国内市场综述 窄幅震荡 走势分化 周四（6 月 12 日）大盘窄幅震荡，走势分化。截至收 盘，上证综指收于 3402.66 点，上涨 0.01%；深成指 收于 10234.33 点，下跌 0.11%；科创 50 下跌 0.3%； 创业板指上涨 0.26%，万得全 A 成交额共 13036 亿元， 较前一日有所下降。 周四（6 月 12 日），美国三大股指小幅收涨，道指涨 0.24%，标普 500 指数涨 0.38%，纳指涨 0.24%。联合健 康集团涨超 2%，安进涨逾 1%，领涨道指。万得美国科 技七巨头指数涨 0.33%，甲骨文涨超 13%，创收盘历史 新高。中概股多数下跌，小鹏汽车跌近 6%。 新闻精要 1. 中国人民银行行长潘功胜与欧洲中央银行行长拉加 德举行中欧央行行长首次年度会晤 2. 外交部发言人就中美经贸磋商机制首次会议答记 者问 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：S1490520090001/ S1490523030001 | 市场研究部证券研究报告 | | | 2025 年 6 月 | 13 日 | | --- | --- | --- ...

Domestic Market Overview - The domestic market experienced a fluctuating rise with a decrease in trading volume, with the Shanghai Composite Index closing at 3402.32 points, up 0.52%, and the Shenzhen Component Index closing at 10246.02 points, up 0.83% [1][4][8] - Among the 30 sectors tracked, 28 sectors saw gains, with non-bank financials, agriculture, and metals leading the increases, while only telecommunications and pharmaceuticals experienced slight declines [1][4][8] - The total trading volume for the A-share market was 12867 billion, showing a decrease compared to the previous day [1][4][8] Overseas Market Overview - The three major U.S. stock indices experienced slight declines, with the Dow Jones falling by 1 point, the S&P 500 down 0.27%, and the Nasdaq down 0.5% [2][4] - The U.S. technology index for the seven major tech companies dropped by 0.89%, with Apple and Facebook seeing declines of nearly 2% and over 1%, respectively [2][4] Key News Highlights - The first meeting of the China-U.S. economic and trade consultation mechanism was held in London, where both sides engaged in candid discussions on trade issues and reached a consensus on further cooperation [3][9][10] - The Chinese government emphasized the importance of mutual benefit in the China-U.S. trade relationship, stating that there are no winners in a trade war and expressing a willingness to resolve differences through dialogue [11][12] Economic Data - Recent data from the U.S. showed that the Consumer Price Index (CPI) rose by 2.4% year-on-year and 0.1% month-on-month, indicating a moderate inflation environment [19][20] - In the automotive sector, China's vehicle production and sales both achieved double-digit growth in May, with new energy vehicles accounting for nearly half of total sales [22][23]

国内市场综述 冲高回落 延续回调 周二（5 月 27 日）大盘冲高回落，延续回调。截至收 盘，上证综指收于 3340.69 点，下跌 0.18%；深成指 收于 10029.11 点，下跌 0.61%；科创 50 下跌 0.95%； 创业板指下跌 0.68%，万得全 A 成交额共 10241 亿元， 较前一日略有下降。 行业方面，30 个中信一级行业有 12 个行业收涨，其 中商贸零售、医药及纺织服装涨幅居前，而有色金属、 电子及汽车则跌幅较大。概念方面，培育钻石、乳业 及动物保健精选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，特斯拉涨近 7% 周二（5 月 27 日），美国三大股指全线收涨，道指涨 1.78%，标普 500 指数涨 2.05%，纳指涨 2.47%。万得美 国科技七巨头指数涨 2.9%，特斯拉涨近 7%，谷歌涨逾 2%。中概股涨跌不一，拼多多跌超 13%。 新闻精要 1. 李强出席东盟－中国－海合会三方经济论坛开幕式 并致辞 4. 1—4 月份，全国规模以上工业企业利润同比增长 1.4% 5. 特朗普政府下令美使领馆暂停留学生新签证面试 6. 全球重要经济数据发布 风险提示 1.稳 ...

