文 | 银行螺丝钉 （转载请注明出处） 今天上午大盘一度上涨，到下午突然变成下跌。 截止到收盘，还在5星。 今天上午大盘一度上涨，到下午突然变成下跌。 大小盘股微跌，跌幅也差不多。 价值和成长风格也都下跌。 医药医疗等相对坚挺，略微上涨。 港股下午也下跌，不过到尾盘的时候反弹。 港股整体微涨。港股红利等微涨。 港股一季度财报发布也差不多了。 后面也会介绍下港股主流指数，一季度的盈利增长情况。 海外市场也出现了波动。 特朗普又开始搞事情，宣布要对欧洲等商品提高关税。 在消息宣布后，法股、德股指数一度下跌近3%。 美股开盘后也出现波动。 4月初全球市场因为关税事件，也出现过波动，导致全球股票市场一度下跌到4.1-4.2星。 随后5周全球股票市场反弹。 对美元来说，其实也承受不了太高的关税。 关税提高，有可能导致美股通货膨胀率提升；进而影响美联储降息放缓。 而美元债券规模庞大，较高的利率是比较沉重的负担。 高关税更多的是特朗普用来谈判的工具，而非根本目的，也不用太担心。 1. 有朋友问，今年港股医药涨的比较好，现在估值如何？ A股和港股，在医药指数分类上，有一些小的不同点。 （1）A股医药对应的是医药指数，例如中证 ...

Group 1 - The Sci-Tech Innovation 50 Index opened slightly lower on May 21, fluctuated throughout the day, and closed at 995.49 points, down 0.22% with a trading volume of approximately 17.38 billion yuan [1] - The overall performance of the Sci-Tech Innovation Board remains relatively active, with 29 stocks reaching new highs since 2025, 77 stocks hitting new highs in the last 30 trading days, and 89 stocks in the last 20 trading days [1] - On May 21, the average decline of 587 stocks on the Sci-Tech Innovation Board was 0.60%, with an average turnover rate of 2.11% and a total trading volume of 73.81 billion yuan [2] Group 2 - In terms of individual stock performance, Sangfor Technologies saw a significant increase of 19.99%, while Liyang Chip experienced a notable decline of 11.12% [3] - Semiconductor and environmental protection stocks had the largest declines, while the medical and healthcare sector showed mixed performance [2] - In terms of trading volume, SMIC had the highest trading volume at 1.675 billion yuan, while Yucheng Intelligent had the lowest at 365,570 yuan [4] Group 3 - Hanbang Technology had the highest turnover rate at 34.54%, while Longteng Optoelectronics had the lowest at 0.11% [5]

Core Viewpoint - The AI Fund Morgan Healthcare Stock A (001766) reported a profit of 56.7046 million yuan for Q1 2025, with a weighted average profit per fund share of 0.1457 yuan, and a net asset value growth rate of 11.84% during the reporting period [2]. Fund Performance - As of April 24, the fund's net asset value growth rates were as follows: 11.85% over the last three months, 7.74% over the last six months, 9.35% over the last year, and -22.62% over the last three years, ranking 30/54, 18/54, 23/54, and 34/46 among comparable funds respectively [3]. - The fund's Sharpe ratio over the last three years was -0.2714, ranking 36/44 among comparable funds [8]. - The maximum drawdown over the last three years was 48.16%, with the largest single-quarter drawdown occurring in Q1 2021 at 27.96% [10]. Fund Holdings and Strategy - The fund had an average stock position of 84.34% over the last three years, with a peak of 92.01% at the end of Q1 2025 and a low of 77.64% at the end of Q3 2021 [13]. - As of the end of Q1 2025, the fund's total assets amounted to 530 million yuan [14]. - The fund has a high concentration of holdings, with the top ten positions including companies such as Aier Eye Hospital, Zai Lab, and Hengrui Medicine [17]. Management Commentary - The fund manager indicated a strong belief in the value creation potential of innovative drug and device companies that leverage China's engineering and scientific talent, leading to significant investments in globally competitive firms [2].