IEA月报：受关税影响最严重国家的能源消费出现最大幅度的下降。 ...

市场洞察 - 重点报道 --- Market Insights - Marquee Market Insights | Markets | Equities 市场洞察 | 市场 | 股票 China Feedback: HK Pullback After Big Run; A-shares Barbell Strategy; Lujiazui Forum Takeaway 中国反馈：港股⼤涨后回调；A 股杠铃 策略；陆家嘴论坛要点 A-share market traded around flat WTD amid the middle east tension which is partially offset by the support from ongoing Lujiazui Forum, while H-shares lagged on the back of elevated risk-off activities. Key highlights this week: 受中东局势紧张影响，A 股本周⾛势基本持平，部分被陆家嘴论坛的持续⽀持所抵消，⽽ H 股因避险情绪 升温表现落后。本周主要亮点： ...

周四A股商场高开高走、小幅震动上行，早盘股指高开后震动上行，盘中沪指在3368点邻近遭遇阻力，午 后股指维持震动，盘中软件开发、互联网服务、消费电子以及计算机设备等职业表现较好；珠宝首饰、贵 金属、美容护理以及食品饮料等职业表现较弱，沪指全天基本呈现小幅震动上扬的运行特征。当时上证综 指与创业板指数的均匀市盈率分别为13.69倍、35.80倍，处于近三年中位数均匀水平，适合中长时间布 局。两市周四成交金额12136亿元，处于近三年日均成交量中位数区域上方。北向资金接连净流入，南向 资金加仓港股；ETF份额回升，产业资本净增持，商场流动性韧性增强。估计短期商场以稳步震动上行为 主，主张以方针导向为主线，兼顾成绩确定性与估值修正潜力。仍需亲近重视方针面、资金面以及外盘的 变化状况。短线主张重视软件开发、互联网服务、计算机设备以及消费电子等职业的出资机会。 指数继续在合理水平震动。未来，商场的机会将取决于商场的增量性变化，商场如因外部风险、基本面、 出资者心情等因素导致意外下行，则从"安稳"的维度看，维稳资金的呵护将有助于商场阶段性底部的形 成，商场也将由此呈现下有底的特征。如果商场接连震动特征，则应结合高质量开展 ...

市场全天震荡调整， 创业板指领跌，北证50指数跌超6%。沪深两市全天成交额1.1万亿，较上个交易日 缩量708亿。盘面上，市场热点较为杂乱，个股跌多涨少，全市场超4400只个股下跌。从板块来看，银 行股逆势走强， 浦发银行等多股盘中再创历史新高。军工股一度 拉升， 银河电子等涨停。下跌方面， 新消费概念股集体大跌， 可靠股份跌超10%；固态 电池概念股震荡走低， 宏工科技跌超10%。板块方 面，银行、游戏、军工 电子、 保险等板块涨幅居前， 美容护理、 代糖概念、 固态电池、 宠物经济等 板块跌幅居前。截至收盘， 沪指跌0.22%， 深成指跌0.72%，创业板指跌0.96%。 ...

经营者在提供情绪类商品和服务时，需兼顾用户情绪价值与市场需求，优化消费供给，强化品控与服务 升级。产品设计要融入更多正向价值，注重用户隐私保护。网络平台应压实主体责任，严格审核入驻经 营者资质，构建全流程监管体系。同时依托智能技术，实时监测发布内容，提升违规信息识别预警能 力，对不良导向内容快速处置。 消费者需秉持理性消费理念，避免盲目跟风和过度消费，增强信息甄别、隐私保护意识。权益受损时， 应留存证据。 "情绪消费"正跃升为极具发展潜力的新兴消费业态。5月15日，江苏省消保委提醒：需警惕"为情绪消 费"异化为"为冲动消费"，避免其沦为被情绪裹挟的"消费陷阱"。 从带来心灵慰藉的趣味玩具，到提供情感陪伴的AI伴侣，再到构建精神疗愈场景的沉浸式消费体验， 涵盖多元消费模式与场景的"情绪消费"近年来风生水起。据报道，小红书搜索数据显示，近三年，香 薰、助眠、潮玩、棉花娃娃、绿植、香道等和情绪相关的笔记发布量同比增长超过400倍。淘宝数据显 示，2024年，为情绪价值和兴趣买单成为年轻人消费的首要理由，定制类热销商品中，手绘头像、无边 抱枕、打工人立牌等产品成交增幅超过50%。 江苏省消保委认为，近年来，"情绪消费 ...

