今日早盘，A股高开高走强势上攻。 创业板指、北证50盘中均一度大涨超2%，上证指数、深证成指等纷纷创出阶段性新高。上涨个股远多于下跌个股，市场成交呈现温和放大趋势。 | 代码 | 名称 | * (1) 蚊新 | 涨幅% | | | --- | --- | --- | --- | --- | | 000001 | 上证指数 | 1 3354.53 | 0.37 | 3348.93亿 | | 399001 | 深证成指 | · 10234.09 | 1.06 | 5083.10亿 | | 399006 | 创业板指 | 0 2046.39 | 1.72 | 2394.73亿 | | 000016 | 上证50 | 2693.54 0 | 0.36 | 502.53亿 | | 000300 | 沪深300 | 3869.78 0 | 0.61 | 1855.17 乙 | | 000688 | 科创50 | 1006.18 0 | -0.01 | 168.18亿 | | 899050 | 北证50 | 1410.60 0 | 2.27 | 206.73亿 | | 000852 | 中证1000 | C 6133.15 ...

Core Viewpoint - The 2025 China Brand Night showcased the innovation and cultural heritage of Chinese brands, emphasizing their global presence and technological advancements in various industries [1][3][4]. Group 1: Brand Innovation and Technology - Chinese brands are reaching new heights, with a focus on innovation and quality, as they gain recognition both domestically and internationally [3]. - The integration of artificial intelligence in traditional industries, such as textiles, is transforming brand development, exemplified by Bosideng's AI-driven design model "BSD.AI Aesthetic Brain" [6][7]. - The latest electric vehicle from Roewe, the pure electric D6, achieved a Guinness World Record for low energy consumption at 9.125 kWh/100 km, highlighting advancements in the automotive sector [9]. Group 2: Cultural Heritage and Economic Development - The event featured performances that celebrated local culture, such as the dance from Shanxi's Xixian County, which promotes tourism and local products [15]. - The promotion of traditional crafts, like the national intangible cultural heritage "Xianzu furniture," showcases the blend of history and modern branding efforts [17]. - The event emphasized the importance of brands in driving high-quality development and revitalizing local economies, as seen in the successful tourism and hospitality sectors in areas like Moganshan [17][19]. Group 3: Event Highlights and Global Impact - The 2025 China Brand Night included performances from various artists, creating a vibrant atmosphere that underscored the energy of Chinese brands [24]. - The event recognized popular Chinese brands and their global influence, reflecting the growing interest in Chinese products worldwide [24]. - The event was supported by multiple organizations, indicating a collaborative effort to promote Chinese brands and their innovations on a larger scale [28].

国内市场综述 弱势整理 缩量回调 周五（5 月 9 日）大盘弱势整理，震荡回调。截至收 盘，上证综指收于 3342 点，下跌 0.3%；深成指收于 10126.83 点，下跌 0.69%；科创 50 下跌 1.96%；创业 板指下跌 0.87%，万得全 A 成交额共 12224 亿元，较 前一日有所下降。 行业方面，30 个中信一级行业有 5 个行业收涨，其中 银行、纺织服装及家电涨幅居前，而综合金融、国防 军工及计算机则跌幅较大。概念方面，央企银行、火 电及饲料精选等指数表现活跃。 海外市场综述 美国三大股指多数收跌，特斯拉大涨 4.72% 周五（5 月 9 日），美国三大股指多数收跌，道指跌 0.29%，标普 500 指数跌 0.07%，纳指持平。安进、默 克跌超 2%，领跌道指。万得美国科技七巨头指数涨 0.16%，特斯拉大涨 4.72%，苹果涨 0.53%。中概股涨 跌不一，理想汽车跌 2.2%。 新闻精要 1. 中美经贸高层会谈在瑞士日内瓦举行 2. 证监会印发《推动公募基金高质量发展行动方案》 3. 4 月我国 CPI 环比由上月下降 0.4%转为上涨 0.1% 4. 王毅分别同印巴双方通电话 风 ...

