证券研究报告——市场日报 三大指数震荡收涨 国际金价续创新高 证券研究报告——市场日报 2025.03.18 （预计发布时间：2025.03.19） 大同证券研究中心 分析师：景剑文 执业证书编号：S0770523090001 邮箱：jingjw@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 行情回顾 风险提示 需警惕量能不足引发的短期调整风险。 当日要闻 习近平在贵州考察时强调：坚持以高质量发展统揽全局，在中国式现代化进程中展现贵州新 风采。中共中央总书记、国家主席、中央军委主席习近平近日在贵州考察时强调，贵州要认 真落实党中央关于西部大开发和长江经济带发展的战略部署，坚持以高质量发展统揽全局， 以进一步全面深化改革开放为动力，坚定信心、苦干实干，稳中求进、善作善成，在中国式 现代化进程中展现贵州新风采。习近平指出，高质量发展是中国式现代化的必然要求。贵州 要下定决心、勇于探索，坚持以实体经济为根基，强化创新驱动，统筹新旧动能转换，加快 传统产业转型升级，积极发展战略性新兴产业，做强做优数字经济、新能源 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry [10]. Core Viewpoints - The report highlights that the three major stock indices experienced fluctuations but ultimately closed higher, with the Shanghai Composite Index rising by 0.11% to 3429.76 points, the Shenzhen Component Index increasing by 0.52% to 11014.75 points, and the ChiNext Index gaining 0.61% to 2228.64 points [1][4]. - The report notes a decrease in trading volume to 1.52 trillion yuan, indicating a potential lack of market momentum [1]. - It emphasizes that the household appliances, non-ferrous metals, and communication sectors led the gains, while food and beverage, beauty care, and agriculture sectors faced declines [1][8]. Summary by Relevant Sections Market Performance - The report indicates that 2845 stocks rose, 203 remained flat, and 2075 declined, with a total trading volume of 1.125 billion shares and a turnover of 15.196 billion yuan [5]. - The household appliances sector showed the highest increase at 1.85%, followed by non-ferrous metals at 1.44% and communication at 0.92% [8]. Key Indices - The report provides a detailed performance of major indices, with the ChiNext Index and Shenzhen Component Index both showing a daily increase of 0.61% and 0.52% respectively [4]. - The Shanghai Composite Index had the smallest increase at 0.11% [4]. Sector Analysis - The report categorizes the performance of various sectors, with household appliances, non-ferrous metals, and communication leading the gains, while food and beverage, beauty care, and agriculture lagged behind [8].

证券研究报告——市场日报 三大指数涨跌不一 提振消费方案出炉 证券研究报告——市场日报 2025.03.17 （预计发布时间：2025.03.18） 周一（3 月 17 日），三大指数涨跌不一， 上证指数小幅上涨，深证成指和创业板指则分 别出现了不同幅度的下跌。截至收盘，上证指 数（0.19%）收报3426.13点，深证成指（-0.19%） 收报 10957.82 点，创业板指（-0.52%）收报 2215.13 点。两市量能小幅下降至 1.6 万亿（数 据来源：Wind）。申万Ⅰ级行业多数上涨，建 材、环保领涨；有色金属、美容护理领跌。 风险提示 热门板块突发利空引发市场扰动 大同证券研究中心 分析师：景剑文 执业证书编号：S0770523090001 邮箱：jingjw@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 行情回顾 当日要闻 事关收入、就业、育儿、住房、休假 《提振消费专项行动方案》出炉。中共中央办公厅、 国务院办公厅印发《提振消费专项行动方案》（以下简称《方案》），并发出通知，要求 各地区 ...

证券研究报告——市场日报 三大指数涨跌不一 提振消费方案出炉 证券研究报告——市场日报 2025.03.17 （预计发布时间：2025.03.18） 大同证券研究中心 分析师：景剑文 执业证书编号：S0770523090001 邮箱：jingjw@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 行情回顾 周一（3 月 17 日），三大指数涨跌不一， 上证指数小幅上涨，深证成指和创业板指则分 别出现了不同幅度的下跌。截至收盘，上证指 数（0.19%）收报3426.13点，深证成指（-0.19%） 收报 10957.82 点，创业板指（-0.52%）收报 2215.13 点。两市量能小幅下降至 1.6 万亿（数 据来源：Wind）。申万Ⅰ级行业多数上涨，建 材、环保领涨；有色金属、美容护理领跌。 风险提示 热门板块突发利空引发市场扰动 当日要闻 事关收入、就业、育儿、住房、休假 《提振消费专项行动方案》出炉。中共中央办公厅、 国务院办公厅印发《提振消费专项行动方案》（以下简称《方案》），并发出通知，要求 各地区 ...

