Market Overview - On November 26, 2024, the three major indices opened lower, with the Shanghai Composite Index closing at 3259.76 points, down 0.12%, the Shenzhen Component Index at 10333.23 points, down 0.84%, and the ChiNext Index at 2150.10 points, down 1.15% [4][8][10] - The trading volume in the two markets continued to shrink, with total turnover below 1.4 trillion yuan [11][14] Sector Performance - Among the Shenwan first-level industries, the banking sector led with a gain of 0.92%, followed by food and beverage at 0.83%, and agriculture, forestry, animal husbandry, and fishery at 0.53% [12][20] - The sectors that experienced the largest declines included electric power equipment at -2.14%, computers at -1.99%, and automobiles at -1.89% [20][21] Market Dynamics - The number of stocks that rose was 1,534, while 3,705 stocks fell, indicating a bearish market sentiment [17] - The total trading volume was 1,184.05 million shares, with a total turnover of 13,049.75 billion yuan [17]

证券研究报告——市场日报 证券研究报告——市场日报 行情回顾 2024.11.25 （预计发布时间：2024.11.26） 周一（11 月 25 日），三大指数早盘高开， 之后震荡下行，午后行情再度走低，三大指数 跌幅扩大，尾盘触底之后快速拉升，走出"深 大同证券研究中心 V"行情，三大指数微幅收跌。截至收盘，上证 分析师：景剑文 指数（-0.11%）收报 3263.76 点，深证成指（- 执业证书编号：S0770523090001 0.17%）收报 10420.52 点，创业板指（-0.02%） 收报 2175.18 点。两市量能持续收缩，不足 1.5 邮箱：jingjw@dtsbc.com.cn 万亿（数据来源：Wind）。申万Ⅰ级行业多数 地址：山西太原长治路 111 号山西世贸中心 上涨，社会服务、纺织服饰、综合领涨，通信、 A 座 F12、F13 国防军工、电子领跌。 网址: http://www.dtsbc.com.cn 市场行情走出"深 V" 三大指数微幅收跌 风险提示 量能持续收缩引起市场扰动 当日要闻 央行 11 月开展 9000 亿元 MLF 操作 中标利率不变。11 月 25 日，中国人 ...

Investment Rating - The industry rating is optimistic [1] Core Viewpoints - Short-term prices for thermal coal remain at the bottom, but subsequent policy adjustments are expected to open up market space [3][11] - The coking coal market is currently weak, and patience is required for a potential recovery [3][30] - The defensive attributes of the coal sector may become a highlight amid short-term market fluctuations [4] - Overall, both thermal and coking coal prices are at low levels, with thermal coal showing better liquidity and potential for medium-term recovery [4][59] Summary by Sections Market Performance - The coal sector has shown relative stability despite a slight decline, outperforming most other sectors [9] - The Shanghai Composite Index fell by 1.91%, while the coal sector index decreased by only 0.88% [9] Thermal Coal - Thermal coal prices are currently in a bottoming phase, with supply remaining ample and demand limited due to supply policies [11][12] - The average daily inventory of thermal coal at ports is 28.8 million tons, reflecting an increase in market liquidity [15] Coking Coal - Coking coal prices are also at low levels, with supply exceeding demand, and a recovery is not expected in the short term [30][31] - The average daily inventory of coking coal at major ports has risen, indicating a buyer's market [33] Shipping Situation - Shipping capacity remains at historical lows, with an average of 55 vessels at anchor [41] - Freight rates have shown a noticeable increase, likely linked to improved market liquidity [41] Industry News - The China Coal Industry Association predicts a significant increase in the deployment of unmanned mining trucks by 2026 [47] - The National Development and Reform Commission reports that coal stocks at regulated power plants remain above 200 million tons, ensuring energy supply during the winter [47]

Investment Rating - The industry rating is optimistic [1] Core Viewpoints - Short-term prices for thermal coal remain at the bottom, but future policy adjustments are expected to open up market space [3][11] - The coking coal market is currently weak, and patience is required for a potential recovery [3][30] - The defensive attributes of the coal sector may highlight its stability in a volatile secondary market [4] - Overall, both thermal and coking coal prices are low, but thermal coal shows better liquidity and potential for mid-to-long-term recovery [4][59] Market Performance - The coal sector has shown relative stability despite a general market decline, with the coal index down 0.88% while the Shanghai Composite Index fell 1.91% [9] - The majority of coal companies experienced declines, with the largest gainers being Xinda A, Huaihe Energy, and Liaoning Energy, while the largest losers included Shanxi Coal International, Xinji Energy, and Jinkong Coal [9] Thermal Coal Analysis - Thermal coal prices are currently in a bottoming phase, with supply remaining ample and demand limited due to supply guarantee policies [11][12] - The average daily inventory of thermal coal at ports is 28.8 million tons, showing a week-on-week increase of 1.21 million tons [15] - The price of thermal coal at various production sites remains low, with prices in Inner Mongolia at 641 CNY/ton, Shanxi at 700 CNY/ton, and Shaanxi at 920 CNY/ton [12] Coking Coal Analysis - Coking coal prices are also at low levels, with supply exceeding demand, and improvements in downstream sectors are needed for a market turnaround [30][31] - The average daily inventory of coking coal at major ports has increased, indicating a buyer's market with high supply [33] Shipping Situation - Shipping capacity remains at historical lows, with an average of 55 vessels at anchor in the Bohai Rim area [41] - Freight rates have shown significant increases, indicating a potential correlation with improved market liquidity [41] Industry News - The China Coal Industry Association predicts a significant increase in the deployment of unmanned mining trucks by 2026 [47] - The National Development and Reform Commission reports that national coal inventories remain above 200 million tons, ensuring supply stability for the winter heating season [47]

