科创板融资余额环比前一日增加6.32亿元，其中，60股融资余额环比增加超1000万元，融资净买入居前 的有财富趋势、福立旺、国芯科技等股。 证券时报·数据宝统计显示，截至5月7日，科创板两融余额合计1507.93亿元，较上一交易日增加6.43亿 元，其中，融资余额合计1502.52亿元，较上一交易日增加6.32亿元。 科创板股中，最新融资余额超亿元的有381只，其中，融资余额在10亿元以上的有16只，融资余额在 5000万元至1亿元的有137只，融资余额低于5000万元的有64只。 融资净买入居前的科创板股 | 688347 | 华虹公 | 105578.28 | 3810.01 | 3.74 | -0.31 | | --- | --- | --- | --- | --- | --- | | | 司 | | | | | | 688772 | 珠海冠 | 32033.03 | 3528.31 | 12.38 | 1.79 | | | 宇 | | | | | | 688375 | 国博电 子 | 13708.59 | 3326.46 | 32.04 | 8.81 | | 688543 | 国科军 工 | 3524 ...

大家早上壕！ 先看海外要闻： 美股集体收涨，道指涨0.7%、纳指涨0.27%、标普500收涨0.43%；英伟达涨3.1%、亚马逊涨2%、Meta Platforms涨1.62%、特斯拉和微软至多涨 0.32%、苹果则收跌1.14%、谷歌A跌7.26%。 美联储按兵不动，维持联邦基金利率目标区间在4.25%-4.5%不变，符合市场预期。 媒体称特朗普拟废除拜登任内AI芯片限制。 据路透，德国国防部长寻求从2025年开始将年度国防开支增加到600亿欧元以上。 据英国金融时报，OpenAI计划将"星际之门"项目扩大至美国以外的地区。 苹果酝酿Safari大改版，瞄准AI搜索，谷歌一度跌超9%、地位面临严峻挑战。 据媒体报道，OpenAI与美国食品药品管理局（FDA）洽谈在医药评估中采用人工智能（AI）。 Uber重仓文远知行，承诺向文远知行追加1亿美元股权投资。 国内重大事件汇总： 1、外交部回应中美经贸高层会谈：这次会谈是应美方请求举行的。 2、中国证监会印发《推动公募基金高质量发展行动方案》：绑定投资者利益！基金经理薪酬与收益挂钩、费率调降……公募业重大改革方案落 地。 3、国家金融监督管理总局：强化住宿、餐饮 ...

252只个股今日获机构买入型评级，5股最新评级被调高，25股机构首次关注。 证券时报·数据宝统计显示，今日机构研报共发布292条买入型评级记录，共涉及252只个股。中联重科 关注度最高，共获4次机构买入型评级记录。 今日获机构买入型评级个股中，共有51条评级记录中对相关个股给出了未来目标价。以公布的预测目标 价与最新收盘价进行对比显示，共有29股上涨空间超20%，国网信通上涨空间最高，5月7日海通国际预 计公司目标价为27.20元，上涨空间达47.91%，上涨空间较高的个股还有金诚信、海康威视等，上涨空 间分别为42.02%、38.56%。 从机构评级变动看，今日机构买入型评级记录中，有25条评级记录为机构首次关注，涉及安图生物、奥 飞数据等25只个股。今日机构评级调高的共有5条记录，涉及爱尔眼科、安克创新等5只个股。 市场表现方面，机构买入型评级个股今日平均上涨0.20%，表现弱于沪指。股价上涨的有136只，涨停 的有箭牌家居等。涨幅居前的有杰克股份、四方光电、振华股份等，今日涨幅分别为6.91%、5.61%、 5.30%。跌幅较大的个股有翱捷科技、潮宏基、学大教育等，跌幅分别为6.64%、4.81%、3. ...

业绩高速增长，创新管线持续兑现：—— 奥赛康三季报点评 2024-11-11 创新驱动转型，变革中等待突破：——奥 赛康首次覆盖报告 2024-03-11 | | 买入 （维持） | | --- | --- | | 股价（2025年05月06日） | 17.7 元 | | 目标价格 | 22.36 元 | | 52 周最高价/最低价 | 20.36/9.03 元 | | 总股本/流通 A 股（万股） | 92,816/92,815 | | A 股市值（百万元） | 16,428 | | 国家/地区 | 中国 | | 行业 | 医药生物 | | 报告发布日期 | 2025 年 05 月 07 日 | | | 1 周 | 1 月 | 3 月 | 12 月 | | --- | --- | --- | --- | --- | | 绝对表现% | -7.14 | -5.25 | 30.24 | 56.36 | | 相对表现% | -8.03 | -3.88 | 31.13 | 52.24 | | 沪深 300% | 0.89 | -1.37 | -0.89 | 4.12 | 奥赛康 002755.SZ 公司研究 | 年 ...

