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]

Summary of Key Points Core Viewpoint - As of May 16, the total market financing balance decreased to 1.79 trillion yuan, indicating a slight reduction in investor activity in the market [1]. Company and Industry Analysis - The financing balance in the Shanghai market was 907.43 billion yuan, down by 0.92 billion yuan, while the Shenzhen market's balance was 882.06 billion yuan, also down by 0.92 billion yuan. The North Exchange's financing balance decreased to 5.38 billion yuan, down by 0.038 billion yuan [1]. - On May 16, a total of 1,712 stocks received net financing purchases, with 257 stocks having net purchases exceeding 10 million yuan. Notably, 22 stocks had net purchases over 50 million yuan [1]. - The top three stocks by net financing purchases on May 16 were: - China Merchants Bank: 170.42 million yuan - Tonghua Golden Horse: 167.08 million yuan - China Ping An: 136.61 million yuan [2]. - The industries with the highest concentration of stocks receiving net financing purchases over 50 million yuan included automotive, basic chemicals, and food and beverage, each with three stocks listed [1]. - The average ratio of financing balance to circulating market value for stocks with significant net purchases was 4.01%, with Dongtu Technology having the highest ratio at 9.79% [2]. - The financing net purchase rankings on May 16 highlighted several stocks, including: - Dongtu Technology: 8.04 million yuan, 7.58% increase - Tonghua Golden Horse: 16.71 million yuan, 2.45% increase - BYD: 9.85 million yuan, 3.28% increase [2][3].

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：聚源，中原证券研究所 -18% -13% -8% -3% 2% 8% 13% 18% 2024.05 2024.09 2025.01 2025.05 上证指数 深证成指 | 国内市场表现 | | | | | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | | 3,367.46 | -0.40 | | 深证成指 | | 10,179.60 | -0.07 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 | 300 | 3,889.09 | -0.46 | | 上证 | 50 | 2,443.97 | -0.52 | | 科创 | 50 | 891.46 | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | | 中证 | 100 | 3,736.11 | -0.47 | | 中证 | 500 | 5,715.85 | 0.01 | | 中证 | 10 ...

工银瑞信基金公告显示，工银中证港股通高股息精选ETF联接（A类：024247，C类：024248）于5月19日起至6月6日公开发售，市场将再添场外布局港股优 质红利资产新工具。 该基金主要通过投资港股红利ETF（代码：159691），紧密跟踪中证港股通高股息精选指数。中证港股通高股息精选指数从港股通证券中选取30只流动性 好、连续分红、股息率高且兼具盈利持续性与成长性的上市公司证券，采用股息率加权，以反映香港市场高股息与成长性并重的优质企业整体表现。Wind 数据显示，截至2025年5月15日，该指数前十大权重股包括中国移动、中国海洋石油、中国财险、新鸿基地产、电能实业等。前十大权重股合计占比达 75.01%。（注：相关个股仅为指数成分股展示，不作为个股推荐。) | 言言 中证指数 首页 产品与服务 | 研究与洞见 国际合作 | 信息披露 关于我们 | | --- | --- | --- | | CHINA SECURITIES INDEX | | | 图片来源：中证指数官网 此外，港股通高息精选指数创新引入质量因子，通过ROA、净利润增速、现金流等指标筛选高质量标的，有效规避"高股息陷阱"。Wind数据显示 ...

Group 1: Energy Sector Insights - The report highlights the uncertainty surrounding the entry of new energy sources under Document No. 136, but emphasizes that the dual carbon strategy remains a steadfast guiding principle for China's energy development, suggesting a preference for undervalued quality wind power operators [1] - The new regulations from the China Securities Investment Fund Industry Association and the China Securities Regulatory Commission are expected to significantly impact the asset management industry's behavior, particularly favoring public utilities as a major beneficiary [2][4] - The analysis indicates that the four major hydropower companies have consistently ranked in the top 4% of the entire A-share market in terms of risk-return ratio over the past five years, with leading thermal power companies also performing well [3] Group 2: Investment Recommendations - The report recommends focusing on hydropower companies with strong risk resistance and undervalued quality thermal power operators benefiting from declining coal prices, while also suggesting a preference for quality wind power operators [5] - Specific recommendations include: Hydropower: Guotou Power, Changjiang Power, Chuan Investment Energy; Wind Power: Longyuan Power (H), Goldwind Technology (H), Xintian Green Energy, Datang New Energy, China General Nuclear Power; Thermal Power: Waneng Power, Shanghai Electric, China Resources Power, Huadian International, Sheneng Shares [5] - The report also suggests monitoring companies that benefit from the construction of new power systems and those with high risk-return ratios, such as Guodian NARI, Siyi Electric, Pinggao Electric, and Dongfang Electronics [5] Group 3: Energy Storage Developments - The report notes a significant increase in domestic orders for energy storage systems, with a focus on improving the profitability of energy storage stations through various measures, particularly in Shandong province [6] - The overseas demand for energy storage remains strong, with a reported 756.72% year-on-year growth in overseas orders for the first quarter of 2025, approaching a total of 100 GWh [6] - Key suppliers in the energy storage sector, such as Sungrow Power Supply, CATL, and Aters, are expected to benefit from these trends [7]

