Core Viewpoint - The financial markets are experiencing significant shifts due to capital rotation, increasing political risks, and a more segmented market environment, leading to varied performances across asset classes [2][16]. Group 1: Market Overview - In Q1, aggressive deleveraging occurred in the US and cryptocurrency markets, influenced by unexpected tariffs imposed by President Trump on Canada, Mexico, the EU, and China [3]. - The Nasdaq and S&P 500 indices saw substantial declines, while European indices like the DAX reached historical highs, indicating a shift in capital from US equities to overseas assets [3]. - The fear and greed index dropped from 66 (greed) to 20 (extreme fear) by March, reflecting market sentiment [8]. Group 2: Asset Performance - Gold emerged as the standout asset in Q1, with prices soaring to $3,000 per ounce, driven by political and trade tensions, alongside a dovish stance from central banks [9]. - The oil market remains uncertain, with prices fluctuating due to increased supply from Kazakhstan and the US, while demand concerns persist [10]. - The US stock market is under pressure, with the S&P 500 and Nasdaq indices falling below key moving averages, while European and Asian indices show strength [11]. Group 3: Currency Movements - The Euro has rebounded against the dollar, influenced by discussions on increased military spending and rising bond yields in Germany [4][14]. - The Japanese Yen is gaining attractiveness as a safe-haven asset, with inflation rates exceeding the Bank of Japan's target and long-term bond yields surpassing 2.5% [5][15]. - The forex market has been active, with the Euro and Yen strengthening, while the dollar's performance remains mixed amid tariff chaos and economic signals [13]. Group 4: Key Themes for Q2 - Capital is rotating from the US to Europe and Asia, driven by uncertainty and trade policies [16]. - Despite market declines, volatility remains low, indicating investor hesitation rather than panic selling [17]. - Safe-haven assets like gold and the Yen continue to attract inflows, while speculative risk assets face a challenging environment [17].

美股三大指数集体收跌，道指跌0.95%，纳指跌0.87%，标普500指数跌0.77%。大型科技股多数下跌， Meta跌超2%，特斯拉、英特尔跌超1%。 ...

Market Overview - Major industry ETFs in the US stock market experienced declines, with the biotechnology index ETF dropping nearly 2%, the global technology stock index ETF falling 1.5%, and the semiconductor ETF decreasing by 1.4% [1]. Industry Performance - Biotechnology Index ETF: Current price at 123.54, down 2.32 (-1.84%), with a year-to-date decline of 6.47% [2]. - Global Technology Stock ETF: Current price at 78.07, down 1.19 (-1.50%), with a year-to-date decline of 7.88% [2]. - Semiconductor ETF: Current price at 214.60, down 3.01 (-1.38%), with a year-to-date decline of 11.38% [2]. - Technology Sector ETF: Current price at 212.73, down 2.73 (-1.27%), with a year-to-date decline of 8.35% [2]. - Networking Stock Index ETF: Current price at 235.52, down 2.82 (-1.18%), with a year-to-date decline of 3.15% [2]. - Healthcare ETF: Current price at 136.63, down 1.51 (-1.09%), with a year-to-date decline of 0.30% [2]. - Banking Sector ETF: Current price at 51.71, down 0.50 (-0.96%), with a year-to-date decline of 6.11% [2]. - Regional Bank ETF: Current price at 55.55, down 0.49 (-0.87%), with a year-to-date decline of 7.34% [2]. - Financial Sector ETF: Current price at 49.05, down 0.39 (-0.79%), with a year-to-date increase of 1.86% [2]. - Consumer Discretionary ETF: Current price at 197.72, down 1.57 (-0.79%), with a year-to-date decline of 11.63% [2]. - Global Airline ETF: Current price at 20.93, down 0.11 (-0.52%), with a year-to-date decline of 17.44% [2]. - Consumer Staples ETF: Current price at 81.19, down 0.30 (-0.37%), with a year-to-date increase of 3.83% [2]. - Utilities ETF: Current price at 79.97, up 0.42 (+0.53%), with a year-to-date increase of 6.40% [2]. - Energy Sector ETF: Current price at 80.97, up 0.47 (+0.58%), with a year-to-date decline of 4.74% [2].

