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luz
2021-05-25
ZanZan
luz
2021-05-25
Zan
The RMB exchange rate has hit a new high in nearly three years. How will this affect the stock and bond markets?
luz
2021-05-25
Zan
Market Overview: Southbound capital buying surges in A-shares, with bull market leaders rising across the board.
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How will this affect the stock and bond markets?","url":"https://stock-news.laohu8.com/highlight/detail?id=1130612289","media":"Wind万得","summary":"近期美元指数不断走弱，人民币对美元汇率逐步升值。5月25日，人民币兑美元中间价报6.4283，调升125个基点；离岸人民币对美元汇率日内升穿6.40关口，在岸人民币对美元汇率一度探至6.4016，均创","content":"<p>Recently, the US Dollar Index has been weakening, and the RMB exchange rate against the US dollar has been gradually appreciating. On May 25, the central parity rate of the RMB against the US dollar was 6.4283, up 125 basis points; The offshore RMB exchange rate against the US dollar broke through the 6.40 mark during the day, while the onshore RMB exchange rate against the US dollar once reached 6.4016, both reaching new highs in nearly three years.</p><p><img src=\"https://static.tigerbbs.com/3802973516e3b3f61c8157451f39713a\" tg-width=\"796\" tg-height=\"1125\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/bf8175bd00636290f456e52491857015\" tg-width=\"796\" tg-height=\"957\" referrerpolicy=\"no-referrer\"></p><p><b>The logic of RMB appreciation</b></p><p>The reasons for the recent appreciation of the RMB exchange rate<a href=\"https://laohu8.com/S/601328\">Bank of Communications</a>Tang Jianwei, chief researcher at the Financial Research Center, believes that the significant fluctuations in the US Dollar Index caused by the COVID-19 pandemic are the main reason for the two-way fluctuations in the RMB exchange rate against the US dollar. The difference in economic growth rates between China and the United States is a fundamental factor behind exchange rate fluctuations; The differences in the direction and intensity of monetary policies between China and the United States have led to fluctuations in the interest rate differential between the two countries, which is a policy factor contributing to exchange rate fluctuations.</p><p>When discussing the future trend of the RMB exchange rate, Tang Jianwei said that the RMB exchange rate is expected to maintain a two-way fluctuation characteristic this year, continuing a steady upward trend, and the annual exchange rate appreciation is expected to be significantly smaller than in 2020.</p><p><a href=\"https://laohu8.com/S/600030\">CITIC Securities</a>Mingming, deputy director of the research institute, believes that with the enhancement of China's own economic strength, the internationalization of the RMB, and the continued opening of the financial market, the two-way fluctuation characteristics of the RMB exchange rate will be strengthened, and the RMB exchange rate will become more market-oriented. The RMB exchange rate still has strengthening momentum, and the USD/CNY exchange rate may fall to 6.2.</p><p><a href=\"https://laohu8.com/S/601818\">Everbright Bank</a>Financial market analyst Zhou Mao believes that the short-term fluctuations in the RMB are mainly affected by the sharp fluctuations in the US dollar and other currencies. Due to the recurring global pandemic, fluctuations in overseas economic recovery, policy divergence, and differences between the market and the Federal Reserve's policy outlook, the market volatility remains sharp. However, the RMB exchange rate trend is consistent with fundamentals, market expectations are generally stable, and the RMB exchange rate is highly flexible. From the perspective of domestic and international macroeconomic and policy trends, the RMB exchange rate is unlikely to show a one-sided strengthening trend and is expected to show a strong two-way fluctuation pattern near the equilibrium level.</p><p>CCB International stated that the RMB depreciated against the US dollar in the first quarter, supported by interest rate differentials. However, the Federal Reserve's maintenance of zero interest rates, coupled with rising federal debt and inflation expectations due to fiscal expansion, will still have a negative impact on the dollar. The US dollar is expected to remain in a weak range, and interest rate trends will increase dollar volatility. We maintain our judgment that the RMB exchange rate will appreciate slightly over the next two years. The pace of appreciation is expected to slow down, and two-way fluctuations are expected to continue.</p><p><b>A-share impact: Five major industries benefit the most</b></p><p>In the stock market, the appreciation of the RMB is conducive to capital inflows. The appreciation of the RMB exchange rate is mainly due to the difference in economic expectations between China and the United States. With expectations of a stronger Chinese economy, foreign capital is flowing in, corporate profit growth is recovering, and monetary liquidity is beneficial to the domestic stock market.</p><p><a href=\"https://laohu8.com/S/601688\">Huatai Securities</a>It was stated that foreign capital actively increased its holdings of domestic equity assets in 2020. Without the inclusion of passive funds in the index, foreign capital actively increased its holdings of domestic equity assets by US$64.1 billion throughout 2020, with an increase of US$43.7 billion in the fourth quarter.</p><p><img src=\"https://static.tigerbbs.com/f3d032d17feb7c9cd9b88bbdbb1dda6b\" tg-width=\"796\" tg-height=\"597\" referrerpolicy=\"no-referrer\"></p><p>In terms of industries, industries with foreign exchange liabilities will directly benefit from the appreciation of the RMB, especially US dollar liabilities, as a depreciation of the US dollar will result in a one-time exchange gain.</p><p>According to Wind data, in 2020, the total US dollar borrowings of all A-share listed companies amounted to approximately RMB 911.6 billion (including lease liabilities for airlines), accounting for 5.94% of the total A-share borrowings.</p><p>By industry, five industries saw US dollar loans accounting for more than 10% of total loans: aviation, electronics, communications, mining, and agriculture, forestry, animal husbandry and fishery.</p><p><img src=\"https://static.tigerbbs.com/43cc8c1eff54c3238d5841f47dd5543b\" tg-width=\"615\" tg-height=\"719\" referrerpolicy=\"no-referrer\"></p><p>For the aviation industry,<a href=\"https://laohu8.com/S/002673\">western securities</a>It is believed that airlines incur significant foreign currency liabilities due to the purchase of aircraft and aviation materials, and their debt repayment pressure will be reduced during the appreciation of the RMB. Furthermore, with the advent of a COVID-19 vaccine in the future, global exchanges will recover to pre-pandemic levels, and the increased demand for international business travel will bring about a significant recovery in airline performance. In addition, the appreciation of the RMB can also increase residents' purchasing power. Coupled with the previous consumption suppression caused by the pandemic, once the overseas pandemic eases, overseas tourism is expected to see significant growth, and related industries such as aviation, airports and tourism will benefit significantly.</p><p><img src=\"https://static.tigerbbs.com/170e814640f732939bb52a41cbaa38c3\" tg-width=\"657\" tg-height=\"357\" referrerpolicy=\"no-referrer\"></p><p><b>Impact of RMB Appreciation on Bond Market</b></p><p>Regarding Treasury Bond yields, RMB appreciation often corresponds to stronger bond yields.</p><p>The relationship between exchange rates and interest rates is mainly linked by capital flows and risk sentiment:</p><p>1) High interest rates attract cross-border capital inflows, leading to the appreciation of the RMB exchange rate. Data shows that in 2020, overseas institutions purchased a total of US$190.5 billion in domestic bond assets, the largest in history, with a year-on-year growth rate of 85.9%. Against the backdrop of negative global real interest rates, RMB bonds, which offer high positive returns, have become sought after by global investors.</p><p>2) At the same time, high interest rates can easily suppress consumption and investment, resulting in a current account surplus, an oversupply of foreign exchange, and the appreciation of the RMB.</p><p>3) The continuous appreciation of the RMB exchange rate, the continuous inflow of cross-border funds, and the increase in money supply have created downward pressure on interest rates. Of course, given that the RMB capital account is not fully open at present, the inflow of cross-border funds has a very small impact on interest rates, and it is basically the interest rate that affects the exchange rate.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The RMB exchange rate has hit a new high in nearly three years. How will this affect the stock and bond markets?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe RMB exchange rate has hit a new high in nearly three years. How will this affect the stock and bond markets?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/99\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/c71e30d1317b4a5cb20a41998e10ac68);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Wind万得 </p>\n<p class=\"h-time smaller\">2021-05-25 17:14</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Recently, the US Dollar Index has been weakening, and the RMB exchange rate against the US dollar has been gradually appreciating. On May 25, the central parity rate of the RMB against the US dollar was 6.4283, up 125 basis points; The offshore RMB exchange rate against the US dollar broke through the 6.40 mark during the day, while the onshore RMB exchange rate against the US dollar once reached 6.4016, both reaching new highs in nearly three years.