至纯科技（603690）发布2024年度业绩预告更正公告，预计2024年度归属于上市公司股东净利润在2000 万元至3000万元之间，与上年同期相比减少3.47亿元至3.57亿元，同比减少92.05%至94.70%。公司原预 计2024年度归属于母公司所有者的净利润在9000万元至1.35亿元之间。 ...

美股的疲态比你想得更严重，高盛与黄金同时发出警告 在关税成为华尔街的主要威胁之前，美国股市早已为一次大幅回调埋下了伏笔。尽管主要股指仍在向历 史高点推进，但市场表面之下令人担忧的信号，几个月来不断积聚。 标普500指数在2月19日创下历史新高，道琼斯工业指数和纳斯达克综合指数则在去年12月触顶。但推动 这些主要指数攀升的个股数量却在减少。2024年标普500指数超过一半的涨幅，都归功于"七巨头"，因 为投资者大量押注人工智能概念。 "我们几个月以来就已经身处困境，接下来还有更多麻烦……市场在真正见顶之前，从内部成分股的角 度看，早就已经开始恶化了。"——Worth Charting创始人Carter Worth表示。"表面之下的动荡早在市场 实际见顶之前就已经开始……价格再次展现出它的智慧。" 根据LSEG的数据，分析师预计2025年将有455家标普500指数成分公司实现盈利增长，而2024年这一数 字仅为357家。 "年初的时候，市场对未来充满乐观，很多利好已经被计入股价，等于把预期设定得很高。"LPL首席技 术策略师Adam Turnquist说。他还补充道："市场的主导力量至今仍显得乏力。" 尽管市场情 ...

"如果我提出要求，他就得离开"、"美联储应当降息，这是联储亏欠美国民众的"，特朗普在公开场合多次威胁炒掉美联储主席鲍威尔，令本就羸弱的 美元指数，更加岌岌可危。 4 月 21 日，美元指数再度下探，跌破 98 关口，一度下探到 97.91 ，为 2022 年 4 月以来首次。今年 1 月 13 日，美元指数突破 110 整数关口 后，截至目前，该指数累计跌超 10% 。 与此同时，美股开盘延续跌势，截止发稿， 纳指跌2.42%，标普指数跌1.92%，道指跌1.75%。 大型科技股普跌，英伟达跌超4%，亚马逊跌超3%，特斯拉 跌超6%。 随着美元走低，现货黄金迅速拉升，涨幅扩大至 2.2% ，达到创纪录的 3400 美元，本月累计上涨近 9% 。日内拉升超 70 美元，今年迄今累涨逾 29% 。 01 反复无常的关税政策 此轮美元下跌，最直接的问题就是特朗普"喜怒无常"的态度，正在令全球资本"逃离"美国资产。 4 月 2 日，他宣布对 180 多个国家加征"普适性"关税，其中对中国产品征收 34% 的"对等关税"，该政策原定于 4 月 9 日生效。然而就在生效当 天，特朗普又突然宣布暂停全球高额关税 90 天， ...

金十数据4月10日讯，美股"七巨头"持续飙升，特斯拉(TSLA.O)涨近18%，英伟达(NVDA.O)涨超15%， Meta Platforms(META.O)涨近12%，亚马逊(AMZN.O)、苹果(AAPL.O)涨近10%，微软(MSFT.O)涨超 8%，Alphabet(GOOG.O) 涨近8%。 美股"七巨头"持续飙升 ...

美股显著反弹 三大股指高开 金十数据4月8日讯，美股开盘，三大股指高开，道指涨3.6%，标普500指数涨3.3%，纳指涨3.7%。科技 股多数走高，英伟达(NVDA.O)涨超6%，美光科技(MU.O)涨4.7%。 ...

Group 1 - The company held its 17th meeting of the 5th Supervisory Board on April 2, 2025, with all three supervisors present, and the meeting was conducted via remote voting [1] - The Supervisory Board approved the draft of the 6th Employee Stock Ownership Plan (ESOP), confirming that the plan complies with relevant laws and regulations, and does not harm the interests of the company or its shareholders [1][2] - The voting results for the ESOP were unanimous, with 3 votes in favor, and the proposal will be submitted to the company's first extraordinary general meeting of shareholders in 2025 for further approval [2] Group 2 - The Supervisory Board also reviewed and approved the management measures for the 6th Employee Stock Ownership Plan, stating that they align with legal requirements and the company's actual situation, ensuring smooth implementation and operation of the plan [2] - The company confirmed that the expected related party transactions for 2025 are based on normal business operations and comply with market pricing principles, ensuring no harm to shareholders, especially minority shareholders [2][3] - The voting results for the related party transactions were also unanimous, with 3 votes in favor, and this will be included in the same extraordinary general meeting for shareholder approval [3]

核心结论 过去50余年，美股长期收益大幅领先其他资产：（1）复合收益率达10.7%：1972-2024年，美股以10.7%的复合收益率大幅跑赢其他资产，2012年以来美 股的超额优势显著；（2）美股的高收益但波动较低特征，使其成为全球风险资产中占优：风险-收益角度看，美国资产的风险收益比贴近有效边界，美股 收益率最高，波动率高于债券、房地产，但远低于大宗商品。 美股长牛的背后：盈利驱动+驱动宏观：（1）企业盈利的优势地位，是美股在全球权益市场领先的重要原因：对1970-2024年的标普500收益进行拆分，其 10.9%的复合收益中，盈利增长年化收增长6.6%，股息增长2.2%，估值变动1.8%，也即约六成是盈利贡献；（2）美股市场的相对稳定性，也即"牛长熊 短"的特征，很大程度上归因于其已成为美国居民的核心资产，"驱动宏观"属性较强：美股已成为美国居民最重要资产构成，美股大跌时，美联储倾向于 采取宽松货币政策以救市，Fed Put效应在美股市场上屡见不鲜，上市公司通过分红回购行动，同样起到股市稳定器作用。 往后看，按10年维度判断，美股长期收益大概率边际下滑：（1）按海外机构预期，未来10年美股年化收益率中位 ...

