证券研究报告 | 2025年05月22日 市场情绪：今日收盘时有 51 只股票涨停，有 18 只股票跌停。昨日涨停股票 今日收盘收益为 1.29%，昨日跌停股票今日收盘收益为-4.04%。今日封板率 54%，较前日下降 19%，连板率 23%，较前日下降 10%。 市场资金流向：截至 20250521 两融余额为 18112 亿元，其中融资余额 17990 亿元，融券余额 122 亿元。两融余额占流通市值比重为 2.3%，两融交易占市 场成交额比重为 8.2%。 折溢价：20250521 当日 ETF 溢价较多的是金融 ETF，ETF 折价较多的是 MSCIESGETF。近半年以来大宗交易日均成交金额达到 14 亿元，20250521 当 日大宗交易成交金额为 16 亿元，近半年以来平均折价率 5.43%，当日折价率 为 2.79%。近一年以来上证 50、沪深 300、中证 500、中证 1000 股指期货主 力合约的年化贴水率中位数分别为 1.44%, 3.16%, 8.75%，12.09%，当日上 证 50 股指期货主力合约年化贴水率为 8.34%，处于近一年来 16%分位点，当 日沪深 300 股指期货 ...

Group 1 - The S&P 500 ETF (159612) led the gains with an increase of 4.00% [1] - The MSCI ESG ETF (159621) rose by 1.96% [1] - The S&P Consumer ETF (159529) saw an increase of 1.58% [1] Group 2 - The Changjiang Protection Theme ETF (517160) was the biggest loser, declining by 3.42% [1] - The S&P Oil & Gas ETF (513350) fell by 2.08% [1] - The S&P Oil & Gas ETF (159518) decreased by 2.06% [1]

Group 1 - The ETF market showed mixed performance with the gold ETF AU (518860) leading gains at 2.84% [1] - The battery leader ETF (159767) increased by 1.73%, while the MSCI ESG ETF (159621) rose by 1.24% [1] - Conversely, the S&P Oil & Gas ETF (159518) experienced the largest decline at 2.63%, followed by the S&P Oil & Gas ETF (513350) down 2.4%, and the S&P Biotechnology ETF (159502) falling by 1.85% [1] Group 2 - The gold market is experiencing a significant surge, indicating a strong demand for safe-haven assets [2]

Group 1: Fund News - Several North Exchange funds have announced purchase limits, with the E Fund North Certificate 50 Index limiting purchases to 3,000 yuan starting May 19, and the Pengyang North Certificate 50 Index reducing the limit to 50,000 yuan from May 13 [1] - A total of 19 Hong Kong-themed funds have been reported since May, covering various sectors such as innovative drugs, cloud computing, consumption, and automobiles [1] - Public funds have invested nearly 10 billion yuan in private placements this year, with 21 public institutions participating in 31 A-share companies' private placements, totaling 9.785 billion yuan [1] Group 2: ETF Market Review - The market experienced a rise and then a pullback, with the Shanghai Composite Index increasing by 0.21%, the Shenzhen Component Index by 0.44%, and the ChiNext Index by 0.83%. The total trading volume reached 1.17 trillion yuan, an increase of 37.8 billion yuan from the previous trading day [2] - Gold-related stocks performed strongly, with gold stock ETFs rising by as much as 4.85% [2] Group 3: ETF Performance - The top-performing gold stock ETFs include: - Code 159562: Gold Stock ETF, up 4.85% to 1.557 - Code 517520: Gold Stock ETF, up 4.63% to 1.423 - Code 159322: Gold Stock ETF, up 4.51% to 1.158 [3] - The S&P Consumer ETF led the decline, down 2.29% [4] Group 4: Industry Trends - The rising gold prices are driving new growth trends in the industry, with the investment value of gold products becoming more prominent. This is expected to boost sales of investment-grade gold bars and brands with high cost-performance ratios [5] - The improvement in consumer spending, advancements in gold craftsmanship, and the rise of domestic brands are expected to provide strong growth momentum for the gold and jewelry industry [5]