华工科技硅光实验室 船舶行驶在长江武汉江段水域。 新华社记者 肖艺九 摄 从汉口开埠后的"东方芝加哥"，到洋务运动中的"汉阳造"；从新中国成立后的一众"武字头"，到改革开 放初期开风气之先的汉正街；从中部崛起的战略支点，到建设中的长江经济带核心城市……地处华夏 之"中"，坐拥"天元"之位，武汉历来是"国之重镇"。 近年来，武汉市明确提出，推动全部工作向支点建设聚焦聚力，加快把科教人才优势转化为创新发展优 势、把交通区位优势转化为国内国际双循环枢纽链接优势、把生态资源优势转化为绿色发展优势，着力 打造全国发展新质生产力的重要阵地、支撑中部地区崛起的重要增长极、国内国际双循环的重要枢纽、 人与自然和谐共生的重要典范、超大城市农业农村现代化的重要样板、保障国家发展安全的重要支撑， 重塑新时代武汉之"重"。 光电子产业"独树一帜"，人工智能产业连续三年增速超40%，高新技术企业总量突破1.6万家、实现三年 翻一番，高端芯片、心肌旋切、北斗通导遥一体化等技术与产品跻身世界领先行列……武汉，这座敢为 人先的英雄城市，正以科技创新的磅礴力量、枢纽通衢的关键支撑、国家战略的核心承载，在湖北加快 建成中部地区崛起的重要战略支点 ...

中信建投：关税冲击再起，内需韧性支撑 关税担忧再起，短期或压制市场情绪，但从边际上看，市场正逐步对关税脱敏。4月工业企业利润改善，"两 新"与消费激励政策兑现程度良好，拉动下游消费增长，同时支撑中游设备制造业，5月PMI制造业整体景气回 暖，出口订单反弹，新动能和消费品表现突出，中国基本面的韧性将为市场提供底部支撑。微盘股交易热度上 升，拥挤度高位，注意交易拥挤风险。 配置上继续看好具备地缘政治隔离、内需驱动和成长弹性特征的"新质内需成长"方向，目前仍以内需循环为 佳，聚焦服务消费、新消费、反关税。行业重点关注：美容护理、农林牧渔、国防军工、有色金属、医药生 物、计算机、社会服务、商贸零售等。 中国银河证券：市场调整空间有限 近期板块轮动速度加快，行情震荡格局尚未改变，市场成交额未出现明显放量，仍以存量博弈为主。外围市场 方面仍然存在较大不确定性。尽管当前中美达成阶段性关税协议，短期缓解了外贸压力，但后续特朗普政府政 策仍然存在反复性。短期内，市场或仍维持震荡格局，关注外部关税的变化与国内政策的落地节奏。在国内一 系列政策支持下，市场调整空间有限。同时，6月18日至19日陆家嘴论坛期间将发布若干重大金融政策， ...

除了FE电动方程式世界锦标赛，上海今年以来还举办了F1方程式世界锦标赛等一些列大型文体活动，当地通过票根联动的形式，把大型 文体活动带来的客流量增长转化为消费的增长。 比赛的间隙，赛场外的商贸区人头攒动，各色商铺前都排起了长队。凭着手中的FE电动方程式的门票，消费者就可以在嘉定区里众多商 户享受折扣优惠。 "票根经济"最显著的拉动效应当属当地商业综合体里的餐饮企业，为了更好的吸引消费者，他们甚至组团拼大巴，到赛场外直接拉人。 "票根经济"带来的消费增长立竿见影，如今已经成为上海市嘉定区在各类赛事和音乐节中的常态操作。据统计，在今年3月的F1中国大奖 赛期间，上海市嘉定区十家重点商贸企业3天总计接待近155万人次，同比2024年增加14.47%；营业收入1.24亿元，同比去年增加3.4%。 央视网消息：5月31日到6月1日，2025年FE电动方程式世界锦标赛上海站比赛在上海拉开战幕，这是该项全球顶级赛事连续第二年落地上 海，来自全球11支车队的22位车手展开为期两天角逐，让我们一起来感受下现场的速度与激情。 总台记者 张寄予：我现在是在上海市嘉定区的上海国际赛车场，2025FE电动方程式上海站正在这里举行。FE ...

（文章来源：证券时报网） 以幅度进行统计，综合行业融资余额增幅最高，最新融资余额为30.97亿元，环比增长1.26%，其次是美 容护理、银行、环保行业，环比增幅分别为1.13%、0.52%、0.46%；融资余额环比降幅居前的行业有煤 炭、有色金属、房地产等，最新融资余额分别有157.66亿元、773.04亿元、299.67亿元，分别下降 0.96%、0.41%、0.40%。（数据宝） | 汽车 | 915.15 | -1.02 | -0.11 | | --- | --- | --- | --- | | 房地产 | 299.67 | -1.20 | -0.40 | | 公用事业 | 422.05 | -1.49 | -0.35 | | 煤炭 | 157.66 | -1.53 | -0.96 | | 通信 | 612.08 | -2.43 | -0.40 | | 有色金属 | 773.04 | -3.22 | -0.41 | | 医药生物 | 1238.87 | -4.44 | -0.36 | 截至5月29日，市场最新融资余额为17975.80亿元，较上个交易日环比减少11.28亿元，分行业统计，申 万所属一级行 ...

