证券研究报告——市场日报 周五（4 月 19 日），三大指数早盘低开， 窄幅震荡，全天走弱。截至收盘，上证指数（- 执业证书编号：S0770523090001 电话：0351-7219913 E—mail：jingjw@dtsbc.com.cn 级行业多数下跌，石油石化、国防军工、基础 风险提示 金 156 亿份。（消息来源：东方财富） 伊朗多地传出爆炸声 疑遭以色列"有限度"空袭报复。据美国广播公司（ABC）当地时间 18 日报道，一名美国官员向美国广播公司新闻证实，以色列导弹击中了伊朗境内的一处地点。 该官员无法确认叙利亚和伊拉克的地点是否也遭到袭击。（消息来源：东方财富） 央行：择机用好货币政策储备工具 高度关注通胀指标特点与走势 坚决防范汇率超调风险。 4 月 18 日，中国人民银行副行长、国家外汇管理局局长朱鹤新在国新办举行的新闻发布会上 表示，前期出台的一系列货币政策措施正在逐步发挥作用，国民经济持续回升、开局良好。 未来货币政策还有空间，将密切观察政策效果及经济恢复、目标实现情况，择机用好储备工 具。（消息来源：东方财富） 图表 1 重要指数日涨跌幅（%）（2024.4.19） 图表 2 市场日 ...

Core Insights - The bond market is expected to yield returns by extending duration, with short-duration products still worthy of attention [31][39][23] - The capital market is experiencing a temporary disturbance due to the "New National Nine Articles," but the market is likely to trend positively in the long term as institutional improvements are made [34][45][11] - The equity market shows a long-term positive trend, with recommendations to increase allocation to growth-style assets [4][9][11] Section Summaries Economic Overview - The first quarter achieved a "good start," with GDP growth of 5.3% exceeding market expectations, but underlying economic growth momentum remains fragile [26][44] - Structural issues persist, including insufficient effective demand and significant overcapacity in certain industries [26][44] Capital Market Analysis - The "New National Nine Articles" has led to market volatility, particularly affecting micro-cap stocks, which saw a decline of 12.11% in the Wind micro-cap index [11][12] - The introduction of the "New National Nine Articles" is expected to enhance the investment environment by promoting value investing and stricter regulation of non-compliant companies [11][45] Equity Market Insights - The A-share market is expected to benefit from the "New National Nine Articles," with a focus on high-dividend sectors and "new quality productivity" areas as potential investment hotspots [45][11] - The market is experiencing a divergence in performance, with the financial sector showing strength while consumer and healthcare sectors are mixed [13][12] Bond Market Insights - The bond market continues to exhibit a bullish trend, particularly in long-term bonds, supported by stable monetary policy and ample market liquidity [39][31] - The yield curve is showing a narrowing spread between long and short-term bonds, indicating a potential shift in investor sentiment [32][23] Commodity Market Analysis - The commodity market is generally on an upward trend, with gold prices expected to rise further despite potential short-term corrections [25][41] - Agricultural products are experiencing downward adjustments due to seasonal supply increases [32][41]

Market Overview - On April 18, 2024, the three major indices opened lower, then fluctuated upwards before experiencing a decline, resulting in a "U-shaped" trend. The Shanghai Composite Index closed at 3074.22 points, up by 0.09%, while the Shenzhen Component Index fell by 0.05% to 9376.81 points, and the ChiNext Index decreased by 0.55% to 1787.49 points [2][4]. Market Performance - The total trading volume of the two markets exceeded 900 billion, with northbound funds experiencing a net outflow of 5.285 billion yuan, while southbound funds recorded a net inflow of 6.638 billion yuan [6][9]. - Among the stocks, 2,113 rose, 127 remained flat, and 3,119 declined, indicating a bearish market sentiment [6]. Sector Performance - The top-performing sectors included Home Appliances (+1.81%), Non-ferrous Metals (+1.38%), and Non-bank Financials (+1.08%). Conversely, the sectors that underperformed were Utilities (-1.45%), Oil & Petrochemicals (-1.19%), and Media (-0.96%) [9][12]. - The overall performance of the Shenwan first-level industry indices showed a collective decline, with notable gains in consumer-related sectors while energy and media sectors faced losses [9][12]. Key Data Points - The unemployment rate for the 25-29 age group was reported at 7.2%, with a notable increase in the overall unemployment rate for the 16-24 age group to 15.3%, reflecting ongoing labor market challenges [2]. - The broad money supply (M2) surpassed 300 trillion yuan, indicating a significant monetary policy response to support the economy, although it was advised not to make simple year-on-year comparisons due to potential data distortions [2].

证券研究报告｜数据解读 5.3%增速背后的喜和忧 | --- | --- | --- | |-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------- ...

| --- | --- | --- | --- | --- | --- | |-------|------------------|-------|-------------|---------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------| | | | | | | | | | 申万一级行业名称 | | 涨跌幅（%） | | 申万一级行业指数涨跌幅（%） | | | 环保(申万) | 5.67 | | 5.67 6.00 | | | | 机械设备(申万) | 5.46 | | 5.00 | | | 前 五 | 计算机(申万) | 5.10 | | 4.0 ...

