文 ｜ 裘翔 刘春彤 杨家骥 高玉森 连一席 遥远 在彻底取消所有对华单边关税措施前，中美贸易谈判可能进展有限；国内的政策是托底和应对式的，4月只是第一波以试验和预防为特征 的政策；筹码出清相对彻底且对业绩不敏感的主题阶段性占优；市场整体情绪位置不算低，科技板块相对医药和消费更接近冰点，对风偏 回升更敏感。配置上，5月关注新技术和产业题材轮动、海外科技映射链修复以及服务业扩内需政策落地。 在彻底取消所有对华单边关税措施前， 中美贸易谈判可能进展有限 近期特朗普针对关税问题表态持续反复，美股市场反应较为敏感。但我们认为国内投资者不需要花精力关心这些高频变化，特朗普试图灵活 利用关税武器来制造谈判筹码，而中国商务部新闻发言人何亚东表示"如果美方真的想解决问题，就应该正视国际社会和国内各方理性声音， 彻底取消所有对华单边关税措施，通过平等对话，找到解决分歧的办法"。我们建议还是关注特朗普未来一年面临的两大约束，一是7~8月需 要推进债务上限谈判和减税法案通过，二是明年中期选举。尽管目前特朗普的民调支持率已经开始明显下降，但这属于每个美国总统百日新 政后正常的回落，而特朗普两次任期的民调本身就比其他美国总统偏低，目前 ...

Humanoid Robot Industry - The humanoid robot industry is expected to experience exponential growth post-2030, with global shipments projected to reach between 4 million and 10 million units by 2035, reflecting a compound annual growth rate (CAGR) of 70.6% to 84.9% from 2024 to 2035, with service humanoid robots accounting for 84% of the market share [1] - In China, the shipment CAGR for humanoid robots from 2024 to 2035 is anticipated to exceed 75%, capturing 45% of the global market share by 2035, driven by policy support and capital investment [1] - China is expected to replicate the success of the electric vehicle industry in humanoid robot manufacturing, leveraging its experience in system integration from the autonomous driving sector to accelerate research and development while reducing costs [1][2] Internet and Education Industry - Companies with strong commercial capabilities and industry space showed impressive revenue growth in 2024, primarily driven by cost reduction and efficiency improvements [3] - In 2025, companies are expected to focus on enhancing monetization capabilities and innovation while exploring overseas growth opportunities to drive revenue [3] Delivery and Logistics Industry - SF Express's revenue for the second half of 2024 is projected to grow by 34% year-on-year, exceeding the expected 30%, with significant contributions from last-mile delivery services [7] - The company anticipates a continued revenue growth rate of 23% and 21% for 2025 and 2026, respectively, driven by demand for same-city delivery [8] AI and Traditional Chinese Medicine - The company is expected to achieve a strong revenue growth of 30% in 2024, driven by both internal growth and acquisitions, with a focus on expanding into overseas markets [10] - AI is projected to significantly enhance the productivity of traditional Chinese medicine practitioners, with a potential revenue increase of 100 million yuan for every 10% improvement in productivity [11] New Energy Industry - The company reported a loss of 3.91 billion yuan in 2024, slightly better than expected, with a significant recovery in polysilicon prices in the fourth quarter [12] - The company maintains an attractive valuation with a projected price-to-book ratio of only 0.20 times for 2025, despite recent stock price declines [12] Home Appliances Industry - Midea Group's revenue and net profit for 2024 are expected to grow by 9.5% to 409.1 billion yuan and 38.8 billion yuan, respectively, with a stable gross margin of 26.4% [13] - The company is set to benefit from the continuation of the old-for-new policy, which is expected to support consumer demand in 2025 [14] Automotive Industry - In March, several automakers reported continued growth in delivery volumes, with BYD's passenger car sales reaching 371,419 units, reflecting a year-on-year increase of 23.1% [15][16] - The introduction of new models at the Shanghai Auto Show is expected to further enhance market supply and support the growth of the new energy vehicle sector [18]

一、学术拓荒：从理论重构到标准制定 1969 年，张正浩在大别山区发现"心口痛"患者用《内经》理论治愈的案例，由此开启情志病研究之 旅。他系统梳理《素问》《灵枢》，创新性提出"五脏 - 五志"动态平衡学说，建立包含 28 项证候要素 的辨证量化标准。2018 年，其主编的《现代中医情志病学》成为全国中医药高校规划教材。 在江城武汉的湖北省云太医互联网医院，82 岁的张正浩教授仍保持着每周三个上午的门诊。诊室墙 上"情志如江，疏胜于堵"的书法横幅，与电子屏上跳动的情绪指数监测曲线相映成趣。这位中医情志病 诊疗领域的拓荒者，用 55 年时光雕琢出一套融合传统智慧与现代科技的诊疗体系，在十万病例中书写 着"让情绪回家"的生命故事。 三、行业生态：从学术传承到文化传播 作为"长江情志病诊疗联盟"发起人，张正浩推动建立覆盖 9 省 37 家医院的远程会诊系统。其培养的 137 名弟子中，21 人成为省级领军人才。主持制定的《中医情志障碍诊疗指南》，成为全国情志病科建 设的"黄金标准"。 文化传播方面，《正浩解郁录》繁体字版在港澳台地区畅销，CCTV 专题纪录片"情志守护者"收视率创 栏目新高。他常说："我们守护的不仅是 ...