近期中美关税政策成为市场的一大关注点。12日，中美日内瓦经贸会谈联合声明发布，双方关税大幅下 降。 多位券商分析师认为，关税降级幅度大超市场预期，经济基本面预期和市场情绪都可能大幅改善，或助 力国内权益市场波动中枢抬升。 中美经贸会谈进展超预期，5月13日A股高开，沪指探出近期这波反弹中的新高3386.23点，最终收于 3374.87点，收涨0.17%。 当日，沪深两市获主力资金流入3808.3亿元，有7个行业获得主力资金净流入，主要为美容护理、医药 生物、基础化工、交通运输、社会服务、纺织服饰、公用事业等行业，而国防军工、计算机、电子、机 械设备、汽车、电力设备等行业遭主力资金卖出较多。这与12日主力资金净流入和净流出的行业有所相 反。类似的情况在近期反复出现。 就A股后市走势来看，上述券商分析师认为，短期A股延续震荡偏强走势，可能突破上行；在中期维度 上，指数级别走势依然依赖于基本面改善。 主力资金净流入7个行业 5月13日，A股市场成交1.326万亿元。其中，电子、机械设备、计算机、电力设备行业成交额超过千亿 元，国防军工、汽车、基础化工、医药生物、通信等行业的成交额在500亿～1000亿元之间。相较而 ...

从资金流向来看，7个行业主力资金净流入，美容护理行业净流入居首，达4.47亿元；医药生物行业居次席，净流入金额为1.56亿元。基础化工和 交通运输行业净流入金额均超0.8亿元。 24个主力资金净流出的行业中，国防军工行业净流出金额超66亿元，居首；计算机和电子行业净流出均超44亿元。 （原标题：主力资金丨这只热门股遭主力资金砸盘） 7个行业主力资金净流入。 据证券时报·数据宝统计，今日沪深两市主力资金净流出309.13亿元，其中创业板净流出140.45亿元，沪深300成份股净流出52.61亿元。 行业方面，申万一级行业中，18个行业上涨，银行行业涨幅居首，达1.52%。美容护理涨1.18%，医药生物和交通运输行业均涨超0.7%。 13个下跌行业中，国防军工跌幅居首，达3.07%；计算机、机械设备和电子等行业均跌超0.6%。 28股主力资金净流入超1亿元 从个股来看，今日共有28股主力资金净流入超1亿元，其中6股主力资金净流入均超2.5亿元。 青岛金王主力资金净流入4.48亿元，居首。今日盘面上，跨境支付概念股震荡反弹，青岛金王涨停，华峰超纤、四方精创和拉卡拉等个股跟涨。 通威股份主力资金净流入3.41亿元，居 ...

Market Overview - A-shares experienced a mixed performance with the Shanghai Composite Index closing at 3374.87 points, up by 0.17% [1] - Since April, the market has shown positive changes, particularly after the May Day holiday, with a significant increase in risk appetite driven by favorable policies [1] - The three major indices have all risen since the holiday, with the ChiNext Index leading with over 6% increase, followed by the Shenzhen Component Index and Shanghai Composite Index with over 4% and 2% increases respectively [1] Institutional Research Activity - Institutional investor research activities have significantly increased, with public funds and private funds showing strong engagement [2] - In April, 195 public funds participated in A-share market research, covering 975 stocks across various industries, with a total of 12,800 research instances, doubling from the previous month [2] - The first week after the May Day holiday saw 144 public fund companies involved in research, maintaining a strong momentum with over 1,000 instances in a single week [2] Sector Focus - Public funds are particularly interested in the electronics and pharmaceutical sectors, with notable research on companies like Luxshare Precision and Huadong Medicine [3] - The electronics sector led private fund research with 1,535 instances, while the pharmaceutical sector followed with 1,284 instances [3] - The top ten most researched stocks included Luxshare Precision and Lattice Semiconductor, indicating a strong focus on the electronics industry [3] Market Sentiment and Future Outlook - Recent policy measures have effectively boosted market expectations and confidence, with A-shares currently seen as having high valuation appeal [4] - The main constraint on A-share valuation expansion is the growth rate of earnings, with expectations for a gradual recovery in market sentiment [4] - Specific sectors expected to rebound include electronics, IT services, and machinery equipment, particularly those with high overseas revenue [4] Consumer Market Insights - The strategic value of domestic consumption is gaining attention amid global trade tensions, with investment opportunities identified in areas like trade-in policies and new consumer trends driven by Generation Z [5]

