Group 1 - The core viewpoint is that the Chinese stock market is expected to rise further due to reduced opportunity costs for investors and stable policy continuity [1][2] - The A/H shares are favored, particularly in the financial, technology, and certain cyclical sectors [2] - The adjustment in the stock market during March-April is seen as a significant turning point, indicating reduced investor concerns about US-China competition and a more favorable environment for investment [2] Group 2 - The impact of tariffs on inflation in the US is not yet fully realized, with April inflation data showing no immediate pressure from tariffs [7] - The reduction of tariffs is expected to delay any rebound in US inflation, although the risk of "stagflation" remains a concern [7] Group 3 - The bond market is experiencing limited short-term adjustment space due to a supportive liquidity environment, with a focus on mid to long-term economic narratives [9][10] - The recent easing of tariffs is expected to create structural opportunities in convertible bonds, particularly for technology and domestic demand sectors [13][14] Group 4 - The easing of tariffs is beneficial for the electronics sector, with expectations of a significant innovation year for the supply chain, particularly for Apple products [17][18] - The communication sector is also expected to benefit from reduced tariffs and strong overseas AI demand, maintaining a positive outlook for companies with significant overseas operations [21][22] Group 5 - The machinery sector is poised for growth due to reduced tariffs, benefiting both consumer-grade equipment exporters and engineering machinery through global supply chain restructuring [24][25] - The textile and apparel sector is expected to see improved market confidence and valuation recovery due to the reduction of tariffs, although long-term impacts will depend on overseas market fluctuations [28][30]

【财华社讯】5月14日，中泰国际发布策略周报建议，港股：中美贸易初步磋商进展积极超预期，双方 均暂时大幅降低关税，释放贸易战阶段性缓和信号。上周"一行一会一局"以 "降准降息稳预期、服务消 费扩内需、科技突围争筹码" 为主线"多箭齐发"，释放积极托底信号。不过，4月通胀呈现内需弱修复 与外部压力交织，出口依靠"抢转口"和机电设备支撑，进口显示内需回升动能仍偏弱。当前港股风险溢 价已低于滚动两年平均一个标准偏差，估值不算太便宜。3月底恒指的水平已隐含美国对华约50%左右 的累计关税预期，谈判进展超预期料给予恒指短期上冲动能，但考虑到中美贸易磋商仍面临一定的潜在 反复性，恒指站稳24,000点或以上会较具压力。后续关注：(1)关税谈判进展：中美关税磋商结果将是影 响港股市场的关键因素。若谈判释放更多积极信号，围绕关税豁免领域以及出口链有望反弹；(2)科技 板块：重点关注受惠政策支持的AI算力、半导体设备等自主可控领域。此外，互联网龙头即将公布业 绩，财报催化机会也值得关注；(3)港股本地股：港元流动性宽松及地产政策调整，香港本地银行、公 用事业及地产股或迎来估值修复。 美股：美股高台窄幅整理，三大指数在200日线 ...

5月13日，截至港股收盘，恒生指数下跌1.87%，报23108.27点。银建国际（00171.HK）收报0.085港元/ 股，上涨7.59%，成交量27.2万股，成交额2.29万港元，振幅5.06%。 最近一个月来，银建国际累计涨幅2.6%，今年来累计跌幅10.23%，跑输恒生指数17.4%的涨幅。 财务数据显示，截至2024年12月31日，银建国际实现营业总收入1.25亿元，同比减少62.04%；归母净利 润-7.01亿元，同比增长20.12%；资产负债率62.68%。 机构评级方面，目前暂无机构对该股做出投资评级建议。 （以上内容为金融界基于公开消息，由程序或算法智能生成，不作为投资建议或交易依据。） 行业估值方面，地产行业市盈率（TTM）平均值为4.89倍，行业中值-0.15倍。银建国际市盈率-0.24 倍，行业排名第219位；其他百仕达控股（01168.HK）为0.28倍、恒达集团控股（03616.HK）为1.71 倍、美联集团（01200.HK）为2.35倍、瑞森生活服务（01922.HK）为2.82倍、中奥到家（01538.HK） 为2.94倍。 来源：金融界 资料显示，银建国际控股集团有限公司( ...

