Market Overview - The market experienced a volume contraction with the ChiNext index dropping nearly 2% by the end of the day. The synthetic biology concept stocks surged, with companies like Chuaning Biological, Jieya Co., and Meinong Biological hitting the daily limit. The shipping sector saw a rise and subsequent fall, with Ningbo Shipping, Ningbo Ocean, and Lianyungang achieving three consecutive limits. Consumer stocks in food, apparel, and beauty care were active, with Xiwang Food, Lafang Cosmetics, and Fengzhu Textile also hitting the daily limit. Conversely, the military industry faced adjustments, with Tianjian Technology nearing a limit down, and computing power concept stocks weakened, with Hongjing Technology dropping nearly 10%. Overall, over 3,800 stocks in the Shanghai and Shenzhen markets declined, with a total transaction volume of 1.19 trillion [1]. Hot Topics Health Products - Kolun Pharmaceutical's advertisement for ergothioneine capsules has sparked significant discussion, with Chairman Liu Gexin personally endorsing the product. Ergothioneine is a natural small molecule derived from histidine thiourea, found in microbial cells and plants. It cannot be synthesized by the human body and must be obtained through diet, with mushrooms being a key source. Sales of oral beauty products containing ergothioneine on a major e-commerce platform surged by 60 times year-on-year in the first half of 2024 [4][5]. Shipping - The shipping sector remained active, with Ningbo Ocean and Lianyungang achieving three consecutive limits. Following trade negotiations between China and the U.S., container shipping bookings from China to the U.S. surged nearly 300%, with the average booking volume for 20-foot standard containers skyrocketing to 21,530, up from 5,709 a week prior. Goldman Sachs anticipates a significant increase in Chinese exports over the next 90 days due to a tariff suspension [6][8]. Consumer Sector - The consumer sector was lively, with stocks like Marubi, Dengkang Dental, and Baiyang hitting the daily limit. The Tmall 618 promotion commenced, with the first hour's GMV for popular beauty products increasing over 10% year-on-year. Additionally, the price of tilapia has risen to 4.5 yuan per pound, with China being a major producer and exporter of tilapia, producing over 1.6 million tons annually, with about a quarter exported to the U.S. [9][10]. Stock Performance - Notable stocks in the health products sector include: - Jiaoda Aongli (600530.SS) with a price of 7.50, up 9.97%, and a market cap of 5.812 billion - Lafang Cosmetics with a price of 21.97, up 10.02%, and a market cap of 4.948 billion - Chuaning Biological with a price of 14.02, up 20.03%, and a market cap of 8.635 billion [5][10]. - In the shipping sector: - Ningbo Ocean (601022.SS) at 11.12, up 9.99%, with a market cap of 2.765 billion - Lianyungang (601008.SS) at 6.77, up 10.08%, with a market cap of 8.399 billion [7][10]. - In the consumer sector: - Zhejiang Yongqiang (002489.SZ) at 4.07, up 10.00%, with a market cap of 7.786 billion - Marubi (603983.SS) at 52.53, up 10.01%, with a market cap of 21.065 billion [10].

Core Viewpoint - The market has rebounded to the level of 3400, returning to the position seen in March, following a 10% adjustment over two months, indicating a potential recovery in investor sentiment and market dynamics [1][3]. Group 1: Market Performance - The banking, brokerage, and insurance sectors have surged, contributing to a significant increase in the index, which has now surpassed 3400 [3][9]. - The banking index has reached a historical high, with a total market capitalization exceeding 10 trillion, representing over 10% of the total market capitalization of the CSI All Share Index, which stands at 99 trillion [9]. Group 2: Fund Management Regulations - New regulations for public funds are expected to tie performance assessments to benchmarks and investor profitability, prompting a shift in investment strategies [3][4]. - Most public funds benchmark against the CSI 300 index, leading to a potential increase in buying activity in the index's constituent sectors, particularly in banking and finance [4][5]. Group 3: Investment Strategies - The anticipation of new regulations has led to a tactical shift in fund managers' strategies, with early buying seen as advantageous for cost efficiency [4][6]. - High-profile institutions, including Goldman Sachs, have noted that the financial sector is experiencing a rise due to the new public fund management guidelines, with significant reallocations observed since the announcement on May 7 [7][10]. Group 4: Market Sentiment and Future Outlook - The current market behavior is characterized as a short-term tactical repositioning rather than a fundamental improvement in the market [11][12]. - The expectation is that public funds will increasingly invest in CSI 300 constituents, but fund managers are likely to maintain their research-driven investment approaches to outperform the index over time [12][13].

