Group 1 - The core viewpoint is that the Chinese stock market is expected to rise further due to reduced opportunity costs for investors and stable policy continuity [1][2] - The A/H shares are favored, particularly in the financial, technology, and certain cyclical sectors [2] - The adjustment in the stock market during March-April is seen as a significant turning point, indicating reduced investor concerns about US-China competition and a more favorable environment for investment [2] Group 2 - The impact of tariffs on inflation in the US is not yet fully realized, with April inflation data showing no immediate pressure from tariffs [7] - The reduction of tariffs is expected to delay any rebound in US inflation, although the risk of "stagflation" remains a concern [7] Group 3 - The bond market is experiencing limited short-term adjustment space due to a supportive liquidity environment, with a focus on mid to long-term economic narratives [9][10] - The recent easing of tariffs is expected to create structural opportunities in convertible bonds, particularly for technology and domestic demand sectors [13][14] Group 4 - The easing of tariffs is beneficial for the electronics sector, with expectations of a significant innovation year for the supply chain, particularly for Apple products [17][18] - The communication sector is also expected to benefit from reduced tariffs and strong overseas AI demand, maintaining a positive outlook for companies with significant overseas operations [21][22] Group 5 - The machinery sector is poised for growth due to reduced tariffs, benefiting both consumer-grade equipment exporters and engineering machinery through global supply chain restructuring [24][25] - The textile and apparel sector is expected to see improved market confidence and valuation recovery due to the reduction of tariffs, although long-term impacts will depend on overseas market fluctuations [28][30]

Stock Performance - Hongqiang Co., Ltd. has achieved a 10.02% increase over 17 trading days with 11 consecutive boards, driven by the price increase of hydroxy esters [3] - Suzhou Longjie has seen a 10.04% rise over 4 trading days with 4 consecutive boards, attributed to chemical fiber and military applications [3] - Zhongyida has recorded a 10.03% increase over 6 trading days with 3 consecutive boards, linked to the production of pentanediol [3] - Jitai Co., Ltd. has gained 10.02% over 2 trading days with 2 consecutive boards, due to chemical and coating materials [3] - Youfu Co., Ltd. has increased by 10.00% over 2 trading days with 2 consecutive boards, related to chemical fiber and technology [3] - Sanfangxiang has made its debut with a 10.05% increase, driven by chemical industry factors [3] Chemical Industry - Anada has debuted with a 10.01% increase, attributed to titanium dioxide [4] - Bohai Chemical has also made its debut with a 9.89% rise, linked to epoxy propane [4] - Maohua Shihua has seen a 10.11% increase on its first board, driven by chemical and optical applications [4] - Yong'an Pharmaceutical has debuted with a 10.02% increase, related to taurine production [4] - Fangda New Materials has achieved a significant 13.55% increase, attributed to chemical and material applications [4] - Changhua Chemical has recorded a 12.93% rise, driven by chemical industry factors [4] Shipping and Port Industry - Ningbo Shipping has achieved a 10.12% increase over 2 trading days with 2 consecutive boards, driven by shipping industry dynamics [7] - Ningbo Ocean has also seen a 10.01% rise over 2 trading days with 2 consecutive boards, linked to shipping [7] - Nanjing Port has recorded a 10.03% increase over 2 trading days with 2 consecutive boards, attributed to port operations [7] - Lianyungang has achieved a 10.02% increase over 2 trading days with 2 consecutive boards, related to port activities [7] - COSCO Shipping has made its debut with a 10.13% increase, driven by shipping industry factors [7] Military Industry - Chengfei Integration has achieved a 10.01% increase over 6 trading days with 6 consecutive boards, linked to military applications [9] - Lijun Co., Ltd. has also recorded a 9.99% rise over 6 trading days with 6 consecutive boards, attributed to military industry factors [9] - Zhanpeng Technology has seen a 9.98% increase over 5 trading days with 3 consecutive boards, related to military and information technology [9] - Ganhuakegong has achieved a 10.05% increase over 4 trading days with 2 consecutive boards, driven by military and chip applications [9] Computing Power Industry - IDC forecasts that China's intelligent computing power will reach 1037.3 EFLOPS by 2025 and exceed 2781.9 EFLOPS by 2028, with a compound annual growth rate of 46.2% [10] Robotics Industry - Tesla's official Weibo account released a video of its humanoid robot "Optimus" dancing, indicating advancements in simulation training through reinforcement learning [13] - Xiangyang Bearing has achieved a 10.00% increase over 6 trading days with 3 consecutive boards, linked to military and robotics applications [14] - Dashi Intelligent has made its debut with a 10.15% increase, driven by robotics and Huawei collaboration [14] Carbon Fiber Industry - Jilin Chemical Fiber has made its debut with a 9.92% increase, attributed to carbon fiber applications [17] - Jilin Carbon Valley has recorded a significant 17.09% increase, linked to carbon fiber market dynamics [17] - CITIC Securities indicates that the demand for carbon fiber will rise significantly due to the mechanical arms of humanoid robots and drones [16]

