Core Insights - The rapid development of the digital economy is providing new opportunities for the elderly economy, which focuses on improving the quality of life and happiness of older adults through innovative solutions powered by advanced technologies like large models [1][2] - The integration of artificial intelligence, particularly large models, is reshaping the service system of the elderly economy, enhancing health management and emotional support for older adults [2][3] Digital Economy and Elderly Economy Development Status - The digital economy has become a core driver of global economic growth, with China's digital economy accounting for over 40% of GDP in 2023, and the smart elderly economy market growing by 25% year-on-year [3] - Policies such as the "Strategic Plan for Expanding Domestic Demand (2022-2035)" aim to promote the construction of an elderly-friendly service system, providing clear direction for the integration of digital and elderly economies [3] Current Situation of the Elderly Economy - The healthcare needs of older adults are increasing due to aging populations, but the current medical system faces challenges in meeting diverse needs, including high chronic disease rates and uneven distribution of medical resources [4] - Changes in family structure, such as the rise of nuclear and empty-nest families, have led to increased reliance on social services for older adults, highlighting the need for improved elderly economic services [5] - The digital divide among older adults restricts their ability to engage with the digital economy, with over 60% of older individuals facing difficulties in using smart devices [6] - The elderly economy lacks standardized regulations across various sectors, leading to market disorder and inadequate consumer protection [6] Applications of Large Models in the Elderly Economy - Large models can enhance health management through real-time monitoring and personalized health records, providing alerts for abnormal health data [7][8] - They can assist in medical consultations and diagnostics, improving the accuracy and efficiency of healthcare services for older adults [8] - Large models facilitate emotional support and social interaction by engaging in conversations and organizing social activities for older adults [9][10] - In the tourism sector, large models can create personalized travel plans and provide real-time information, enhancing the travel experience for older adults [11][12] Challenges and Strategies for Large Model Applications - Data security and privacy protection are critical, necessitating advanced encryption and compliance with privacy regulations to safeguard sensitive information [14] - The accuracy and stability of large models must be improved through continuous optimization and real-world data training [15] - Addressing the digital divide requires training programs and user-friendly interfaces to help older adults adapt to digital technologies [16] - Building trust in new technologies among older adults can be achieved through education, feedback mechanisms, and third-party evaluations [17] Conclusion - The integration of large model technology in the elderly economy shows significant potential to enhance the quality of life for older adults by addressing diverse needs in health management, emotional support, tourism, and consumption [19] - Despite existing challenges, ongoing technological advancements and strategic responses can facilitate deeper integration of large models with the elderly economy, ultimately transforming the service system to provide smarter, more efficient, and personalized services for older adults [19]

Group 1 - The core viewpoint is that dividend assets in the Hong Kong stock market are gaining attention due to their defensive attributes amid market uncertainties and performance disclosure periods [1] - The Hong Kong Dividend ETF (159331) has risen over 1.2%, reflecting the market's focus on high-dividend assets as a stable investment option [1] - The Hong Kong Dollar has recently touched the strong-side convertibility guarantee, indicating investor enthusiasm for Hong Kong or RMB assets [1] Group 2 - The Hong Kong Dividend ETF tracks the Hong Kong Stock Connect High Dividend Index (code: 930914), which selects listed companies with high dividend yields available for trading through the Stock Connect [1] - The index primarily covers sectors such as transportation, resources, and consumer goods, aiming to reflect the overall performance of high-dividend Hong Kong stocks [1] - Investors without stock accounts can consider the Cathay CSI Hong Kong Stock Connect High Dividend Investment ETF Initiated Link A (022274) and Link C (022275) [1]

Group 1 - The China Securities Regulatory Commission (CSRC) has officially addressed the controversies surrounding quantitative trading, indicating a phase of regulatory results. The intention was to enhance market efficiency, but the actual implementation has deviated, leading to significant market impacts [1] - Quantitative trading utilizes data and algorithms for rapid profit generation, including tracking large buy orders and executing trades at preset positions. The new regulations will monitor abnormal behaviors in quantitative trading, which may cause short-term market volatility due to potential sell-offs [1] - In the long term, reduced interference from quantitative trading is expected to lead to a more rational and stable market, ultimately protecting the rights of ordinary investors [1] Group 2 - The Shanghai Composite Index has shown a strong upward trend, opening higher and maintaining momentum throughout the trading session. The Hang Seng Technology Index increased by 3% during the recent holiday period, providing a positive foundation for the A-share market [3] - The offshore RMB closed near 7.27, having risen significantly from a low of 7.18, indicating a substantial appreciation of 900 points, which is favorable for the A-share market [3] Group 3 - Shenwan Hongyuan has identified consumer and technology sectors as key areas for strengthening economic expectations. The consumer sector is currently experiencing high profitability, while the technology sector is seen as having potential for recovery after recent adjustments [5] - The technology sector's crowdedness has decreased, and market focus is shifting back to long-term industry trends. High PE, TMT, and AI sectors are expected to gain traction in the upcoming months [5] Group 4 - The Shanghai Composite Index rose over 1% to reclaim the 3300-point mark, with nearly 5000 stocks in the green. The market experienced a strong performance with over 120 stocks hitting the daily limit up, indicating a robust profit-making environment [7] - Despite the overall market strength, certain sectors such as oil, banking, and tourism faced declines, while thematic stocks are anticipated to present significant opportunities in May [7]

