每日观点 今日或受关税预期变化影响，市场风险偏好受到提振，沪深三大指数反弹，两市成交放量至1.21万亿。 昨夜公布的美联储5月议息会议纪要显示，美国经济前景的不确定性进一步增加，联储决策者几乎全都 表达了对关税长期推升通胀的担忧，对于降息将采取谨慎态度，他们将等待有关财政和贸易政策的更多 明确信息，当前CME基于期货合约价格对于美联储利率的预测，9月降息概率不足5成。国内方面，经 济保持平稳修复态势，今年前四个月主要经济指标的同比增速超过去年四季度水平。当前中美贸易局势 阶段性缓和，在90天关税暂缓期内"抢出口"将继续，生产端偏强或将支撑起企业营收上升的空间。对于 A股而言，短期或将呈现区间震荡走势，中长期维度关注我国自主科技能力的提升，以及加速完善社会 保障并激发内需潜力的政策趋势。 消息面 当地时间5月28日，美国联邦法院阻止了美国总统特朗普在4月2日"解放日"宣布的关税政策生效，并裁 定特朗普越权，对向美国出口多于进口的国家征收全面关税。在联邦法院阻止加征关税之后，特朗普政 府提起上诉通知。 简评：联邦法院的裁决可能促使中美贸易关系出现新的变化。此前因"抢出口"透支需求的产业链企业或 迎来订单修复窗口， ...

Market Overview - A-shares market showed an overall upward trend in the morning, with major indices rising to varying degrees, particularly strong performances from the EDA concept and automotive sectors [1][4] - The North Stock 50 Index and ChiNext Index performed well, indicating a stronger market compared to previous trading days [4] Sector Performance - According to Shenwan's primary industry classification, several sectors including computer, automotive, electronics, pharmaceutical biology, machinery equipment, comprehensive, and national defense military industry saw intraday gains exceeding 1.5% [5] - EDA concept sector exhibited robust performance with an overall increase of over 6%, featuring stocks like Gelaun Electronics hitting the daily limit, and Guangliwei and Huada Jiutian rising over 15% [7] - The automotive sector also experienced fluctuations, with Jinlong Automobile hitting the daily limit and several other companies like Dongfeng Motor and Hanma Technology rising over 5% [7] New Listings - A new stock, Guqi Down Material, was listed today, with its price surging over 220% at one point, leading to a temporary halt due to hitting the trading limit [2][9] - Guqi Down Material focuses on high-spec down products, primarily goose and duck down, and has established partnerships with notable brands such as HLA and Bosideng [10] Hong Kong Market - The Hong Kong market saw a slight overall increase, with the Hang Seng Index constituents like WuXi Biologics and Shenzhou International leading the gains [12] - The Hang Seng Technology Index constituents, particularly XPeng Motors, experienced significant gains, with a rise of over 8% following the launch of new models [13] - However, Kingsoft Corporation faced a decline, with a drop of over 8% after reporting a revenue of RMB 2.338 billion for Q1 2025, reflecting a 9% year-on-year increase but a 16% quarter-on-quarter decrease [14]

两融余额持续回升，最新市场两融余额18105.17亿元，连续3个交易日增加，期间杠杆资金大幅加仓哪 些股票？ | 行业 | 最新融资余额（亿元） | 融资余额增加额（亿元） | 增幅（%） | | --- | --- | --- | --- | | 汽车 | 916.17 | 20.80 | 2.32 | | 医药生物 | 1243.30 | 17.59 | 1.43 | | 基础化工 | 776.64 | 12.43 | 1.63 | | 食品饮料 | 497.62 | 10.57 | 2.17 | | 电力设备 | 1266.79 | 5.53 | 0.44 | | 国防军工 | 638.97 | 4.61 | 0.73 | | 银行 | 531.26 | 4.03 | 0.76 | | 交通运输 | 340.37 | 2.51 | 0.74 | | 公用事业 | 423.54 | 2.33 | 0.55 | | 机械设备 | 937.07 | 2.10 | 0.22 | | 环保 | 146.37 | 1.95 | 1.35 | | 有色金属 | 776.27 | 1.54 | 0.20 | | 轻工制 ...