证券研究报告｜基金配置周报 2025 年 03 月 17 日 《提振消费专项行动方案》出台，可关注哪些机会？ 【20250310-20250316】 ◼ 市场回顾：上周权益市场主要指数多数收涨，仅科创 50 下跌 1.76%；债券市场继续调整，10 年期国债到期收益率上行 3.15BP，期限利差小幅走阔，长期 AAA 信用利差有所收窄；基 金市场含权类指数和短债基金指数周度收涨，而长债基金指数 延续下跌态势；申万 31 个行业涨多跌少，消费板块反弹明显。 ◼ 权益类产品配置策略： ➢ 事件驱动策略：（1）《提振消费专项行动方案》发布，提振消 费、扩大内需的具体实施或更明晰，可关注：嘉实新消费 (001044)、华夏消费臻选(017719)和南方新兴消费（160127）； （2）育儿补贴相关政策发布，一地明确具体补贴流程和细节， 可关注：博时时代消费(013836)、嘉实消费精选(006604)、工 银医药健康（006002）和嘉实互融精选（006603）；（3）英伟 达 GTC 2025 将于当地时间 3 月 17 日至 21 日在美国加州圣何 塞举办，可关注：信澳核心科技 A(007484)、华夏智造升级 ...

Investment Rating - The industry rating for the coal sector is Neutral [1] Core Insights - The report indicates that the price of thermal coal continues to rise due to stricter safety inspections and increased demand for replenishment from power plants, while coking coal prices are under pressure and showing signs of stabilization [4][9][32] - The coal sector has significantly outperformed the market, with a weekly increase of 4.84%, surpassing the overall market indices [5][32] - The report emphasizes the importance of focusing on high dividend-paying coal stocks with strong cash flow amidst a low valuation environment [32] Summary by Sections Market Performance - The equity market showed a general upward trend, with the coal sector experiencing a substantial increase, outperforming the broader market indices [5] - The average daily trading volume was 1.6 trillion yuan, with the Shanghai Composite Index closing at 3419.56 points, up 1.39% for the week [5] Thermal Coal - Thermal coal prices have continued to rise, supported by limited supply due to increased safety inspections and seasonal demand from power plants [9][10] - The average daily inventory of thermal coal at power plants has increased, indicating a rise in procurement activity [15] Coking Coal - Coking coal prices have continued to decline, with inventory levels rebounding slightly due to reduced demand from steel mills [20][21] - The report notes that while production is recovering, safety inspections are limiting the growth of supply [20][23] Shipping Situation - The number of vessels in the Bohai Rim ports has increased, and shipping prices have continued to rise, indicating a robust demand for coal transportation [27] Industry News - The report highlights significant investments and developments in the coal sector, including technological advancements in gas extraction and safety inspections in coal mines [28][29]

