2025.05. 18 本文字数：2425，阅读时长大约5分钟 作者 | 第一财 经 周楠 一揽子金融政策叠加关税利好，带动A股近期有所表现，沪指一度站上3400点，多家机构也更新了 对A股市场的预判。 数据显示，上周（5月12日至16日，下同），沪指最高报收3403.95点，周累计涨幅0.76%，深成 指和创业板指分别上涨0.52%和1.38%。美容护理、非银、汽车等板块表现突出。 对于A股近期表现，第一财经梳理发现，多位券商首席认为，一揽子金融政策、关税政策调整以及4 月外贸数据表现超预期等，共同刺激市场实现上涨。同时，当前市场进入轮动交易期，热点延续性不 强，板块轮动较快，资金博弈特征明显。 对于后市表现和板块配置，机构依旧较为看好科技、大消费等赛道。但有市场人士提示称，后续关税 政策走向仍存在反复性和不确定性，市场机会将更多取决于对"持续稳定和活跃资本市场"的政策落 实。 多重利好推动A股重拾升势 上周周初，5月12日，中美经贸谈判超预期利好落地，受此影响，A股市场重拾升势，沪指一度收复 3400点。 14日，上证指数突破3400点整数关口，盘中一度冲上3417.31点，当日报收3403.95点，涨 ...

本周（5月12日至16日），A股市场成交连续5日维持在万亿元规模以上。沪指累计上涨0.76%，深证成指上涨0.52%，创业板指上 涨1.38%，沪深300上涨1.12%。 | | A股主要股指行情表现- | | | --- | --- | --- | | 名标 | 年初至今 (%) | 本周涨跌幅 (%) | | 北证50 | 37.06 | 3.13 | | 中证1000 | 1.85 | -0.23 | | 科创50 | 0.64 | -1.10 | | 上证指数 | 0.47 | 0.76 | | 中证500 | -0.17 | -0.10 | | 沪深300 | -1.16 | 1.12 | | 深证成指 | -2.26 | 0.52 | | 创业板指 | -4.77 | 1.38 | 在31个申万一级行业中，本周有20个上涨。美容护理指数涨幅居首，为3.08%；非银金融、汽车、交通运输等指数紧随其后，周 涨幅均超过2%；跌幅居前的行业有国防军工和计算机，行业指数跌幅均在1%以上。 资金流向方面，本周4个行业获得主力资金净流入，分别为美容护理、医药生物、煤炭和建筑材料，净流入额依次为5.94亿元、 4 ...

Core Viewpoint - A-shares have shown positive performance recently, driven by a combination of financial policies, tariff adjustments, and better-than-expected foreign trade data for April [1][2][3]. Market Performance - The Shanghai Composite Index reached a high of 3403.95 points during the week of May 12-16, with a weekly increase of 0.76%. The Shenzhen Component and ChiNext Index rose by 0.52% and 1.38%, respectively [1][2]. - The financial sector, particularly large financial stocks, played a significant role in the market rebound, with notable gains in bank stocks [2]. Influencing Factors - Multiple factors contributed to the recent market performance, including positive outcomes from US-China trade talks, easing of tariff tensions, and strong performance in April's export data [2][3]. - A package of financial policies, including interest rate cuts and reserve requirement ratio reductions, has also been a key stimulus for the market [3]. Sector Performance - Among various sectors, beauty care, non-bank financials, and automotive industries showed strong performance, each exceeding a 2% increase [2][3]. - The non-bank financial sector is noted for having a lower valuation percentile, indicating potential for valuation improvement [3]. Market Sentiment - Institutional investor sentiment has shown signs of recovery, while individual investor sentiment has been declining [4][5]. - The market is currently in a rotation trading phase, with rapid shifts in sector focus and a lack of sustained momentum in any single sector [7]. Future Outlook - Analysts suggest that the market may continue to experience a period of adjustment and consolidation, with recommendations to shift focus from high-performing sectors to those with lower recent gains [8][10]. - The overall domestic economic fundamentals remain weak, with April's social financing and loan data reflecting seasonal declines [11].

证券研究报告 | 2025年5月17日 估值周观察(5月第3期) "大盘基准"估值持续修复 策略研究 · 专题报告 证券分析师：王开 021-60933132 wangkai8@guosen.com.cn S0980521030001 证券分析师：陈凯畅 021-60375429 chengkaichang@guosen.com.cn S0980523090002 请务必阅读正文之后的免责声明及其项下所有内容 核心观点 请务必阅读正文之后的免责声明及其项下所有内容 • 近一周（2025.5.12-2025.5.16）海外市场全线上涨。美国领涨，纳斯达克和纳斯达克100指数分别上涨7.15%和5.27%、标普500、罗 素1000、罗素3000指数涨幅均超过5%。估值方面，估值方面，美股市场估值水平随指数上涨有序扩张；香港方面，恒生科技指数虽上 涨2.09%，但PE收敛0.53x，其它港股指数估值进一步扩张，3项估值指标基本均高于1年和3年90%分位数水平。 • A股核心宽基估值整体温和扩张，小市值标的估值明显回落。近一周(2025.5.12-2025.5.16)，A股核心宽基估值整体温和扩张，但小市 值标的估 ...