Economic Indicators - In April, the Consumer Price Index (CPI) shifted from a month-on-month decrease of 0.4% to an increase of 0.1%, while the year-on-year CPI fell by 0.1%, maintaining the same decline as the previous month [1] - The core CPI increased by 0.2% month-on-month and rose by 0.5% year-on-year, showing stable growth [1] - The Producer Price Index (PPI) decreased by 0.4% month-on-month and fell by 2.7% year-on-year, with the decline expanding by 0.2 percentage points compared to the previous month [1] Market Performance - On May 12, the Hang Seng Consumption Index (HSCGSI) surged by 1.06%, with notable increases in constituent stocks such as Quan Feng Holdings (+6.59%), Cha Baidao (+4.84%), and Guoquan (+4.51%) [1] - The Hang Seng Consumption ETF (159699) opened over 1% higher on May 12, with an average daily trading volume of 182 million yuan over the past month, ranking first among comparable funds [1] - The Hang Seng Consumption ETF has seen net inflows from leveraged funds for three consecutive days, with a peak single-day net inflow of 7.15 million yuan, bringing the latest financing balance to 14.76 million yuan [1] Financial Support for Consumption - The People's Bank of China (PBOC) announced a 500 billion yuan loan facility aimed at supporting consumption and elderly care, indicating a commitment to enhance financial support for these sectors [3] - The PBOC emphasized the importance of boosting consumption as a key goal of monetary policy, reflecting a structural shift towards enhancing consumer demand rather than merely increasing investment [4] Investment Opportunities - The Hang Seng Consumption ETF (159699) is positioned to benefit from new consumption stimulus policies and supports T+0 trading, focusing on four major sectors: food and beverages, textiles and apparel, household appliances, and tourism and leisure facilities [5] - The ETF includes leading consumer companies that complement the A-share market, featuring well-known domestic brands and emerging consumer firms, enhancing its attractiveness to investors [6] - The ETF is noted for its significant scale and flexibility, making it a prominent choice in the Hong Kong market for investors looking to capitalize on consumer trends [7]

Group 1 - The "ALSJUNO" container ship recently departed from Dalian, carrying 283 domestic cars to Jakarta, Indonesia, highlighting the strong trade connections between Liaoning and ASEAN countries [1] - In the first quarter of this year, ASEAN remained Liaoning's second-largest trading partner, with imports and exports totaling 24.26 billion yuan, marking a 19.7% year-on-year increase and setting a historical record for the same period [1] - Exports of automobiles, textiles, and electrical equipment to ASEAN showed significant growth, reaching 12%, 21.9%, and 30.5% respectively [1] Group 2 - The market share of Anshan Zizhu Heavy Steel Co., Ltd.'s hot-rolled U/Z steel sheet piles in Southeast Asia has been steadily increasing, with substantial sales reported [2] - The China-ASEAN origin preferential policy has provided an average tariff reduction of 7.5 percentage points for the company's products in Southeast Asia, saving clients nearly 10 million yuan in tariff costs last year [2] - Dalian Customs has conducted on-site research and policy guidance for 16 key enterprises across various industries, promoting a fully electronic document application process to help companies optimize their cost calculations and benefit from preferential tax rates [2]

【申万宏源纺服】周观点：中美开启经贸会谈是积极信号，4月越南纺织出口延续强劲2025/05/11 ✔ 4月，我国纺织服装出口242亿美元（+1.5%），增速环比上月大幅回落11.4pct，其中纺织品增长3.4%、服装类下滑 0.5%；反观越南纺织品出口30.7亿美元（+17.7%）、鞋类出口22.3亿美元（+20.5%），较上月分别环比提速 +2.9/+4.7pct。 5月7日，外交部发布消息，何立峰副总理将于5月9~12日访问瑞士，期间与美国才长贝森特举行会谈，属于积极信 号，优质制造迎来超跌反弹行情。 ✔ 服装：回顾本季财报，运动板块表现依旧领跑。 25Q1，安踏主品牌/FILA/户外品牌流水同比增长高单/高单65%-70%，361度高性价比助力流水增长双位数，特步/ 李宁主品牌增长中单/低单，运动板块库存及折扣表现稳健。 家纺板块罗莱利润修复超预期，富安娜/水星出现下滑。 纺织：4月中越纺织出口表现分化，期待本周末中美经贸会谈。 4月，我国纺织服装出口242亿美元（+1.5%），增速环比上月大幅回落11.4pct，其中纺织品增长3.4%、服装类下滑 0.5%；反观越南纺织品出口30.7亿美元（+17.7 ...

机械 - 关税，美国企业如何看？20250511 摘要 • 中美关税谈判持续进行，虽短期内大幅降低关税不现实，但双方积极探讨 表明存在可能性，非战略性商品如纺织品或可避免脱钩，利好相关行业。 • 转口贸易对品牌企业风险较高，但基础加工类企业如服装企业，因法律风 险较低，可执行性更高，板块表现或将受益。 • 若高关税持续，海外竞争对手如丹利百得通过供应链转移和涨价应对，中 国企业亦可考虑涨价传导成本，缓解关税影响。 • 卡特彼勒和吉尼等龙头企业反馈，美国市场新订单需求健康，主要来自大 型项目、基础设施和数据中心等领域，缓解了对美国市场景气程度的担忧。 • 苹果预计 Q2 成本仅增加 9 亿美元，影响相对较小；亚马逊零售产品平均 售价未明显上涨，但长期来看仍有较强的涨价动力。 • 机械行业普遍认为美国市场涨价是趋势，可通过向下游传导价格压力应对 关税，上市公司议价能力和定价权表现较好。 • 转口贸易方向仍可行，相关公司发展稳健，值得跟踪。关注欧洲、非洲、 南美等增量市场，以及美国消费市场变化和大型商超财报。 Q&A 最近纺织服装和轻工零售板块的股价出现拉升，背后的驱动因素是什么？ 上周五，纺织服装和轻工零售板块的 ...

