科创板融资余额环比前一日增加2.79亿元，其中，41股融资余额环比增加超1000万元，融资净买入居前 的有芯原股份、天岳先进、九号公司等股。 | 代码 | 简称 | 最新融资余额（万 | 环比增减金额（万 | 环比增减 | 当日涨跌幅 | | --- | --- | --- | --- | --- | --- | | | | 元） | 元） | （%） | （%） | | 688521 | 芯原股 份 | 94839.41 | 4483.92 | 4.96 | 1.98 | | 688234 | 天岳先 进 | 48652.88 | 3911.99 | 8.74 | 6.58 | | 689009 | 九号公 司 | 81941.80 | 3362.79 | 4.28 | 2.85 | | 688116 | 天奈科 技 | 90613.74 | 3229.85 | 3.70 | 2.25 | | 688326 | 经纬恒 润 | 16288.80 | 2766.78 | 20.46 | 11.51 | | 688278 | 特宝生 物 | 88081.73 | 2677.47 | 3.14 | -1.57 | ...

Market Overview - On May 21, the Shanghai Composite Index rose by 0.21%, the CSI 300 increased by 0.47%, the STAR Market 50 fell by 0.22%, the CSI 1000 decreased by 0.23%, the ChiNext Index rose by 0.83%, and the Hang Seng Index increased by 0.62% [3][4] - The best-performing industries on May 21 were coal (+2.55%), non-ferrous metals (+2.05%), electric equipment (+1.11%), banking (+0.71%), and pharmaceutical biology (+0.63%). The worst-performing industries were beauty care (-1.09%), electronics (-0.93%), media (-0.87%), social services (-0.87%), and machinery equipment (-0.83%) [3][4] - The total trading volume of the A-share market on May 21 was 12,143.73 billion yuan, with a net inflow of 1.427 billion HKD from southbound funds [3][4] Important Insights - In the bond market, the strategy focuses on 5-7 year mid-term interest rate bonds and 2-3 year credit bonds, which are considered to have a balanced risk-reward profile. Opportunities for long-term bonds should be approached with caution until the risk-reward ratio improves [5] - Since late March, long-term bond yields have not significantly broken previous lows, indicating a consensus among market participants regarding psychological price points. Current long-term government bond yields have already priced in much information, making it unlikely for the 10-year and 30-year government bond yields to fall below 1.60% and 1.80%, respectively [5] - Market concerns regarding the volatility of funding prices are limiting the potential for a steepening yield curve. The current external nature of funding prices has led to uncertainty, preventing the curve from steepening as expected. Therefore, it is suggested to use 5-7 year interest rate bonds or 2-3 year credit bonds as a base to mitigate risks associated with long durations and unexpected funding price fluctuations [5]

本报记者孟珂 事实上，近段时间，外资机构竞相"唱多"中国股票。 摩根士丹利中国首席经济学家邢自强表示，中国拥有充足的应对冲击的回旋空间。原因有四方面：一是 国内政策刺激拥有加码空间；二是整体社会民生仍具有承压能力；三是产业链集群优势，短期内难以被 取代；四是在下一阶段的科技革命中，中国具有巨大的科创潜力。 据统计，二季度以来，截至5月21日，共有349家外资机构密集调研A股上市公司。高盛、花旗、野村等 知名机构调研总次数均超过40次。电子、医药生物、机械设备等行业受到外资青睐程度位居前列。 景顺亚太区（日本除外）全球市场策略师赵耀庭表示，中国股票市场已基本回到4月初的水平。中国的 电动汽车电池、工程机械、家电和宠物食品公司等行业或将会从中受益。 "去年9月份以来，政策持续发力，A股市场高波动中显韧性。第一季度非金融板块同比盈利增长较多， 预期今年A股的盈利在每个季度都会有良性的回升，为市场增长提供基本面支撑。人工智能、高端制造 及新消费利好将逐步释放。在全球投资背景下，中国股市战略重要性提升，带来超额回报机遇。"房东 明说。 随着中美经贸高层会谈取得了积极成果，叠加国内政策层面的持续发力、制度环境的不断优化， ...

