周二（3 月 25 日）大盘窄幅震荡，缩量回调。截至收 盘，上证综指收于 3369.98 点，下跌 0.05 点；深成指 收于 10649.08 点，下跌 0.43%；科创 50 下跌 1.36%； 创业板指下跌 0.33%，万得全 A 成交额共 12875 亿元， 较前一日继续下降。 国内市场综述 窄幅震荡 缩量回调 行业方面，30 个中信一级行业有 16 个上涨，其中煤 炭、石油石化、电力及公用事业涨幅居前，而计算机、 电子及通信则跌幅较大。概念方面，钒电池、核电及 磷化工等指数表现活跃。 海外市场综述 美国三大股指小幅收涨，特斯拉涨超 3% 周二（3 月 25 日），美国三大股指小幅收涨，道指涨 0.01%，标普 500 指数涨 0.16%，纳指涨 0.46%。迪士 尼涨超 1%，苹果涨逾 1%，领涨道指。万得美国科技七 巨头指数涨 0.96%，特斯拉涨超 3%，谷歌涨逾 1%。中 概股多数下跌，联掌门户跌超 13%，小马智行跌逾 8%。 新闻精要 | 1. 商务部：加快落实各项扩消费政策措施 | | | | | --- | --- | --- | --- | | 2. 21 个重点产业项目落地上海 | ...

Investment Rating - The report does not explicitly provide an investment rating for the industry [27] Core Views - The domestic market experienced a slight decline with the Shanghai Composite Index closing at 3426.43 points, down 0.1%, and the Shenzhen Component Index at 10979.05 points, down 0.32% [5][10] - In the industry sector, 8 out of 30 CITIC first-level industries saw gains, with banking, electricity and public utilities, and automotive leading the increases, while communication, media, and electronics faced significant declines [10][11] - The total trading volume of the A-share market was 15069 billion, continuing to decrease from the previous day [10][11] Domestic Market Overview - The Shanghai Composite Index closed at 3426.43 points, down 0.1% [5][10] - The Shenzhen Component Index closed at 10979.05 points, down 0.32% [5][10] - The ChiNext Index fell by 0.28%, and the STAR Market 50 Index decreased by 1.18% [5][10] - The trading volume in the A-share market was 15069 billion, a decline from the previous day [10][11] - Among the 30 CITIC first-level industries, 8 saw an increase, with banking, electricity and public utilities, and automotive showing the most significant gains [10][11] Overseas Market Overview - The three major U.S. stock indices all rose, with the Dow Jones up 0.92%, the S&P 500 up 1.08%, and the Nasdaq up 1.41% [2][5] - Boeing's stock increased by over 6%, leading the Dow [2][5] - The performance of Chinese concept stocks was mixed, with Global Data falling nearly 14% [2][5] News Highlights - The Chinese government has implemented 21 measures to strengthen food safety regulation across the entire supply chain [3][13] - The Ministry of Transport announced an average subsidy of 80,000 yuan for replacing new energy city buses [3][17] - The Ministry of Education and the National Health Commission are enhancing vocational education in medical care and management [3][18] - Zhejiang province is promoting the integration of intangible cultural heritage with tourism, launching new tourism products [3][21] - The Federal Reserve maintained interest rates as expected [3][22]

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies [9]. Core Insights - During the week of March 10-16, 2025, there were a total of 3 merger and acquisition events involving state-owned enterprises, including a notable acquisition by Chongqing Water of a 51% stake in a water supply company [2][4]. - In terms of chain dynamics, China Power Investment Corporation's listed subsidiary, Electric Power Investment (000958), released a draft report on significant asset replacement and related transactions [2][4]. - In the realm of technological innovation mergers, ST Jin Yi acquired a 43.18% stake in Kai Ke Wei Shi [2][4]. Summary by Sections State-Owned Enterprise Mergers - Chongqing Water acquired a 51% stake in a water supply company [4]. Chain Dynamics - China Power Investment Corporation's subsidiary, Electric Power Investment (000958), is involved in significant asset replacement and related transactions [2][4]. Technological Innovation Mergers - ST Jin Yi completed the acquisition of a 43.18% stake in Kai Ke Wei Shi [2][4].

