智通财经5月26日电，智通财经星矿数据显示，今日主力资金净流入文化传媒、电网设备、影视院线等板块，净流出交运设备、医 药、汽车整车等板块，其中交运设备板块净流出超34亿元。个股方面，武汉凡谷涨停，主力资金净买入5.01亿元位居首位，上海电 气、凯美特气、奥飞娱乐主力资金净流入居前；比亚迪遭净卖出超9亿元位居首位，赛力斯、贵州茅台、宁德时代主力资金净流出额 居前。 | 排名 | 板块名称 | 主力资金净流入 (亿元) | 主力资金净流入率(%) | | --- | --- | --- | --- | | 1 | 文化传媒 | 8.96 | 3.81 | | 2 | 电网设备 | 3.87 | 1.49 | | 3 | 影视院线 | 3.57 | 7.94 | | ব | 轻工制造 | 3.53 | 1.34 | | 5 | 环保 | 2.58 | 3.00 | | 排名 | 板块名称 | 主力资金净流出（亿元） | 主力资金净流出率(%) | | --- | --- | --- | --- | | ー | 交运设备 | -34.67 | -4.62 | | 2 | 矢药 | -24.84 | -3.39 | | ...

发布时间：2025-05-26 大盘指数 7000 8000 9000 10000 11000 12000 2000 3000 4000 上证指数 深证成指 2000 3000 6000 7000 8000 资料来源：聚源，中邮证券研究所 研究所 分析师:黄子崟 SAC 登记编号:S1340523090002 Email:huangziyin@cnpsec.com 近期研究报告 《关税谈判利好落地后等待内需刺激 政策》 - 2025.05.19 策略观点 静水流深，谋定后动 ⚫ 投资要点 本周 A 股延续先涨后跌节奏，风格再偏向防御，延续快速轮动格 局。本周医药生物、综合、有色金属、汽车和家用电器领涨，上周涨 幅领先的美容护理、非银金融和商贸零售显著回落。本周 A 股依然缺 乏明确的交易主线，领涨的医药生物一方面是市场轮动深化后欠涨的 方向进行补涨，另一方面是即将开幕的 2025 年美国临床肿瘤学会 （ASCO）年会上多家上市公司将公布其研究成果提振了市场情绪。 A 股自去年 9.24 行情开始以来最大的特点在于走势和个人投资 者情绪之间极强的关联性，受美国关税政策带来影响，当前个人投资 者情绪指数已出现明显 ...

Market Overview - The three major stock indices in Shanghai and Shenzhen opened lower on May 26, with the Shanghai Composite Index experiencing a high and then retreating, while the Shenzhen Component and ChiNext indices showed a downward trend, continuing the adjustment seen in the previous two trading days [1] - By the midday close, the Shanghai Composite Index was at 3338.42 points, down 0.30%, with a trading volume of approximately 256.1 billion; the Shenzhen Component was at 10060.36 points, down 0.71%, with a trading volume of approximately 391.1 billion; the ChiNext Index was at 1995.61 points, down 1.28%, with a trading volume of approximately 172.6 billion [1] Institutional Insights - CITIC Securities noted an increase in external uncertainties and a faster rotation of themes, leading to a heightened preference for certain assets. They recommend prioritizing core assets and low-position sectors, while emphasizing the importance of domestic stimulus policies and global geopolitical changes [2] - China Galaxy Securities observed frequent style switching between large and small caps, indicating a lack of sustained upward trends. They highlighted the cautious sentiment among investors and the ongoing support from domestic policies aimed at stabilizing growth [2] Industry Focus - Guojin Securities reported strong growth in domestic demand for home appliances, with a focus on leveraging subsidies and the white goods sector's potential. They also suggested monitoring the black goods sector for ongoing structural upgrades and identifying opportunities in small appliances [3] Policy Developments - The Ministry of Commerce announced a plan to cultivate around 100 leading national smart supply chain enterprises by 2030, emphasizing the use of AI, IoT, and blockchain technologies to enhance supply chain digitalization and resilience [4] - The State Administration for Market Regulation is seeking public opinions on a guideline aimed at regulating the fees charged by online trading platforms to ensure fair practices and promote healthy development in the platform economy [5]

