Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints - From May 12 - 16, 2025, the CSI 300 rose 1.12%, and the overall estimated stock position of active equity and partial - equity hybrid funds decreased by 0.10% to 87.66% [2][7]. - The median estimated duration of medium - and long - term pure bond funds increased by 0.23 to 3.02 years, and the median duration of short - term pure bond funds increased by 0.01 to 0.97 years [2][19]. 3. Summary by Relevant Catalogs 3.1 Fund Stock Position Estimation - The overall estimated stock position of active equity and partial - equity hybrid funds has shown a volatile trend recently. Active equity funds' estimated stock position rose 0.17% to 90.16%, while partial - equity hybrid funds' position decreased 0.16% to 87.08% [7]. - The number of active equity and partial - equity hybrid funds with an overall increase or decrease in position ranging from 0% to 1% was 805, followed by 275 funds with a range from - 1% to 0% [11]. - Funds with a scale of 2 - 5 billion and 5 - 8 billion slightly increased their positions, while other scale funds slightly reduced their positions [11]. - In terms of fund holding styles, growth stocks accounted for a higher proportion in fund holdings. This week, value stocks were slightly added, and growth stocks were slightly reduced. The proportion of small - cap stocks in fund holdings was relatively high. This week, large - cap and mid - cap stocks were slightly added, and small - cap stocks were slightly reduced [13]. - The top 5 industries held by active equity and partial - equity hybrid funds this week were electronics (14.99%), power equipment (9.28%), pharmaceutical biology (6.49%), automobiles (6.49%), and machinery (6.29%). The top 3 industries with increased positions were national defense and military industry (+0.50%), non - bank finance (+0.35%), and computer (+0.07%); the top 3 industries with reduced positions were pharmaceutical biology (-0.20%), light industry manufacturing (-0.16%), and electronics (-0.11%) [16]. 3.2 Bond Fund Duration Estimation - The yield to maturity of the 10 - year China Development Bank bond increased by 5bps. The median estimated duration of medium - and long - term pure bond funds increased by 0.23 to 3.02 years, ranking at the 99.70% percentile in the past 5 years. The average median duration in the past 4 weeks was 2.70 years. The duration divergence increased, and the standard deviation of the estimated duration increased by 0.09 to 1.55 years. The median duration of short - term pure bond funds increased by 0.01 to 0.97 years [2][19]. - The median duration of credit bond funds increased by 0.24 to 2.70 years, with 6% of actively - operated funds and 25% of conservatively - operated funds. The median duration of interest - rate bond funds increased by 0.35 to 4.33 years, with 51% of actively - operated funds and 8% of conservatively - operated funds [2][19]. - The median estimated duration of credit bond funds increased by 0.24 to 2.70 years, ranking at the 99.70% percentile in the past 5 years. The average median duration in the past 4 weeks was 2.41 years, and the duration divergence increased. The median estimated duration of interest - rate bond funds increased by 0.35 to 4.33 years, ranking at the 100.00% percentile in the past 5 years [22]. - The estimated duration of credit bond funds this week was concentrated in the range of [2.5, 3) (171 funds), followed by [2, 2.5) (152 funds). The estimated duration of interest - rate bond funds was concentrated in the range of [5, +∞) (103 funds), followed by [4, 4.5) (52 funds) [26]. - Among credit bond funds, the proportion of funds with active duration operations (above the 80% percentile of their own duration in the past year) was 6.47%, and the proportion of funds with conservative duration operations (below the 20% percentile of their own duration in the past year) was 24.71%. Among interest - rate bond funds, the proportion of funds with active duration operations was 51.42%, and the proportion of funds with conservative duration operations was 7.95% [27]. - The yield to maturity of the 1 - year China Development Bank bond increased by 3bps. The median estimated duration of short - term pure bond funds increased by 0.01 to 0.97 years, ranking at the 93.30% percentile in the past 5 years. The average median duration in the past 4 weeks was 0.97 years. The duration divergence decreased, and the standard deviation of the estimated duration decreased by 0.00 to 0.46 years. The estimated duration of passive policy - bank bond funds increased by 0.01 to 3.26 years [31].

