证券研究报告——市场日报 2024.09.09 （预计发布时间：2024.09.10） 周一（9 月 9 日），三大指数走势分化， 沪深指数早盘低开后震荡走低，午后跌幅扩 大，尾盘触底反弹，跌幅收窄，最终收绿，沪 大同证券研究中心 指跌逾 1%；创指午前窄幅震荡，午后下行，尾 分析师：景剑文 盘触底反弹，最终收红。截至收盘，上证指数 执业证书编号：S0770523090001 （-1.06%）收报2736.49点，深证成指（-0.83%） 收报 8063.27 点，创业板指（+0.06%）收报 邮箱：jingjw@dtsbc.com.cn 1539.04 点。两市量能依旧不足 6000 亿（数据 地址：山西太原长治路 111 号山西世贸中心 来源：Wind）。申万Ⅰ级行业多数下跌，综合、 A 座 F12、F13 社会服务、农林牧渔领涨；煤炭、石油石化、 网址: http://www.dtsbc.com.cn 家用电器领跌。 三大指数走势分化 沪指跌幅逾 1% 证券研究报告——市场日报 行情回顾 风险提示 量能维持低位引发市场扰动 当日要闻 统计局：8 月 CPI 同比上涨 0.6% PPI 同比下降 1.8% ...

证券研究报告——市场日报 2024.09.09 （预计发布时间：2024.09.10） 周一（9 月 9 日），三大指数走势分化， 沪深指数早盘低开后震荡走低，午后跌幅扩 大，尾盘触底反弹，跌幅收窄，最终收绿，沪 大同证券研究中心 指跌逾 1%；创指午前窄幅震荡，午后下行，尾 分析师：景剑文 盘触底反弹，最终收红。截至收盘，上证指数 执业证书编号：S0770523090001 （-1.06%）收报2736.49点，深证成指（-0.83%） 收报 8063.27 点，创业板指（+0.06%）收报 邮箱：jingjw@dtsbc.com.cn 1539.04 点。两市量能依旧不足 6000 亿（数据 地址：山西太原长治路 111 号山西世贸中心 来源：Wind）。申万Ⅰ级行业多数下跌，综合、 A 座 F12、F13 社会服务、农林牧渔领涨；煤炭、石油石化、 网址: http://www.dtsbc.com.cn 家用电器领跌。 三大指数走势分化 沪指跌幅逾 1% 证券研究报告——市场日报 行情回顾 风险提示 量能维持低位引发市场扰动 当日要闻 统计局：8 月 CPI 同比上涨 0.6% PPI 同比下降 1.8% ...

Core Insights - The overall performance of major asset classes shows a clear divergence, with the bond market strengthening significantly, commodity markets trending downward, and equity assets declining amidst volatility [1][5][10] - The A-share market continues to decline, but signs of a bottom are becoming more apparent, suggesting a potential rebound may be near [1][5][10] Equity Market Analysis - The persistent decline in A-shares, coupled with trading volumes occasionally exceeding 500 billion, indicates a lack of market confidence. However, since May, the bottom characteristics of A-shares have become increasingly evident, suggesting a rebound may be imminent [1][5][10] - The risk premium for equity assets has gradually increased, surpassing levels seen on February 5 of this year and approaching the highest values in nearly a decade, indicating a potential market rebound [1][5][6] - Overall valuations of A-shares are nearing the lows established in February 2024, creating more attractive buying opportunities. The current market turnover is below 600 billion, suggesting that low trading volumes are associated with lower market prices [1][5][6] - The disclosure of mid-year earnings has likely released market risks, reducing concerns about equity allocations. Excluding real estate and power equipment sectors, listed companies have shown a year-on-year profit growth exceeding 2% [1][5][7] Bond Market Analysis - The bond market has shown a clear upward trend, with yields across various maturities declining significantly, particularly the 10-year government bond yield breaking through key levels [1][10][11] - The expectation of economic improvement in the second half of the year, along with the central bank's active guidance on yields, suggests that market trading behavior is gradually returning to rationality [10][11] - Short-term bonds are recommended for stability, as the risk in the bond market is becoming more manageable [10][11] Commodity Market Analysis - The commodity market is experiencing a volatile environment, with gold assets maintaining their allocation value. The weakening U.S. economic data is increasing the likelihood of a Federal Reserve rate cut, enhancing gold's appeal as a non-yielding asset [4][15] - Geopolitical uncertainties continue to drive demand for gold as a safe-haven asset, and the global consensus on de-dollarization supports gold's value as an alternative to the U.S. dollar [4][15]