Market Performance - As of May 26, 2025, the CSI Hong Kong Stock Connect Healthcare Index (930965) decreased by 1.59%, with mixed performance among constituent stocks [1] - The Hong Kong Medical ETF (159718) fell by 1.49%, with a latest price of 0.73 HKD, but saw a 4.68% increase over the past week as of May 23 [1] - The CSI Medical and Medical Device Innovation Index (931484) declined by 1.16%, with the Medical Innovation ETF (516820) down by 0.86% and a latest price of 0.35 HKD [4] Notable Stocks - HeartTech Medical (02291) led gains with an increase of 11.11%, while three pharmaceutical companies, including 3SBio (01530), saw declines of over 6% [1] - The top ten weighted stocks in the CSI Hong Kong Stock Connect Healthcare Index accounted for 60.54% of the index, with companies like BeiGene (06160) and WuXi Biologics (02269) among the leaders [6][8] IPO and Market Sentiment - On May 23, 2025, the chairman of Innovent Biologics (1276.HK) rang the bell at the Hong Kong Stock Exchange, marking a successful "A+H" dual listing with a first-day stock price increase of 29.4% [1] - According to a report by China Merchants Securities International, market sentiment towards the Hong Kong healthcare sector is more optimistic compared to 2024, with expectations that the IPO of Innovent Biologics will attract more global capital [2] Industry Trends - Haitong International predicts a significant turning point for the Hong Kong healthcare industry in 2025, driven by stricter regulatory policies and accelerated review processes for innovative drugs and devices [2] - The shift towards digital marketing and the increase in new product approvals are expected to lead to growth in the industry, particularly for leading companies transitioning from generics to innovative products [2]

Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index dropping by 0.53%. Notable declines were observed in the automotive, pharmaceutical, and internet sectors, with companies like Geely Automobile, BYD, and Meituan-W falling over 5% [1] - Southbound capital inflow accelerated, with net purchases exceeding 1.7 billion CNY as of the report [1] ETF Performance - The Hong Kong Technology 50 ETF (159750) decreased by 1.39%, indicating active capital inflow during the morning session [2] - The ETF tracks a concentrated index of technology stocks, covering the "Terrific 10" companies, which include Alibaba, Tencent, and others, with a high weight of 70% in the index [3] Valuation Insights - According to CICC, since the beginning of 2024, the influx of southbound funds has led to a continuous recovery in Hong Kong stock valuations, with the Hang Seng Index PE ratio rising from approximately 7.5x to the current 10.5x, aligning with the ten-year average [2] - Huatai Securities noted that new economy companies remain the core of both domestic and foreign investment in the Hong Kong market, with a significant valuation gap compared to U.S. stocks, particularly in high-growth sectors [3]

Group 1 - The total number of proposals submitted by the Political Consultative Conference (PCC) in Qiantang District reached 132, with 109 assigned to various departments, achieving a 100% completion and satisfaction rate [1] - Key proposals identified include 24 that are being supervised by district leaders, contributing to the development of a global advanced manufacturing base [1] - The PCC has also submitted 80 outstanding student simulation proposals, with 3 winning first prizes and being transformed into formal proposals for the municipal PCC [1] Group 2 - The establishment of the Innovation Ecological Circle around the University Town has led to the creation of 4 alumni industrial parks, gathering over 3,000 alumni enterprises [2] - The PCC's proposal on transforming scientific and technological achievements has received significant attention from the local government, resulting in direct engagement with proposal authors for feedback [2] - The implementation of the "Action Plan for Building a Skilled Society" aims to enhance services for industrial workers, reflecting the PCC's commitment to supporting local development [2] Group 3 - In the past year, Qiantang District signed 101 projects with investments exceeding 100 million, including major projects like the 5 billion yuan Sanhua Intelligent Control project and the 2 billion yuan Yuanda Saiweixin project [3] - The "China Pharmaceutical Port Core Area" three-year action plan is being developed to create a comprehensive industrial cluster, enhancing the region's research capabilities [3] - The PCC's proposals are seen as vital contributions to the district's mission and responsibilities, showcasing the dedication of its members [3] Group 4 - Qiantang District has initiated a simulation PCC activity involving 14 local universities, which has expanded participation to over 1,600 students and collected 546 proposals [5] - The ongoing efforts aim to enhance collaboration between the district and universities, fostering talent development and resource sharing [5] - The PCC plans to continue innovating in proposal work to support the construction of an industrial new city and a first-class new district [5]