Group 1 - The A-share market experienced fluctuations with the Shenzhen Component Index and ChiNext Index turning negative, while the Shanghai Composite Index managed a slight increase of 0.17% to close at 3374.87 points [1] - The trading volume across the Shanghai, Shenzhen, and Beijing markets reached 13,262 billion yuan, indicating active market participation despite the mixed performance of major indices [1] - Various sectors showed divergent performance, with military, automotive, semiconductor, brokerage, and real estate sectors declining, while materials, banking, home furnishings, coal, pharmaceuticals, electricity, and steel sectors saw gains [1] Group 2 - Galaxy Securities noted that the recent agreement signals a positive development in China-US trade relations, reducing uncertainties and potentially improving corporate earnings expectations, especially for export-dependent industries [1] - Fuhong Fund indicated that the trade negotiations are expected to be a long-term process, with the impact on the market gradually diminishing, while domestic policies are actively stabilizing market expectations [2] - The current market environment suggests that while there is support at the index level, concerns about external demand need to be addressed, emphasizing the importance of identifying structural opportunities [2]

Group 1 - The A-share market opened high but retreated, disappointing expectations for a significant rise, with a broad decline in stocks and increased trading volume [1][3] - Approximately 3,500 stocks rose by the end of the trading day, but the major index did not fill the gap from the previous jump, indicating a strong K-line structure without providing entry opportunities [3] - The market is expected to gradually rise over the next three months, with a potential upward movement of around 300 points, as large funds remain patient and are waiting for more definitive news [3][5] Group 2 - The market is unlikely to see opportunities below 3,000 points again, as banks and other sectors like liquor, electricity, coal, insurance, securities, and real estate are providing support [5] - The current market environment is characterized by a lack of urgency for a significant rise, with most investors reducing their positions and few chasing after stocks [5] - The sentiment has improved as retail investors are lightening their positions while institutional holdings, particularly from private equity, are increasing, indicating a potential shift in market dynamics [7]

华金证券认为，A股短期震荡偏强的趋势可能进一步加强，基本面预期的改善可能导致A股突破上行。 一是近期A股震荡偏强的核心驱动因素可能进一步加强：首先，政策和流动性宽松是A股"五一"节后走 强的主要驱动因素，此次超预期大幅降低加征关税不会对国内政策和流动性宽松产生影响，反而可能进 一步加大美联储降息和人民币升值的预期，对流动性宽松预期有利；其次，中美缓和带来的风险偏好改 善是推动近期走势偏强的另一个核心因素，本次超预期降低关税对这个因素有进一步的更强的推动。二 是对短期A股震荡上行最大的压制因素可能大幅消减：首先，对加征关税导致的出口回落以及经济和盈 利基本面偏弱的担忧是压制短期A股走势的最大因素，本次超预期大幅降低关税可能大幅改善这种压 制；其次，A股短期持续维持偏低的成交额，主要还是对经济基本面的担心导致保险、基金及外资等机 构资金和增量资金未入市，本次降低关税可能大幅改善机构的风险偏好，一旦A股成交额放大，可能开 启突破上行的行情。 （文章来源：证券时报网） 盘面上看，军工、券商、半导体、汽车、地产等板块走低，有色、银行、家居、煤炭、医药等板块拉 升，光伏产业链、航运概念、跨境电商概念等活跃。 13日早盘， ...

