Investment Rating - The report maintains a neutral investment rating for the U.S. stock market [1] Core Insights - The U.S. stock market experienced a pullback due to escalating geopolitical conflicts, with the S&P 500 declining by 0.4% and the Nasdaq by 0.6% [3] - Among 24 sectors, 7 sectors saw gains while 17 sectors experienced declines, with the automotive and automotive parts sector leading gains at +9.4% [3] - The report indicates a net inflow of $4.93 billion into S&P 500 constituents, reversing the previous week's outflow of $8.74 billion [4][19] - Earnings expectations for S&P 500 constituents were adjusted upward by 0.3%, with 22 sectors seeing an increase in earnings forecasts [5] Summary by Sections Price Trends - The S&P 500 and Nasdaq saw declines of 0.4% and 0.6% respectively, with the automotive sector showing the highest increase at +9.4% [3] - The report highlights that large-cap growth and value stocks performed similarly, both down by 0.5% [3] Fund Flows - The report notes a significant net inflow of $4.93 billion into S&P 500 stocks, with the automotive sector attracting $4.64 billion [4][19] - The software and services sector also saw a notable inflow of $2.65 billion [19] Earnings Forecasts - The report indicates a 0.3% upward adjustment in the dynamic F12M EPS expectations for S&P 500 constituents, with the semiconductor sector leading the upward revisions at +0.5% [5] - Only two sectors saw downward revisions, with the automotive sector experiencing a decrease of -0.2% in earnings expectations [5]

Market Overview - The S&P 500 index has returned to 6,000, with a weekly increase of 1.5% and a 4-week increase of 6.0%[3] - The Nasdaq index rose by 2.2% this week, with a 13-week increase of 7.3%[3] Sector Performance - Small-cap growth (Russell 2000 Growth) outperformed with a weekly gain of 4.0%, while small-cap value (Russell 2000 Value) increased by 2.4%[3] - The semiconductor industry led gains with a 4.7% increase, followed by media and entertainment (+3.5%) and retail (+3.0%) sectors[3] Fund Flows - The S&P 500 experienced a net outflow of approximately $9.53 billion this week, primarily due to significant outflows from Tesla, which accounted for $13.57 billion[4][19] - The semiconductor sector saw a net inflow of $2.39 billion, while the automotive sector faced a net outflow of $13.57 billion[4][19] Earnings Forecast - The dynamic F12M EPS forecast for S&P 500 constituents was adjusted upward by 0.3%, indicating stable earnings expectations[5] - The semiconductor sector showed the highest upward revision in earnings expectations at +1.0%[5] Risks - Key risks include uncertainties in economic fundamentals, international political situations, U.S. fiscal policy, and Federal Reserve monetary policy[5]

Market Performance - The S&P 500 index decreased by 2.6% this week, while the Nasdaq fell by 2.5%[3] - Among sectors, only the Household & Personal Products sector saw an increase of 1%, while the Technology Hardware & Equipment sector dropped by 6.3%[3] Fund Flows - Estimated fund outflow from S&P 500 components was $11.115 billion this week, compared to an inflow of $25.71 billion last week[4] - Three sectors experienced fund inflows: Healthcare Equipment & Services (+$200 million), Media & Entertainment (+$170 million), and Household & Personal Products (not significant)[4] Earnings Forecast - The dynamic F12M EPS forecast for S&P 500 components was adjusted upward by 0.2% this week, following a 0.1% increase last week[5] - The Automotive & Auto Parts sector saw the largest upward revision of +0.7%, while the Food & Staples Retailing sector was revised down by -1.1%[5] Economic Risks - Key risks include uncertainties in economic fundamentals, international political situations, U.S. fiscal policy, and Federal Reserve monetary policy[5]

Investment Rating - The report maintains a neutral investment rating for the U.S. stock market [1] Core Insights - The U.S. stock market is experiencing a steady recovery, led by the technology sector, with the S&P 500 rising by 5.3% and the Nasdaq increasing by 7.2% [3] - Significant capital inflows have been observed, particularly in the semiconductor and automotive sectors, indicating strong investor interest [4] - Earnings expectations for the S&P 500 constituents have been slightly adjusted upwards, with traditional industries showing the most significant upward revisions [5] Summary by Sections Price Trends - The S&P 500 increased by 5.3% and the Nasdaq by 7.2% this week, with the automotive and semiconductor sectors leading the gains at +16.2% and +13.3% respectively [3] Capital Flows - Estimated capital inflows for the S&P 500 constituents reached +$25.71 billion this week, a significant increase from the previous week's +$2.99 billion [4] - The semiconductor sector saw the highest inflow at +$9.17 billion, followed by automotive at +$6.59 billion [18] Earnings Forecasts - The dynamic F12M EPS expectations for the S&P 500 were adjusted up by 0.1%, with 19 sectors seeing upward revisions, particularly real estate (+0.7%) and materials (+0.5%) [5]

韦尔股份：公司毛利率有望进一步提升 金十数据4月30日讯，4月30日，韦尔股份高管在接受机构调研表示，公司通过推动产品结构持续优化， 供应链梳理增效，毛利率有希望进一步提升。据介绍，2024年公司全年综合毛利率为29.36%，同比提 升7.74个百分点；2025年第一季度，毛利率持续改善，实现综合毛利率31.03%，同比提升3.14个百分 点，环比提升2.05个百分点。 （证券时报） ...