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请务必阅读报告正文后各项声明 1 / 7 一周市场回顾 本周 A 股上证指数下跌 1.03%，收于 2967.40 点，深证成指下跌 2.38%，收于 8848.70 点，创业板指下跌 4.13%，收于 1683.43 点。价值风格类板块代表指数上证 50、中证 100、沪深 300 分别下跌 0.17%、下跌 0.60%、下跌 0.97%，成长风格类板块 代表指数中小 100、中证 500、中证 1000 分别下跌 1.53%、下跌 3.13%、下跌 3.15%。 图 1：主要指数涨跌幅（%） -1.03 -2.38 -4.13 -0.17 -0.60 -0.97 -1.53 -3.13 -3.15 -4.50 -4.00 -3.50 -3.00 -2.50 -2.00 -1.50 -1.00 -0.50 0.00 上证综指 深证成指 创业板指 上证50 中证100 沪深300 中小100 中证500 中证1000 资料来源：Wind、宏信证券研究发展部 图 2：主要指数落定 PE（TTM） 13 21 26 10 1412 22 21 32 0 20 上证综指 深证成指 创业板指 上证50 中证100 沪 ...

Monetary Policy - As of June 28, the weighted average interbank lending rate increased by 3.96 basis points to 2.07% compared to June 21[1] - The pledged repo weighted average rate rose by 32.01 basis points to 2.36% compared to June 21[1] - The overnight SHIBOR, 1-week SHIBOR, 2-week SHIBOR, and 1-month SHIBOR were 1.8890%, 2.0990%, 2.1280%, and 1.9000%, with changes of -7.10 basis points, +16.00 basis points, 0.00 basis points, and 0.00 basis points respectively[1] Liquidity Operations - From June 24 to June 28, the central bank conducted reverse repo operations amounting to 750 billion yuan, with 398 billion yuan maturing, resulting in a net injection of 352 billion yuan[2][3] - An additional 750 billion yuan in reverse repos is expected to mature this week[2][3] Bond Market - As of June 28, the yields on government bonds for various maturities were as follows: 1-month (1.3491%), 3-month (1.4411%), 6-month (1.4489%), 1-year (1.5390%), 3-year (1.7960%), 5-year (1.9782%), 10-year (2.2058%), and 30-year (2.4282%), with respective changes of -14.35, -5.96, -9.56, -5.25, -10.09, -6.08, -5.13, and -5.15 basis points compared to June 21[4][28] Foreign Exchange Market - As of June 28, the USD/CNY central parity rate rose by 72 basis points to 7.1268 compared to June 21[5] - The USD/CNY spot exchange rate increased by 46 basis points to 7.2659, which is 1391 basis points higher than the central parity rate[5] - The offshore USD/CNY spot exchange rate rose by 91 basis points to 7.2996, exceeding the onshore spot rate by 337 basis points[5]

会议强调，进一步全面深化改革的总目标是继续完善和发展中国特色社会主义制 度，推进国家治理体系和治理能力现代化。到二〇三五年，全面建成高水平社会主义 市场经济体制，中国特色社会主义制度更加完善，基本实现国家治理体系和治理能力 现代化，基本实现社会主义现代化，为到本世纪中叶全面建成社会主义现代化强国奠 定坚实基础。 国家统计局：规模以上工业企业效益延续恢复态势 利润继续保持增长 会议强调，要切实发挥中央企业在新型举国体制中的骨干支撑作用，围绕破解卡 点堵点，加快关键核心技术攻关，着眼产业链整体突破，压紧压实责任，加速攻关突 破；积极主动融入国家攻关体系，与高校、科研机构密切合作，面向产业需求共同凝 练科技问题、联合开展科研攻关、协同培养科技人才；抓好攻关成果应用推广，使更 请务必阅读报告正文后各项声明 5 / 9 科技部：加快论证实施一批科技重大项目 加强关键核心技术攻关 装备制造业成为利润增长重要引擎。随着制造业高端化、智能化、绿色化深入推 进，新动能新优势加快形成，装备制造业利润保持较快增长，为工业企业效益提升注 入重要动力。1—5 月份，装备制造业利润同比增长 11.5%，增速高于规上工业 8.1 个 百分 ...

请务必阅读报告正文后各项声明 1 / 8 【财经要闻速递】 受国务院委托，国家发展改革委副主任郑备 25 日向十四届全国人大常委会第十 次会议作《国务院关于促进民营经济发展情况的报告》。报告明确了着力优化民营经济 发展环境等进一步促进民营经济发展壮大的 6 个方面重点工作。 数据显示，2012 年到 2023 年，民营企业占全国企业总量由 79.4%提高至 92.3%， 个体工商户由 4000 余万户增加至 1.24 亿户。2012 年到 2023 年，民营企业进出口额 年均增长 11.1%，占全国进出口总额的比重由 30%左右增长至 50%以上。2019 年开始， 民营企业成为我国第一大外贸经营主体。 报告同时指出，民营经济发展仍面临一些问题和挑战。市场准入和要素获取等方 面矛盾仍较突出，民营企业产权和企业家权益保护还不充分，政策落实和服务供给还 存在短板，有的地方政务诚信建设有待加强，企业账款"连环欠"问题尚需解决。有 的民营企业发展方式粗放，管理不规范，现代企业制度建设滞后。 二是着力加大民营经济发展要素支持。加大对民营企业的信贷投入，健全风险分 担和补偿机制，支持符合条件的民营企业上市融资和再融资。落 ...

