截至一季度末，科威特政府投资局跻身24只A股十大流通股东，市值累计54.93亿元，环比增36.95%。该机构一季度新进9只个股前十大流通股 东，增持3只，减持5只，7只持股未变。其中，增持飞科电器163万股，持仓市值3.01亿元，占流通股1.88%；增持应流股份54万股，持股市值1.82 亿元，占流通股1.44%。重仓股市值方面，持有的卫星化学、三花智控市值均超5亿元，但一季度对二者有所减持。行业分布上，其重仓个股涉及 家电、机械、硬件设备、汽车零配件、电气设备等。 阿布扎比投资局以QFII身份入场较晚，2021年才在北京设办事处，投资偏好从医药生物逐步扩展至硬件设备、建材等。截至一季度末，该机构现 身27只A股前十大流通股东，累计持股市值超106亿元，环比增74%。一季度新进12只个股前十大流通股东，增持9只，减持5只，1只持股不变。 重仓市值上，第一大重仓股为紫金矿业，持有1.63亿股，市值29.56亿元，同时持有东方锆业、河钢资源等有色金属个股。值得一提的是，紫金矿 业也是高毅资产邓晓峰的重仓股，高毅晓峰2号致信基金持股约1.93亿股，与阿布扎比投资局同列前十大流通股东。增持偏好方面，阿布扎比投资 局一 ...

Group 1 - During the May Day holiday, Chinese assets strengthened, with the Hang Seng Index rising by 1.74% and the Hang Seng Tech Index increasing by over 3% [1] - The Nasdaq Golden Dragon Index saw a cumulative increase of nearly 3% during the holiday period, reflecting a positive trend in Chinese stocks [1] - Major Chinese concept stocks experienced significant gains, with Kingsoft Cloud rising over 22% and Pinduoduo increasing by over 6% [1] Group 2 - Analysts suggest that the A-share market is likely to see a rebound after the holiday, driven by improved risk appetite and positive economic indicators [2][3] - The offshore RMB strengthened significantly, with a notable increase of nearly 1% on May 2, providing a favorable environment for potential interest rate cuts [2] - The market is expected to focus on themes related to consumption and technology, with recommendations for sectors such as AI, consumer services, and renewable energy [3][4] Group 3 - The economic recovery is supported by strong performance in consumer services and high-tech manufacturing sectors, indicating a positive outlook for these industries [4][5] - Key trends include the enhancement of China's technological capabilities, the rebuilding of European defense, and the acceleration of domestic demand through improved social security [5] - Investment strategies should focus on sectors with policy support and seasonal catalysts, including computing, automation, and consumer goods [3][4]

Core Viewpoint - The report highlights the significant presence of QFII funds, particularly the Kuwait Investment Authority and Abu Dhabi Investment Authority, among the top ten circulating shareholders of A-shares, with a combined market value exceeding 16 billion yuan as of the end of the first quarter [1] Group 1: Kuwait Investment Authority - The Kuwait Investment Authority appeared in the top ten circulating shareholders of 24 A-shares, with a cumulative market value of 5.493 billion yuan, reflecting a quarter-on-quarter increase of 36.95% [1] - In the first quarter, the Kuwait Investment Authority increased its holdings in Feike Electric by 1.63 million shares, with a cumulative market value of 301 million yuan, representing 1.88% of circulating shares [2] - The authority also increased its stake in Yingliu Co. by 540,000 shares, with a cumulative market value of 182 million yuan, accounting for 1.44% of circulating shares [2] Group 2: Abu Dhabi Investment Authority - The Abu Dhabi Investment Authority became a top ten circulating shareholder in 27 A-shares, with a cumulative market value exceeding 10.6 billion yuan, marking a quarter-on-quarter growth of 74% [3] - In the first quarter, the Abu Dhabi Investment Authority entered the top ten circulating shareholders of 12 new stocks, increased holdings in 9 stocks, and reduced holdings in 5 stocks [3] - The largest holding of the Abu Dhabi Investment Authority is Zijin Mining, with 163 million shares valued at 2.956 billion yuan [3]

