在基金经理普遍看空美股之际，个人投资者正涌入市场，押注单一股票和高杠杆工具，希望从剧烈波动 中获取巨额回报。 4月22日美银发布报告，在上周标普500指数下跌1.5%的背景下，客户首次在三周内净抛售美国股票， 总额达16亿美元。ETF市场也出现五周以来首次抛售，虽然单个股票仍有小幅净买入。 值得注意的是，机构客户和对冲基金延续了之前的卖出趋势，而零售投资者连续第19周净买入，创下自 2008年有数据以来年初最长买入纪录。 据媒体报道，摩根大通数据也表明，从特朗普宣布所谓对等关税到4月16日，个人投资者净买入价值210 亿美元的股票和ETF，与基金经理对美国股票的普遍看空形成鲜明对比。 当今年4月初市场暴跌、投资者抛售数万亿美元股票的那一天，37岁的营销总监Dan Oksnevad并没有随 波逐流。相反，他将自己90%的七位数投资组合（包括退休基金）全部押注在比特币及相关股票上。尽 管比特币当天下跌了近6%，但Oksnevad表示： 这简直是一个大声呼喊的买入机会，我就是在追求几周或几个月内获得数十年的回报。我真 心相信，市场波动是创造财富的地方。 华尔街基金谨慎看空美股 美银报告指出，在近期的市场波动中，华尔 ...

2025.04. 23 本文字数：888，阅读时长大约1.5分钟 作者 | 第一财经 胡弋杰 工业巨头3M因一季度盈利好于预期，股价大涨8.1%；而诺斯洛普格拉曼与航空航天公司RTX因担忧 成本上升影响全年盈利预期，分别重挫12.7%和9.8%。 热门中概股表现强势，纳斯达克中国金龙指数收涨3.69%。阿里巴巴涨超5%，拼多多、小鹏汽车、 蔚来涨逾4%，向上融科涨逾7%，富途控股涨超6%。 美国总统特朗普在当地时间周二出席美国证交会主席阿特金斯就职宣誓仪式时表示，他无意解雇美联 储主席鲍威尔。明尼阿波利斯联储主席卡什卡利表示，美联储的独立性是实现良好经济运行的基础， 强调政策将根据数据推动，而非政治压力。 贵金属市场方面，黄金期货盘中一度突破每盎司3500美元关口，随后回吐涨幅，收跌0.17%，报 3419.40美元。 原油方面，全球需求预期上升以及供应端调节推动油价继续上扬。WTI原油上涨2.02%，收于每桶 63.67美元；布伦特原油上涨1.81%，收于每桶66.48美元。 美股周二全面反弹，三大指数单日涨幅均超过2.5%。财报季进入密集披露期，多家大型企业的业绩 提振市场情绪。同时，市场对国际贸易摩擦缓 ...

Market Overview - The A-share market exhibited significant structural differentiation from April 14 to April 18, with major indices showing mixed performance. The Shanghai Composite Index rose by 1.19%, while the Shenzhen Index and the ChiNext Index fell by 0.54% and 0.64%, respectively [1] - The market sentiment was influenced by a shift in investment style, with funds moving from high-volatility technology sectors to traditional industries with stable cash flows. Blue-chip and high-dividend strategies performed well, while growth sectors continued to decline [1] Industry Performance - Concerns over supply chain disruptions led to a slowdown in economic recovery, affecting sectors such as industrials, consumer discretionary, healthcare, and information technology, with the latter experiencing the largest decline, though not exceeding 0.8% [1] - Real estate, telecommunications services, and utilities showed relatively strong performance, with real estate rising by 3.47% [1] Fund Issuance and Performance - A total of 25 funds were issued last week, including 17 equity funds, 7 bond funds, and 1 fund of funds (FOF), with a total issuance of 20.476 billion units [2][18] - The total index for Chinese funds increased by 0.02%, while the ordinary equity fund index decreased by 0.08%, and the mixed equity fund index fell by 0.04% [2] Global Asset Review - Global asset prices showed mixed performance, with U.S. indices under pressure, while European markets strengthened. The Dow Jones and Nasdaq indices fell by over 2%, while major Asian indices rose by over 2% [4] - In commodities, the energy sector led gains, while industrial metals showed mixed results. Gold prices rose nearly 3% due to increased risk aversion, reaching over $3,300 per ounce [4] Domestic Bond Market - The bond market remained stable, with the 10-year government bond futures rising by 0.04% and the 30-year futures increasing by 0.03%. Domestic long-term interest rates remained at historical lows [16]

