Group 1 - Orbis International Equity Fund has doubled its investment in Japanese stocks, increasing the allocation from 10% to 24%, resulting in a year-to-date return of 16% [1][2] - The fund manager, Graeme Foster, highlights that the depreciation of the yen over the past decade has led to undervaluation of Japanese companies, creating a "golden pit" of investment opportunities [1][2] - The yen has appreciated nearly 10% against the dollar this year, making it the best-performing major currency globally, which is expected to provide "dual benefits" for foreign investors in Japanese import-oriented companies [1][2] Group 2 - Foster has allocated 4% of the fund to the Japanese pharmacy sector, focusing on companies like Tsuruha Holdings and Sundrug, which are expected to benefit from increased market concentration and bargaining power [2] - The fund holds significant positions in Asahi Group and Mitsubishi Estate, with the former showing a 40% dividend payout ratio and stock buyback plan, while the latter benefits from rising rental prices [2] - Outside of Japan, the fund has also seen gains from European defense and banking sectors, although it has exited positions in Rheinmetall due to high gains, while maintaining holdings in Hanwha Aerospace and Mitsubishi Heavy Industries [2] Group 3 - Foster emphasizes a strategy focused on free cash flow yield, seeking companies that can generate 12%-14% cash flow returns, which allows for less concern over external factors like AI advancements or political policies [3] - The fund is validating the potential for traditional "value traps" to transform into "growth soil" as Japan emerges from deflation [3]

中游：1）化工：PTA开工率回升；PX开工率近期回落；聚酯、尿素开工率处今年高位。2）基建：沥青开工率来 到近三年低位。 关注5月关税战对上游原材料的影响 中观事件总览 生产行业：4月制造业PMI回落。 1）4月份，制造业采购经理指数（PMI）为49.0%，比上月下降1.5个百分点，制 造业景气水平有所回落。从企业规模看，大、中、小型企业PMI分别为49.2%、48.8%和48.7%，比上月下降2.0、1.1 和0.9个百分点，均低于临界点。 服务行业：五一假期旅游消费增长较多。 1）据工信部，一季度，我国规模以上互联网和相关服务企业完成互联 网业务收入4118亿元，同比增长1.4%；规模以上互联网企业研发经费增速加快，共投入研发经费204.5亿元，同比 增长4.6%。2）据文化和旅游部数据中心测算，假期5天全国国内出游3.14亿人次，同比增长6.4%；国内游客出游 总花费1802.69亿元，同比增长8.0%。 数据来源：央视新闻，iFind，华泰期货研究院 行业总览 宏观日报 | 2025-05-07 上游：1）能源：国际油价假期受关税影响回落较多。2）有色：铜、锌、镍受关税影响价格震荡。3）建材：水泥、 ...

Group 1 - The report maintains a cautiously optimistic outlook for the Hong Kong stock market in the short to medium term, despite short-term concerns regarding fundamentals and liquidity [3][6] - The report highlights a preference for sectors that are relatively prosperous and benefit from policy support, including automotive, consumer, electronics, and technology [3][6] - The report emphasizes the importance of avoiding sectors and companies with significant exposure to the U.S. due to potential impacts from U.S.-China trade disputes [3][6] Group 2 - In April, the Hong Kong stock market experienced significant volatility, with the Hang Seng Index dropping over 13% on April 7, marking the largest single-day decline since the 1997 Asian financial crisis [4][12] - The Hang Seng Composite Index, Hang Seng Index, and Hang Seng Technology Index recorded monthly declines of -3.70%, -4.33%, and -5.70% respectively by the end of April [4][12] - The report notes that the market's performance was weaker than expected, influenced by the escalation of U.S.-China trade tensions [12][13] Group 3 - The report indicates that the macroeconomic environment for the Hong Kong market is under pressure, with domestic economic data showing improvement but external demand being significantly impacted by trade tensions [5][41] - The report highlights that the domestic economy's performance is closely tied to mainland China's economic conditions, with over 80% of profits in the Hong Kong market coming from Chinese companies [41][42] - The report discusses the need for policy measures to boost domestic demand as external pressures increase, emphasizing the importance of stabilizing the economy [78][80] Group 4 - The report identifies that sectors such as utilities and consumer staples performed relatively well in April, while sectors with high exposure to U.S. exports, such as textiles and machinery, faced significant declines [13][12] - The report notes that the valuation levels of the Hang Seng Index are currently below the five-year average, with a PE ratio of 10.5 as of the end of April [21][22] - The report highlights a significant inflow of southbound funds into the Hong Kong market, with Alibaba and Tencent being major beneficiaries of this trend [21][29]