</p><p><img src=\"https://static.tigerbbs.com/3802973516e3b3f61c8157451f39713a\" tg-width=\"796\" tg-height=\"1125\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/bf8175bd00636290f456e52491857015\" tg-width=\"796\" tg-height=\"957\" referrerpolicy=\"no-referrer\"></p><p><b>The logic of RMB appreciation</b></p><p>The reasons for the recent appreciation of the RMB exchange rate<a href=\"https://laohu8.com/S/601328\">Bank of Communications</a>Tang Jianwei, chief researcher at the Financial Research Center, believes that the significant fluctuations in the US Dollar Index caused by the COVID-19 pandemic are the main reason for the two-way fluctuations in the RMB exchange rate against the US dollar. The difference in economic growth rates between China and the United States is a fundamental factor behind exchange rate fluctuations; The differences in the direction and intensity of monetary policies between China and the United States have led to fluctuations in the interest rate differential between the two countries, which is a policy factor contributing to exchange rate fluctuations.</p><p>When discussing the future trend of the RMB exchange rate, Tang Jianwei said that the RMB exchange rate is expected to maintain a two-way fluctuation characteristic this year, continuing a steady upward trend, and the annual exchange rate appreciation is expected to be significantly smaller than in 2020.</p><p><a href=\"https://laohu8.com/S/600030\">CITIC Securities</a>Mingming, deputy director of the research institute, believes that with the enhancement of China's own economic strength, the internationalization of the RMB, and the continued opening of the financial market, the two-way fluctuation characteristics of the RMB exchange rate will be strengthened, and the RMB exchange rate will become more market-oriented. The RMB exchange rate still has strengthening momentum, and the USD/CNY exchange rate may fall to 6.2.</p><p><a href=\"https://laohu8.com/S/601818\">Everbright Bank</a>Financial market analyst Zhou Mao believes that the short-term fluctuations in the RMB are mainly affected by the sharp fluctuations in the US dollar and other currencies. Due to the recurring global pandemic, fluctuations in overseas economic recovery, policy divergence, and differences between the market and the Federal Reserve's policy outlook, the market volatility remains sharp. However, the RMB exchange rate trend is consistent with fundamentals, market expectations are generally stable, and the RMB exchange rate is highly flexible. From the perspective of domestic and international macroeconomic and policy trends, the RMB exchange rate is unlikely to show a one-sided strengthening trend and is expected to show a strong two-way fluctuation pattern near the equilibrium level.</p><p>CCB International stated that the RMB depreciated against the US dollar in the first quarter, supported by interest rate differentials. However, the Federal Reserve's maintenance of zero interest rates, coupled with rising federal debt and inflation expectations due to fiscal expansion, will still have a negative impact on the dollar. The US dollar is expected to remain in a weak range, and interest rate trends will increase dollar volatility. We maintain our judgment that the RMB exchange rate will appreciate slightly over the next two years. The pace of appreciation is expected to slow down, and two-way fluctuations are expected to continue.</p><p><b>A-share impact: Five major industries benefit the most</b></p><p>In the stock market, the appreciation of the RMB is conducive to capital inflows. The appreciation of the RMB exchange rate is mainly due to the difference in economic expectations between China and the United States. With expectations of a stronger Chinese economy, foreign capital is flowing in, corporate profit growth is recovering, and monetary liquidity is beneficial to the domestic stock market.</p><p><a href=\"https://laohu8.com/S/601688\">Huatai Securities</a>It was stated that foreign capital actively increased its holdings of domestic equity assets in 2020. Without the inclusion of passive funds in the index, foreign capital actively increased its holdings of domestic equity assets by US$64.1 billion throughout 2020, with an increase of US$43.7 billion in the fourth quarter.</p><p><img src=\"https://static.tigerbbs.com/f3d032d17feb7c9cd9b88bbdbb1dda6b\" tg-width=\"796\" tg-height=\"597\" referrerpolicy=\"no-referrer\"></p><p>In terms of industries, industries with foreign exchange liabilities will directly benefit from the appreciation of the RMB, especially US dollar liabilities, as a depreciation of the US dollar will result in a one-time exchange gain.</p><p>According to Wind data, in 2020, the total US dollar borrowings of all A-share listed companies amounted to approximately RMB 911.6 billion (including lease liabilities for airlines), accounting for 5.94% of the total A-share borrowings.</p><p>By industry, five industries saw US dollar loans accounting for more than 10% of total loans: aviation, electronics, communications, mining, and agriculture, forestry, animal husbandry and fishery.</p><p><img src=\"https://static.tigerbbs.com/43cc8c1eff54c3238d5841f47dd5543b\" tg-width=\"615\" tg-height=\"719\" referrerpolicy=\"no-referrer\"></p><p>For the aviation industry,<a href=\"https://laohu8.com/S/002673\">western securities</a>It is believed that airlines incur significant foreign currency liabilities due to the purchase of aircraft and aviation materials, and their debt repayment pressure will be reduced during the appreciation of the RMB. Furthermore, with the advent of a COVID-19 vaccine in the future, global exchanges will recover to pre-pandemic levels, and the increased demand for international business travel will bring about a significant recovery in airline performance. In addition, the appreciation of the RMB can also increase residents' purchasing power. Coupled with the previous consumption suppression caused by the pandemic, once the overseas pandemic eases, overseas tourism is expected to see significant growth, and related industries such as aviation, airports and tourism will benefit significantly.</p><p><img src=\"https://static.tigerbbs.com/170e814640f732939bb52a41cbaa38c3\" tg-width=\"657\" tg-height=\"357\" referrerpolicy=\"no-referrer\"></p><p><b>Impact of RMB Appreciation on Bond Market</b></p><p>Regarding Treasury Bond yields, RMB appreciation often corresponds to stronger bond yields.</p><p>The relationship between exchange rates and interest rates is mainly linked by capital flows and risk sentiment:</p><p>1) High interest rates attract cross-border capital inflows, leading to the appreciation of the RMB exchange rate. Data shows that in 2020, overseas institutions purchased a total of US$190.5 billion in domestic bond assets, the largest in history, with a year-on-year growth rate of 85.9%. Against the backdrop of negative global real interest rates, RMB bonds, which offer high positive returns, have become sought after by global investors.</p><p>2) At the same time, high interest rates can easily suppress consumption and investment, resulting in a current account surplus, an oversupply of foreign exchange, and the appreciation of the RMB.</p><p>3) The continuous appreciation of the RMB exchange rate, the continuous inflow of cross-border funds, and the increase in money supply have created downward pressure on interest rates. Of course, given that the RMB capital account is not fully open at present, the inflow of cross-border funds has a very small impact on interest rates, and it is basically the interest rate that affects the exchange rate.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5d8fb95e65f042f352c6313989391357","relate_stocks":{"399001":"深证成指","399006":"创业板指","03141":"华夏亚投债","CYB":"人民币ETF-WisdomTree Dreyfus","000001.SH":"上证指数","09141":"华夏亚投债-U"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1130612289","content_text":"近期美元指数不断走弱，人民币对美元汇率逐步升值。5月25日，人民币兑美元中间价报6.4283，调升125个基点；离岸人民币对美元汇率日内升穿6.40关口，在岸人民币对美元汇率一度探至6.4016，均创出近三年以来新高。\n\n人民币升值的逻辑\n对于近期人民币汇率升值的原因，交通银行金融研究中心首席研究员唐建伟认为，新冠肺炎疫情导致美元指数出现明显波动是人民币兑美元汇率双向波动的主因；中美两国经济增速表现的差异是汇率波动背后的基本面因素；中美两国货币政策方向及力度的差异，导致中美利差波动则是汇率波动的政策面因素。\n谈及未来人民币汇率走势，唐建伟表示，预计今年人民币汇率仍将保持双向波动特征，延续稳中略升的趋势，全年汇率升值幅度预计将明显小于2020年。\n中信证券研究所副所长明明认为，随着中国自身经济实力的增强，人民币国际化以及金融市场持续开放，人民币汇率双向波动特征将有所加强，人民币汇率将更加市场化。人民币汇率仍具备走强动能，美元兑人民币汇率向下或触及6.2。\n光大银行金融市场分析师周茂华认为，短期人民币波动主要是受到美元及其他货币剧烈波动影响，由于全球疫情反复、海外经济复苏波动，政策分化，市场与美联储政策展望存在分歧，市场波动仍偏剧烈；但人民币汇率走势与基本面相符，市场预期整体稳定，人民币汇率弹性足。从内外宏观经济、政策走势看，人民币汇率不会出现单边趋势走强，有望在均衡水平附近呈现强势双向波动格局。\n建银国际表示，一季度受利差支持美元走强，人民币兑美元汇率有所贬值。但联储维持零息，叠加财政扩张下联邦债务和通胀预期上升，对美元仍有负面影响。预计美元仍在弱势区间，利率走势则增加美元波动。维持人民币汇率未来两年小幅升值的判断。预计升值步伐趋缓，双向波动持续。\nA股影响：五大行业最受益\n股市方面，人民币升值有利于资金流入。人民币汇率升值背景主要在于中美经济预期差，在中国经济偏强预期下，外资流入，同时企业利润增长恢复，货币流动性对国内股市有利。\n华泰证券表示，2020年外资主动增持境内股权资产。在无指数纳入带来被动资金的情况下，2020年全年外资主动增持641亿美元的境内股权资产，其中4季度增幅达437亿美元。\n\n行业方面，外汇负债类行业将直接受益人民币升值，尤其是美元负债，美元贬值会造成一次性的汇兑收益。\nWind数据统计显示，2020年，A股所有上市公司美元借款合计约9116亿元（航空公司包括租赁负债），占A股总借款5.94%。\n分行业看，美元借款占全部借款比例超过10%的有5个行业，分别为航空、电子、通信、采掘和农林牧渔。\n\n对于航空业，西部证券认为，航空公司由于采购飞机航材而承担较多外币负债，其偿债压力将会在人民币升值过程中得到降低。此外，随着未来新冠疫苗问世，全球交流将恢复至疫前水平，国际间商旅需求的增加将为航空公司带来显着业绩修复。此外人民币升值也能够提高居民购买力，叠加此前受疫情影响的消费抑制，一旦海外疫情缓解，境外旅游将有望迎来显着增长，航空、机场及旅游等相关行业将显着受益。\n\n人民币升值对债市影响\n国债收益率方面，人民币升值往往对应债券收益率走强。\n汇率与利率的关系主要受资本流动和风险情绪形成联动：\n1） 高利率吸引跨境资本流入，人民币汇率升值。数据显示，2020 年全年境外机构共购买 1905亿美元的境内债券资产，规模创历年之最，同比增速达 85.9%。在全球真实利率转负的背景下，提供较高正回报的人民币债券受到全球投资的追捧。\n2） 同时高利率容易压制消费与投资，造成经常账户顺差，外汇供过于求，人民币升值。