行业分布方面，金融行业的整体披露覆盖率已超过90%，公用事业和能源行业超过60%。地区差异也在缩小，截至2024年8月，西部地区A股上市公司的ESG 报告披露率达45%，较2023年增长13%。《白皮书》指出，这些数据反映出中国企业对可持续发展和社会责任的重视程度不断提高。随着"双碳"目标的深入 推进，碳排放、能源使用效率及绿色供应链已成为最受投资者与公众关注的议题之一。 《白皮书》还显示，中国大型国企与民营企业在ESG信息披露方面各具特色，但都展现出越来越高的透明度与合规性。国企更多是受国家战略引导，披露内 容围绕社会责任、环境管理和安全生产展开，着重展示其对社会公共利益的贡献；而民营企业则更强调市场化驱动和国际化对标，注重通过创新和商业模式 融合，实现可持续发展目标，推动企业在全球竞争中占据有利位置。两类企业在中国ESG信息披露的不同路径和策略中，展现了各自特色，同时也反映出中 国企业在全球资本市场中对可持续发展的日益重视。 《白皮书》同时提到，尽管中国企业的ESG信息披露水平已有显著提升，但在数据质量、信息透明度和报告一致性方面仍存在较大差距。不同企业对"环 境""社会""治理"的定义和指标口径差异明显 ...

2025 年 05 月 18 日 证券研究报告 | 策略周报 关税超预期调降，资金为何转向防御？ 策略周报 分析师：刘芳 分析师登记编码：S0890524100002 电话：021-20321091 邮箱：liufang@cnhbstock.com 相关研究报告 1、《关税窗口期应如何博弈？—策略周 报》2025-05-11 2、《政治局会议临近，应如何布局？— 策略周报》2025-04-20 3、《关税对 A 股哪些行业影响较大？— 策略周报》2025-04-13 4、《关税迷雾叠加美股震荡，资产应如 何配置？—策略周报》2025-03-30 5、《科技主线重燃，二次上行可期 —策 略周报》2025-03-09 投资要点 分析师：郝一凡 【债市方面】短期长端债券面临波动。中美经贸高层会谈达成重要共识，并取 得实质性进展，在一定程度上提振了市场情绪。出口预期修复和风险偏好提振 下，债市长端或面临波动调整压力。不过长期来看，4 月制造业 PMI 回落至荣 枯线下方，出口增速下滑压力尚未完全显现，但关税调整对基本面的影响或逐 步释放，支撑债市避险需求。 销售服务电话： 【股市方面】短期维持震荡，行业轮动加剧。当前 ...

Group 1 - The A-share market is expected to show stronger resilience, reflecting a "self-centered" approach, with positive signals from the easing of Sino-US trade tensions [1] - The recent joint statement from the Sino-US Geneva economic and trade talks has alleviated potential pressures on domestic economic growth, leading to an upward revision of corporate profit expectations [1] - Investment recommendations include focusing on defensive dividend sectors, technology narratives, and consumer sectors supported by policy initiatives [1] Group 2 - After the release of short-term profit-taking pressure, the A-share market is anticipated to return to a trend of oscillation and upward movement [2] - The introduction of floating rate funds marks the practical phase of fee reform, with a recovery in real financing demand expected to be reflected in upcoming social financing data [2] - The issuance of special government bonds and the increase in central bank support for financial companies indicate that market downside risks are manageable [2] Group 3 - The index is expected to continue oscillating, with sector rotation likely to persist due to easing trade tensions and domestic demand expansion policies [3] - Short-term focus areas include export chains, self-sufficiency sectors, and consumer sectors benefiting from domestic demand expansion, particularly in services [3] - High dividend sectors are projected to maintain investment value, with attention on banking, coal, public utilities, and transportation following recent monetary easing [3]

