注：指数/基金短期涨跌幅及历史表现仅供分析参考，不预示未来表现。市场观点随市场环境变化 而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不构成任何投资建议，也不构成对基金 业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相匹配的产品。基金有风险，投资需谨 慎。 每日经济新闻 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 今日在医药强势的带动下，港股科技ETF（513020）涨幅1.84%。 消息面上，交银国际5月19日发布报告指出，港股科技行业中的信息技术和半导体板块已接近全面 修复，并建议继续关注科技创新主线，包括半导体、新能源汽车产业链及人工智能等领域。此外，特区 政府财政司司长陈茂波5月18日透露，港交所将于20日迎来一家新能源龙头企业上市，这是今年以来全 球最大规模的新股集资活动，推动港股年内新股集资额累计超600亿港元，暂居全球首位。 港股科技ETF（5 ...

注：指数/基金短期涨跌幅及历史表现仅供分析参考，不预示未来表现。市场观点随市场环境变化而变 动，不构成任何投资建议或承诺。文中提及指数仅供参考，不构成任何投资建议，也不构成对基金业绩 的预测和保证。如需购买相关基金产品，请选择与风险等级相匹配的产品。基金有风险，投资需谨慎。 财信证券指出，纳斯达克100总收益指数的行业分布符合当前科技主线，尤其在人工智能、机器人、智 能驾驶等新兴产业领域权重较高。从业绩预期来看，科技成长板块的增速潜力居前，预计国产AI产业 链的业绩将在2025年中报开始释放。此外，纳斯达克资本市场的流动性改善驱动估值提升，其市盈率和 市净率均处于相对低位，具备较强吸引力。未来若美联储降息，美元流动性将进一步支撑估值修复。同 时，中美关税谈判的积极进展有望提升市场风险偏好，推动科技成长风格延续。 今日开盘，纳指ETF（513100）涨幅1.23%，成交额达2.07亿元。 纳指ETF（513100）跟踪的是纳斯达克100总收益指数（W00206），该指数由纳斯达克编制，选取在纳 斯达克上市的100家规模最大且非金融领域的上市公司证券作为成分股，重点覆盖高科技、高成长性企 业。其行业分布主要集中于 ...

Group 1 - The core viewpoint of the article emphasizes that investing in the ChiNext board represents an investment in the future, particularly focusing on emerging industries and innovation-driven companies [1] - The ChiNext board is highlighted as a frontier for the development of emerging industries, including new energy, biomedicine, and information technology, which are experiencing significant growth [2] - Companies on the ChiNext board are characterized by their core competitiveness in innovation, with substantial investments in research and development, leading to the continuous launch of new products and services [2] Group 2 - ChiNext companies are not only active in emerging industries but also provide technological support and innovative models for the transformation and upgrading of traditional industries [3] - The ChiNext index is noted for its market vitality and elasticity, allowing investors to conveniently capitalize on industry growth trends [3] - The index is expected to show significant upward movement during market uptrends due to its high growth potential, while also demonstrating resilience during market corrections [3] Group 3 - The ChiNext index will undergo a revision of its compilation method, which includes setting a 20% cap on individual stock weightings and introducing an ESG negative screening mechanism, effective June 16, 2025 [4] - The weight limit aims to enhance index stability and representation by controlling the impact of single stocks on overall index performance [4] - The introduction of the ESG mechanism is designed to promote sustainable investment by excluding stocks rated below B in the national ESG evaluation system, thereby reducing the likelihood of significant risk events [4] Group 4 - Overall, the optimization of the ChiNext index is expected to enhance its investability and accurately reflect the overall performance and structural characteristics of the ChiNext market [5] - This adjustment is anticipated to strengthen the focus on sustainable development in the capital market and attract more domestic and international investors to the ChiNext market [5]