\n3）人民币汇率持续升值，跨境资金持续流入，货币供应增加，造成利率下行压力，当然在当前人民币资本账户没有完全开放情况下，跨境资金流入对利率影响非常小，基本上是利率影响汇率。","news_type":1,"symbols_score_info":{"399001":0.9,"399006":0.9,"000001.SH":0.9,"09141":0.9,"CYB":0.9,"CNHmain":0.9,"03141":0.9,"UCmain":0.9}},"isVote":1,"tweetType":1,"viewCount":2771,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":138681140,"gmtCreate":1621934165880,"gmtModify":1704364695765,"author":{"id":"3570107294783292","authorId":"3570107294783292","name":"luz","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570107294783292","idStr":"3570107294783292"},"themes":[],"title":"","htmlText":"Zan","listText":"Zan","text":"Zan","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/138681140","repostId":"1119328389","repostType":4,"repost":{"id":"1119328389","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1621932532,"share":"https://ttm.financial/m/news/1119328389?lang=en_US&edition=fundamental","pubTime":"2021-05-25 16:48","market":"hk","language":"zh","title":"Market Overview: Southbound capital buying surges in A-shares, with bull market leaders rising across the board.","url":"https://stock-news.laohu8.com/highlight/detail?id=1119328389","media":"老虎资讯综合","summary":"港股5月25日（周二），港股恒生指数高开高走，全天强势，收盘涨1.75%，报28910.86点；国企指数涨1.42%，红筹指数涨0.7%。港交所新任行政总裁欧冠升发表上市以来首次公开演讲，他表示“香港","content":"<p><b>Hong Kong Stocks</b></p><p>On Tuesday, May 25, the Hang Seng Index opened higher and continued to rise, remaining strong throughout the day, closing up 1.75% at 28,910.86 points. The state-owned enterprise index rose 1.42%, and the red-chip index rose 0.7%.<b>In his first public speech since its listing, the newly appointed Chief Executive of the Hong Kong Stock Exchange, Au Kwun-shing, stated that \"Hong Kong can serve as a super gateway to the world's second-largest economy, connecting China with the world.\"</b></p><p><img src=\"https://static.tigerbbs.com/831773de4dec7fbea153656bb244b194\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Benefit from<a href=\"https://laohu8.com/S/03032\">Hang Seng Technology ETF</a>Most technology stocks rose after they went public.<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>It rose 4.18%, recovering the HK$600 mark. Xiaomi Group rose 4.13% and will be reinstated in some FTSE Russell indices. At the same time,<a href=\"https://laohu8.com/S/00268\">Kingdee International</a>Up 9.55%<a href=\"https://laohu8.com/S/02013\">Weimob Group</a>It rose 5.23%, while Meituan rose 2.07%.</p><p>Chinese brokerage stocks rose.<a href=\"https://laohu8.com/S/601995\">CICC</a>Up 10.9%<a href=\"https://laohu8.com/S/601066\">CITIC Securities</a>Up 9.74%<a href=\"https://laohu8.com/S/600030\">CITIC Securities</a>It rose 6.31%.</p><p>Domestic bank and insurance stocks rose collectively.<a href=\"https://laohu8.com/S/600036\">China Merchants Bank</a>Up 6.33%<a href=\"https://laohu8.com/S/601658\">Postal Savings Bank</a>Up 4.14%<a href=\"https://laohu8.com/S/09668\">Bohai Bank</a>Up 3.63%;<a href=\"https://laohu8.com/S/601601\">China Pacific</a>Up 6.16%<a href=\"https://laohu8.com/S/00966\">China Taiping</a>Up 2.96%<a href=\"https://laohu8.com/S/LFC\">China Life</a>Up 2.75%.</p><p>Mainland education stocks rose.<a href=\"https://laohu8.com/S/09616\">Neusoft Education</a>Up 13.82%<a href=\"https://laohu8.com/S/01769\">Thinking Education</a>Up 4.58%<a href=\"https://laohu8.com/S/01797\">New Oriental online</a>Up 1.82%.<b>Today, the Haidian District Education Commission clarified that the claim that \"educational institutions are not allowed to hold classes during the summer vacation\" is false.</b></p><p>Blockchain concept stocks rebounded.<a href=\"https://laohu8.com/S/01611\">Huobi Technology</a>Up 11.19%<a href=\"https://laohu8.com/S/01499\">OK Cloud Chain</a>Up 8.11%<a href=\"https://laohu8.com/S/08005\">Yuxing Technology</a>Up 5.36%.</p><p><a href=\"https://laohu8.com/S/00388\">Hong Kong Stock Exchange</a>Up 5.37%. Nicolas Aguzin, Chief Executive of the Hong Kong Stock Exchange, took office yesterday with a three-year contract. Champions League promotion compensation includes a basic annual salary of HK$10 million, which is higher than that of former president Li Xiaojia.</p><p><a href=\"https://laohu8.com/S/01024\">Kuaishou</a>It fell 11.46%. Kuaishou's revenue in the first quarter was 17.019 billion yuan, a year-on-year increase of 36.6%; The adjusted loss was 4.918 billion yuan. Kuaishou app had an average monthly active users of 520 million in the first quarter, compared to 495 million at the end of 2020. The total e-commerce transaction volume in the first quarter was 118.56 billion yuan, an increase of 219.8% year-on-year.</p><p><img src=\"https://static.tigerbbs.com/7cc94d9e0f920b36572baec0f9902e9e\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><b>A-shares</b></p><p>Today, A-shares rose unilaterally throughout the day, with all three major indices hitting new highs in this round of rebound. The turnover of the two markets surpassed one trillion yuan again after three months.<b>Northbound capital saw a significant net inflow of 21.723 billion yuan throughout the day, surpassing the 21.43 billion yuan set on November 26, 2019, and setting a new historical record.</b>The securities sector experienced another surge, while financial sectors such as banking and insurance also performed well, becoming the core force driving the stock index rise.</p><p>At the close, the Shanghai Composite Index rose 2.40% to 3581.34 points; The Shenzhen Component Index rose 2.34% to close at 14846.45 points; The ChiNext index rose 2.79% to close at 3227.36 points. The Technology 50 Index rose 2.95% to close at 1370.12 points. The FTSE China A50 index rose 4.13% to close at 18,233.27 points.</p><p><img src=\"https://static.tigerbbs.com/d47a5493a6e4924a35615dc2264d7776\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Stocks heavily favored by investors surged.<a href=\"https://laohu8.com/S/600519\">Kweichow Moutai</a>、<a href=\"https://laohu8.com/S/000858\">Wuliangye</a>、<a href=\"https://laohu8.com/S/000568\">Luzhou Old Cellar</a>Three major high-end liquor brands led the gains in liquor stocks;<a href=\"https://laohu8.com/S/601066\">CITIC Securities</a>and<a href=\"https://laohu8.com/S/601995\">CICC</a>Two leading securities firms hit their daily limit;<a href=\"https://laohu8.com/S/300059\">Eastmoney</a>、<a href=\"https://laohu8.com/S/600036\">China Merchants Bank</a>、<a href=\"https://laohu8.com/S/002475\">Luxshare Precision</a>Stocks that have been heavily favored also rose sharply.</p><p>A few sectors, such as power, oil, and Kuaishou concept stocks, saw slight declines.<a href=\"https://laohu8.com/S/000651\">Gree Electric</a>Bucking the market trend, it fell 1.60% to 55.89 yuan, a new low for the year.</p><p><b>US stocks</b></p><p>Futures for the three major U.S. stock indexes all rose, with Nasdaq futures leading the gains.</p><p><img src=\"https://static.tigerbbs.com/545cab3d1bedce3ee2d3d57a3518fbdc\" tg-width=\"698\" tg-height=\"252\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/BEKE\">Seashell</a>The pre-market decline narrowed to 2.1% after the company clarified that it was \"under investigation by the State Administration for Market Regulation\" as false news.</p><p>Most Chinese concept education stocks rebounded in pre-market trading.<a href=\"https://laohu8.com/S/EDU\">New Oriental</a>Up more than 15%,<a href=\"https://laohu8.com/S/TAL\">TAL Education Group</a>Up more than 11%,<a href=\"https://laohu8.com/S/GOTU\">Gaotu</a>It rose nearly 10%. Today, the Haidian District Education Commission of Beijing refuted rumors, stating that the \"suspension of summer school operations by training institutions\" was false.</p><p><b>European Stock Market</b></p><p>All major European stock markets rose.<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>The report states that, looking ahead, European stocks should continue to be supported, given the significant improvement in COVID-19 vaccination coverage, upcoming fiscal support measures, and the substantial valuation discount rate of European stocks relative to U.S. stocks (which can both enter a cyclical recovery and hedge against inflation risks).</p><p><img src=\"https://static.tigerbbs.com/8142adccbdef3618ddfa98688b13796b\" tg-width=\"682\" tg-height=\"207\" referrerpolicy=\"no-referrer\"></p><p><b>Commodities</b></p><p>International oil prices fell. The outlook for fuel demand in parts of the world has deteriorated. The U.S. State Department issued its highest-level travel warning on Monday, advising against traveling to Japan. Melbourne, Australia, has tightened restrictions on gatherings in response to the recent outbreak.</p><p>As of press time, U.S. WTI crude oil futures were trading at $65.56 per barrel, down 0.74%. Brent crude oil futures were trading at $67.96 a barrel, up 0.60%.</p><p><img src=\"https://static.tigerbbs.com/da623d8f68c6dda38ef7e951fa93428a\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Spot gold prices fell slightly, indicating weak short-term growth and a potential correction.</p><p>As of press time, gold futures in the New York market were trading at $1,881.30 per ounce, down 0.17%.</p><p><img src=\"https://static.tigerbbs.com/fe45fc488c11b88ddfbef5ded05c81ff\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Market Overview: Southbound capital buying surges in A-shares, with bull market leaders rising across the board.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMarket Overview: Southbound capital buying surges in A-shares, with bull market leaders rising across the board.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-05-25 16:48</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><b>Hong Kong Stocks</b></p><p>On Tuesday, May 25, the Hang Seng Index opened higher and continued to rise, remaining strong throughout the day, closing up 1.75% at 28,910.86 points. The state-owned enterprise index rose 1.42%, and the red-chip index rose 0.7%.<b>In his first public speech since its listing, the newly appointed Chief Executive of the Hong Kong Stock Exchange, Au Kwun-shing, stated that \"Hong Kong can serve as a super gateway to the world's second-largest economy, connecting China with the world.