Core Viewpoint - A-shares show resilience amid external market adjustments, indicating a strengthening internal trend supported by recent monetary policy changes and trade negotiations [1][2]. Market Outlook - The current market has largely priced in the tariff events and the first phase of trade negotiations, with a need for additional catalysts to break through March highs [2]. - The extreme drop on April 7 was a one-time reaction to the "equal tariffs" event, and the market has since undergone substantial recovery [2]. - Future challenges to March highs will require new policies, trade negotiation progress, or significant economic indicators [2]. Hot Sectors - June is expected to be driven by event-based thematic trading, with focus on low-position sectors like consumption and pharmaceuticals, as well as adjusted technology growth [3]. - Key areas of interest include: 1. Consumption expansion and domestic demand as a priority for 2025, with expectations for policy support in sectors like dairy, IP consumption, leisure tourism, and medical aesthetics [3]. 2. The trend of robot localization and integration into daily life, with opportunities in sensors, controllers, and dexterous hands [3]. 3. The ongoing trend of semiconductor localization, focusing on semiconductor equipment, wafer manufacturing, materials, and IC design [3]. 4. The military industry is expected to see order recovery by 2025, with signs of bottoming out in various sub-sectors [3]. 5. Innovative drugs are entering a recovery phase after four years of adjustment, with positive net profit growth expected to continue into 2025 [3]. Market Review - A-shares experienced narrow fluctuations with reduced trading volume, while consumption and pharmaceuticals rebounded [4]. - The market showed overall weakness, with 31 primary sectors exhibiting mixed performance, led by textiles, pharmaceuticals, beauty care, environmental protection, and real estate [4].

Group 1 - The total upper limit of stock repurchase and shareholder increase loans in the A-share market has exceeded 120 billion yuan, involving over 600 listed companies [1][2][3] - Among the companies involved, the majority are from the main board, with over 400 companies, followed by the ChiNext board with over 100 companies, and the Sci-Tech Innovation Board with 80 companies [4] - The electronic industry has the highest number of companies participating in stock repurchase and increase loans, exceeding 60 companies, followed by the pharmaceutical and basic chemical industries, each with over 50 companies [4] Group 2 - Over 450 companies have announced stock repurchase loans, with a total upper limit of nearly 80 billion yuan, while over 180 companies have announced shareholder increase loans, with a total upper limit exceeding 40 billion yuan [3] - Nearly 300 companies have a loan upper limit exceeding 100 million yuan, with notable companies like Muyuan Foods, Haier Smart Home, and Gree Electric Appliances having loan limits exceeding 1 billion yuan [3] - More than 500 companies that have announced repurchase and increase loan matters are expected to have positive net profits for the year 2024, indicating that profitable companies account for over 80% of the total [4]

医药生物行业资金流出榜 医药生物行业资金流入榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 300534 | 陇神戎发 | 11.29 | 27.54 | 13261.07 | | 002437 | 誉衡药业 | 9.89 | 9.40 | 12683.64 | | 603259 | 药明康德 | 0.86 | 0.88 | 12103.63 | | 000953 | 河化股份 | 9.99 | 18.71 | 12103.00 | | 000078 | 海王生物 | 9.83 | 2.63 | 7433.92 | | 300558 | 贝达药业 | 7.94 | 4.81 | 7368.93 | | 002422 | 科伦药业 | -0.45 | 1.30 | 6954.77 | | 002907 | 华森制药 | 9.98 | 2.87 | 6810.87 | | 002821 | 凯莱英 | 4.45 | 1.95 | 6219.45 | | 600216 | 浙江医药 | 3.10 | ...

