以下文章来源于e公司 ，作者证券时报 毛军 e公司 . Wind实时监测数据显示，电子、计算机均获得超百亿元主力资金净流入，机械设备获得逾73亿元净流入，通信、电 力设备、有色金属也都获得超40亿元净流入，轻工制造则连续9个交易日获得净流入。仅银行、石油石化两个行业出 现主力资金净流出现象，分别净流出16亿元和2298万元。 展望后市，中银国际指出，往后看，A股走势需要更加关注内需政策节奏及关税进展。短期来看，在二者尚未明朗化 之前，A股或延续震荡格局，市场风格轮动加快。配置方向上，内需与自主可控仍是当前配置两大主线。 招商证券认为，由于汇金发挥类平准基金作用，市场向下调整空间不大，将会强化风险偏好，融资余额有望回归。 总的来看，市场在五月有望呈现"权重指数回升，科技成长活跃"的格局，风格方面，偏科技、中小风格有望重新回 归。 市场热点方面，新能源车概念掀涨停潮，板块指数放量高开高走涨逾2%，创1个月来新高。精进电动连续第3日20% 涨停，股价创近1年半来新高，奕东电子也20cm封板，电光科技、迪生力等多股一字涨停，力星股份、中恒电气等近 40股也强势涨停或涨超10%。 今年以来，国家及地方层面密集出台的提振 ...

2025 年 4 月行业信息跟踪月报 大宗消费品、光伏行业的制造端景气度回落，厂商生产信心不强 2025 年 05 月 06 日 ➢ 4 月行业信息思考：大宗消费品、光伏行业的制造端景气度边际回落明显，政策加码 鼓励的必要性正在增强 4 月制造业景气度回落，其中，消费品行业和装备制造业的制造业 PMI 数值下跌至不景 气区间。从 4 月行业高频数据来看，我们确实看到属于消费品行业和装备制造业的大宗消 费品（家电、汽车）以及光伏的制造端在 4 月景气度回落明显。具体来看：①汽车方面， 尽管 4 月汽车销量在上海车展举办、大量热点新车扎堆上市的推动下预期维持较优增长， 但生产端已现走弱迹象，与乘用车关联度更高的汽车半钢胎开工率较 3 月回落显著，且回 落幅度大于季节性。②家电方面，尽管销售端数据维持相对亮眼的表现，但排产端来看， 4 月三大白电（空调、冰箱、洗衣机）排产同比增速较 3 月显著回落。除此以外，与汽车、 家电制造业关联度较强的钢铁细分项：热轧、冷轧，自 3 月中旬以来，表观需求量呈现从 近些年高位持续回落的趋势。③光伏方面，受"新老划断"政策影响，今年以来厂商纷纷 加速建设和备案，短期推高需求。然而 ...

Group 1 - The Hang Seng Technology HKETF (513890) has seen a 2.59% increase, with a trading volume of 59.68 million yuan and a turnover rate of 14.33%, indicating active market participation [1] - The Hang Seng Technology Index (HSTECH) has decreased by 0.22%, with mixed performance among constituent stocks; Meituan-W (03690) led the gains with a 3.47% rise, while NIO-SW (09866) experienced the largest drop at 5.82% [1] - As of April 30, the latest scale of the Hang Seng Technology HKETF reached 407 million yuan, marking a new high since its inception, with a total inflow of 18.42 million yuan over the last 18 trading days [1] Group 2 - CICC notes that domestic internet companies' valuations have recovered from a pessimistic outlook in 2024, but recent external tariff changes have led to a valuation pullback [2] - The domestic internet sector is currently viewed as being in a reasonable low valuation range, with a safety margin still present [2] - AI potential is seen as an option value for domestic internet companies, with investments in AI being relatively rational compared to US tech leaders, thus maintaining controllable profit impacts [2] Group 3 - Morgan Asset Management has integrated its "Global Vision Investment Technology" product line to help investors capture investment opportunities in quality tech companies amid the AI-driven tech wave [3] - The firm offers various actively managed funds focusing on emerging industry trends, AI-related opportunities, and sectors like new energy vehicles and humanoid robotics [3] - Passive investment options include the Morgan Hang Seng Technology ETF (513890) and other ETFs targeting Chinese innovative pharmaceuticals and global tech leaders [4]

制造·掘金 年报一季报总结电话会议 20250504 摘要 • 风电行业一季度景气度回升，收入同比增长 15%，归母净利润同比增长 3%，为近三年首次。零部件环节盈利显著修复，全产业链存货和应收账款 周转加速，看好 2025 年量利齐升与业绩估值双击。 • 光伏主产业链仍处于景气筑底状态，但储能逆变器环节表现亮眼。一季度 硅片、电池片及硅片组件辅材环节毛利率明显修复，电池片环节率先实现 毛利转正。建议关注经营稳健的头部公司及供需关系良好的核心辅材。 • 新能源车受益于以旧换新政策和出海加速，一季度销量稳定增长。锂电板 块自去年二季度进入复苏阶段，今年一季度逐步进入繁荣期，库存周期从 被动去库向主动补库转移。推荐具备低成本路线和强爆款打造能力的车企。 • 锂电产业链中，高压实密度材料的磷酸铁锂和六氟磷酸锂，以及电芯结构 件、辅材、负极铁锂、三元前驱体隔膜等细分赛道值得重点关注。关注固 态电池产业化进度及布局机器人、半导体等第二增长曲线的公司。 • 电网板块稳步增长，2024 年营收增速约 12%-13%，净利润保持稳定增 长。出海和主网设备环节资本开支高速增长，2025 年一季度电力设备出 口同比增长 17%。 ...