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 ...

Group 1 - The recently released "Action Plan for Promoting the High-Quality Development of Public Funds" indicates a significant change in the A-share market ecosystem, facilitating the entry of medium to long-term funds, particularly from institutional investors like social security funds and insurance capital [1] - The A500 index, which tracks the top 500 stocks in the A-share market, covers 63% of total revenue and 70% of total net profit in the market, making it a strong tool for long-term investment in China's capital market [2] - The A-share market has seen a rise in high-quality stocks and high-dividend assets, with many investors recognizing the appeal of value investing as these stocks reach new highs [1] Group 2 - The A500 ETF (159339) has shown a daily average trading volume of 276 million yuan over the past 20 trading days, indicating high market activity [1] - The A50 index, which includes major large-cap stocks across various industries, benefits from increased market concentration due to supply-side reforms, making these stocks more attractive during earnings disclosure periods [2] - Recent data shows that China's export performance exceeded expectations, highlighting the resilience of the Chinese economy and the diversification of its foreign trade, which helps mitigate external shocks [2]

Market Overview - On May 13, A-shares opened higher with the Shenzhen Component Index rising nearly 1% and the ChiNext Index increasing over 1%, but both indices turned negative during the session [1] - The Shanghai Composite Index saw a slight increase of 0.08%, while the Shenzhen Component Index and ChiNext Index fell by 0.24% and 0.23% respectively [1] Banking Sector - The banking sector led the gains, with the index rising over 1% during the session, and several bank stocks, including Pudong Development Bank, Shanghai Bank, and Jiangsu Bank, reached historical highs in their adjusted prices [3][1] - Other banks such as Chongqing Bank, CITIC Bank, Qingnong Commercial Bank, Suzhou Bank, and Chengdu Bank also experienced upward movement [3] Shipping Sector - The shipping sector saw significant gains, with stocks like China National Offshore Oil Corporation rising over 23% and Ningbo Shipping hitting the daily limit [8] - The overall shipping index was boosted by a rise in European shipping futures, which increased by over 11% [9] New Listings - A new stock, Tiangong Co., Ltd., saw its price surge by as much as 498.98% during its debut trading session [11] - Tiangong Co. specializes in the research, production, and sales of titanium and titanium alloy materials, focusing on high-end products and innovation in production processes [11] Hong Kong Market - The Hong Kong market experienced a general decline, with the Hang Seng Index dropping over 1% [13] - However, the pharmaceutical and biotechnology sector in Hong Kong saw significant gains, with stocks like Kintor Pharmaceutical rising over 14% [15][12] - Other notable stocks in the Hong Kong market included Oriental Overseas International and Budweiser APAC, which performed well [14]

