Group 1 - The new headquarters of Suzhou Baisheng Power Machinery Co., Ltd. was inaugurated with a total investment of 368 million yuan, featuring advanced production lines and photovoltaic power generation and storage facilities, expected to add 76,400 high-end water propulsion equipment annually upon reaching full production [1] - Baisheng Power, a leading company in the outboard motor sector in China, has nearly 80% of its product exports, serving over 100 countries and regions, with an annual compound sales growth rate exceeding 20% [1] - The company aims to strengthen its market presence in countries along the "Belt and Road" initiative, leveraging its core technology advantages and increasing R&D investment, with plans to apply for over 40 patents and train 300 high-skilled technicians within three years [1] Group 2 - Multiple high-quality projects have been signed in Suzhou High-tech Zone, including the Suzhou Intelligent Robot Training Center and the new headquarters of Jingkong Energy with a total investment of 500 million yuan, alongside a 680 million yuan smart energy storage project [2] - In the first quarter of this year, Suzhou High-tech Zone signed 48 new projects with a total investment of 14.5 billion yuan and initiated 47 new projects with a total investment of 35.22 billion yuan [2] - The district has launched a 2025 action plan to optimize the business environment, introducing 32 initiatives focused on enhancing market, innovation, government, legal, and cultural environments, including the establishment of "Industrial Neighborhood Centers" and a "Business Service Supermarket" [2]

周三（5月7日），半导体行业ETF收涨2.05%，全球航空业ETF涨1.49%，科技行业ETF涨1%。 可选消费ETF、医疗业ETF、全球科技股指数ETF至少涨0.71%，生物科技指数ETF反弹0.67%，金融业ETF、银行业ETF、区域银行ETF至多涨0.59%。 网络股指数ETF则收跌0.28%。 | SYMBOL # | PRICE $ | CHANGE + | %CHANGE + | LOW # | HIGH # | PREVI | | --- | --- | --- | --- | --- | --- | --- | | CONS DISC | 1,585.98 | +15.94 | +1.02 ▲ | 1,570.72 | 1,594.57 | | | TECHNOLOGY | 4.198.36 | +37.7 | +0.91 A | 4,123.43 | 4,219.42 | | | HEALTH | 1,576.66 | +12.68 | +0.81 ▲ | 1,565.76 | 1,581.26 | | | FINANCIALS | 822.44 | +5.05 | +0.62 A | 81 ...

Core Viewpoint - Major industry ETFs in the US experienced an upward trend, with global airline, banking, and regional banking ETFs rising over 1% [1] Industry Summary - **Global Airline ETF**: Current price at 21.09, increased by 1.35% (+0.28), with a trading volume of 73,832 shares. Year-to-date performance shows a decline of 16.80% [2] - **Banking ETF**: Current price at 52.25, increased by 1.10% (+0.57), with a trading volume of 86,539 shares. Year-to-date performance shows a decline of 5.13% [2] - **Regional Banking ETF**: Current price at 56.03, increased by 1.03% (+0.57), with a trading volume of 961,200 shares. Year-to-date performance shows a decline of 6.54% [2] - **Consumer Discretionary ETF**: Current price at 198.99, increased by 0.73% (+1.44), with a trading volume of 186,600 shares. Year-to-date performance shows a decline of 11.06% [2] - **Financial Sector ETF**: Current price at 49.47, increased by 0.63% (+0.31), with a trading volume of 1,695,900 shares. Year-to-date performance shows an increase of 2.73% [2] - **Biotechnology ETF**: Current price at 119.34, increased by 0.63% (+0.74), with a trading volume of 76,627 shares. Year-to-date performance shows a decline of 9.65% [2] - **Healthcare ETF**: Current price at 134.99, increased by 0.49% (+0.66), with a trading volume of 543,500 shares. Year-to-date performance shows a decline of 1.50% [2] - **Semiconductor ETF**: Current price at 215.97, increased by 0.17% (+0.38), with a trading volume of 528,200 shares. Year-to-date performance shows a decline of 10.82% [2] - **Technology Sector ETF**: Current price at 213.85, increased by 0.08% (+0.18), with a trading volume of 338,600 shares. Year-to-date performance shows a decline of 7.87% [2] - **Utilities ETF**: Current price at 80.57, increased by 0.06% (+0.05), with a trading volume of 916,600 shares. Year-to-date performance shows an increase of 7.20% [2] - **Global Technology ETF**: Current price at 78.66, increased by 0.04% (+0.03), with a trading volume of 4,057 shares. Year-to-date performance shows a decline of 7.19% [2] - **Consumer Staples ETF**: Current price at 81.38, increased by 0.04% (+0.03), with a trading volume of 936,200 shares. Year-to-date performance shows an increase of 4.07% [2] - **Internet ETF**: Current price at 236.53, increased by 0.03% (+0.07), with a trading volume of 6,753 shares. Year-to-date performance shows a decline of 2.73% [2] - **Energy Sector ETF**: Current price at 80.47, decreased by 0.06% (-0.05), with a trading volume of 1,009,000 shares. Year-to-date performance shows a decline of 5.33% [2]

