昨日基金共对20家公司进行调研，扎堆调研灿勤科技、哈尔斯、格力博等。 5月26日基金调研公司一览 | 代码 | 简称 | 基金家数 | 最新收盘价（元） | 近5日涨跌幅（%） | 行业 | | --- | --- | --- | --- | --- | --- | | 688182 | 灿勤科技 | 13 | 28.20 | -2.05 | 通信 | | 301260 | 格力博 | 12 | 20.73 | -3.89 | 机械设备 | | 603970 | 中农立华 | 12 | 14.07 | 0.21 | 基础化工 | | 002615 | 哈尔斯 | 12 | 7.42 | -1.33 | 轻工制造 | | 002311 | 海大集团 | 11 | 59.91 | 5.09 | 农林牧渔 | | 688213 | 思特威 | 11 | 89.65 | -0.55 | 电子 | | 301070 | 开勒股份 | 6 | 73.06 | 21.62 | 机械设备 | | 688267 | 中触媒 | 6 | 26.63 | 5.76 | 基础化工 | | 601607 | 上海医药 | 6 | 18 ...

5月26日沪指下跌0.05%，市场两融余额为18058.58亿元，较前一交易日增加45.23亿元。 证券时报·数据宝统计显示，截至5月26日，沪市两融余额9162.17亿元，较前一交易日增加23.80亿元； 深市两融余额8841.84亿元，较前一交易日增加21.36亿元；北交所两融余额54.57亿元，较前一交易日增 加771.04万元；深沪北两融余额合计18058.58亿元，较前一交易日增加45.23亿元。 分行业看，申万所属行业中，融资余额增加的行业有19个，增加金额最多的行业是汽车，融资余额增加 14.75亿元；其次是医药生物、电力设备行业，融资余额分别增加12.32亿元、5.22亿元。 具体到个股来看，融资余额出现增长的股票有1828只，占比49.77%，其中，269股融资余额增幅超过5% 。融资余额增幅最大的是新安洁，该股最新融资余额345.62万元，较前一交易日增幅达58.10%；股价表 现上，该股当日上涨2.53%，表现强于沪指；融资余额增幅较多的还有宏工科技、宏裕包材，融资余额 增幅分别为57.83%、55.68%。 | 代码 | 简称 | 最新融资余额（万 | 较前一个交易日增减 | 当日涨跌 ...

截至收盘，上证指数报收3346.84点，下跌0.05%；深证成指收于10091.16点，下跌0.41%；创业板指下 跌0.80%；科创50指数上涨0.17%。 | 代码 | 简称 | 收盘价（元） | 换手率（%） | 涨停板封单（万股） | 封单资金（万元） | 行业 | | --- | --- | --- | --- | --- | --- | --- | | 002366 | 融发核电 | 6.19 | 13.84 | 6508.84 | 40289.72 | 电力设备 | | 603333 | 尚纬股份 | 7.48 | 0.54 | 2889.62 | 21614.36 | 电力设备 | | 002229 | 鸿博股份 | 17.12 | 33.82 | 1186.81 | 20318.19 | 轻工制造 | | 000903 | 云内动力 | 4.17 | 4.09 | 4693.09 | 19570.20 | 汽车 | | 603192 | 汇得科技 | 25.91 | 1.04 | 720.95 | 18679.79 | 基础化工 | | 002174 | 游族网络 | 12.91 | 6.9 ...

【 机构观点综评 】 方正证券指出，展望后市，小微盘占优行情特征或将延续。博时基金认为，存款 挂牌利率下移，汇率约束的缓解，货币市场以及短端利率补降可能会延续。 一、焦点锐评 1．LPR迎来年内首降，六大行同步调降存款利率 二、权益市场 1.中信证券：特朗普政策不确定性仍是大类资产配置主线 中信证券明明认为，大类资产配置方面，特朗普政策不确定性仍然是大类资产配置的主线，未来需要关 注外贸政策缓和或焦点转向内政的可能性。而在目前特朗普影响市场的模式中，"特朗普看跌期权"仍然 生效。在今年底至明年初之前，美债或为4%~5%区间震荡行情；黄金仍然是最具确定性的资产；特朗 普影响下美股的胜率仍然偏低；美元或偏弱震荡。但若特朗普政策焦点转向内部，美股和美债的拐点可 能提前到来。 2.方正证券：小微盘占优行情特征或延续 方正证券指出，展望后市，小微盘占优行情特征或将延续，主要判断依据包括：一是当前资本市场无系 统性风险，整体上A股风险偏好在不断回升。二是工业品价格持续收缩、上市公司盈利仍在筑底，经济 转型探索新方向过程仍在延续。三是流动性持续宽裕，无风险利率处于历史低位。四是新质生产力持续 发展，并购重组进一步释放市场活 ...