A 股 2025 一季报和 2024 年报分析 20250506 摘要 • 2025 年一季度 A 股盈利能力改善，剔除金融和"三桶油"后利润增速超 3%，中小市值股票和创业板业绩提升显著，表明盈利周期触底。 • 出海业务对 A 股影响显著，剔除金融及"三桶油"后，全 A 公司出口敞口 达历史新高 15.6%，但出海公司增速已现回落，内需型公司风险波动相对 较小。 • A 股上市公司亏损面仍高，2025 年一季度仍有 29%的公司亏损，产能出 清缓慢，企业合同负债和预收账款虽触底回升但仍为负增长。 • 企业现金流未进一步恶化，营收质量有所回升，分红回购意愿增强，2025 年以来公告回购金额超 1,100 亿元，远超过去两年同期水平。 • 先进制造与消费板块经历产能消化周期，先进制造盈利能力处于历史低位， 但供给端持续出清；消费板块进入消费降级通道，净利润增速下降。 • 科技板块收入和利润增速领先，ROE 改善显著；医药板块盈利能力接近历 史最低水平，但低端仿制药与医疗耗材供给端持续出清。 • 合同负债和预收账款增速上升的二级行业包括军工电子、新能源金属等， 受订单驱动景气度较高；高景气二级行业包括半导体、通信 ...

另外还有小伙伴和我说，据他听到的消息中美可能马上要谈了，这个不保真啊，市场里每天总是各种消 息传来传去的，但我这个小伙伴是圈子里有影响的人，所以可以期待一下。 总之大盘把4月7日的缺口回补是正常预期，因为其他国家的股市早几天就已经补上了，a股已经算慢的 了。 今天涨最好的是核聚变（+7.4%）、稀土永磁（+6.5%）、跨境支付（+5%）。合肥那边有个核聚变实 验装置提前启动，市场借着风头炒一波，纯情绪噱头，你宁愿相信人类能在15年内登陆火星，也不用相 信30年内落地可控核聚变。 稀土永磁自从中国对美出口管制后价格就开始飙涨，这事有较强的可持续性，不用担心中美谈判后突然 放开，就两国目前这局面就算暂时达成协议，稀土永磁也不可能敞开来卖。我们能卡美国脖子的地方不 多，绝对不会松手的。 昨晚提到伯克希尔的a股和b股，简单补充几句，它们的关系是1股a股可以转换成1500股b股，但是b股不 能转换为a股。a股的投票权是b股的10000倍，就算除去转换汇率，a股的投票权重也是b股的6.66倍。 伯克希尔的a股承诺永不拆分，所以价格涨到接近80万美元一股，不过你如果想去参加伯克希尔的股东 大会，买b股也可以，1股就能登记领 ...

简历显示：胡迪女士:CFA,FRM,美国哥伦比亚大学金融工程硕士,现任指数及量化投资部总监。胡迪女 士自2008年2月至2009年12月在纽约美林证券担任全球资产管理部高级经理;自2010年1月至2012年10月 在纽约标准普尔担任量化投资主管;自2012年11月至2020年4月在中国国际金融股份有限公司担任资产管 理部执行总经理;自2020年5月加入摩根基金管理(中国)有限公司(原上投摩根基金管理有限公司),现任指 数及量化投资部总监兼基金经理。2021年1月7日起至2022年6月24日担任上投摩根优选多因子股票型证 券投资基金基金经理。2021年1月7日起担任上投摩根量化多因子灵活配置混合型证券投资基金基金经 理。2021年1月7日起担任上投摩根标普港股通低波红利指数型证券投资基金基金经理。2021年1月7日起 担任上投摩根动态多因子策略灵活配置混合型证券投资基金基金经理。2021年1月7日至2023年11月23日 担任上投摩根MSCI中国A股交易型开放式指数证券投资基金基金经理。2021年1月7日至2023年11月23 日上投摩根MSCI中国A股交易型开放式指数证券投资基金联接基金基金经理。2021年1 ...

