Market Overview - As of the midday close, the Shanghai Composite Index rose by 0.07%, while the Shenzhen Component Index fell by 0.04%, and the ChiNext Index increased by 0.02% [1] - The overall market saw more declines than gains, with over 3,400 stocks experiencing a drop [2] Sector Performance - The controllable nuclear fusion concept continued to strengthen, with sectors such as environmental protection, combustible ice, beverage manufacturing, and logistics showing significant gains [1] - Conversely, sectors like internet e-commerce, medical services, and pet economy faced notable declines [1] Individual Stock Performance - In the A-share market, 1,726 stocks rose, 203 remained flat, and 3,480 stocks fell [3] - Specific index performances included: - Shanghai Composite Index: 3,342.93, up by 2.24 points (0.07%) - Shenzhen Component Index: 10,025.31, down by 3.81 points (-0.04%) - ChiNext Index: 1,992.13, up by 0.49 points (0.02%) [3] Institutional Insights - According to Wang Xiaohua from Dongfang Securities, liquidity disturbances are expected to continue, with long-term bond yields likely to remain high due to peak financing in the bond market. The overall market liquidity is tight, leading to a structural market where new consumption and new manufacturing sectors are rotating [5] - The focus is on sectors with better performance verification, such as consumption and pharmaceuticals, which may show relatively better short-term elasticity. The technology sector is more dependent on subsequent breakthroughs for growth opportunities, with attention on robotics, intelligent driving, and internet platforms [5] - Xie Aimin from Shenzhen Gaoping Juneng Capital noted that external uncertainties and a lack of clear main themes have led to a predominantly cautious stance among market participants. The market is expected to continue a trend of reduced volume and oscillation until new stimulus policies are introduced [5]

A股午评：三大股指早盘窄幅震荡 可控核聚变板块表现强势 金十数据5月28日讯，A股三大指数早盘区间窄幅震荡盘整，收盘涨跌不一，截止午盘收盘，沪指涨 0.07%，深成指跌0.04%，创业板指涨0.02%，北证50指数跌0.14%。板块题材上，可控核聚变持续活 跃，乳业、饮料制造板块冲高回落，互联网电商、CRO概念跌幅居前。两市近3300只个股下跌，半日 成交额超6500亿元。 ...

Group 1 - The A-share internet e-commerce sector has declined, with Jihong Co., Ltd. falling nearly 6% [1] - Xinghui Co., Ltd. has dropped over 4%, indicating a broader trend in the sector [1] - Other companies such as Kuaijingtong and Nanji E-commerce also experienced declines [1]

Group 1: Economic Policy and Consumer Trends - The core theme for 2025 is to boost consumption, with a focus on domestic demand and internal circulation as unique advantages of the economy [1] - The "Domestic Circulation Work Promotion Meeting" emphasized the need to tap into potential consumption, upgrade bulk consumption, and stimulate service consumption [1] - April's consumer data showed a positive trend, with retail sales of consumer goods increasing by 4.7% year-on-year in the first four months, slightly accelerating from the first quarter [2] Group 2: Retail Performance and E-commerce Growth - Retail sales of household appliances and related categories saw significant growth in April, with categories like home appliances and audio-visual equipment increasing by 38.8% year-on-year [4] - Online retail sales of physical goods grew by 5.8% in the first four months, continuing to outpace overall retail sales growth [4] Group 3: Promotional Events and Policy Support - The "618" shopping festival began a week early on May 13, 2025, combining with the "old-for-new" policy to invigorate the consumer market [5] - The subsidy range for the "old-for-new" policy expanded from 8 to 12 categories of home appliances, with subsidy rates increased to 15%-20% [5] - Sales of home appliances increased by 4.7% online and 12.8% offline following the implementation of the policy [5] Group 4: International Consumption and Tax Policies - The optimization of the departure tax refund policy is expected to stimulate inbound consumption, with the threshold for refunds lowered from 500 yuan to 200 yuan [7][8] - The number of inbound tourists is projected to reach 130 million in 2024, with cultural and tourism consumption becoming a new growth point [8] - A dual-driven consumption model combining goods and services is emerging, providing broader value opportunities for the consumer sector [9]

