本周(5月5日至5月9日)A股大盘显著回暖，上证指数全周上涨1.92%，收于3342点；深证成指周内上涨 2.29%，创业板指上涨3.27%。 从机构调研动向来看，本周机构调研集中度有所下滑，但调研热情不减。截至5月9日，共有452家上市 公司披露投资者调研记录。市场暖意明显，超九成机构调研公司实现正收益，其中润贝航科（001316） 本周实现4连板，涨幅为31.17%；九菱科技、*ST金刚（300093）涨幅也超20%；万向钱潮 （000559）、山东章鼓（002598）等公司也两连板。 热门调研标的方面，祥鑫科技（002965）、兴业银锡（000426）、宏华数科、容百科技等4家公司接受 百家以上机构调研，稳健医疗（300888）、赛意信息（300687）、ST华通（002602）、翔宇医疗等14 家公司接受超50家机构调研。 祥鑫科技本周接受173家机构调研，其中不乏博时基金、德邦基金、海通证券、南方基金、中银基金等 知名券商与公募。祥鑫科技主要从事精密冲压模具和金属结构件的研发、生产和销售，其产品广泛应用 于汽车、通信设备、电子电器等领域。在调研中，机构普遍关注祥鑫科技在人形机器人领域的布局情 况。 ...

港股消费ETF（513230）及其场外联接（017832/017833）跟踪中证港股通消费主题指数，不同于A股消 费投资以白酒为主，该指数覆盖行业均衡，近乎囊括了港股消费的各个领域，成分股包括泡泡玛特、名 创优品等潮玩、"谷子经济"相关上市公司。港股消费板块中电商、餐饮、旅游、文娱传媒、国潮服装等 新型消费比例更高，服务消费和大众消费占比也更高，或更能充分反映本轮大力提振消费政策驱动下的 消费景气复苏。 消息面上，5月8日商务部发布《大力提振消费 全方位扩大国内需求 推动经济持续回升向好》，其中提 到，培育新型消费，着力增强消费动能。打造IP（知识产权）创意设计和新品发布平台，建设IP消费商 业地标，推出IP消费经典路线，拓展沉浸式消费空间。 华泰证券表示，五一假期期间，多个地区的政府和企业采取了积极措施促进消费，包括发放消费券、举 办以旧换新活动等，这些举措有效刺激了家电、汽车、数码产品等领域的消费需求。苏宁易购的数据表 明，五一假期首日，家电以旧换新的销售额同比增长了61%，零售云全国门店的家电销售同比增长了 104%，显示出消费者对高品质家电、手机、电脑等数码产品的强烈需求。 5月9日，港股震荡走低，恒 ...

研究早观点 2025 年 5 月 9 日 星期五 市场走势 国内市场主要指数 | 指数 | | 收盘 | "设备+耗材"一体化驱动成长 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,352.00 | 0.28 | | 深证成指 | | 10,197.66 | 0.93 | | 沪深 | 300 | 3,852.90 | 0.56 | | 中小板指 | | 6,334.29 | 0.63 | | 创业板指 | | 2,029.45 | 1.65 | | 科创 | 50 | 1,026.44 | -0.36 | 资料来源：最闻 分析师： 李召麒 执业登记编码：S0760521050001 电话：010-83496307 邮箱：lizhaoqi@sxzq.com 【今日要点】 资料来源：最闻 【山证宏观策略】降准降息落地，内需线或仍有可为 【山证专精特新】龙图光罩（688721.SH）2025 一季报点评-新工厂摊销叠 加策略性降价销售使公司 2025Q1 业绩承压 【山证煤炭】中国神华（601088.SH）一季报点评：-长协稳定业绩，分红 成长可期 【公司评论】宏华数 ...

成都市人民政府新闻办公室5月8日举行成都市加力扩围实施大规模设备更新和消费品以旧换新政策新闻 发布会。记者获悉，成都今年加力实施消费品以旧换新政策，截至5月7日已拉动消费超285亿元。 今年以来，国家、四川省陆续出台新一轮加力扩围支持"两新"政策措施。成都印发《成都市推动大规模 设备更新和消费品以旧换新2025年度工作任务清单》，明确了54条年度重点任务。 推动消费品以旧换新方面，成都持续开展汽车、家电、家装厨卫以旧换新行动，新增实施手机、平板、 智能手表手环等三类数码产品购新补贴，拓展家电线上"立买立减"渠道，开展蓉城家庭焕新行动。今 年，成都已经向各区(市)县下达18.8亿元超长期特别国债支持消费品以旧换新工作。 成都市商务局副局长兰华娟介绍，今年成都市按照加力扩围消费品以旧换新工作要求，全力提振消费， 结合本地产业特色、居民消费习惯及具体实施条件，将原有12个家电补贴品类扩围至18个。一季度，全 市社会消费品零售总额达2732.7亿元，同比增长6.0%，汽车、家电和通讯器材类消费分别增长2.9%、 4.5%、197.2%。截至5月7日，全市申请消费品以旧换新补贴已超389万件，补贴金额约31亿元，拉动消 ...