[Table_Main] 行业研究|医疗保健 证券研究报告 医疗保健行业周报 2025 年 05 月 13 日 [Table_Title] 板块业绩持续分化，关注基本面向上板块 ——医药生物行业周报（2025.4.28-2025.5.9） [Table_Summary] 报告要点： 医药板块本周小幅跑输沪深 300 指数 2025 年 4 月 28 日至 5 月 9 日，申万医药生物指数上涨 1.50%，跑输 沪深 300 指数 0.06pct，在 31 个申万一级行业指数中排名第 16。2025 年初至今，申万医药生物指数上涨 1.19%，跑赢沪深 300 指数 3.45pct， 涨跌幅在 31 个申万一级行业指数中排名第 15。截至 2025 年 5 月 9 日，医药板块估值为 26.54 倍（TTM 整体法，剔除负值），相对于沪 深 300 估值溢价率为 141.81%。 本周常山药业、海创药业和锦好医疗等表现较好 涨幅排名前十的个股分别为：常山药业（+26.29%）、海创药业 （+25.85%）、锦好医疗（+25.32%）、ST 香雪（+23.45%）、大博医 疗（+16.86%）、无锡晶海（+16. ...

Market Overview - On May 13, A-shares opened higher with the Shenzhen Component Index rising nearly 1% and the ChiNext Index increasing over 1%, but both indices turned negative during the session [1][4] - By midday, the Shanghai Composite Index was up 0.08%, while the Shenzhen Component Index and ChiNext Index were down 0.24% and 0.23% respectively [4] Banking Sector - The banking sector showed moderate strength, with several bank stocks reaching historical highs when adjusted for dividends. Notable performers included Shanghai Pudong Development Bank, Shanghai Bank, and Jiangsu Bank [2][5] - The banking sector led the gains among industries, with an intraday increase of over 1% [5] Shipping Sector - Multiple shipping stocks experienced significant gains, with China National Offshore Oil Corporation's shipping arm rising over 23% and Ningbo Shipping hitting the daily limit [10][11] - The shipping sector's strength was supported by a rise in European shipping futures, with the main contract increasing by over 11% [12] New Listings - A new stock, Tiangong Co., Ltd., saw its price surge by as much as 498.98% during its debut trading session. The company specializes in the research, production, and sales of titanium and titanium alloy materials [14] Hong Kong Market - The Hong Kong market experienced an overall decline, with the Hang Seng Index dropping over 1%. However, the pharmaceutical and biotechnology sector stood out with significant gains, particularly Kintor Pharmaceutical, which rose over 14% [15][17] - Other notable gainers in the Hong Kong market included stocks like SF Express and Rongchang Bio [19]

[Table_Main] 行业研究|医疗保健 证券研究报告 医疗保健行业周报 2025 年 05 月 13 日 [Table_Title] 板块业绩持续分化，关注基本面向上板块 ——医药生物行业周报（2025.4.28-2025.5.9） [Table_Summary] 报告要点： 医药板块本周小幅跑输沪深 300 指数 2025 年 4 月 28 日至 5 月 9 日，申万医药生物指数上涨 1.50%，跑输 沪深 300 指数 0.06pct，在 31 个申万一级行业指数中排名第 16。2025 年初至今，申万医药生物指数上涨 1.19%，跑赢沪深 300 指数 3.45pct， 涨跌幅在 31 个申万一级行业指数中排名第 15。截至 2025 年 5 月 9 日，医药板块估值为 26.54 倍（TTM 整体法，剔除负值），相对于沪 深 300 估值溢价率为 141.81%。 本周常山药业、海创药业和锦好医疗等表现较好 涨幅排名前十的个股分别为：常山药业（+26.29%）、海创药业 （+25.85%）、锦好医疗（+25.32%）、ST 香雪（+23.45%）、大博医 疗（+16.86%）、无锡晶海（+16. ...