Core Viewpoint - The article highlights the strengthening of the offshore RMB against the USD, driven by positive domestic consumption data and favorable policies, alongside a notable performance in the Hong Kong stock market, particularly in technology stocks [2][4][19]. Currency Market - On May 2, the offshore RMB appreciated nearly 1% against the USD, with the exchange rate moving from a previous close of 7.27730 to a low of 7.20850 [2][3]. - The year-to-date performance shows a decline of 1.71% for the USD against the offshore RMB [3]. Stock Market Performance - The FTSE China A50 futures rose nearly 0.5% as of May 2 [4]. - The Hong Kong stock market saw all three major indices rise, with the Hang Seng Index up 1.7% to 22,494.50 points, the Hang Seng China Enterprises Index up 1.87% to 8,227.40 points, and the Hang Seng Tech Index up 3.13% to 5,246.68 points [7][8]. Sector Performance - The technology sector led the gains in the Hong Kong market, with significant increases in stocks related to AI and the automotive industry [9]. - Notable stock performances included Horizon Robotics up 14.5%, Kingsoft up 6.74%, XPeng Motors up 6.66%, and Xiaomi up 6.31% [11]. AI Industry Developments - The AI sector is experiencing rapid advancements, with several companies releasing new models, including DeepSeek's new model with 671 billion parameters [12]. - NIO, XPeng, and Li Auto reported significant year-on-year growth in vehicle deliveries for April, with XPeng achieving a 273% increase [13][14]. Capital Inflows - In April, southbound funds recorded a net inflow of 166.67 billion HKD, with a single-day record of 35.59 billion HKD on April 9 [16]. - Year-to-date, the total inflow of southbound funds reached 605.33 billion HKD [16]. Market Outlook - Analysts expect the Hong Kong market to continue its upward trend in May, with the Hang Seng Index and Hang Seng Tech Index showing attractive valuations [19]. - There is a focus on sectors benefiting from domestic consumption policies, with recommendations to invest in technology growth and high-dividend stocks [20].

Core Viewpoint - The National Social Security Fund (社保基金) has made significant moves in the first quarter, revealing its investment strategies through the disclosure of its major holdings and changes in stock positions. Group 1: Major Holdings - The top five stocks held by the social security fund, with market values exceeding 2.3 billion yuan, are SANY Heavy Industry (三一重工) at 3.352 billion yuan, Transsion Holdings (传音控股) at 2.891 billion yuan, Yun Aluminum (云铝股份) at 2.513 billion yuan, Sun Paper (太阳纸业) at 2.405 billion yuan, and Hualu Hengsheng (华鲁恒升) at 2.342 billion yuan [3][4]. Group 2: New Additions - In the first quarter, the social security fund entered the top ten shareholders of 215 companies, with Baosteel (宝钢股份) being the most favored, acquiring 158 million shares valued at 1.14 billion yuan [4][5]. Group 3: Increased Holdings - The fund increased its holdings in 145 companies, notably in Gemdale Corporation (金地集团) and Small Commodity City (小商品城), with increases of over 30 million shares each [6][7]. Group 4: Specific Stock Changes - Specific increases include 39.68 million shares in Gemdale, 33.32 million shares in Small Commodity City, and 19.33 million shares in China Merchants Shekou (招商蛇口) [8][9]. - The fund also reduced its holdings in China Aluminum (中国铝业) and Shanxi Coal (山西焦煤) by over 50 million shares each [9].

A股上市公司一季报披露收官。 2025年一季度，A股上市公司业绩呈现"营收承压、利润改善"格 局。 Wind数据显示，5399家披露一季报的企业合计营收16.83万亿元，同比微降0.38%； 归母净 利润1.49万亿元，同比增长3.47%，较2024年四季度回升18.7个百分点，盈利修复动能逐步释放 。 板块分化显著。 一季度 主板营收同比下滑0.77%，归母净利润同比增长3.84%；创业板营收增速为 6.05%，净利润增速为15.40%；科创板与北交所净利润同比下降，降幅分别为63.04%和7.65%。行业层 面，科技与消费结构性走强，半导体、家电、硬件设备营收增速均超15%，毛利率稳中有升；房地产、 国防军工、煤炭等周期板块营收降幅超过15%，ROE处于历史低位，新旧产业替代趋势加速。 超七成上市公司一季报实现盈利，近五成实现净利润正增长。消费与科技主线渐成支撑，半导体、可选 消费净利润增速创五年新高，A股从总量修复转向结构优化的新阶段正在形成。 // 业绩总览 // 1.1 A股单季度业绩同比增长趋势 2025年一季度，A股整体营收同比增速为-0.38%（较2024年第四季度回落1.68个百分点）， A ...

但商人出身的特朗普，尽管莽撞无知、却并非不知利害。 形势比人强，面对大洋彼岸股、债、汇的连续"三杀"，在我国"打样"后各国对于关税战的态度转变，以及意识到即使"解雇"鲍威尔也无法促使美联储降息； 昨日开始特朗普终于"服软"。 正如收市锐评多次提及，包括港股在内、本轮全球金融市场的动荡，主要是由特朗普个人所引起的。 特朗普，就像一头闯进瓷器店的公牛，他多变的政策和情绪化的表态，在近期搅得全球金融市场及贸易格局暗流涌动、鸡犬不宁。 | Wind香港二级行业指数 | | | | | | --- | --- | --- | --- | --- | | Wind香港硬件设备 Wind香港消费者服 Wind香港澳蒙都新闻 wind香港 | | | | Wind香港传媒 | | 6.26% | 5.60% | 3.59% | 3.05% | 3.04% | | Wind香港国防军工 Wind香港软件服务 Wind香港房地产投 2.95% | 2.93% | 2.23% | Wind香港家电II 2.22% | Wind香港机械 2.07% | | Wind Wind Wind The Mind The Free For W ...