Core Viewpoint - Jiangsu's foreign trade has shown resilience and growth despite external challenges, with a total import and export value of 1.85 trillion yuan in the first four months of the year, marking a 5.7% increase year-on-year, and a 10.3% increase in exports [1][17]. Group 1: Trade Performance - In the first four months of 2023, Jiangsu's total goods trade value reached 1.85 trillion yuan, reflecting a year-on-year growth of 5.7% [1]. - Exports from Jiangsu increased by 10.3% during the same period, indicating a robust performance amidst external pressures [1]. Group 2: Business Adaptation - Many foreign trade companies in Jiangsu are ramping up production and fulfilling orders as trade with the U.S. resumes [3]. - Jiangsu Huaten Personal Care Products Co. has received new orders from U.S. clients, signaling a recovery in trade relationships [5]. - Companies are diversifying their markets and integrating digital marketing strategies to navigate uncertainties [7]. Group 3: Government Support - The Jiangsu government has implemented supportive policies to assist businesses, including the establishment of foreign trade work teams to address companies' needs [13]. - A cross-border e-commerce service platform has been developed to provide comprehensive support for companies looking to expand internationally [15]. Group 4: Market Opportunities - Jiangsu's cross-border e-commerce platforms saw a 63.8% year-on-year increase in imports and exports from January to April [11]. - Trade fairs and events have been organized to connect businesses with potential partners, resulting in significant order signings, such as over 400 million yuan at a recent home textile product fair [11].

Investment Rating - The report maintains an "Overweight" rating for the sector [1] Core Viewpoints - The market is expected to experience a period of volatility, with a focus on relative opportunities in the pharmaceutical and dividend sectors [19][21] - The model predicts a potential shift to a downward trend for the Wande All A Index, indicating a possible adjustment phase in May [19][26] - The pharmaceutical sector is highlighted for its relative stability and potential for returns, while the dividend sector is also expected to perform well after a short-term adjustment [19][21] Summary by Sections A-share Market Overview (May 12-16, 2025) - The top three broad indices were: North Certificate 50 (3.13%), Wande Micro-Pan Daily Equal Weight Index (1.58%), and ChiNext Index (1.38%) [10] - The bottom three indices were: Sci-Tech Innovation 100 (-1.29%), Sci-Tech Innovation 50 (-1.10%), and Sci-Tech Comprehensive Index (-1.00%) [10] A-share Market Outlook (May 19-23, 2025) - The Wande All A Index's daily model shifted from a positive to a negative signal on May 15, suggesting a potential adjustment phase [19][26] - The monthly model for May scored -2.5, indicating a slight adjustment in the A-share market [19][26] - The report anticipates a "V-shaped" market movement, with ongoing pressure on trading volumes [19] Fund Allocation Recommendations - The report suggests a defensive ETF allocation strategy, focusing on the pharmaceutical and dividend sectors for relative returns [19][21]

以下文章来源于天天IPO ，作者杨文静 天天IPO . 投资界（PEdaily.cn）旗下，专注IPO动态 最贵月子中心。 月子中心要去IPO了。 作者 I 杨文静 报道 I 投资界-天天IPO 投资界-天天IPO从中国证监会最新披露信息获悉，高端母婴护理品牌圣贝拉（SAINT BELLA I nc .）已正式获准启动港股IPO进程， 拟在香港联合交易所发行不超过1.92亿股普通股。 主打高端月子中心，圣贝拉留给外界的印象，更多是戚薇、唐艺昕、吉娜、李艾等一众明星都曾入住这里。信息显示，这里28天的月 子套餐起步价1 3.8万元，而电商平台上"女王套餐"更是高达5 0多万元，被称为"月子界爱马仕"。 让人意外的是，创办这家月子中心的是一位8 0后男士—— 向华 。从牛津大学生物工程系毕业后，他在职业生涯里发现了高端月子中心 的市场空缺，此后圣贝拉应运而生。更令人意外，圣贝拉身后出现了腾讯、高榕创投的身影。 始于杭州 他开月子中心，要IPO了 圣贝拉的故事要从一个80后说起——十多岁时，向华离开家赴国外求学，此后考上英国牛津大学生物工程学，并拿到了本科和硕士学 位。 2010年毕业后，向华任职于瑞士银行香港分行 ...