Core Viewpoint - The article emphasizes the need to adapt investment strategies in response to changing global trade dynamics, focusing on domestic consumption and sectors less affected by international trade tensions [2][24]. Group 1: Non-Export Industries - Non-export industries are characterized by having a complete domestic supply chain, with products or services produced and consumed within the country, making them less directly impacted by tariff changes [5][6]. - Key sectors include finance, real estate, public utilities, and transportation, which are expected to benefit from stable domestic demand despite external pressures [6][7]. Group 2: Domestic Demand-Related Industries - There is significant potential for growth in domestic demand-related industries, such as food and beverage, tourism, agriculture, and pharmaceuticals, driven by government policies aimed at boosting internal consumption [8][10]. - The World Bank reports that in 2023, China's final consumption expenditure accounted for 55.6% of GDP, which is 17.4 percentage points lower than the global average, indicating room for growth [8]. Group 3: Rare Earth and Military Industries - The rare earth sector is crucial for military applications and has a significant strategic advantage, as China controls 49% of global rare earth reserves and 90% of refining capacity, making it a key player in global supply chains [14][16]. - Military strength is seen as essential for protecting economic interests, with the military-industrial complex being a focus for investment [16][17]. Group 4: Self-Sufficiency and Control - The emphasis on self-sufficiency highlights the importance of mastering core technologies across various sectors, particularly in semiconductors, high-end chips, and industrial machinery, to mitigate external dependencies [19][20]. - Recent advancements in domestic technology, such as breakthroughs in semiconductor equipment, underscore the urgency of achieving technological independence [19][20]. Group 5: Artificial Intelligence - Artificial intelligence is identified as a critical area for future competition between major powers, with the potential to transform various industries and drive economic growth [21][23]. - China's advantages in AI include a large internet user base and a strong talent pool, positioning it well for advancements in this field [23].

Group 1: Market Performance - The Hong Kong Dividend ETF Fund (513820) saw a volume increase and closed up 0.82%, marking two consecutive days of gains, with funds increasing by over 95 million yuan for five consecutive days [1] - The Bank ETF leader (512820) ended a three-day decline with a 1.42% increase, with a trading volume exceeding 54 million yuan, a 39% increase compared to the previous period [3] Group 2: Insurance Capital Preferences - In 2022, insurance capital initiated a new wave of "stake acquisitions," with eight insurance companies making a total of 20 acquisitions, predominantly targeting dividend assets, particularly the Industrial and Commercial Bank of China H-shares, which exhibit low valuation and high dividend characteristics [5] - In 2023, insurance giants have made 12 stake acquisitions involving 11 stocks, continuing their preference for banks and Hong Kong dividend assets [5] Group 3: Investment Environment - The insurance capital's demand for equity asset allocation has increased due to new regulations aimed at reducing profit volatility and a shift towards flexible dividend insurance products [7] - Policies are strongly supporting insurance capital and other long-term funds entering the market, with a target for large state-owned insurance companies to invest 30% of new premiums in A-shares starting in 2025 [7] Group 4: Dividend Asset Characteristics - High dividend assets are favored in a low-interest-rate environment, as they provide stable returns and lower volatility compared to growth stocks, making them attractive for insurance capital [7] - The Hong Kong dividend assets have a higher cash dividend ratio of 48.9% compared to A-shares at 41.8%, and the dividend yield of the Hong Kong Dividend ETF Fund (513820) is 8.88%, leading the market's mainstream dividend indices [8][9] Group 5: Banking Sector Insights - The banking sector is characterized by high dividends and low valuations, with the Bank ETF leader (512820) showing a dividend yield of 6.71%, the highest among all secondary industry indices [9] - The banking industry is closely tied to macroeconomic growth, and with ongoing policies to stabilize growth, there is potential for improvement in profitability and valuations within the banking sector [10]

