| 301009 | 可靠股份 | 0.83 | 5.79 | -188.80 | | --- | --- | --- | --- | --- | | 001206 | 依依股份 | 1.23 | 8.04 | -236.45 | | 300132 | 青松股份 | -0.93 | 2.29 | -338.71 | | 600249 | 两面针 | 0.36 | 4.26 | -351.33 | | 603193 | 润本股份 | 3.66 | 5.60 | -426.94 | | 300888 | 稳健医疗 | 1.37 | 3.60 | -603.14 | | 603238 | 诺邦股份 | 3.53 | 6.50 | -637.10 | | 600315 | 上海家化 | -0.93 | 2.45 | -918.41 | | 001328 | 登康口腔 | 0.19 | 14.10 | -1066.91 | | 002243 | 力合科创 | -0.12 | 0.89 | -1089.13 | | 000615 | *ST美谷 | -0.30 | 2.36 | -1335.23 | | 300896 | ...

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 ...

（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（%） | | --- | --- | --- | --- | --- | --- | | 美容护理 | 1.68 | 65.65 | 27.96 | 拉芳家化 | 9.99 | | 银行 | 1.18 | 234.96 | 2.19 | 上海银行 | 3.57 | | 医药生物 | 0.88 | 596.28 | 1.66 | 普利退 | 16.88 | | 煤炭 | 0.82 | 58.31 | 17.15 | 开滦股份 | 1.97 | | 建筑装饰 | 0.81 | 177.00 | 18.21 | 浦东建设 | 9.97 | | 石油石化 | 0.63 | 64.91 | 26.62 | 广聚能源 | 4.64 | | 电力设备 | 0.61 | 927.73 | 18.39 | 东方日升 | 15.71 | | 轻工制造 | 0.54 | 171.20 | 15.94 | 美之高 | 19.67 | | 纺织服饰 | 0.50 | 147.28 | -4.59 | 酷特智能 ...

证券研究报告 | 宏观研究 gszqdatemark 2025 05 13 年 月 日 宏观点评 "东升"再强化—中美经贸会谈大超预期的 4 点理解 事件：5 月 12 日 15：00，中美发布日内瓦经贸会谈联合声明，大幅降 低双边关税水平，并建立机制、继续就经贸关系进行协商。 核心观点：中美首轮经贸会谈取得实质性进展、大超市场预期，这将为 世界经济注入更多确定性和稳定性，进一步凸显了中国制造的不可替 代性，也将进一步提升中国资产的投资价值。测算发现，最新美国对中 国的综合关税税率下降至 42.5%（2018 年以来 10.9%基础关税+20% 芬太尼关税+带豁免的 10%全球对等关税+25%的特定行业关税），预 计拖累我国出口 4.0-5.2 个百分点，拖累我国 GDP 0.5-0.7 个百分点， 指向我国经济下行压力仍大，预示不会改变我国扩张性政策的大方向， 尤其是全力扩内需、大力中央加杠杆，我们也继续提示"不宜等到花儿 枯萎了再浇水"。往后看，中美关税不确定性仍大，重点关注 3 大方面： 1）中美谈判进展，不排除出现关税反复的可能性；2）中美谈判议题， 可能主要针对关税和非关税壁垒、贸易再平衡、经济安全 ...

（文章来源：证券时报网） | 计算机 | | | | 中科星图 | | | --- | --- | --- | --- | --- | --- | | 机械设备 | -0.78 | 874.40 | -4.05 | 华伍股份 | -9.26 | | 综合 | -0.84 | 12.57 | -6.95 | 粤桂股份 | -3.26 | | 国防军工 | -3.43 | 679.25 | -23.54 | 奥普光电 | -10.00 | 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。 证券时报·数据宝统计，截至上午收盘，今日沪指涨0.08%，A股成交量718.30亿股，成交金额9072.11亿 元，比上一个交易日增加5.13%。个股方面，1715只个股上涨，其中涨停43只，3476只个股下跌，其中 跌停9只。从申万行业来看，银行、美容护理、煤炭等涨幅最大，涨幅分别为1.26%、1.06%、0.96%； 国防军工、综合、机械设备等跌幅最大，跌幅分别为3.43%、0.84%、0.78%。（数据宝） 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（%） ...

5月12日沪指上涨0.82%，市场两融余额为18087.53亿元，较前一交易日增加47.42亿元。 具体到个股来看，融资余额出现增长的股票有1960只，占比53.41%，其中，346股融资余额增幅超过5% 。融资余额增幅最大的是拓斯达，该股最新融资余额4.42亿元，较前一交易日增幅达143.87%；股价表 现上，该股当日上涨20.01%，表现强于沪指；融资余额增幅较多的还有登康口腔、奥雅股份，融资余 额增幅分别为72.92%、61.68%。 | 代码 | 简称 | 最新融资余额（万 | 较前一个交易日增减 | 当日涨跌幅（%） | 所属行业 | | --- | --- | --- | --- | --- | --- | | | | 元） | （%） | | | | 872895 | 花溪科 技 | 333.19 | -42.08 | 5.09 | 机械设备 | | 838810 | 春光智 | 178.50 | -38.24 | -1.39 | 机械设备 | | | 能 | | | | | | 833454 | 同心传 | 785.37 | -33.50 | 14.53 | 汽车 | | | 动 | | | ...