Market Overview - The market opened high but experienced a downward trend, indicating a lack of capital inflow and a potential outflow of funds [1] - Despite positive news from the previous day, the market did not respond as expected, suggesting that the anticipated benefits have not been realized [1] - The banking sector has shown resilience, with the banking index doubling over the past three years, while the Shanghai Composite Index has remained stagnant [1] Trading Dynamics - The buying power has decreased significantly, with today's buy orders falling below 1000, indicating a lack of confidence among investors [1] - Selling pressure has also reduced compared to last week, but the overall market sentiment remains weak, with buy orders nearing exhaustion [1] - The market is currently at a level similar to August of the previous year, despite higher trading volumes [1] Sector Performance - The performance of various sectors appears weak, with only a few stocks hitting the daily limit up, primarily driven by newly listed stocks [3] - The ST (Special Treatment) stocks have seen a decline in limit-up occurrences, indicating a shift in investor sentiment and a potential exit of previously committed funds [3] - The banking sector remains an exception, continuing to show strength amidst a generally weak market environment [3] Investment Sentiment - The current market conditions suggest a transition into a "five-poor" phase, with expectations for improvement potentially delayed until July [3] - Investors are advised to be cautious, as the apparent strength in the market may not be sustainable, and chasing trends could lead to losses [3]

13日早盘，两市股指全线高开，随后涨幅有所回落。到发稿，沪指小幅走高，创业板指涨近1%。 职业方面，家居、物流、医药、石油、钢铁等板块走强，航运概念、跨境电商、算力概念等活泼；军 工、稳妥、电力等板块走低。 昨日大幅拉升的港股回落走低，到发稿，恒生指数、恒生科技指数均跌超1%。 昨日下午，中美日内瓦经贸谈判联合声明发布，两边许诺将于2025年5月14日前采取修改加征的从价关 税等系列行动。 中航资本表明，此次关税下调的起伏大超商场预期，将明显提振商场心情，比如科技和外需板块，前者 受前期商场风险下行的压制，后者则受偏高关税税率影响较大。短期商场或重回风险偏好的心情中，前 期跌落较多的科技和外需板块或迎来节奏性修复。 A股短期震动偏强的趋势或许进一步加强，根本面预期的改进或许导致A股打破上行。一是近期A股震 动偏强的中心驱动要素或许进一步加强：首要，方针和流动性宽松是A股"五一"节后走强的主要驱动要 素，此次超预期大幅下降加征关税不会对国内方针和流动性宽松产生影响，反而或许进一步加大美联储 降息和人民币升值的预期，对流动性宽松预期有利；其次，中美平缓带来的风险偏好改进是推进近期走 势偏强的另一个中心要素，本次超 ...

本周，港股新一轮财报季拉开帷幕，京东、腾讯控股、阿里巴巴等科技龙头将陆续公布一季报。 截至5月12日收盘，港股科技50ETF（159750）跟踪的港股科技指数自关税升级以来累计反弹24.17%， 已完全收复关税当日跌幅。 | 2025/04/08-2025/05/12 (21日) | | | | | | | --- | --- | --- | --- | --- | --- | | 名称 | 涨跌幅 | 涨跌 | 振幅 | 年化收益率 | 最大回撤 | | 931574(港股科技(H | 24.17% | 330.82 | 27.54% | 1216.40% | -7.709 | | 000300(沪深300) | 8.39% | 301.17 | 8.55% | 149.82% | -1.749 | | HSTECH(恒生科技) | 23.76% | 1045.84 | 27.37% | 1165.28% | -7.909 | 从市场预期看，对港股科技股公司的预期普遍较高，其中，腾讯Q1预期营收为1755.46亿元，同比增长 10.06%；预期每股收益5.56元，同比增加27.4%。 阿里巴巴2025财年Q ...