统计显示，随着"两新"政策发力显效，北交所消费、汽车等行业企稳回升。2024年，北交所公司投 资意愿增强，投资规模扩大，购建固定资产、无形资产和其他长期资产支出合计199.55亿元，同比增长 8.25%。 北交所上市公司中，中小企业占比约八成，2024年合计实现营业收入1047.80亿元，同比增长 6.76%，在营收规模上实现"五连增"。其中，20家公司较上市前实现营收或利润翻番，体现了较强的成 长潜力。 近年来，北交所上市公司持续加大研发投入，2024年研发投入金额合计超91亿元，平均研发强度连 续3年增长。截至2024年末，北交所公司发明专利数量近7000项，同比增长21.86%。高质量创新引领高 质量发展，目前北交所已有超半数公司入选国家级专精特新"小巨人"企业名单。 新华社北京5月6日电（记者姚均芳）北京证券交易所6日发布的数据显示，2024年，北交所上市公 司经营业绩保持稳定，超八成公司实现盈利。 据统计，截至4月30日，北交所全部265家上市公司均已披露2024年年报。北交所表示，面对复杂多 变的外部环境，北交所上市公司坚持创新驱动，持续提质增效，不仅稳住了经营基本盘，而且在培育新 质生产力、服务 ...

Group 1 - The core viewpoint of the articles highlights the strong performance of Hong Kong consumer stocks and the significant dividend allocation value of Hong Kong stocks in a low-interest-rate environment [1][2] - The Hong Kong economy showed robust expansion in Q1 2025, with GDP increasing by 3.1% year-on-year and 2% quarter-on-quarter, surpassing expectations [1] - According to Cathay Securities, the net profit growth rate for Hong Kong stocks is expected to rise further in 2024, with year-on-year growth rates of 9.8% for the full year and 7.5% for the first half of 2024 [1] Group 2 - The articles indicate that the regulatory policies on dividends are strengthening, and the demand for dividend assets is increasing in a low-interest-rate environment, enhancing the allocation value of Hong Kong dividends [2] - The anticipated implementation of policies like the "New National Nine Articles" is expected to boost the dividend enthusiasm of listed companies in both A-shares and Hong Kong stocks [2] - With the marginal reduction of the impact from U.S. tariff policies and a gradual recovery in investor risk appetite, the profitability growth of Hong Kong stocks is expected to remain high, supported by a favorable economic backdrop and a rising technology cycle [2]

Market Performance - The New York stock market experienced a decline on May 5, with all three major indices closing lower after a period of profit-taking by investors and a lack of breakthroughs in U.S. trade negotiations [1] - The Dow Jones Industrial Average fell by 98.60 points, closing at 41,218.83, a decrease of 0.24% [1] - The S&P 500 index dropped by 36.29 points to 5,650.38, reflecting a decline of 0.64% [1] - The Nasdaq Composite Index decreased by 133.49 points, ending at 17,844.24, down 0.74% [1] Sector Performance - Among the eleven sectors in the S&P 500, ten sectors declined while one sector increased [1] - The energy sector led the decline with a drop of 2.02%, followed by the consumer discretionary sector, which fell by 1.32% [1] - The consumer staples sector saw a slight increase of 0.02% [1] Economic Indicators - The final services sector index for the U.S. in April was reported at 50.8, lower than the initial value of 51.4 and March's 54.4 [1] - The final composite index for manufacturing and services in April was 50.6, down from the initial 51.2 and March's 53.5 [1] - The Institute for Supply Management reported a services index of 51.6 for April, exceeding market expectations of 50.2 and March's 50.8 [1] Trade Negotiations - President Trump indicated ongoing trade negotiations with multiple countries, with potential agreements possibly reached within the week [2] - Trump announced a 100% tariff on imported films produced abroad, citing national security concerns [2] - Reports suggest India proposed zero tariffs on U.S. imports of steel, auto parts, and pharmaceuticals, contingent on limiting total import volumes [2] Company News - Berkshire Hathaway's A shares dropped significantly by 4.87% following Warren Buffett's announcement that he would step down as CEO by the end of the year, impacting market sentiment [2]

五一假期就要结束了。 假期里A股没有交易，A股的估值也没有变化。 不过港股、美股是有交易的。 按照惯例，假期后也会更新下估值表。 1. 港股 港股周五是开盘交易的。 港股恒生指数假期里上涨1.74%，H股指数上涨1.92%。 中概股代表，恒生科技指数上涨3.08%。 4月初港股短期大幅下跌。 之后港股连续3周上涨。 港股科技、恒生科技在五一假期之前，也涨回到了正常偏低的估值。 假期里港股的涨跌幅也不会丢失，也会体现在基金净值的更新中。 例如5月6日港股基金的净值=5月6日当天港股涨跌幅+假期里涨跌幅。 文 | 银行螺丝钉 （转载请注明出处） 螺丝钉也更新了上周五收盘的港股专题估值表，供参考。 | 宽基指数 | | | | | | | | | | | 2025/5/5 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 指数代码 | 指数名称 | | 市盈率 市净率 股息率% ROE% | | | 分位数% | 分位数% | 近五年市盈率 近十年市盈率 近五年市净净率 近十年市净率 分位数% | 分位数% | ...