证券研究报告——煤炭行业周报 产地煤价继续上涨，煤炭板块应声大涨 【2025.3.10-2025.3.16】 行业评级：中性 核心观点 发布日期：2025.3.17 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 liuyongfang@dtsbc.com.cn 西世贸中心 A 座 F12、F13 网址:http://www.dtsbc.com.cn 风险提示 请务必阅读最后一页免责声明 1 煤炭行情走势图 产地动力煤价继续上涨，电厂库存扭头向上。本周，在安检趋 严供给量受限、印尼 HBA 新政推动低卡煤报价提升，以及电厂 补库需求有所释放、贸易商"买涨不买跌"等综合作用下，产 地动力煤价格继续上涨。 焦煤价格继续走低，库存出现反弹。本周，炼焦煤价格继续承 压，在安检压力和 HBA 新政影响下，供应增幅降低，而下游对 焦煤需求减弱，致使整体库存出现小幅反弹，产地煤矿为促销， 不得不下调价格，随着户外开工增加，焦煤价格有望止跌企稳。 权益市场以涨为主，煤炭行业大幅上涨。本周，市场出现高低 切换，前期涨幅居前的 TMT 板块继续调整，而消费和红利板块 涨 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The report emphasizes a shift in policy since September 2022, focusing on stabilizing the real estate and stock markets, breaking the negative feedback loops of "asset-liability contraction" and "wage-price contraction" [6][20] - The emergence of technological breakthroughs, such as DeepSeek, and cultural successes like the film "Nezha 2" have significantly improved market sentiment and expectations [6][21] - The report outlines a structural bull market in stocks driven by economic stabilization, with technology growth as the main theme and opportunities in undervalued consumer sectors [6][26] - The bond market is expected to remain stable, with increased volatility and declining yield expectations, but not entering a bear market until a clear economic recovery is established [6][26] Summary by Sections Market Review - Prior to the policy shift on September 24, 2022, the market faced weak fundamentals, high valuation pressures, and declining risk appetite due to global interest rate hikes and economic slowdown [8][19] - The report highlights the significant increase in the Federal Reserve's interest rates from 0-0.25% to 5.25%-5.5% over a year, which has pressured global asset valuations [19] Policy Shift - The report details a series of policy measures initiated post-September 2022, including interest rate cuts, increased local government debt, and support for consumption and private enterprises [20][27] - The focus has shifted towards stimulating consumption, with specific measures such as a 300 billion yuan special bond to support consumption upgrades [31][60] Economic Goals - The economic growth target is set at around 5.0%, with a CPI target of approximately 2.0%, reflecting a pragmatic approach [26] - The report emphasizes the importance of stabilizing the stock and real estate markets to reverse the "asset-liability contraction" cycle [32][50] Consumption and Employment - The report outlines initiatives to boost consumption, including policies to enhance consumer confidence and increase disposable income, particularly for low- and middle-income groups [31][60] - Employment stabilization measures are highlighted, aiming to improve wage growth mechanisms and increase social security benefits [31][60] Technological Development - The report stresses the need for fostering new productive forces to break through overseas technological blockades, with a focus on emerging industries such as commercial aerospace and quantum technology [37][42] - It also mentions the importance of enhancing the digital economy and supporting AI applications across various sectors [42] Trade and Tariff Risks - The report notes a decrease in reliance on U.S. exports, with a 4% drop compared to 2017, while exports to Belt and Road countries have increased by 16% [44][47] - It discusses the potential impact of U.S. tariff policies on China's export performance and overall economic stability [43][47]

三大指数午后走低 美国 2 月 CPI 降温 证券研究报告——市场日报 2025.03.13 （预计发布时间：2025.03.14） 大同证券研究中心 分析师：景剑文 执业证书编号：S0770523090001 邮箱：jingjw@dtsbc.com.cn 地址：山西太原长治路 111 号山西世贸中心 A 座 F12、F13 证券研究报告——市场日报 网址: http://www.dtsbc.com.cn 行情回顾 周四（3 月 13 日），三大指数早盘缓幅震 荡走低，午盘行情加速回落，午后跌幅进一步 扩大，尾盘有所拉升，最终悉数收绿。截至收 盘，上证指数（-0.39%）收报 3358.73 点，深 证成指（-0.99%）收报 10736.19 点，创业板 指（-1.15%）收报 2166.00 点。两市量能小幅 下降至 1.6 万亿（数据来源：Wind）。申万Ⅰ 级行业多数下跌，煤炭、美容护理、钢铁领涨； 机械设备、电子、计算机领跌。 风险提示 热门板块突发利空引发市场扰动 当日要闻 美国 2 月 CPI 通胀全面降温。当地时间周三，美国劳工部公布的数据显示，美国 2 月 CPI 通胀全线低于预期，缓解了市 ...

证券研究报告——市场日报 三大指数午后走低 美国 2 月 CPI 降温 证券研究报告——市场日报 2025.03.13 （预计发布时间：2025.03.14） 大同证券研究中心 分析师：景剑文 执业证书编号：S0770523090001 邮箱：jingjw@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 行情回顾 周四（3 月 13 日），三大指数早盘缓幅震 荡走低，午盘行情加速回落，午后跌幅进一步 扩大，尾盘有所拉升，最终悉数收绿。截至收 盘，上证指数（-0.39%）收报 3358.73 点，深 证成指（-0.99%）收报 10736.19 点，创业板 指（-1.15%）收报 2166.00 点。两市量能小幅 下降至 1.6 万亿（数据来源：Wind）。申万Ⅰ 级行业多数下跌，煤炭、美容护理、钢铁领涨； 机械设备、电子、计算机领跌。 风险提示 热门板块突发利空引发市场扰动 当日要闻 美国 2 月 CPI 通胀全面降温。当地时间周三，美国劳工部公布的数据显示，美国 2 月 CPI 通胀全线低于预期，缓解了市 ...