受政策利好影响，A股并购重组概念板块表现抢眼。5月19日，并购重组概念板块上涨4.06%，领涨A股 所有概念板块。个股方面，五新隧装、金利华电、光智科技、天汽模、焦作万方等个股涨停，其中滨海 能源实现五连板，海翔药业二连板。 从行业分布看，并购重组活跃个股主要集中在电力设备、房地产、机械设备、化工、交通运输、食品饮 料、轻工制造等行业。其中，多家央企旗下上市公司成为市场关注焦点，包括中国电气装备集团、中国 宝武钢铁集团、中船系、国家电投集团等。 对私募基金引入"反向挂钩"安排，投资期限满48个月的，锁定期限可相应缩短，有效缓解"退出难"问 题。此外，监管部门提高对财务状况变化、同业竞争和关联交易的包容度，明确上市公司之间吸收合并 的锁定期要求，进一步优化并购重组环境。 数据显示，今年以来上市公司筹划资产重组更加积极，已披露超600单，是去年同期的1.4倍；其中重大 资产重组约90单，是去年同期的3.3倍。已实施完成的重大资产重组交易金额超2000亿元，是去年同期 的11.6倍，资本市场功能得到有效发挥。 市场表现与热点个股动态 截至本周，多家公司披露并购重组进展，如信邦智能拟以发行股份、可转换公司债券及支付现 ...

沪指本周下跌0.57%，其中，94股成交活跃，周换手率超过100%。 证券时报·数据宝统计显示，本周共有94只个股换手率超过100%；换手率在50%~100%的有324只；换手 率在10%~50%的有2264只。分行业看，本周换手率100%以上个股中，基础化工行业个股最多，有14只 个股上榜；轻工制造、机械设备等紧随其后，分别有12只、11只个股上榜。 | 872392 | 佳合科 | 27.32 | 12.89 | 122.71 | | 轻工制 | | --- | --- | --- | --- | --- | --- | --- | | | 技 | | | | | 造 | | 300886 | 华业香 | 26.86 | 8.48 | 121.68 | -19.19 | 美容护 | | | 料 | | | | | 理 | | 870656 | 海昇药 | 26.05 | 0.19 | 120.61 | | 医药生 | | | 业 | | | | | 物 | | 301320 | 豪江智 | 21.05 | 10.56 | 120.05 | 3146.23 | 机械设 | | | 能 | | | | | 备 ...

Consumption - Automotive consumption remains high, with wholesale and retail sales showing a slight decline due to seasonal factors, but the four-week average year-on-year growth rate remains stable[4] - Service consumption is relatively flat, with urban congestion indices decreasing and subway passenger flow rebounding, although overall numbers are slightly down year-on-year[4] Investment - Infrastructure investment is accelerating, with special bond issuance reaching CNY 1.48 trillion as of May 18, 2025, and CNY 285.2 billion issued in the first 18 days of May[11] - Real estate transactions in 30 cities show a seasonal rebound but year-on-year growth has dropped from 6.3% to -15.0%[14] Trade and Port Operations - Import and export activities have rebounded due to tariff adjustments, with port operations improving and the number of ships docking at ports increasing significantly[17] - Export freight rates have seen a notable increase, with Shanghai and Ningbo export rates rising by 10.0% and 6.5% respectively[17] Production - Power generation coal consumption has rebounded, indicating marginal recovery in production, with some industries showing improved operating rates[19] - The steel and petrochemical sectors have seen slight improvements in operating rates, although some areas still face year-on-year declines[20] Inventory and Prices - Most inventories have decreased, except for coal and cement, which have seen increases, with coal inventories reaching historical highs[32] - Consumer Price Index (CPI) has decreased while Producer Price Index (PPI) has increased, indicating a stabilization in industrial product prices overall[34] Currency and Liquidity - The Chinese Yuan has appreciated to 7.20 against the US dollar, with the dollar index rising by 56 basis points due to favorable US economic data[39] - Funding rates have slightly increased, with R007 and DR007 rising by 5 and 10 basis points respectively[36]

