盘前要闻 1、降准今日落地：向金融市场注入约1万亿元流动性，后续仍有降准空间 类型：宏观 情绪影响：正面 2025年首次降准于今日落地，向金融市场注入约1万亿元流动性，为经济持续回升向好提供有力支持。 专家表示，在国内物价水平偏低的背景下，预计下半年人民银行还会继续实施降准，全年降准幅度将达 到1个百分点，与2024年相当。 2、七部门发文设立国家创业投资引导基金，培育发展战略性新兴产业 类型：宏观 情绪影响：正面 科技部等七部门发文提出，发挥国家创业投资引导基金支持科技创新的重要作用，将促进科技型企业成 长作为重要方向，培育发展战略性新兴产业特别是未来产业，推动重大科技成果向现实生产力转化，加 快实现高水平科技自立自强，培育发展新质生产力。 3、拆解4月金融数据：政府债企业债拉动社融，信贷结构已有趋势性改变 类型：宏观 情绪影响：正面 央行数据显示，4月末广义货币M2同比增长8%，4月社会融资规模同比多增1.22万亿元。业内专家分析 称，政府债券发行加快是社融最主要的拉动因素。金融对实体经济支持的力度仍然较大，政策思路需转 向更加注重促消费已成为业内共识。 4、中国结算澄清：并无针对网络传言所谓"查场外配资 ...

每经记者｜杨建 每经编辑｜彭水萍 （一）重要市场新闻 1、5月13日晚，美国通胀数据公布，美国4月CPI同比上涨2.3%，预期2.4%，前值2.4%；美国4月核心 CPI同比上涨2.8%，预期2.8%，前值2.8%。美股三大指数收盘涨跌不一，纳指涨1.61%，标普500指数涨 0.72%，道指跌0.64%。其中，标普500指数年内转涨。英伟达涨超5%，创2月27日以来收盘新高；特斯 拉涨约5%，创2月24日以来收盘新高。热门中概股多数下跌，纳斯达克中国金龙指数收跌0.07%。小马 智行跌逾10%，文远知行跌超6%，哔哩哔哩、好未来跌超2%，蔚来、小鹏汽车跌近2%。 2、COMEX黄金期货涨0.96%，报3259美元/盎司；COMEX白银期货涨1.47%，报33.105美元/盎司。 WTI 6月原油期货收涨1.72美元，涨幅2.77%报63.67美元/桶。布伦特7月原油期货涨2.57%，报66.63美 元/桶。德国DAX 30指数初步收涨0.23%，报23619.50点，继续创收盘历史新高。法国股指初步收涨 0.20%，英国股指初步收跌0.05%。 （二）行业掘金 1、5月13日，2025数据智能大会将于6月1 ...

明日主题前瞻 1、智能体 | 5月13日，据智通财经，2025数据智能大会将于6月18日至19日在北京召开，大会将发布数智应用领域的多项标准。智能体研发运营(AgentOps)是 以智能体(AIAgent)为核心对象，强调将传统AI模型开发与智能体特有的规划、推理、执行、反馈能力相结合，形成端到端的管理闭环，围绕智能体全生命 周期构建的系统性方法论，通过标准化流程、自动化工具链及跨职能协作机制，提升智能体开发效率、增强智能体运营稳定性、优化多智能体协同能力、促 进智能体系统同业务场景的紧密耦合。 点评：报道指出，在技术革新、场景适配与市场需求的三重因素驱动下，2024年全球智能眼镜市场的出货量为156.8万副，同比增长119%；中国智能眼镜市 场出货量为16.7万副，同比增长44.0%。据《IDC中国可穿戴设备市场季度跟踪报告》显示，华为智能眼镜系列连续4年蝉联中国音频眼镜市场出货量第一。 随着AI眼镜不断放量，智能眼镜产业链公司将受益。 5、可复用火箭 | 5月13日，中国航天科技集团六院宣布，140吨级重复使用液氧甲烷发动机完成首次整机试验并取得成功。该发动机是我国推力最大的开式 液氧甲烷发动机，将为可重 ...