港股消费ETF（513230）科技、消费属性兼备，前五大权重股分别为阿里巴巴、腾讯控股、小米集团、 美团、比亚迪股份等热门科技股，其中阿里+腾讯+小米权重超46%，助力投资者一键网罗港股互联网消 费龙头。 （文章来源：每日经济新闻） 消息面上，腾讯控股发布财报，Q1收入1800.22亿元，同比增长13%；经调整净利润613.29亿元，同比 增长22%。财报显示，集团经营活动所产生的现金流量净额人民币769亿元，部分被资本开支付款人民 币230亿元（主要用于支持AI相关的业务发展），以及媒体内容付款人民币53亿元及租赁负债付款人民 币15亿元所抵销。 马化腾表示："2025年第一季，我们的高质量收入保持坚实的增长态势。AI能力已经对效果广告与长青 游戏等业务产生了实质性的贡献。我们亦加大了对元宝应用与微信内的AI等新AI机遇的投入。我们相 信，在AI战略投入阶段，现有高质量收入带来的经营杠杆，将有助于消化这些AI相关投入产生的额外 成本，保持财务稳健。" 5月15日，周四开盘，恒生指数涨0.02%报23644.4点，恒生科技指数跌0.14%报5374.16点，国企指数跌 0.16%报8579.2点。盘面上，科技 ...

Core Viewpoint - The article discusses the potential market trends following the consensus on tariff adjustments between China and the U.S., emphasizing the expected outperformance of non-U.S. assets, particularly gold and Hong Kong stocks, in the current economic climate [1][2][11]. Group 1: Market Trends and Asset Performance - Non-U.S. assets are expected to outperform this year, with gold significantly leading the way [2][11]. - The article suggests that this year should focus on assets outside the U.S., such as Hong Kong stocks, the euro, and gold [3][13]. - The weakening of the U.S. dollar is anticipated to continue for several years, impacting gold prices positively [8][19]. Group 2: Hong Kong Stock Market Outlook - The Hong Kong stock market is projected to reach new highs, with a specific forecast of surpassing 24,000 points by the third quarter [6][45]. - The article notes that the recent high of 24,874 points was observed in March, and a new peak is expected soon [7][45]. - Key sectors expected to drive this growth include technology, consumer goods, and healthcare, supported by favorable national policies and strong earnings growth [47]. Group 3: Economic Influences and Predictions - The article highlights that individual actions, such as those by former President Trump, cannot alter the overall economic cycle but can increase market volatility [5][30][34]. - The article emphasizes the importance of understanding the logic behind market valuations, particularly regarding the price-to-earnings (PE) ratios of Hong Kong stocks [41][42]. - It suggests that significant inflows of capital from mainland China could positively impact the Hong Kong market [43].

截至发文，其他相关ETF表现如下：恒生消费ETF(159699)涨幅为1.1%，港股通创新药ETF(159570)涨幅 为0.84%，香港证券ETF(513090)涨幅为0.33%，港股科技50ETF(513980)涨幅为1.59%。 港股市场今日表现亮眼，港股通汽车ETF(159323)涨超2%，成交额2627.63万元，近1月份额减少 27.19%，减少3700.00万份，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>> ...

21世纪经济报道记者李域 实习生高天韵 深圳报道 今年以来外资对A股市场情绪整体偏乐观。 连续两个季度改善 在全球经济格局大调整的背景下，国内经济增长韧性特点明显，加强了境外资本对人民币权益资产的信 心，多个国际头部机构也调高了对中国股票的配置判断。 多位业内人士认为，这一系列的变化改变国内外投资者对中国资产的信心，利好中国市场。21世纪经济 报道记者了解到，近期市场情绪快速修复，4月下旬全球被动型基金再度回流中国股市。 随着股市行情重启，全球资本避险配置转向等多方面因素影响，境外资金对人民币资产配置持续升温。 中国上市公司可投性持续提升 新"国九条"实施一年来，中国资本市场改革成效显著，上市公司可投性持续增强。截至2025年4月，A 股战略性新兴产业公司数量占比过半，科创板、创业板及北交所新增上市公司占比近八成，硬科技与创 新企业成为上市主力军。上市公司质量提升直接反映在经营业绩与投资者回报上：2024年全市场分红规 模达2.4万亿元，回购金额近1500亿元，双双创历史峰值；沪市公司近三年营收与净利润复合增长率分 别达8.44%和8.87%，科创板更是以24.26%的营收增速领跑。 政策端同步发力，严把入口 ...

