证券研究报告｜基金配置周报 2025 年 04 月 07 日 个人养老金指数基金或迎来扩容，如何抓住布局机会？ 【20250331-20250406】 | ◼ | 市场回顾：上周权益市场主要指数集体飘绿，创业板指下跌 | | | --- | --- | --- | | | 2.95%；债券市场整体回暖，10 年期国债到期收益率下行 | 大同证券研究中心 | | | 9.46BP，期限利差继续收窄，长短端 AAA 信用利差均进一步收 | 分析师：杨素婷 | | | 窄；基金市场中偏股基金指数周度收跌，而二级债基指数、长 | 执业证书编号： | | | 债基金指数和短债基金指数继续反弹；申万 31 个行业跌多涨 | S0770524020002 | | | 少，稳定和消费医药板块继续回暖。 | 邮箱：yangst@dtsbc.com.cn | | ◼ | 权益类产品配置策略： | | | ➢ | 事件驱动策略：（1）证监会召开深化资本市场投融资综合改革 | | | | | 地址：山西太原长治路 111 号山 | | | 民营科技企业座谈会：工银生态环境(001245)、博时半导体主 | 西世贸中心 A 座 F12 ...

三大股指今日涨收 小米 SU7 事故引发智驾安全担忧 证券研究报告——市场日报 2025.04.02 （预计发布时间：2025.04.03） 大同证券研究中心 证券研究报告——市场日报 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 周三（4 月 2 日），今日三大股指早盘低 开后震荡上涨，午后涨幅收敛回落，收盘前小 幅上涨再次翻红。截至收盘，上证指数（0.05%） 收报 3350.13 点，深证成指（0.09%）收报 10513.12 点，创业板指（0.13%）收报 2104.63 点。两市量能下降至 0.97 万亿（数据来源： Wind）。申万Ⅰ级行业多数上涨，纺织服饰、 美容护理上涨；国防军工、有色金属领跌。 风险提示 需警惕外部政策扰动对市场情绪的冲击。 当日要闻 小米 SU7 事故引发智驾安全担忧 激光雷达概念股集体大涨。3 月 29 日深夜，安徽铜陵德上 高速一起惨烈交通事故将智能驾驶安全问题推向舆论风口。 ...

Investment Rating - The industry investment rating is Neutral [1] Core Viewpoints - The report highlights that the performance of the coal industry is under pressure due to a decline in coal prices and weak demand, but there is potential for recovery as downstream demand improves and seasonal factors come into play [4][9][42] - The report suggests focusing on high-quality coal stocks with strong cash flow and high dividends, as the coal sector is currently undervalued [4][42] Summary by Sections Market Performance - The equity market saw more declines than gains, with the coal industry experiencing a slight drop, outperforming the broader market indices [5] - The average market turnover was 1.5 trillion yuan, with daily financing purchases around 130 billion yuan, indicating reduced market activity [5] Coal Prices - The report notes a decline in domestic coal prices, with specific prices for various coal types showing significant year-on-year decreases [10][28] - For instance, the price of Shanxi Datong coal (Q5500) dropped to 542 yuan/ton, down 34 yuan/ton week-on-week and 120 yuan/ton year-on-year [10] Supply and Demand Structure - Coal production has decreased due to stricter safety inspections, leading to a reduction in daily average coal sales to 7.17 million tons, a 6.2% week-on-week decline [9][15] - Port inventories remain high, with average daily inventory levels at 30.79 million tons, indicating a supply-demand imbalance [15][16] Coking Coal - Coking coal prices are stable but have shown a downward trend, with the average price for various types of coking coal also reflecting declines [27][28] - The report indicates that while demand from steel mills is recovering, the overall market for coking coal remains weak [27][42] Shipping Situation - The report highlights an increase in shipping activity, with the average number of vessels at anchor in the Bohai Rim ports rising to 84, indicating a potential uptick in coal transportation [34] Industry News - The report discusses various industry developments, including the promotion of coal production capacity and the introduction of new mining projects in Xinjiang [38][39] - It also mentions regulatory changes in Indonesia that could impact global coal markets, particularly regarding increased mining fees [39]

Market Overview - The three major stock indices collectively declined, with the Shanghai Composite Index down by 0.51% closing at 3408.95 points, the Shenzhen Component Index down by 0.91% at 10879.49 points, and the ChiNext Index down by 1.00% at 2200.03 points [2] - The trading volume decreased to 1.44 trillion yuan [2] Key Economic Indicators - The Federal Reserve maintained the federal funds rate target range at 4.25%-4.5%, aligning with market expectations. The Fed's statement indicated an increase in uncertainty regarding the economic outlook, emphasizing the dual risks faced in achieving maximum employment and a 2% inflation target [4] - The Loan Prime Rate (LPR) remained unchanged at 3.1% for the one-year term and 3.6% for terms over five years, marking five consecutive months of stability [4] Regulatory Developments - New regulations have been introduced to strengthen oversight on shareholder reductions, particularly targeting potential violations through agreement transfers. This aims to prevent improper cash-outs by shareholders [4] Market Performance Metrics - On the trading day, 1,949 stocks rose, while 2,989 stocks fell, with 73 stocks hitting the daily limit up and 7 hitting the limit down. The proportion of rising stocks was 38.05% [5] - The total trading volume was reported at 1.11196 billion shares, with a total transaction value of 14,415.53 million yuan [5]

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 ...

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 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 2025.03.18 （预计发布时间：2025.03.19） 行情回顾 大同证券研究中心 周二（3 月 18 日），三大股指集体高开， 早盘窄幅震荡，午市小幅收涨，午后维持窄幅 震荡走势。截至收盘，上证指数（+0.11%）收 报 3429.76 点，深证成指（+0.52%）收报 11014.75 点，创业板指（+0.61%）收报 2228.64 点。两市量能下降至 1.52 万亿（数据来源： Wind）。申万Ⅰ级行业多数上涨，家用电器、 有色金属、通信领涨；食品饮料、美容护理、 农林牧渔领跌。 分析师：景剑文 执业证书编号：S0770523090001 风险提示 邮箱：jingjw@dtsbc.com.cn 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 ...

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]