窄幅震荡 小幅收跌 周一（5 月 26 日）大盘窄幅震荡，小幅收跌。截至收 盘，上证综指收于 3346.84 点，下跌 0.05%；深成指 收于 10091.16 点，下跌 0.41%；科创 50 上涨 0.17%； 创业板指下跌 0.8%，万得全 A 成交额共 10339 亿元， 较前一日有所下降。 行业方面，30 个中信一级行业有 20 个行业收涨，其 中传媒、计算机及轻工制造涨幅居前，而汽车、医药 及银行则跌幅较大。概念方面，核电、光刻工厂及航 空运输精选等指数表现活跃。 国内市场综述 新闻精要 1. 中国出台新时代完善企业制度的纲领性文件 2. 八部门：聚焦 5 大重点领域 "一业一策"加快数 智供应链发展 3. 财政部回应穆迪维持中国主权信用评级 4. 全国首个商业航天共保体开出首单 投保周期缩短 20% 5. 特朗普：美国不需要将纺织制造业带回境内 6. 全球重要经济数据发布 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：S1490520090001/ S1490523030001 邮箱：penghong@crsec.com.cn/ zhongzheyua ...

Domestic Market Overview - The domestic market experienced a downward adjustment, with the Shanghai Composite Index closing at 3348.37 points, down 0.94% [1][4][7] - The Shenzhen Component Index closed at 10132.41 points, down 0.85%, while the ChiNext Index fell by 1.18% [1][4][7] - A total of 28 out of 30 sectors in the CITIC index declined, with the most significant drops in comprehensive finance, computer, and media sectors; only the automotive and pharmaceutical sectors saw slight gains [1][4][7] Overseas Market Overview - The three major U.S. stock indices all closed lower, with the Dow Jones down 0.61%, the S&P 500 down 0.67%, and the Nasdaq down 1% [2][4] - Notably, Apple shares fell over 3%, leading the decline in the Dow [2][4] - The U.S. technology giants index dropped 1.46%, with Facebook and Google also experiencing declines of over 1% [2][4] Key News Highlights - Chinese President Xi Jinping held a phone conversation with German Chancellor Merz, emphasizing the importance of stable Sino-German relations and cooperation in various sectors [3][10][11] - Chinese Premier Li Qiang met with Indonesian President Prabowo, discussing the strengthening of bilateral ties and cooperation in multiple fields, including infrastructure and digital economy [12][13][14] - The Ministry of Commerce encouraged national economic development zones to enhance traditional industries through digital and green technologies [16]

国内市场综述 震荡走强 延续上涨 周三（5 月 21 日）大盘震荡走强，延续上涨。截至收 盘，上证综指收于 3387.57 点，上涨 0.21%；深成指 收于 10294.22 点，上涨 0.44%；科创 50 下跌 0.22%； 创业板指上涨 0.83%，万得全 A 成交额共 12144 亿元， 较前一日略有上升。 新闻精要 1. 金融监管总局等八部门联合印发《支持小微企业融 资的若干措施》 2. 成都：发展免税经济 推动市内免税店年内建成投 运 3. 商务部新闻发言人就美国企图全球禁用中国先进 计算芯片发表谈话 4. 中国与东盟十国全面完成中国—东盟自贸区 3.0 版 谈判 5. 特朗普宣布建造"金穹"导弹防御系统 外交部回 应 6. 全球重要经济数据发布 行业方面，30 个中信一级行业有 13 个行业收涨，其 中煤炭、有色金属、电力设备及新能源涨幅居前，而 综合金融、电子及传媒则跌幅较大。概念方面，黄金 珠宝、航空运输精选及动力电池等指数表现活跃。 海外市场综述 美国三大股指全线收跌，大型科技股普跌 周三（5 月 21 日），美国三大股指全线收跌，道指跌 1.91%，标普 500 指数跌 1.61%，纳 ...