周二A股的高开低走看似有些令人失望，但细思后还是可以理解的，并不能说特别出人意料。 A股今日之所以走势显弱，一方面是因关税后续谈判始终会存有变数，另一方面是市场对于经济刺激政 策特别是财政刺激政策的预期应该也会随着"短期出口前景转好"而减弱一些。 操作方面，建议投资者继续持股观望，在持仓上可做适度调整，比如可纳入更多的关税敏感型出口类个 股。虽然大盘短期内走势令人失望，但毕竟关税形势已大幅转好，故A股过分下跌的概率应相当小，完 全不排除短期内就能重拾升势的可能。 封面图片来源：每日经济新闻 文多 摄 板块方面，航运港口、光伏、银行、酒店餐饮、日用化工等板块涨幅居前。上周以来表现强劲的航天航 空、船舶制造等军工类股出现明显调整，稀土、计算机设备、交运设备、通信设备等板块表现也稍弱。 周边市场方面，隔夜美股大涨，道指涨2.81%，标普500涨3.26%，纳指涨4.35%。然而，周一已提前大 涨的港股于周二明显回落，恒生指数收挫1.87%，恒生科技指数下跌3.26%。 汇市方面，美元指数周一最终大涨1.38%，周二亚欧交易时段则微有回落。离岸人民币汇率周一大升 0.56%至7.1995，周二曾进一步升值至7.179 ...

Market Overview - As of May 13, 2025, A-shares showed mixed performance with the Shanghai Composite Index up by 0.17% at 3374.87 points, while the Shenzhen Component Index and the ChiNext Index fell by 0.13% and 0.12%, closing at 10288.08 points and 2062.26 points respectively. The total trading volume across both markets reached 1.29 trillion yuan [1]. Industry Performance - The photovoltaic equipment, shipping ports, and cosmetics industries topped the gainers' list, with increases of 2.23%, 2.21%, and 1.97% respectively. A total of 500 non-currency ETFs rose, representing 44% of the market [2]. - The China Photovoltaic Industry Index increased by 1.53%, with specific ETFs such as the Photovoltaic ETF Index Fund, E Fund Photovoltaic ETF, and Photovoltaic 50 ETF rising by 2.23%, 1.84%, and 1.83% respectively. The China Global Education Theme Index rose by 0.85%, while the Education ETF increased by 1.97% [2]. ETF Performance - The latest share size of the S&P 500 ETF reached 347 million shares, closely tracking the S&P 500 Index, which includes 500 leading companies accounting for approximately 80% of the available market capitalization in the U.S. stock market [4]. - The current price-to-earnings ratio (PE-TTM) of the S&P 500 Index stands at 26.01, which is lower than 69.84% of the time over the past three years [5]. - The Nasdaq Biotechnology ETF has a share size of 1.135 billion shares, tracking the Nasdaq Biotechnology Index, which includes securities classified as biotechnology and pharmaceuticals [5]. - The Photovoltaic ETF Index Fund has a share size of 115 million shares, closely following the China Photovoltaic Industry Index, with key stocks including Longi Green Energy, Sungrow Power Supply, and TCL Technology [5]. Declining ETFs - A total of 547 non-currency ETFs declined, with a drop rate of 49%. The China 2000 Index performed poorly, falling by 0.30%, while the China Military Industry Index and the China Defense Index had the largest declines at 2.98% and 2.97% respectively [5]. - The top declining ETFs included the China 2000 Enhanced ETF, Aerospace ETF, and Military Leading ETF, with declines of 3.89%, 3.18%, and 3.08% respectively [7]. Premium Rates - The S&P 500 Consumer Select Index showed a premium of 25.03%, while the S&P 500 ETF had a premium of 19.68% at market close [8]. - The top ETFs by premium rate included the S&P Consumer ETF at 25.03% and the S&P 500 ETF at 19.68% [9].