证券研究报告 新能源车板块2024&1Q25业绩总结 —— 周期繁荣阶段，业绩同比改善 2025/5/5 国金电新团队 专注产业链深度研究 分析师：姚遥 执业编号： S1130512080001 1 01 整车：市场竞争加剧，优选主机厂低成本路线 2 要点总结 数据来源：交强险，国金证券研究所 3 4 ✓ 25Q1市场呈现高景气。在"以旧换新"政策加持下，Q1国家&地方补贴均实现了全覆盖，刺激市场置换需求持续释 放；叠加24年同期市场低基数，25Q1销量整体维持高景气；其中： ✓ 1）批发：乘联会口径，25Q1市场批售627.6万辆，同比+11.4%，环比-28.3%； 其中3月全国乘用车批发241.2万辆， 同/环比+8.9%/+36.4%； ✓ 2）零售： 25Q1市场零售511.9万辆，同比+5.9%，环比-30.1%； 其中3月乘用车零售194.0万辆，同/环比 +14.4%/+40.2% ； Q1市场处于累库区间，拉高批售增速，但零售角度增速亦超5%，表现仍稳健。 ✓ 3）出口： 25Q1乘用车出口111.8万辆，同比+1.1%，环比-10%； 其中3月乘用车出口（含整车与CKD）39.1万辆， 同 ...

Economic Overview - China's GDP for the first quarter reached 31 trillion yuan, approximately 60% of the United States' GDP of 53.22 trillion yuan [1][6] - Despite global economic challenges, China's GDP grew by 5.4% year-on-year, surpassing last year's growth by 0.1 percentage points [6][13] Consumption and Investment - Consumer spending contributed 2.8 percentage points to economic growth, indicating strong market activity [8] - Industrial production also played a role, adding 0.5 percentage points to GDP growth [8] Export Performance - In March, China's export growth surged to 13.5%, driven by businesses rushing to ship goods before tariffs took effect [10] - The trade surplus with the U.S. reached 76.6 billion USD, showcasing the resilience and adaptability of Chinese businesses [10] Manufacturing and Industrial Growth - China's manufacturing sector is shifting from low-value products to high-value items like drones and solar panels, achieving a growth rate of 9.7% [13] - Investment data, excluding real estate, showed an 8.3% increase, indicating a robust industrial base [13] U.S. Economic Challenges - The U.S. GDP figure appears inflated, with underlying issues such as a 0.3% quarter-on-quarter contraction and rising inflation affecting consumer purchasing power [15][19] - The U.S. faces a crisis of hollowed-out industries and high debt levels, raising questions about the sustainability of its economic growth [21] Trade War Dynamics - The trade war initiated by the U.S. has led to a strategic economic confrontation, with China leveraging its large domestic market and comprehensive industrial chain [22][24] - China's consumer market saw a 5.6% growth in retail sales, supported by government incentives to stimulate consumption [22][24] Technological and Energy Transition - China is advancing in sectors like photovoltaics, lithium batteries, and new energy vehicles, positioning itself as a leader in the global market [26] - The U.S. struggles with manufacturing challenges, as seen in Intel's budget overruns and slow construction progress in Ohio [26][28] Regional Trade Shifts - In response to U.S. trade barriers, China has increased exports to ASEAN countries at a rate three times faster than to the U.S. [28] - China's policy toolbox remains robust, with initiatives like rural revitalization and new infrastructure projects yet to be fully utilized [28]