\"</b></p><p><img src=\"https://static.tigerbbs.com/831773de4dec7fbea153656bb244b194\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Benefit from<a href=\"https://laohu8.com/S/03032\">Hang Seng Technology ETF</a>Most technology stocks rose after they went public.<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>It rose 4.18%, recovering the HK$600 mark. Xiaomi Group rose 4.13% and will be reinstated in some FTSE Russell indices. At the same time,<a href=\"https://laohu8.com/S/00268\">Kingdee International</a>Up 9.55%<a href=\"https://laohu8.com/S/02013\">Weimob Group</a>It rose 5.23%, while Meituan rose 2.07%.</p><p>Chinese brokerage stocks rose.<a href=\"https://laohu8.com/S/601995\">CICC</a>Up 10.9%<a href=\"https://laohu8.com/S/601066\">CITIC Securities</a>Up 9.74%<a href=\"https://laohu8.com/S/600030\">CITIC Securities</a>It rose 6.31%.</p><p>Domestic bank and insurance stocks rose collectively.<a href=\"https://laohu8.com/S/600036\">China Merchants Bank</a>Up 6.33%<a href=\"https://laohu8.com/S/601658\">Postal Savings Bank</a>Up 4.14%<a href=\"https://laohu8.com/S/09668\">Bohai Bank</a>Up 3.63%;<a href=\"https://laohu8.com/S/601601\">China Pacific</a>Up 6.16%<a href=\"https://laohu8.com/S/00966\">China Taiping</a>Up 2.96%<a href=\"https://laohu8.com/S/LFC\">China Life</a>Up 2.75%.</p><p>Mainland education stocks rose.<a href=\"https://laohu8.com/S/09616\">Neusoft Education</a>Up 13.82%<a href=\"https://laohu8.com/S/01769\">Thinking Education</a>Up 4.58%<a href=\"https://laohu8.com/S/01797\">New Oriental online</a>Up 1.82%.<b>Today, the Haidian District Education Commission clarified that the claim that \"educational institutions are not allowed to hold classes during the summer vacation\" is false.</b></p><p>Blockchain concept stocks rebounded.<a href=\"https://laohu8.com/S/01611\">Huobi Technology</a>Up 11.19%<a href=\"https://laohu8.com/S/01499\">OK Cloud Chain</a>Up 8.11%<a href=\"https://laohu8.com/S/08005\">Yuxing Technology</a>Up 5.36%.</p><p><a href=\"https://laohu8.com/S/00388\">Hong Kong Stock Exchange</a>Up 5.37%. Nicolas Aguzin, Chief Executive of the Hong Kong Stock Exchange, took office yesterday with a three-year contract. Champions League promotion compensation includes a basic annual salary of HK$10 million, which is higher than that of former president Li Xiaojia.</p><p><a href=\"https://laohu8.com/S/01024\">Kuaishou</a>It fell 11.46%. Kuaishou's revenue in the first quarter was 17.019 billion yuan, a year-on-year increase of 36.6%; The adjusted loss was 4.918 billion yuan. Kuaishou app had an average monthly active users of 520 million in the first quarter, compared to 495 million at the end of 2020. The total e-commerce transaction volume in the first quarter was 118.56 billion yuan, an increase of 219.8% year-on-year.</p><p><img src=\"https://static.tigerbbs.com/7cc94d9e0f920b36572baec0f9902e9e\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><b>A-shares</b></p><p>Today, A-shares rose unilaterally throughout the day, with all three major indices hitting new highs in this round of rebound. The turnover of the two markets surpassed one trillion yuan again after three months.<b>Northbound capital saw a significant net inflow of 21.723 billion yuan throughout the day, surpassing the 21.43 billion yuan set on November 26, 2019, and setting a new historical record.</b>The securities sector experienced another surge, while financial sectors such as banking and insurance also performed well, becoming the core force driving the stock index rise.</p><p>At the close, the Shanghai Composite Index rose 2.40% to 3581.34 points; The Shenzhen Component Index rose 2.34% to close at 14846.45 points; The ChiNext index rose 2.79% to close at 3227.36 points. The Technology 50 Index rose 2.95% to close at 1370.12 points. The FTSE China A50 index rose 4.13% to close at 18,233.27 points.</p><p><img src=\"https://static.tigerbbs.com/d47a5493a6e4924a35615dc2264d7776\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Stocks heavily favored by investors surged.<a href=\"https://laohu8.com/S/600519\">Kweichow Moutai</a>、<a href=\"https://laohu8.com/S/000858\">Wuliangye</a>、<a href=\"https://laohu8.com/S/000568\">Luzhou Old Cellar</a>Three major high-end liquor brands led the gains in liquor stocks;<a href=\"https://laohu8.com/S/601066\">CITIC Securities</a>and<a href=\"https://laohu8.com/S/601995\">CICC</a>Two leading securities firms hit their daily limit;<a href=\"https://laohu8.com/S/300059\">Eastmoney</a>、<a href=\"https://laohu8.com/S/600036\">China Merchants Bank</a>、<a href=\"https://laohu8.com/S/002475\">Luxshare Precision</a>Stocks that have been heavily favored also rose sharply.</p><p>A few sectors, such as power, oil, and Kuaishou concept stocks, saw slight declines.<a href=\"https://laohu8.com/S/000651\">Gree Electric</a>Bucking the market trend, it fell 1.60% to 55.89 yuan, a new low for the year.</p><p><b>US stocks</b></p><p>Futures for the three major U.S. stock indexes all rose, with Nasdaq futures leading the gains.</p><p><img src=\"https://static.tigerbbs.com/545cab3d1bedce3ee2d3d57a3518fbdc\" tg-width=\"698\" tg-height=\"252\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/BEKE\">Seashell</a>The pre-market decline narrowed to 2.1% after the company clarified that it was \"under investigation by the State Administration for Market Regulation\" as false news.</p><p>Most Chinese concept education stocks rebounded in pre-market trading.<a href=\"https://laohu8.com/S/EDU\">New Oriental</a>Up more than 15%,<a href=\"https://laohu8.com/S/TAL\">TAL Education Group</a>Up more than 11%,<a href=\"https://laohu8.com/S/GOTU\">Gaotu</a>It rose nearly 10%. Today, the Haidian District Education Commission of Beijing refuted rumors, stating that the \"suspension of summer school operations by training institutions\" was false.</p><p><b>European Stock Market</b></p><p>All major European stock markets rose.<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>The report states that, looking ahead, European stocks should continue to be supported, given the significant improvement in COVID-19 vaccination coverage, upcoming fiscal support measures, and the substantial valuation discount rate of European stocks relative to U.S. stocks (which can both enter a cyclical recovery and hedge against inflation risks).</p><p><img src=\"https://static.tigerbbs.com/8142adccbdef3618ddfa98688b13796b\" tg-width=\"682\" tg-height=\"207\" referrerpolicy=\"no-referrer\"></p><p><b>Commodities</b></p><p>International oil prices fell. The outlook for fuel demand in parts of the world has deteriorated. The U.S. State Department issued its highest-level travel warning on Monday, advising against traveling to Japan. Melbourne, Australia, has tightened restrictions on gatherings in response to the recent outbreak.</p><p>As of press time, U.S. WTI crude oil futures were trading at $65.56 per barrel, down 0.74%. Brent crude oil futures were trading at $67.96 a barrel, up 0.60%.</p><p><img src=\"https://static.tigerbbs.com/da623d8f68c6dda38ef7e951fa93428a\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Spot gold prices fell slightly, indicating weak short-term growth and a potential correction.</p><p>As of press time, gold futures in the New York market were trading at $1,881.30 per ounce, down 0.17%.</p><p><img src=\"https://static.tigerbbs.com/fe45fc488c11b88ddfbef5ded05c81ff\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a5d11890cd6ccd454a56d86737fd3353","relate_stocks":{"HSI":"恒生指数","000001.SH":"上证指数"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1119328389","content_text":"港股5月25日（周二），港股恒生指数高开高走，全天强势，收盘涨1.75%，报28910.86点；国企指数涨1.42%，红筹指数涨0.7%。港交所新任行政总裁欧冠升发表上市以来首次公开演讲，他表示“香港能够担当全球第二大经济体的超级门户，连接中国与世界。”受益于恒生科技ETF上市，科技股多数上涨。腾讯控股涨4.18%，收复600港元关口。小米集团涨4.13%，将重新被纳入富时罗素部分指数。同时，金蝶国际涨9.55%，微盟集团涨5.23%，美团涨2.07%。中资券商股上涨，中金公司涨10.9%，中信建投涨9.74%，中信证券涨6.31%。内银、内险股集体上涨。招商银行涨6.33%，邮储银行涨4.14%，渤海银行涨3.63%；中国太保涨6.16%，中国太平涨2.96%，中国人寿涨2.75%。内地教育股上涨，东软教育涨13.82%，思考乐教育涨4.58%，新东方在线涨1.82%。今日，海淀教委澄清“教育机构暑期不许开课”为假消息。区块链概念股反弹，火币科技涨11.19%，欧科云链涨8.11%，裕兴科技涨5.36%。香港交易所涨5.37%。港交所行政总裁欧冠升（Nicolas Aguzin）昨日起履新，合约期为3年。欧冠升报酬待遇包括基本年薪1000万港元，高于前任总裁李小加。快手跌11.46%。快手第一季度营收170.19亿元，同比增36.6%；经调整亏损49.18亿元。第一季度快手应用的平均月活跃用户为5.2亿，2020年底为4.95亿。一季度电商交易总额为1185.6亿元，同比增219.8%。A股今日A股全天单边上扬，三大指数均创出本轮反弹新高，两市成交额时隔3个月再度站上万亿。北向资金全天大幅净买入217.23亿元，超越2019年11月26日创造的214.3亿元，刷新历史新高。券商板块再度迎来爆发，银行、保险等金融板块同样表现不俗，成为带动股指上涨的核心力量。截至收盘，上证综指涨2.40%，收于3581.34点；深证成指涨2.34%，收于14846.45点；创业板指数涨2.79%，收于3227.36点。创科50指数涨2.95%，收于1370.12点。富时中国A50指数涨4.13%，收于18233.27点。抱团股爆发，贵州茅台、五粮液、泸州老窖三大高端白酒领涨白酒股；中信建投和中金公司两大头部券商涨停；东方财富、招商银行、立讯精密等抱团股也大幅上涨。电力、石油、快手概念等少数板块小幅下跌。格力电器逆市下跌1.60%，报55.89元，创年内新低。美股美股三大指数期货集体上涨，纳指期货涨幅居前。贝壳盘前跌幅收窄至2.1%，此前公司澄清“被市场监管总局立案调查”为假消息。中概教育股盘前多数反弹，新东方涨超15%，好未来涨超11%，高途涨近10%。今日北京海淀区教育委员会辟谣，称“叫停培训机构暑期办学”为假消息。欧洲股市欧洲主要股市全线走高。摩根大通报告称，展望未来，考虑到新冠疫苗接种大幅改善、即将出台的财政支持措施，以及欧洲股市相对于美国股市的估值大幅贴现率(欧洲股市既能进入周期性复苏，又能对冲通胀风险)，欧洲股市应会继续受到支撑。大宗商品国际油价下跌。世界部分地区的燃油需求前景恶化。美国国务院周一发布最高级旅行警告，建议不要前往日本。澳大利亚墨尔本收紧了集会限制，以应对最近爆发的疫情。截至发稿，美国WTI原油期货价格报65.56美元每桶，跌幅0.74%；布伦特原油期货价格报67.96美元每桶，涨幅0.60%。现货黄金小幅下跌，短线金价上涨乏力，或有回调的风险。