Core Viewpoint - The A-share market showed a strong performance on May 20, with all three major indices rising, indicating a recovery in market confidence and active trading across various sectors [3][10]. Market Performance - The Shanghai Composite Index rose by 0.38% to close at 3380.48, while the Shenzhen Component Index and the ChiNext Index both increased by 0.77%, closing at 10249.17 and 2048.46 respectively [4][3]. - Over 3800 stocks in the market experienced gains, with total trading volume reaching 11,697 billion yuan, an increase of 832 billion yuan compared to the previous trading day [4][3]. Sector Performance - The sectors that saw significant gains included cultivated diamonds, pet economy, animal vaccines, millet economy, and plant-based meat, while the port and shipping sector faced declines [7]. - The pet economy concept saw a collective surge, with stocks like Tianyuan Pet, Yiyi Co., and Chuangyuan Co. hitting the daily limit [8]. - The IP economy concept also experienced a surge, with over 10 stocks, including Mankalon and Shifeng Culture, reaching the daily limit [9]. Capital Flow - Main capital inflows were observed in the automotive, cultural media, and food and beverage sectors, while outflows were noted in shipping ports, internet services, and real estate development [10]. - Specific stocks that attracted net inflows included OFILM Technology, Beingmate, and BYD, with inflows of 1.651 billion yuan, 632 million yuan, and 628 million yuan respectively [11]. - Conversely, stocks like Chengfei Integration, AVIC Chengfei, and Lijun Co. faced net outflows of 577 million yuan, 561 million yuan, and 465 million yuan respectively [12]. Analyst Insights - Analysts from Guoyuan Securities noted that the index is showing a strong oscillation, with individual stocks becoming active, but breakthroughs may require new catalysts [13]. - According to Zhongtai Securities, market confidence has fully recovered, and overall activity is high, although incremental capital may flow slowly without event-driven catalysts [13]. - The Qianhai Bourbon Fund anticipates a structural upward trend in the market, with a potential challenge to previous highs after a mild pullback [13].

【资金流向】 主力资金全天净流入汽车整车、文化传媒、食品饮料等板块，净流出航运港口、互联网服务、房地产开 发等板块。 培育钻石、宠物经济、动物疫苗、谷子经济、人造肉板块涨幅居前，港口航运板块领跌，成飞概念、 PEEK材料板块走低。全市场超3800只个股上涨。 5月20日，A股三大指数高开高走，创业板指盘中涨超1%。截至收盘，沪指涨0.38%，深证成指涨 0.77%，创业板指涨0.77%。 | HCRT | 名称 | | | 现价 | 活式大 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | | 3380.48 | | 12.90 | 0.38% | | 399001 | 深证成指 | | 10249.17 | | 78.08 | 0.77% | | 399006 | 创业板指 | | 2048.46 | | 15.70 | 0.77% | | | | | 两市近5日成交额 | | (单位:亿元) | | | | 13168 | 11524 | | | 11697 | | | | | | 10895 | 10865 | | ...

金十图示：2025年05月20日（周二）富时中国A50指数成分股午盘收盘行情一览：物流、化学制药、家电等多个股涨幅居前，煤 炭板块跌幅居前，银行板块个股涨跌互现 中国中车 国电南瑞 面 2095.02亿市值 1840.15亿市值 1.15亿成交额 2.30亿成交额 7.30 22.91 -0.01(-0.14%) +0.01(+0.04%) @ JIN10.COM 金十数据 | 一个交易工具 IIN10.COM +0.01(+0.19%) 0.00(0.00%) +0.04(+0.53%) 保险 中国太保 中国平安 7.0 中国人保 9809.85亿市值 ■ 3613.10亿市值 3263.22亿市值 6.54亿成交额 10.71亿成交额 5.58亿成交额 53.87 8.17 33.92 +0.36(+1.07%) +0.57(+1.07%) -0.05(-0.61%) 酸酒行业 贵州茅台 山西汾酒 五粮液 19935.98亿市值 2429.80亿市值 5016.59亿市值 18.64亿成交额 10.49亿成交额 5.22亿成交额 1587.01 129.24 199.17 -0.93(-0.46%) +8 ...

