投资要点： 固定收益/银行英国固收类基金启示录——海外固收类基金专题：英国债券市场的大头为政府债券，其次为金融债。我们将国债及地方债计入政府债券，截至2025Q2，根据BIS（国际清算银行）、ONS（英国国家统计局）及DMO（英国债务管理办公室）数据，英国债券市场总规模约为5.3万亿英镑，其中政府债券规模2.9万亿英镑，占比55.7%；金融债券规模1.9万亿英镑，占比36.0%；非金融企业债规模0.4万亿英镑，占比8.4%。在英国国债持有者结构中，海外投资者持有规模占比最高。以2008年为分水岭，英国国债持有人结构发生了较大变化。截至2025年11月末，根据英国投资协会数据，英国固收类基金规模约为0.29万亿英镑。英国养老金为英国固收类基金的核心投资人。英国固收类基金市场集中度较高。根据Bloomberg数据，英国固收类基金前十大管理人管理规模合计1491.5亿英镑，占市场总规模的57.76%，市场集中度较高。BlackRock以超过300亿英镑的管理规模居首位。借鉴英国，中国债基发展应着力于丰富产品类别，并大力开发养老金市场。着眼于中国养老金市场，开发创新养老基金产品，丰富个人养老金投资选择；债券基金策略细分化，例如专注新兴国家债券、通胀挂钩债券及高收益债等领域，注重发展特色化投资能力。 风险提示：利率变动风险、信用风险与市场流动性风险、政策不确定性风险 机械/建材建筑高股息和“安全类”资产或是当下较优组合——建筑装饰行业周报：市场波动环境下高股息仍是当前阶段建筑板块配置的重要主线之一。在海外局势不确定性加大、市场风险偏好阶段性回落背景下，我们认为高股息资产仍是当前阶段建筑板块的重要配置方向之一。历史经验看，高股息率、低估值、低波动率组合在震荡市环境中通常具备更强相对收益表现，具备跑赢指数的配置价值；同时，当前建筑板块整体估值仍处低位区间，叠加央企市值管理持续强化背景下分红意愿提升，高股息组合或已再次进入较优配置时间点。我们梳理了兼具股息率、成长性、分红能力和分红意愿的代表性公司，建议关注江河集团（15.8XPE(TTM)，股息率5.88%）、安徽建工（6.7XPE(TTM)，股息率5.81%）、中国建筑（4.6XPE(TTM)，股息率5.51%）、中材国际（9.2XPE(TTM)，股息率约4.79%）、四川路桥（11.2XPE(TTM)，股息率4.2%）等（以上...

国内市场综述 量价齐升强势反弹 周三（4月1日）大盘量价齐升，强势反弹。截至收盘，上证综指收于3948.55点，上涨1.46%；深成指收于13706.52点，上涨1.7%；科创50上涨3.33%；创业板指上涨1.96%,万得全A成交额共20248亿元，较前一日略有上升。 行业方面，30个中信一级行业有28个上涨，其中医药、电子及通信涨幅居前，仅煤炭、电力及公用事业小幅收跌，概念方面，CRO、创新药及光模块指数表现活跃。 海外市场综述 美国三大股指全线收涨，谷歌涨超3% 周三（4月1日），美国三大股指全线收涨，道指涨0.48%，标普500指数涨0.72%，纳指涨1.16%。波音涨超4%，卡特彼勒涨逾3%，领涨道指。万得美国科技七巨头指数涨1.13%，谷歌涨超3%，特斯拉涨逾2%。纳斯达克中国金龙指数涨0.31%，禾赛科技涨逾7%。 新闻精要 1.央行等四部门联合召开科技金融工作交流推进会 2.四部门组织开展2025年度享受研发费用加计扣除政策的工业母机企业清单制定工作 3.税务总局：去年检查高风险个人补缴收入71亿元 4.美媒称阿联酋准备协助美国通过武力控制霍尔木兹海峡 5.特朗普抱怨北约盟友不帮助打击伊朗，进而考虑退出北约 6.全球重要经济数据发布 风险提示 1.稳增长力度不及预期； 2.地缘冲突升级。