Group 1 - Guangdian Electric's wholly-owned subsidiary plans to sell 5.91% stake in Shanghai Winshun Electric Technology Co., Ltd. to Yapp Automotive Parts Co., Ltd. for 62.63 million yuan, aiming to optimize asset structure [1] - Anhui Natural Gas received approval for the registration of 500 million yuan short-term financing bonds and 600 million yuan medium-term notes, valid for two years [1] - Kirin Security received government subsidies totaling 6.48 million yuan, which are related to revenue [2] Group 2 - Junshi Biosciences received approval for two new indications for its self-developed drug, Oncorhynchus monoclonal antibody injection, targeting adult patients with heterozygous familial hypercholesterolemia and non-familial hypercholesterolemia [3] - China Resources Double Crane's subsidiary passed GMP compliance inspection for small and large volume injection production lines [4] - Nanjing Public Utilities' board approved the absorption and merger of its wholly-owned subsidiary, Nanjing Jinguang Industry Co., Ltd. [7] Group 3 - Boya Bio received drug registration certificate for human immunoglobulin (pH4) in the Dominican Republic, valid until August 12, 2029 [8] - Jizhi Co. announced that its controlling shareholder and actual controller committed not to reduce their shareholdings until December 31, 2025 [9] - Yuhua Tian won a bid for the integrated urban management project in Lanzhou City, with a total service subsidy of 353 million yuan [10] Group 4 - Anke Rui obtained five invention patent certificates related to various energy management and control technologies [11] - Kebo Da's wholly-owned subsidiary plans to acquire 100% of Czech IMI Company for approximately 9.43 million euros to enhance global production layout [13] - Yantian Port announced a cash dividend of 1.30 yuan per 10 shares, totaling 676 million yuan [14] Group 5 - Huawang Technology plans to distribute a cash dividend of 0.45 yuan per share and a capital reserve increase of 0.20 shares per share [15] - Kabe Yi established a wholly-owned subsidiary in Japan to enhance its business layout [16] - Dongcheng Pharmaceutical's subsidiary received approval for the marketing of sodium fluoride injection, a PET radiopharmaceutical [18] Group 6 - Huaxin New Materials' subsidiary received two utility model patent certificates for innovative devices [19] - Lingang Steel's new 2290 cubic meter blast furnace has been successfully put into operation [21] - Xinlitai received drug registration certificate for Sacubitril/Valsartan tablets, the first of its kind in China [23] Group 7 - Aike Co.'s subsidiary received project designation notices from multiple clients for electric drive platform components [25] - Tonghe Pharmaceutical received drug registration certificate for Apixaban in South Korea [26] - Junting Hotel signed a cooperation agreement with Choice Hotels for exclusive brand usage in mainland China [28] Group 8 - Guangdong Hongtu plans to establish a wholly-owned subsidiary in Zhengzhou to enhance market layout [30] - Yuheng Pharmaceutical signed a joint promotion agreement for Pemafibrate tablets with Xinghe Pharmaceutical [31] - Chongqing Steel terminated the absorption and merger of its wholly-owned subsidiary, citing strategic advantages of independent operation [33] Group 9 - Jihong Co. announced the listing of its H-shares on the Hong Kong Stock Exchange [34] - Deshi Co. announced plans for shareholders to reduce their holdings by up to 0.3% [36] - Xinhai Medical's subsidiary received medical device registration for a dialysis fluid filter [42]

市场热点快速切换，今天轮到大消费这条主线。 周二，A股食品饮料、白酒、乳业、互联网电商、宠物经济等大消费领衔上攻，IP经济、珠宝等新兴消费迎强势上涨。 个股方面，科拓生物、均瑶健康、保龄宝、会稽山、有友食品、创源股份、广博股份等一批个股涨停。 | ● 热力图 ○列表 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | Wind热门概念指数 | | | | | Wind中国行业指数 | | | | 培育钻石 3.89% | 乳业 3.10% | 超硬材料 2.51% | 三胎 2.41% | 饮料制造 1.59% | 办公用品 3.40% | 休闲用品 1.50% | 软饮料 2.54% | 纺织服装 1.31% | 电信 0.88% | | 人造肉 | 谷子经济 | 首发经济 | 合成生物 | 动物保健 | 生物科技 | 农业 | 制药 | 银行 | 机场 | | 2.10% | 0.95% | 1.36% | 1.50% | 2.75% | 1.18% | 0.92% | 1.21% ...

Investment Rating - The report maintains a "Buy" rating for Alibaba [3] Core Views - The report expresses confidence in the profitability growth of Alibaba's Taotian Group and the long-term trends and competitive landscape of its cloud business [1][2] - Taotian Group's FY25Q4 revenue and profit exceeded market expectations, with customer management revenue growing by 12% year-on-year, surpassing Bloomberg consensus by 3.89% [1] - Alibaba Cloud's FY25Q4 revenue grew by 18% year-on-year, although adjusted EBITA margin declined by 1.9 percentage points to 8%, falling short of Bloomberg consensus of 14.25% [2] Summary by Sections Taotian Group Business - Taotian Group's FY25Q4 adjusted EBITA increased by 8% year-on-year, exceeding Bloomberg consensus by 6.2% [1] - The growth in GMV (Gross Merchandise Volume) is expected to potentially exceed expectations, driven by three catalysts: collaboration with instant retail, external link access from Xiaohongshu, and AI-enhanced advertising effectiveness [1] Cloud Business - Short-term supply pressures are anticipated to cause performance fluctuations, but the long-term industry trends and competitive landscape remain promising [2] - The strategic focus on cloud and AI is prioritized, with expectations that the upward drivers will eventually outweigh the downward pressures from R&D investments and depreciation [2] Financial Forecast and Valuation - Projected revenues for FY2026-2028 are 1,087.93 billion, 1,165.38 billion, and 1,249.82 billion yuan, with year-on-year growth rates of 9.2%, 7.1%, and 7.2% respectively [3] - Adjusted net profits for the same period are forecasted at 191.79 billion, 200.43 billion, and 217.53 billion yuan, with growth rates of 21.4%, 4.5%, and 8.5% respectively [3] - The report assigns an 11x PE to FY2026 adjusted net profit and a 5x PS to FY2026 cloud revenue, resulting in a target price of HK$160.1 per share [3]