截至发稿，纽约市场黄金期货价格报1881.30美元每盎司，跌幅0.17%。","news_type":1,"symbols_score_info":{"HSI":0.9,"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":3201,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":138688572,"gmtCreate":1621934296496,"gmtModify":1704364698517,"author":{"id":"3570107294783292","authorId":"3570107294783292","name":"luz","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570107294783292","idStr":"3570107294783292"},"themes":[],"title":"","htmlText":"ZanZan","listText":"ZanZan","text":"ZanZan","images":[{"img":"https://static.tigerbbs.com/5568ca435126bdaa56f8abe724f2e147","width":"1440","height":"3761"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/138688572","isVote":1,"tweetType":1,"viewCount":2468,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":138681676,"gmtCreate":1621934193195,"gmtModify":1704364696090,"author":{"id":"3570107294783292","authorId":"3570107294783292","name":"luz","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570107294783292","idStr":"3570107294783292"},"themes":[],"title":"","htmlText":"Zan","listText":"Zan","text":"Zan","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/138681676","repostId":"1130612289","repostType":4,"repost":{"id":"1130612289","kind":"news","weMediaInfo":{"introduction":"中国大陆领先的金融数据、信息和软件服务企业，总部位于上海陆家嘴金融中心。","home_visible":1,"media_name":"Wind万得","id":"99","head_image":"https://static.tigerbbs.com/c71e30d1317b4a5cb20a41998e10ac68"},"pubTimestamp":1621934098,"share":"https://ttm.financial/m/news/1130612289?lang=en_US&edition=fundamental","pubTime":"2021-05-25 17:14","market":"sh","language":"zh","title":"The RMB exchange rate has hit a new high in nearly three years. How will this affect the stock and bond markets?","url":"https://stock-news.laohu8.com/highlight/detail?id=1130612289","media":"Wind万得","summary":"近期美元指数不断走弱，人民币对美元汇率逐步升值。5月25日，人民币兑美元中间价报6.4283，调升125个基点；离岸人民币对美元汇率日内升穿6.40关口，在岸人民币对美元汇率一度探至6.4016，均创","content":"<p>Recently, the US Dollar Index has been weakening, and the RMB exchange rate against the US dollar has been gradually appreciating. On May 25, the central parity rate of the RMB against the US dollar was 6.4283, up 125 basis points; The offshore RMB exchange rate against the US dollar broke through the 6.40 mark during the day, while the onshore RMB exchange rate against the US dollar once reached 6.4016, both reaching new highs in nearly three years.</p><p><img src=\"https://static.tigerbbs.com/3802973516e3b3f61c8157451f39713a\" tg-width=\"796\" tg-height=\"1125\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/bf8175bd00636290f456e52491857015\" tg-width=\"796\" tg-height=\"957\" referrerpolicy=\"no-referrer\"></p><p><b>The logic of RMB appreciation</b></p><p>The reasons for the recent appreciation of the RMB exchange rate<a href=\"https://laohu8.com/S/601328\">Bank of Communications</a>Tang Jianwei, chief researcher at the Financial Research Center, believes that the significant fluctuations in the US Dollar Index caused by the COVID-19 pandemic are the main reason for the two-way fluctuations in the RMB exchange rate against the US dollar. The difference in economic growth rates between China and the United States is a fundamental factor behind exchange rate fluctuations; The differences in the direction and intensity of monetary policies between China and the United States have led to fluctuations in the interest rate differential between the two countries, which is a policy factor contributing to exchange rate fluctuations.</p><p>When discussing the future trend of the RMB exchange rate, Tang Jianwei said that the RMB exchange rate is expected to maintain a two-way fluctuation characteristic this year, continuing a steady upward trend, and the annual exchange rate appreciation is expected to be significantly smaller than in 2020.</p><p><a href=\"https://laohu8.com/S/600030\">CITIC Securities</a>Mingming, deputy director of the research institute, believes that with the enhancement of China's own economic strength, the internationalization of the RMB, and the continued opening of the financial market, the two-way fluctuation characteristics of the RMB exchange rate will be strengthened, and the RMB exchange rate will become more market-oriented. The RMB exchange rate still has strengthening momentum, and the USD/CNY exchange rate may fall to 6.2.</p><p><a href=\"https://laohu8.com/S/601818\">Everbright Bank</a>Financial market analyst Zhou Mao believes that the short-term fluctuations in the RMB are mainly affected by the sharp fluctuations in the US dollar and other currencies. Due to the recurring global pandemic, fluctuations in overseas economic recovery, policy divergence, and differences between the market and the Federal Reserve's policy outlook, the market volatility remains sharp. However, the RMB exchange rate trend is consistent with fundamentals, market expectations are generally stable, and the RMB exchange rate is highly flexible. From the perspective of domestic and international macroeconomic and policy trends, the RMB exchange rate is unlikely to show a one-sided strengthening trend and is expected to show a strong two-way fluctuation pattern near the equilibrium level.</p><p>CCB International stated that the RMB depreciated against the US dollar in the first quarter, supported by interest rate differentials. However, the Federal Reserve's maintenance of zero interest rates, coupled with rising federal debt and inflation expectations due to fiscal expansion, will still have a negative impact on the dollar. The US dollar is expected to remain in a weak range, and interest rate trends will increase dollar volatility. We maintain our judgment that the RMB exchange rate will appreciate slightly over the next two years. The pace of appreciation is expected to slow down, and two-way fluctuations are expected to continue.</p><p><b>A-share impact: Five major industries benefit the most</b></p><p>In the stock market, the appreciation of the RMB is conducive to capital inflows. The appreciation of the RMB exchange rate is mainly due to the difference in economic expectations between China and the United States. With expectations of a stronger Chinese economy, foreign capital is flowing in, corporate profit growth is recovering, and monetary liquidity is beneficial to the domestic stock market.</p><p><a href=\"https://laohu8.com/S/601688\">Huatai Securities</a>It was stated that foreign capital actively increased its holdings of domestic equity assets in 2020. Without the inclusion of passive funds in the index, foreign capital actively increased its holdings of domestic equity assets by US$64.1 billion throughout 2020, with an increase of US$43.7 billion in the fourth quarter.</p><p><img src=\"https://static.tigerbbs.com/f3d032d17feb7c9cd9b88bbdbb1dda6b\" tg-width=\"796\" tg-height=\"597\" referrerpolicy=\"no-referrer\"></p><p>In terms of industries, industries with foreign exchange liabilities will directly benefit from the appreciation of the RMB, especially US dollar liabilities, as a depreciation of the US dollar will result in a one-time exchange gain.</p><p>According to Wind data, in 2020, the total US dollar borrowings of all A-share listed companies amounted to approximately RMB 911.6 billion (including lease liabilities for airlines), accounting for 5.94% of the total A-share borrowings.</p><p>By industry, five industries saw US dollar loans accounting for more than 10% of total loans: aviation, electronics, communications, mining, and agriculture, forestry, animal husbandry and fishery.</p><p><img src=\"https://static.tigerbbs.com/43cc8c1eff54c3238d5841f47dd5543b\" tg-width=\"615\" tg-height=\"719\" referrerpolicy=\"no-referrer\"></p><p>For the aviation industry,<a href=\"https://laohu8.com/S/002673\">western securities</a>It is believed that airlines incur significant foreign currency liabilities due to the purchase of aircraft and aviation materials, and their debt repayment pressure will be reduced during the appreciation of the RMB. Furthermore, with the advent of a COVID-19 vaccine in the future, global exchanges will recover to pre-pandemic levels, and the increased demand for international business travel will bring about a significant recovery in airline performance. In addition, the appreciation of the RMB can also increase residents' purchasing power. Coupled with the previous consumption suppression caused by the pandemic, once the overseas pandemic eases, overseas tourism is expected to see significant growth, and related industries such as aviation, airports and tourism will benefit significantly.</p><p><img src=\"https://static.tigerbbs.com/170e814640f732939bb52a41cbaa38c3\" tg-width=\"657\" tg-height=\"357\" referrerpolicy=\"no-referrer\"></p><p><b>Impact of RMB Appreciation on Bond Market</b></p><p>Regarding Treasury Bond yields, RMB appreciation often corresponds to stronger bond yields.</p><p>The relationship between exchange rates and interest rates is mainly linked by capital flows and risk sentiment:</p><p>1) High interest rates attract cross-border capital inflows, leading to the appreciation of the RMB exchange rate. Data shows that in 2020, overseas institutions purchased a total of US$190.5 billion in domestic bond assets, the largest in history, with a year-on-year growth rate of 85.9%. Against the backdrop of negative global real interest rates, RMB bonds, which offer high positive returns, have become sought after by global investors.</p><p>2) At the same time, high interest rates can easily suppress consumption and investment, resulting in a current account surplus, an oversupply of foreign exchange, and the appreciation of the RMB.</p><p>3) The continuous appreciation of the RMB exchange rate, the continuous inflow of cross-border funds, and the increase in money supply have created downward pressure on interest rates. Of course, given that the RMB capital account is not fully open at present, the inflow of cross-border funds has a very small impact on interest rates, and it is basically the interest rate that affects the exchange rate.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The RMB exchange rate has hit a new high in nearly three years. How will this affect the stock and bond markets?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe RMB exchange rate has hit a new high in nearly three years. How will this affect the stock and bond markets?