Report Summary 1) Report Industry Investment Rating No information provided in the given content. 2) Core View of the Report On May 12, 2025, all four major stock index futures contracts for the current month rose. IF increased by 1.19%, IH by 0.75%, IC by 1.42%, and IM by 1.55%. The total trading volume of stock index futures rebounded, indicating an increase in investors' trading enthusiasm. In terms of positions, the total positions of IF, IH, IC, and IM all increased [1][2]. 3) Summary by Relevant Catalogs a) Stock Index Futures Data Tracking - **IF Contracts**: The closing prices of IF2505, IF2506, IF2509, and IF2512 all rose, with increases of 1.19%, 1.23%, 1.20%, and 1.20% respectively. The trading volume and positions of each contract also increased to varying degrees. For example, the trading volume of IF2506 increased by 21,903 lots, and the positions increased by 14,106 lots [1]. - **IH Contracts**: The closing prices of IH2505, IH2506, IH2509, and IH2512 all rose, with increases of 0.75%, 0.77%, 0.81%, and 0.85% respectively. The trading volume and positions of each contract also increased, such as the trading volume of IH2506 increasing by 13,852 lots and the positions increasing by 7,500 lots [1]. - **IC Contracts**: The closing prices of IC2505, IC2506, IC2509, and IC2512 all rose, with increases of 1.42%, 1.48%, 1.28%, and 1.27% respectively. The trading volume of each contract increased, while the positions of IC2505 decreased by 2,319 lots, and the positions of other contracts increased [1]. - **IM Contracts**: The closing prices of IM2505, IM2506, IM2509, and IM2512 all rose, with increases of 1.55%, 1.56%, 1.47%, and 1.46% respectively. The trading volume of each contract increased, while the positions of IM2505 decreased by 6,527 lots, and the positions of other contracts increased [1]. b) Trading Volume and Position Changes - **Trading Volume**: The total trading volume of IF increased by 36,524 lots, IH by 21,749 lots, IC by 12,689 lots, and IM by 15,946 lots [2]. - **Positions**: The total positions of IF increased by 20,649 lots, IH by 10,474 lots, IC by 3,597 lots, and IM by 1,603 lots [2]. c) Trend Intensity and Important Drivers - **Trend Intensity**: The trend intensity of IF and IH is 1, and the trend intensity of IC and IM is also 1 [6]. - **Important Drivers**: The US stock market welcomed the progress of the China - US talks. The Nasdaq rose more than 4% and returned to a bull market. Goldman Sachs significantly postponed the expected time for the Fed to cut interest rates from July to December. A - share markets closed higher, with the Shanghai Composite Index rising 0.82%, the Shenzhen Component Index rising 1.72%, and the ChiNext Index rising 2.63% [6]. d) A - share Market Review - **Index Performance**: The three major A - share indexes opened higher and closed higher. The ChiNext Index was strong, with more than 4,100 stocks rising. Military - related stocks were repeatedly active, with more than 20 stocks such as Qifeng Seiko and AVIC Chengfei hitting the daily limit. Apple - related stocks rebounded, and robot - concept stocks were active, while innovative drug - concept stocks weakened [7]. - **Fund Flow**: The net inflow of main funds in the Shanghai and Shenzhen stock markets was 1.3556 billion yuan. The market sentiment was high, but the trading volume did not increase proportionally. Military - related stocks gradually formed a thematic main line, and stocks with high export ratios and large - financial stocks attracted large - scale funds in the afternoon [7]. e) Futures Member Position Changes - **IF Contracts**: The long - position increase of IF2505 and IF2506 was 10,298 lots, and the short - position increase was 11,456 lots. The long - position increase of IF2509 was 2,667 lots, and the short - position increase was 2,831 lots. The long - position increase of IF2512 was 1,145 lots, and the short - position increase was 1,380 lots [5]. - **IH Contracts**: The long - position increase of IH2505 was 893 lots, and the short - position increase was 1,174 lots. The long - position increase of IH2506 was 6,249 lots, and the short - position increase was 7,004 lots [5]. - **IC Contracts**: The long - position increase of IC2505 was - 1,762 lots, and the short - position increase was - 1,206 lots. The long - position increase of IC2506 was 1,127 lots, and the short - position increase was 2,570 lots [5]. - **IM Contracts**: The long - position increase of IM2505 was - 5,891 lots, and the short - position increase was - 4,752 lots. The long - position increase of IM2506 was 1,291 lots, and the short - position increase was 4,667 lots [5].