Group 1 - The Hang Seng Index closed up 0.62%, while the Hang Seng Tech Index rose by 0.51% [1] - The Hong Kong Tech ETF (159751) increased by 0.97%, and the Hang Seng Hong Kong Stock Connect ETF (159318) gained 0.46% [1] - Notable stock performances included CATL (300750) rising over 10%, and three pharmaceutical companies, including 3SBio, increasing by over 8% [1] - BYD (002594) and Pop Mart both saw their shares rise by over 3% [1] Group 2 - A-share accounts can now buy Hong Kong stocks on a T+0 basis without needing the Hong Kong Stock Connect [2]

港股市场今日表现活跃，港股创新药ETF(159567)涨超2%，连涨3天，成交额2.79亿元，3日融资净流 出，净流出998.81万元，近1月份额增加24.35%，增加2.56亿份，该基金支持T+0交易。 无需港股通，A股账户就能T+0买港股>> 截至发文，其他相关ETF表现如下：恒生消费ETF(159699)涨幅为0.39%，港股汽车ETF(520600)涨幅为 2.21%，恒生科技ETF(159740)涨幅为0.28%。 ...

智通财经5月21日电，美股三大指数集体收跌，道指跌0.27%，纳指跌0.38%，标普500指数跌0.39%，大 型科技股多数下跌，贵金属板块涨幅居前。 美股三大指数集体收跌 贵金属板块逆势大涨 ...

证券研究报告｜资产配置跟踪周报 2025 年 5 月 20 日 股债商冲高回落 市场情绪有所回稳 本周债券市场整体表现平稳，中美债券利差短期缓幅回升， 伴随着美关税政策的短期回归温和，美债利率有所上行，对 国债市场产生一定挤占。但降准于本周落地，为市场带来万 亿资金，受此影响，债券收益率持续下行，整体价格仍能够 维持高位。 债市配置建议：整体看，债市短期仍能够维持高位区间，具 备一定配置价值。而短债的灵活性，使得其更易受到市场青 大同证券研究中心 分析师：景剑文 执业证书编号： S0770523090001 邮箱：jingjw@dtsbc.com.cn 地址：山西太原长治路 111 号 山西世贸中心 A 座 F12、F13 网址： 【20250512-20250518】 核心观点 大类资产总览：股债商冲高回落，周内震荡。 本周，A 股前半周大幅拉升后高位震荡，周四回落，周内震 荡幅度加大，降准落地后，短期市场暂无刺激性政策落地， 市场情绪有所缓和，权益产品短期或将迎来高位震荡；债市 整体表现相对平稳，在市场资金流动性较大的情况下，债市 短期仍然无需过多担心，高位震荡仍是债券市场近期的主 流；大宗商品市场冲高回 ...

[Table_Title] 每日复盘 证券研究报告 2025 年 05 月 20 日 2025 年 5 月 20 日市场全天冲高回落，微盘股指数创历史 新高 报告要点： 2025 年 5 月 20 日市场全天冲高回落，微盘股指数创历史新高。上证指 数上涨 0.38%，深证成指上涨 0.77%，创业板指上涨 0.77%。市场成交额 11695.33 亿元，较上一交易日增加 832.28 亿元。全市场 3878 只个股上涨， 1406 只个股下跌。 风格上看，各指数涨跌幅排序为：消费>成长>稳定>周期>金融>0；中盘 成长>大盘成长>大盘价值>小盘成长>中盘价值>小盘价值；基金重仓表现优 于中证全指。 分行业看，30 个中信一级行业普遍上涨；表现相对靠前的是：传媒 （1.93%），商贸零售（1.75%），综合（1.74%）；表现相对靠后的是：国防军 工（-0.55%），煤炭（-0.24%），房地产（-0.17%）。概念板块方面，多数概 念板块上涨，纳米银、盲盒经济、重组蛋白等大幅上涨；昨日触板、统一大 市场、MLCC 等板块走低。 资金筹码方面，主力资金 5 月 20 日净流出 32.29 亿元。其中超大单净流 ...

Core Viewpoint - Chinese enterprises have significantly risen on the international stage, showcasing impressive growth and transformation, becoming key players in the global economy and reshaping international trade, investment, and innovation patterns [1][3]. Group 1: Hard Power of Chinese Enterprises - In the 1995 Fortune Global 500 list, the United States had 151 companies, while Japan had 149. By 2024, the U.S. has 139 companies, and China has 128, spanning various industries such as construction, oil, insurance, banking, and technology [3]. - Among approximately 10,500 companies with revenues exceeding $1 billion globally, 25% are from China, surpassing the 19% from the U.S., indicating a greater number of large enterprises in China [3]. Group 2: Global Presence and Investment Trends - About 70% of large Chinese enterprises have subsidiaries in the U.S., over 60% in Germany, around 40% in the U.K. and the Netherlands, and at least 30% in Canada, Brazil, and Italy. Chinese enterprises are also expanding in Africa [4]. - In 2023, Chinese enterprises shifted their greenfield investments from developed economies to Asia and other emerging markets, reflecting a strategic response to changes in the global economic and political landscape [4]. Group 3: Soft Power of Chinese Brands - Historically, U.S. brands dominated the Brand Finance Global 500 list, accounting for about 40%. However, the share of Chinese brands increased from 4% in 2010 to an expected 14% by 2025 [5]. - Chinese brands have gained global recognition in sectors such as e-commerce, media and entertainment, telecommunications, and electric vehicles, altering perceptions of Chinese products beyond the traditional "Made in China" label [5]. - Despite global economic fragmentation, Chinese enterprises are optimizing their overseas strategies and focusing on the vast domestic market, with potential for further enhancement of their soft power [5].