Market Overview - The Shanghai Composite Index fell by 0.22% on May 22, with only three sectors gaining, namely banking, media, and home appliances, which increased by 1.00%, 0.12%, and 0.04% respectively [2] - The sectors that experienced the largest declines were beauty care and social services, with decreases of 2.03% and 1.80% respectively [2] - The light industry manufacturing sector dropped by 0.61% [2] Capital Flow Analysis - The main capital outflow from the two markets totaled 33.098 billion yuan, with four sectors seeing net inflows [2] - The defense and military industry led the net inflow with 1.228 billion yuan, despite a decline of 0.24% in the sector [2] - The media sector also saw a slight increase of 0.12% with a net inflow of 1.157 billion yuan [2] Light Industry Manufacturing Sector - The light industry manufacturing sector saw a net inflow of 689 million yuan, with 156 stocks in the sector [3] - Out of these, 31 stocks rose, including five that hit the daily limit, while 122 stocks fell, with two hitting the daily limit down [3] - The top three stocks with the highest net inflow were Hongbo Shares (4.54 billion yuan), Wangzi New Materials (298 million yuan), and Qiangbang New Materials (142 million yuan) [3] Top Gainers in Light Industry Manufacturing - The top gainers in the light industry manufacturing sector included: - Hongbo Shares: +5.41% with a turnover rate of 36.32% and a net inflow of 454.37 million yuan [4] - Wangzi New Materials: +10.02% with a turnover rate of 67.11% and a net inflow of 298.05 million yuan [4] - Qiangbang New Materials: +10.01% with a turnover rate of 26.20% and a net inflow of 142.27 million yuan [4] Top Losers in Light Industry Manufacturing - The top losers in the light industry manufacturing sector included: - Jiyou Shares: -9.98% with a net outflow of 121.37 million yuan [5] - Mingyue Lens: -4.13% with a net outflow of 55.31 million yuan [5] - Source Pet: -10.00% with a net outflow of 51.61 million yuan [5]

消费新趋势下的投资机遇 20250520 摘要 • 2025 年中国消费板块呈现"弱贝塔阿尔法"特征，机构投资者更易把握 个股机会，美妆护理涨幅领先，受益于积极政策和市场复苏，阿尔法行情 预计延续。 • 消费行业子行业分化显著，新兴消费如宠物、美肤、IP 类产品表现突出， 传统消费如部分白酒和调味品下滑，保健品、小食品、乳制品及连锁业态 转型升级。 • 食品饮料行业分化明显，保健品中麦角硫因受追捧，乳制品行业周期触底 反转，奶价或回升，推荐奶源自给率高的天润乳业和低温产品领先的新乳 业。 • 小食品行业结构性分化，友友食品和盐津铺子把握新渠道，魔芋三杰等品 类创新值得关注。连锁折扣业态通过提升效率降低价格，港股 COPA、鸣 鸣很忙及 A 股万成具机会。 • 美护及家居用品板块表现强势，推荐巨子生物、尚美润本、毛戈平、完美、 若羽臣等公司，预计增长 30%，视阳和珀莱雅估值修复潜力大，关注朵薇 卫生巾等家居用品竞争格局变化。 Q&A 当前中国消费市场的总体发展趋势是什么？ 中国消费市场呈现出明显的复苏和多样化的新发展趋势。从宏观数据来看，社 会消费品零售总额等指标显示总体增速良好。2025 年一季度上市公司财 ...

Market Performance - The ChiNext Index rose by 0.77%, closing at 2048.46 points, with a total trading volume of 324.24 billion yuan, an increase of 33.97 billion yuan compared to the previous trading day [1] - Among the tradable ChiNext stocks, 1,073 stocks closed higher, with 17 stocks hitting the daily limit up, including Xue Rong Biological, Tian Yuan Pet, and Chuang Yuan Shares [1][2] - The average turnover rate for the ChiNext today was 3.58%, with 46 stocks having a turnover rate exceeding 20% [1] High Turnover Stocks - The stock with the highest turnover rate was C Taili, which had a turnover rate of 81.51% and closed down by 7.55% [1][4] - Other notable high turnover stocks included Fengmao Shares with a turnover rate of 50.47% and Tian Yuan Pet with a turnover rate of 50.25% [1][4] - Among the high turnover stocks, 32 stocks rose today, while C Taili, Heng Erda, and Tuo Si Da experienced the largest declines [2] Institutional Activity - Seven high turnover ChiNext stocks appeared on the Dragon and Tiger list, with six stocks showing institutional participation [3] - Zhongzhou Special Materials had four institutional seats with a total net purchase of 345 million yuan, while Chuang Yuan Shares had a net purchase of 22.43 million yuan [3] - The stocks with the highest net inflows from trading departments included Chuang Yuan Shares, Xue Rong Biological, and Tian Yuan Pet, with net inflows of 45.75 million yuan, 37.70 million yuan, and 33.71 million yuan respectively [3] Fund Flow - Among the high turnover stocks, 25 stocks saw net inflows from main funds, with Huali Technology, Saimo Intelligent, and Chuang Yuan Shares receiving the most significant inflows of 143 million yuan, 142 million yuan, and 138 million yuan respectively [3] - Conversely, Tian Yuan Di Ke, Tuo Si Da, and Zhongzhou Special Materials experienced the largest net outflows of 314 million yuan, 239 million yuan, and 155 million yuan respectively [3] Earnings Forecasts - Two high turnover stocks announced their earnings forecasts for the first half of the year [4]