Core Viewpoint - The People's Bank of China announced a 0.5 percentage point reduction in the reserve requirement ratio for financial institutions, expected to provide approximately 1 trillion yuan in long-term liquidity to the market, alongside a 0.1 percentage point decrease in policy interest rates, creating a favorable environment for high-dividend assets [1] Group 1: Monetary Policy Impact - The recent monetary policy adjustments are aimed at implementing a more proactive macroeconomic policy, which is expected to support the performance of dividend assets in the long term [1] - The decline in the risk-free interest rate is anticipated to enhance the attractiveness of stable dividend income, positioning dividend assets as a key focus for long-term capital seeking value [1] Group 2: ETF Products Overview - E Fund's dividend series ETFs have been progressively developed, with the recent launch of the Dividend Value ETF (563700) complementing existing products like the E Fund Dividend ETF (515180) and the Dividend Low Volatility ETF (563020), providing comprehensive coverage of A-share and Hong Kong markets [1] - The four E Fund dividend ETFs are designed with a core focus on high dividend yields and feature a low management and custody fee of 0.20% per year, which can enhance long-term returns [2] Group 3: Index Composition - The E Fund Dividend ETF (515180) tracks the CSI Dividend Index, which selects 100 stocks with high cash dividend yields and stable dividends, reflecting the overall performance of high-dividend stocks [2] - The Dividend Value ETF (563700) tracks the CSI Dividend Value Index, selecting 50 stocks with good liquidity, continuous dividends, and high dividend yields, using a dividend yield weighting approach [4] - The Dividend Low Volatility ETF (563020) tracks the CSI Dividend Low Volatility Index, focusing on 50 stocks with low volatility and high dividend yields, catering to long-term capital allocation needs [6] Group 4: Dividend Distribution Policies - The three ETFs (563700, 563020, 159545) evaluate excess returns quarterly, with distinct distribution evaluation dates throughout the year, ensuring coverage of dividend distributions across all 12 months [4] - The Heng Seng Dividend Low Volatility ETF (159545) evaluates excess returns and distributable profits on the last trading day of January, April, July, and October [4]

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、 ...

黄金方面，周二黄金价格总体呈现上涨的状态，当日价格最高上涨至3434.61位置，最低下跌至3323.14位置，收盘于3430.31位置。针对周二黄金在早盘价格 依托日线支撑进一步上涨，随后早盘首次测试高点回撤618位置后调整，但是后续再度发力上涨突破，最终当天收盘在高位，日线大阳收尾，后续则需要关 注日线及四小时支撑区间看上涨。只有后续下破后才会进一步看承压。 宏观面 当前全球经济与政治局势错综复杂，对市场与国际关系影响深远。经济上，美国面临多重压力。2 年期国债收益率下行，受贸易逆差和企业悲观展望影响， 市场担忧贸易战冲击。交易员预计美联储今年三次降息，首次或在 9 月，但投资者仍忧心政策不宽松，市场前景不明。国际经贸合作有新进展，印英达成贸 易协议，英美也将签协定，英部分商品可免特朗普加征关税。能源市场，欧佩克 + 超预期增产致油价下跌，沙特警告过剩成员国，哈萨克斯坦考虑履约。 政治领域，乌克兰批准与美矿产协议草案，阿曼与美、也门达成护航行自由协议，英国政府坚持削减福利政策。后市方面，市场关注美联储政策决定，预计 本次利率不变但未来存变数。同时，以色列与胡塞武装、印巴间的冲突摩擦，让地缘局势紧张，投资者需 ...

