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]

Core Viewpoint - The U.S. stock market opened with mixed performance among major industry ETFs, with healthcare and biotechnology ETFs rising nearly 1%, while energy ETFs fell close to 1% [1] Industry Summary - **Healthcare ETF**: Current price at $131.42, increased by $0.96 (+0.74%), with a trading volume of 1.58 million shares and a total market value of $25.15 billion, down 4.10% year-to-date [2] - **Biotechnology Index ETF**: Current price at $120.06, up by $0.82 (+0.69%), with a trading volume of 99,650 shares and a total market value of $9.53 billion, down 9.11% year-to-date [2] - **Energy ETF**: Current price at $85.01, decreased by $0.60 (-0.70%), with a trading volume of 1.36 million shares and a total market value of $21.29 billion, up 0.02% year-to-date [2] - **Global Airline ETF**: Current price at $22.61, increased by $0.10 (+0.47%), with a trading volume of 121,200 shares and a total market value of $712.06 million, down 10.83% year-to-date [2] - **Technology Sector ETF**: Current price at $234.00, decreased by $0.45 (-0.19%), with a trading volume of 604,400 shares and a total market value of $74.43 billion, up 0.81% year-to-date [2] - **Financial Sector ETF**: Current price at $51.30, increased by $0.02 (+0.04%), with a trading volume of 3.65 million shares and a total market value of $57.10 billion, up 6.53% year-to-date [2]

股票代码：600635 股票简称：大众公用 编号：临 2025-021 债券代码：138999 债券简称：23 公用 01 债券代码：240539 债券简称：24 公用 01 上海大众公用事业（集团）股份有限公司 一、本次委托理财情况概述 （一）委托理财目的 委托理财公告 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个别及连带责任。 重要内容提示： ? 投资种类：理财产品 ? 投资金额：人民币 103,100.00 万元 ? 履行的审议程序：2024 年 3 月 28 日公司第十二届董事会第四次会议审 议通过了《关于公司使用闲置自有资金进行现金管理的议案》，拟使用单日 余额最高不超过人民币（含外币折算）15 亿元闲置自有资金进行现金管理， 在上述额度内资金可以滚动使用，独立董事发表了同意意见。公司于 2024 年 6 月 18 日召开了 2023 年年度股东大会，审议通过了《关于公司使用闲置 自有资金进行现金管理的议案》。授权期限自公司 2023 年年度股东大会决 议通过之日起至 2024 年年度股东大会召开之日止。 ? 特别风险提示 ...

证券时报·数据宝统计，截至上午收盘，今日沪指跌0.52%，A股成交量588.52亿股，成交金额6869.08亿 元，比上一个交易日减少10.25%。个股方面，3300只个股上涨，其中涨停50只，1898只个股下跌，其 中跌停8只。从申万行业来看，汽车、机械设备、传媒等涨幅最大，涨幅分别为1.96%、1.26%、 0.53%；银行、非银金融、美容护理等跌幅最大，跌幅分别为1.41%、1.39%、1.28%。（数据宝） | 石油石化 | | | | 茂化实华 | | | --- | --- | --- | --- | --- | --- | | 美容护理 | -1.28 | 74.02 | -13.95 | 芭薇股份 | -12.69 | | 非银金融 | -1.39 | 219.05 | -41.78 | 拉卡拉 | -2.38 | | 银行 | -1.41 | 157.97 | -5.57 | 西安银行 | -2.39 | 今日各行业表现（截至上午收盘） 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | ...

点击蓝字，关注我们 有着"华尔街巨鳄"称号的亿万富翁丹尼尔·勒布(Daniel Loeb)所创立并领导的全球顶级资管机构Third Point递交了截 至2025年3月31日的第一季度(Q1)美国股市持仓报告(13F)。 智通财经APP获悉，根据美国证券交易委员会(SEC)披露，有着"华尔街巨鳄"称号的亿万富翁丹尼尔·勒 布(Daniel Loeb)所创立并领导的全球顶级资管机构Third Point递交了截至2025年3月31日的第一季度 (Q1)美国股市持仓报告(13F)。 聚焦于音乐会与票务的娱乐公司Live Nation Entertainment(LYV.US)位列第四 ，持仓210万股，持仓市 值约2.74亿美元，占投资组合比例为4.19%，较上季度持仓数量增长22.09%。 多元化电信运营商Telephone and Data Systems(TDS.US)位列第五 ，持仓676万股，持仓市值约2.62 亿美元，占投资组合比例为4%，较上季度持仓数量增长12.67%。 Third Point 截 至 第 一 季 度 的 第 六 到 第 十 大 持 仓 标 的 分 别 为 ： CRH 水 泥 (C ...