5月6日，截至港股收盘，恒生指数上涨0.7%，报22662.71点。粤港湾控股（01396.HK）收报2.38港元/ 股，上涨41.67%，成交量425.37万股，成交额950.12万港元，振幅44.64%。 最近一个月来，粤港湾控股累计涨幅95.35%，今年来累计涨幅1074.83%，跑赢恒生指数12.19%的涨 幅。 财务数据显示，截至2024年12月31日，粤港湾控股实现营业总收入26.03亿元，同比减少26.28%；归母 净利润-18.35亿元，同比减少51.03%；毛利率-23.93%，资产负债率99.21%。 机构评级方面，目前暂无机构对该股做出投资评级建议。 行业估值方面，地产行业市盈率（TTM）平均值为4.7倍，行业中值-0.16倍。粤港湾控股市盈率-0.69 倍，行业排名第190位；其他百仕达控股（01168.HK）为0.28倍、恒达集团控股（03616.HK）为1.71 倍、美联集团（01200.HK）为2.17倍、瑞森生活服务（01922.HK）为2.82倍、中奥到家（01538.HK） 为2.85倍。 资料显示，粤港湾控股有限公司(原毅德国际控股)是香港联交所主板上市企业(股份代号:0 ...

Group 1 - The A-share market is experiencing a broad-based rally, with nearly 5,000 stocks declining and a trading volume of 170 billion [1] - The Shanghai Composite Index has a high likelihood of continuing its upward trend, particularly in sectors like liquor and banking, which have yet to see a rebound [3] - There is a divergence in large-cap stocks, with foreign capital remaining cautious, while small-cap stocks have shown significant rebounds [3][5] Group 2 - The market is expected to continue its upward trajectory, but individual stocks may experience differentiation, especially in the context of a potential reduction in trading volume [5] - The performance of heavyweight stocks will be crucial; if they fail to sustain the index's rise, individual stock rebounds may also come to an end [7] - The market has cleared out many players, making it less likely for them to re-enter quickly, leading to a prolonged upward trend until they start chasing gains [7]

Group 1: Travel and Tourism - The average daily passenger volume during the first three days of the May Day holiday in 2025 reached 305 million, a 5.4% increase from 2024's 289 million[6] - Excluding private car usage, the average daily passenger volume was 60.39 million, up 7.6% from 2024[6] - International flight numbers increased by 19.6% year-on-year, significantly outpacing domestic flight growth of 5.4%[6] Group 2: Consumer Spending - The average daily box office revenue during the May Day holiday was 170 million yuan, down from 350 million yuan in 2024, representing 39% of the 2019 level[14] - The average number of moviegoers was 4.35 million, compared to 8.78 million in 2024, which is 43% of the 2019 level[14] - Despite a decline in box office revenue, the drop in attendance was greater than the drop in total revenue, indicating some price recovery[14] Group 3: Economic Indicators - The April production synchronization index (HTPI) was 4.34%, down from 4.91% in March[20] - The April consumption synchronization index (HTCI) was 3.81%, slightly down from 3.85% in March[20] - Infrastructure investment showed signs of recovery, with cumulative issuance of special bonds reaching 1.2721 trillion yuan as of May 4[32]

联合研究丨组合推荐 [Table_Title] 金融制造行业 5 月投资观点及金股推荐 research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 长江金融行业（地产、非银、银行）和制造行业（电新、机械、军工、轻工、环保）2025 年 5 月投资观点及金股推荐。 分析师及联系人 [Table_Author] 邬博华 于博 赵智勇 SAC：S0490514040001 SAC：S0490520090001 SAC：S0490517110001 SFC：BQK482 SFC：BUX667 SFC：BRP550 王贺嘉 蔡方羿 徐科 SAC：S0490520110004 SAC：S0490516060001 SAC：S0490517090001 SFC：BUX462 SFC：BUV463 SFC：BUV415 刘义 吴一凡 马祥云 SAC：S0490520040001 SAC：S0490519080007 SAC：S0490521120002 SFC：BUV416 SFC：BUV596 SFC：BUT916 请阅读最后评级说明和重要声明 2 / 13 %% %% %% %% ...