Fund News Overview - Several fund companies have announced the suspension of large purchases for their dividend-themed funds, with the total scale of dividend funds reaching 251.37 billion yuan as of the end of Q1, an increase of approximately 27 billion yuan from the end of Q4, marking a new high [1] - The total scale of the first batch of Hang Seng Technology ETFs has increased to 75.563 billion yuan, a significant growth of 14.15 times from its initial scale of 4.989 billion yuan [1] - The number of "fixed income +" funds has exceeded 1,700, with an overall product scale increasing by over 140 billion yuan since the end of last year, and some funds achieving annual returns exceeding 10% [1] ETF Market Review - The market opened high but closed lower, with the Shanghai Composite Index rising by 0.17% and the Shenzhen Component Index and ChiNext Index falling by 0.13% and 0.12% respectively. The total trading volume in the two markets was 1.29 trillion yuan, a decrease of 16.9 billion yuan from the previous trading day [2] - Notable sectors that performed well included shipping ports, photovoltaics, and banking, while aerospace, computer equipment, and small metals sectors saw declines [2] ETF Performance - The S&P Consumer ETF and S&P 500 ETF both reached their daily limit, with the S&P Consumer ETF priced at 1.557 yuan, up 10.04%, and the S&P 500 ETF at 1.868 yuan, up 10.01% [3] - The photovoltaic ETFs also showed positive performance, while the CSI 2000 Enhanced ETF led the declines with a drop of 3.89% [4] Industry Insights - The photovoltaic industry is currently experiencing a downturn, with capacity utilization around 50%. Most segments are expected to enter cash losses, necessitating a supply-side adjustment. The Ministry of Industry and Information Technology is tightening regulations on new capacity, which may lead to further production cuts and a gradual recovery in profitability as supply clears [5] New Fund Launches - A new fund named "China Merchants Dividend Quantitative Stock Selection Mixed Fund" is set to launch, focusing on a mixed equity strategy with a performance benchmark linked to the China Dividend Index and other indices [6]

华金证券认为，短期A股延续震荡偏强走势，可能突破上行。1)A股短期震荡偏强的趋势可能进一步加 强，基本面预期的改善可能导致A股突破上行。一是近期A股震荡偏强的核心驱动因素可能进一步加 强：首先，政策和流动性宽松是A股"五一"节后走强的主要驱动因素；其次，中美缓和带来的风险偏好 改善是推动近期走势偏强的另一个核心因素，本次超预期降低关税对这个因素有进一步的更强的推动。 二是A股短期持续维持偏低的成交额，主要还是对经济基本面的担心导致保险、基金及外资等机构资金 和增量资金未入市，本次降低关税可能大幅改善机构的风险偏好，一旦A股成交额放大，可能开启突破 上行的行情。2)中期强化A股慢牛逻辑。一是政策发力导致信用筑底进而提升A股估值的逻辑进一步强 化。二是牛市形成需要的基本面条件可能进一步满足。 东莞证券认为，周一，A股市场全天高开高走，创业板指领涨。盘面上，市场热点集中在军工、机器人 等方向，个股涨多跌少。短期来看，随着财报季结束，以及外部关税利空因素逐步消退，市场进入阶段 性风险偏好回升阶段，5、6月市场风格有望逐步回归科技成长。在经济维持韧性与政策工具箱蓄力的支 撑下，市场短期或延续震荡向上格局。 中原证券认为 ...

