国投策略表示，北向资金大幅流入短期会提振A股，尤其利好大盘成长。但短期定价条件往往需要人民币升值的配合，后续北向资金的流入持续性还需跟踪观察

制造业PMI连续两月扩张 ，但利润端受成本和价格压制；特斯拉FSD即将在华落地，隔夜美股大涨15%；产能过剩难关未过，光伏龙头一季度大亏；比亚迪一季度净利润同增10.62%，研发费用同比大增七成超百亿

多地出台重磅楼市政策，成都长沙全面取消楼市限购；马斯克“意外”访华，推升FSD落地中国预期

上市公司与未上市企业的收购和反向收购是中国当前发展阶段的现实选择，这两种模式能够实现四种功效：上市公司做大做强，“次新股”二次腾飞，优质企业进入资本市场，低效和低质资产退出市场

北向资金全天单边净买入224.49亿元，创下陆港通开通以来新高。港股近日走势亦向好，恒生科技指数开盘后快速拉升，午后涨超4%

天齐锂业收关注函，要求说明一季度大亏原因；多家光模块公司一季度净利润同比增超200%；胰岛素集采中标价格再降3.8%；中国平安一季度净利润同比下降4.3%，三大核心业务恢复增长

中信建投策略指出，本轮出口链亮眼超额收益行情的背后，除基本面逻辑外，还体现了交易层面资金对于盈利确定性的追逐

价格战愈演愈烈，小米汽车称锁单量已超7万；消息面密集冲击市场，固态电池概念早间再度拉升；

• The State Council of China has issued new guidelines, known as the "new 'National Nine Articles'", aimed at enhancing supervision and risk prevention to promote high-quality development in the capital market. This includes full-chain management from listing to delisting, increased regulation of market institutions, and strengthened oversight of algorithmic and high-frequency trading to ensure market fairness.
• To implement these guidelines, the China Securities Regulatory Commission (CSRC) has released several draft rules, and stock exchanges are revising their business rules, forming a "1+N+X" policy system. These measures address issues revealed by stock market fluctuations since August 2023 and aim to resolve long-standing contradictions in the capital market.
• The new regulations emphasize stricter IPO standards, including higher thresholds for profitability and revenue on main boards and growth boards, while also focusing on improving company quality through rigorous entry barriers. This approach is expected to impact the scale of equity financing in 2024 significantly, with projections suggesting a substantial decrease compared to 2023.

推动资本市场高质量发展，既要解决长期积累的深层矛盾，也要更尊重市场规律，真正把选择权交给市场

【本文系数据通用户提前专享】推动资本市场高质量发展，既要解决长期积累的深层矛盾，也要更尊重市场规律，真正把选择权交给市场

风险偏好边际回落，大盘蓝筹集体走强

午后两市持续大涨，高速连接器概念异动猛拉；五一黄金周热度升温旅游股大涨；证监会称“退市规则修改主要针对小盘股”属误读，早间微盘股大涨

国投策略认为，新“国九条”在眼下构成诱发大盘指数新一轮大行情的直接要素还有待观察，政策短期实际影响最大的是在结构风格领域，当前趋严的监管环境下微盘股投资价值大幅下降

宁德时代一季度归母净利润达百亿，穆迪上调其信用评级；多家航司发布3月旅客运营数据，国际航班明显复苏；央行召开金融稳定工作会议，强调防范化解金融风险；新“国九条”提强监管和防风险，A股哪些板块会受益？

PE/VC投资经理2021年-2023年的年薪逐年下降，中位数分别为45万元、37万元、32.5万元

A股迎第三个“国九条”，中字头板块大涨，微盘股重挫；中核钛白跌停，实控人被立案调查；俄金属交易遭遇英美制裁，LME有色金属期货大涨

• In 2023, China's public mutual funds reported a total loss of 4.9281 trillion yuan for investors, with equity funds losing 1.46 trillion yuan but partially offset by gains from bond and money market funds totaling 909.7 billion yuan. Despite the overall loss, the situation improved compared to the 1.47 trillion yuan loss in 2022.
• The net asset value of public mutual funds increased by 6.03% year-over-year to 27.6 trillion yuan at the end of 2023, driven by growth in bond and money market funds, while equity products saw reductions in both share and net value.
• The Chinese stock market experienced volatility throughout 2023, leading to decreased profitability for public mutual funds and a significant drop in new equity product launches. Additionally, a fee reduction initiative launched in the second half of the year resulted in lower management fee income for many fund managers, indicating an industry-wide effort to reduce costs amidst challenging market conditions.

【本文系数据通用户提前专享】持续震荡市中，公募基金赚钱效应不佳、产品发行遇冷，叠加降费让利改革、“降薪裁员”的氛围愈浓，全行业阵痛期来临

持续震荡市中，公募基金赚钱效应不佳、产品发行遇冷，叠加降费让利改革、“降薪裁员”的氛围愈浓，全行业阵痛期来临