本文作者：刘晨明/许向真/陈振威 报告摘要 扫描下图二维码 ， 可进入周一早8:00的路演链接 4月2日美国宣布超预期"对等关税"引发全球市场巨震，4月5日中国宣布对美34%反制关税后恐慌加剧。 对于港股 市场将如何反映关税冲击，我们认为不宜低估 短期风险与不确定性， 外部冲击之后，逻辑回到内需修复与自主可控： 1. 贸易战以来中国对美国直接出口敞口有所收窄，但对转口国比例提升明显，很大程度上美国仍是这部分出口的最终消费国。 2. "转口国"是此次美国"对等关税"的重点打击对象，后续谈判不排除会有涉中措施。 特朗普上台以来，墨西哥、越南、泰国、印尼都曾对中国采取加税或从严 监察措施。 3. 港股科技硬件、医疗保健、可选消费以及部分工业和基础设施领域上市公司有不小的风险敞口，短期我们更建议规避不确定性。文中我们梳理了港股前50大 市值+机构最关注的50家公司2012年以来的出口占比。 对于此次 "对等关税"可以有正面或负面理解，负面理解在于关税对出口的直接冲击，同时市场可能再度 交易人民币主动贬值；正面理解在于此次美国加征关税多面树敌，且美国国内经济数据走弱、降息预期陡增，反而为中国逆周期调节赢得宝贵的时间和空 ...

Overview of Equity Financing Market - In Q1 2025, the A-share equity financing market maintained a steady issuance rhythm, with a total of 57 financing events, a decrease of 21 events compared to the same period last year, raising a total of 92.255 billion yuan, a year-on-year increase of 14.82% [1][2] - The number of IPOs was 25, down by 6 from the previous year, with a fundraising scale of 15.82 billion yuan, a decline of 41.39% [1][2][16] - The number of private placements was 24, down by 14, raising a total of 62.755 billion yuan, an increase of 24.08% year-on-year [1][2] Financing Method Distribution - In Q1 2025, the distribution of financing methods showed that IPOs accounted for 17.15% of the total, with 25 events raising 15.82 billion yuan; private placements accounted for 68.02%, with 24 events raising 62.755 billion yuan; and convertible bonds accounted for 14.83%, with 8 events raising 13.68 billion yuan [5][8] Industry Distribution of Financing Entities - The hardware equipment industry led the fundraising with 21.3 billion yuan, followed by non-bank financials and public utilities with 12 billion yuan and 11.9 billion yuan, respectively [9] Regional Distribution of Financing Entities - Shanghai ranked first in fundraising with 18.018 billion yuan from 6 projects, primarily due to Guotai Junan's private placement project. Shaanxi followed with 17.439 billion yuan from 1 project, and Guangdong raised 15.891 billion yuan from 9 projects [12][15] IPO Distribution by Board - The innovation and entrepreneurship board led the fundraising with a total of 59.17% of the total IPO amount. The Shanghai main board had 5 IPOs raising 3.507 billion yuan (22.17%), while the Shenzhen main board had 3 IPOs raising 1.656 billion yuan (10.46%) [18][21] Top 10 IPO Financing Amounts - The highest IPO financing in Q1 2025 was from Kaifa Technology, raising 1.169 billion yuan, followed by Xingfu Electronics and Hanshu Technology with 1.168 billion yuan and 1.162 billion yuan, respectively [28][29] Trends in Private Placement Financing - In Q1 2025, the overall financing scale of private placements slightly exceeded the same period last year, with 24 events raising 62.755 billion yuan, an increase of 24.08% year-on-year [30] Top 10 Underwriters by Total Amount - CITIC Securities topped the underwriting amount with 30.352 billion yuan, followed by AVIC Securities with 8.720 billion yuan and Dongfang Securities with 7.141 billion yuan [45][46]

Group 1 - 26 companies have disclosed their 2024 annual reports, with 16 companies showing positive revenue growth, and 14 companies reporting positive net profit growth [3][6][7] - Among the 26 companies, 23 have announced dividend plans, representing nearly 90% of the total [3][7][8] - Notable companies with significant growth include Langhong Technology, Tianma New Materials, and Audiwei, with revenue growth exceeding 30% [3][6][7] Group 2 - The overall market performance of the North Exchange A-shares has been relatively stable, with a weekly increase of 0.07% and an average daily trading volume of 281 billion [3][10][12] - The North Exchange A-shares' overall PE ratio has decreased to 44X, while the daily turnover rate has dropped to 7.79% [12][16] - The North Exchange has seen a high-quality expansion, with the recent listing of Kaifa Technology raising 1.169 billion, marking it as the "fundraising king" since the exchange's inception [3][10][19] Group 3 - The report highlights the importance of focusing on companies with stable dividends and potential earnings surprises in Q1 2025, as well as trading opportunities in hot themes like semiconductors and consumer electronics [10][12] - The North Exchange 50 index has shown a slight increase, closing at 1,306.50 points, while the overall market sentiment remains cautious due to recent stock reduction behaviors [10][14][18] - The report indicates that 4 companies have updated their review status to "inquired," while one company has had its review status updated to "suspended" [28]