国内市场综述 探底回升 调整延续 周五（5 月 16 日）大盘探底回升，调整延续。截至收 盘，上证综指收于 3367.46 点，下跌 0.4%；深成指收 于 10179.6 点，下跌 0.07%；科创 50 下跌 0.57%；创 业板指下跌 0.19%，万得全 A 成交额共 11241 亿元， 较前一日略有下降。 行业方面，30 个中信一级行业有 14 个行业收涨，其 中汽车、机械及商贸零售涨幅居前，而非银行金融、 食品饮料及综合金融则跌幅较大。概念方面，PEEK 材 料、一体化压铸及央企汽车等指数表现活跃。 海外市场综述 美国三大股指全线收涨，联合健康集团涨超 6% 周五（5 月 16 日），美国三大股指全线收涨，道指涨 0.78%，标普 500 指数涨 0.7%，纳指涨 0.52%。联合健 康集团涨超 6%，3M 公司涨近 3%，领涨道指。万得美 国科技七巨头指数涨 0.35%，特斯拉涨超 2%，谷歌涨 逾 1%。中概股多数上涨，小马智行涨近 14%，小牛电 动涨约 12%。 新闻精要 1. 中共中央 国务院印发《党政机关厉行节约反对浪费 条例》 2. 央行行长潘功胜、金融监管总局局长李云泽、证监 会主席 ...

Central Bank Operations - The central bank conducted a net withdrawal of CNY 475.1 billion from May 10 to May 16, 2025, with reverse repos of CNY 486 billion and a total withdrawal of CNY 836.1 billion[17] - As of the end of the week, the balance of reverse repos was CNY 486 billion, and the MLF balance was CNY 45,320 billion[17] Government Bond Issuance and Maturity - Government bond issuance increased to CNY 8,177.41 billion this week, with maturities of CNY 978.84 billion, resulting in net financing of CNY 7,158.10 billion[4] - Next week, government bond issuance is expected to be CNY 3,568.94 billion, with maturities of CNY 2,354.67 billion, leading to net financing of CNY 3,978.79 billion[4] Interbank Certificate of Deposit Market - The net financing of interbank certificates of deposit decreased to CNY -724.50 billion, with issuance at CNY 5,214 billion and maturities at CNY 5,938.50 billion[5] - The weighted issuance rate for interbank certificates of deposit was 1.64%, down 6.6 basis points from the previous week[5] Funding Rate Changes - The average DR001 rate decreased by 14.4 basis points to 1.45%, while the R001 rate fell by 15.1 basis points to 1.49%[6] - The overall trend in bill rates was upward, with the 6-month government bond repurchase rate averaging 1.24%, up 4 basis points from the previous week[6] Investment Recommendations - The bond market is currently in a defensive phase, with yields generally rising due to easing pressure on the economic fundamentals and a focus on interest rate bonds for recovery opportunities[11] - Investors are advised to remain flexible and consider trading opportunities in long-term bonds while managing duration risk[11]

估值方面：截至 2025 年 5 月 16 日，申万汽车板块 PE（TTM） 26.74 倍，位于近 5 年的 34.72%分位点。 汽车产业链数据观察 市场研究部 2025 年 5 月 19 日 汽车行业周报（2025/5/12-2025/516） 行情综述 上周沪深 300 指数上涨 1.12%，申万汽车行业指数上涨 2.40%， 跑赢大盘 1.29 个百分点，在申万 31 个一级行业中排名第 3。 上周二级细分行业中，乘用车板块（+4.43%）、汽车零部件 （+2.18%）、汽车服务板块（+0.59%）、摩托车及其他板块（- 0.20%）、商用车板块（-1.70%）。上周三级行业均涨幅最大的三 个板块是电动乘用车（+6.16%）、其他汽车零部件（+5.34%）和 汽车电子电气系统（+3.43%）；仅商用载客车（-2.03%）出现回落。 个股：上周汽车行业 294 家上市公司中，192 家实现上涨，其中涨 幅前三为成飞集成（+61.09%)、兆丰股份（+34.78%)和新坐标 (+26.17%)。跌幅前三为苏奥传感(-9.01%)、潍柴重机(-8.90%)和金 鸿顺(-7.62%)。 截至 5 月 10 ...