Core Viewpoint - The report from Guosen Securities highlights the significant uncertainty brought by the US tariff policy on the global economy and stock markets, suggesting that market volatility is likely to be a common occurrence [1][2][3]. US Market Insights - The new US tariff policy, implemented in April, has increased the probability of a recession in the US, with a projected GDP growth rate for the year revised down to 1.4% from 2.2% [2]. - The cargo volume at Long Beach and Los Angeles ports is expected to decline by 35-44% starting from the second week of May [2]. - E-commerce platforms like Amazon and TEMU have begun raising prices on certain goods since late April [2]. - Core PCE inflation has been revised up to 3.0% from 2.6% [2]. - If the tariff policy remains in place beyond May, inflation data is expected to rise further in the second half of the year [2]. A-share Market Insights - The A-share market is transitioning from being driven by sentiment to being driven by performance, with social financing data showing a year-on-year increase and real estate prices in first-tier cities recovering [2]. - Despite a rebound in real estate sales in March and improvements in retail sales, the PMI in April significantly declined due to the impact of the tariff war [2]. - The performance-driven market is anticipated to be the main theme in the second quarter [2]. Hong Kong Market Insights - Investors are advised to hold positions without increasing their stakes, particularly when the Hang Seng Index is above 22,374 points, based on historical win rates [3]. Sector Recommendations - **Cloud Computing**: Expected to benefit directly from deployments like DeepSeek, with anticipation for strong Q1 earnings reports [4]. - **New Energy Vehicles and Components**: Continuous upward revisions in earnings for many companies in this sector, recognized as one of the most growth-oriented sectors in the Hong Kong market [4]. - **New Consumption and Pharmaceuticals**: New consumption is characterized by a large young fan base and strong global expansion potential, while the pharmaceutical sector is noted for its stable demand [4]. - **Dividend Stocks**: Stable earnings from operators, banks, and public utilities, with bond-like assets benefiting from a rebound after two months of adjustment [4]. - **Earnings Upgrades**: Focus on stocks with upgraded earnings forecasts, as the rise in the Hong Kong market is closely tied to strong earnings [4].

t 2017-01-11 当互联网大厂软件工程师和新能源大厂产品工程师来黔实地论证商业可行性时，看到的是沈剑飞和团队就地方多种出行成本测算下用户的痛点比较，以及 企业在不同制胜策略下的生存概率。"这是通过精密计算展示产业终局。"这位原来的金融科技专家，经过产业深度沉淀后，用数据模型论证了"电动贵 阳"在诸多场景的不可替代性：相比一线城市过饱和和重复建设充电网络，在贵阳构建充换一体的补能网络的运营效率会比传统充电高出3倍。 提及为什么选择在贵阳发展，沈剑飞说，贵阳新能源产业雏形已成，数字经济加快发展，文旅市场井喷，都给创新带来新的机会。 绿动创芯围绕新能源车和电池会在多个细分赛道做大量创新，会接触到城配物流、末端外卖配送、网约车等大量灵活就业人员，需要从用户角度出发，为 灵活就业群体设计更好的职业生涯发展路径，以追求更好的收入，匹配更好的产品和服务。目前，这套由绿动创芯设计的系统，已帮助500多名灵活就业 者完成技能跃迁。 "用科技的解法，为人才赋能是技术创新和模式创新的关键。"沈剑飞说。如今，他的团队正将"贵阳产业赋能模式"复制到氢能无人机低空物流等新领域， 这条西部城市"以投资聚集人才，以产业赋能人才，以场 ...

Group 1 - The resurgence of the US-China tariff conflict under former President Trump in 2025 highlights a significant shift in global economic dynamics, with traditional allies like the EU and Japan remaining silent while emerging economies like Saudi Arabia and the UAE openly oppose economic polarization [1][3] - Saudi Crown Prince Mohammed bin Salman’s statement emphasizes the interconnectedness of global economies, warning that any issues in China would impact all countries, including the US [1][3] - Despite the imposition of punitive tariffs of up to 145% on Chinese goods, Chinese exports, particularly in the electric vehicle sector, have seen significant growth, with brands like BYD and NIO capturing over 12% market share in Europe [3][5] Group 2 - The response from global leaders, such as Germany's Chancellor Scholz leading a delegation of car manufacturers to China, reflects a collective anxiety about the consequences of decoupling from the Chinese economy [5][7] - China's economic model, characterized by a "dual circulation" system, has allowed its service sector to contribute 60.2% to GDP, with consumption driving a 4.3 percentage point increase in economic growth [5][7] - The extensive reach of Chinese manufacturing is evident in global supply chains, with infrastructure projects linking the Middle East to Latin America, showcasing China's role as a pivotal connector in the global economy [7]

晚点Auto . 从制造到创造，从不可能到可能。《晚点LatePost》旗下汽车品牌。 截至 4 月 29 日，赛力斯市值 2071 亿元，业内仅次于比亚迪和小米。 文 丨 曾兴 编辑 丨 龚方毅 以下文章来源于晚点Auto ，作者晚点团队 月初对外释放上市信号后，4 月 28 日，赛力斯申请港股主板上市，募资将用于技术研发、海外渠道扩 张及产能升级等。对于高速成长期的企业来说，港股二次上市是扩充融资渠道、增强抗风险能力的重 要途径。 当大多数同行还在亏损中，2024 年，赛力斯净利润 59 亿元，成为全球第四家年度盈利的新能源车 企。而赛力斯的崛起离不开华为——有时候，选择或许比努力更重要。 赛力斯成立近 40 年，2016 年全面转型新能源但未有起色，2021 年与华为以 "智选车" 模式推出问界 品牌后，才真正迎来爆发式增长。去年赛力斯销量 42.7 万辆，超过此前四年总和。其中，问界 M9 全 年累计交付超 15 万辆，在 50 万元以上的豪华市场中连续数月蝉联销冠。聚焦 25 万元级市场的问界 新 M7 全年交付 20 万辆。 高售价车型的畅销带动赛力斯毛利率同比提升 16.6 个百分点、至 23. ...