Core Viewpoint - The report aims to capture global multi-asset investment opportunities based on market conditions and design corresponding investment strategies, including equity and bond target allocation, low-volatility fixed income combinations, and global asset allocation strategies [1][2]. Group 1: Investment Strategies - The equity-bond target allocation strategy utilizes a risk budget design method to construct a portfolio that achieves the desired allocation level while providing a better long-term risk-return profile compared to fixed allocation portfolios [2]. - The low-volatility "fixed income +" strategy constructs a portfolio with a target allocation of equity: gold: bonds = 1:1:4, achieving an annualized return of 6.91% and a maximum drawdown of -4.92% over the backtest period from January 1, 2015, to April 30, 2025 [2]. - The global asset allocation strategy I, which includes A-shares, bonds, gold, and US stocks, achieved an annualized return of 11.22% with a maximum drawdown of -7.97% over the backtest period from January 2, 2014, to April 30, 2025 [3]. Group 2: Market Outlook and Recommendations - As of May 2025, the report suggests a cautious approach to A-shares due to ongoing tariff impacts, recommending a "barbell strategy" focusing on stable cash flow assets and technology + domestic demand as key themes [5]. - The domestic bond market is expected to benefit from a broad interest rate decline due to the central bank's monetary policy easing, with a focus on short-term securities and potential adjustments in long-term bonds [5]. - For US stocks, the uncertainty surrounding Trump's policies remains, with short-term fluctuations expected as the market reacts to tariff impacts on the US economy [5]. - Japanese stocks may present short-term opportunities due to easing tariffs and improving economic conditions [5]. - Indian stocks are anticipated to experience upward movement due to economic resilience and foreign capital inflows [5][6].

Group 1 - Geely Auto plans to acquire all shares of Zeekr, which will lead to Zeekr's privatization and delisting from the New York Stock Exchange [1] - The China Securities Regulatory Commission supports the return of quality Chinese concept stocks, indicating the start of a new wave of Chinese stock returns [1] - If all Chinese concept stocks that have achieved dual listings return, it could contribute an average daily trading volume of HKD 39.6 billion to the Hong Kong stock market, accounting for 37.2% of the overall daily trading volume [1] Group 2 - Three major sectors expected to benefit significantly include: 1. Technology and Internet leaders, such as Pinduoduo, which have high growth potential and innovation capabilities [2] 2. New biopharmaceutical companies that possess high technical barriers and long-term growth potential [2] 3. Consumer and new economy sectors, with successful listings of brands like Mixue Ice City validating the acceptance of emerging consumption in the Hong Kong market [2] Group 3 - Despite facing liquidity challenges from the return of large enterprises, the Hong Kong stock market is seen as the preferred choice for the return of Chinese concept stocks [3] - The Hong Kong market is expected to achieve an average daily trading volume of over HKD 300 billion in the next 3-5 years [3] - The return of Chinese concept stocks will not only shift capital market space but also drive the restructuring of the valuation system in the Hong Kong stock market [3]