Core Viewpoint - The tax authorities in Shenzhen, Jiangsu, and Zhejiang have cracked down on three cases of tax fraud involving companies illegally enjoying tax benefits related to research and development expenses and small business tax incentives [1][2]. Group 1: Tax Fraud Cases - Shenzhen Jinda Application Materials Co., Ltd. was found to have claimed excessive R&D expense deductions, including over 80 million yuan in gold costs without corresponding outputs or waste recovery records [2][3]. - Suzhou Lisoft Information Technology Co., Ltd. and Jiaxing Jingsheng Concrete Products Co., Ltd. were also implicated in similar fraudulent activities regarding tax benefits [1]. - The tax authorities determined that Jinda's claims of significant gold loss during purification were inconsistent with industry standards, leading to the discovery of 17 R&D projects with inflated gold material expenses, resulting in a tax underpayment of 16.21 million yuan [4]. Group 2: Tax Policy and Enforcement - Recent tax policies have aimed to support R&D and small businesses, with a 100% tax deduction for R&D expenses and additional benefits for small and micro enterprises [6]. - In the first quarter of 2025, tax reductions and refunds related to these policies reached 424.1 billion yuan [6]. - The tax authorities are committed to using big data to prevent fraudulent claims and ensure that tax benefits reach legitimate businesses, thereby promoting high-quality development in manufacturing [6].

证券代码：688615 证券简称：合合信息 公告编号：2025-018 上海合合信息科技股份有限公司 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ? 公司存在首发战略配售股份，首发战略配售股份未全部上市流通 每股转增0.4股 ? 相关日期 新增无限售条件流 股权登记日 除权（息）日 现金红利发放日 通股份上市日 ? 是否涉及差异化分红送转：否 ? 每股分配比例，每股转增比例 每股现金红利2元 一、 通过分配、转增股本方案的股东大会届次和日期 本次利润分配及转增股本方案经上海合合信息科技股份有限公司（以下简称 ）2025 年 5 月 9 日的2024年年度股东大会审议通过。 "公司" 二、 分配、转增股本方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 本次利润分配及转增股本以方案实施前的公司总股本100,000,000股为基数， 每股派发现金红利2元（含税），以资本公积金向全体股东每股转增0.4股，共计派 ...

证券代码：600624 证券简称：复旦复华 编号：临 2025-024 上海复旦复华科技股份有限公司 关于控股子公司完成工商变更登记的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 上海复旦复华科技股份有限公司（以下简称"公司"）控股子公司上海复华 信息科技有限公司及上海复旦软件园有限公司根据公司经营发展需要，对相关信 息进行了工商变更。近日，公司收到了上海市奉贤区市场监督管理局核发的新的 《营业执照》，具体内容公告如下： 一、上海复华信息科技有限公司 变更前： 变更后： 法定代表人：王旭光 类型：有限责任公司（非自然人投资或控股的法人独资） 上海复华信息科技有限公司变更后的《营业执照》信息如下： 统一社会信用代码：91310110132294370E 名称：上海复华信息科技有限公司 类型：有限责任公司（非自然人投资或控股的法人独资） 法定代表人：王旭光 经营范围：信息科技、系统集成科技、计算机软硬件科技、建筑科技、智能 科技、网络科技、通讯科技、自动化科技领域内的技术开发、技术转让、技术服 务、技术咨询，计算机软件、硬 ...

Group 1 - The core viewpoint of the news highlights the positive performance of the Science and Technology Innovation Board (STAR Market) and its related ETFs, driven by government policies supporting technological finance and innovation [1][2] - The STAR Market's New Generation Information Technology Index has seen an increase, with notable gains in constituent stocks such as Ge Microelectronics and Hehui Optoelectronics, indicating strong market interest in technology sectors [1] - The Ministry of Science and Technology and other departments have issued policies to encourage commercial banks to establish specialized technology finance institutions, which will enhance support for technology enterprises through increased loan ratios for mergers and acquisitions [1][2] Group 2 - Morgan Asset Management is integrating its global technology investment products to help investors capitalize on opportunities in high-quality technology companies amid the AI-driven technological wave [2] - The active management funds focus on emerging industry trends, artificial intelligence, new energy vehicles, and quality growth enterprises, indicating a strategic approach to investment in future industries [2][3] - Passive investment options include ETFs that provide exposure to technology assets in Hong Kong and innovative pharmaceutical companies in China, reflecting a diversified investment strategy in the technology sector [3]