Company Developments - Huawei launched the Ascend Supernode technology at the Ascend AI Developer Summit, achieving high-speed interconnection with 384 cards, making it the largest supernode in the industry [6] - Zhongke Shuguang and Haiguang Information announced a strategic restructuring, marking the first absorption merger transaction following the revision of the "Management Measures for Major Asset Restructuring of Listed Companies" on May 16 [6] - Bangyan Technology decided to terminate the issuance of shares and cash for asset acquisition due to a lack of consensus among related parties, prioritizing the interests of the company and all shareholders [6] Investment News - The Hong Kong government reported that new stock fundraising exceeded HKD 76 billion this year, more than seven times the amount from the same period last year, reaching nearly 90% of last year's total [3] - CITIC Securities noted that the recent surge in A-share companies going public in Hong Kong is driven by outbound strategies, regulatory conveniences, and improved liquidity in the Hong Kong market, suggesting a potential shift in pricing power for core assets [3] - Over 130 A-share companies have received foreign institutional research in May, with companies in electronics, integrated circuits, industrial machinery, and pharmaceuticals being particularly favored [3] Market Dynamics - Several state-owned enterprises, including State Grid and China Huaneng, held collective performance briefings to promote company value, indicating a shift from policy advocacy to substantive implementation of market value management [4] - Sixteen fund companies, including E Fund and Huaxia, announced the issuance of floating-rate fund products, set to begin on May 27, with most products closing for subscription in mid-June [4] - Three new stocks are available for subscription this week, with Youyou Green Energy's offering price at CNY 89.60 per share, making it the second-highest IPO price in A-shares this year [5]

Group 1 - Central state-owned enterprises are enhancing market value management and accelerating valuation restructuring, with multiple companies holding performance briefings to communicate their value [1] - Policies from regions like Shanghai, Fujian, and Jilin are guiding enterprises to strengthen market value management, indicating a shift from policy advocacy to practical implementation [1] - The market is expected to see a new opportunity for value reassessment of central state-owned enterprises, particularly those with negative net asset values [1] Group 2 - The first case of absorption merger under the revised Major Asset Restructuring Management Measures involves Haiguang Information planning to absorb and merge with Zhongke Shuguang [2] - Both companies have announced a suspension of their A-share stocks starting May 26, with the suspension expected to last no more than 10 trading days [2] Group 3 - The first batch of 26 floating rate funds has received approval from the CSRC, with issuance set to begin on May 27 [3] - The fee structure for these funds includes a significant asymmetry in incentives, where management fees can be halved if performance lags behind benchmarks by 3 percentage points or more [3] - This model reflects a commitment from fund companies to prioritize investor interests, potentially leading to a normalization of floating rate models in active equity funds [3] Group 4 - The Ministry of Commerce has released a plan with 16 measures to support the high-quality development of national economic and technological development zones [4] - The plan encourages the creation of future industry incubators and the introduction of leading industrial internet platforms to promote digital transformation in manufacturing [4] - It also emphasizes financial support for development entities in these zones to expand financing channels through public listings [4] Group 5 - Foreign investment in China's public fund industry is increasing, with significant capital injections from overseas institutions [5] - Morgan Fund has launched several new ETFs targeting the Chinese market, indicating a growing interest from foreign investors [5] - The trend reflects China's increasing attractiveness to foreign capital amid ongoing high-level opening of the public fund sector [5] Group 6 - The humanoid robot industry is experiencing a surge in events aimed at promoting production through competition, with several competitions scheduled across China [7] - Experts suggest that these high-visibility events can enhance industry attention but call for innovation in event design to effectively test technological capabilities [7] Group 7 - A surge in shipping demand has led to a significant increase in freight rates, with prices rising over 40% as of late May [8] - Despite the rising rates, foreign trade enterprises are becoming cautious in accepting new orders due to uncertainties in the market [8] - The shipping market is currently characterized by a supply-demand tug-of-war, with expectations of continued price increases in the short term [8] Group 8 - Over 670 listed companies have been surveyed by brokerages in May, with a focus on sectors like electronics, pharmaceuticals, and non-ferrous metals [9] - The defense and military industry has also seen a notable increase in attention from brokerages [9] - The pharmaceutical sector, particularly innovative drugs, has shown significant stock price recovery, attracting considerable interest from analysts [9] Group 9 - The Hong Kong stock market has become a key performance driver for many A-share fund managers, with both traditional and emerging sectors showing strong upward trends [10] - Public fund managers are optimistic about the investment potential in new technologies, new consumption, and pharmaceuticals within the Hong Kong market [10] - The market is expected to continue attracting more foreign capital, despite some hesitance from overseas investors [10] Group 10 - Recent policies have increased support for technology-driven enterprises, leading to a rise in interest for innovation-focused ETFs, particularly in the pharmaceutical and gold sectors [11] - Significant inflows into various ETFs indicate a strong market response to these themes, with several funds seeing net inflows exceeding 1 billion yuan [11] Group 11 - Over 130 A-share companies have hosted foreign institutional investor surveys this month, with a focus on their international business expansion and capacity building [13] - Industries such as electronics, integrated circuits, and pharmaceuticals are particularly favored by foreign investors [13] Group 12 - Companies are actively investing in the controllable nuclear fusion sector, with significant contracts awarded for related research and development [14] - Key players in the industry are making strides in reducing reliance on imports for critical components used in nuclear energy projects [14] Group 13 - Huawei is expanding its smart automotive ecosystem through a deepened strategic partnership with Dongfeng Motor Group, focusing on areas like intelligent driving and software development [15] - The collaboration aims to leverage Huawei's technology to reshape the automotive industry, with over 20 major car manufacturers already involved in its smart vehicle solutions [15]

