在各家券商的"金股"名单中，获机构推荐次数最多的是海大集团、东鹏饮料，均获得4家券商的推荐。 4月A股市场整体先抑后扬，上证指数累计跌1.7%，深证成指跌5.75%，创业板指跌7.4%。5月如何寻找机会？截至发稿，10余家券商公 布了5月月度投资组合，涉及消费、能源、科技、金融等多个领域。 | Frist | | | --- | --- | | 券商名称 | 推荐个股 | | 贺海证券 | 诺泰生物、宁波银行、立华股份、青岛啤酒、恒立液压、羚锐制药 恒力石化、乐鑫科技、爱柯迪、科德数控 | | 东兴证券 | 兴森科技、西部矿业、贵州茅台、川环科技、中广核技、中科创达 珀菜雅 | | 光大证券 | 中自科技、恒瑞医药、格力电器、中国石油、紫金矿业、海油发展 濮耐股份、海尔智家、牧原股份、鸿路钢构 | | 国信证券 | 长江电力、顺丰控股、药明康德、中岩大地、科锐国际、亚钾国际 特锐德、海大集团、江苏银行 | | "别周边走 | 华明装备、震裕科技、指南针、大金重工、金山办公、珀菜雅 新易盛、海大集团、德赛西威、爱玛科技 | | "安"证券 | 福昕软件、三棵树、东诚药业、工商银行、恒玄科技、百济神州-U 赛力斯 ...

Group 1 - Major industry ETFs in the US experienced a decline, with consumer discretionary and global airline ETFs dropping over 3% [1] - The consumer discretionary ETF (US XLY) fell to 192.23, down 6.84 (-3.44%), with a trading volume of 232,300 shares and a market cap of 24.145 billion [1] - The global airline ETF (US JETS) decreased to 19.09, down 0.66 (-3.32%), with a trading volume of 160,700 shares and a market cap of 601.493 million [1] Group 2 - The energy sector ETF (US XLE) declined to 80.21, down 2.52 (-3.05%), with a trading volume of 1,212,200 shares and a market cap of 20.087 billion [1] - The semiconductor ETF (US SMH) dropped to 204.07, down 6.22 (-2.96%), with a trading volume of 685,100 shares and a market cap of 2.412 billion [1] - The regional bank ETF (US KRE) fell to 53.16, down 1.60 (-2.92%), with a trading volume of 1,392,600 shares and a market cap of 4.436 billion [1] Group 3 - The internet index ETF (US FDN) decreased to 225.02, down 6.11 (-2.64%), with a trading volume of 65,246 shares and a market cap of 14.941 billion [1] - The technology sector ETF (US XLK) fell to 203.96, down 5.14 (-2.46%), with a trading volume of 355,600 shares and a market cap of 64.871 billion [1] - The global technology ETF (US IXN) dropped to 75.02, down 1.72 (-2.24%), with a trading volume of 29,673 shares and a market cap of 1.05 billion [1] Group 4 - The financial sector ETF (US XLF) decreased to 47.70, down 0.96 (-1.98%), with a trading volume of 3,180,600 shares [1] - The utility ETF (US XLU) fell to 78.01, down 1.29 (-1.63%), with a trading volume of 1,132,100 shares and a market cap of 11.325 billion [1] - The biotechnology index ETF (US IBB) decreased to 124.28, down 0.47 (-0.38%), with a trading volume of 84,775 shares and a market cap of 9.868 billion [1]

Core Points - The China-Hong Kong-US Technology Index has shown a decline of 3.69% over the past month, an increase of 1.09% over the past three months, and a year-to-date increase of 3.43% [1] - The index is composed of high liquidity and high market capitalization technology companies listed in Hong Kong and the US, calculated using an equal-weighted method to reflect the overall performance of these companies [1] - The index's top ten holdings include companies such as SMIC (3.33%), BYD (3.15%), Xiaomi (3.1%), and Alibaba (2.59%) [1] Market Composition - The index's holdings are distributed across various exchanges, with 40.48% on the Nasdaq Global Select Market, 35.64% on the Hong Kong Stock Exchange, and 22.40% on the New York Stock Exchange [2] - In terms of industry composition, Information Technology accounts for 39.01%, Consumer Discretionary for 20.52%, Healthcare for 15.01%, and Communication Services for 13.99% [2] Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2]

0:00 前期的视频我们认识了香港市场的跨境ETF，本期视频，我们放眼全球，再来了解下其他市场的跨境 ETF吧。 首先，我们来看下全球知名的美国纳斯达克100指数（简称纳指100）。 （数据来源：Wind；截止日期：2025/3/10） 除了纳指100，美股中反映传统经济的道琼斯指数、聚焦美股大盘的标普500指数也均有跨境ETF跟踪， 只是ETF规模和数量相较于纳指100相对较少，感兴趣的小伙伴可以关注下。 成分股看-聚集科技巨头，前十大权重股包括苹果、英伟达、微软、亚马逊、博通、特斯拉、脸 书、谷歌等大家耳熟能详的顶尖的科技公司，他们在各自的科技赛道也是赫赫有名的全球引领 者； 行业看-分布集中，成长风格突出。前3大权重行业为信息技术（49.2%）、通讯服务（24.6%）、 可选消费（14%），其中信息技术占比近50%。 凸显大市值-纳指100更聚焦大市值公司，目前成分股中总市值超过5000亿美元的有9家，平均市值 超2600亿美元。 说完了美股、港股主要的跨境ETF，我们再来看两只投资于港交所、纳斯达克、纽交所三个交易所上市 的互联网企业的指数-中国互联网50、中国互联网30。 两只指数成分股均是30只， ...