Report Overview - Report Title: "Safe-Haven Sentiment Boosts Domestic Bond Market and Gold - Fixed Income & Macroeconomic Weekly Report (20250519 - 20250525)" - Report Date: May 27, 2025 - Analyst: Zhang Hesheng 1. Report Industry Investment Rating - The provided content does not mention the industry investment rating. 2. Core View of the Report - The report indicates that the passage of Trump's tax reform bill and the deadlock in US - EU trade negotiations have led to increased market concerns. With the potential escalation of US - EU trade conflicts and the entry of the US debt ceiling issue into the two - party negotiation stage, market risk appetite may decline. This is beneficial for the domestic bond market but may negatively impact the equity market, and gold may continue to benefit [10][11][12]. 3. Summary by Related Catalog Stock Market Performance - In the past week (20250519 - 20250525), US stocks declined, with the Nasdaq, S&P 500, and Dow Jones Industrial Average falling 2.47%, 2.61%, and 2.47% respectively, and the Nasdaq China Technology Index dropping 1.33%. Meanwhile, the Hang Seng Index rose 1.10% and the FTSE China A50 Index rose 0.08% [3]. - Most A - share sectors declined, with the Wind All - A Index falling 0.63%. Among them, the CSI A100, CSI 300, CSI 500, CSI 1000, CSI 2000, and Wind Micro - Cap stocks changed by - 0.12%, - 0.18%, - 1.10%, - 1.29%, - 1.52%, and 0.04% respectively. In terms of sector styles, blue - chip and growth stocks in the Shanghai market declined, while in the Shenzhen market, blue - chip stocks rose and growth stocks fell. The North Securities 50 Index dropped 3.68%. Among industries, 9 out of 30 CITIC industries rose, with the top gainers being the comprehensive, pharmaceutical, and automotive industries, all with weekly gains of at least 1.8% [4]. Bond Market Performance - In the past week, the price of interest - rate bonds rose. The 10 - year Treasury bond futures contract rose 0.34% compared to May 16, 2025. The yield of the 10 - year Treasury bond active bond increased by 4.15 BP to 1.7208%. The yields of bonds with maturities of less than 1 year, 10 years, and 30 years increased, while those of other maturities decreased [5]. - The capital price mainly declined. As of May 23, 2025, R007 was 1.6266% (a change of 0.15 BP compared to May 16), DR007 was 1.5860% (a change of - 5.14 BP), and the spread between them widened. The overnight capital costs R001 and DR001 changed by - 3.94 and - 6.61 BP respectively. The central bank had a net injection of 460 billion yuan in the past week. In May, the MLF was over - renewed by 375 billion yuan. The bond market leverage level decreased, with the 5 - day average of inter - bank pledged repurchase volume decreasing from 7.14 trillion yuan on May 16 to 6.72 trillion yuan on May 23 [6]. - US Treasury yields increased, and the yield curve shifted upward. As of May 23, 2025, the 10 - year US Treasury yield increased by 8 BP to 4.51% compared to May 16, 2025, and the yields of all maturities increased [7]. Currency and Commodity Market Performance - The US dollar depreciated significantly, with the US Dollar Index dropping 1.84%. The US dollar depreciated against the euro, pound, and yen by 1.76%, 1.89%, and 2.15% respectively. The depreciation against the Chinese yuan was relatively small, with the offshore and onshore exchange rates dropping 0.52% and 0.20% respectively [8]. - Gold prices rose sharply. The London spot gold price rose 5.02% to $3342.65 per ounce, and the COMEX gold futures price rose 4.99% to $3351.00 per ounce. The domestic Shanghai gold price had a relatively smaller increase, with the spot price rising 4.02% to 776.40 yuan per gram and the futures price rising 3.76% to 777.98 yuan per gram [9]. Market - Influencing Events - On May 22, 2025, Trump's tax reform bill, "The One Big Beautiful Bill," passed the US House of Representatives. The bill plans to cut taxes by more than $4 trillion over the next decade and raise the US government debt ceiling by $4 trillion, which has raised concerns about the US fiscal sustainability [10]. - On May 23, 2025, Trump stated that the US - EU trade negotiations had made no progress and proposed a 50% tariff on EU imports starting from June 1. However, he later postponed the tariff to July 9. The US - EU trade negotiations are deadlocked, and future conflicts may escalate [11].

证券时报·数据宝统计，截至下午13:58，今日沪指跌0.24%，A股成交量671.87亿股，成交金额8033.50亿 元，比上一个交易日减少1.61%。个股方面，2153只个股上涨，其中涨停81只，3026只个股下跌，其中 跌停3只。从申万行业来看，纺织服饰、环保、医药生物等涨幅最大，涨幅分别为0.96%、0.59%、 0.59%；有色金属、电子、汽车等跌幅最大，跌幅分别为2.15%、1.34%、1.20%。 今日各行业表现（截至下午13:58） | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 纺织服饰 | 0.96 | 120.05 | 13.35 | 明牌珠宝 | 10.08 | | 环保 | 0.59 | 111.24 | 24.11 | 万德斯 | 11.30 | | 医药生物 | 0.59 | 646.97 | -7.98 | 新天地 | 17.87 | | 银行 | 0.54 | 179.24 | 3.25 | 杭州银行 | 2.25 | | 房地产 | ...

Market Overview - A-shares experienced low-level fluctuations on May 27, with the cultivated diamond sector leading the market [1][2] - The Shanghai Composite Index fell by 0.33%, Shenzhen Component Index by 0.87%, and ChiNext Index by 0.98% [2][3] - Over 3,500 stocks declined in the A-share market [2] Cultivated Diamond Sector - The cultivated diamond index rose by 4.45%, reaching 1953.05 [4] - Notable stocks in this sector included: - Huanghe Xuanfeng (600172.SH) up 10.10% - Huifeng Diamond up 7.55% - Sifangda up 5.69% [4] Industrial Profit Data - From January to April, industrial enterprises above designated size achieved total profits of 21,170.2 billion yuan, a year-on-year increase of 1.4% [5] - Key industries with profit growth included: - Agricultural and sideline food processing up 45.6% - Non-ferrous metal smelting and rolling up 24.5% - Electrical machinery and equipment manufacturing up 15.4% [5] Stock Performance - Several stocks showed significant activity, with some hitting the daily limit up: - Shangwei Co. (603333) saw a cumulative increase of 33.09% over three trading days [6] - Suzhou Longjie (603332) experienced a price deviation of 20% over two trading days [6] Hong Kong Market Activity - In the Hong Kong market, the Hang Seng Index fell by 0.18% and the Hang Seng Tech Index by 0.58% [7][11] - Shenzhou Holdings saw a significant increase, with shares rising over 18% due to shareholder intentions to increase holdings [12][13] - The proposed increase in shareholding by DCG amounts to 4.28 billion yuan (approximately 4.67 billion HKD) [12][13]

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 ...