今年以来加力扩围 原有12个家电补贴品类 成都一家电器卖场，顾客在销售人员的引导下详细了解"以旧换新"政策，并选购适合自己的商品 成都消费品以旧换新 扩围至18个 截至5月7日 全市申请以旧换新补贴 已超389万件 补贴金额约31亿元 拉动消费超285亿元 今年以来，全市申请消费品以旧换新补贴已超389万件，补贴金额约31亿元，拉动消费超285亿元，近 4000家汽车、家电、数码、家居企业和超2.2万个门店参与活动……5月8日，成都市政府新闻办举行成 都市加力扩围实施大规模设备更新和消费品以旧换新政策新闻发布会。聚焦成都"两新"政策的落地成效 和今年的最新部署等一系列大家关注的热点话题，相关部门有关负责人进行了回应。 去年"两新"拉动 汽车消费300亿元 "两新"工作开展以来，成都成立市级工作专班和8个专项工作组；构建"1个总体行动方案+8个专项方案 及政策措施"的政策体系；实施工业领域设备更新等十大行动……新闻发布会上，市发展改革委副主任 李坚峻用"四个成效明显"，回顾了上一轮"两新"政策落地以来的具体工作成果—— 重点领域设备更新成效明显：2024年全市工业设备工器具购置投资470.4亿元、同比增长65. ...

Core Insights - Shenzhen's holiday economy showed strong vitality during the May Day holiday, with a total of 14.5 million offline visitors in key monitored business districts, representing a 15.3% increase compared to the same period last year [1][2] Group 1: Consumer Activity - Major shopping centers in Shenzhen experienced significant foot traffic growth, with notable increases in specific areas: 壹方天地 shopping center (75.1%), 水贝商圈 (71.2%), 欢乐海岸街区 (36.5%), and 福田CBD商圈 (30.7%) [2] - Various promotional activities, including the "Shenzhen Good Goods Festival" and "2025 Shenzhen Futian Coffee Life Week," contributed to over 70 events aimed at boosting consumption during the holiday [1] Group 2: Retail Performance - The "old for new" policy and various discounts stimulated holiday consumption, with nearly 480,000 home appliances and digital products sold, generating sales of 780 million yuan, a 30% increase compared to daily sales before the holiday [2] - Top-selling products included fans (100,000 units), smartphones (over 85,000 units), smart sports equipment (55,000 units), air conditioners (42,000 units), and smartwatches (25,000 units) [2] Group 3: Automotive Sales - During the holiday, the automotive sector saw approximately 12,000 new car sales orders, amounting to nearly 2.8 billion yuan in sales [2] - Since the launch of the "old for new" initiative in 2025, over 7.45 million vehicles and home appliances have been sold, generating sales exceeding 24.6 billion yuan [2]

每经记者｜杨弃非 每经编辑｜杨欢 5月8日，《每日经济新闻》记者从成都市政府新闻办召开的新闻发布会上获悉，日前，成都已印发《成 都市推动大规模设备更新和消费品以旧换新2025年度工作任务清单》，明确54条年度重点任务，以加力 扩围推进新一轮"两新"工作。 成都今年"两新"工作将有哪些亮点？现场公布一串数字：今年，成都将实施工业技改和设备更新项目 450个，推动累计建成智能工厂95个以上，按期完成360家以上中小企业数字化改造；完成既有住宅加装 电梯800部、住宅老旧电梯更新1000部；力争新增及更新新能源出租车1500辆、网约车5000辆等。 而在消费者关注的消费品以旧换新方面，成都今年将持续开展汽车、家电、家装厨卫以旧换新行动，新 增实施手机、平板、智能手表手环等三类数码产品购新补贴，拓展家电线上"立买立减"渠道，开展蓉城 家庭焕新行动。 加大消费品以旧换新力度，家电补贴品类扩围至18个 在此基础上，成都将如何进一步加力扩围推进"两新"工作？ 自"两新"工作开展以来，成都成立市级工作专班和8个专项工作组，构建"1个总体行动方案+8个专项方 案及政策措施"的政策体系，实施工业领域设备更新等十大行动。去年，成都 ...