Market Performance - The major A-share indices showed varied performance, with the Beixin 50 index leading with a year-to-date increase of 37.06% and a weekly gain of 3.13% [1] - In the 31 Shenwan first-level industries, 20 sectors experienced an increase this week, with the beauty care index rising by 3.08% [1] Fund Flow - This week, four industries saw net inflows from main funds: beauty care (CNY 5.94 billion), pharmaceutical biology (CNY 4.71 billion), coal (CNY 2.85 billion), and building materials (CNY 0.76 billion) [2] - The computer, electronics, and defense industries faced the largest net outflows, totaling CNY 152.75 billion, CNY 127.33 billion, and CNY 84.9 billion respectively [2] Banking Sector Insights - The total market capitalization of the banking sector in A-shares surpassed CNY 10 trillion, reaching a historical high [2] - Open Source Securities expressed optimism about the banking sector's long-term value due to stable dividends and low valuations, predicting stable performance in 2025 [2] Investor Sentiment - A survey indicated that 41% of respondents believe the market will successfully break above 3400 points, while 68% view the current A-share market as a "volatile market" [3][6] - The proportion of investors looking to increase their positions remained at 27%, while those reducing their positions increased to 21% [3] Sector Outlook - The proportion of investors optimistic about the non-bank financial and pharmaceutical sectors has risen, with non-bank financial increasing to 6% and pharmaceuticals to 7% [8][9] - The technology and defense sectors saw a decline in investor interest, with technology dropping from 41% to 36% [8][9] Regulatory Impact - The China Securities Regulatory Commission announced modifications to the "Major Asset Restructuring Management Measures," which is expected to increase M&A projects and boost related financing activities [9] - This regulatory change is anticipated to provide more opportunities for securities firms to participate in M&A as financial advisors, potentially compensating for declines in investment banking revenue [9] Pharmaceutical Sector Analysis - Zhongyou Securities forecasts continued improvement in the pharmaceutical sector's performance in 2024 and Q1 2025, with overall profitability expected to rise [10] - The pharmaceutical sector remains at historically low valuation levels, indicating significant potential for upward movement [10]

2025 年 05 月 13 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 证券研究报告 | 策略点评 投资策略研究 粤开市场日报-20250513 今日关注 指数涨跌情况：今日 A 股主要宽基指数涨少跌多。截止收盘，沪指涨 0.17%， 收报 3374.87 点；深证成指跌 0.13%，收报 10288.08 点；创业板指跌 0.12%， 收报 2062.26 点；科创 50 跌 0.15%，收报 1009.68 点。总体上全天个股涨少 跌多，Wind 数据显示，全市场 1940 只个股上涨，3233 只个股下跌，237 只个 股收平。沪深两市今日成交额合计 12915 亿元，较上个交易日缩量约 169 亿 元。 行业涨跌情况：今日申万一级行业涨多跌少，银行、美容护理、医药生物、 交通运输和煤炭行业领涨，涨幅分别为 1.52%、1.18%、0.90%、0.72%和 0.62%， 国防军工、计算机、机械设备、电子和通信行业领跌，跌幅分别为 3.07%、0.80%、 0.66%、0.64%和 0.61%。 板块涨跌情况：今日涨幅居前概念 ...

沪指5月8日上涨0.28%，申万所属行业中，今日上涨的有21个，涨幅居前的行业为通信、国防军工，涨 幅分别为2.60%、2.57%。国防军工行业位居今日涨幅榜第二。跌幅居前的行业为美容护理、有色金 属，跌幅分别为0.96%、0.43%。 国防军工行业资金流出榜 资金面上看，两市主力资金全天净流出1.18亿元，今日有11个行业主力资金净流入，通信行业主力资金 净流入规模居首，该行业今日上涨2.60%，全天净流入资金24.23亿元，其次是电力设备行业，日涨幅为 1.62%，净流入资金为16.69亿元。 主力资金净流出的行业有20个，基础化工行业主力资金净流出规模居首，全天净流出资金26.63亿元， 其次是计算机行业，净流出资金为11.73亿元，净流出资金较多的还有纺织服饰、农林牧渔、有色金属 等行业。 300045 华力创通 4.58 5.87 2285.50 国防军工行业今日上涨2.57%，全天主力资金净流出2.21亿元，该行业所属的个股共139只，今日上涨的 有125只，涨停的有11只；下跌的有13只。以资金流向数据进行统计，该行业资金净流入的个股有58 只，其中，净流入资金超5000万元的有11只，净流入资 ...

