上证指数 3,380.19 -0.22% 深证成指 10,219.62 -0.72%

沪 B 股 260.84 -0.04% 深 B 股 8,121.01 +0.04%

创业板 2,045.57 -0.96%

总成交额（沪市 & 深市）CNY 1102.69 Bn. -6% 环比

板块表现

最佳：1 / 银行 2 / 家电 3 / 交通运输

最差：1 / 化学品 2 / 多元化金融 3 / 旅游业

China market took a pause today with indices a couple/dozens of bps below water. Style shifted back to the defensive side, banks, energy and appliances outperformed. The local consumption like Pudong Dev bank 600000 CH saw new ATH. The new consumption theme that had been outperforming during the past week got quickly sold off today, pets economy -3.9%, duty free lower too -1.6%.

今日中国市场暂歇，表现主要指数小幅下跌几个至几十个基点。风格转向防御性板块，银行、能源及家电表现领先。浦发银行 (600000 CH) 等本土银行创出历史新高。过去一周左右表现突出的新消费主题今日遭遇快速抛售，宠物经济板块下跌 3.9%，免税板块亦下跌 1.6%。

Auto semi was once pretty strong during the day with the expectation of Xiaomi Yu 7 information release, but gains narrowed on later Lei Jun posted on social media that there won’t be price info and other debut today. That being said, still we have seen consistent inflow into auto related semi - Will semi 603501 the flagship stock. Management remains positive on the company's growth ahead more driven by ADAS / AD trend in China. BYD smart driving car sold more than 213k units in Apr (71% of total 480k passenger car sold domestically), adding to the total 480k+ in 4M, more doubling in pace every month.

汽车半导体板块今日一度表现强劲，因市场预期小米 SU7 信息发布，但随后雷军在社交媒体发布不会公布价格等上市信息，涨幅收窄。尽管如此，我们仍观察到资金持续流入汽车相关半导体 —— 龙头股 603501。对公司在中国 ADAS/AD 趋势驱动下的未来增长保持乐观。比亚迪智能驾驶汽车 4 月销量超 21.3 万辆（占国内乘用车总销量的 71%），前四个月累计销量突破 48 万辆，月度增速持续翻倍。

CN flows on our pad: two ways, buyer in battery, vs. sellers in materials, smart phone chain. Fundamental pocket net buying, sizeable in auto semi but seller from other pockets in memory, etc.

我们的平台上的中国资金流向呈现两种态势：电池领域的买家与材料、智能手机产业链的卖家形成对比。基本面资金呈现净买入状态，汽车半导体领域规模可观，但存储器等其他领域出现卖方压力。

Prime data shows that global HF sharp de - grossing in April, Gross allocation remained flat at 4.6%, near 5 - year low (4th percentile 5 - year). So far in May, Gross allocation is down 0.4% to 8.0% (33rd percentile 5 - year). Chinese equities have seen marginal to moderate buying for 4 consecutive weeks, but still remain net sold for the YTD period. A - shares dominated the net buying flows (70%) in the recent week, with relatively smaller contributions from ADRs (25%) and H - Shares (5%)

Prime 数据显示，全球对冲基金 4 月大幅减仓，总配置比例持平于 4.6%（接近五年低点，处于五年期第 4 百分位），而 5 月迄今小幅下降 0.4% 至 8.0%（五年期第 33 百分位）。中国股票已连续四周出现小幅至温和买盘，但年初至今仍呈现净卖出状态。近期一周的净买入流量主要由 A 股主导（占比 70%），ADR（25%）和 H 股（5%）贡献相对较小。

Over/Under weights vs. MXCN: Industrials (+7.7%), Materials (+7.2%), Health Care (+5.8%) are the most overweight, while Comm Svcs (-18.3%),

相对于 MXCN 的超配 / 低配情况：工业板块（+7.7%）、材料板块（+7.2%）、医疗保健板块（+5.8%）超配幅度最大，而通信服务板块（-18.3%）

Financials (-7.8%) and Energy (-3.0%) remain the most underweight sectors.

金融（-7.8%）和能源（-3.0%）仍是最低配的板块。

MTD Net Bought: Industrials

当月至今净买入：工业板块

MTD Net Sold: Info Tech, Health Care, Cons Disc, Materials, Cons Stap, Real Estate, Energy, Comm Svcs, Financials, Utilities

MTD 净卖出：信息技术、医疗保健、消费类非必需品、材料、消费类必需品、房地产、能源、通信服务、金融、公用事业。调研纪要更新