重点推荐 >1.恒玄科技（688608）：旗舰芯片即将量产，积极顺应AI眼镜高速发展趋势——公司简评报告 >2.新洁能（605111）：下游需求显著向好，盈利能力有望修复——公司简评报告 财经要闻 >1.国务院总理李强：着力推进新型电网建设，加快能源结构调整优化 >2.美国总统特朗普将伊朗问题发布“重要更新” >3.美国3月ISM制造业PMI为52.7，创2022年8月以来新高 >4.美国3月ADP就业人数增6.2万人 >5.美国2月零售销售环比升0.6%

本周风电设备（申万）指数表现 本周（2026/03/23-2026/03/27）沪深300指数-1.41%，申万31个行业指数9个上涨，电力设备（申万）指数本周+0.05%，排在第9位，跑赢指数1.47pct。电力设备二级行业指数涨跌互现，风电设备行业指数-4.63%，电池（申万）、电网设备（申万）、其他电源设备Ⅱ（申万）、光伏设备（申万）、电机Ⅱ（申万）分别+3.01%、+0.41%、-1.64%、-4.40%、+0.91%。从公司表现看，本周风电设备行业（申万）公司涨幅居前的公司为振江股份、禾望电气、大金重工、恒润股份，跌幅居前的公司是新强联、海力风电、双一科技、明阳智能、中环海陆。 本周原材料价格小幅波动 本周铁矿石期货收盘价812元/吨，环比-3.5元/吨；铸造生铁价格3130元/吨，环比+20元/吨；中厚板价格3377元/吨，环比+12元/吨；铜、铝现货价格分别为12046、3292美元/吨，单价分别+24.5、-37美元/吨，环比+0.2%、-1.1%。环氧树脂价格为19333.33元/吨，环比-166.67元/吨。 投资建议 风电行业盈利修复与格局优化共振，短期风机价格企稳回升、陆上风电装机加速及海上风电政策催化，长期受益于深远海技术突破与全球化出海增量。建议关注盈利修复弹性最大的整机龙头企业及海风产业链核心标的，中长期布局深远海与海外订单弹性标的。 风险提示 1、原材料价格波动；2、项目开工不及预期；3、贸易冲突加剧等

本周光伏设备（申万）指数表现 本周（2026/03/23-2026/03/27）沪深300指数-1.41%，申万31个行业指数9个上涨，电力设备（申万）指数本周+0.05%，排在第9位，跑赢指数1.47pct。电力设备二级行业指数涨跌互现，光伏设备行业指数-4.40%，电池（申万）、电网设备（申万）、其他电源设备Ⅱ（申万）、风电设备（申万）、电机Ⅱ（申万）分别+3.01%、+0.41%、-1.64%、-4.63%、+0.91%。从公司表现看，本周光伏设备行业（申万）公司涨幅居前的是安彩高科、亿晶光电、拓日新能、通灵股份、清源股份，跌幅居前的公司为锦浪科技、中信博、钧达股份、艾罗能源、宇邦新材。 产业链上游价格下跌 根据datayes，3月25日硅料成交价42元/kg，环比-1元/kg；硅片成交价为1.13元/片，环比-2分/片；电池成交价0.40元/W，环比-1分/W；组件成交价为0.84元/W，环比持平。3.2mm、2mm光伏玻璃价格17、10元/平米，环比持平；银浆价格为18920元/kg，环比持平。 投资建议 建议聚焦受益于供给侧改革推动的盈利修复、技术迭代带来的α机会以及需求预期边际变化带来的β行情。短期需关注政策落地节奏和技术订单兑现，长期布局高效技术和龙头整合机会。重点关注多晶硅龙头、组件龙头及技术领先企业投资机会。 风险提示 1、原材料价格波动；2、项目开工不及预期；3、贸易摩擦加剧等

Sven Piper/iStock Editorial via Getty Images SpaceX ( SPACE ) filed confidentially for an initial public offering. The rocket, satellite, and AI company submitted its draft IPO registration to the US Securities and Exchange Commission, according to a Bloomberg report on Wednesday, which cited people familiar with the matter. The filing puts SpaceX ( SPACE ) on schedule for a June listing. SpaceX ( SPACE ) could look for a valuation of more than $1.75 trillion , Bloomberg has previously reported. An IPO for SpaceX would raise as much as $75 billion. SpaceX didn’t immediately respond to a Bloomberg request for comment. Musk is said to be talking about allocating as much as 30% of SpaceX's IPO to individual investors, at least three times as much as in a typical IPO. More on SpaceX SpaceX IPO: What I Learned From ULA's Heydays SpaceX-xAI Deal: Building America's New Icon SpaceX IPO's $700 Billion Valuation Increase Benchmarked By Rocket Lab SpaceX readies 'Project Apex' mega IPO with 21 banks - report Elon Musk denies excluding Robinhood, SoFi from SpaceX IPO