文 | 银行螺丝钉 （转载请注明出处） 今天大盘整体微跌，截止到收盘，还在5.1星。 沪深300微跌，小盘股下跌略多。 遇到市场下跌的时候，红利等价值风格相对坚挺，略微上涨。 必需消费通常受经济周期的影响相对小一些。 上周港股上涨超2.5%，港股科技指数上涨超5%。 遇到回调的时候港股一般波动比A股大，反弹的时候弹性也会更高。 1. 有朋友问，消费类指数有哪些呢？ 消费行业，主要分为必需消费和可选消费。 （1）必需消费 主要是食品饮料，包括酒、乳制品、肉制品等。 A股对应的指数，就是中证消费。 中证消费，主要投资沪深300、中证500中的大中盘必需消费股票。 成长风格下跌。 港股最近比A股表现好一些。 最近比较受关注的关税，影响全球股票市场出现较大波动。 但必需消费因为主营业务在内地，不太受关税提升的影响，最近3个月中证消费指数连续三个月上涨。 必需消费行业下面，还有食品饮料指数、白酒指数等。 （2）可选消费 主要是汽车、家电、传媒娱乐等。 像一些新能源汽车，属于可选消费；游戏、广告属于传媒娱乐。 这里面比较有意思的是，很多港股科技股，按照行业划分，也属于消费行业。 例如腾讯，属于互联网科技公司。 但主营业务 ...

Investment Rating - The report suggests a focus on Japanese consumer companies with optimistic profit growth prospects, including Asics, Pan Pacific International Holdings, Fast Retailing, and Asahi Group [6]. Core Insights - The Japanese consumer confidence index fell for the fourth consecutive month to 34.1 in March, the lowest since March 2023, indicating a decline in consumer sentiment amid rising inflation [2][8]. - Essential consumer goods saw a surge in stockpiling due to anticipated price hikes in April, leading to a significant increase in sales, particularly in beer, which saw a year-on-year increase of over 30% [3][14]. - Discretionary consumption faced a slowdown, with mixed performance among companies; brands like Salia, Uniqlo, and Muji managed to attract consumers despite the overall decline in demand [3][5]. Macro Overview - Inflation in Japan is rising, with the Consumer Price Index (CPI) increasing by 3.6% year-on-year in March, while core CPI (excluding fresh food) rose by 3.2% [2][10]. - Real wages fell by 1.5% year-on-year in February, reflecting that wage growth is not keeping pace with inflation [2][8]. - The Producer Price Index (PPI) rose by 4.2% year-on-year in March, marking the highest level since 1980 [12]. Essential Consumption - Retail sales for essential goods increased primarily due to higher average transaction values, with notable growth in companies like PPIH (+5.9%), 7-Eleven (+1.0%), and Aeon (+2.9%) [4][16]. - The stockpiling trend was driven by consumers preparing for upcoming price increases, significantly boosting sales in food and daily necessities [3][14]. Discretionary Consumption - Discretionary spending showed varied performance, with restaurants like Salia and McDonald's increasing prices due to rising raw material costs, leading to year-on-year sales growth of 13.9% and 11.0%, respectively [5][26]. - Department store sales declined for the second consecutive month, with a year-on-year drop of 2.8% in March, influenced by a strong previous year's performance [33][37]. - The duty-free sales sector experienced its first negative growth in 36 months, reflecting a broader trend of reduced spending on high-priced items due to the appreciating yen and economic uncertainties [5][37]. Company Performance - Asahi and Kirin reported significant revenue increases in March, with Asahi's beer sales up 37% and Kirin's up 30%, driven by stockpiling ahead of price hikes [20][23]. - Uniqlo's same-store sales rose by 11.5% in March, benefiting from strong demand for seasonal products and effective marketing strategies [30][35]. - The performance of specialty stores like Muji and Nitori varied, with Muji seeing a 20.5% increase in same-store sales while Nitori experienced an 8.6% decline [35].