昨天我们强调继续看涨黄金，和周一及上周五一样亚盘、欧盘涨为主，至少美盘前不去看跌，看冲击3360-70及3385极限要上涨3410-40区域。昨日黄金亚盘 小幅回撤3323一线旋即大涨，日内一路上破，美盘依托3370-75继续上涨，日线以大阳线收盘3430以上，日内大涨112美元。今日早盘跳空3438一线后迎来崩 盘式跳水，至此多头目标3440一线目标达成！ 突发重大消息，中美准备关税和谈，重大利空，黄金早盘3438美元一线跳水60多美元，日内应该触顶了；如无重大利多推动，早盘高点3438不应再突破，否 则一旦突破3500必定会破，只是3500以上走多远则不清楚。当前，关注中美关税和谈的同时，全球地缘局势也应重点关注：重点印巴冲突，两国人口接近17 亿，局势失控会很恐怖；然后是俄乌僵局，美伊危机等对黄金构成利多，明天凌晨美联储利率决议也需要重点关注，今天中国公布黄金储备数据。 止损，永远是对的，错了也对！ 死扛，永远是错的，对了也错！ 横批：止损无条件！ 如果没有交易原则，那么，一切技术等于零！ 黄金市场依然消息左右一切，印巴冲突，关税战，美伊危机等消息冲击市场，避险情绪高涨！黄金周一大涨101美元，昨天大涨 ...

日度报告——综合晨报 中美高层将举行会谈，EIA 下调美国原油产量 预期 [T报ab告le_日R期an：k] 2025-05-07 宏观策略（黄金） 中美高层将举行会谈 国际金价大涨近 100 美金，受贸易局势和地缘政治风险升温的推 动国内开市后黄金表现强势，关税问题仍然是市场交易的核心， 外交部官宣中美高层将就贸易问题接触，利空黄金。 宏观策略（美国股指期货） 欧盟与美国关税谈判收效甚微 综 关税谈判进展波折，关税影响可能会逐步显现，三大股指震荡 偏弱运行。 合 宏观策略（股指期货） 晨 五一假期全国出游人次 3.14 亿同比增 6.4% 报 节后第一个交易日 A 股气势如虹，放量上涨。中美贸易缓和与 中国产业升级的主题掩盖了宏观面承压的现状。市场处于下有 底，上有顶的状态中，仍需消化不利影响。 农产品（玉米） 节后首个工作日玉米现货延续上涨态势 期货价格出现小幅回落，现货价格则仍然相对强势。进口拍卖 的担忧增加，在北港基差仍然偏弱、部分贸易商群体仍然谨慎 的情况下，短期或会抑制期货的上涨势头。 能源化工（原油） EIA 下调今年美国产量预期 油价修复性反弹，EIA 下调今年美国原油产量预期。 航运指数（集 ...

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 ...

2025年5月6日 研究所晨会观点精萃 分析师 贾利军 从业资格证号： F0256916 投资咨询证号: Z0000671 电话: 021-80128600-8632 邮箱：jialj@qh168.com.cn 明道雨 从业资格证号: F03092124 投资咨询证号: Z0018827 电话: 021-80128600-8631 刘慧峰 从业资格证号: F3033924 投资咨询证号: Z0013026 电话: 021-80128600-8621 邮箱：Liuhf@qh168.com.cn 刘兵 从业资格证号: F03091165 投资咨询证号: Z0019876 邮箱: wangyil@qh168.com.cn 多。 投资咨询业务资格: 证监许可[2011]1771号 宏观金融： 美国非农就业数据好于预期，提振全球风险偏好 【宏观】 海外方面，美国公布的一季度 GDP 环比-0.3%，大幅不及预期；但非 农就业数据强劲,表明就业市场尚未受到关税政策的显著影响,而且美国４月 ISM 非制造业 PMI 从 3 月份的 50.8 上升至 4 月的 51.6，经济韧性较强，美联储降息 预期从６月推迟到７月,美元和 ...