Group 1 - The Hong Kong stock market indices showed a narrowing decline, with the Hang Seng Tech Index ETF experiencing a slight downturn, while stocks like Meituan and Xiaomi led the gains [1] - The new mandatory national standard for light vehicle automatic emergency braking systems (AEBS) is set to replace the current standard, expanding its applicability to light commercial vehicles [1] - The new standard requires M1 and N1 class vehicles to be equipped with automatic emergency braking systems, indicating a significant regulatory shift in the automotive industry [1] Group 2 - The implementation of the new automotive regulations is expected to enhance the market penetration of AEBS, creating growth opportunities for the related supply chain [2] - Short-term benefits are anticipated for AEBS component suppliers due to increased business volume, while mid-term advantages will accrue to automotive electronics and intelligent driving system integrators [2] - Long-term growth is expected for autonomous driving technology providers and vehicle manufacturers as they benefit from AEBS technology upgrades and the promotion of smart connected vehicles [2] Group 3 - The Smart Vehicle ETF focuses on significant AI applications, highlighting its strong technological attributes [3] - The Automotive Parts ETF is expected to perform well as the replacement process accelerates within the parts sector [4] - The Hong Kong Stock Connect Automotive ETF includes leading vehicle manufacturers such as BYD, Li Auto, and Xpeng [5]

[Table_IndustryInfo] 2025 年 05 月 18 日 强于大市(维持) 证券研究报告•行业研究•汽车 汽车行业周报（5.12-5.16） 汽车两新补贴申请量突破 1000 万份， 地平线发布 L2 城区辅助驾驶 HSD 相关研究 请务必阅读正文后的重要声明部分 -14% -4% 6% 15% 25% 35% 24/5 24/7 24/9 24/11 25/1 25/3 25/5 汽车 沪深300 数据来源：聚源数据 投资建议： [Table_Summary] 5月 1-11 日，乘用车零售 57.4万辆，同比增长 12%，环比增长 34%。 今年以来累计零售 744.6万辆，同比增长 8%。乘联会预计，5月乘用车市场零 售走势将继续保持平稳向好的态势。根据商务部数据，截至 5 月 11 日，2025 年汽车以旧换新补贴申请量达 322.5万份，其中报废更新 103.5万份，置换更 新 219万份，2024年以来累计补贴申请量已突破 1000万份，全国多地持续加 力"两新"政策，政策影响力有望进一步提升。智能汽车方面，地平线发布 L2 城区辅助驾驶 HSD，搭载最新 HorizonCell ...

金十图示：2025年05月19日（周一）富时中国A50指数成分股午盘收盘行情一览：银行、保险板块涨跌不一，白酒、汽车整车等 跌幅居前，半导体板块涨幅居前 -0.01(-0.19%) -0.01(-0.13%) +0.03(+0.76%) 保险 中国太保 中国平安 中国人保 01 3639.63亿市值 3213.19亿市值 9716.98亿市值 4.60亿成交额 11.02亿成交额 6.91亿成交额 53.36 8.23 33.40 -0.03(-0.06%) -0.03(-0.09%) +0.02(+0.24%) 酸酒行业 贵州茅台 山西汾酒 五粮液 19797.05亿市值 2451.03亿市值 5011.54亿市值 38.40亿成交额 6.14亿成交额 20.76亿成交额 1575.95 129.11 200.91 -38.18(-2.37%) -4.09(-2.00%) -1.97(-1.50%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2321.53亿市值 2789.36亿市值 3247.10亿市值 12.09亿成交额 15.83亿成交额 7.58亿成交额 139.70 434.60 668 ...

Market Overview - The three major A-share indices opened lower, with the Shanghai Composite Index down by 0.05% and the ChiNext Index down by 0.07% [1] Institutional Insights - Zhongtai Securities suggests that market indices may maintain strong resilience due to the unexpected suspension of "reciprocal tariffs," which enhances short-term risk appetite. Structural divergences remain, and the space for long-term tariff reductions is limited. The current market environment shows a strengthening of total policy determination, improvement in core city real estate, and high historical levels of margin trading, which, combined with policies emphasizing indices, may support continued resilience in market indices [2] - Investment funds are expected to rotate around sectors with high first-quarter report performance and mid-term industry trends, including public utilities, AI upstream and leading technology firms, gold, nuclear power equipment, military industry, and consumer sectors related to younger demographics such as pets and beauty products. Investors are advised to accumulate positions in these sectors on dips and to focus on high-quality leaders in the CSI 300 with significantly lower institutional allocation compared to index component ratios [2] New Market Dynamics - Minsheng Securities notes that a new order and narrative are emerging as investors begin to price in the marginal easing of trade shocks. However, structural shocks will persist, and the return to fundamental pricing characteristics will gradually become evident. Future declines in total demand and the fluctuating path of trade easing may disrupt market tranquility. The first quarter of 2025 is anticipated to be a pivotal moment for technology breakthroughs influencing market risk appetite, while the current phase is characterized by a rotation in investor styles towards technology themes, which may lack sustainability [3] - The gradual establishment of a long-term mechanism for domestic consumption is expected to yield three sources of returns: net profit growth, dividend payments, and valuation increases, with recommendations for sectors such as home appliances, food and beverages, cosmetics, trendy toys, tourism, gaming, and online retail [3] - The restructuring of China's foreign trade system is likely to gradually reveal the value of capacities in advantageous industries, such as machinery and automotive manufacturing, while resource products with significant supply constraints (copper, aluminum, gold) may also see new opportunities [3] - As the economic transition progresses and real estate stabilizes, the de-financialization process in China is nearing its end. The current investment and financing environment for Chinese enterprises is improving, which may drive new expansions in the financial sector, particularly as the new domestic growth paradigm and the acceleration of the RMB internationalization process unfold [3]