Group 1: Core Views - The bull market grows amidst skepticism, with cycles of ups and downs being the norm in the market [4][9] - Short-term adjustments are expected, but a long-term slow bull market is anticipated due to supportive policies and economic recovery [9] Group 2: Participation in the Bull Market - Investors can participate in the bull market through various tools such as ETFs, active equity funds, and individual stocks, each with different risk and return profiles [12][11] - The report emphasizes the importance of risk control, suggesting strategies like pyramid position management and core-satellite allocation to enhance returns while reducing risks [16][11] Group 3: Equity Product Allocation Strategies - The asset allocation strategy includes three categories: Dividend Defenders, Balanced Midfielders, and Tech Forwards, aimed at enhancing overall portfolio resilience [19] - Dividend Defenders focus on low volatility and strong anti-drawdown characteristics, while Balanced Midfielders aim for moderate volatility and growth through consumer and technology sectors [19] - Tech Forwards target high growth sectors with significant volatility, emphasizing the importance of innovation and technological advancement [19] Group 4: Performance of Specific Funds - The report provides detailed performance metrics for various funds, highlighting their sector allocations and performance against benchmarks [30][34][51] - For example, the "Anxin Dividend Selection A" fund has a significant allocation to the banking sector (19.5%) and has outperformed its benchmark in terms of returns [30] - The "Chunhou Xinzhe A" fund is noted for its balanced approach, with a focus on consumer and technology sectors, showing resilience in both bull and bear markets [32] Group 5: Stable Financial Management Strategies - With declining deposit rates, the report suggests reallocating investments towards dollar-denominated bonds and fixed-income plus strategies to enhance yields [61][77] - The report outlines specific products for stable financial management, including short-duration bonds and convertible bonds, which provide a safety net while enhancing returns [79][82]

证券研究报告——市场日报 证券研究报告——市场日报 行情回顾 2024.11.19 （预计发布时间：2024.11.20） 周二（11 月 19 日），三大指数早盘震荡 走低，午后持续下行触底，尾盘触底反弹，走 出深"V"趋势，三大指数悉数翻红上涨，三大 大同证券研究中心 指数收红，创指尾盘涨幅达到 3%。截至收盘， 分析师：景剑文 上证指数（+0.67%）收报 3346.01 点，深证成 执业证书编号：S0770523090001 指（+1.90%）收报 10743.84 点，创业板指 （+3.00%）收报 2256.61 点。两市量能持续收 邮箱：jingjw@dtsbc.com.cn 缩，不足 1.6 万亿（数据来源：Wind）。申万 地址：山西太原长治路 111 号山西世贸中心 Ⅰ级行业多数上涨，有色金属、电子、电力设 A 座 F12、F13 备领涨，建筑装饰、煤炭、食品饮料领跌。 网址: http://www.dtsbc.com.cn 三大指数深 V 反弹 证监会发声完善相关规则 风险提示 量能持续收缩引起市场扰动 当日要闻 证监会：及时完善股份减持、量化交易、融券等相关制度规则和相关监管措施。证监 ...

Investment Rating - The industry rating is "Positive" [1] Core Viewpoints - Short-term replenishment willingness across various segments is strong, and with demand uplift, prices are expected to rebound [3][4] - Thermal coal prices are experiencing overall fluctuations, with a positive outlook for thermal coal due to increased demand during the winter heating peak [4][46] - Coking coal prices are currently underperforming, and future performance will depend on policy implementation in related sectors such as real estate and infrastructure [4][22] Summary by Sections Market Performance - The coal industry performed moderately, ranking in the middle among 31 industries, with a weekly decline of 3.45% [7] - The Shanghai Composite Index fell by 3.52%, indicating a broader market downturn affecting coal stocks [7] Thermal Coal - Strong replenishment willingness is observed, with terminal power plants increasing daily consumption of thermal coal [4][9] - The average daily inventory of thermal coal at northern ports reached a record high of 27.5863 million tons, with a week-on-week increase of 1.2613 million tons [11] - Prices for thermal coal at various production sites showed mixed trends, with Inner Mongolia's price at 656 CNY/ton, down 11 CNY/ton week-on-week [9][11] Coking Coal - Coking coal prices remain low, with the average price for various types around 810 CNY/ton for Shanxi Gujiao No. 2 coking coal, unchanged from the previous week but down 630 CNY/ton year-on-year [23] - The average daily inventory of coking coal at major ports is at 4.4621 million tons, reflecting a year-on-year increase of 238.95 thousand tons [25][27] Shipping Situation - Shipping capacity has rebounded slightly, with an average of 56 vessels at anchor in the Bohai Rim ports, up by 8 vessels week-on-week [34] - Freight rates have generally decreased, influenced by low market demand [34] Industry News - The new Energy Law will take effect on January 1, 2025, establishing a legal foundation for the energy sector [40] - A total of 36 listed coal companies have released their Q3 performance forecasts, with 27 expecting profit increases [40]