昨日大幅拉升的港股回落走低，截至发稿，恒生指数、恒生科技指数均跌超1%。 昨日下午，中美日内瓦经贸会谈联合声明发布，双方承诺将于2025年5月14日前采取修改加征的从价关 税等系列举措。 （原标题：A股早盘高开低走 港股回落走低） 13日早盘，两市股指全线高开，随后涨幅有所回落。截至发稿，沪指小幅走高，创业板指涨近1%。 行业方面，家居、物流、医药、石油、钢铁等板块走强，航运概念、跨境电商、算力概念等活跃；军 工、保险、电力等板块走低。 中信建投证券表示，此次关税下调的幅度大超市场预期，将明显提振市场情绪，比如科技和外需板块， 前者受前期市场风险下行的压制，后者则受偏高关税税率影响较大。短期市场或重回风险偏好的情绪 中，前期下跌较多的科技和外需板块或迎来节奏性修复。 华金证券认为，A股短期震荡偏强的趋势可能进一步加强，基本面预期的改善可能导致A股突破上行。 一是近期A股震荡偏强的核心驱动因素可能进一步加强：首先，政策和流动性宽松是A股"五一"节后走 强的主要驱动因素，此次超预期大幅降低加征关税不会对国内政策和流动性宽松产生影响，反而可能进 一步加大美联储降息和人民币升值的预期，对流动性宽松预期有利；其次，中美 ...

Group 1 - The report highlights a significant reduction in tariffs between China and the US, with tariffs on Chinese goods dropping from 145% to 30%, which is much lower than the market's expectation of 50-60% [2] - The reduction in tariffs is expected to improve economic fundamentals, particularly by alleviating concerns over export declines and enhancing growth expectations [2][3] - The report anticipates that the A-share market may experience a strong upward trend due to improved market sentiment and economic conditions, driven by the tariff reductions and supportive domestic policies [3] Group 2 - The technology sector is identified as a primary investment focus, with companies in the Apple, Nvidia, and Tesla supply chains expected to benefit from the tariff reductions [4][5] - Core assets are also seen as having potential for increased allocation, as the improved economic outlook may lead to higher foreign and domestic institutional investments [5] - The report suggests a focus on sectors such as consumer electronics, AI, and military products, which are expected to benefit from both policy support and industry trends [5]

Group 1 - The core message of the news is the significant progress made in the recent China-US trade talks, resulting in the cancellation of 91% of tariffs by both sides, which exceeded market expectations [1][2] - The Hang Seng Index and Hang Seng Tech Index surged, while US stock futures rose over 2%, and the offshore RMB appreciated by 400 points following the announcement [2] - A-shares showed strong performance with the Shanghai Composite Index rising by 0.82%, and trading volume exceeding 1.3 trillion yuan, indicating a positive market sentiment [4] Group 2 - The market is closely watching the potential breakthrough of the 3439-point level, which could signal a new phase in the market [5] - There is a notable increase in military-related sectors, including shipbuilding, aviation, and military information technology, driven by a reassessment of the value of China's military industry [6][7] - The Apple supply chain is expected to benefit from the recent trade developments, with positive sales feedback and upcoming product launches anticipated to stimulate the sector [8][9]

Group 1 - A-shares experienced a volatile trading day on May 9, with defensive sectors like banking and electricity performing well, while technology sectors such as communications and computers saw a pullback [1] - The CSI Computer Index fell by 1.46%, but certain stocks like Runhe Software rose over 5%, with others like Zhongke Xingtu and Softcom Power also gaining more than 1% [1] - The Computer ETF (159998) saw a decline of over 1.3% but attracted significant capital inflow, accumulating nearly 240 million yuan in net inflow over the past 10 trading days [1] Group 2 - In Q1 2025, the computer industry showed significant improvement, with total revenue reaching 271.12 billion yuan, a year-on-year increase of 16%, and net profit turning positive at 1.41 billion yuan [2] - The computing power sector experienced a remarkable revenue growth of 42.08% year-on-year, with net profit increasing by 45.41% due to high demand driven by artificial intelligence [2] - The dynamic price-to-earnings ratio for the computer sector was reported at 81.5 times as of April 30, 2025, indicating a recovery in company performance and an increase in valuation [2] Group 3 - The positive fiscal and monetary policies in China, along with the growing trend of AI, are expected to enhance the profitability of the computer industry, potentially improving market sentiment [3] - The valuation levels represented by price-to-sales (PS) ratios in the industry still have room for growth [3]