国内市场综述 量价齐升 强势上涨 周五（3 月 14 日）大盘量价齐升，强势上涨。截至收 盘，上证综指收于 3419.56 点，上涨 1.81%；深成指 收于 10978.3 点，上涨 2.26%；科创 50 上涨 1.72%； 创业板指上涨 2.8%，万得全 A 成交额共 18409 亿元， 较前一日明显上升。 行业方面，30 个中信一级行业有 28 个收涨，其中食 品饮料、综合金融及非银行金融涨幅居前，仅有煤炭 及钢铁小幅下跌。概念方面，乳业、三胎及保险精选 等指数表现活跃。 海外市场综述 美国三大股指全线收涨，英伟达涨超 5% 周五（3 月 14 日），美国三大股指全线收涨，道指涨 1.65%，标普 500 指数涨 2.13%，纳指涨 2.61%。英伟 达涨超 5%，美国运通涨逾 3%，领涨道指。万得美国科 技七巨头指数涨 2.77%，特斯拉涨超 3%，脸书涨近 3%。 中概股普遍上涨，世纪互联涨超 12%，亿航智能涨逾 11%。 新闻精要 1. 《求是》杂志发表习近平总书记重要文章 2. 中办国办印发《提振消费专项行动方案》 风险提示 1.稳增长力度不及预期； 2.地缘冲突升级。 分析师：彭竑/钟哲元 ...

市场研究部 2025 年 3 月 12 日 政策周报 本周发文 重点关注：政府工作报告提出 2025 年经济社会发展政策取向： 实施更加积极的财政政策，赤字率拟按 4%左右安排，赤字规模 5.66 万亿元，拟发行超长期特别国债 1.3 万亿元，拟发行特别国 债 5000 亿元，拟安排地方政府专项债券 4.4 万亿元；实施适度 宽松的货币政策，适时降准降息，更大力度促进楼市股市健康发 展，保持人民币汇率在合理均衡水平上的基本稳定；强化宏观政 策民生导向，打好政策"组合拳"。 分析师：易华强 登记编码：S1490513080001 邮箱：yihuaqiang@crsec.com.cn 重要会议 重点关注：证监会党委召开扩大会议，研究部署资本市场贯彻落 实具体举措。会议指出，要全力巩固市场回稳向好势头，加强战 略性力量储备和稳市机制建设。在支持科技创新和新质生产力发 展上持续加力，稳妥恢复科创板第五套标准适用。以深化投融资 综合改革为牵引，全面启动实施新一轮资本市场改革。研究制定 资本市场对外开放总体规划，稳步拓展跨境互联互通。着力提升 监管执法效能。加快建设"三个过硬"的监管铁军。 证券研究报告 未经授权引用或转 ...

环保行业周度观察 本周环保行业指数表现 2、生态工业园区国家标准新规修订中，将提高建设标准 3、生态环境部：纺织工业水污染物排放标准（二次征求意见稿） 投资建议 建议环保行业持续关注技术驱动的高附加值领域（如智慧化改造 等）、政策支持的细分赛道（如再生资源等），以及现金流稳定的 运营资产。同时，结合政策动态与市场分化，建议布局具备技术壁 垒、区域整合能力及国际化潜力的龙头企业。 本周（2025/03/10-2025/03/14）环保（申万）板块上涨 2.53%， 沪深 300 指数上涨 1.59%，环保板块领先沪深 300 0.94%。申万 31 个行业指数多数上涨，环保（申万）排在第 10 位。 分板块看，环保板块子板块多数上涨，固废治理（申万）、水务及 水治理（申万）、综合环境治理（申万）、环保设备Ⅲ(申万)、大 气治理（申万）分别涨跌 3.17%、2.88%、2.08%、1.54%和- 0.66%。 环保产业链周度观察 从各碳交易市场来看，广东本周成交量最高，为 4.69 万吨，成交 额为 177.51 万元，成交均价为 37.81 元/吨；深圳成交量最低，为 61 吨，成交额为 0.26 万元，成交均 ...