证券研究报告——市场日报 2024.11.18 （预计发布时间：2024.11.19） 周一（11 月 18 日），三大指数早盘短暂 拉升，之后震荡回落，午后行情走低，三大指 数跌幅扩大，尾盘小幅拉升，跌幅收窄，三大 大同证券研究中心 指数再度回落，创业板指跌逾 2%。截至收盘， 分析师：景剑文 上证指数（-0.21%）收报 3323.85 点，深证成 执业证书编号：S0770523090001 指（-1.91%）收报 10544.02 点，创业板指（- 2.35%）收报 2190.95 点。两市量能持续收缩， 邮箱：jingjw@dtsbc.com.cn 但仍维持 1.7 万亿（数据来源：Wind）。申万 地址：山西太原长治路 111 号山西世贸中心 Ⅰ级行业多数下跌，煤炭、建筑装饰、银行领 A 座 F12、F13 涨，计算机、传媒、社会服务领跌。 网址: http://www.dtsbc.com.cn 三大指数再度回落 两市量能持续收缩 证券研究报告——市场日报 行情回顾 风险提示 量能持续收缩引起市场扰动 当日要闻 置换隐性债务！多地启动新一轮专项债发行进程 新发规模逾 2200 亿元。11 月 8 日 ...

Core Insights - The report highlights a significant increase in the ChiNext index, which rose by over 3% on November 11, 2024, indicating a positive market sentiment [1] - The China Securities Regulatory Commission (CSRC) emphasized the need to enhance the professional capabilities of investment banking, investment, and research to foster core competitiveness in the industry [2] - Foreign capital inflow into Chinese stock ETFs has surged, with the total assets of five major Chinese stock ETFs listed in the U.S. exceeding $28 billion, marking an increase of approximately $14 billion since the end of August [2] Market Performance - The major indices showed a positive trend, with the Shanghai Composite Index closing at 3,470.07 points, up by 0.51%, and the Shenzhen Component Index closing at 11,388.57 points, up by 2.03% [1][3] - The ChiNext index recorded a rise of 3.05%, reflecting strong performance in the growth sector [1][3] - The total trading volume in the two markets reached 25,077.28 billion yuan, with 3,936 stocks rising and 1,326 stocks declining, indicating a favorable market environment [4] Sector Performance - The electronics sector led the gains with a rise of 4.65%, followed by the computer sector at 4.35% and the media sector at 4.30% [6] - Conversely, the coal sector experienced a decline of 1.54%, and the banking sector fell by 1.40%, indicating weakness in traditional industries [6] - The report also notes that the real estate sector decreased by 1.05%, reflecting ongoing challenges in the property market [6] Capital Flow - The report indicates a net inflow of capital into the media and automotive sectors, while the banking and coal sectors saw significant outflows [8] - The overall market sentiment appears to favor sectors with growth potential, such as technology and media, while traditional sectors face headwinds [8]

Market Overview - On November 8, 2024, the three major indices opened higher but subsequently fluctuated downwards, closing in the red. The Shanghai Composite Index fell by 0.53% to 3452.30 points, the Shenzhen Component Index decreased by 0.66% to 11161.70 points, and the ChiNext Index dropped by 1.24% to 2321.59 points. The total trading volume exceeded 2.5 trillion yuan [1][2]. Policy Developments - The National People's Congress announced a plan to alleviate local government debt pressure by directly arranging 1 trillion yuan for debt management over the next five years, with 800 billion yuan allocated annually from new local government bonds [2]. - The People's Bank of China is revising monetary supply statistics to better reflect the real situation of money supply, aiming to align social financing scale and monetary supply with economic growth and price level expectations [2]. Interest Rate Changes - The Federal Reserve lowered the federal funds rate target range by 25 basis points to between 4.50% and 4.75%, marking the second consecutive rate cut. This decision aligns with market expectations and reflects ongoing economic expansion in the U.S. [2]. Index Performance - The major indices experienced declines, with the Shanghai Composite Index down by 0.53%, the Shenzhen Component Index down by 0.66%, and the ChiNext Index down by 1.24%. The total number of stocks that rose was 2,218, while 3,043 stocks fell [3][4]. Sector Performance - Among the Shenwan first-level industries, the defense and military industry led with a gain of 2.94%, followed by the computer sector with a 1.53% increase. In contrast, the real estate sector saw a decline of 3.29%, and non-bank financials fell by 2.53% [6][7].