21世纪经济报道记者胡慧茵 广州报道 5月29日，"2025中国（广东）—东盟贸易促进与供应链合作机制建设对接交流会"新闻发布会在广东大 厦举行。 据介绍，"2025中国（广东）—东盟贸易促进与供应链合作机制建设对接交流会"（下文简称"交流会"） 将在6月10日举行，由广东省人民政府主办，中国—东盟商务理事会、省贸促会等单位承办，这是近年 来广东省与东盟合作层次最高的一次国际会议。届时，东盟国家政府部门、驻穗领馆官员，国际组织、 工商机构负责人以及侨界、商界代表等200多位境外嘉宾将参加会议。 姚信敏表示，首先，由海外粤商会牵头设立粤商贸易投资服务中心，为企业"走进东盟"提供"一站式"服 务；其次，是加强信息服务。联合广东省广物集团一起首创推出"粤链东盟"微信小程序，进行经贸和供 应链合作信息方面的互动，定期发布东盟国家投资指南和风险提示，更好地适应企业出海发展的需求； 第三，是推动产业链供应链上下游合作，即将举办的交流会将成立五个方面的供应链合作联盟，根据广 东与东盟国家重点领域的合作，联盟将侧重在先进制造业、绿色农业和国际商贸，按行业细分进行精准 对接。 与此同时，交流会将发布广东与东盟经贸合作机制建设相 ...

Core Viewpoint - The Guangdong Provincial Government is set to hold the "2025 China (Guangdong) - ASEAN Trade Promotion and Supply Chain Cooperation Mechanism Construction Exchange Conference" on June 10 in Guangzhou, aiming to enhance trade cooperation with ASEAN and establish a long-term cooperation mechanism [1][3]. Group 1: Trade and Economic Cooperation - In 2024, the total trade value between China and ASEAN is projected to reach 6.99 trillion yuan, marking nine consecutive years of import and export growth [3]. - ASEAN is currently Guangdong's largest trading partner, with a year-on-year increase of 6.9% in Guangdong's imports and exports to ASEAN in the first quarter of this year [3]. Group 2: Conference Details - The conference will host approximately 600 participants, making it the highest-level international meeting between Guangdong and ASEAN in recent years [3]. - Over 200 foreign guests, including government officials from ASEAN countries, consulate officials, and representatives from international organizations and business sectors, will attend alongside around 400 domestic guests from state-owned enterprises, key industrial parks, and media [3]. Group 3: Outcomes and Initiatives - The conference will announce the establishment of the "International Supply Chain Cooperation Alliance between Guangdong and ASEAN Enterprises" and sign cooperation memorandums with ASEAN business organizations [4]. - The "Yue Chain ASEAN" online service platform will be launched, along with the establishment of trade and investment service centers for five ASEAN countries: Cambodia, Malaysia, Singapore, Indonesia, and Vietnam [4]. - A report on Guangdong-ASEAN supply chain cooperation and the "RCEP National Investment Legal Guide" for Indonesia, Thailand, and Vietnam will be released during the conference [4].

Core Viewpoint - Shenzhen, recognized as the "first city of foreign trade" in China, is actively implementing measures to stabilize foreign trade through financial support from various banking institutions [1][2]. Group 1: Financial Measures - Five banks in Shenzhen, including Bank of China and Industrial and Commercial Bank of China, have launched "financial stability for foreign trade" measures since May 2023 [1][2]. - The "Micro Trade Loan" product, specifically designed for foreign trade enterprises, was introduced by the Export-Import Bank of China Shenzhen Branch in collaboration with other financial institutions [1][2][3]. - The Export-Import Bank is providing low-cost special funds, while WeBank offers automated approval and precise pricing for the loans [2][3]. Group 2: Economic Performance - Shenzhen's foreign trade is projected to reach 4.5 trillion yuan in 2024, marking a 16.4% year-on-year increase, with both imports and exports hitting historical highs [1][2]. - In April 2023, Shenzhen's import and export volume was 404.61 billion yuan, reflecting a 3.8% year-on-year growth [2][6]. - The city has maintained a strong resilience in foreign trade, achieving significant growth despite challenging international trade conditions [2][6]. Group 3: Collaborative Model - The financial support model involves a collaboration among policy banks, digital banks, insurance providers, and government information platforms, creating a comprehensive support system for foreign trade enterprises [2][5]. - The "Micro Trade Loan" aims to address the financing difficulties faced by small and micro foreign trade enterprises, with a focus on reducing financing costs and improving access to funds [3][5]. Group 4: Future Commitments - Shenzhen banks have committed to providing substantial credit support to foreign trade enterprises, with plans to offer at least 1.8 trillion yuan in credit and 180 billion USD in international trade settlement support by 2025 [4][5]. - The local government continues to encourage financial institutions to enhance their support for foreign trade enterprises, aiming to foster high-quality development in this sector [5][6].