Group 1 - The core viewpoint is that there is a significant divergence among traders regarding the future performance of major tech stocks, with a nearly equal amount of call and put options being held, contrasting with a generally bullish sentiment towards the broader market due to easing trade tensions [1] - The demand for call options on the Invesco QQQ Trust has reached the highest level since January, while the cost of put options is at a high percentile, indicating a shift in trader sentiment towards expecting sustained volatility in the market [4] - Despite the Nasdaq 100 index recovering most of its losses from earlier trade concerns, major tech companies like Apple, Google, Amazon, and Tesla are still experiencing declines in stock prices, highlighting uncertainty in the tech sector's outlook [5] Group 2 - Some institutional investors remain optimistic about the short-term performance of specific tech giants, as evidenced by significant purchases of call options for Amazon and Microsoft set to expire between June and August [5] - However, long-term outlooks appear more cautious, with a report indicating that bullish bets on six-month options for the S&P 500 remain relatively subdued [5]

Monchau表示，穆迪此次降级并不令人意外。事实上，早在2023年11月，穆迪就已将美国主权信用评级 展望从"稳定"下调至"负面"，这次降级属于"早有预警"。不过，市场仍快速作出反应，周一开盘时标普 500指数下跌0.9%，纳斯达克下跌1.4%。但两大指数随后止跌反弹，当天收盘均翻红。科技精选SPDR 基金周一早盘下跌0.8%，最终大部分跌幅收回。 与此同时，美国10年期国债收益率在周一盘中一度升至4.57%，30年期收益率则冲破5%，随后分别回落 至约4.45%和4.91%。 尽管科技股在近年来美国信用评级的两次重大下调中出现剧烈波动，但分析师认为，穆迪上周五的最新 降级，不太可能对今年的科技股构成严重冲击。 穆迪将美国政府的信用评级从最高等级Aaa下调至Aa1，即在其21级评级体系中下降了一级。该机构表 示，此举主要是因为过去十年美国政府债务显著上升，以及利息支付比例远高于同评级国家。 2011年，标准普尔（S&P Global）将美国评级从AAA下调至AA+时，市场反应剧烈，原因在于许多不确 定性，尤其是机构投资者如何因合约限制而调整投资组合。Syz集团首席投资官Charles-Henry Monch ...

Group 1 - The Hang Seng Index closed up by 1.49%, while the Hang Seng Tech Index increased by 1.15% [1] - The Hong Kong Tech ETF (159751) rose by 2.08%, and the Hang Seng Hong Kong Stock Connect ETF (159318) gained 1.57% [1] - Pharmaceutical stocks led the gains, with 3SBio rising over 30%, and Rongchang Bio and CATL (300750) increasing by over 16%, while Xiaomi Group rose by over 4% [1]

尊敬的审阅人员和品鉴读者：本文是经过严格查阅相关权威文献和资料。 全文数据有据可依，可供查证。 看看盘口，今天的成交量虽然没有出现大幅度的放大，但仍旧表现出了市场对未来走势的乐观情绪。前期成交量不足100亿，今天放量至近150亿，这本身就 是一种正向信号，只要市场不再出现大的缩量，接下来的行情就能够站稳脚跟。 然而，不能忽视的是，当前的市场情绪仍旧存在极大的不确定性。从盘面上来看，地产、航运、消费等权重股的强势上涨，表面上看是一个好兆头，但细看 之下，你会发现，小盘股才是主涨力量。这样的走势就像是市场做了一次"伪装"，让人难以捉摸。尤其是科技股的表现，让人不禁担心，能否从当前的低谷 中脱身，突破重围？特别是在一系列负面消息的影响下，科技股的复苏之路充满坎坷。科技股的震荡，也让不少投资者心生疑虑，毕竟这并不是一个健康的 上涨，反而更多的是"以退为进"的动作。 对于短期市场而言，最关键的还是要看是否能守住3361的支撑位置。如果能守住，那么，接下来的行情才会有持续的可能。然而，眼下的市场，注定不会一 蹴而就，没有哪个上涨是简单的。市场正在为下一轮的上涨积蓄力量，过程漫长且充满变数，谁也无法确保一切都会顺利。只要趋 ...