证券研究报告——市场日报 2025.03.06 （预计发布时间：2025.03.07） 大同证券研究中心 分析师：景剑文 执业证书编号：S0770523090001 证券研究报告——市场日报 三大指数高开高走 两会经济主题记者会召开 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 6 日），三大指数早盘高开， 之后缓幅震荡拉升，午后涨势趋缓，三大指数 红盘震荡，尾盘收红。截至收盘，上证指数 （+1.17%）收报3381.10点，深证成指（+1.77%） 收报 10898.75 点，创业板指（+2.02%）收报 2234.69 点。两市量能大幅上涨，超 1.9 万亿 （数据来源：Wind）。申万Ⅰ级行业多数上涨， 计算机、传媒、社会服务领涨；仅银行、钢铁、 公用事业领跌。 风险提示 热门板块突发利空引发市场扰动 当日要闻 经济主题记者会：郑栅洁、蓝佛安、王文涛、潘功胜、吴清答记者问。十四届全国人大三 次会议于 2025 年 3 月 6 日（星期四）下午 3 时，在梅 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry [7] Core Views - The government work report sets a GDP growth target of around 5% for 2025, with a budget deficit rate planned at around 4% [2] - The report highlights that the major indices showed mixed performance, with the Shanghai Composite Index rising by 0.53% to close at 3341.96 points, while the Shenzhen Component Index increased by 0.28% to 10709.46 points [1][3] - The report notes that the majority of the Shenwan I-level industries experienced gains, particularly in telecommunications, machinery equipment, and banking, while real estate, agriculture, forestry, animal husbandry, and comprehensive sectors faced declines [1][5] Market Performance Summary - The Shanghai Composite Index rose by 0.53%, the Shenzhen Component Index by 0.28%, and the ChiNext Index by 0.01% [3] - The total trading volume reached approximately 1.5 trillion yuan, with 2,357 stocks rising and 2,882 stocks falling [4] - The telecommunications sector led the gains with an increase of 2.45%, followed by machinery equipment at 1.84% and banking at 1.73% [5] Sector Performance Summary - The telecommunications sector showed the highest increase at 2.45%, while the real estate sector declined by 1.46% [5] - The report indicates that the overall market sentiment was mixed, with a notable number of stocks experiencing both gains and losses [4][5]

证券研究报告｜事件点评 2025 年 3 月 6 日 请仔细阅读报告最后的重要法律申明 第 2 页 共 5 页 ➢ "扩内需"打头阵，"消费"含量大幅提升：本次政府工作报告的 重点工作任务来看，"扩内需"再度被提到首要位置，消费提及频次 显著增加，达到 31 次，政策取向从供给端拉动不断向需求端释放转 移。"提振消费专项行动"力求从全方位改善消费需求，从政策端 3000 亿特别国债支持，到消费内容的创新丰富，再到消费环境的改 善优化，多维度发力，彰显了消费的重要性。预计后续相关政策仍 会加码落地，而消费板块中，事关"两新"的消费电子板块和提及 最多的服务消费板块重点关注。 ➢ 新质生产力仍然重要，"科技"属性依然值得重点关注：新质生产 力顺位虽后移至第二位，但其重要性依然没有降低，其与扩内需， 均为高质量发展的内在要求，顺位不同更多是由于阶段性问题导向 所致。而这其中，科技创新、数字化发展尤为重要，无论是新兴产 业、未来产业的培育，还是传统产业的改造提升，亦或数字经济的 发展，无一不需要"科技"支撑。伴随着我国科技发展逐步进入快车 道，基础科技和应用科技必然会快速发展，而与之关联的 TMT 板块 或将成为中长 ...

Market Overview - The market experienced a fluctuating upward trend on March 4, 2025, with the Shanghai Composite Index closing at 3324.21 points, up by 0.22%, and the Shenzhen Component Index closing at 10679.44 points, up by 0.28%. The ChiNext Index, however, closed down by 0.29% at 2190.08 points [2][5][7]. Trading Volume and Performance - The total trading volume across the two markets was 1.4 trillion yuan, with a total of 1,065.01 million shares traded [2][5]. - The number of stocks that rose was 4,048, while 1,171 stocks fell, indicating a positive market sentiment with a rise ratio of 73.63% [5]. Sector Performance - The leading sectors included Defense and Military (up by 3.54%), Electronics (up by 1.97%), and Machinery Equipment (up by 1.84%). Conversely, the sectors that lagged included Comprehensive (down by 1.91%), Electric Equipment (down by 1.12%), and Coal (down by 1.05%) [8][9]. Key Events - Shenzhen announced four major action plans focusing on the artificial intelligence terminal industry and embodied intelligent robot technology, which may present investment opportunities in these sectors [3]. - The State Council's tariff committee announced an increase in tariffs on certain imports from the U.S., which could impact trade dynamics and related sectors [3]. Conclusion - The overall market showed resilience with a slight upward trend, supported by strong performances in specific sectors, particularly in defense and technology, while external factors such as tariff changes may introduce volatility [2][3][8].

证券研究报告——市场日报 三大指数冲高回落 全国政协召开在即 证券研究报告——市场日报 2025.03.03 （预计发布时间：2025.03.04） 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 3 日），三大指数早盘高开， 之后震荡攀升，快速冲高，后震荡回落，午后 行情持续走低，沪深两指翻绿，尾盘小幅拉升， 沪指收绿，深指、创指收红。截至收盘，上证 指数（-0.12%）收报 3316.93 点，深证成指 （+0.36%） 收报 10649.59 点，创业 板指 （+1.20%）收报 2196.52 点。两市量能再度回 落，仅 1.6 万亿（数据来源：Wind）。申万Ⅰ 级行业多数上涨，有色金属、电力设备、美容 护理领涨；家用电器、通信、电子领跌。 请务必阅读最后一页免责声明 1 证券研究报告——市场日报 指数表现 数据来源：Wind 大同证券研究中心 市场表现 风险提示 热门板块突发 ...