Group 1 - The A-share market showed positive performance in the first week of May, with major indices rising and small-cap indices and the ChiNext Index increasing by over 3% [1] - The market's upward trend was supported by the resumption of trade talks between China and the U.S., as well as a series of financial measures including interest rate cuts and reserve requirement ratio reductions [1] - The average daily trading volume in the market stabilized and rebounded to 1.35 trillion yuan, indicating increased market activity [1] Group 2 - The recent high-level economic and trade talks between China and the U.S. in Geneva are expected to enhance investor risk appetite, with substantial progress reported by the Chinese delegation [2] - The China Securities Regulatory Commission issued a new action plan to promote the high-quality development of public funds, emphasizing stability in fund investment behavior and establishing clear performance benchmarks for each fund [2] - Recent export data significantly exceeded market expectations, indicating strong current performance despite weaker future expectations, with the outcome of trade negotiations likely influencing future market reactions [2] Group 3 - The MACD golden cross signal has formed, indicating a positive trend for certain stocks [3]

Group 1 - The market sentiment has been affected by the India-Pakistan conflict, overshadowing positive news such as interest rate cuts and reserve requirement ratio reductions, leading to uncertainty in capital flows [1] - The recent ceasefire agreement between India and Pakistan is seen as a positive development, potentially stabilizing the market and improving risk appetite among large investors [2] - The industrial manufacturing level in the region has significantly improved, positioning the industry in a strong competitive stance globally [2] Group 2 - The A-share market is expected to continue its rebound, with banks breaking past previous highs and other sectors having 15-30% room for growth [3] - The market is anticipated to experience sector rotation and a gradual upward trend, with individual stocks showing localized performance [3] - The current market sentiment is pessimistic, which may prevent significant pullbacks, as the index has not formed profit-taking pressure [5]

宏观日报 | 2025-05-09 关注基建行业相关投资项目开展 中观事件总览 生产行业：关注运输、基建投资项目推进。 1）国家发改委副主任郑备在新闻发布会上表示，民企促进法全文贯 穿了平等对待、公平竞争、同等保护、共同发展的原则，国家发展改革委将重点从破壁垒、拓空间、优服务等方 面推动落实。今年还将在交通运输、能源、水利、新型基础设施、城市基础设施等重点领域，推出总投资规模约3 万亿元的优质项目。 服务行业：云服务业务稳步增长。 1）工信部数据显示，今年一季度，我国软件和信息技术服务业稳健增长，完 成业务收入31479亿元，同比增长10.6%。分领域看，信息技术服务收入保持两位数增长，达到20820亿元，占全行 业收入近七成。其中，云计算、大数据服务共实现收入3540亿元，同比增长11.1%。一季度软件业务利润总额也保 持了两位数增长，达到11.6%。一季度软件业务出口增速由负转正，出口达到131亿美元，同比增长2.4%。 数据来源：央视新闻，iFind，华泰期货研究院 行业总览 上游：1）能源：国际油价受关税影响持续回落。2）有色：锌、铝、铅受关税影响价格震荡。3）建材：水泥、建 材价格持续回落。4）农业 ...

宏观日报 | 2025-05-09 关注基建行业相关投资项目开展 中观事件总览 生产行业：关注运输、基建投资项目推进。 1）国家发改委副主任郑备在新闻发布会上表示，民企促进法全文贯 穿了平等对待、公平竞争、同等保护、共同发展的原则，国家发展改革委将重点从破壁垒、拓空间、优服务等方 面推动落实。今年还将在交通运输、能源、水利、新型基础设施、城市基础设施等重点领域，推出总投资规模约3 万亿元的优质项目。 服务行业：云服务业务稳步增长。 1）工信部数据显示，今年一季度，我国软件和信息技术服务业稳健增长，完 成业务收入31479亿元，同比增长10.6%。分领域看，信息技术服务收入保持两位数增长，达到20820亿元，占全行 业收入近七成。其中，云计算、大数据服务共实现收入3540亿元，同比增长11.1%。一季度软件业务利润总额也保 持了两位数增长，达到11.6%。一季度软件业务出口增速由负转正，出口达到131亿美元，同比增长2.4%。 数据来源：央视新闻，iFind，华泰期货研究院 行业总览 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 上游：1）能源：国际油价受关税影响持续回落。2）有色：锌 ...