摘要 • 关税政策对中国就业市场的影响估计在 1%到 1.5%之间，低于最初预期的 3%，实际影响或通过广东省工业企业劳动生产率和出口与就业同比例减少 两种方法估算，减少就业人数在 600 万到 1,000 万之间。 • 出口对经济贡献高于就业占比的原因包括劳动生产率提升、产业结构向资 本和技术密集型转型，以及新兴领域创造更多就业机会，降低了出口产业 的劳动力吸引力。 • 简化关税影响测算的关键假设包括：关税仅影响货物贸易，制造业出口占 比超 90%，以及基准关税水平为额外加征 34%。 • 评估关税对就业的影响需考虑出口对就业的非显著影响（0.16%- 0.2%），以及政策传导的时滞效应，当前就业压力虽存在但未如部分媒体 渲染般严重。 • 轻工业如皮革、木材家具和电子行业受关税影响较大，特别是依赖美国营 收和劳动密集型产业，但因其在国内就业占比不高，总量冲击相对较小。 • 中国 GDP 增速放缓导致失业率上升，经济发展新格局下，外循环占比高的 行业吸纳就业能力强，而内循环占比高的行业相对较弱，带来结构性矛盾。 • 服务业发展面临需求层次、非线性增长和区域差异等挑战，需通过政策支 持和结构调整，提高第三产业比 ...

山东规模以上纺织企业数字化转型覆盖率超九成 工厂流水线上的机械臂已不是新鲜事物，但放到服装织材这种应用场景，传统机械臂大多难以适应 高度精巧且小批量、多品类的柔性化生产需求。在魏桥纺织绿色智能化车间，国家重点研发计划"织材 行业机器人"项目去年已顺利通过中期验收，今年下半年将完成结项验收。已建成的机织示范线上，14 类机器人带动实现93.5%的产线自动化率，专用末端执行器可完成织材柔性对象的繁杂作业，专用机器 人则可在织材产线中的不同工序和设备间进行高效衔接，确保长流程跨工序的智能管控。 近几年，即发集团的新产品产值率一直保持在50%以上，今年新建的纺织先进技术概念验证中心， 将进一步加速科技成果向市场化产业化迈进。即发集团有限公司副总经理于慎添表示，数字化变革牵引 着制造商主导的规模化流水线生产模式，转向产业链、供应链到终端客户的全链路协同。目前，即发集 团自主建立的"衣链云"采购贸易平台，已链接200余家上下游配套企业、近1000家供应商，形成集中采 购、协同制造、贸易运营持续优化的新优势，有效促进了产销链供需对接。 三阳服装科技集团董事长王晓英透露，近两年，企业投资6亿元建造了数字时尚文化创意中心，将 ...

中金研究 红利风格作为过去3年A股和港股市场持续性较好的主线之一，从去年"924"之后至今年3月，相对收益一度下降。4月初随着美国关税政策带来外部不确 定性，A股整体企业盈利景气行业预期受到影响，投资者对业绩稳定性和确定性的要求上升，红利风格关注度阶段回升。近期2024年年报披露结束， 2024年A股上市公司提升分红意愿进一步提升，在上市企业盈利增速同比有所下降的情况下，分红总额同比增长5%左右，成为高股息投资的重要支 撑。本报告结合2024年年报，重点梳理当前A股市场分红特征的变化情况，并对相关红利选股模型进行进一步优化与更新。 点击小程序查看报告原文 2024年A股上市公司的分红特征 A股上市公司现金分红总额创历史新高，约九成盈利企业进行现金分红。 2024年4月"新国九条"出台以来，监管层持续强化对现金分红的鼓励和支持力 度，叠加A股上市公司自由现金流改善，A股整体现金分红水平进一步提高。具体来看：1）2024年A股上市公司累计现金分红金额2.3万亿元，同比增速 5%；现金分红公司数量占比69.1%，剔除亏损上市公司后2024年分红公司数量占比89.3%。2）A股整体分红比例（现金分红/净利润）提升2. ...