Market Overview - The market experienced increased volatility in the morning session, with the Shanghai Composite Index rising by 0.17% and the Shenzhen Component Index increasing by 0.28%, while the ChiNext Index fell by 0.07% [1] - The automotive industry chain, pharmaceutical stocks, real estate, and consumer electronics sectors showed strong performance, while short drama concept stocks faced adjustments, with education, tourism, and Shenzhen state-owned assets sectors seeing significant declines [1][2] Automotive Industry - The automotive industry chain saw a strong rally in the morning, with significant gains in automotive manufacturing, parts, and services sectors, including over 10 stocks hitting the daily limit [1] - Notably, the joint release of the Avita 12 by Changan and Huawei achieved remarkable pre-order numbers, surpassing 5,000 within 12 hours, 6,700 within 36 hours, and a total of 11,128 within 72 hours, with an average order price exceeding 350,000 [1] Pharmaceutical Sector - Pharmaceutical stocks opened strong, with companies like Yue Wannianqing, Tailong Pharmaceutical, and Guilin Sanjin hitting the daily limit [2] Real Estate Sector - The real estate sector showed resilience, with stocks such as Jinke Property and Longfor Properties reaching the daily limit [2] Consumer Electronics - The consumer electronics sector was active, with companies like HiVi Technology and Shiyi Da also hitting the daily limit [2] Short Drama Concept Stocks - Short drama concept stocks faced a decline of 2.49% by midday, with companies like Haikan Co., Baina Qiancheng, and Jiayun Technology experiencing drops exceeding 10% [2]

证券研究报告 汽车周观点： 5月第2周乘用车环比+6.5%，继续看好汽车板块 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 2025年5月18日 请务必阅读正文之后的免责声明部分 核心结论 注：若无特殊说明，"本周"均代表2025.5.12-2025.5.18 3 ◼ 板块观点重申：继续坚定看好汽车！机器人/智能化/红利三条主线！ ◼ 本周市场对汽车核心关注？ （ ➢ 本周汽车领涨A-H股均领涨市场，乘用车/零部件表现均不错，核心或是中美关税调整好于 预期加上此前汽车调整幅度较大。乘用车板块本周焦点比亚迪调入恒生科技指数和吉利核心 高管人事调整。零部件板块焦点依然是机器人，最新T新增部分重要部件发包为本周核心变 化。依据本周终端景气度草根来看，5月乘用车/重卡下游需求均表现较为一般。 ◼ 当前时点汽车板块如何配置？ ➢ 我们依然坚持看好2025年【AI机器人+AI智能化+红利&好格局】三条主线，5月预计机器 人主线弹性最大。 ➢ 【AI机器人主线】零部件优选（拓普集团+均胜电子+精锻科技+中鼎股份+爱柯迪+瑞鹄模 具等） ➢ 【AI智能化主 ...

A 股策略周报 20250518 ➢ 当下主题投资活跃，但力度未来很难回到一季度。2025 年 Q1 的主题行业 具备诸多条件的共振：经济基本面预期企稳向上为科技制造业提供了盈利基本 面，而主题行业本身又存在催化，甚至引领了中国资产重估的叙事。当前贸易 冲击阶段平复，但是全球经济在关税冲突前就在放缓的趋势仍未改变，未来出 口有新的扰动，中小盘成长由于对出口的暴露更高，表现波动也会明显放大； 当下贸易和谈带来的信心修复，来源恰好是中国总量供给在全球的优势，而不 是单一科技行业的突破，反而核心科技主题当下缺乏新产业催化做进一步支 撑。总结来看，2025 年 Q1 是科技突破引领市场风险偏好，而现在是市场风险 偏好修复投资者风格阶段轮动科技主题，持续性资产较弱。 ➢ 未破未立的尴尬，但新秩序，新故事一直在孕育。第一，内需消费长效机 制的逐步建立下板块具备净利润增长、股息支付和估值提升三类收益来源，推 荐家电、食品饮料、化妆品、潮玩、旅游休闲、游戏、线上零售等；详细分析 可参考前期周报《修复之后，关注变化》。第二，中国对外贸易体系重塑下部分 提前完成出清供需格局相对良好的中国优势产业的产能价值有望逐渐体现（机 械设备 ...