1762.88。两市量能依旧维持在 8000 亿之上， 证券研究报告——市场日报 图表 3 申万Ⅰ级行业日涨跌情况（亿元）（2024.4.12） 分析师声明: 请务必阅读最后一页免责声明 5 行，午盘行至低点，午后市场行情回暖，三大 风险提示 | --- | --- | --- | --- | |----------|--------------|----------|-------| | 分 类 | 指 标 | 数 据 | 单 位 | | | 上涨家数 | 1,512 | 只 | | 市场强弱 | 平盘家数 | 102 | 只 | | | 下跌家数 | 3,742 | 只 | | | 涨停家数 | 68 | 只 | | 赚钱效应 | 跌停家数 | 24 | 只 | | | 上涨家数占比 | 27.75 | % | | | 北向资金 | -73.86 | 亿元 | | 资金动态 | 南向资金 | 61.46 | 亿元 | | | 两市成交量 | 749.84 | 亿股 | | 沪深成交 | 两市成交额 | 8,101.54 | 亿元 | 数据来源：Wind 大同证券研究中心 证券研究报告——市场日报 2020 ...

指数表现 | --- | --- | --- | --- | |----------|--------------|----------|-------| | 分 类 | 指 标 | 数 据 | 单 位 | | | 上涨家数 | 2,673 | 只 | | 市场强弱 | 平盘家数 | 207 | 只 | | | 下跌家数 | 2,476 | 只 | | | 涨停家数 | 52 | 只 | | 赚钱效应 | 跌停家数 | 24 | 只 | | | 上涨家数占比 | 49.21 | % | | | 北向资金 | 20.22 | 亿元 | | 资金动态 | 南向资金 | 71.50 | 亿元 | | | 两市成交量 | 759.23 | 亿股 | | 沪深成交 | 两市成交额 | 8,127.86 | 亿元 | 板块表现 资金表现 证券研究报告——市场日报 作者具有中国证券业协会授予的证券投资咨询执业资格并注册为注册分析师，本 报告准确客观反映了作者本人的研究观点，结论不受第三方授意或影响。在研究 人员所知情的范围内本公司、作者以及财产上的利害关系人与所评价或推荐的证 券不存在利害关系。 本报告采用的研究方法均为定 ...

免责声明： 本报告由大同证券有限责任公司（已具备中国证监会批复的证券投资咨询业务资 格）制作。本报告所载资料的来源及观点皆为公开信息，但大同证券不能保证其 准确性和完整性，因此大同证券不对因使用此报告的所载资料而引致的损失负任 何责任。 本报告所载的意见、评估及预测仅为本报告出具日的观点和判断。本公司不保证 文中观点或陈述不会发生任何变更，在不同时期，本公司可发出与本报告所载资 料、意见及推测不一致的报告。 市场有风险，投资需谨慎。此报告仅做参考，并不能依靠此报告以取代独立判断。 本报告仅反映研究员的不同设想，见解及分析方法，并不代表大同证券有限责任 公司。 特别提示： 1、投资者应自主做出投资决策并自行承担投资风险，任何形式的分享证券投资 收益或者分担证券投资损失的书面或口头承诺均为无效。 请务必阅读最后一页免责声明 4 证券研究报告——市场日报 2、未经允许投资者不得将证券研究报告转发给他人。 3、投资者需慎重使用公众媒体刊载的证券研究报告。 4、本报告预计发布时间可能会受流程等因素影响而延迟，但最大延迟不会超一 周。 2020 年 04 月 29 日 证券研究报告——市场日报 2024.04.10 （预 ...

> 制造业数据重回荣枯线之上。3 月份 PMI 结束连续 5 个月处于收缩区间的态 势而升至 50.8%,重回荣枯线之上;需求端回升更为明显,新订单和新出口订 单指数分别环比上行 4.0 和 5.0 个百分点至 53.0%和 51.3%。 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------|---------|---------|---------|---------|-----------------------------|-------|---------|---------|-------|---------|--------------|--------------------------------|-------|-----------------|-----------------|--------------------------| | 20 \n18 \n1 ...

Market Overview - The three major indices closed in the red, with the Shanghai Composite Index down by 0.72% to 3047.05 points, the Shenzhen Component Index down by 1.57% to 9394.61 points, and the ChiNext Index down by 1.81% to 1807.05 points [4][5][11] - The total trading volume of the two markets remained above 900 billion yuan, with a total turnover of 9313.49 billion yuan [6][11] Sector Performance - Among the major sectors, utilities and banking saw gains, with utilities up by 2.34% and banking up by 0.57% [18] - The sectors that experienced the largest declines included beauty and personal care down by 4.27%, food and beverage down by 3.05%, and light industry manufacturing down by 2.59% [18] Capital Flow - Northbound funds recorded a net outflow of 30.45 billion yuan, while southbound funds saw a net inflow of 47.49 billion yuan [11][18] - The number of stocks that rose was 793, while 4515 stocks fell, indicating a significant bearish sentiment in the market [11] IPO Market - The report highlights a tightening in the IPO market, with only one new stock, Guanghe Technology, listed last week, which surged by 197.65% on its debut [9] - The China Securities Regulatory Commission announced that the inspection ratio for IPOs will not be less than 25% in 2024, a significant increase from the previous year's 5% [14]