Group 1 - The core viewpoint of the report emphasizes that the recent US-China negotiations exceeded expectations, particularly in terms of timing rather than tariff levels, with the US maintaining a 30% tariff on China while China retains a 10% tariff on the US [1] - The report suggests that the US's strong negotiation stance is driven by its need for tangible results, as previous negotiations have yielded limited success, indicating that future negotiations may not proceed as smoothly [1][2] - The underlying motivation for the US's tariff strategy is linked to its high net debt and the perceived risk to the creditworthiness of dollar assets, with projections indicating that effective tariffs could rise significantly, potentially reaching 30-50% on China [1][2] Group 2 - The report indicates that China's policy response may be slower, with a focus on maintaining policy confidence and reducing slope expectations, suggesting that existing policies will be implemented promptly while new measures may depend on further economic data [2] - The report highlights that the improvement in consumer spending and balance sheet recovery is anchored by income expectations and essential living guarantees, suggesting a gradual approach to policy implementation [2] - Investment strategies should incorporate a "geopolitical risk premium" into valuation models, advising against excessive exposure to US-related investments while focusing on domestic certainty and expected differences [3] Group 3 - The report recommends a sector allocation strategy labeled "4+1," which includes domestic consumption, technology and defense, cost improvement sectors, structural opportunities abroad, and stable long-term investments [3]

截至5月9日，北交所融资融券余额合计51.72亿元，较前一交易日减少7763.22万元，其中，融资余额 51.72亿元，较前一交易日减少7738.26万元，融券余额为42.37万元，较前一交易日减少24.96万元。 分行业统计，获融资净买入超百万元的北交所股票中，机械设备、计算机、农林牧渔等行业最为集中， 分别有8只、3只、2只个股上榜。 | 830964 | 润农节 | 3.74 | 2004.1 1 | 179.51 | 1.76 | 农林牧 | | --- | --- | --- | --- | --- | --- | --- | | | 水 | | | | | 渔 | | 833781 | 瑞奇智 | 1.22 | 1393.41 | 172.22 | 1.29 | 机械设 | | | 造 | | | | | 备 | | 832419 | 路斯股 | 0.34 | 1577.95 | 171.59 | 0.80 | 农林牧 | | | 份 | | | | | 渔 | | 870726 | 鸿智科 | 3.13 | 783.72 | 167.09 | 0.52 | 家用电 | | | 技 | | | | ...

这个图做的比较清晰 | | | 主动权益基金持仓行业超配/低配情况 | | | | | | --- | --- | --- | --- | --- | --- | --- | | 行业 | | | 基金持仓市值（亿元）板块持股占比（%）沪深300权重（%）低配超配比例 中证800权重(%) 低配超配比例 | | | | | 银行 | 971 | 3.35 | 13.04 | -9 69 | 10.22 | -6.87 | | 非银会融 | 506 | 1.74 | 11.25 | -9 51 | 10.41 | -8 67 | | 食品饮料 | 1.823 | 6.29 | 9.21 | -2.92 | 7.44 | -1.15 | | 公用事业 | 485 | 1.68 | 3.83 | -2.15 | 3.53 | -1.85 | | 建筑装饰 | 214 | 0.74 | 2.03 | -1.29 | 1.76 | -1.02 | | 交通运输 | 681 | 2.35 | 3.51 | -1.16 | 3.17 | -0.82 | | 煤炭 | 264 | 0.91 | 1.56 | -0.65 | ...

Investment Rating - The report does not explicitly state an investment rating for the industry [3]. Core Insights - The new-style tea beverage brands are leveraging capital to expand globally, with significant market activity observed as major brands like "Hushang Ayi" listed on the Hong Kong Stock Exchange, achieving a market capitalization of over HKD 18.1 billion [3][4]. - The "May Day" holiday saw robust consumer spending, with domestic travel reaching 314 million trips, a year-on-year increase of 6.4%, and total spending of CNY 180.27 billion, up 8.0% year-on-year, indicating a strong recovery in the market [4][6]. - The report highlights the potential for tea brands to expand into Southeast Asia and other developed markets, driven by favorable demographics and consumption upgrades [4][6]. Market Weekly Review - The consumer sector experienced a decline in the past two weeks, with significant drops in various sub-sectors including home appliances (-3.25%), textiles and apparel (-4.09%), and food and beverage (-4.14%) [4][6]. - Notable stock performances included "Jiaoda Aongli" (+46.37%) and "Dongbai Group" (+46.54%) leading gains, while "Xibu Muye" (-19.92%) and "Langke Intelligent" (-20.00%) faced significant losses [4][6]. Industry News and Key Company Announcements - The report mentions the upcoming "618 Shopping Festival" on platforms like Tmall and Douyin, which is expected to drive consumer engagement and sales growth [15][16]. - "Mingming Hen Mang," a major player in the snack retail sector, has submitted its listing application to the Hong Kong Stock Exchange, indicating strong growth potential with a GMV of CNY 55.5 billion [16][18]. - "Xiangyuan Cultural Tourism" reported a 51.79% increase in visitor numbers during the "May Day" holiday, showcasing the recovery in the tourism sector [20][22].