债市走牛的逻辑比较清晰，增长动能偏弱叠加货币宽松。股市走牛往往伴随着三个宏观条件，一是经济悲观预期见底；二是金融条件转向宽松；三是增量资金入市

基金公司官方对基金经理离职的消息披露遮遮掩掩，导致购买基金产品的散户处于信息不对称的劣势方

• As of May 8, 2024, the disclosed annual reports of 5,355 listed companies in China's A-share market for 2023 show a total revenue of 72.6 trillion yuan (up by 0.9% year-on-year) but a net profit decline of 2.7% to 5.3 trillion yuan. Excluding the financial sector, revenue was up by 2.3%, while net profits fell by 3.76%.
• In Q1 2024, both overall and non-financial A-share companies experienced further declines in net profits by approximately 4.74% and 5.44%, respectively, continuing the trend from the second half of 2023 which showed weak recovery signs despite slight improvements in revenue.
• The performance across sectors varied; service sectors related to travel and export-oriented industries performed relatively better due to increased overseas demand, while financial and real estate sectors faced significant pressures with continued pessimistic revenue and profit forecasts due to limited demand recovery and high operational costs relative to income.

• During China's May Day holiday, the Hang Seng Index in Hong Kong saw a significant rise, achieving nine consecutive days of gains by May 3, rebounding over 20% from its January low and entering a technical bull market. Concurrently, the Shanghai Composite Index also showed positive performance, rising to around 3155 points by May 9.
• Positive outlooks on China's market were expressed by foreign institutions like BNP Paribas and UOB Kay Hian, attributing confidence to Chinese government's supportive measures for capital market health and adjustments in real estate policies. These included easing restrictions on property purchases and sales.
• The central government's April meeting highlighted ongoing economic challenges such as insufficient demand and high operational pressures on businesses. It emphasized the importance of real estate as a drag on economic performance while discussing new policy measures to optimize housing supply and demand.

“固收+”可以通过“+”的部分在全市场进行多资产、多策略的资产配置，降低组合内资产的相关性，提升组合的风险收益比

• Cathie Wood, CEO of Ark Investment Management, predicted at the "2024 Hong Kong Web3 Carnival" that Bitcoin could reach $1.5 million per coin by 2030. Concurrently, Hong Kong is preparing to launch Asia's first spot ETFs for Bitcoin and Ethereum by the end of April 2024.
• The U.S. SEC approved 11 Bitcoin spot ETFs on January 10, 2024, marking a milestone in virtual asset acceptance by mainstream financial institutions like BlackRock and Fidelity. In contrast, Hong Kong regulators proactively issued guidelines in December 2023 to facilitate the trading of virtual asset spot ETFs by retail investors.
• On April 30, 2024, three Bitcoin and three Ethereum spot ETFs were listed in Hong Kong, introduced by subsidiaries of Chinese public funds. These ETFs are available for retail investors and mark a significant development in Hong Kong's virtual assets market.

监管思路日渐清晰，在保护投资者利益和市场发展中努力寻求平衡

年报和一季报数据显示，A股上市公司增收不增利，经营承压、投资收缩、融资低迷，盈利能力持续下滑

【本文系数据通用户提前专享】房地产企稳攸关中国经济，本轮复杂性远超过往。如何扭转预期？

在绝大部分时候，企业盈利增长决定了市场涨跌的方向，而估值仅仅影响这个方向变动的幅度

【本文系数据通用户提前专享】监管思路日渐清晰，在保护投资者利益和市场发展中努力寻求平衡

【本文系数据通用户提前专享】年报和一季报数据显示，A股上市公司增收不增利，经营承压、投资收缩、融资低迷，盈利能力持续下滑

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港股金融、地产股大涨，恒指盘中涨超2%

推荐：马克龙感谢习近平共倡奥运停火 强调西方无意寻求莫斯科政权更迭；科学家发现印尼一红毛猩猩用植物做“药膏”疗伤；法意德等12国来华免签延长至2025年；71岁普京第五次就任俄总统 西方各国代表出席典礼与否引瞩目

【本文为财新数据通用户专享内容导读】更多精华内容还有：解析日元失速下跌背后的几大谜团；低价车型和自动驾驶能否打消特斯拉的增长疑虑；五一出游人次再创新高，但人均消费不及疫情前；4月PSL净归还额创历史纪录意味着什么；如何破解资金空转；一季度彩票销售额同比增长近两成；2023年国内居民出境超一亿人次；美国国债每分钟支付利息200万美元

【本文为财新数据通用户专享内容导读】更多精华内容还有：解析日元失速下跌背后的几大谜团；低价车型和自动驾驶能否打消特斯拉的增长疑虑；五一出游人次再创新高，但人均消费不及疫情前；4月PSL净归还额创历史纪录意味着什么；如何破解资金空转；一季度彩票销售额同比增长近两成；2023年国内居民出境超一亿人次；美国国债每分钟支付利息200万美元

由于多数行业普跌、仅红利板块上涨，今年一季度各类公募港股基金皆对头部行业的配置共识度有所下降，主要原因是对医药行业的集中配置程度明显降低

港股迎来调整，恒科指盘中跌超2%

而更为长远的看，港股能否持续上行的关键，在于海外后续长线配置型资金能否接力，配置型资金更关注经济基本面的改善，直达需求端的财政政策或是改善关键