大消费 [T分析师able_A：uthor 罗鹏 ] 执业证书号：S1030523040001 电话：0755-23602217 邮箱：luopeng@csco.com.cn 研究助理：赵靖 电话：0755-23602217 邮箱：zhaojing2@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 4 月社零可选消费表现亮眼 [Table_ReportDate] 2025 年 5 月 26 日 [Table_ReportType] 大消费行业周报（5 月第 4 周） 计算机 2019 年 Q3 综合毛利率（%） 9.7 综合净利率（%） 6.9 行业 ROE（%） 25.6 行业 ROA（%） 5.2 利润增长率（%） 4.21 资产负债率（%） 149 期间费用率（%） 4.54 存货周转率（%） 42.56 讯 1) 上周（5/19-5/23）大消费板块表现分化。家用电器、纺织服 饰、食品饮料、美容护理、社会服务、商贸零售周涨跌幅分别 为+1.21%、-0.11%、-1.27%、-1.48%、-1.60%、-1.61%，沪深 300 指数下跌 0.18%。食品饮料、家用电器、纺织服饰、 ...

【 机构观点综评 】 方正证券指出，展望后市，小微盘占优行情特征或将延续。博时基金认为，存款 挂牌利率下移，汇率约束的缓解，货币市场以及短端利率补降可能会延续。 一、焦点锐评 1．LPR迎来年内首降，六大行同步调降存款利率 二、权益市场 1.中信证券：特朗普政策不确定性仍是大类资产配置主线 中信证券明明认为，大类资产配置方面，特朗普政策不确定性仍然是大类资产配置的主线，未来需要关 注外贸政策缓和或焦点转向内政的可能性。而在目前特朗普影响市场的模式中，"特朗普看跌期权"仍然 生效。在今年底至明年初之前，美债或为4%~5%区间震荡行情；黄金仍然是最具确定性的资产；特朗 普影响下美股的胜率仍然偏低；美元或偏弱震荡。但若特朗普政策焦点转向内部，美股和美债的拐点可 能提前到来。 2.方正证券：小微盘占优行情特征或延续 方正证券指出，展望后市，小微盘占优行情特征或将延续，主要判断依据包括：一是当前资本市场无系 统性风险，整体上A股风险偏好在不断回升。二是工业品价格持续收缩、上市公司盈利仍在筑底，经济 转型探索新方向过程仍在延续。三是流动性持续宽裕，无风险利率处于历史低位。四是新质生产力持续 发展，并购重组进一步释放市场活 ...

Group 1 - The A-share market is experiencing rapid rotation between large-cap and small-cap stocks, with a cumulative decline of 0.57% for the Shanghai Composite Index, 0.46% for the Shenzhen Component Index, and 0.88% for the ChiNext Index this week [1] - China Galaxy Securities suggests focusing on three main lines of asset allocation: high-margin assets, clear "technology narrative" in the A-share market, and consumer sectors boosted by policy [1] - The report emphasizes the importance of stable dividend returns in defensive sectors amid increased external uncertainties, and highlights the potential of technology as a long-term allocation theme [1] Group 2 - Dongwu Securities anticipates a new round of "East Rising, West Falling" trading, with a focus on technology growth styles benefiting from liquidity overflow driven by a weak dollar [2] - Recommended investment directions include robotics, artificial intelligence, AI edge devices, computing power industry chain, controllable nuclear fusion, military informationization, autonomous driving, innovative drugs, solid-state batteries, AI agents, low-altitude economy, and satellite internet [2] Group 3 - Huajin Securities indicates that the A-share market may continue a strong oscillation trend in the short term, with a focus on technology and certain consumer sectors [3] - The report highlights that new consumption may yield excess returns compared to traditional consumption, and suggests low-cost allocations in sectors like computing, robotics, military, media (AI applications), electronics (semiconductors), and communications (computing power) [3] Group 4 - CITIC Securities notes that the pricing power of core assets is gradually shifting southward, driven by a surge in A-share companies going public in Hong Kong [4] - The report suggests that the attractiveness of the Hong Kong market is improving due to better asset supply structure and quality, as well as enhanced liquidity from the return of overseas funds [4] - The trend of high-quality leading companies listing in Hong Kong may catalyze a shift in A-share market style towards core assets [4]