Core Viewpoint - The Hong Kong stock market has shown strong performance, leading to significant gains for various funds heavily invested in Hong Kong stocks, with many funds achieving top rankings in performance this year [1][2][4]. Group 1: Fund Performance - The Huatai Fuhua Hong Kong Advantage Select Fund has surpassed other thematic funds to claim the top spot in the public fund performance rankings [1]. - Over 1,100 funds with more than 20% of their net asset value in Hong Kong stocks have reported positive returns this year, with several funds achieving over 60% returns [4]. - The performance of funds that diversified their holdings between A-shares and Hong Kong stocks has been notably enhanced by their Hong Kong investments [4]. Group 2: Market Trends - Since May, the Hong Kong market has rebounded significantly, with the Hang Seng Index and other major indices showing increases of over 17% this year [3]. - The influx of capital into the Hong Kong market has led to a phenomenon where some Hong Kong stocks are trading at higher valuations than their A-share counterparts, indicating a strong market sentiment [2][8]. - Southbound capital has net bought HKD 622.87 billion worth of Hong Kong stocks this year, marking one of the highest net inflows on record [7]. Group 3: Sector Focus - The article highlights three key sectors for investment in Hong Kong stocks: technology (including AI and semiconductors), consumer (emerging and traditional brands), and biomedicine, driven by aging populations and health awareness [9]. - The pharmaceutical sector, particularly innovative drugs, has seen a strong recovery, with expectations for continued growth due to upcoming market events and negotiations [10]. Group 4: Dividend Stocks - Hong Kong dividend stocks are attracting long-term capital due to their higher yields compared to A-shares, with many stocks offering dividends over 7% [10]. - The article notes that state-owned enterprises in Hong Kong are expected to benefit from valuation improvements and cash flow enhancements, making them attractive for investment [10].

Group 1 - Since May, over 130 A-share companies have received foreign institutional research, with companies like BeiGene, Inovance Technology, and Huazhi Electronics leading in the number of foreign visits [1] - Foreign institutions are particularly interested in industries such as electronic components, integrated circuits, industrial machinery, and pharmaceuticals [1] - The ability to expand overseas and enhance production capacity is becoming a key indicator of a company's competitiveness in the context of global market competition [1] Group 2 - BeiGene has received approvals or submitted applications for its products in over 80 global markets, treating more than 1.7 million cancer patients [2] - Huazhi Electronics is pushing its Thailand production base from trial production to mass production, aiming to achieve expected production efficiency and product quality [2] - Deep South Circuit Co., Ltd. is progressing on its Thailand factory construction, which will enhance its capabilities in high-layer and HDI PCB technologies, aiding in overseas market expansion [2] Group 3 - In the robotics sector, Inovance Technology is actively developing components related to humanoid robots, such as motors, drives, and actuator modules [2] - Guangdong Aopt Technology Co., Ltd. is leveraging its mature 3D vision and AI algorithms to develop visual modules and solutions for humanoid robots [3] - The increasing policy support for key technology industries like humanoid robots, AI, and chips is enhancing market expectations for growth and attracting foreign investment [3]