发布时间：2025-05-07 大盘指数 7000 8000 9000 10000 11000 12000 2000 3000 4000 上证指数 深证成指 1000 2000 3000 5000 6000 7000 8000 中小100 创业板指 资料来源：聚源，中邮证券研究所 所有财报季中，一季报业绩最适合采用自下而上视角中"业绩预 期差"策略。以样本个股相对万得全 A 指数获得超额收益的概率为胜 率，2010 年至今一季报业绩超预期个股的胜率均值显著高于其他报告 期。相较之下 A 股市场对年报超预期的反映最为平淡，是 4 个财报季 中业绩超预期胜率最低的。 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 《定价权在谁手(1)：庶民的盛宴和春 季躁动下半场》 - 2025.03.18 策略观点 业绩之锚 2：A 股如何定价一季报中的超预期？ ⚫ 投资要点 A 股市场在定价一季报业绩超预期时存在明显行业偏好。对消费 类行业（食品饮料、家用电器、商贸零售）和交易景气逻辑的成长行 业（电子、医药生物、电力设备、国防军工 ...

Group 1 - The People's Bank of China announced a 0.5 percentage point reduction in the reserve requirement ratio, expected to provide approximately 1 trillion yuan in long-term liquidity to the market, along with a 0.1 percentage point decrease in policy interest rates [1] - Following the announcement, the A-share market experienced a comprehensive rebound, with all three major indices rising, particularly the ChiNext Index, which saw an intraday increase of over 2% [1] - The Guangfa ChiNext ETF (159952), with a management fee rate of only 0.15%, was actively traded, attracting significant capital interest, with net purchases exceeding 15 million units and a total scale surpassing 9.8 billion yuan [1] Group 2 - The ChiNext ETF closely tracks the ChiNext Index, characterized by high growth and elasticity, with the latest price-to-earnings ratio (TTM) at 29.7 times, placing it at a historically low valuation percentile of 9.6% since its inception in 2010 [1] - The top three sectors in the ChiNext Index, focusing on new productivity, are power equipment (31%), pharmaceuticals and biology (14%), and electronics (12%), indicating a significant growth style [1] - For investors without stock accounts, the Guangfa ChiNext ETF can be accessed through its off-market connection funds, which offer low fees and no subscription or redemption fees for certain classes [2]

Group 1 - Major stock indices opened significantly higher on May 7, with financial and real estate sectors leading the gains [1] - The A500 Index ETF (159351) rose by 0.84%, with trading volume quickly surpassing 320 million yuan, and several constituent stocks, including Xingyuan Material and Maiwei Co., saw gains exceeding 6% [1] - The A500 Index ETF closely tracks the CSI A500 Index, which selects 500 stocks representing strong market capitalization across various industries, balancing large-cap stocks while covering core leading assets in A-shares [1] Group 2 - The People's Bank of China announced a 0.5 percentage point reduction in the reserve requirement ratio, expected to provide approximately 1 trillion yuan in long-term liquidity, along with a 0.1 percentage point cut in policy interest rates [1] - Huatai Securities expressed optimism for the Chinese stock market, anticipating a systematic decline in risk premiums and highlighting the importance of decreasing risk-free rates and capital market reforms as key drivers for new market entrants [1] Group 3 - Minsheng Securities noted that macroeconomic volatility in 2025 will lead to frequent market style shifts, urging investors to focus on the establishment of long-term mechanisms, including the cultivation of new external and internal demand [2] - The consumption sector, including tourism, dairy, food, and beer, is expected to benefit from the development of domestic demand, while resource products and capital goods will gain from the restructuring of global economic order [2] - Low-valuation financial sectors (banks, insurance) and the coal industry are seen as defensive, with ongoing support for intermediate and capital goods demand from the replenishment of manufacturing in Europe and the U.S. [2]

| 代码 | 简称 | 5月6日涨跌幅 | 融资净买入额 | 最新融资余额 | 占流通市值比例 | 所属行 | | --- | --- | --- | --- | --- | --- | --- | | | | （%） | （万元） | （万元） | （%） | 业 | | 002475 | 立讯精 | 3.11 | 22762.09 | 366746.67 | 1.59 | 电子 | | | 密 | | | | | | | 300339 | 润和软 | 9.55 | 21202.14 | 329127.09 | 7.49 | 计算机 | | | 件 | | | | | | | 000158 | 常山北 明 | 10.02 | 19869.88 | 129714.39 | 3.29 | 计算机 | | 000977 | 浪潮信 息 | 2.81 | 16598.98 | 435062.27 | 5.66 | 计算机 | | 600839 | 四川长 | 7.05 | 15626.99 | 239086.15 | 4.61 | 家用电 | | | 虹 | | | | | 器 | | 300059 | 东方财 | ...