1. Report Industry Investment Rating The document does not mention the industry investment rating. 2. Core View of the Report This week, convertible bonds underperformed underlying stocks, and their valuations slightly declined. Amid better - than - expected Sino - US economic and trade talks, the equity market accelerated its recovery in the first half of the week and then pulled back. There was a divergence in the performance of large - and small - cap styles in the convertible bond market. Large - cap convertible bonds performed strongly due to the continuous replenishment of under - allocated industries by funds, while previously active styles such as TMT declined. Currently, with limited fluctuations in the bond market and doubts about the medium - to - long - term profit improvement of equities, although there is limited upward space for convertible bond valuations, strong support is likely due to supply - demand contradictions, and no breakthrough variables have emerged. In terms of allocation, it is recommended to focus on high - dividend large - cap debt - biased convertible bonds, combined with a balanced equity - biased direction. Pay attention to recent cases of proposed downward revisions and look for potential targets with a strong willingness to promote conversion. Asymmetrical trading, double - low momentum, and clause - based gaming are still recommended [1][6]. 3. Summary by Relevant Catalogs 3.1 Week's View and Outlook - Convertible bonds underperformed underlying stocks this week, with slightly reduced valuations. The equity market first recovered and then pulled back. There was a style divergence in the convertible bond market. - Given the current situation of the bond and equity markets, convertible bond valuations have limited upward space but are likely to be strongly supported. - Allocate high - dividend large - cap debt - biased convertible bonds, combined with a balanced equity - biased direction. Focus on downward - revision cases and use strategies like asymmetrical trading [1][6]. 3.2 Convertible Bond Valuation - Convertible bonds underperformed underlying stocks, and overall valuations slightly decreased. The 100 - yuan premium rate of the entire market was 28%, down 0.02% week - on - week, at the 73.1st percentile since 2017. Low - rated convertible bonds had a 100 - yuan premium rate of 23%, down 0.2%, at the 71.2nd percentile. High - rated convertible bonds had a 100 - yuan premium rate of 22%, down 0.31%, at the 79.6th percentile [3][7]. - The conversion premium rate decreased, the pure - bond premium rate increased, and the yield to maturity decreased. As of the latest data, the conversion premium rate index, pure - bond premium rate index, and yield to maturity were 47.24%, 26.13%, and - 2.48% respectively, changing by - 0.91%, 0.42%, and - 0.13% from last week, at the 72.4th, 33.3rd, and 15.3rd percentiles since 2017 [3][10]. 3.3 Clause Tracking 3.3.1 Redemption - No new convertible bonds issued early - redemption announcements this week. There is currently 1 convertible bond that has issued an early - redemption announcement and is still trading, and no bonds with maturity - redemption announcements are trading. The potential maturity or conversion balance of early - redeemed and matured convertible bonds still trading is 275 million yuan. - There are 26 convertible bonds in the redemption process, and 7 are expected to meet the redemption conditions next week, which are recommended for observation. - Two convertible bonds, including Qianglian, announced not to redeem early. As of now, 49 convertible bonds are within the non - redemption period [13][18][19]. 3.3.2 Downward Revision - Gaoce and Puli announced downward - revision board plans this week. As of now, 170 convertible bonds are in the non - downward - revision interval, 2 have triggered the condition and the stock price is still below the trigger price but no announcement has been made, 46 are in the downward - revision process, and 4 have issued downward - revision board plans but have not held a general meeting of shareholders [20][23]. 3.3.3 Put Option - Three convertible bonds, including Sannuo, Lepu 2, and Changhong, issued put - option announcements this week. As of now, 9 convertible bonds are in the cumulative put - option process, 1 is in the downward - revision process, 2 are in the process of board - proposed revision but have not held a general meeting of shareholders. Currently, 6 convertible bonds have issued put - option announcements [23]. 3.4 Primary Issuance - There are no convertible bonds scheduled for issuance or listing next week. As of now, there are 9 convertible bonds in the approval - registration process, with an expected issuance scale of about 1.45 billion yuan, and 4 in the listing - committee approval process, with an expected issuance scale of about 270 million yuan [25].

Group 1: Industry Performance - The healthcare ETF rose by 2.02%, while the biotechnology index ETF increased by 1.61% [1][3] - The global airline industry ETF saw a gain of 1.07%, and the consumer discretionary ETF rose by 0.95% [1][3] - The technology sector ETF and banking sector ETF had minimal increases, with gains of up to 0.19% [1][3] Group 2: ETF Specifics - The healthcare ETF closed at $133.09, with a change of +2.63 (+2.02%) and a total market value of $254.69 billion, down 2.88% year-to-date [3] - The biotechnology index ETF closed at $121.16, with a change of +1.92 (+1.61%) and a total market value of $96.20 billion, down 8.28% year-to-date [3] - The global airline ETF closed at $22.74, with a change of +0.24 (+1.07%) and a total market value of $716.31 million, down 10.30% year-to-date [3] Group 3: Sector Trends - The energy sector ETF decreased by 0.15%, while the semiconductor ETF fell by 0.29% [2][3] - The utilities sector ETF increased by 1.47%, closing at $82.18, with a total market value of $119.30 billion, up 9.35% year-to-date [3] - The consumer staples ETF rose by 1.15%, closing at $82.07, with a total market value of $138.88 billion, up 4.95% year-to-date [3]