Core Viewpoint - In the first quarter of this year, there was a significant differentiation in the scale of various fund products, with many mini funds in the actively managed equity category experiencing substantial growth, particularly those focusing on technology and consumer themes [1][3]. Fund Performance - A total of 117 actively managed equity products saw their scale multiply, with 34 funds successfully escaping the "mini" status, achieving scale increases of over 160 times [1][3]. - Over 70% of the mini funds that reversed their scale had a positive unit net value growth rate in the first quarter [1]. Notable Mini Funds - The "Qianhai Kaiyuan Jiaxin A" fund saw its scale grow from 0.36 billion to 25.16 billion, an increase of 162.9 times, with a unit net value growth rate of 48.84% [2][3]. - The "Ping An Advanced Manufacturing Theme A" fund increased its scale from 0.48 billion to 13.21 billion, nearly a 20-fold increase, with a unit net value growth rate of 53.65% [4][5]. - The "Huaxia Consumption Zhenxuan A" fund grew from 0.34 billion to 2.47 billion, over a 4-fold increase, with a unit net value growth rate of 8.45% [6][8]. Investment Strategies - The "Qianhai Kaiyuan Jiaxin A" fund focused on growth sectors such as automotive, machinery, and power equipment, significantly increasing its holdings in stocks like "Landai Technology" and "Shuanglin Shares" [3][4]. - The "Ping An Advanced Manufacturing Theme A" fund concentrated on humanoid robots and made strategic adjustments within the robotics sector, focusing on companies with relatively low valuations [5][6]. - The "Huaxia Consumption Zhenxuan A" fund tilted its holdings towards "technology + consumption" themes, maintaining a high position to capture recovery elasticity [8]. Market Context - The equity market showed a clear recovery in the first quarter, driven by continuous policy support to boost consumption, particularly in the technology sector surrounding AI and robotics [9]. - Mini funds are noted for their ability to leverage their smaller size and operational flexibility to quickly adjust portfolios and capture investment opportunities, leading to excess returns [9].

美股盘初，主要行业ETF普涨，半导体ETF、生物科技指数ETF涨幅居前。 | 生物科技指 ... | 119.68 | +2.44 (+2.08%) | 88801股 | 95.03亿 | | --- | --- | --- | --- | --- | | us IBB | | | | | | 半导体ETF --- | 191.58 | +3.75 (+2.00%) | 66.35万股 | 22.65亿 | | us SMH | | | | | | 网络股指数E ... | 210.40 | +4.07 (+1.97%) | 10638股 | 139.71亿 | | us FDN | | | | | | 金融业ETF --- | 46.54 | J +0.89 (+1.95%) | 287.53万股 | 518.01亿 | | us XLF | | | | | | 可选消费ET ... | 183.79 | +3.34 (+1.85%) | 21.18万股 | 230.85亿 | | US XLY | | | | | | 区域银行ET ... | 51.65 | +0.91 (+1.79%) | 97.78万 ...

Core Points - The China-Hong Kong-US Technology Index has shown a decline of 14.62% over the past month, 3.85% over the past three months, and 3.32% year-to-date [1] - The index is composed of high liquidity and high market capitalization technology companies listed in Hong Kong and the US, calculated using an equal-weighted method [1] - The index's top ten holdings include companies such as SMIC (3.61%), BYD (3.23%), and Alibaba (2.55%) [1] Market Composition - The Nasdaq Global Select Market accounts for 40.10% of the index, followed by the Hong Kong Stock Exchange at 36.04% and the New York Stock Exchange at 22.41% [2] - The industry breakdown of the index shows that Information Technology comprises 38.88%, Consumer Discretionary 20.37%, and Healthcare 14.75% [2] Index Adjustment Mechanism - The index samples are adjusted biannually, with changes implemented on the next trading day after the second Friday of June and December [2] - New technology companies that rank in the top five by market capitalization in their respective regions will be quickly included in the index after their eleventh trading day [2]

Market Overview - The A-share market exhibited significant structural differentiation from April 14 to April 18, with major indices showing mixed performance. The Shanghai Composite Index rose by 1.19%, while the Shenzhen Index and the ChiNext Index fell by 0.54% and 0.64%, respectively [1] - The market sentiment was influenced by a shift in investment style, with funds moving from high-volatility technology sectors to traditional industries with stable cash flows. Blue-chip and high-dividend strategies performed well, while growth sectors continued to decline [1] Industry Performance - Concerns over supply chain disruptions led to a slowdown in economic recovery, affecting sectors such as industrials, consumer discretionary, healthcare, and information technology, with the latter experiencing the largest decline, though not exceeding 0.8% [1] - Real estate, telecommunications services, and utilities showed relatively strong performance, with real estate rising by 3.47% [1] Fund Issuance and Performance - A total of 25 funds were issued last week, including 17 equity funds, 7 bond funds, and 1 fund of funds (FOF), with a total issuance of 20.476 billion units [2][18] - The total index for Chinese funds increased by 0.02%, while the ordinary equity fund index decreased by 0.08%, and the mixed equity fund index fell by 0.04% [2] Global Asset Review - Global asset prices showed mixed performance, with U.S. indices under pressure, while European markets strengthened. The Dow Jones and Nasdaq indices fell by over 2%, while major Asian indices rose by over 2% [4] - In commodities, the energy sector led gains, while industrial metals showed mixed results. Gold prices rose nearly 3% due to increased risk aversion, reaching over $3,300 per ounce [4] Domestic Bond Market - The bond market remained stable, with the 10-year government bond futures rising by 0.04% and the 30-year futures increasing by 0.03%. Domestic long-term interest rates remained at historical lows [16]