证券研究报告——煤炭行业周报 海运量价齐升，煤价有望止跌企稳 【2025.2.24-2025.3.2】 行业评级：中性 核心观点 ◆ 风险提示 终端需求大幅回落，板块轮动加快，板块突发利空。 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 请务必阅读最后一页免责声明 1 发布日期：2025.3.3 煤炭行情走势图 数据来源：Wind 大同证券 0.7 0.8 0.9 1.0 1.1 1.2 1.3 2024-03-08 大同证券研究中心 2024-04-08 2024-05-08 2024-06-08 2024-07-08 2025-02-08 2024-08-08 2024-09-08 2024-10-08 2024-11-08 2024-12-08 2025-01-08 沪深300 煤炭指数 ◆ 终端库存持续去化，动力煤价格降幅收窄。本周，煤炭供给受 安检力度增强和月末煤矿减产停售出现阶段性收缩，港口强制 疏港和 ...

Market Overview - The three major indices experienced a significant decline, with the Shanghai Composite Index dropping nearly 2% to close at 3320.90 points, the Shenzhen Component Index falling by approximately 2.89% to 10611.24 points, and the ChiNext Index decreasing by about 3.82% to 2170.39 points [1][3] - The total trading volume in the two markets fell below 1.9 trillion yuan, indicating a decrease in market activity [1] Sector Performance - Among the Shenwan first-level industry indices, most sectors declined, with the exception of the food and beverage sector, which saw a slight increase of 0.14% [5] - The computer, communication, and electronics sectors were the worst performers, with declines of 5.36%, 5.08%, and 4.84% respectively [5] Trading Statistics - A total of 570 stocks rose, while 4,773 stocks fell, indicating a broad market downturn [4] - The total trading volume was recorded at 1,393.90 million shares, with a total turnover of 18,670.24 billion yuan [4]

证券研究报告——市场日报 三大指数"V"型反转 两市量能重回两万亿 证券研究报告——市场日报 2025.02.27 （预计发布时间：2025.02.28） 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（2 月 27 日），三大指数早盘短暂拉 升后震荡走低，悉数翻绿，午后触底反弹，沪 指翻红，深指、创指收绿。截至收盘，上证指 数（+0.23%）收报 3388.06 点，深证成指（- 0.26%）收报 10927.51 点，创业板指（-0.52%） 收报 2256.51 点。两市量能有所回升，重回 2 万亿（数据来源：Wind）。申万Ⅰ级行业多数 上涨，商贸零售、食品饮料、美容护理领涨； 通信、计算机、国防军工领跌。 风险提示 热门板块突发利空引发市场扰动 指数表现 当日要闻 特朗普称将对欧盟征收 25%关税。美国总统特朗普 26 日说，美方已决定对欧盟征收 25%关 税，并将"很快"宣布。特朗普 ...

Market Overview - The three major indices experienced significant gains, with the Shanghai Composite Index rising by 1.02% to close at 3380.21 points, the Shenzhen Component Index increasing by 0.93% to 10955.65 points, and the ChiNext Index up by 1.23% to 2268.22 points, indicating a positive market sentiment [1][3][5] - The total trading volume across the two markets exceeded 1.9 trillion yuan, reflecting an increase in market activity [1][3] Sector Performance - All first-level sectors of the Shenwan index saw gains, with the steel sector leading the way with a rise of 5.10%, followed by real estate at 2.20% and non-bank financials at 2.19% [1][6] - The machinery equipment sector increased by 1.88%, and the electric power equipment sector rose by 1.81%, indicating a broad-based recovery across various industries [6][7] Fund Management Trends - The total scale of public funds in China saw a slight decline, dropping to 31.93 trillion yuan by the end of January 2025, down from 32.83 trillion yuan at the end of December 2024, marking a decrease of approximately 0.9 trillion yuan [2] - Money market funds experienced a reduction of over 400 billion yuan, while bond funds also saw a decrease of more than 280 billion yuan, attributed to falling yields and pre-holiday liquidity demands [2] Regulatory Developments - The State Administration for Market Regulation held a meeting with representatives from major companies to discuss fair competition practices, focusing on addressing "involution" in competition [2]

Investment Rating - The report indicates a collective positive performance in the market, with major indices showing significant gains, suggesting a favorable investment environment [1][3]. Core Insights - The three major indices experienced substantial increases, with the Shanghai Composite Index rising by 1.02% to close at 3380.21 points, the Shenzhen Component Index up by 0.93% to 10955.65 points, and the ChiNext Index increasing by 1.23% to 2268.22 points [1][5]. - The total trading volume across the two markets exceeded 1.9 trillion yuan, indicating a recovery in market activity [1][3]. - All first-level industries in the Shenwan index saw gains, with steel, real estate, and non-bank financials leading the charge [1][6]. Market Performance Summary - The number of stocks that rose was 4,247, while 1,053 stocks declined, reflecting a strong upward trend in the market [3]. - The proportion of stocks that increased was 77.18%, showcasing a robust market sentiment [3]. - The steel sector led with a gain of 5.10%, followed by real estate at 2.20% and non-bank financials at 2.19% [6][7].