中信证券：5月A股将继续呈现风偏回暖、主题轮动的特征；中信建投：操作上以震荡区间低买高卖波 段策略为主；申万宏源：消费和科技都是景气方向。 ②中信建投：操作上以震荡区间低买高卖波段策略为主 中信建投认为，展望后市，只要情绪指数处于50以上，且全A指数处于年线和半年线上方，都应该维持 战略性乐观判断，配置半仓以上仓位。整体看，当前市场已经进入窄幅震荡区间，情绪指数波动带来的 右侧买卖信号作用下降，建议投资者更关注情绪指数整体水平和分项指标的提示意义，操作上以震荡区 间低买高卖波段策略为主。 ③平安证券：政策呵护、内需韧性与科技自主可控将继续支撑A股市场向上空间 平安证券指出，综合来看，五一假期出行旅游、观影消费数据亮眼，伴随国内政策加速落地显效，消费 对经济增长的推动力将持续强化，同时AI科技革命与自主可控逻辑不变，政策呵护、内需韧性与科技 自主可控将继续支撑A股市场向上空间。结构上建议关注两条主线：一是国产科技自主可控（新质生产 力、先进制造、国防军工等）；二是受益于扩内需政策支持，基本面预期修复且具备估值性价比的内循 环消费优质资产。 ④申万宏源：消费和科技都是景气方向 申万宏源表示，维持二季度震荡市判断。 ...

Core Viewpoint - The market is closely watching the Federal Reserve's interest rate decision, with a high probability of maintaining rates in May due to strong employment data and easing inflation pressures [3][4]. Group 1: Federal Reserve's Decision - The probability of the Federal Reserve maintaining interest rates in May exceeds 96%, indicating a strong consensus in the market [3]. - April's non-farm payrolls increased by 177,000, significantly surpassing the expected 138,000, reflecting a robust labor market [3]. - The March PCE price index rose by 2.3% year-over-year, with core PCE dropping to 2.6%, suggesting reduced short-term pressure for rate hikes [3]. Group 2: Political and Economic Context - Recent tensions between the White House and the Federal Reserve have emerged, with President Trump suggesting that the Fed should lower rates, which could undermine the Fed's independence [3][4]. - The upcoming press conference is crucial for understanding Fed Chair Powell's stance on inflation, economic outlook, and political pressures [4]. Group 3: Market Implications - A hawkish signal from Powell could lead to a rebound in the dollar index, putting short-term pressure on the Chinese yuan, while long-term trends will depend on domestic economic resilience [5]. - If the Fed signals a stable liquidity environment without aggressive rate hikes, technology stocks may continue to perform well, driven by AI trends [5]. - Gold prices are sensitive to interest rates; maintaining current rates could enhance its appeal as a safe-haven asset, while oil prices will depend on the Fed's economic outlook [5]. Group 4: Future Considerations - Current market expectations indicate a 35% probability of a rate cut in June, suggesting that most believe the Fed will adopt a wait-and-see approach [5]. - The focus should be on whether the Fed's policy logic shifts from "anti-inflation priority" to "balancing growth and inflation," which will influence asset allocation strategies in the coming months [5].

Group 1 - The overall performance of A-share listed companies in 2024 shows stability and a trend towards new development, with the Shanghai Stock Exchange reporting a total operating revenue of 49.57 trillion yuan and a net profit of 4.35 trillion yuan, reflecting a year-on-year growth of 1.9% [1] - In the Shanghai main board, 80% of companies achieved profitability, with 40% experiencing year-on-year net profit growth, and 78 companies turning losses into profits [1] - The Shanghai Science and Technology Innovation Board reported operating revenue of 14,221.7 billion yuan, with a slight year-on-year increase of 0.24%, and a net profit of 475.23 billion yuan, where nearly 70% of companies saw revenue growth [1] Group 2 - The structure of companies on the Shanghai main board has been continuously optimized, with emerging industries such as electronics, communications, pharmaceuticals, and automobiles accounting for 40% of the total, indicating a shift from traditional industries like finance and energy [2] - The Shanghai Science and Technology Innovation Board has maintained a focus on innovation, with a median R&D investment to revenue ratio of 12.6%, leading all A-share sectors [2] - In the Shenzhen market, total R&D investment exceeded 760 billion yuan in 2024, with 410 companies having an R&D intensity exceeding 10% [2]