driver chips, has become a major growth driver, with a shipment value of 54,192.25 million yuan in 2024 [2] - The trade war has had no substantial impact on the company, which is expected to accelerate domestic chip substitution [2] - The company maintains a strong development momentum in consumer electronics and automotive electronics, with the value of automotive-grade chips reaching 40 to 50 USD per vehicle [2] - Xidi Micro's AI power supply chip products are in the debugging stage, with high market demand anticipated [2] - The management is optimistic about future performance, aiming for profitability and positive cash flow [2]