从A股市场表现来看，房东明认为，去年9月底之后政策持续发力，使得A股市场表现出很强的韧 性。"在今年一季度非金融板块实现4%左右的同比盈利增长情况下，我们预期今年A股盈利在每个季度 都会出现良性回升，这为业绩增长提供了很好的基本面条件。"房东明表示，"总体来看，在全球分散投 资的大背景下，我们认为中国股市的战略重要性将不断提升，在全球范围内配置中国资产将为投资者带 来超额回报的机遇。" 高盛研究部首席中国股票策略分析师刘劲津则于5月26日发表最新观点称，潜在的外汇韧性支持下，维 持对中国股市的超配评级。主题上，该机构看好以人民币计价的资产，认为企业盈利前景有望适度改 善，流入中国股市的外资或增多。值得注意的是，5月中旬，刘劲津曾将MSCI中国指数和沪深300指数 的12个月目标分别上调至84点和4600点（分别意味着11%和17%的潜在上涨空间）。 食品饮料板块日K线走势图 郭晨凯 制图 ◎记者 汪友若 "通过与众多海外投资者的密集沟通，我们深刻地感受到国际市场对中国资产的关注度正持续升 温。""我们注意到，全球投资者在今年一季度对中国资产的持仓有所上升。"瑞银全球金融市场部中国 主管房东明如此表示。 5月2 ...

Core Viewpoint - The "old-for-new" consumption policy in Jiangsu Province has shown positive results, with significant participation and financial support, but there are operational challenges affecting consumer experience [1][3][4] Group 1: Policy Impact - As of May 18, 2023, 12 million people in Jiangsu have applied for or received subsidies under the "old-for-new" program, with a total funding usage exceeding 13.3 billion yuan [1] - In the home renovation sector, since the program's launch in February, it has benefited 9,907 households with approximately 200 million yuan in subsidies [1] Group 2: Consumer Experience Issues - Consumers have reported difficulties with the application process for automobile replacement subsidies, including complicated procedures and issues with incorrect submissions [2][3] - Complaints have been raised regarding slow subsidy disbursement and the lack of clarity in the application process, indicating a need for improved service awareness [1][2] Group 3: Recommendations for Improvement - The article suggests that the application process should be simplified, with clearer instructions and automatic error correction features to enhance user experience [2][3] - It advocates for better policy communication and the integration of user-friendly platforms to facilitate the application process, drawing parallels to successful service models in other areas [2][3]

Group 1 - The Fourth China-Central and Eastern European Countries Expo and International Consumer Goods Expo is being held in Ningbo, Zhejiang, showcasing innovative products from Chinese manufacturing that have gained widespread attention due to technological advancements and superior quality [1] - The expo features a newly established Smart Central and Eastern Europe exhibition area, highlighting nearly a hundred "black technology" products in artificial intelligence and robotics, including humanoid robots and bionic technology [1][5] - A Slovenian businessman expressed enthusiasm for a bionic hand, noting its potential for precise tasks and the possibility of entering the global market [3] Group 2 - The Zhejiang Humanoid Robot Innovation Center presented its latest humanoid robot, "Navigator 2," which can be applied in various fields such as manufacturing, retail, guiding, and inspection [5] - A company engaged in international trade of pet products signed a cooperation agreement worth over 200 million yuan with a Serbian company to develop the pet nutrition market, with a total of 30 companies completing contracts worth 2.49 billion yuan [7] - The expo gathered over 8,000 unique Central and Eastern European products, including specialty foods and high-tech items like VR glasses and smart home appliances [7] Group 3 - A VR experience area was set up at the expo, providing a unique and spacious VR experience that is not yet widely available in China, indicating a clear and broad market opportunity for exhibitors [9] - The expo also featured a European chocolate area where visitors could experience the production and tasting of Hungarian chocolate, highlighting the cultural exchange aspect of the event [11] - Increasing numbers of skincare and beauty products are being introduced to the Chinese market, with exhibitors recognizing China as a significant market for their high-quality products at competitive prices [12][14]

Consumer Goods - The core consumer goods include electric tools, hand tools, and lawn mowers, primarily targeting high-end markets in Europe and the United States [2] - In April 2025, U.S. retail sales showed a month-on-month increase of 0.1%, surpassing market expectations of 0%, while core retail sales (excluding automobiles and gasoline) also increased by 0.1%, below the expected 0.3% [2] - The significant drop in retail data in April is attributed to the impact of tariffs, with consumer confidence index declining by 4.8 percentage points to 52.2, the lowest level since August 2022 [2] Capital Goods - Industrial sewing machines are primarily exported to Asia, accounting for 68% of export value in 2024, with key markets including Turkey, Vietnam, and Singapore [4] - Forklift exports are mainly to Asia and Europe, with export values in 2024 accounting for 30% and 34% respectively [4] - Machine tool exports are predominantly to Asia, maintaining around 50% of export value from 2019 to 2024, with notable fluctuations in exports to Russia [4] - Mining machinery exports are concentrated in Asia, Africa, and Europe, with cumulative export values in the first four months of 2025 showing increases of 19% to Asia, 16% to Latin America, and 30% to Africa [4][7] Engineering Machinery - Cumulative export value of engineering machinery increased by 10% in the first four months of 2025, with the fastest growth seen in exports to Africa at 61% [5][6] - Cumulative export value to Africa reached 19% of total exports, an increase of 4 percentage points compared to the entire year of 2024 [6] - In the first four months of 2025, cumulative exports of forklifts to Africa grew by 37%, and to Latin America by 24% [7] Industrial Capital Goods - In April 2025, the month-on-month export growth rates for forklifts, machine tools, and industrial sewing machines were 3%, 17%, and 23% respectively [8] - Cumulative export growth rates for the first four months of 2025 were -1% for forklifts, +9% for machine tools, and +28% for industrial sewing machines [8] Overall Machinery Exports - In April 2025, the export growth rates for major categories of engineering machinery, excavators, tractors, and mining machinery were 8%, 20%, 21%, and 28% respectively [9] - Cumulative growth rates for the first four months of 2025 were 10% for major engineering machinery, 21% for excavators, 28% for tractors, and 21% for mining machinery [9]

Group 1 - The fourth China-Central and Eastern European Countries Expo and International Consumer Goods Expo is being held in Ningbo, Zhejiang Province, from May 22 to 25, with a theme of "Towards New, Towards Reality, Towards the Future" [1] - The expo has set new records in exhibition area, number of exhibitors, and variety of exhibited products, with the Central and Eastern European exhibition area covering 20,000 square meters and showcasing over 8,000 types of products from more than 400 exhibitors [1] - Slovenia and Slovakia are the guest countries of honor, with Slovenia presenting 15 companies from various industries, including light aircraft and cosmetics [1] Group 2 - A strategic cooperation has been initiated between the Central and Eastern European Goods Procurement Alliance and SF Express, reducing the import cycle of Central and Eastern European goods from 40-60 days to 4 days and lowering shipping costs from €1.5-2 per kilogram to €1 [2] - A Slovak company specializing in personalized medical implants has been using 3D printing technology and titanium to create highly biocompatible products, seeking to connect with more Chinese partners through the expo [2] - The expo features a "Charming Central and Eastern Europe" section, showcasing cultural aspects through tourism promotion and fashion shows, attracting significant attention from visitors [2] Group 3 - Hungary has 12 companies participating, covering consumer goods, software engineering, and AI solutions, with a notable interactive display that allows visitors to experience Hungarian history and culture [3] - The Hungarian Export Promotion Agency emphasizes the importance of economic cooperation between Europe and China, with Hungary positioned as a key player in strengthening economic ties [4]

Group 1 - The consumption market is maintaining steady growth due to the effective implementation of the old-for-new policy and organized promotional activities [1] - In April, the total retail sales of consumer goods reached 3.72 trillion yuan, representing a year-on-year growth of 5.1% [1] - From January to April, the total retail sales of consumer goods amounted to 16.18 trillion yuan, with a year-on-year increase of 4.7% [1]

Group 1 - The major industry ETFs in the US stock market showed mixed performance, with the Utilities ETF declining approximately 2% and the Energy ETF dropping over 1% [1] - The Utilities ETF (US XLU) was reported at 79.62, down by 1.64 (-2.02%) with a trading volume of 2.653 million shares and a market capitalization of 11.559 billion [2] - The Energy ETF (US XLE) was at 81.10, down by 0.95 (-1.16%) with a trading volume of 1.652 million shares and a market capitalization of 20.309 billion [2] Group 2 - The Gold ETF (US GLD) was priced at 303.77, down by 2.05 (-0.67%) with a trading volume of 1.578 million shares and a market capitalization of 82.170 billion [2] - The Healthcare ETF (US XLV) was at 130.94, down by 0.65 (-0.49%) with a trading volume of 1.9005 million shares and a market capitalization of 25.056 billion [2] - The Biotechnology ETF (US IBB) was priced at 121.15, down by 0.54 (-0.44%) with a trading volume of 90,342 shares and a market capitalization of 9.619 billion [2] Group 3 - The Consumer Staples ETF (US XLP) was at 81.31, down by 0.33 (-0.40%) with a trading volume of 1.3075 million shares and a market capitalization of 13.759 billion [2] - The Regional Banks ETF (US KRE) was priced at 56.50, down by 0.15 (-0.26%) with a trading volume of 1.8414 million shares and a market capitalization of 4.715 billion [2] - The Financials ETF (US XLF) was at 50.19, down by 0.10 (-0.21%) with a trading volume of 3.0012 million shares and a market capitalization of 55.858 billion [2] Group 4 - The Consumer Discretionary ETF (US XLY) was priced at 211.89, up by 0.24 (+0.11%) with a trading volume of 288,200 shares and a market capitalization of 26.614 billion [2] - The Global Technology ETF (US IXN) was at 83.87, up by 0.18 (+0.22%) with a trading volume of 6,472 shares and a market capitalization of 1.174 billion [2]