国内市场综述 小幅收涨 走势分化 周一（3 月 17 日）大盘小幅收涨，走势分化。截至收 盘，上证综指收于 3426.13 点，上涨 0.19%；深成指 收于 10957.82 点，下跌 0.19%；科创 50 下跌 0.45%； 创业板指下跌 0.52%，万得全 A 成交额共 16209 亿元， 较前一日略有下降。 行业方面，30 个中信一级行业有 21 个收涨，其中建 材、综合及房地产涨幅居前，而有色金属、非银行金 融及钢铁则跌幅较大。概念方面，深海科技、乳业及 油气开采等指数表现活跃。 海外市场综述 美国三大股指全线收涨，特斯拉逆势跌超 4% 周一（3 月 17 日），美国三大股指全线收涨，道指涨 0.85%，标普 500 指数涨 0.64%，纳指涨 0.31%。耐克 涨超 2%，沃尔玛涨逾 2%，领涨道指。万得美国科技七 巨头指数跌 0.8%，特斯拉跌超 4%，英伟达跌逾 1%。 中概股普遍上涨，小牛电动涨超 29%。 新闻精要 1. 财政部：2025 年中央财政安排就业补助资金 667．4 亿元 风险提示 1.稳增长力度不及预期； 2.地缘冲突升级。 分析师：彭竑/钟哲元 登记编码：S1490520 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies [34]. Core Insights - The economic fundamentals indicate a slowdown in export growth and a need for inflation to be boosted, alongside fragile recovery in real estate demand, highlighting persistent issues with domestic demand [10] - Despite potential fiscal support for a strong start to the first quarter, the policy tone remains cautious, suggesting a prudent approach from decision-makers regarding the strength of economic recovery [10] - Liquidity conditions are marginally easing post-month-end, with some recovery in the deviation of DR007 from policy rates, but government bond supply and seasonal MPA assessments may still disrupt the bond market [10] - The external environment remains uncertain, particularly regarding the timing of potential interest rate cuts by the Federal Reserve and the limited downward space for U.S. Treasury yields, compounded by uncertainties in U.S.-China relations [10] - Overall, the bond market is expected to remain volatile in the short term, with limited room for further interest rate increases, and institutions with stable liabilities should consider a barbell strategy for allocation [10] Summary by Sections 1. Central Bank Open Market Operations - During the week of March 10-14, 2025, the central bank had a net withdrawal of 191.7 billion yuan, with reverse repos of 526.2 billion yuan and a total withdrawal of 777.9 billion yuan [15] - The reverse repo balance stood at 526.2 billion yuan, and the MLF balance was 40,940 billion yuan as of the end of the week [15] 2. Government Bond Issuance and Maturity - Government bond issuance decreased week-on-week, totaling 424.07 billion yuan, with maturities of 304.59 billion yuan, resulting in net financing of 245.85 billion yuan [16] - The expected issuance for the following week is 226.17 billion yuan, with maturities of 319.10 billion yuan, leading to net financing of 108.68 billion yuan [16] 3. Interbank Certificate of Deposit Market Overview - The net financing of interbank certificates of deposit increased, with issuance at 835.01 billion yuan and maturities at 771.75 billion yuan, resulting in net financing of 63.26 billion yuan [20] - The weighted issuance rate for interbank certificates of deposit was 2.07%, up by 1.9 basis points from the previous week [22] 4. Changes in Funding Rates - The average rates for DR001 and DR007 increased slightly, with DR001 rising by 0.6 basis points to 1.78% and DR007 by 0.9 basis points to 1.81% [26] - The overall trend in bill rates was downward, with the average rate for 6-month government bonds at 1.36%, down 2 basis points from the previous week [29] 5. Investment Recommendations - The report suggests that institutions with stable liabilities should adopt a barbell strategy for allocation, while trading funds need to be cautious of liquidity disturbances and regulatory scrutiny as the quarter-end approaches [30] - Attention should be paid to potential reserve requirement ratio cuts, as renewed expectations for monetary easing could drive interest rates back into a downward trend if economic data confirms weak recovery [30]