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/99\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/c71e30d1317b4a5cb20a41998e10ac68);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Wind万得 </p>\n<p class=\"h-time smaller\">2021-05-25 17:14</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Recently, the US Dollar Index has been weakening, and the RMB exchange rate against the US dollar has been gradually appreciating. On May 25, the central parity rate of the RMB against the US dollar was 6.4283, up 125 basis points; The offshore RMB exchange rate against the US dollar broke through the 6.40 mark during the day, while the onshore RMB exchange rate against the US dollar once reached 6.4016, both reaching new highs in nearly three years.</p><p><img src=\"https://static.tigerbbs.com/3802973516e3b3f61c8157451f39713a\" tg-width=\"796\" tg-height=\"1125\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/bf8175bd00636290f456e52491857015\" tg-width=\"796\" tg-height=\"957\" referrerpolicy=\"no-referrer\"></p><p><b>The logic of RMB appreciation</b></p><p>The reasons for the recent appreciation of the RMB exchange rate<a href=\"https://laohu8.com/S/601328\">Bank of Communications</a>Tang Jianwei, chief researcher at the Financial Research Center, believes that the significant fluctuations in the US Dollar Index caused by the COVID-19 pandemic are the main reason for the two-way fluctuations in the RMB exchange rate against the US dollar. The difference in economic growth rates between China and the United States is a fundamental factor behind exchange rate fluctuations; The differences in the direction and intensity of monetary policies between China and the United States have led to fluctuations in the interest rate differential between the two countries, which is a policy factor contributing to exchange rate fluctuations.</p><p>When discussing the future trend of the RMB exchange rate, Tang Jianwei said that the RMB exchange rate is expected to maintain a two-way fluctuation characteristic this year, continuing a steady upward trend, and the annual exchange rate appreciation is expected to be significantly smaller than in 2020.</p><p><a href=\"https://laohu8.com/S/600030\">CITIC Securities</a>Mingming, deputy director of the research institute, believes that with the enhancement of China's own economic strength, the internationalization of the RMB, and the continued opening of the financial market, the two-way fluctuation characteristics of the RMB exchange rate will be strengthened, and the RMB exchange rate will become more market-oriented. The RMB exchange rate still has strengthening momentum, and the USD/CNY exchange rate may fall to 6.2.</p><p><a href=\"https://laohu8.com/S/601818\">Everbright Bank</a>Financial market analyst Zhou Mao believes that the short-term fluctuations in the RMB are mainly affected by the sharp fluctuations in the US dollar and other currencies. Due to the recurring global pandemic, fluctuations in overseas economic recovery, policy divergence, and differences between the market and the Federal Reserve's policy outlook, the market volatility remains sharp. However, the RMB exchange rate trend is consistent with fundamentals, market expectations are generally stable, and the RMB exchange rate is highly flexible. From the perspective of domestic and international macroeconomic and policy trends, the RMB exchange rate is unlikely to show a one-sided strengthening trend and is expected to show a strong two-way fluctuation pattern near the equilibrium level.</p><p>CCB International stated that the RMB depreciated against the US dollar in the first quarter, supported by interest rate differentials. However, the Federal Reserve's maintenance of zero interest rates, coupled with rising federal debt and inflation expectations due to fiscal expansion, will still have a negative impact on the dollar. The US dollar is expected to remain in a weak range, and interest rate trends will increase dollar volatility. We maintain our judgment that the RMB exchange rate will appreciate slightly over the next two years. The pace of appreciation is expected to slow down, and two-way fluctuations are expected to continue.</p><p><b>A-share impact: Five major industries benefit the most</b></p><p>In the stock market, the appreciation of the RMB is conducive to capital inflows. The appreciation of the RMB exchange rate is mainly due to the difference in economic expectations between China and the United States. With expectations of a stronger Chinese economy, foreign capital is flowing in, corporate profit growth is recovering, and monetary liquidity is beneficial to the domestic stock market.</p><p><a href=\"https://laohu8.com/S/601688\">Huatai Securities</a>It was stated that foreign capital actively increased its holdings of domestic equity assets in 2020. Without the inclusion of passive funds in the index, foreign capital actively increased its holdings of domestic equity assets by US$64.1 billion throughout 2020, with an increase of US$43.7 billion in the fourth quarter.</p><p><img src=\"https://static.tigerbbs.com/f3d032d17feb7c9cd9b88bbdbb1dda6b\" tg-width=\"796\" tg-height=\"597\" referrerpolicy=\"no-referrer\"></p><p>In terms of industries, industries with foreign exchange liabilities will directly benefit from the appreciation of the RMB, especially US dollar liabilities, as a depreciation of the US dollar will result in a one-time exchange gain.</p><p>According to Wind data, in 2020, the total US dollar borrowings of all A-share listed companies amounted to approximately RMB 911.6 billion (including lease liabilities for airlines), accounting for 5.94% of the total A-share borrowings.</p><p>By industry, five industries saw US dollar loans accounting for more than 10% of total loans: aviation, electronics, communications, mining, and agriculture, forestry, animal husbandry and fishery.</p><p><img src=\"https://static.tigerbbs.com/43cc8c1eff54c3238d5841f47dd5543b\" tg-width=\"615\" tg-height=\"719\" referrerpolicy=\"no-referrer\"></p><p>For the aviation industry,<a href=\"https://laohu8.com/S/002673\">western securities</a>It is believed that airlines incur significant foreign currency liabilities due to the purchase of aircraft and aviation materials, and their debt repayment pressure will be reduced during the appreciation of the RMB. Furthermore, with the advent of a COVID-19 vaccine in the future, global exchanges will recover to pre-pandemic levels, and the increased demand for international business travel will bring about a significant recovery in airline performance. In addition, the appreciation of the RMB can also increase residents' purchasing power. Coupled with the previous consumption suppression caused by the pandemic, once the overseas pandemic eases, overseas tourism is expected to see significant growth, and related industries such as aviation, airports and tourism will benefit significantly.</p><p><img src=\"https://static.tigerbbs.com/170e814640f732939bb52a41cbaa38c3\" tg-width=\"657\" tg-height=\"357\" referrerpolicy=\"no-referrer\"></p><p><b>Impact of RMB Appreciation on Bond Market</b></p><p>Regarding Treasury Bond yields, RMB appreciation often corresponds to stronger bond yields.</p><p>The relationship between exchange rates and interest rates is mainly linked by capital flows and risk sentiment:</p><p>1) High interest rates attract cross-border capital inflows, leading to the appreciation of the RMB exchange rate. Data shows that in 2020, overseas institutions purchased a total of US$190.5 billion in domestic bond assets, the largest in history, with a year-on-year growth rate of 85.9%. Against the backdrop of negative global real interest rates, RMB bonds, which offer high positive returns, have become sought after by global investors.</p><p>2) At the same time, high interest rates can easily suppress consumption and investment, resulting in a current account surplus, an oversupply of foreign exchange, and the appreciation of the RMB.</p><p>3) The continuous appreciation of the RMB exchange rate, the continuous inflow of cross-border funds, and the increase in money supply have created downward pressure on interest rates. Of course, given that the RMB capital account is not fully open at present, the inflow of cross-border funds has a very small impact on interest rates, and it is basically the interest rate that affects the exchange rate.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5d8fb95e65f042f352c6313989391357","relate_stocks":{"399001":"深证成指","399006":"创业板指","03141":"华夏亚投债","CYB":"人民币ETF-WisdomTree Dreyfus","000001.SH":"上证指数","09141":"华夏亚投债-U"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1130612289","content_text":"近期美元指数不断走弱，人民币对美元汇率逐步升值。5月25日，人民币兑美元中间价报6.4283，调升125个基点；离岸人民币对美元汇率日内升穿6.40关口，在岸人民币对美元汇率一度探至6.4016，均创出近三年以来新高。\n\n人民币升值的逻辑\n对于近期人民币汇率升值的原因，交通银行金融研究中心首席研究员唐建伟认为，新冠肺炎疫情导致美元指数出现明显波动是人民币兑美元汇率双向波动的主因；中美两国经济增速表现的差异是汇率波动背后的基本面因素；中美两国货币政策方向及力度的差异，导致中美利差波动则是汇率波动的政策面因素。\n谈及未来人民币汇率走势，唐建伟表示，预计今年人民币汇率仍将保持双向波动特征，延续稳中略升的趋势，全年汇率升值幅度预计将明显小于2020年。\n中信证券研究所副所长明明认为，随着中国自身经济实力的增强，人民币国际化以及金融市场持续开放，人民币汇率双向波动特征将有所加强，人民币汇率将更加市场化。人民币汇率仍具备走强动能，美元兑人民币汇率向下或触及6.2。\n光大银行金融市场分析师周茂华认为，短期人民币波动主要是受到美元及其他货币剧烈波动影响，由于全球疫情反复、海外经济复苏波动，政策分化，市场与美联储政策展望存在分歧，市场波动仍偏剧烈；但人民币汇率走势与基本面相符，市场预期整体稳定，人民币汇率弹性足。从内外宏观经济、政策走势看，人民币汇率不会出现单边趋势走强，有望在均衡水平附近呈现强势双向波动格局。\n建银国际表示，一季度受利差支持美元走强，人民币兑美元汇率有所贬值。但联储维持零息，叠加财政扩张下联邦债务和通胀预期上升，对美元仍有负面影响。预计美元仍在弱势区间，利率走势则增加美元波动。维持人民币汇率未来两年小幅升值的判断。预计升值步伐趋缓，双向波动持续。\nA股影响：五大行业最受益\n股市方面，人民币升值有利于资金流入。人民币汇率升值背景主要在于中美经济预期差，在中国经济偏强预期下，外资流入，同时企业利润增长恢复，货币流动性对国内股市有利。\n华泰证券表示，2020年外资主动增持境内股权资产。在无指数纳入带来被动资金的情况下，2020年全年外资主动增持641亿美元的境内股权资产，其中4季度增幅达437亿美元。\n\n行业方面，外汇负债类行业将直接受益人民币升值，尤其是美元负债，美元贬值会造成一次性的汇兑收益。\nWind数据统计显示，2020年，A股所有上市公司美元借款合计约9116亿元（航空公司包括租赁负债），占A股总借款5.94%。\n分行业看，美元借款占全部借款比例超过10%的有5个行业，分别为航空、电子、通信、采掘和农林牧渔。\n\n对于航空业，西部证券认为，航空公司由于采购飞机航材而承担较多外币负债，其偿债压力将会在人民币升值过程中得到降低。此外，随着未来新冠疫苗问世，全球交流将恢复至疫前水平，国际间商旅需求的增加将为航空公司带来显着业绩修复。此外人民币升值也能够提高居民购买力，叠加此前受疫情影响的消费抑制，一旦海外疫情缓解，境外旅游将有望迎来显着增长，航空、机场及旅游等相关行业将显着受益。