2025 年 05 月 17 日 策略类●证券研究报告 短期继续震荡偏强，科技仍是主线 定期报告 投资要点 http://www.huajinsc.cn/ 1 / 11 请务必阅读正文之后的免责条款部分 分析师 邓利军 SAC 执业证书编号：S0910523080001 denglijun@huajinsc.cn 报告联系人 张欣诺 zhangxinnuo@huajinsc.cn 相关报告 政策强化股市震荡偏强的趋势 2025.5.7 节后开启震荡反弹，五月震荡偏强 2025.5.5 新股板块震荡难掩局部积极信号，临近休整 尾端关注逐步变盘可能-华金证券新股周报 2025.5.5 加仓汽车、化工、地产，减仓军工、交运 2025.4.30 部 分 周 期 和 消 费 行 业 一 季 报 可 能 偏 好 2025.4.29 定期报告 市场对分子端的担忧可能过于悲观。（1）大幅降低关税可能改善短期经济增长预 期。一是复盘 2018 至 2019 年 4 次中美贸易摩擦阶段性缓和，可以看到贸易摩擦 缓和有利于改善出口，但 A 股表现更多受国内经济基本面和政策、外部事件等影响。 二是本次超预期的降低关税将大幅改善经济基 ...

Market Overview - The A-share market showed significant differentiation last week (May 12 to May 16), with large-cap stocks performing well while small-cap and Sci-Tech Innovation Board faced slight pressure. The Shanghai 50 and CSI 300 rose by 1.22% and 1.12% respectively, indicating the defensive advantage of undervalued blue-chip stocks. The ChiNext 50 increased by 2.00%, reflecting the attractiveness of large-cap growth sectors. Conversely, the Sci-Tech 50 fell by 1.10%, possibly due to underwhelming earnings from some semiconductor companies and capital diversion to other tech sectors [2][12]. Industry Performance - Last week, 65% of sectors achieved positive returns, with beauty care, non-bank financials, and automotive sectors performing relatively well, rising by 3.08%, 2.49%, and 2.40% respectively. In contrast, media, defense, and computer sectors showed significant weakness, declining by 0.77%, 1.18%, and 1.26% respectively [2][14]. Fund Issuance - A total of 23 funds were issued last week, including 12 equity funds, 5 mixed funds, 5 bond funds, and 1 fund of funds (FOF), with a total issuance of 24.004 billion units [2][20]. Fund Performance - The Wind China Fund Total Index rose by 0.17% last week. The ordinary equity fund index increased by 0.26%, while the mixed equity fund index rose by 0.30%. The bond fund index saw a slight decline of 0.05% [3][10]. Global Asset Review - Global markets exhibited significant divergence last week, with equity markets generally rising, driven by technology stocks. The S&P 500 and Nasdaq increased by 4.54% and 6.60% respectively, propelled by better-than-expected earnings from AI leaders like Nvidia. European markets also showed resilience, with the German DAX and French CAC both rising over 0.8%, reflecting enhanced economic resilience in the Eurozone. The Hang Seng Index in the Asia-Pacific region rose by 2.09%, influenced by positive signals from US-China trade talks [5][6]. Domestic Bond Market Review - Last week, the 10-year and 30-year government bond futures fell by 0.51% and 1.17% respectively, indicating upward pressure on yields. The short-term funding spread (R007-DR007) showed no significant compression compared to the previous week, while medium to long-term rates remained low [15][19].

Core Insights - The financial reports for 2024 and Q1 2025 reveal significant fluctuations in A-share performance, with a notable recovery in net profit growth in Q1 2025 after a substantial decline in 2024 [2][6][26] Group 1: Financial Performance Analysis - The net profit growth rate for non-financial A-shares in Q1 2025 was 3.31%, a recovery from a -13.36% decline in 2024 [2][5] - The increase in net profit in Q1 2025 was primarily driven by operating income, which contributed 212.33 billion yuan, and financial investment income, which added 114.01 billion yuan [2][5] - The significant drop in net profit in Q4 2024 was mainly due to a sharp decline in operating income, which saw a year-on-year decrease of 12.42% [3][5] Group 2: Impacts of Impairment Losses - The 2024 annual report indicated a substantial increase in asset impairment losses and credit impairment losses, which significantly pressured net profit [6][9] - Key industries affected by impairment losses included non-ferrous metals, retail, machinery, transportation, and communications [9] Group 3: Value Changes and Government Subsidies - In Q1 2025, fair value changes in financial investments saw a significant increase, contributing to net profit growth [11][14] - Government subsidies related to daily business activities increased, particularly in sectors like real estate, social services, and public infrastructure, with "other income" reaching 889.59 billion yuan [16] Group 4: Industry Performance and Cash Flow - Industries showing significant improvement in operating income in Q1 2025 included steel, non-ferrous metals, electronics, and machinery, with some sectors like agriculture and construction materials also reporting high growth rates [18][19] - Adjusted operating cash flow metrics indicate potential for improved cash generation in sectors such as agriculture, electronics, and household appliances [20][21] Group 5: Strategic Expansion Trends - Strategic expansion activities, including internal capacity expansion and external acquisitions, accelerated in Q1 2025, particularly in the automotive, household appliances, and coal industries [24][25] Group 6: Free Cash Flow and Stakeholder Returns - The ability of companies to generate free cash flow to meet stakeholder demands reached historical highs, with 13.70% of non-financial A-share companies able to cover their obligations [26][27]