Core Viewpoint - The Guangdong Provincial Government has issued a comprehensive plan to boost consumption, focusing on various sectors including consumer goods, employment, and social services, with specific measures to enhance economic activity and support residents' livelihoods [2][3][4][5][6][9]. Group 1: Consumer Goods and Services - The plan includes 31 specific measures across 8 areas, emphasizing the implementation of a consumption goods replacement program, which supports the trade-in of old vehicles and 12 categories of household appliances, as well as subsidies for new digital products [2][7]. - There is a focus on enhancing the quality of service consumption and upgrading durable goods, leveraging Guangdong's rich culinary and tourism resources to promote local consumption [6][9]. - The plan aims to optimize the subsidy process for the replacement of consumer goods and expand participation to include foreign residents [7]. Group 2: Employment and Income Growth - The plan emphasizes the need for stable growth in wage income and the expansion of property income channels, targeting the employment of 1.1 million new urban jobs by 2025 [3]. - It encourages listed companies to implement employee stock ownership plans and supports individual investors in government bond markets [3]. - Special employment services will be organized for vulnerable groups, including the elderly and long-term unemployed [3]. Group 3: Social Services and Welfare - The plan outlines measures to enhance reproductive support, educational services, and healthcare for the elderly, aiming for 90% of primary healthcare institutions to provide pediatric services by 2025 [4][5]. - It proposes increasing basic pension and healthcare subsidies for urban and rural residents, with a target of over 40% for integrated medical and nursing services for seniors by 2025 [5]. - The plan also highlights the importance of the silver economy, promoting the development of senior-friendly living experiences and services [5][8]. Group 4: Regulatory and Environmental Improvements - The plan calls for strict enforcement of paid annual leave and encourages flexible holiday arrangements to enhance consumer spending [9]. - It aims to improve the business environment by reducing consumption restrictions and streamlining approval processes for promotional activities and community markets [9]. - The plan includes measures to stabilize the real estate market and promote vehicle purchases through relaxed restrictions [9].

与此同时，以旧换新的热度也居高不下，成交笔数领跑全市。随着宝安区"欢购爱车"活动的持续发力， 本次假期期间宝安全区汽车置换更新申请数量为411辆，销售金额为9163万元，在全市各行政区中排名 第一；家电、数码产品以旧换新共核销13243笔，补贴金额超600万元，销售总额超4500万元，均排名全 市前列。 这个假期，宝安各商圈利用户外疗愈、首发经济、非遗、电竞等消费热点，策划多种特色主题活动，不 断丰富消费场景，吸引大量游客和消费者。在欢乐港湾，"深圳西引力——宝安五一国际艺术开放 周"与"公园文化季——五一专场"相继举办，世界小姐、国际艺术家、宝安本土艺术团、乐队在这里为 消费者送上沉浸式的艺术体验；满京华·满纷天地以王者荣耀全国大赛·海选赛的举办为契机，策划了一 系列电竞主题节日活动；随着好利来西部首店在大仟里的开业，大仟里也主动策划"有限面包公社 5.0"面包快闪活动，吸引全城的烘焙爱好者前来打卡……据统计，宝安全区本次假期实现消费笔数超 300万笔，同比上升7.67%，占全市消费比重近20%。 线上消费方面，美团大数据显示，5月1日至4日宝安区数字消费交易规模同比增速为18.74%，整体交易 规模在全国 ...

Core Viewpoint - The "Implementation Plan for Boosting Consumption in Guangdong Province" was released, outlining 31 measures aimed at expanding consumer demand and significantly boosting consumption across various sectors [1] Employment and Income Growth - The plan aims to promote stable growth in wage income and expand channels for property income, with a target of creating over 1.1 million new urban jobs by 2025 [2] - Initiatives include the "Million Talents Gather in South Guangdong" program to attract 1 million college graduates for employment and entrepreneurship in Guangdong [2] - The plan also emphasizes support for families with multiple children, enhancing educational resources and childcare facilities [2] Service Consumption Enhancement - The plan focuses on improving services for the elderly and children, including the establishment of senior dining halls and childcare centers [3] - It encourages inbound tourism and the development of international consumption centers in cities like Guangzhou and Shenzhen [3] - Measures include the establishment of duty-free shops and the promotion of high-quality life services [3] Large-scale Consumption Support - The plan continues to support vehicle replacement and expands the scope of subsidies for scrapping old cars, including those meeting National IV emission standards [4] - It promotes the replacement of 12 categories of household appliances and supports the purchase of digital products through subsidies [4] - Initiatives for the renovation of old residential communities and the optimization of housing fund policies are also included [4] New Consumption Development - The plan aims to foster new types of consumption, including low-altitude and cruise yacht consumption, and supports the development of the Nansha International Cruise Home Port [5] - It emphasizes the importance of paid annual leave and encourages flexible vacation arrangements to enhance worker rights [5] - The plan proposes to reduce restrictions on vehicle purchases and promote a shift from purchase management to usage management [5][6]