\n\n人民币升值对债市影响\n国债收益率方面，人民币升值往往对应债券收益率走强。\n汇率与利率的关系主要受资本流动和风险情绪形成联动：\n1） 高利率吸引跨境资本流入，人民币汇率升值。数据显示，2020 年全年境外机构共购买 1905亿美元的境内债券资产，规模创历年之最，同比增速达 85.9%。在全球真实利率转负的背景下，提供较高正回报的人民币债券受到全球投资的追捧。\n2） 同时高利率容易压制消费与投资，造成经常账户顺差，外汇供过于求，人民币升值。\n3）人民币汇率持续升值，跨境资金持续流入，货币供应增加，造成利率下行压力，当然在当前人民币资本账户没有完全开放情况下，跨境资金流入对利率影响非常小，基本上是利率影响汇率。","news_type":1,"symbols_score_info":{"399001":0.9,"399006":0.9,"000001.SH":0.9,"09141":0.9,"CYB":0.9,"CNHmain":0.9,"03141":0.9,"UCmain":0.9}},"isVote":1,"tweetType":1,"viewCount":2771,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":138681140,"gmtCreate":1621934165880,"gmtModify":1704364695765,"author":{"id":"3570107294783292","authorId":"3570107294783292","name":"luz","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570107294783292","idStr":"3570107294783292"},"themes":[],"title":"","htmlText":"Zan","listText":"Zan","text":"Zan","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/138681140","repostId":"1119328389","repostType":4,"repost":{"id":"1119328389","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1621932532,"share":"https://ttm.financial/m/news/1119328389?lang=en_US&edition=fundamental","pubTime":"2021-05-25 16:48","market":"hk","language":"zh","title":"Market Overview: Southbound capital buying surges in A-shares, with bull market leaders rising across the board.","url":"https://stock-news.laohu8.com/highlight/detail?id=1119328389","media":"老虎资讯综合","summary":"港股5月25日（周二），港股恒生指数高开高走，全天强势，收盘涨1.75%，报28910.86点；国企指数涨1.42%，红筹指数涨0.7%。港交所新任行政总裁欧冠升发表上市以来首次公开演讲，他表示“香港","content":"<p><b>Hong Kong Stocks</b></p><p>On Tuesday, May 25, the Hang Seng Index opened higher and continued to rise, remaining strong throughout the day, closing up 1.75% at 28,910.86 points. The state-owned enterprise index rose 1.42%, and the red-chip index rose 0.7%.<b>In his first public speech since its listing, the newly appointed Chief Executive of the Hong Kong Stock Exchange, Au Kwun-shing, stated that \"Hong Kong can serve as a super gateway to the world's second-largest economy, connecting China with the world.\"</b></p><p><img src=\"https://static.tigerbbs.com/831773de4dec7fbea153656bb244b194\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Benefit from<a href=\"https://laohu8.com/S/03032\">Hang Seng Technology ETF</a>Most technology stocks rose after they went public.<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>It rose 4.18%, recovering the HK$600 mark. Xiaomi Group rose 4.13% and will be reinstated in some FTSE Russell indices. At the same time,<a href=\"https://laohu8.com/S/00268\">Kingdee International</a>Up 9.55%<a href=\"https://laohu8.com/S/02013\">Weimob Group</a>It rose 5.23%, while Meituan rose 2.07%.</p><p>Chinese brokerage stocks rose.<a href=\"https://laohu8.com/S/601995\">CICC</a>Up 10.9%<a href=\"https://laohu8.com/S/601066\">CITIC Securities</a>Up 9.74%<a href=\"https://laohu8.com/S/600030\">CITIC Securities</a>It rose 6.31%.</p><p>Domestic bank and insurance stocks rose collectively.<a href=\"https://laohu8.com/S/600036\">China Merchants Bank</a>Up 6.33%<a href=\"https://laohu8.com/S/601658\">Postal Savings Bank</a>Up 4.14%<a href=\"https://laohu8.com/S/09668\">Bohai Bank</a>Up 3.63%;<a href=\"https://laohu8.com/S/601601\">China Pacific</a>Up 6.16%<a href=\"https://laohu8.com/S/00966\">China Taiping</a>Up 2.96%<a href=\"https://laohu8.com/S/LFC\">China Life</a>Up 2.75%.</p><p>Mainland education stocks rose.<a href=\"https://laohu8.com/S/09616\">Neusoft Education</a>Up 13.82%<a href=\"https://laohu8.com/S/01769\">Thinking Education</a>Up 4.58%<a href=\"https://laohu8.com/S/01797\">New Oriental online</a>Up 1.82%.<b>Today, the Haidian District Education Commission clarified that the claim that \"educational institutions are not allowed to hold classes during the summer vacation\" is false.</b></p><p>Blockchain concept stocks rebounded.<a href=\"https://laohu8.com/S/01611\">Huobi Technology</a>Up 11.19%<a href=\"https://laohu8.com/S/01499\">OK Cloud Chain</a>Up 8.11%<a href=\"https://laohu8.com/S/08005\">Yuxing Technology</a>Up 5.36%.</p><p><a href=\"https://laohu8.com/S/00388\">Hong Kong Stock Exchange</a>Up 5.37%. Nicolas Aguzin, Chief Executive of the Hong Kong Stock Exchange, took office yesterday with a three-year contract. Champions League promotion compensation includes a basic annual salary of HK$10 million, which is higher than that of former president Li Xiaojia.</p><p><a href=\"https://laohu8.com/S/01024\">Kuaishou</a>It fell 11.46%. Kuaishou's revenue in the first quarter was 17.019 billion yuan, a year-on-year increase of 36.6%; The adjusted loss was 4.918 billion yuan. Kuaishou app had an average monthly active users of 520 million in the first quarter, compared to 495 million at the end of 2020. The total e-commerce transaction volume in the first quarter was 118.56 billion yuan, an increase of 219.8% year-on-year.</p><p><img src=\"https://static.tigerbbs.com/7cc94d9e0f920b36572baec0f9902e9e\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><b>A-shares</b></p><p>Today, A-shares rose unilaterally throughout the day, with all three major indices hitting new highs in this round of rebound. The turnover of the two markets surpassed one trillion yuan again after three months.<b>Northbound capital saw a significant net inflow of 21.723 billion yuan throughout the day, surpassing the 21.43 billion yuan set on November 26, 2019, and setting a new historical record.</b>The securities sector experienced another surge, while financial sectors such as banking and insurance also performed well, becoming the core force driving the stock index rise.</p><p>At the close, the Shanghai Composite Index rose 2.40% to 3581.34 points; The Shenzhen Component Index rose 2.34% to close at 14846.45 points; The ChiNext index rose 2.79% to close at 3227.36 points. The Technology 50 Index rose 2.95% to close at 1370.12 points. The FTSE China A50 index rose 4.13% to close at 18,233.27 points.</p><p><img src=\"https://static.tigerbbs.com/d47a5493a6e4924a35615dc2264d7776\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Stocks heavily favored by investors surged.<a href=\"https://laohu8.com/S/600519\">Kweichow Moutai</a>、<a href=\"https://laohu8.com/S/000858\">Wuliangye</a>、<a href=\"https://laohu8.com/S/000568\">Luzhou Old Cellar</a>Three major high-end liquor brands led the gains in liquor stocks;<a href=\"https://laohu8.com/S/601066\">CITIC Securities</a>and<a href=\"https://laohu8.com/S/601995\">CICC</a>Two leading securities firms hit their daily limit;<a href=\"https://laohu8.com/S/300059\">Eastmoney</a>、<a href=\"https://laohu8.com/S/600036\">China Merchants Bank</a>、<a href=\"https://laohu8.com/S/002475\">Luxshare Precision</a>Stocks that have been heavily favored also rose sharply.</p><p>A few sectors, such as power, oil, and Kuaishou concept stocks, saw slight declines.<a href=\"https://laohu8.com/S/000651\">Gree Electric</a>Bucking the market trend, it fell 1.60% to 55.89 yuan, a new low for the year.</p><p><b>US stocks</b></p><p>Futures for the three major U.S. stock indexes all rose, with Nasdaq futures leading the gains.</p><p><img src=\"https://static.tigerbbs.com/545cab3d1bedce3ee2d3d57a3518fbdc\" tg-width=\"698\" tg-height=\"252\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/BEKE\">Seashell</a>The pre-market decline narrowed to 2.1% after the company clarified that it was \"under investigation by the State Administration for Market Regulation\" as false news.</p><p>Most Chinese concept education stocks rebounded in pre-market trading.<a href=\"https://laohu8.com/S/EDU\">New Oriental</a>Up more than 15%,<a href=\"https://laohu8.com/S/TAL\">TAL Education Group</a>Up more than 11%,<a href=\"https://laohu8.com/S/GOTU\">Gaotu</a>It rose nearly 10%. Today, the Haidian District Education Commission of Beijing refuted rumors, stating that the \"suspension of summer school operations by training institutions\" was false.</p><p><b>European Stock Market</b></p><p>All major European stock markets rose.<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>The report states that, looking ahead, European stocks should continue to be supported, given the significant improvement in COVID-19 vaccination coverage, upcoming fiscal support measures, and the substantial valuation discount rate of European stocks relative to U.S. stocks (which can both enter a cyclical recovery and hedge against inflation risks).</p><p><img src=\"https://static.tigerbbs.com/8142adccbdef3618ddfa98688b13796b\" tg-width=\"682\" tg-height=\"207\" referrerpolicy=\"no-referrer\"></p><p><b>Commodities</b></p><p>International oil prices fell. The outlook for fuel demand in parts of the world has deteriorated. The U.S. State Department issued its highest-level travel warning on Monday, advising against traveling to Japan. Melbourne, Australia, has tightened restrictions on gatherings in response to the recent outbreak.</p><p>As of press time, U.S. WTI crude oil futures were trading at $65.56 per barrel, down 0.74%. Brent crude oil futures were trading at $67.96 a barrel, up 0.60%.</p><p><img src=\"https://static.tigerbbs.com/da623d8f68c6dda38ef7e951fa93428a\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Spot gold prices fell slightly, indicating weak short-term growth and a potential correction.</p><p>As of press time, gold futures in the New York market were trading at $1,881.30 per ounce, down 0.17%.</p><p><img src=\"https://static.tigerbbs.com/fe45fc488c11b88ddfbef5ded05c81ff\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Market Overview: Southbound capital buying surges in A-shares, with bull market leaders rising across the board.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMarket Overview: Southbound capital buying surges in A-shares, with bull market leaders rising across the board.