注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （文章来源：证券时报网） | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 国防军工 | 5.19 | 487.89 | 122.30 | 通易航天 | 29.96 | | 房地产 | 1.43 | 145.80 | 65.74 | 三湘印象 | 10.14 | | 银行 | 1.23 | 172.90 | 2.52 | 西安银行 | 3.48 | | 石油石化 | 1.03 | 53.51 | 5.62 | 润贝航科 | 10.01 | | 非银金融 | 0.96 | 473.39 | 67.83 | 弘业期货 | 10.02 | | 纺织服饰 | 0.89 | 121.53 | 21.77 | 华纺股份 | 10.17 | | 美容护理 | 0.74 | 48.32 | 5.13 | 登康口腔 | 4.99 | | 建筑装饰 | 0.72 | 142.82 | 5.38 | 山水比德 | 12.78 | ...

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Composite Index rose by 0.34%, with significant gains in constituent stocks such as Jingjin Electric, which hit the daily limit, and others like Xinxiangwei, China Electric Research, and Weidao Nano showing increases of 12.76%, 11.45%, and 10.78% respectively [1] - The Huaxia Sci-Tech Innovation Index ETF (589000) increased by 0.43%, with the latest price reported at 0.93 yuan [1] - The trading volume of the Huaxia Sci-Tech Innovation Index ETF reached 1.25 billion yuan, with a turnover rate of 3.38% [1] Group 2 - The Huaxia Sci-Tech Innovation Index ETF has achieved a recent scale of 3.693 billion yuan, leading among similar products [2] - Over the past 13 days, the Huaxia Sci-Tech Innovation Index ETF has seen continuous net inflows, with a peak single-day net inflow of 1.361 billion yuan, totaling 2.908 billion yuan in net inflows, averaging 224 million yuan daily [1] - The recent release of 70 demonstration scenarios for public data utilization aims to accelerate the development of data products and services, enhancing market-oriented operations in the data industry [2]

注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 今日各行业表现(截至上午收盘) | 申万行业 | 行业涨跌(%) | 成交额(亿元) | 比上日(%) | 领涨(跌)股 | 涨跌幅(%) | | --- | --- | --- | --- | --- | --- | | 银行 | 0.52 | 216.59 | 87.20 | 江阴银行 | 4.49 | | 公用事业 | 0.34 | 192.36 | 33.95 | 立新能源 | 10.00 | | 石油石化 | 0.17 | 57.60 | -6.02 | 和顺石油 | 10.01 | | 家用电器 | -0.14 | 204.52 | 29.27 | 宏昌科技 | -7.95 | | 煤炭 | -0.35 | 52.61 | 6.28 | 辽宁能源 | -8.71 | | 交通运输 | -0.48 | 124.87 | 18.48 | 龙洲股份 | -10.02 | | 通信 | -0.79 | 266.79 | 0.42 | 精伦电子 | -10.09 | | 美容护理 | -1.11 | 23.25 | 9.83 | 可靠股份 | - ...

水皮杂谈 一家之言 兼听则明 偏听则暗 趋势的力量 每日看盘 今日A股三大指数向下调整，两市共成交11 4 8 3亿，较前个交易日放量3 6 3亿。其中沪指下跌 1 . 3 3%，收报3 1 6 8 . 5 2点；深成指下跌1 . 8 0%，收报9 7 9 5 . 9 4点；创业板指下跌1 . 7 6%，收报 1 9 7 5 . 3 0点。 昨天最后讲大概率再盘一下向下结果盘一下都没有，直接就选择了方向，虽然我们一直讲休 息、轻仓、观望，但当市场真的走出了很差的走势的时候，并没有因为预测对而有一点点开 心，基本只有浓浓的失望，以及对市场越来越多的怀疑。 盘面上，全天两市5 2 8家上涨，4 6 2 1家下跌，仅仅比1月3日好那么一点点，上海2 6 0家上涨， 深圳2 6 8家上涨，又是一个泥沙俱下的走势。中位数跌幅又2 . 8 0%，微盘股下跌3 . 1 8%，中证 2 0 0 0下跌3 . 0 5%，不得不承认的是，或许你还没感受到反弹，反弹就已经结束了。 板块上，全军覆没，东财的行业板块分类8 6个板块全部下跌，商业百货、文化传媒、通信服 务、光伏设备、家电行业、互联网、计算机等跌幅居前。题材热点上，也只 ...