证券研究报告——煤炭行业周报 动力煤下行趋势或缓解 焦煤预期兑现或成未来走势主要看点 【2024.9.02-2024.9.08】 行业评级：看好 核心观点 发布日期：2024.9.9 -30.00 -20.00 -10.00 0.00 10.00 20.00 30.00 40.00 50.00 沪深300 煤炭指数 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：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 ◆ 动力煤短期供需平衡，下行趋势得以缓解。供给侧，数据面反 映出，山西月度煤炭产量环比下行，安全监管恢复常态后，供 给压力不及预期；同时受坑口-港口煤价倒挂影响，大秦铁路 发运量仍处于低位，北港资源偏紧。需求侧，受秋初高温影响， 居民用电需求虽步入淡季，但依旧维持高位缓幅下降趋势。短 期动力煤有望实现供需平衡，后续步入冬储阶段，动力煤淡季 下行趋势有望持续得到缓解。 ◆ 焦煤底部震荡，预期兑现仍然重要。焦煤 ...

Core Insights - The three major indices experienced fluctuations but ultimately closed in the green, with the ChiNext Index achieving three consecutive days of gains [1][2] - The Shanghai Composite Index rose by 0.14% to close at 2788.31 points, while the Shenzhen Component Index increased by 0.28% to 8249.66 points, and the ChiNext Index gained 0.65% to 1564.72 points [1][2][3] Market Performance - The total number of stocks that rose was 3,946, accounting for 72.84% of the market, while 1,170 stocks declined [4] - The total trading volume across both markets was 589.62 million shares, with a total turnover of 5,348.38 billion yuan [4] Sector Performance - The top-performing sectors included Media (+2.56%), Real Estate (+1.98%), and Retail (+1.56%), while the worst performers were Coal (-1.41%), Household Appliances (-0.86%), and Oil & Petrochemicals (-0.68%) [6][8] - The net inflow of funds into the Media sector was significant, indicating strong investor interest [8]

证券研究报告丨投资策略 2024年9月5日 磨底阶段的投资策略 分析师：王晓 证书编号：S0770524040001 | --- | --- | |--------|---------------------------------------------------| | | | | 邮箱： | wangxiao@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/ | 风险提示：本文数据来源于市场公开数据，如果市场环境发生变化或产品数据发生更新则模型可能失效。基金或指数过往业绩不预示其未来表现，亦不构 成投资收益的保证或投资建议。 请仔细阅读报告最后的重要法律申明 请仔细阅读报告最后的重要法律申明 目 录 01 市场观察：便宜是硬道理 02 投资思路：资产配置穿越牛熊 03 权益投资策略：红利打底、消费中场、 科技进攻 04 固收投资策略：关注可转债等产品 请仔细阅读报告最后的重要法律申明 市场分析-基本面仍较弱 6500 | --- | --- | --- | --- | --- | -- ...

证券研究报告——市场日报 2024.09.04 （预计发布时间：2024.09.05） 周三（9 月 4 日），三大指数早盘低开， 短暂震荡之后拉升，午盘回落，午后，沪指低 位震荡，深指、创指持续走低，尾盘悉数收绿。 大同证券研究中心 截至收盘，上证指数（-0.67%）收报 2784.28 分析师：景剑文 点，深证成指（-0.51%）收报 8226.24 点，创 执业证书编号：S0770523090001 业板指（-0.11%）收报 1554.64 点。两市量能 低位震荡，依旧不足6000亿（数据来源：Wind）。 邮箱：jingjw@dtsbc.com.cn 申万Ⅰ级行业多数下跌，电力设备、汽车、医 地址：山西太原长治路 111 号山西世贸中心 药生物领涨；有色金属、石油石化、建筑装饰 A 座 F12、F13 领跌。 网址: http://www.dtsbc.com.cn 三大指数收绿 两市量能低位震荡 证券研究报告——市场日报 行情回顾 风险提示 量能维持低位引发市场扰动 当日要闻 创美股纪录！英伟达市值一夜蒸发近 2 万亿。当地时间 9 月 3 日，英伟达（Nasdaq：NVDA） 股价大跌 9.53% ...