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-05-25 16:48</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><b>Hong Kong Stocks</b></p><p>On Tuesday, May 25, the Hang Seng Index opened higher and continued to rise, remaining strong throughout the day, closing up 1.75% at 28,910.86 points. The state-owned enterprise index rose 1.42%, and the red-chip index rose 0.7%.<b>In his first public speech since its listing, the newly appointed Chief Executive of the Hong Kong Stock Exchange, Au Kwun-shing, stated that \"Hong Kong can serve as a super gateway to the world's second-largest economy, connecting China with the world.\"</b></p><p><img src=\"https://static.tigerbbs.com/831773de4dec7fbea153656bb244b194\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Benefit from<a href=\"https://laohu8.com/S/03032\">Hang Seng Technology ETF</a>Most technology stocks rose after they went public.<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>It rose 4.18%, recovering the HK$600 mark. Xiaomi Group rose 4.13% and will be reinstated in some FTSE Russell indices. At the same time,<a href=\"https://laohu8.com/S/00268\">Kingdee International</a>Up 9.55%<a href=\"https://laohu8.com/S/02013\">Weimob Group</a>It rose 5.23%, while Meituan rose 2.07%.</p><p>Chinese brokerage stocks rose.<a href=\"https://laohu8.com/S/601995\">CICC</a>Up 10.9%<a href=\"https://laohu8.com/S/601066\">CITIC Securities</a>Up 9.74%<a href=\"https://laohu8.com/S/600030\">CITIC Securities</a>It rose 6.31%.</p><p>Domestic bank and insurance stocks rose collectively.<a href=\"https://laohu8.com/S/600036\">China Merchants Bank</a>Up 6.33%<a href=\"https://laohu8.com/S/601658\">Postal Savings Bank</a>Up 4.14%<a href=\"https://laohu8.com/S/09668\">Bohai Bank</a>Up 3.63%;<a href=\"https://laohu8.com/S/601601\">China Pacific</a>Up 6.16%<a href=\"https://laohu8.com/S/00966\">China Taiping</a>Up 2.96%<a href=\"https://laohu8.com/S/LFC\">China Life</a>Up 2.75%.</p><p>Mainland education stocks rose.<a href=\"https://laohu8.com/S/09616\">Neusoft Education</a>Up 13.82%<a href=\"https://laohu8.com/S/01769\">Thinking Education</a>Up 4.58%<a href=\"https://laohu8.com/S/01797\">New Oriental online</a>Up 1.82%.<b>Today, the Haidian District Education Commission clarified that the claim that \"educational institutions are not allowed to hold classes during the summer vacation\" is false.</b></p><p>Blockchain concept stocks rebounded.<a href=\"https://laohu8.com/S/01611\">Huobi Technology</a>Up 11.19%<a href=\"https://laohu8.com/S/01499\">OK Cloud Chain</a>Up 8.11%<a href=\"https://laohu8.com/S/08005\">Yuxing Technology</a>Up 5.36%.</p><p><a href=\"https://laohu8.com/S/00388\">Hong Kong Stock Exchange</a>Up 5.37%. Nicolas Aguzin, Chief Executive of the Hong Kong Stock Exchange, took office yesterday with a three-year contract. Champions League promotion compensation includes a basic annual salary of HK$10 million, which is higher than that of former president Li Xiaojia.</p><p><a href=\"https://laohu8.com/S/01024\">Kuaishou</a>It fell 11.46%. Kuaishou's revenue in the first quarter was 17.019 billion yuan, a year-on-year increase of 36.6%; The adjusted loss was 4.918 billion yuan. Kuaishou app had an average monthly active users of 520 million in the first quarter, compared to 495 million at the end of 2020. The total e-commerce transaction volume in the first quarter was 118.56 billion yuan, an increase of 219.8% year-on-year.</p><p><img src=\"https://static.tigerbbs.com/7cc94d9e0f920b36572baec0f9902e9e\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><b>A-shares</b></p><p>Today, A-shares rose unilaterally throughout the day, with all three major indices hitting new highs in this round of rebound. The turnover of the two markets surpassed one trillion yuan again after three months.<b>Northbound capital saw a significant net inflow of 21.723 billion yuan throughout the day, surpassing the 21.43 billion yuan set on November 26, 2019, and setting a new historical record.</b>The securities sector experienced another surge, while financial sectors such as banking and insurance also performed well, becoming the core force driving the stock index rise.</p><p>At the close, the Shanghai Composite Index rose 2.40% to 3581.34 points; The Shenzhen Component Index rose 2.34% to close at 14846.45 points; The ChiNext index rose 2.79% to close at 3227.36 points. The Technology 50 Index rose 2.95% to close at 1370.12 points. The FTSE China A50 index rose 4.13% to close at 18,233.27 points.</p><p><img src=\"https://static.tigerbbs.com/d47a5493a6e4924a35615dc2264d7776\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Stocks heavily favored by investors surged.<a href=\"https://laohu8.com/S/600519\">Kweichow Moutai</a>、<a href=\"https://laohu8.com/S/000858\">Wuliangye</a>、<a href=\"https://laohu8.com/S/000568\">Luzhou Old Cellar</a>Three major high-end liquor brands led the gains in liquor stocks;<a href=\"https://laohu8.com/S/601066\">CITIC Securities</a>and<a href=\"https://laohu8.com/S/601995\">CICC</a>Two leading securities firms hit their daily limit;<a href=\"https://laohu8.com/S/300059\">Eastmoney</a>、<a href=\"https://laohu8.com/S/600036\">China Merchants Bank</a>、<a href=\"https://laohu8.com/S/002475\">Luxshare Precision</a>Stocks that have been heavily favored also rose sharply.</p><p>A few sectors, such as power, oil, and Kuaishou concept stocks, saw slight declines.<a href=\"https://laohu8.com/S/000651\">Gree Electric</a>Bucking the market trend, it fell 1.60% to 55.89 yuan, a new low for the year.</p><p><b>US stocks</b></p><p>Futures for the three major U.S. stock indexes all rose, with Nasdaq futures leading the gains.</p><p><img src=\"https://static.tigerbbs.com/545cab3d1bedce3ee2d3d57a3518fbdc\" tg-width=\"698\" tg-height=\"252\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/BEKE\">Seashell</a>The pre-market decline narrowed to 2.1% after the company clarified that it was \"under investigation by the State Administration for Market Regulation\" as false news.</p><p>Most Chinese concept education stocks rebounded in pre-market trading.<a href=\"https://laohu8.com/S/EDU\">New Oriental</a>Up more than 15%,<a href=\"https://laohu8.com/S/TAL\">TAL Education Group</a>Up more than 11%,<a href=\"https://laohu8.com/S/GOTU\">Gaotu</a>It rose nearly 10%. Today, the Haidian District Education Commission of Beijing refuted rumors, stating that the \"suspension of summer school operations by training institutions\" was false.</p><p><b>European Stock Market</b></p><p>All major European stock markets rose.<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>The report states that, looking ahead, European stocks should continue to be supported, given the significant improvement in COVID-19 vaccination coverage, upcoming fiscal support measures, and the substantial valuation discount rate of European stocks relative to U.S. stocks (which can both enter a cyclical recovery and hedge against inflation risks).</p><p><img src=\"https://static.tigerbbs.com/8142adccbdef3618ddfa98688b13796b\" tg-width=\"682\" tg-height=\"207\" referrerpolicy=\"no-referrer\"></p><p><b>Commodities</b></p><p>International oil prices fell. The outlook for fuel demand in parts of the world has deteriorated. The U.S. State Department issued its highest-level travel warning on Monday, advising against traveling to Japan. Melbourne, Australia, has tightened restrictions on gatherings in response to the recent outbreak.</p><p>As of press time, U.S. WTI crude oil futures were trading at $65.56 per barrel, down 0.74%. Brent crude oil futures were trading at $67.96 a barrel, up 0.60%.</p><p><img src=\"https://static.tigerbbs.com/da623d8f68c6dda38ef7e951fa93428a\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Spot gold prices fell slightly, indicating weak short-term growth and a potential correction.</p><p>As of press time, gold futures in the New York market were trading at $1,881.30 per ounce, down 0.17%.</p><p><img src=\"https://static.tigerbbs.com/fe45fc488c11b88ddfbef5ded05c81ff\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a5d11890cd6ccd454a56d86737fd3353","relate_stocks":{"HSI":"恒生指数","000001.SH":"上证指数"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1119328389","content_text":"港股5月25日（周二），港股恒生指数高开高走，全天强势，收盘涨1.75%，报28910.86点；国企指数涨1.42%，红筹指数涨0.7%。港交所新任行政总裁欧冠升发表上市以来首次公开演讲，他表示“香港能够担当全球第二大经济体的超级门户，连接中国与世界。”受益于恒生科技ETF上市，科技股多数上涨。腾讯控股涨4.18%，收复600港元关口。小米集团涨4.13%，将重新被纳入富时罗素部分指数。同时，金蝶国际涨9.55%，微盟集团涨5.23%，美团涨2.07%。中资券商股上涨，中金公司涨10.9%，中信建投涨9.74%，中信证券涨6.31%。内银、内险股集体上涨。招商银行涨6.33%，邮储银行涨4.14%，渤海银行涨3.63%；中国太保涨6.16%，中国太平涨2.96%，中国人寿涨2.75%。内地教育股上涨，东软教育涨13.82%，思考乐教育涨4.58%，新东方在线涨1.82%。今日，海淀教委澄清“教育机构暑期不许开课”为假消息。区块链概念股反弹，火币科技涨11.19%，欧科云链涨8.11%，裕兴科技涨5.36%。香港交易所涨5.37%。港交所行政总裁欧冠升（Nicolas Aguzin）昨日起履新，合约期为3年。欧冠升报酬待遇包括基本年薪1000万港元，高于前任总裁李小加。快手跌11.46%。快手第一季度营收170.19亿元，同比增36.6%；经调整亏损49.18亿元。第一季度快手应用的平均月活跃用户为5.2亿，2020年底为4.95亿。一季度电商交易总额为1185.6亿元，同比增219.8%。A股今日A股全天单边上扬，三大指数均创出本轮反弹新高，两市成交额时隔3个月再度站上万亿。北向资金全天大幅净买入217.23亿元，超越2019年11月26日创造的214.3亿元，刷新历史新高。券商板块再度迎来爆发，银行、保险等金融板块同样表现不俗，成为带动股指上涨的核心力量。截至收盘，上证综指涨2.40%，收于3581.34点；深证成指涨2.34%，收于14846.45点；创业板指数涨2.79%，收于3227.36点。创科50指数涨2.95%，收于1370.12点。富时中国A50指数涨4.13%，收于18233.27点。抱团股爆发，贵州茅台、五粮液、泸州老窖三大高端白酒领涨白酒股；中信建投和中金公司两大头部券商涨停；东方财富、招商银行、立讯精密等抱团股也大幅上涨。电力、石油、快手概念等少数板块小幅下跌。格力电器逆市下跌1.60%，报55.89元，创年内新低。美股美股三大指数期货集体上涨，纳指期货涨幅居前。贝壳盘前跌幅收窄至2.1%，此前公司澄清“被市场监管总局立案调查”为假消息。中概教育股盘前多数反弹，新东方涨超15%，好未来涨超11%，高途涨近10%。今日北京海淀区教育委员会辟谣，称“叫停培训机构暑期办学”为假消息。欧洲股市欧洲主要股市全线走高。摩根大通报告称，展望未来，考虑到新冠疫苗接种大幅改善、即将出台的财政支持措施，以及欧洲股市相对于美国股市的估值大幅贴现率(欧洲股市既能进入周期性复苏，又能对冲通胀风险)，欧洲股市应会继续受到支撑。大宗商品国际油价下跌。世界部分地区的燃油需求前景恶化。美国国务院周一发布最高级旅行警告，建议不要前往日本。澳大利亚墨尔本收紧了集会限制，以应对最近爆发的疫情。截至发稿，美国WTI原油期货价格报65.56美元每桶，跌幅0.74%；布伦特原油期货价格报67.96美元每桶，涨幅0.60%。现货黄金小幅下跌，短线金价上涨乏力，或有回调的风险。截至发稿，纽约市场黄金期货价格报1881.30美元每盎司，跌幅0.17%。","news_type":1,"symbols_score_info":{"HSI":0.9,"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":3201,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