据路透社4月1日援引消息人士的话报道，美国总统特朗普已指示副总统万斯私下向伊朗方面传达信息：只要重新开放霍尔木兹海峡等“特定要求”得到满足，他对停火持开放态度。 报道说，截至3月31日万斯还在与“中间人”谈论伊朗问题。万斯传达了“强硬”的信息，称特朗普“不耐烦了”。他还警告称，除非伊朗达成协议，否则伊朗基础设施将面临越来越大的打击压力。 另据美国阿克西奥斯新闻网1日报道，3名美国官员称，美方正在与伊朗商讨以重开霍尔木兹海峡为条件达成停火协议的可能性。这些官员同时表示，尚不清楚能否达成协议。 特朗普当天早些时候在社交媒体上说，伊朗方面“刚刚向美国请求停火”，但只有当霍尔木兹海峡开放时，美方才会“考虑”。他当天晚些时候将就伊朗问题发表全国讲话。（新华社）

Six teenagers arrested after hundreds of young people gathered in Clapham in ‘swarming the streets’ TikTok trend Police have urged parents to “take responsibility” after scenes of widespread disorder in Clapham, south-west London, on Saturday and Tuesday. Officers said the incidents were fuelled by a TikTok trend for swarming the streets. Six teenage girls have been arrested so far, and the Metropolitan police said there would be more arrests in the coming days as officers reviewed CCTV and bodycam footage of the disorder. It urged parents not to allow their children to take part in similar events over the Easter weekend. Continue reading...

frankpeters/iStock via Getty Images Investment Approach Fidelity Freedom ® Funds (the Funds) are designed so that the target date referenced in the Fund name is the approximate year when investors expect to retire. Except for Fidelity Freedom ® Retirement Fund, each of the Funds seeks high total return until reaching its respective target retirement date; thereafter, each Fund's objective will be to seek high current income and, as a secondary objective, capital appreciation. Except for Fidelity Freedom ® Retirement Fund, each Fund's asset allocation strategy becomes increasingly diversified as it approaches its target date – and beyond. Ultimately, the Funds are expected to merge with Fidelity Freedom Retirement Fund. The Funds employ a disciplined and time-tested investment process focused on helping investors achieve successful retirement outcomes by leveraging the depth and strength of Fidelity's investment research and resources. Fund Information Manager(s): Team Managed Trading Symbol: FDEEX Start Date: June 01, 2011 Size (in millions): $14,484.80 Morningstar Category: Fund Target-Date 2055 Investment performance of the Fidelity Freedom Fund products depends on the performance of the underlying investment options and on the proportion of the assets invested in each underlying investment option. The investment risk of each Fidelity Freedom Fund changes over time as its asset allocation changes. These risks are subject to the asset allocation decisions of the Investment Adviser. Pursuant to the Adviser's ability to use an active asset allocation strategy, investors may be subject to a different risk profile compared to the fund's neutral asset allocation strategy shown in its glide path. The funds are subject to the volatility of the financial markets, including that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yield, small-cap, commodity-linked and foreign securities. Leverage can i...

据路透社4月1日援引消息人士的话报道，美国总统特朗普已指示副总统万斯私下向伊朗方面传达信息：只要重新开放霍尔木兹海峡等“特定要求”得到满足，他对停火持开放态度。报道说，截至3月31日万斯还在与“中间人”谈论伊朗问题。万斯传达了“强硬”的信息，称特朗普“不耐烦了”。他还警告称，除非伊朗达成协议，否则伊朗基础设施将面临越来越大的打击压力。另据美国阿克西奥斯新闻网1日报道，3名美国官员称，美方正在与伊朗商讨以重开霍尔木兹海峡为条件达成停火协议的可能性。这些官员同时表示，尚不清楚能否达成协议。（新华社）

格隆汇4月1日｜伊朗革命卫队空天部队指挥官：我们为这场战争准备了40年。

格隆汇4月1日｜美股三大指数涨幅继续扩大，道琼斯指数涨0.94%，报46776.87点；标普500指数涨1.10%，报6600.41点；纳斯达克综合指数涨1.62%，报21941.01点。热门科技股中，英伟达股价上涨1.56%，苹果股价上涨0.29%，谷歌-A股价上涨3.59%，微软股价上涨0.56%，亚马逊股价上涨2.17%，台积电股价上涨2.87%。博通股价上涨1.52%，特斯拉股价上涨2.8%，美光科技股价上涨11.36%，超威半导体股价上涨4.58%。