❑ 五一假期期间全球股票市场行情突出 5 月 1 日至 2 日内地金融市场休市，全球其他金融市场正常进行交易，整体来看： 科技股主线行情表现突出，恒生科技与纳斯达克分别领涨港股及美股市场，带动 欧洲及其他亚洲股票市场整体收涨。债券市场行情分化，2 年美债、10 年美债收 益率分别上行 23BP 及 16BP，日债收益率下行，德债收益率基本持平。美元指数 有所反弹，兑日元、欧元、英镑等主要货币均有所升值，但美元兑离岸人民币出 现一定幅度贬值迹象。商品市场黄金、白银价格再度出现较大幅度下跌。 ❑ 五一假期要闻汇总 美国 4 月 PCE 同比增长 2.3%，为 2024 年 10 月以来新低，小幅超过预期值 2.2%， 环比零增长持平预期。更为市场关注的核心通胀层面，4 月核心 PCE 同比增长 2.6% 持平预期，环比零增长低于预期，指向核心通胀边际进一步降温，关税冲击对美 国通胀的影响暂未显现。4 月新增非农就业 17.7 万人，预期 13 万人，4 月失业率 录得 4.2%，与前值及预测值持平，平均时薪同比及环比增速均较前值出现放缓迹 象，显示美国劳动力市场依旧保持较强韧性。抢出口效应带动下，美国 2025 ...

Group 1 - The US stock market experienced a collective rise, with the Dow Jones and S&P 500 indices achieving a nine-day winning streak, driven by stronger-than-expected non-farm employment data [1][2] - Major US technology stocks saw an overall increase, with the Tech Giants Index rising by 0.89%, while individual stocks like Meta and Nvidia rose by 4.34% and 2.59% respectively [4] - Chinese assets also performed actively, with the Nasdaq Golden Dragon China Index rising by 3.51% and several individual stocks showing significant gains, such as Xiaoma Zhixing up over 21% [4] Group 2 - The latest non-farm employment data indicated an increase of 177,000 jobs in April, surpassing the expected 130,000, while the unemployment rate remained steady at 4.2% [6][7] - Following the employment report, Goldman Sachs and Barclays adjusted their forecasts, delaying the anticipated Federal Reserve interest rate cut from June to July [1][7] - The market shows significant divergence regarding the total number of rate cuts expected this year, fluctuating between three to four cuts, each by 25 basis points [7]

每经记者 宋欣悦 每经编辑 高涵 当地时间5月3日，被誉为"投资界春晚"的伯克希尔·哈撒韦（以下简称伯克希尔）年度股东大会将在美国奥马哈拉开帷幕，这场盛会不仅是股东们的聚会， 更是全球投资者学习与交流的绝佳机会。 此次大会适逢巴菲特执掌伯克希尔60周年，在特朗普关税政策搅动全球经济、芒格离世、阿贝尔的接班、伯克希尔步入"后巴菲特时代"的背景下，这场盛会 看点十足。 届时，"股神"巴菲特将与接班人格雷格·阿贝尔和保险业务主管阿吉特·贾恩同台，回答股东提问，分享对市场趋势、公司运营及投资策略的深刻洞察。 2024年底，伯克希尔公司的现金储备超过3300亿美元，创历史新高。伯克希尔长期观察者认为，巴菲特之所以"囤积"现金，主要原因在于当前市场估值过 高。 资深投资银行家、太和智库高级研究员王世渝向《每日经济新闻》记者（以下简称每经记者）指出，"美国总统特朗普上任后挥舞'关税大棒'，把世界搅得 天翻地覆。"在这种充满不确定性的环境下，市场上符合价值投资标准的优质标的愈发稀缺。"巴菲特以伯克希尔有史以来最大的现金比例无声地表达了价值 投资的悲哀，"王世渝补充道。 投资者预计将聚焦四大核心看点：手握巨额现金，巴菲特将如何 ...

Market Overview - The Hong Kong stock market opened positively on May 2, with all three major indices closing higher. The Hang Seng Index rose by 1.74% to 22,504.68 points, the Hang Seng Tech Index increased by 3.08% to 5,244.06 points, and the Hang Seng China Enterprises Index gained 1.92% to 8,231.04 points [3]. Economic Context - The Chinese Ministry of Commerce noted ongoing discussions with the U.S. regarding tariff negotiations, indicating a willingness from the U.S. side to engage in talks [3]. - According to Everbright Securities, the Hong Kong stock market is currently in a phase of "valuation trough" and "policy window," with the Hang Seng Index approximately 12% below its ten-year valuation mean and the Hang Seng Tech Index's price-to-earnings ratio at a historical low of 8% [3]. Sector Performance - The technology sector saw a broad increase, with notable gains from companies such as Xiaomi (up over 6%), Alibaba and JD.com (both up over 3%), and Tencent, Meituan, and Kuaishou also closing higher [5]. - The new energy vehicle (NEV) sector experienced significant growth, driven by strong delivery numbers for April. Companies like Li Auto, Xpeng, and Leap Motor reported year-on-year delivery increases of 31.6%, 273%, and 173%, respectively [8]. Company Highlights - WuXi Biologics reported a revenue of approximately 9.655 billion yuan for Q1 2025, a year-on-year increase of 20.96%, with a net profit of about 3.672 billion yuan, up 89.06% [8]. - The new tea beverage sector also performed well, with Nayuki's Tea rising over 8% amid ongoing public offerings [9]. Stock Movements - Meilan Airport's stock surged by 7.71% following the announcement of a major share transfer, with the controlling shareholder transferring 50.19% of the company’s shares for a total of 2.52 billion HKD [14].