安徽推动实施消费品以旧换新"一站式"申领，补贴资格券在各平台上可以互享互用。同时，推广"龙头 企业+个体"等以大带小模式，扩大以旧换新活动城乡网点覆盖面。目前，全省参与商户1.2万余家、门 店2.3万个，其中县域商户占比约51%。 各地还深入实施大规模设备更新工程。河北印发老旧营运货车报废更新补贴实施方案根据报废车辆类 型、提前报废时间和新购置的车辆类型，每辆车最高可获得14万元的补贴。当前，河北正以新能源货车 大规模设备更新为抓手，加速交通运输领域的绿色化与智能化转型。 重庆迭代优化制造业技改专项贷政策，扩大贴息支持范围、降低贴息投资额门槛等，进一步加大金融政 策的支持力度。今年重庆计划新实施技改项目1500个以上，带动设备更新超1.5万台（套）。（欣文） 陕西西安日前发布了当地首款国补金融产品——"国补贷"。这款产品额度高、利率低，申请国补的商户 能简单、高效地获得高额度信贷资金，进一步减轻企业资金压力。今年，西安计划投入首批20亿元专项 额度，定向支持国补商户。 甘肃在移动端政务平台搭建全品类补贴专区，今年以来，以旧换新日均申报量达1万单，带动销售额日 均超9000万元。家电、手机等高频消费品类成为增长 ...

Core Insights - The Fourth China-Central and Eastern European Countries Expo will take place in Ningbo from May 22 to 25, 2025, highlighting China's commitment to high-standard opening-up and celebrating 50 years of diplomatic relations with the EU [2][3] Event Overview - The expo will feature over 400 exhibitors showcasing more than 8,000 products from Central and Eastern European Countries (CEEC), with an exhibition area exceeding 20,000 square meters [3] - It is expected to attract around 15,000 professional visitors, including over 3,000 overseas buyers, with anticipated transaction intentions exceeding 10 billion yuan for CEEC imports [3][4] Unique Features - This year's expo will include nine brand debuts from CEEC and 1.5 million yuan in exclusive consumer vouchers, along with 11 key activities and over 50 matchmaking events [4] - A new CEEC section will be introduced, featuring over 400 co-published books and cultural exhibits from 14 CEEC nations [9] Trade Growth - Since the inaugural expo in 2019, Ningbo has seen an annual trade growth of 18.3% with CEEC, with total import and export volume reaching 19.7 billion yuan from January to April 2025, marking a year-on-year increase of 13.8% [6] - Ningbo's trade with the EU reached 81.42 billion yuan in the first four months of 2025, a year-on-year increase of 11.6% [10] Transportation and Logistics - Ningbo Zhoushan Port has established maritime routes with five CEEC ports, projecting a container throughput of 786,000 TEUs in 2024 [7] - A new logistics channel combining sea-rail intermodal transport has been established for exports to Europe, enhancing trade efficiency [11] Broader Cooperation - Ningbo is expanding cooperation with CEEC in education, technology, culture, and tourism, having established friendly relations with 19 CEEC cities [8] - The city aims to leverage the expo to attract more institutional platforms and enhance bilateral cooperation [13]

Brain-Computer Interface (BCI) - The Beijing Tiantan Hospital has established a clinical and translational ward for brain-computer interface technology, marking the first clinical application of BCI in China. The ward will conduct clinical trials and promote the transformation of scientific research into practical applications [1] - BCI technology is recognized as a key core technology for human-machine interaction and is being developed in various fields including bionics, medical diagnosis, and consumer electronics. The Ministry of Industry and Information Technology has outlined plans to advance BCI technology and products [1] - McKinsey predicts that the global BCI industry could generate up to $200 billion in economic value over the next 10-20 years [1] IPv6 - The Chinese government has set goals for IPv6 deployment by the end of 2025, aiming for 850 million active users and 1.1 billion IoT IPv6 connections. The share of IPv6 traffic in fixed networks is expected to reach 27%, while mobile networks will exceed 70% [2] - The IPv6 market is expected to grow rapidly, driven by policies, technology, and demand, with significant investment opportunities across the industry chain [3] - By 2025, the global number of IPv6 device connections is projected to exceed 7.5 billion, with China's IPv6+ IoT market expected to surpass 250 billion yuan [3] Genetically Modified Organisms (GMO) - The Beijing Tongzhou International Seed Industry Science and Technology Park will hold a launch event for the "Jingbanxin 1.0" project, focusing on tomato breeding using solid-phase gene chip technology, which has been dominated by foreign companies [3] - The project aims to enhance China's self-sufficiency in seed technology and reduce reliance on foreign technology, addressing high research costs and technological constraints [4] - The gene chip market is in a growth phase, with China expected to become the second-largest market globally by 2030, supported by technological breakthroughs and favorable policies [4] Macro and Industry News - China dominates the global shipping industry, with eight of the top ten ports for cargo and six for container throughput located in the country [5] - Government bond issuance is accelerating, with a 17.7% year-on-year increase in national government fund budget expenditures from January to April [6] - A new high-proportion renewable energy grid control system has been developed in China, addressing the challenge of integrating large-scale renewable energy into the grid [7] - The National Development and Reform Commission plans to enhance policies for consumer goods replacement and large-scale equipment updates, with a focus on fixed asset investment projects in energy and high-tech sectors [7]