Core Viewpoint - The North Exchange 50 Index has shown strong performance, continuously reaching new historical highs, driven by valuation recovery and supportive policies for innovative small and medium-sized enterprises [1][2][3] Group 1: Market Performance - As of May 21, the North Exchange 50 Index closed at 1479.81 points, with an intraday high of 1500.31 points, marking consecutive days of new highs [1] - The index has increased over 42% year-to-date, with more than 60% of its constituent stocks being "specialized and innovative" enterprises [2] - Notable stocks such as Jinbo Biology, Minshida, and Junchuang Technology have seen gains exceeding 50% this year [2] Group 2: Investor Sentiment and Participation - The market's enthusiasm is amplified by the small-cap style and a 30% price fluctuation rule, which enhances capital speculation [2] - Nearly 80% of North Exchange-themed funds have reported a net value increase of over 30% this year, leading to some funds implementing purchase limits [2] - The number of public fund institutions investing in North Exchange stocks has increased by 17.24% compared to the end of 2024, indicating improved participation [2] Group 3: Reform and Future Outlook - Recent reforms are expected to accelerate, with measures such as public issuance of convertible bonds and revisions to restructuring rules being implemented [4][5] - The introduction of a "small and fast" review mechanism for major asset restructuring is anticipated to invigorate the market [4] - The North Exchange is expected to enter a new development phase, with ongoing reforms aimed at enhancing the quality and quantity of listed companies [5]

Group 1: IPO Market Overview - The Hong Kong stock market is experiencing a new wave of IPO activity, with total fundraising reaching HKD 145 billion in the past year, a year-on-year increase of 2.7 times [1][2] - The top ten IPOs, primarily from mainland companies, contributed 75% of the total fundraising, with notable leaders being CATL and Midea Group [2][3] - As of May 21, 2025, 76 new stocks have been listed, with 23 companies going public this year alone, raising a total of HKD 653 billion [2] Group 2: Key Players and Fundraising - CATL and Midea Group led the fundraising efforts with HKD 410 billion and HKD 356.66 billion respectively, marking them as the top fundraisers for 2024 and 2025 [2][4] - Other significant players in the second tier include Horizon Robotics, SF Express, and China Resources Beverage, each raising over HKD 50 billion [2][4] - The third tier consists of consumer-related companies like Mixue Group and Chifeng Gold, raising between HKD 20 billion and HKD 40 billion [3][4] Group 3: Globalization and Strategic Moves - Chinese companies are accelerating their global expansion through the "A+H" dual capital market strategy, which is crucial for their international growth [5][6] - Leading companies in various sectors, including pharmaceuticals and consumer electronics, are planning to list in Hong Kong to enhance their global presence [6][7] - The automotive sector is also seeing increased activity, with companies like Seres and Chery Motors planning to raise funds through IPOs in Hong Kong [8] Group 4: Capital Inflows and Market Dynamics - The weakening US dollar has led to increased capital inflows into the Hong Kong market, as investors seek to buy Chinese assets [9][10] - The Hong Kong Monetary Authority has injected over HKD 1.16 billion into the market to support the Hong Kong dollar, reflecting strong demand for stocks [9] - The successful IPOs of companies like CATL have created a "money-making effect," encouraging more mainland companies to pursue listings in Hong Kong [10] Group 5: Regulatory Environment - The Hong Kong regulatory framework is evolving to facilitate the listing process for mainland companies, including the introduction of a "special line" for tech and biotech firms [11][12] - Recent changes have lowered the minimum requirements for H-share listings, making it easier for companies to access the Hong Kong capital market [12]

Market Performance - The ChiNext Index rose by 0.83%, closing at 2065.39 points, with a total trading volume of 316.05 billion yuan, a decrease of 8.183 billion yuan compared to the previous trading day [1] - Among the tradable ChiNext stocks, 297 closed higher, with 13 stocks rising over 10%, including Shutaishen and Haichen Pharmaceutical, which hit the daily limit [1] - A total of 1064 stocks closed lower, with 3 stocks declining over 10% [1] Turnover Rate - The average turnover rate for the ChiNext today was 3.40%, with 47 stocks having a turnover rate exceeding 20% [1] - The highest turnover rate was for C Taili at 64.64%, with a closing drop of 13.17% and a trading volume of 675 million yuan [1] - Other notable stocks with high turnover rates included Tianyuan Pet (61.61%) and Honggong Technology (52.88%) [1] Sector Analysis - Among the high turnover stocks, the pharmaceutical and biological sector had the most representation, with 7 stocks listed [2] - The machinery equipment and basic chemicals sectors followed closely, each with 6 stocks [2] Institutional Activity - Seven high turnover ChiNext stocks appeared on the Dragon and Tiger List, with institutional participation noted in six of them [2] - Fengmao Co. saw a net institutional buy of 20.68 million yuan, while Haichen Pharmaceutical had a net sell of 1.78 million yuan [2] Capital Flow - In the high turnover stocks, 21 experienced net inflows from main funds, with Haichen Pharmaceutical leading at 95.248 million yuan [3] - Conversely, Tianyuan Pet had the highest net outflow at 185 million yuan [3] - Three high turnover stocks released half-year performance forecasts, with Zhongjie Automobile expecting a net profit increase of 4.72% [3]