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies [13]. Core Insights - The State Council approved the "Action Plan for Improving the Recycling and Utilization System of New Energy Vehicle Power Batteries," highlighting the urgent need for a standardized and efficient recycling system as the number of retired batteries is expected to exceed 100 billion yuan by 2030 [3]. - The State-owned Assets Supervision and Administration Commission emphasized the importance of AI in central enterprises, focusing on original innovation and the transformation of results into industrial applications [4]. - The report outlines significant advancements in various sectors, including integrated circuits, industrial machinery, new generation mobile communications, industrial software, artificial intelligence, biotechnology, new energy, new energy vehicles, new materials, and future industries [8][9][10][11]. Summary by Sections Strategic Emerging Industry Policy Trends - The State Council's meeting approved the action plan for the recycling of new energy vehicle batteries, aiming for a comprehensive management system [3]. - The State-owned Assets Supervision and Administration Commission is pushing for AI advancements in central enterprises, focusing on high-value scenarios and data industry development [4]. Sub-industry Information Updates - **Integrated Circuits**: Significant growth in global semiconductor sales, with a 19.1% increase expected in 2024 [8]. - **Industrial Machinery**: The China Securities Regulatory Commission is enhancing capital market functions to support breakthroughs in key areas [8]. - **New Generation Mobile Communications**: The 2025 Mobile Resale Industry Ecosystem Development Conference focused on AI-enabled communication [8]. - **Industrial Software**: The number of excellent smart factories in China has surpassed 230 [9]. - **Artificial Intelligence**: The funding scale for AI in China is expected to exceed 100 billion yuan in 2024, with early investments leading the way [9]. - **Biotechnology**: China's pharmaceutical exports are projected to reach 107.96 billion USD in 2024, a 5.9% year-on-year increase [9]. - **New Energy**: The global solar power generation is expected to grow by 30% [9]. - **New Energy Vehicles**: The global power battery installation volume is projected to increase by 27.2% in 2024 [10]. - **New Materials**: The lithium battery industry is seeing profit growth, with significant advancements in solid-state battery technology [10]. Future Industry Information Updates - **Future Information**: Initiatives in brain-computer interface systems and AR glasses development are underway [11]. - **Future Networks**: The satellite navigation industry in China has surpassed 536.2 billion yuan in total output value [11]. - **Future Space**: Successful test flights of electric vertical takeoff and landing (eVTOL) aircraft are reported [11]. - **Future Energy**: Significant progress in artificial sun projects and other energy innovations [11]. - **Future Health**: The first universal iPS cell therapy for ALS has received FDA approval [11].

Investment Rating - The communication industry is rated as "Cautiously Optimistic" with a focus on operators with sustained profit growth and enhanced network value, optical communication companies benefiting from traffic growth, and high-quality enterprises with continuous technological innovation [5][41]. Core Viewpoints - The communication sector has shown steady growth in traditional businesses while actively exploring new growth points through innovative applications. Despite recent market adjustments, valuation levels are recovering [5][41]. - The integration of 5G-A (5.5G) and AI is highlighted as a core trend, with expectations for AI to further lead the communication industry towards 6G exploration. Chinese companies are positioned as key players in driving global communication industry development [4][40]. Summary by Sections Market Review - From March 10 to March 16, 2025, the communication sector (CITIC) increased by 0.21%, underperforming the CSI 300 index, which rose by 1.59%, resulting in a 1.37 percentage point lag [2][12]. - Year-to-date, the communication industry has risen by 3.6%, ranking 18th among CITIC's primary industries [12][13]. - As of March 14, the CITIC communication industry had a TTM PE of 22.88 times, positioned at the 26.67 percentile [14]. Industry News - The MWC 2025 showcased the integration of 5G-A and AI, emphasizing the importance of AI in future industry trends. The event attracted over 2,700 exhibitors and highlighted the deep integration of communication technology with various industries [3][36]. - The GSMA's annual report indicated that by the end of 2024, global mobile internet users would reach 4.7 billion, with projections of 5.5 billion by 2030 [3][36]. Investment Recommendations - The report suggests maintaining a cautiously optimistic stance, focusing on operators with continuous profit growth, optical communication companies benefiting from traffic growth, and high-quality firms with strong core competitiveness [5][41].