Investing.com -- SpaceX has filed confidentially for an initial public offering with the US Securities and Exchange Commission, according to a report from Bloomberg News, citing people familiar with the matter. The filing puts Elon Musk’s rocket, satellite and AI company on track for a June listing.

jetcityimage The US FDA has approved Eli Lilly's weight loss pill, the GLP-1 receptor agonist Foundayo (orforglipron). Approval was based on the results of the phase 3 ATTAIN-1 and ATTAIN-2 trials. The first trial compared three dosage strengths of orforglipron. Patients taking the drug in the 72-week trial saw an average weight loss of 27.3 pounds (12.4%) compared to 2.2 pounds (0.9%) with placebo. Lilly said it is currently accepting prescriptions through its LillyDirect website with Foundayo shipping starting on April 6. Shortly after, it will be widely available through pharmacies and telehealth providers. Through LillyDirect, the starting monthly price for Foundayo is $149 for cash pay customers and $25 for those with commercial insurance. Foundayo will compete against Novo Nordisk's ( NVO ) Wegovy (semaglutide) pill, which hit the market in January starting at $149 a month for self-pay customers. Trials found that those on the Wegovy pill lost an average of 35 pounds (~15%) over 68 weeks. Lilly shares are up ~5% in Wednesday trading. More on Eli Lilly Eli Lilly's Centessa Deal Shows It Is Awake To New Narcolepsy Reality Novo Nordisk Vs. Eli Lilly: Cheap Vs. Expensive, But No Clear Opportunity Why Eli Lilly Remains My Top Obesity Bet FDA ready to allow compounding pharmacies to make injectable peptides - report Is Trump to blame for delayed drug launches in Europe

The largest US-listed exchange-traded funds tracking single Asian countries from India to Taiwan suffered record outflows in March, just ahead of a massive rebound in the region’s equities on the first day of April. Traders yanked a record $1.4 billion in March from BlackRock’s $6.7 billion iShares MSCI India ETF, known by its ticker INDA , according to data compiled by Bloomberg. The firm’s $7 billion iShares MSCI Taiwan ETF, or EWT , also saw a record redemption of $1.1 billion last month, the data show. The withdrawals point to growing strain across energy-centric Asia, with India hit by currency weakness, rising yields and profit concerns, and as Taiwan’s export-heavy manufacturing base faced rising cost pressures. Still, Asian stocks jumped the most in nearly a year on Wednesday after President Donald Trump suggested he’s keen to exit the Middle East conflict sooner rather than later, underscoring how quickly sentiment can shift with each turn in the war. “I’d say this is a greed rebound on new hope for a shorter conflict than what was being priced in a few days ago,” said Ed Goard , chief investment officer of Yousif Capital Management, who holds INDA for clients. “But during times like these, markets overreact to headlines.” Trump said Wednesday he’ll only consider a halt to attacks on Iran when the Strait of Hormuz is reopened. In response, the Islamic Revolutionary Guard Corps said Hormuz won’t be opened based on the “absurd displays of the American president,” according to state-run IRIB. Stock gauges from both India and Taiwan are still down sharply since before the start of the war. Bad Start For India, a bad start to the year for the country’s locally-listed stocks turned worse following escalating tensions in the Middle East, with investors concerned about the impact of the global energy crisis on its economy. The country’s stock benchmark lost 11% in March, taking losses for the year to over 15% and making it among the worst performing countries in As...

政務司司長陳國基率領「大學城籌劃及建設組」，到訪北京城市副中心及河北雄安新區。 陳國基在社交網站指，考察行程啟發良多，北京城市副中心及河北雄安新區，在大型新區規劃建設方面的有益經驗，為北都大學城的科學謀劃，與穩步推進提供啟發和借鑑。 他形容三日考察行程，收穫豐碩，小組將探討如何將香港具優勢的學術領域，與產業深度結合，以吸引內地及國際頂尖大學或研究機構進駐，期望北都大學城發展，能突破傳統框架，實現教育與產業協同發展、深度融合。

"It's not personal, Sonny, it's strictly business." That quote was first delivered by mob boss Michael Corleone in The Godfather , but last Monday, it became the title of a speech by the Justice Department's acting antitrust chief Omeed Assefi. At a George Washington University event co-hosted with the publication MLex , Assefi described an agency firing on all cylinders, standing strong against bad corporate actors when warranted, but being open to reasonable negotiation to reach the strongest possible result. Implicitly, Assefi was responding to months of complaints that his agency was bowing to corporate lobbyists and striking weak settle … Read the full story at The Verge.

格隆汇4月1日｜礼来(LLY.US)的口服减肥药在美国获得批准，给竞争对手诺和诺德带来压力。礼来的这款药获批用于帮助人们减重或维持之前的减重成果。礼来的口服药获批用于帮助患者减重或维持此前减重成果。此次审评历时不足四个月，得益于美国食品药品监督管理局（FDA）推出的一项新项目，旨在加速符合国家优先事项、提供创新疗法或满足未被满足医疗需求的药物上市。礼来正在迅速追赶诺和诺德，后者的减肥药自去年12月获批以来需求火爆。礼来已生产数十亿剂Foundayo以确保快速上市。华尔街分析师预测，到2030年，该药销售额可能达到180亿美元。

美国哥伦比亚广播公司4月1日援引美国官员的话报道，美军在伊朗中部伊斯法罕附近又损失2架MQ-9型“死神”无人机。迄今，美军在对伊朗军事行动中已损失16架该型无人机。（新华社）

美国食品药品管理局（FDA）在其“国家优先审评券”试点项目下批准了礼来公司的Foundayo。 该药在提交申请后50天即获批，早于其处方药用户付费法（PDUFA）目标日期2027年1月20日。 Foundayo获批用于降低超重体重，并用于肥胖成人或伴有至少一种与体重相关合并症的超重成人的长期体重管理。 最低剂量自费每月149美元起。 符合条件的联邦医疗保险（Medicare） D部分参保人月费50美元，最早将于7月1日开始执行。 Foundayo将通过LillyDirect平台提供，预计4月6日开始发货，随后不久将在美国零售药店和远程医疗服务渠道广泛上市。 责任编辑：丁文武

格隆汇4月1日｜礼来(LLY.US)涨幅扩大至超5%，减肥药Foundayo获美FDA批准。Foundayo将立即上市(需处方)，并从4月6日起发货。

Sam Browne’s blend of brutal honesty and droll observation has made him a viral sensation. He talks about growing up in Southend, mental health and the healing power of poetry On a cold night in east London, 21-year-old performance poet Sam Browne is telling a packed room of strangers about his second bout of psychosis. “I was in Morocco at 18, completely alone, and I started to feel that things weren’t real,” he says. “It got so bad that one day I turned to a random person and told him I was thinking of killing myself. He just said back to me: ‘Don’t do that – you’ll miss the sunset.’” The room falls quiet and Browne breaks the tension by launching into a poem inspired by his Moroccan breakdown, You’ll Miss the Sunset. “The world is so beautiful, the least you could do is stick around to watch it,” he says with the hint of a smirk. “But it’s all shit, all of it, isn’t it?” Continue reading...

伊朗伊斯兰革命卫队4月1日发表声明称，其海军已对多个目标实施打击，霍尔木兹海峡局势处于其“完全掌控”之下。声明反驳了美以方面关于伊朗打击强度下降的说法。声明说，自当天黎明起，伊朗方面在新一轮军事行动中使用弹道导弹、巡航导弹及无人机，对相关目标实施多轮打击。这也是“真实承诺-4”行动第89波攻势的一部分。革命卫队称，其打击目标包括位于海湾地区的部分美方雷达设施、一艘属于以色列的油轮以及若干军事设施。伊方还对部署在印度洋北部的美军“林肯”号航母编队发射自杀式无人机，并称该编队已从原部署位置撤离。声明强调，霍尔木兹海峡局势已被革命卫队海军“坚定掌控”，该海峡不会因美国总统的“表演性举动”而向敌对方开放。 (新华社)

Press Release | April 1st, 2026, 5:45 pm

COMMUNIQUÉ FINANCIER | 1er avril 2026, 17h45 DANS UN CONTEXTE COMPLEXE, SYNERGIE MAINTIENT SA DYNAMIQUE DE CROISSANCE ET SA PROFITABILITÉ OPÉRATIONNELLE