Domestic Market Overview - The domestic market experienced a decline with the Shanghai Composite Index closing at 3351.31 points, down 0.67%, and the Shenzhen Component Index at 10607.33 points, down 0.57% [1][4] - A total of 28 out of 30 sectors in the CITIC index fell, with the largest declines in basic chemicals, comprehensive, and oil & petrochemicals, while only comprehensive finance and media saw slight gains [1][4] - The total trading volume for the A-share market was approximately 1145 billion yuan, showing a slight decrease from the previous day [1][4] Overseas Market Overview - The three major U.S. stock indices all closed lower, with the Dow Jones down 1.69%, the S&P 500 down 1.97%, and the Nasdaq down 2.7% [2][4] - Notable declines included Amazon dropping over 4% and Nike falling more than 3%, leading the Dow's decline [2][4] - Chinese concept stocks also saw widespread declines, with Hesai Technology down nearly 12% and Century Internet down over 8% [2][4] Key News Highlights - Chinese banks including Bank of China, Bank of Communications, China Construction Bank, and Postal Savings Bank plan to raise funds from the Ministry of Finance, with a total investment scale reaching 500 billion yuan [3][16][17] - The 13th China-Japan-Korea Economic and Trade Ministerial Meeting was held in Seoul, focusing on enhancing trade and investment cooperation [3][19] - The State-owned Assets Supervision and Administration Commission announced plans for strategic restructuring of central automotive enterprises to improve industry concentration [3][21]

国内市场综述 周四（3 月 27 日），美国三大股指小幅收跌，道指跌 0.37%，标普 500 指数跌 0.33%，纳指跌 0.53%。万得 美国科技七巨头指数跌 0.45%。中概股多数上涨，小 牛电动涨近 12%，再鼎医药涨超 6%。 新闻精要 1. 李强会见法国外长巴罗 2. 工信部等三部门联合印发《轻工业数字化转型实施 方案》 3. 统计局：1—2 月份全国规模以上工业企业利润同 比下降 0.3% 风险提示 低开高走 小幅收涨 周四（3 月 27 日）大盘低开高走，小幅收涨。截至收 盘，上证综指收于 3373.75 点，上涨 0.15%；深成指 收于 10668.1 点，上涨 0.23%；科创 50 上涨 1.12%； 创业板指上涨 0.24%，万得全 A 成交额共 12168 亿元， 较前一日略有上升。 行业方面，30 个中信一级行业有 11 个上涨，其中医 药。食品饮料及基础化工涨幅居前，而有色金属、综 合及钢铁则跌幅较大。概念方面，光刻机、创新药及 中芯国际产业链等指数表现活跃。 海外市场综述 美国三大股指小幅收跌，中概股逆势上涨 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 ...

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 | ...

国内市场综述 缩量整理 小幅收跌 周三（3 月 19 日）大盘缩量整理，小幅收跌。截至收 盘，上证综指收于 3426.43 点，下跌 0.1%；深成指收 于 10979.05 点，下跌 0.32%；科创 50 下跌 1.18%；创 业板指下跌 0.28%，万得全 A 成交额共 15069 亿元， 较前一日继续下降。 行业方面，30 个中信一级行业有 8 个收涨，其中银行、 电力及公用事业、汽车涨幅居前，而通信、传媒及电 子则跌幅较大。概念方面，水电、央企汽车及减速器 等指数表现活跃。 海外市场综述 美国三大股指全线收涨，波音涨超 6% 周三（3 月 19 日），美国三大股指全线收涨，道指涨 0.92%，标普 500 指数涨 1.08%，纳指涨 1.41%。波音 涨超 6%，美国运通涨逾 3%，领涨道指。万得美国科技 七巨头指数涨 1.53%，特斯拉涨超 4%，谷歌涨约 2%。 中概股涨跌不一，万国数据跌近 14%。 新闻精要 1. 强化全链条监管 21 条举措筑牢食品安全防线 2. 三部门：更换新能源城市公交每辆车平均补贴 8 万 元 3. 两部门：加强高等职业教育医养照护与管理专业建 设工作 4. 浙江：大 ...

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]