在这个充满不确定的历史时刻，投资者、企业家乃至各大经济体都在寻找破局之道。中国坚持开放合 作，坚决捍卫多边主义，为世界经济提供了难得的确定性。 中国具有显著的制度优势，让各项事务高效而有序地运转；有超大规模市场、完备产业体系、丰富人力 人才资源等，为经济稳定发展夯实基础；有长远规划、科学调控、上下协同的有效治理机制，为市场经 营主体提供稳定预期；有需求升级、结构优化、动能转换的广阔增量空间，发展潜力巨大。 4月19日，第137届中国进出口商品交易会第一期闭幕。本届广交会万商云集，新企业、新产品、新科技 不断涌现，绿色化、智能化、数字化趋势显著，中国外贸和经济在复杂国际形势下展现出强大韧性和活 力，吸引了世界的目光。 当下，世界经济阴霾密布。突如其来的关税等经贸限制措施，使全球产业链供应链遭受前所未有的威 胁，以市场为导向的自由贸易规则面临严重冲击，各国经济发展受到严重干扰。世界贸易组织将全球商 品贸易预期从稳健增长大幅下调至下滑，并称美国加征关税和溢出效应可能导致自新冠疫情高峰以来最 严重的贸易下滑。 世界需要"黏合剂"，捍卫多边主义，维护自由贸易体制。无论外部环境如何变化，中国开放的大门只会 越开越大。近年 ...

Group 1 - The core index of the China Securities Hong Kong Technology Index reflects the overall performance of leading technology companies listed in Hong Kong, selected based on market capitalization, R&D investment, and revenue growth [1][2] - The China Securities Hong Kong Technology Index has seen a decline of 15.90% over the past month, an increase of 13.74% over the past three months, and a year-to-date increase of 13.70% [1] - The top ten holdings of the index include Xiaomi Group-W (12.3%), Alibaba-W (11.35%), Tencent Holdings (9.92%), BYD Company (8.16%), Meituan-W (7.21%), JD Group-SW (6.39%), NetEase-S (5.66%), Baidu Group-SW (4.24%), SMIC (4.0%), and BeiGene (3.22%) [1] Group 2 - The industry composition of the index shows that consumer discretionary accounts for 41.51%, communication services for 23.64%, information technology for 22.87%, healthcare for 11.57%, and industrials for 0.41% [2] - The sample of the China Securities Hong Kong Technology Index is adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Public funds tracking the Hong Kong technology sector include the Southern China Securities Hong Kong Technology ETF and the China Merchants China Securities Hong Kong Technology ETF [3]

鉴于美国2月通胀数据低于预期，CPI同比涨幅回落至2.8%；而3月CPI又反弹至3.5%，那么与去年和两年 前相比，标普500指数公司在最新的（2024年第四季度）财报电话会议中提及通胀的次数是否有所减少？ 答案是肯定的。我们使用FactSet Document Search（允许用户在多个文档类型中搜索关键字或短语）来 回答这个问题。FactSet 通过 Document Search 功能，搜索了2024年12月15日至2025年3月14日期间召开 财报电话会议的所有标普500指数公司会议记录中的"通胀"一词。 答案是肯定的。我们使用FactSet Document Search（允许用户在多个文档类型中搜索关键字或短语）来 回答这个问题。FactSet 通过 Document Search 功能，搜索了2024年12月15日至2025年3月14日期间召开 财报电话会议的所有标普500指数公司会议记录中的"通胀"一词。 这些公司中，我们发现共有230家在第四季度财报电话会议上提及了"通胀"一词，低于2023年第四季度 （285家）以及2022年第四季度（353家）的数据。2024年第四季度也是自2021年 ...

Core Viewpoint - The company has approved a share repurchase plan to buy back its A-shares using its own funds and a special loan, with a total repurchase amount between RMB 25 million and RMB 50 million, and a maximum repurchase price of RMB 9.82 per share, within a period of up to 12 months [1]. Group 1: Share Repurchase Plan - The company held its sixth board meeting on March 10, 2025, where the share repurchase plan was approved [1]. - The total amount for the repurchase will not be less than RMB 25 million and not exceed RMB 50 million, with a maximum price of RMB 9.82 per share [1]. - The repurchase period is set for up to 12 months from the board's approval date [1]. Group 2: First Share Repurchase Execution - The company executed its first share repurchase on April 8, 2025, buying back 3,050,000 shares, which represents 0.2677% of the total share capital [1]. - The highest transaction price during this repurchase was RMB 5.61 per share, while the lowest was RMB 5.29 per share, with a total transaction amount of RMB 16,693,950 (excluding transaction fees) [1]. Group 3: Compliance and Future Arrangements - The share repurchase was conducted in compliance with relevant regulations, including the rules set by the Shenzhen Stock Exchange [2][3]. - The company plans to continue the repurchase based on market conditions within the specified timeframe and will fulfill its information disclosure obligations as required by law [3].