| 汽车 | 865.97 | -1.96 | -0.23 | | --- | --- | --- | --- | | 机械设备 | 934.52 | -2.09 | -0.22 | | 公用事业 | 423.34 | -2.28 | -0.54 | | 电力设备 | 1262.27 | -3.47 | -0.27 | | 计算机 | 1369.11 | -7.89 | -0.57 | | 非银金融 | 1555.22 | -8.19 | -0.52 | | 电子 | 2128.95 | -9.30 | -0.43 | 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 以幅度进行统计，交通运输行业融资余额增幅最高，最新融资余额为338.74亿元，环比增长0.74%，其 次是美容护理、房地产、煤炭行业，环比增幅分别为0.72%、0.50%、0.38%；融资余额环比降幅居前的 行业有家用电器、计算机、公用事业等，最新融资余额分别有252.32亿元、1369.11亿元、423.34亿元， 分别下降0.71%、0.57%、0.54%。（数据宝） 5月15日各行业融资余额环比变动 | 代码 | 最新融资余额 ...

Market Performance - The A-share market continued its strong performance, with all three major indices closing higher: Shanghai Composite up 0.12%, Shenzhen Composite up 1.61%, and ChiNext up 2.48% [1] - Trading volume surpassed 1 trillion yuan for the first time in two months, indicating increased market activity [1] Sector Analysis - Semiconductor and chip stocks showed strong performance throughout the day, while pharmaceutical stocks, including CRO, innovative drugs, and weight-loss drugs, led the gains [1] - Conversely, bank stocks faced adjustments, with state-owned banks experiencing a significant decline of 2.84% [1] Policy Impact - Recent policy measures, including the halving of stamp duty, increased holdings in major banks, and the issuance of special treasury bonds, are contributing to market stability and potential growth [3] - The Ministry of Finance's announcement to implement a three-year long-cycle assessment for state-owned commercial insurance companies is expected to enhance the operational space and utilization of insurance funds, benefiting sectors such as banking, real estate, and utilities [3] Market Outlook - The market is anticipated to enter a narrow trading range after the Shanghai Composite index recovers above 3000 points, with a low probability of significant pullbacks [3] - The formation of a policy bottom suggests a more optimistic short-term outlook, with opportunities for strategic positioning in the market [3]

FICC日报 | 2025-05-16 盘面再现高股息行情 2025年期货市场研究报告 第1页 请仔细阅读本报告最后一页的免责声明 市场分析 国内政策推进。宏观方面，国务院召开做强国内大循环工作推进会，国务院总理强调，要深刻认识和准确把握当 前经济形势，把发展的战略立足点放在做强国内大循环上，以国内大循环的内在稳定性和长期成长性对冲国际循 环的不确定性，推动我国经济行稳致远，努力实现高质量发展。海外方面，美国4月PPI环比意外下跌0.5%，其中 服务价格下降0.7%，创2009年以来最大单月跌幅。上周初请失业金人数持平于22.9万人，符合市场预期。 股指回调。现货市场，A股三大指数震荡收跌，上证指数收盘跌0.68%收于3380.82点，创业板指跌1.92%。行业方 面，板块指数跌多涨少，仅美容护理、煤炭、公用事业、农林牧渔行业收红，计算机、通信、电子、传媒行业跌 幅居前。当日沪深两市成交金额回落至1.15亿元。证监会修订发布《上市公司募集资金监管规则》，强调募集资金 使用应专款专用，用于主营业务，明确超募资金最终用途应为在建项目及新项目、回购注销，不得用于永久补充 流动资金和偿还银行借款。海外市场，鲍威尔表示 ...