科创50指数今日下跌0.22%，报收995.49点，科创板全日成交量22.90亿股，成交额738.13亿元，加权平 均换手率为1.36%。 证券时报·数据宝统计显示，今日可交易科创板股中，157只股收盘上涨，涨幅超过10%的有3只，涨幅 在5%至10%的有13只，收盘下跌的有422只，跌幅超10%的有1只。 科创板股换手率区间分布显示，换手率超过20%的有2只，换手率10%~20%的有7只，换手率5%~10%的 28只，换手率3%~5%的69只，换手率1%~3%的297只，换手率不足1%的有184只。 换手率最高的是C汉邦，该股为上市5日内的新股，跌幅为4.82%，换手率34.54%，日成交额2.73亿元， 全天主力资金净流出2755.93万元。其次是中邮科技，该股今日收盘上涨18.18%，全天换手率23.29%， 成交额7.28亿元，换手率居前的还有利扬芯片、航天南湖、胜科纳米等，换手率分别为16.39%、 16.05%、12.22%。 | 688716 | 中研股份 | 37.95 | -3.70 | 8.20 | -1232.95 | | --- | --- | --- | --- | --- | -- ...

所属行业来看，上述特大单净流入资金居前个股中，汽车、电力设备、医药生物行业最为集中，上榜个 股分别有5只、3只、2只。（数据宝） 特大单净流入资金排名 | 代码 | 简称 | 收盘价（元） | 涨跌幅（%） | 特大单净流入（亿元） | 行业 | | --- | --- | --- | --- | --- | --- | | 600418 | 江淮汽车 | 39.58 | 8.56 | 12.73 | 汽车 | | 002165 | 红宝丽 | 12.79 | 9.97 | 8.48 | 基础化工 | | 002074 | 国轩高科 | 26.65 | 9.99 | 7.94 | 电力设备 | | 002617 | 露笑科技 | 8.23 | 10.03 | 6.82 | 公用事业 | | 300750 | 宁德时代 | 274.08 | 4.21 | 4.72 | 电力设备 | | 601899 | 紫金矿业 | 18.49 | 5.90 | 4.21 | 有色金属 | | 002594 | 比亚迪 | 400.00 | 1.32 | 4.03 | 汽车 | | 601127 | 赛力斯 | 133.50 ...

Market Overview - The A-share market showed mixed performance today, with the Shanghai Composite Index rising by 0.21% to close at 3387.57 points, while the Shenzhen Component Index increased by 0.44% to 10294.22 points. The ChiNext Index fell by 0.22% to 995.49 points, and the Growth Enterprise Market Index rose by 0.83% to 2065.39 points. Overall, there were more decliners than advancers, with 3599 stocks declining and 1615 stocks advancing across the market. The total trading volume in the Shanghai and Shenzhen markets reached 11734 billion yuan, an increase of 37.64 billion yuan compared to the previous trading day [1]. Industry Performance - Among the primary industries, coal, non-ferrous metals, electric equipment, banking, pharmaceutical biology, and transportation sectors led the gains, while beauty care, electronics, media, social services, machinery equipment, and retail sectors experienced declines [1]. - The top-performing concept sectors included gold and jewelry, selected air transport, power batteries, coal mining, central enterprise coal, lithium battery anodes, lithium iron phosphate batteries, solid-state batteries, sodium-ion batteries, complete vehicles, cobalt mines, battery recycling, new energy vehicles, germanium-gallium-antimony ink, and antibiotics [2].

Group 1 - The core viewpoint is that China's innovative drug BD (business development) transactions are experiencing significant growth in both volume and quality since 2024, with notable increases in upfront payments and total package amounts, indicating international recognition of Chinese innovative drugs [1] - At the 2025 AACR conference, 126 companies showcased nearly 300 research results, with the number of Chinese companies and displayed results reaching historical highs, reflecting international academic recognition of domestic innovative drugs [1] - Despite ongoing US-China tariff frictions since April, multiple BD transactions for drugs have still been completed, demonstrating the strong momentum of innovative drugs going abroad [1] Group 2 - The innovative drug ETF (517110) tracks the SHS Innovative Drug (RMB) Index (931409), which is compiled by China Securities Index Co., Ltd., selecting listed companies involved in the research, production, and sales of innovative drugs from the A-share market [2] - The index aims to reflect the overall performance of innovative drug-related companies in the A-share market, with constituent stocks characterized by significant R&D investment and growth potential [2] - The innovative drug sector is expected to benefit from outbound transactions, AI empowerment across the pharmaceutical industry, and the implementation of innovative drug category B medical insurance, leading to potential increases in profitability and valuation [1]