Key Points - The report highlights that China's online retail sales reached 5.77 trillion yuan in the first five months of 2024, marking a growth of 12.4% compared to the previous year [47][49] - The cold chain logistics sector in China saw a total volume of 2.76 trillion yuan from January to May 2024, reflecting a year-on-year increase of 4% [43][53] - The report indicates that the fresh e-commerce cold chain logistics and rural delivery cold chain logistics experienced revenue growth of approximately 10% [45] - The report mentions that the trust industry continues to face strict regulatory scrutiny, with some companies being instructed to halt third-party distribution partnerships [6][76] - The report notes that the construction of affordable housing is a priority, with a focus on ensuring the rights of homebuyers and promoting a stable real estate market [4][54] - The report states that the environmental sector is active, with companies like Langkun Environment winning contracts for waste management projects, amounting to 23.3 million yuan [8][78] - The pharmaceutical sector is also highlighted, with Huasen Pharmaceutical receiving approval for the re-registration of a chemical raw material drug [79]

Group 1 - The total operating revenue of state-owned enterprises from January to May reached 3,284.651 billion yuan, representing a year-on-year growth of 3.1% [1] - The total profit of state-owned enterprises from January to May was 1,706.43 billion yuan, showing a year-on-year increase of 2.3% [48][63] - The total tax payable by state-owned enterprises from January to May amounted to 2,495.99 billion yuan, with a year-on-year growth of 1.5% [83] Group 2 - The National Development and Reform Commission and other departments issued measures to create new consumption scenarios and cultivate new growth points in consumption [2][49][68] - The Ministry of Ecology and Environment is focusing on building a "1+N" policy system to promote new quality productivity in the ecological environment sector [4][65] - The Ministry of Industry and Information Technology reported that the telecommunications business revenue from January to May totaled 738.7 billion yuan, with a year-on-year growth of 3.7% [7][67] Group 3 - The cumulative cargo throughput at ports reached 25,464.2 million tons, with a month-on-month decrease of 0.19%, while the container throughput increased by 1.8% [7] - The postal and express delivery sector recorded a cumulative collection volume of approximately 3.569 billion pieces, reflecting a month-on-month growth of 6.66% [22][86] - The cumulative number of freight vehicles passing through national highways was 53.372 million, showing a month-on-month increase of 7.14% [67][86] Group 4 - The government budget expenditure from January to May was 10,835.9 billion yuan, with a year-on-year increase of 3.4% [27] - The general public budget revenue from January to May was 96,912 billion yuan, showing a year-on-year decrease of 2.8% [53] - The domestic consumption tax revenue reached 7,607 billion yuan, with a year-on-year growth of 7.2% [26]

《报告》提到，在零售端，汽车金融公司积极落实汽车金融公司管理办法，探索 研究新产品新业务，加大对新能源汽车和二手车的支持力度，促进汽车以旧换新、消 费升级；在供应链端，汽车金融公司通过与主机厂产融协同，持续向大多为中小微企 业的汽车经销商提供稳定的资金支持。 《报告》披露，2023 年，全国 25 家汽车金融公司全年累计发放零售贷款车辆 636.85 万辆，其中新车贷款车辆为 543.04 万辆，占 2023 年我国汽车销量的 18.04%， 新能源新车贷款车辆为 165.63 万辆，同比增长 42.93%，超过同年新能源汽车销量增 速。 在支持实体经济的同时，汽车金融公司不断提高自身管理精细化水平和运营效率， 各项监管和管理指标均保持良好。《报告》显示，截至 2023 年末，行业平均流动性比 率达 228.57%，高于银行业金融机构平均水平；平均资本充足率为 24.57%，比上年末 上升 1.26 个百分点；平均不良贷款率为 0.58%，较上年末下降 0.13 个百分点，明显 低于银行业金融机构平均水平。（上海证券报） 工业和信息化部：开展乘用车、动力蓄电池等碳足迹、碳核算标准研究 金融监管总局：鼓励符合条 ...

2024 年 06 月 24 日 流动性周报 证券研究报告-流动性周报 市场流动性周报 （2024.06.17-2024.06.21） 公开市场操作： 货币市场： 截至 6 月 21 日，银行间同业拆借加权平均利率较 6 月 14 日变动 23.03BP 至 2.03%，质押式回购加权平均利率较 6 月 14 日变动 23.61BP 至 2.04%；短期利率方面，隔夜 shibor、1 周 shibor、2 周 shibor、1 个月 shibor 分别为 1.9600%、1.9390%、2.1280%、 1.9000%，较 6 月 14 日分别变动 22.80BP、12.60BP、28.90BP、 0.00BP；中期利率方面，3 个月 shibor、6 个月 shibor、9 个月 shibor、1 年 shibor 分别为 1.9230%、1.9770%、2.0400%、2.0590%， 较 6 月 14 日分别变动-1.60BP、-0.90BP、-0.90BP、-1.00BP。 国债市场： 截至 6 月 21 日，1 个月期、3 个月期、6 个月期、1 年期、3 年 期、5 年期、10 年期、30 年期 ...