Group 1: Company News - Li Jun has resigned as the Deputy General Manager of Baoying Fund due to personal reasons, effective May 8, 2025 [1] - Baoying Fund announced that there is no indication of Li Jun taking on another position within the company [1] Group 2: Fund Market Trends - A total of 31 public funds raised approximately 6.3 billion yuan last week, with the highest single fund exceeding 1.9 billion yuan and the lowest around 10 million yuan [2] - Stock funds accounted for 58.28 billion units issued in a week, representing 91.85% of the market share, marking the highest proportion since January 2024 [2] - The issuance scale of mixed and bond funds has significantly contracted year-on-year [2] Group 3: Bond Market Developments - Eleven fund companies have reported the Shanghai AAA Technology Innovation Corporate Bond Index Fund this year, indicating growing interest in technology bonds [3] - The Shanghai AAA Technology Innovation Corporate Bond Index has shown an annualized return of 4.1% and an annualized volatility of 1.4% as of May 9 [3] - The total amount of fund dividends reached 87.1 billion yuan this year, setting a new record, with bond funds being the main contributors, accounting for 82% of the dividend funds [4][5] Group 4: Public Fund Investments - Public funds have increased their holdings in the Beijing Stock Exchange, with the amount reaching a record high of 6.743 billion yuan, a 24.45% increase from the end of last year [6] - The number of public funds investing in the Beijing Stock Exchange has also reached a new high, with 34 funds participating, a 17.24% increase from the end of last year [6] Group 5: Market Outlook - The bond market is expected to show slight fluctuations, with external factors still needing observation [7] - Positive conditions for interest rate bonds are anticipated, with potential for yield declines in the second quarter [8] - A cautious approach is recommended for convertible bonds, focusing on the matching of underlying stock valuations to avoid pitfalls [8] Group 6: Market Performance - On May 12, the market saw gains with the Shanghai Composite Index rising by 0.82%, the Shenzhen Component Index by 1.72%, and the ChiNext Index by 2.63% [9] - The total trading volume reached 1.31 trillion yuan, an increase of 116.4 billion yuan from the previous trading day [9] - Aerospace, shipbuilding, and communication equipment sectors showed significant gains, while precious metals, bioproducts, and electricity sectors experienced declines [9]

5月12日，多个"金价下跌"相关话题冲上微博热搜。 下午，金价突然跳水。伦敦金指数直线下挫，截至今日15:28， 伦敦金现跌破了3230点，日内跌幅扩大至3%。 今日下午A股盘后（15：00），新华社发布中美日内瓦经贸会谈联合声明。 受此影响， 目前仍在交易中的恒生科技指数涨超6%，恒生指数涨幅扩大至近3%，此外，富时中国A50指数期货同样出现异动，短线拉升涨1.5%。 今天， 黄金品牌也纷纷回调金饰价格。周生生足金饰品标价1007元/克，较前一日1021元/克的价格下跌14元/克。周大福足金饰品标价1008元/克，较前一 日1022元/克的价格下跌14元/克。 业内人士提醒，当前黄金市场高位波动加剧，普通投资者应理性对待，避免盲目"追涨杀跌"，防范投资风险。 新闻多看点 消息面上，今天下午，新华社发布《中美日内瓦经贸会谈联合声明》。（早前报道：） 恒生科技指数 ◀ HS2083 L2 5442.01 高 5500.89 开 5291.67 量 17.60亿 261.76 5.05% 低 5215.13 振幅 5.52% 额 800.77亿 相关 ETF 2 恒生科技 ETF 2.45% 跟踪度 100% > ...

消息面上，在周一A股收盘时，中美日内瓦经贸会谈联合声明发布，本次中美经贸高层会谈取得实质性 进展，大幅降低双边关税水平。 周边市场方面，上周五美股大致平收。周一港股恒指大涨2.98%，恒生科技指数暴涨5.16%。 汇市方面，美元指数于周一亚太交易时段小涨，午后欧洲交易时段又因上述关税相关利好消息而加速上 涨。至周一傍晚时分，美元指数暂涨约1%。人民币汇率在美元升值背景下不跌反升，至周一傍晚时 分，离岸人民币汇率暂升0.44%至7.2080。 周二A股高开应无悬念，就操作层面来看，短期内投资者不妨更侧重一些结构性机会。既然关税会淡已 取得了重大进展，投资者一般就可选择些之前承压严重的出口类个股，这部分个股应至少会有些修复性 行情。 每经记者｜郑步春 每经编辑｜叶峰 周一A股普涨，截至收盘，上证综指涨0.82%至3369.24点；深综指、创业板综指、科创50、北证50分别 涨1.70%、2.39%、0.49%、2.89%。 由盘面看，上周表现强势的军工股再度发力大涨，军工板块中的航天航空与船舶制造涨势最为明显。此 外，电机、通信设备、消费电子、交运设备、电池、电子元件板块涨幅居前。下跌个股相对较少，医 药、食品饮 ...