Group 1 - The overall market is experiencing an upward trend, with the market rating at 5 stars, close to 4.9 stars [1] - All market caps are rising, with small-cap stocks showing slightly higher gains [2] - Growth style stocks are performing better than others [3] Group 2 - Positive news emerged after the A-share market closed, contributing to market optimism [4] - Hong Kong stocks surged significantly after 3 PM, with the Hang Seng Tech Index rising over 5% [5] - The surge is attributed to preliminary positive developments in US-China tariff negotiations, maintaining a 10% universal tariff and postponing a 24% reciprocal tariff while canceling 91% of retaliatory tariffs [6][7] Group 3 - The positive tariff news is also beneficial for RMB-denominated assets [7] - The A-share market may reflect these gains in the following trading day due to the timing of the news [9] - The tariff crisis in early April had previously led to a global stock market decline, highlighting the dual-edged nature of tariff increases for USD assets [10] Group 4 - Hong Kong stocks have seen a continuous rise for five weeks [15] - The uncertainty surrounding Trump remains, but such events often present good buying opportunities during short-term volatility [17] - In September of the previous year, both Hong Kong and A-share valuations were at historical lows, with similar performance in subsequent rebounds [18][19] Group 5 - Since the Chinese New Year, Hong Kong stocks have outperformed A-shares, with the Hang Seng Index rising 18% more than the CSI 300 [21] - The technology and pharmaceutical sectors in Hong Kong have also outperformed their A-share counterparts by over 20% [21] - Hong Kong stocks are primarily RMB assets but have a higher proportion of foreign investors compared to mainland funds [24][26] Group 6 - The military industry has seen significant gains recently, with interest in military indices and their valuation [31] - Military indices, such as the CSI Military Index, have high P/E ratios exceeding 100, primarily due to past profit volatility [39] - The military sector is considered a long-term investment theme, with indices like technology and military expected to remain relevant [36] Group 7 - The "Monthly Salary Treasure" investment combination has lowered its entry threshold to 200 yuan and opened a regular investment feature [56] - This combination employs a 40:60 stock-bond balanced strategy and has shown significant excess returns since inception [55] - The market is currently rated at 5.0 stars, indicating a suitable investment phase for the Monthly Salary Treasure combination [58]

Summary of Conference Call Records Industry Overview - **Macro Environment**: - April CPI increased by 0.1% month-on-month (previous value -0.4%), with a year-on-year decrease of 0.1% (previous value -0.1%) [1] - Food prices rose by 0.2% month-on-month (previous value -1.4%) [1] - PPI year-on-year decline expanded to 2.7% [1] Key Points - **Tariffs and Trade Negotiations**: - China will not sacrifice its principles for a deal with the U.S. [1] - Trump reported a successful meeting in Switzerland with China, discussing many issues and reaching consensus [1] - Significant progress was noted by Bessent, with Greer stating differences are not as large as imagined [1] - The negotiation phases outlined include: - Phase 1: Initial contact and breaking the ice (May-June 2025) - Phase 2: Mechanism establishment focusing on unilateral tariff concessions (July-September 2025) - Phase 3: Substantial negotiation period on core issues (Q4 2025 to Q1 2026) [2] - Short-term comprehensive agreement is unlikely; a reduction to 65% is deemed low probability due to bilateral trade not reaching the threshold [2] - Post-negotiation, tariffs are expected to be reduced by more than half, with the U.S. and China at 54% and 34% respectively [2] - **Robotics Sector**: - U Tree Technology is facing a significant shortage of personnel across all positions [2] - Tesla's new Gen3 robot may feature a universal joint for increased flexibility [2] - Cathie Wood indicated that Tesla's robot progress is faster than expected [2] - **Military Industry**: - India and Pakistan announced a complete ceasefire [3] - The U.S. is forming new forces to address potential conflicts with China [3] - Global military trade sales are projected at $111.6 billion in 2024, with the U.S. accounting for $42.33 billion (37.92%) and China at $3.22 billion (2.88%) [3] - Tungsten prices have risen to 324,000 yuan/ton, a 12% increase since the beginning of the year, marking a three-year high [4] - **Artificial Intelligence**: - OpenAI's CEO hinted at a willingness to collaborate with Musk on AGI development, with plans to release the first open-source model in summer [5] - Nvidia is expected to release a revised H20 chip in July [5] - Alibaba's core strategies are focused on "e-commerce and cloud + AI" [5] - **Solid-State Batteries**: - The 17th Shenzhen International Battery Technology Exchange Conference will be held from May 15-17, 2025 [6] - Guoxuan High-Tech and Bettery are set to release new solid-state battery products on May 13 and May 16 respectively [6] - **Consumer Sector**: - The central bank issued a notice regarding the establishment of service consumption and pension re-loans [9] - **Market Dynamics**: - Concerns about indices returning to pre-tariff levels persist, despite mitigating factors like transshipment trade [14] - Sectors showing potential include beauty care, banking, and textiles, with military stocks experiencing volatility [14] - The solid-state battery sector is also witnessing individual stock movements [15]