Core Viewpoint - The U.S. stock market has experienced its worst relative quarterly performance in decades, with strong interest from Wall Street to buy the dip, but finding the right entry point remains challenging due to the looming risks from Trump's tariff policies [1][6]. Group 1: Market Performance - The S&P 500 index has declined by 5.1% this year, while the MSCI global ex-U.S. index has risen by 6.5%, marking the largest quarterly gap since 1988 [3]. - Major technology stocks, once market leaders during the AI boom, have faced significant declines, contributing to the poor performance of the S&P 500 [3][10]. - The so-called "Magnificent 7" stocks have recorded a cumulative year-to-date drop of 17%, raising concerns about entering the market at this time [10]. Group 2: Tariff Policy Impact - The upcoming announcement of "reciprocal tariffs" by Trump is a focal point for the market, with many investors uncertain about when it will be safe to enter [6][8]. - Analysts express that the uncertainty surrounding tariff details and their impact on corporate earnings is hindering a significant recovery in the U.S. stock market [8]. Group 3: Market Sentiment and Technical Indicators - Technical indicators suggest that the U.S. stock market has not yet triggered a bottoming signal, with the S&P 500 needing to drop below 5250 points to reach historical low positioning [10]. - The "fear index" VIX has risen above 20, indicating increased anxiety among traders, while the VVIX has shown the largest jump of the year after hovering at six-month lows [10]. Group 4: Investor Sentiment and Strategy - Many investors are feeling frustrated and fatigued due to the current trading environment, lacking clear strategic guidance on how to proceed [12]. - The shift in mindset from greed to fear among traders reflects a growing concern about potential losses, although panic has not yet set in among clients [12].

以下文章来源于申万宏源策略 ，作者全球资产配置团队 特朗普关税即将落地，全球权益回调，商品多数上涨 ——全球资产配置每周聚焦 (20250321-20250329) 金倩婧/冯晓宇/林遵东/涂锦文/王胜 本期投资提示： 申万宏源策略 . 我们强调体系性、实战性 全球资产估值方面：本周(20250321-20250328)，全球股市ERP方面，本周A股，A股的ERP分位 数有所回升。 全球股市ERP方面，A股资产ERP性价比较高，本周的中国资产的ERP历史分位数 上升，恒生指数和恒生国企的ERP历史分位数分别为14%和13%，处在较低的位置，标普500和 纳斯达克的ERP分位数保持基本稳定，当前ERP分位数最低的欧洲Stoxx600和道琼斯指数， 全 球资产风险调整后收益分位数上，近十年维度上 ，纳斯达克100、标普500和日经225的动态风 险调整后收益在50%分位以下继续下跌，恒生指数动态风险调整收益略微回调至89%，沪深300 风险调整收益分位数从76%回升至80%基本稳定；商品方面，贵金属的风险调整收益分位数维 持96%的高位。 全球资产风险指标：美股散户看多比例小幅上升但仍处低位，A股期权定价依然乐观 ...

Market Overview - The three major U.S. indices declined for the second consecutive trading day, with the Dow Jones down 155.09 points (0.37%) to 42299.70 points, the Nasdaq down 94.98 points (0.53%) to 17804.03 points, and the S&P 500 down 18.89 points (0.33%) to 5693.31 points [1] - European indices also fell, with Germany's DAX30 down 180.03 points (0.79%) to 22667.39 points, the UK's FTSE 100 down 22.47 points (0.26%) to 8667.12 points, and France's CAC40 down 40.57 points (0.51%) to 7990.11 points [2] - In the Asia-Pacific region, the Nikkei 225 index fell by 0.6% and the KOSPI index dropped by 1.39% [3] Automotive Industry - U.S. automotive stocks continued to decline, with General Motors down 7.36%, Ford down 3.79%, and Toyota down 2.84% for the second consecutive day [1] - Analysts predict that the impact of President Trump's proposed 25% tariffs on automotive and parts imports will not be significant until the third quarter, with potential earnings impacts of up to 20% unless manufacturers change sourcing strategies [9] Cryptocurrency and Commodities - Bitcoin rose by 0.73% to $87560.29 [4] - Spot gold increased by 1.23% to $3056.54 per ounce, reaching a historical high of $3059.63 [4] - WTI crude oil prices rose by approximately 0.4%, closing at $69.92 per barrel, the highest level since February [4] Company-Specific News - Kyndryl's stock fell by 5.11% following a short report alleging financial manipulation, including inflated revenue and misclassification of expenses [11] - Intel announced that three board members will retire and will not seek re-election at the 2025 annual meeting [10]