证券研究报告 | 北交所定期报告 | | --- | AI+发展驱动鸿蒙全场景智效跃升，关注北交所 AI+产业企业 ——北交所科技成长产业跟踪第二十六期（20250518） 投资要点： hyzqdatemark 2025 年 05 月 19 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 请务必仔细阅读正文之后的评级说明和重要声明 联系人 鸿蒙旨在通过"一次开发、多端部署"架构实现跨终端智能协同与资源共享。参考中关村在线信息，2025 年 5 月 8 日，华为在鸿蒙电脑技术与生态沟通会上正式发布了首款鸿蒙电脑，详细介绍了 HarmonyOS 5 鸿蒙电脑操 作系统的设计，并官宣将于 2025 年 5 月 19 日 14 点半举办发布会，届时将正式发布鸿蒙电脑硬件产品。华为终 端 BG 平板与 PC 产品线总裁朱懂东宣布，华为终端全面进入鸿蒙时代。鸿蒙电脑是华为首款搭载 HarmonyOS 5 的笔记本电脑，从内核开始重构操作系统，构筑鸿蒙办公新体验。物联网 ...

Group 1 - The core viewpoint of the articles highlights the significant growth in exports from the Beijing-Tianjin-Hebei region, with a total export value of 4,454.6 billion yuan in the first four months of the year, marking a historical high for the same period and a growth of 1.7% [1] - In April alone, exports reached 1,216.6 billion yuan, achieving a historical high for the month with an 8% increase, the highest growth rate since June 2024 [1] - Beijing's share of exports in the region increased to 45%, up 1.4 percentage points from the previous year, indicating its crucial role in driving export growth in the region [1] Group 2 - Private enterprises have shown remarkable performance, becoming a key driver of export growth in the region, with the number of exporting companies increasing by 10.1% to 31,274 [1] - The number of private enterprises rose by 11.7% to 27,465, contributing 2,000.1 billion yuan in exports, which is an 11.3% increase and accounts for 44.9% of the region's total exports, up 3.9 percentage points [1] - Emerging industries such as automotive parts, information technology, aerospace, shipbuilding, and trendy toys have contributed significantly to the overall export growth, with specific export increases of 19.5%, 39.4%, 4.4%, 45.1%, and 47% respectively [2] Group 3 - The Daxing Airport Customs has reported a significant increase in import and export activities, with the comprehensive bonded zone's import and export values reaching 26.7 billion yuan in the first four months, a 50.9% year-on-year increase [3] - The establishment of the "smart port" initiative aims to enhance logistics services and streamline customs processes, thereby improving the overall efficiency of trade in the Beijing-Tianjin-Hebei region [3] - The Daxing Airport has launched its first international all-cargo flight route, facilitating cross-border e-commerce and enhancing international trade connections for local enterprises [2][3]

市场对公募考核新规以及回归基准行业配置的理解或存在误区。公募基金的目标仍然是跑赢基准，决定公募基金超低配行业的因素还是取决于行业 的实际基本面、产业的趋势、以及对公司估值的判断。长期来看最大的影响是活跃头寸的占比下降。 短期上涨非因调仓导致 5月7日，证监会印发《推动公募基金高质量发展行动方案》。其中最关键的变化包括： 业绩基准约束：对基金经理的考核，要求基金产品业绩指标权重不低于80%，对三年以上产品业绩低于业绩比较基准超过 10 个百分点 的，要求其绩效薪酬应当明显下降； 风格漂移监管：对长期（超1年）偏离基准20%以上的基金将进行重点监控； 行业配置披露：季度报告必须详细说明行业配置与基准指数的差异及调整计划； A股大金融板块应声而动，银行板块持续发力，刷新2015年7月中旬以来新高。 广发证券测算认为，假设完全回归基准，非银金融、银行、公用事业可能是需要买入最多的行业，基准占比-实际占比分别为7.9%、6.9%和3%。 | | | | | 图表:公募基金回归基准,哪些行业受益? | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | ...