Market Overview - On April 17, 2025, the Shanghai Composite Index rose by 0.13% to close at 3280.34 points, while the Shenzhen Component Index fell by 0.16% to 9759.05 points, and the ChiNext Index increased by 0.09% to 1908.78 points[1] - The total trading volume in both markets decreased to 0.99 trillion yuan[1] Market Performance - The number of stocks that rose was 2,929, while 1,973 stocks declined, resulting in a rise ratio of 57.10%[6] - The total trading volume was 875.88 billion shares, with a total turnover of 999.45 billion yuan[6] Sector Performance - Real estate and comprehensive sectors led the gains, while the automotive and non-ferrous metals sectors experienced declines[1] Risk Factors - Market liquidity contraction may exacerbate short-term volatility risks[2] Key Events - A joint statement was issued by China and Malaysia to build a high-level strategic community, enhancing bilateral relations and regional stability[3] - The U.S. Federal Reserve Chairman Powell warned about the uncertainties of tariff policies, indicating potential inflation rise and economic slowdown, which may lead to sustained market volatility[3]

证券研究报告｜数据点评 2025 年 4 月 16 日 一季度宏观数据解读：经济韧性较强 无惧市场风浪 核心观点： 外部关税壁垒升级虽然对出口形成短期压力，但国内政策组合拳发 力下，经济内生增长动能逐步增强，国内经济极具韧性，对全球经 济波动有较强的抵抗性，有利于吸引全球资产配置中国市场。另外， 通胀的整体回暖向好，表现了稳增长，扩内需政策逐步落地的有效 性，对市场预期有正向促进作用。 一、宏观政策组合拳发力生效，国内经济增速有韧性： 一季度财政政策靠前发力，政府债券发行提速。3 月新增政府债券 近 1.5 万亿元，同比多增近 1 万亿元。特别国债发行 5000 亿元补充 银行资本，预计撬动 4 万亿元信贷增量。货币政策保持合理宽松， M2 增速稳定维持在 7.0%，信贷结构也在持续优化，小微企业贷款、 绿色贷款等重点领域得到了更大力度的支持。 GDP 增速表现亮眼。一季度 GDP 同比增长 5.4%，这一成绩不仅高于 去年同期，更是在全球主要经济体中脱颖而出，展现出中国经济强 大的韧性和活力。工业增加值增长 6.5%，服务业增长 5.3%，固定资 产投资增长 4.2%，社会消费品零售总额增长 4.6%。3 ...

证券研究报告｜资产配置跟踪周报 2025 年 4 月 15 日 权益市场触底反弹 债市短期迎机遇 【20250407-20250413】 核心观点 大类资产总览：权益市场触底反弹，债市高位震荡。 本周，A 股连续四周回落，受美国"对等关税"影响，A 股 周一大幅下行走低，虽后续整体缓幅回升，但依旧未能补足 周一的过大回落；债市整体高位震荡，在全球投资者风险偏 好显著上行的时期，债市迎来短暂机遇期；本周大宗商品整 体回落幅度较大，同样受到美国关税影响，大部分商品受到 冲击，短期有所滑落。 本周 A 股观点：A 股短期维稳，趋势整体温和向好。 A 股本周呈现触底反弹趋势，周一虽然受到美国关税政策， 以及国际市场的集体走低的影响，A 股出现大幅下跌，但后 续市场情绪得以稳定，多方喊话也彰显了国家对维持股市平 稳运行的信心，在此情况下，A 股后续实现触底反弹，虽然 未能回归前高，但整体趋势温和向好，无需过多担忧。 A 股配置建议：短期来看，市场进入反弹阶段，科技板块在 前期充分回调后，又因关税事件大幅走低，其中更多受市场 情绪面影响，在后续市场情绪稳定后，科技板块有望迎来阶 段性反弹，并带动市场上行回暖。在进入 4 ...

证券研究报告——煤炭行业周报 ◆ 风险提示 终端需求大幅回落，板块轮动加快，板块突发利空。 请务必阅读最后一页免责声明 1 动力煤和焦煤价格双走高，关注煤炭布局机会 【2025.4.7-2025.4.13】 行业评级：中性 核心观点 发布日期：2025.4.14 煤炭行情走势图 数据来源：Wind 大同证券 大同证券研究中心 分析师：刘永芳 执业证书编号：S0770524100001 邮箱： liuyongfang@dtsbc.com.cn 地址：山西太原长治路 111 号山 西世贸中心 A 座 F12、F13 网址:http://www.dtsbc.com.cn 0.7 0.8 0.9 1.0 1.1 1.2 1.3 2024-04-19 2024-05-19 2024-06-19 2024-07-19 2024-08-19 2024-09-19 2024-10-19 2024-11-19 一、市场表现：权益市场几近全线下跌，煤炭板块跑输指数 本周（2025.4.7-2025.4.13），权益市场几近全线下跌，美国对中国的对等关税不断升 级，最终税率增加到 145%，悲观情绪爆发，黑色星期一上演多股跌停，但 ...

证券研究报告｜基金配置周报 2025 年 04 月 14 日 美方豁免部分产品的"对等关税"，自主可控仍可布局 【20250407-20250413】 ◼ 市场回顾：上周权益市场多数指数回调，创业板指跌幅最大， 下跌 6.73%；债券市场整体回暖，10 年期国债到期收益率下行 大同证券研究中心 6.12BP，期限利差小幅走阔，长短端 AAA 信用利差均进一步走 阔；基金市场中偏股基金指数和二级债基指数均周度收跌，而 长债基金指数和短债基金指数继续反弹；申万 31 个行业跌多 涨少，消费医药板块继续回暖。 ◼ 权益类产品配置策略： ➢ 事件驱动策略：（1）央行等四部门联合印发《关于金融支持体 育产业高质量发展的指导意见》：鹏华文体传媒娱乐(001223)、 银华体育文化(018590)和招商体育文化休闲（001628）；（2） 美方近日宣布豁免部分产品"对等关税"，可关注：博时半导 体主题(012650)、工银智能制造(002861)和嘉实科技创新 （007343）；（3）第五届中国国际消费品博览会在海南举办， 可关注：嘉实新消费(164403)、华夏消费臻选(017719)和工银 新生代消费（005526）。 ...

Group 1: Market Impact of Tariff Policies - Trump's tariff policy exceeded market expectations, leading to a significant drop in global markets, with the US stock market falling nearly 8% and the Hong Kong market dropping over 10%[1] - The immediate impact of tariffs caused a sharp decline in investor risk appetite, resulting in accelerated capital outflows from both domestic and foreign investors[1] - The long-term effects of the tariffs are expected to disrupt the global supply chain established over the past 40 years, significantly impacting multinational corporations and their profitability[1] Group 2: China's Response and Policy Measures - China quickly retaliated with a 34% tariff on US imports, demonstrating preparedness against US protectionist measures[4] - The Chinese government has reserved substantial fiscal tools, including an additional 1.2 trillion yuan in special bonds, to support the economy amid external uncertainties[4] - Monetary policy adjustments, including potential interest rate cuts and reserve requirement ratio reductions, are being considered to stabilize the economy[4] Group 3: Investment Outlook - The current position of the A-share market is relatively low, suggesting limited downside risk and potential opportunities for investors[3] - The Chinese government is committed to stabilizing the stock market, with measures such as increasing ETF purchases to mitigate negative impacts from tariffs[3] - Investors are encouraged to maintain confidence and strategically allocate assets to capitalize on market bottom opportunities amid ongoing volatility[5]

证券研究报告｜基金配置周报 2025 年 04 月 07 日 个人养老金指数基金或迎来扩容，如何抓住布局机会？ 【20250331-20250406】 | ◼ | 市场回顾：上周权益市场主要指数集体飘绿，创业板指下跌 | | | --- | --- | --- | | | 2.95%；债券市场整体回暖，10 年期国债到期收益率下行 | 大同证券研究中心 | | | 9.46BP，期限利差继续收窄，长短端 AAA 信用利差均进一步收 | 分析师：杨素婷 | | | 窄；基金市场中偏股基金指数周度收跌，而二级债基指数、长 | 执业证书编号： | | | 债基金指数和短债基金指数继续反弹；申万 31 个行业跌多涨 | S0770524020002 | | | 少，稳定和消费医药板块继续回暖。 | 邮箱：yangst@dtsbc.com.cn | | ◼ | 权益类产品配置策略： | | | ➢ | 事件驱动策略：（1）证监会召开深化资本市场投融资综合改革 | | | | | 地址：山西太原长治路 111 号山 | | | 民营科技企业座谈会：工银生态环境(001245)、博时半导体主 | 西世贸中心 A 座 F12 ...

Market Overview - The three major stock indices experienced slight gains on April 2, 2025, with the Shanghai Composite Index up by 0.05% to close at 3350.13 points, the Shenzhen Component Index up by 0.09% to 10513.12 points, and the ChiNext Index up by 0.13% to 2104.63 points[1] - The total trading volume in the two markets decreased to 0.97 trillion yuan, with a total turnover of 9744.93 billion yuan[1][4] Sector Performance - Most sectors in the Shenwan I-level industry index saw gains, particularly textiles and apparel, as well as beauty and personal care, while defense and military industry and non-ferrous metals sectors lagged behind[1] - The number of stocks that rose reached 2,633, accounting for 51.34% of the total, while 2,293 stocks declined[4] Notable Events - The Xiaomi SU7 accident raised concerns about the safety of intelligent driving, leading to a surge in laser radar concept stocks, with ShenTong Technology hitting the daily limit and other stocks like MeiHu Co. and JiKe Co. rising over 6%[3] - The U.S. is considering lower tariffs on certain countries, with potential rates below the previously proposed 20%[3] Risk Factors - Investors should be cautious of external policy disruptions that may impact market sentiment[2]

Investment Rating - The industry investment rating is Neutral [1] Core Viewpoints - The report highlights that the performance of the coal industry is under pressure due to a decline in coal prices and weak demand, but there is potential for recovery as downstream demand improves and seasonal factors come into play [4][9][42] - The report suggests focusing on high-quality coal stocks with strong cash flow and high dividends, as the coal sector is currently undervalued [4][42] Summary by Sections Market Performance - The equity market saw more declines than gains, with the coal industry experiencing a slight drop, outperforming the broader market indices [5] - The average market turnover was 1.5 trillion yuan, with daily financing purchases around 130 billion yuan, indicating reduced market activity [5] Coal Prices - The report notes a decline in domestic coal prices, with specific prices for various coal types showing significant year-on-year decreases [10][28] - For instance, the price of Shanxi Datong coal (Q5500) dropped to 542 yuan/ton, down 34 yuan/ton week-on-week and 120 yuan/ton year-on-year [10] Supply and Demand Structure - Coal production has decreased due to stricter safety inspections, leading to a reduction in daily average coal sales to 7.17 million tons, a 6.2% week-on-week decline [9][15] - Port inventories remain high, with average daily inventory levels at 30.79 million tons, indicating a supply-demand imbalance [15][16] Coking Coal - Coking coal prices are stable but have shown a downward trend, with the average price for various types of coking coal also reflecting declines [27][28] - The report indicates that while demand from steel mills is recovering, the overall market for coking coal remains weak [27][42] Shipping Situation - The report highlights an increase in shipping activity, with the average number of vessels at anchor in the Bohai Rim ports rising to 84, indicating a potential uptick in coal transportation [34] Industry News - The report discusses various industry developments, including the promotion of coal production capacity and the introduction of new mining projects in Xinjiang [38][39] - It also mentions regulatory changes in Indonesia that could impact global coal markets, particularly regarding increased mining fees [39]

Market Overview - The three major stock indices collectively declined, with the Shanghai Composite Index down by 0.51% closing at 3408.95 points, the Shenzhen Component Index down by 0.91% at 10879.49 points, and the ChiNext Index down by 1.00% at 2200.03 points [2] - The trading volume decreased to 1.44 trillion yuan [2] Key Economic Indicators - The Federal Reserve maintained the federal funds rate target range at 4.25%-4.5%, aligning with market expectations. The Fed's statement indicated an increase in uncertainty regarding the economic outlook, emphasizing the dual risks faced in achieving maximum employment and a 2% inflation target [4] - The Loan Prime Rate (LPR) remained unchanged at 3.1% for the one-year term and 3.6% for terms over five years, marking five consecutive months of stability [4] Regulatory Developments - New regulations have been introduced to strengthen oversight on shareholder reductions, particularly targeting potential violations through agreement transfers. This aims to prevent improper cash-outs by shareholders [4] Market Performance Metrics - On the trading day, 1,949 stocks rose, while 2,989 stocks fell, with 73 stocks hitting the daily limit up and 7 hitting the limit down. The proportion of rising stocks was 38.05% [5] - The total trading volume was reported at 1.11196 billion shares, with a total transaction value of 14,415.53 million yuan [5]