Group 1 - Strong earnings reports from major tech companies boosted market sentiment, leading to collective gains in the three major U.S. stock indices, with the Dow Jones and S&P 500 achieving an eight-day winning streak [2][3] - Microsoft shares rose over 7% following its earnings report, with a market capitalization of $316.24 billion. The company reported Q3 FY2025 revenue of $70.066 billion, exceeding market expectations of $68.42 billion, and a year-over-year growth of 12% [6][7] - Apple reported Q2 FY2025 earnings with total revenue of $95.36 billion, surpassing market expectations of $94.3 billion, but its revenue from Greater China declined by 2.3% year-over-year, leading to a nearly 4% drop in after-hours trading [10][11] Group 2 - Other tech stocks also saw gains, with Meta up over 4%, Amazon rising over 3%, Nvidia increasing by more than 2%, and Google gaining over 1%. Only Tesla experienced a decline [7] - Gold prices fell significantly, reaching a near two-week low, with COMEX June gold futures trading around $3246.17 per ounce [12][13]

此外，礼来收涨1.55%，台积电ADR涨1.34%——4月份累计上涨0.42%，AMD涨1.34%，巴菲特旗下伯 克希尔哈撒韦则收跌0.25%。 特斯拉收跌3.38%，亚马逊跌1.58%，Meta跌0.98%，谷歌A跌0.85%，英伟达跌0.09%，微软则收涨 0.31%，苹果涨0.61%。 | | 当前价 # | | 成交量 ◆ | 总市值 $ 年初至今 $ | 0 | | --- | --- | --- | --- | --- | --- | | 特斯拉 | 282.16 | -9.87 (-3.38%) | 1.26亿股 | 9088.25亿 -30.13% | [] *** | | us TSLA | 283.00 | +0.84(+0.30%) 盘后 | | | | | Destiny Tech ... | 37.09 | -0.90 (-2.37%) | 28.22万股 | 4.04亿 -36.99% | U ... | | us DXYZ | 36.97 | -0.12 (-0.32%) 盘后 | | | | | 亚马逊 | 184.42 | -2.97 (-1.58%) 5216.61万股 | ...

Market Overview - A-shares exhibited mixed performance with the Shanghai Composite Index experiencing slight fluctuations while the ChiNext and STAR Market indices surged [1] - The Shanghai Composite Index closed down 0.23% at 3279.03 points, while the Shenzhen Component Index rose 0.51% to 9899.82 points, and the ChiNext Index increased by 0.83% to 1948.03 points [1] - The total trading volume across the Shanghai, Shenzhen, and Beijing markets reached 11,933 billion yuan, an increase of over 1,500 billion yuan compared to the previous day [1] Banking Sector Performance - The banking sector faced significant declines, with Huaxia Bank dropping 8.55%, and other major banks like Industrial and Commercial Bank of China, China Construction Bank, and Agricultural Bank of China falling over 3% [2][3] - The first quarter financial results of 42 listed banks showed a total operating income of 1.45 trillion yuan, a year-on-year decrease of 1.72%, and a net profit attributable to shareholders of 563.98 billion yuan, down 1.2% [5] - Huaxia Bank reported a total profit of 6.73 billion yuan for the first quarter, a decline of 15.11% year-on-year, while Xiamen Bank's operating income fell by 18.42% [5] Automotive Industry - The automotive supply chain stocks saw significant gains, with companies like Lingdian Electric Control and Jingjin Electric reaching the daily limit of 20% increase, and others like Slin Group rising over 13% [10] - The Ministry of Industry and Information Technology recently released key points for automotive standardization, emphasizing the need for enhanced standards for intelligent connected vehicles, particularly in driver assistance and autonomous driving [10][12] - The regulatory clarity regarding L2 and L3 levels of autonomous driving is expected to lead to increased resource allocation and investment in the automotive intelligence sector [12] AI Applications - The AI application sector showed strong activity, with stocks like Chuangyi Information and Zhejiang Wenhe rising significantly, and several companies hitting the daily limit [7] - Alibaba's Tongyi Qianwen released a new series of models, showcasing competitive performance against leading models in the industry, indicating a robust development in China's large model industry [8]