Group 1: AI Industry Performance - The CSI Artificial Intelligence Theme Index (930713) increased by 0.18% as of May 16, 2025, with notable gains from constituent stocks such as Jingsheng Electronics (600699) up 10.00% and Zhongji Xuchuang (300308) up 4.31% [1] - The AI Artificial Intelligence ETF (512930) rose by 0.08%, with a latest price of 1.31 yuan, and has seen a cumulative increase of 0.38% over the past two weeks, ranking in the top third among comparable funds [1] - The AI Artificial Intelligence ETF's average daily trading volume over the past year was 87.93 million yuan, with a significant scale growth of 24.20 million yuan in the past week, placing it in the top third among comparable funds [1] - The ETF's latest share count reached 1.4887 billion, marking a new high since its inception, with a net inflow of 30.34 million yuan recently [1] Group 2: Leverage and Financing - Leverage funds are increasingly positioning themselves in the AI sector, with a net financing purchase amount of 1.134 million yuan this month and a latest financing balance of 94.25 million yuan [2] Group 3: Consumer Electronics Sector - The CSI Consumer Electronics Theme Index (931494) decreased by 0.09% as of May 16, 2025, with mixed performance among constituent stocks, including Guanghong Technology (300735) up 3.35% and Shengyi Technology (600183) down 1.62% [5] - The Consumer Electronics ETF (561600) fell by 0.25%, with a latest price of 0.79 yuan, but has seen a cumulative increase of 0.51% over the past two weeks [5] - The ETF's average daily trading volume over the past week was 23.12 million yuan, ranking first among comparable funds, with a significant scale growth of 29.83 million yuan [5] Group 4: Online Consumption Sector - The CSI Hong Kong-Shanghai Online Consumption Theme Index (931481) declined by 1.06% as of May 16, 2025, with notable stocks like NetEase Cloud Music (09899) up 5.21% and Alibaba-W (09988) down 4.97% [6] - The Online Consumption ETF (159793) decreased by 0.78%, with a latest price of 0.89 yuan, but has seen a cumulative increase of 1.92% over the past two weeks [6] - Xiaomi's founder announced the upcoming release of a new SoC chip, named Xuanjie O1, which will be the second SoC chip released by Xiaomi in ten years, highlighting the company's commitment to chip development [6] Group 5: AI Industry Growth Projections - The AI industry is expected to see significant growth, with revenue and net profit growth rates for the AI computing sector projected to exceed the overall industry average, with a total revenue growth of 14.57% year-on-year in 2024 and 41.87% year-on-year in Q1 2025 [7] - Domestic AI chip manufacturers like Huawei and Cambricon are making significant progress, accelerating the replacement of high-end chips with domestic alternatives [7] Group 6: Index Composition - As of April 30, 2025, the top ten weighted stocks in the CSI Artificial Intelligence Theme Index accounted for 50.64% of the index, with stocks like Cambricon (688256) and Weir Shares (603501) among the leaders [8] - The top ten weighted stocks in the CSI Consumer Electronics Theme Index accounted for 53.78%, with companies like SMIC (688981) and Luxshare Precision (002475) leading the index [11] - The top ten weighted stocks in the CSI Hong Kong-Shanghai Online Consumption Theme Index accounted for 56.94%, with Alibaba-W (09988) and Tencent Holdings (00700) being the most significant contributors [14]

消息面上，通义千问宣布推出 Qwen3，这是 Qwen 系列大型语言模型的最新成员。我们的旗舰模型 Qwen3-235B-A22B 在代码、数学、通用能力等基准测试 中，与 DeepSeek-R1、o1、o3-mini、Grok-3 和 Gemini-2.5-Pro 等顶级模型相比，表现出极具竞争力的结果。 天风证券认为，近期进入公司年报业绩期，同时由于外部政治环境动荡扰动，市场波动较为剧烈，整体情绪较为低落。但我们仍然看好AI 行业作为年度投 资主线，后续伴随着DeepSeek R2/V4 等以及包括Agent、多模态方面相关进展，仍然看好AI 行业以及围绕AIDC产业链的持续高景气。整体上我们积极看好 25 年或成为国内AI 基础设施竞赛元年以及应用开花结果之年。 截至2025年4月29日 11:13，中证人工智能主题指数(930713)上涨0.30%，成分股均胜电子(600699)上涨2.86%，光环新网(300383)上涨2.86%，复旦微电 (688385)上涨2.80%，昆仑万维(300418)上涨2.76%，用友网络(600588)上涨2.20%。 AI人工智能ETF(512930)上涨0.24 ...