1. Report Industry Investment Rating No relevant information provided in the text. 2. Core View of the Report - In the current market context, increasing the allocation of convertible bonds related to popular themes may be the key action for the portfolio to achieve excess returns. Although overseas tariff factors disrupt the domestic economic recovery process and the profit side of listed companies may not recover rapidly in the short term, after the end of the intensive performance disclosure period in May, the previous negative factors have been gradually priced in. The government has released liquidity to support the economy and the securities market. It is expected that the market will likely show characteristics of increasing risk appetite, and the valuation side will be the main support for the strengthening of the market [2][6]. - To benefit from the increase in the market valuation level, it is advisable to appropriately increase the allocation of convertible bonds related to themes. Although the profit side of some theme - related convertible bonds has not yet reached an inflection point, stock pricing often leans towards future long - term growth. The negative factors on the profit side of some targets have been fully priced in by the market in the early stage, and investors tend to give a higher valuation premium to stocks related to new productive forces. Therefore, under the current background, convertible bonds related to popular themes are more cost - effective in creating excess returns [2][9]. - By analyzing the excess return performance of the CSI 2000 and the Wind AA - rated and below index from 2020 to the present, it is found that when the market trading volume exceeds 1.5 trillion yuan, the CSI 2000 shows relatively obvious excess returns compared to the Wind All - A Index in the stock dimension, and the trend is more obvious in the convertible bond dimension. Convertible bonds related to popular themes are more characteristic of small - cap stocks and low - rated convertible bonds, and are more likely to create excess returns when the trading volume recovers [2][9]. - Relevant convertible bonds can be mined by combining annual reports and public research records. The real economy has been gradually transforming towards new productive forces in recent years. Listed companies will disclose new investment and transformation directions in their annual reports and conduct communication and research activities with the capital market after the disclosure of regular reports. Therefore, the 2024 annual reports and public research records since 2025 are important for mining relevant theme - related convertible bonds [2][13]. 3. Summary by Directory 3.1 Wind Risk Preference Recovery, Theme - Related Convertible Bonds May Be the Key to Winning Excess Returns in the Future Market - The current market trading volume has gradually recovered since early April. After the end of the performance disclosure period, the previous negative factors have been priced in, and the government's liquidity release is expected to drive the market risk preference upwards, with the valuation side supporting the market [6][9]. - It is recommended to increase the allocation of theme - related convertible bonds. Some theme - related convertible bonds are more likely to create excess returns due to factors such as future growth expectations and market pricing [2][9]. - Popular themes such as robotics, computing power, Huawei Ascend, HarmonyOS, brain - computer interfaces, and controllable nuclear fusion are analyzed, and relevant convertible bonds are recommended [13]. 3.2 Humanoid Robots - Multiple companies are involved in the humanoid robot field. For example, Keli Convertible Bond (Kedali) focuses on the R & D and production of harmonic reducers and joint modules; Haoneng Convertible Bond (Haoneng Co., Ltd.) is developing high - precision reducers; Lingyi Convertible Bond (Lingyizao) is expanding its business from component supply to assembly and aims to become a robot body assembly manufacturer [18][19][20]. 3.3 Computing Power - Many companies are actively involved in the computing power business. Zhongbei Convertible Bond (Zhongbei Communication) has completed the national business layout of intelligent computing clusters, with an operating computing power scale of over 15,000P and significant revenue growth [32]. 3.4 Huawei Ascend - Haohan Convertible Bond (Haohan Shendu) is exploring AI and large - model applications, and has completed the v1.1 version of the Haohan Morning Star large model, enhancing its capabilities and achieving API interface docking [35]. 3.5 HarmonyOS - CoreHi Convertible Bond (CoreHi Technology) has consolidated its leading position in the HarmonyOS ecosystem, with over 300 business opportunities for HarmonyOS - connected projects and 115 SKUs of products connected [38]. 3.6 Brain - Computer Interfaces - Rongtai Convertible Bond (Rongtai Health) has established a "Brain - Computer Interaction Joint Laboratory" with Shanghai Aoyi Information Technology Co., Ltd. to promote the application of brain - computer fusion technology and bionic manipulators in the intelligent health field [39]. 3.7 Controllable Nuclear Fusion - Guangda Convertible Bond (Guangda Special Materials) is developing and supplying materials related to controllable nuclear fusion, with batch - supply of relevant materials and significant orders [40].