Core Viewpoint - The China Securities Digital Economy Theme Index has shown a decline of 0.14% recently, reflecting the overall performance of listed companies involved in the digital economy sector [1][2]. Group 1: Index Performance - The China Securities Digital Economy Theme Index has decreased by 6.42% over the past month, increased by 6.35% over the last three months, and has risen by 1.24% year-to-date [2]. - The index was established on December 30, 2016, with a base point of 1000.0 [2]. Group 2: Index Composition - The top ten weighted companies in the index are: Dongfang Caifu (8.13%), SMIC (6.58%), Huichuan Technology (5.65%), Northern Huachuang (5.27%), Cambricon (5.01%), Haiguang Information (4.96%), Weir Shares (4.17%), Hikvision (4.15%), Zhongke Shuguang (3.59%), and iFlytek (3.35%) [2]. - The index's holdings are divided between the Shanghai Stock Exchange (50.40%) and the Shenzhen Stock Exchange (49.60%) [2]. Group 3: Industry Breakdown - The industry composition of the index shows that Information Technology accounts for 78.28%, Finance for 8.13%, Industry for 7.87%, Communication Services for 3.79%, and Consumer Discretionary for 1.93% [2]. Group 4: Index Adjustment and Fund Tracking - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3]. - Public funds tracking the digital economy include: Pengyang China Securities Digital Economy Theme Link A, Pengyang China Securities Digital Economy Theme Link C, Huaan China Securities Digital Economy Theme Link A, Huaan China Securities Digital Economy Theme Link C, Huaan China Securities Digital Economy Theme ETF, and Pengyang China Securities Digital Economy Theme ETF [3].

Group 1: Core Theme and Focus Areas - The Hannover Messe 2023, themed "Technology Shapes the Future," focuses on three key areas: industrial artificial intelligence (AI), automation and humanoid robots, and future energy solutions [1][3] - Major international tech giants like Siemens, Microsoft, Google, and SAP showcased their current AI solutions and practical applications at the event [3][4] Group 2: AI Solutions and Applications - Microsoft presented an AI assistant designed for industrial applications to optimize factory processes, while Rolls-Royce demonstrated the "Pearl 700" turbine inspection using AI technology [3] - Siemens highlighted AI integration in pharmaceutical production processes to enhance human-machine collaboration [3] Group 3: Humanoid Robots - Chinese companies made a significant impact with humanoid robots, including products from Yushutech and a robot from Zhongguancun Science City, showcasing advanced capabilities [6][7] - The event featured a variety of robots, including those from French company Inbolt, which aims to improve industrial robots' environmental awareness [7] Group 4: Hydrogen Energy Innovations - Hydrogen energy was a focal point, with companies like Bosch presenting new PEM electrolyzers and Shanghai Electric unveiling innovative hydrogen solutions [8] - Shanghai Electric secured strategic cooperation agreements worth 36.37 billion RMB with companies from over ten countries during the event [8] Group 5: China's Growing Presence - The presence of Chinese exhibitors has increased significantly, with many moving to central exhibition areas, reflecting their growing importance in the global market [9] - The German Mechanical Engineering Industry Association noted that many German SMEs are now direct or indirect clients of Chinese companies, highlighting the competitive landscape [9]

金融界4月1日消息，A股三大指数收盘涨跌不一，中证沪港深500下游指数 (沪港深500下游，H30563)报 4779.69点。 数据统计显示，中证沪港深500下游指数近一个月上涨0.99%，近三个月上涨12.97%，年至今上涨 12.97%。 据了解，"中证沪港深主题指数系列基于中证沪港深互联互通综合指数样本和中证沪港深 500 指数样 本，同时结合中证行业分类的主题定义，选取相应主题指数样本，从多种主题投资的角度反映了在沪港 深三地上市的互联互通范围内证券的整体表现。"该指数以2004年12月31日为基日，以1000.0点为基 点。 资料显示，该指数系列样本每半年调整一次，样本调整实施时间分别为每年6月和12月第二个星期五的 下一交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个 定期调整日前，权重因子一般固定不变。特殊情况下将对该指数系列样本进行临时调整。当样本退市 时，将其从指数样本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处 理。当中证沪港深互联互通综合指数和中证沪港深500指数样本发生变动时，将进行相应调整。 从中证沪港深500下游指数 ...