Group 1 - Qingmu Technology plans to reduce its shareholding by up to 3%, amounting to no more than 2.776 million shares [1] - Newcap received a decision from the police to revoke the case against its actual controller, who was previously detained for insider trading [2] - Rhine Biotech's directors and executives plan to collectively reduce their holdings by up to 0.14%, totaling no more than 1.0185 million shares [3] Group 2 - Puli Tui's stock and convertible bonds will be delisted on May 22, 2025 [5] - *ST Nong Shang will have its delisting risk warning lifted and will resume trading on May 23, 2025 [7] - State Grid Information Communication plans to acquire 100% equity of Yili Technology for approximately 1.853 billion yuan [9] Group 3 - Kelun Pharmaceutical's subsidiary received drug registration approval for a new injectable product, which is the first of its kind in China [10] - Aishida plans to acquire 7% equity of its subsidiary Zhejiang Qianjiang Robot Co., Ltd. for 13.09 million yuan [11] - Hongming Co. is planning to acquire 83% equity of Shenzhen Chisu Automation Equipment Co., Ltd. for approximately 151 million yuan [12] Group 4 - JuJiao Co. plans to reduce its shareholding by up to 2.6%, totaling no more than 2.093 million shares [14] - AVIC Financial's stock will be delisted on May 27, 2025 [16] - Jingwang Electronics' major shareholders plan to reduce their holdings by up to 2.99% [17] Group 5 - Huaren Health intends to acquire stakes in three pharmaceutical chain companies for a total of 327 million yuan [18] - Huanrui Century's original shareholders are required to compensate for unfulfilled performance commitments with 116 million shares [20] - Tefa Service's shareholders plan to reduce their holdings by up to 3% [21] Group 6 - Maipu Medical is planning to acquire at least 51% of Easy Medical's equity, which will constitute a major asset restructuring [22] - *ST Jinshi will have its delisting risk warning lifted and its stock will resume trading on May 23, 2025 [22] - Guoke Micro is planning a major asset restructuring and will suspend trading [23] Group 7 - Defu Technology intends to acquire 100% equity of an overseas electronic circuit copper foil company [24] - Xince Standard's shareholder plans to reduce its holdings by up to 1% [25] - Xiouqiang Co. plans to reduce its holdings by up to 3% [27]

Group 1 - The A-share internet e-commerce sector experienced a sharp rise, with Xinghui Co., Ltd. increasing by over 10% [1] - Other companies such as Saiwei Times, Yiwan Yichuang, Shitou Co., Ltd., Nanji E-commerce, and Santai Co., Ltd. also saw significant gains [1]

Group 1 - The report emphasizes that the recent public fund regulations are a necessary result of long-term changes in China's capital market structure and economic structure [3] - The market style is shifting from low-volatility strategies to core assets, indicating a potential long-term decline in China's capital intensity [3][24] - In the short to medium term, the core asset style needs to recover, while in the long term, it reflects the cyclical bottoming of the economy [3][24] Group 2 - The report notes that the resilience of the US economy is weakening, with inflation structures continuing to adjust; April's CPI inflation year-on-year was 2.3%, while core CPI remained at 2.8% [8][11] - The US PPI inflation showed a month-on-month decline of -0.47% in April, with service PPI contributing significantly to this decline [9][12] - Retail sales in the US also showed weak growth, with a month-on-month increase of only 0.058% in April, indicating a drag on consumption [11][12] Group 3 - The report highlights the mutual reduction of trade barriers between China and the US, with both countries agreeing to cancel 91% of tariffs and establish a mechanism for ongoing economic negotiations [13][15] - The Hong Kong stock market saw a general increase, with the Hang Seng Index rising by 2.09% [16] - The report indicates a lack of clear main lines in the Hong Kong market, with sectors like security, NFT concepts, and building energy efficiency leading the gains [19][24] Group 4 - The report suggests that the growth style may continue to adjust due to a lack of event catalysts [3][24] - In terms of industry performance, financial and real estate sectors led the gains, while technology sectors faced declines [32][24] - The report also notes a divergence in foreign capital index futures holdings, with net short positions expanding in some indices [44]