证券研究报告——煤炭行业周报 整体预期短期向好 行业有望触底反弹 【2024.8.26-2024.9.01】 核心观点 行业评级：看好 发布日期：2024.9.3 煤炭行情走势图 -30.00 -20.00 -10.00 0.00 10.00 20.00 30.00 40.00 50.00 沪深300 煤炭指数 数据来源：Wind 大同证券 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 ◆ 动力煤短期震荡为主，仍需关注后续"冬储"情况。夏季结束， 动力煤整体步入淡季下行阶段，但可以关注到，当前夏秋交替 阶段，部分地区仍处于高温状态，居民用电需求虽然有所回落， 但依旧处于高位，电厂日耗回落相对较缓，短期动力煤需求降 幅预计不会过快。另外，步入 9 月，仍需关注即将到来的"冬 储"情况。 ◆ 焦煤预期回暖，供需两端库存双增。焦煤上游备货意愿充足， 下游库存触底反弹，上行明显，或将开启累库周期。"金九银 十"和政策 ...

Core Views - The overall performance of major asset classes shows continued volatility, with A-shares ending the week positively while bonds and commodities remain fluctuating [1][3] - A-shares experienced a strong performance on Friday, driven by four main factors: clear expectations of a Federal Reserve interest rate cut, significant central bank purchases of government bonds, the completion of corporate semi-annual reports reducing operational risks, and recent appreciation of the RMB enhancing domestic asset allocation value [1][3] Equity Market Summary - The equity market saw a strong rally on Friday, leading to an overall increase for the week, with major indices showing positive trends. The Shanghai Composite Index ended the week down by 0.43%, while the ChiNext and Shenzhen Component indices rose over 2% [3][4] - The liquidity in the equity market improved significantly, with net financing and main capital inflows increasing compared to the previous week, and the average daily trading volume exceeding 600 billion yuan [3][4] Bond Market Summary - The bond market experienced a notable decline in short-term yields, attributed to a loosening of the funding environment. The central bank's guidance on bond yields has led to a narrowing of volatility ranges [12][13] - Despite the recent stability, challenges remain in the economic recovery, with potential upward pressure on bond yields due to policy implementation delays and risk management considerations by the central bank [12][13] Commodity Market Summary - Gold prices have been fluctuating at high levels, influenced by profit-taking pressures, rising U.S. Treasury yields, and ongoing global geopolitical tensions. The demand for gold is expected to remain strong despite short-term volatility [15][16] - The long-term outlook for gold remains positive, with the probability of increased demand outweighing the likelihood of contraction, driven by ongoing uncertainties in the global market [15][16]

证券研究报告——市场日报 三大指数走势分化 两市量能重返 6000 亿之上 证券研究报告——市场日报 行情回顾 2024.08.29 （预计发布时间：2024.08.30） 幅收窄，尾盘收红。截至收盘，上证指数（- 0.50%）收报 2823.11 点，深证成指（+0.94%） 收报 8154.44 点，创业板指（+0.65%）收报 1541.40 点。两市量能走高，重返 6000 亿之上 （数据来源：Wind）。申万Ⅰ级行业多数上涨， 美容护理、电力设备、食品饮料领涨；银行、 建筑装饰、石油石化领跌。 | --- | |----------------------------------------------| | | | | | | | 分析师：景剑文 执业证书编号： S0770523090001 | | 电话： 0351-7219913 | | E—mail ： 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 | | --- | --- | |-------- ...