Treasury Market - As of March 1, the yields for 1-month, 3-month, 6-month, 1-year, 3-year, 5-year, 10-year, and 30-year government bonds are 1.4439%, 1.6280%, 1.6885%, 1.7833%, 2.1405%, 2.2632%, 2.3675%, and 2.4915% respectively, with changes of -3.61BP, +7.68BP, -3.30BP, +1.34BP, +1.71BP, +1.37BP, -3.34BP, and -8.94BP compared to February 23[2]. Monetary Policy - From February 26 to March 1, the central bank conducted reverse repurchase operations totaling 11,640 billion yuan, with 5,320 billion yuan maturing, resulting in a net injection of 6,320 billion yuan[7]. - An estimated 11,640 billion yuan in reverse repos is expected to mature this week[28]. Money Market - As of March 1, the weighted average interbank lending rate decreased by 8.98BP to 1.82%, while the weighted average pledged repo rate fell by 6.58BP to 1.84%[12]. - The overnight SHIBOR, 1-week SHIBOR, 2-week SHIBOR, and 1-month SHIBOR rates are 1.6940%, 1.8060%, 1.9860%, and 2.0880% respectively, with changes of -5.30BP, -1.00BP, -13.30BP, and -3.40BP compared to February 23[12]. Foreign Exchange Market - As of March 1, the USD/CNY central parity rate decreased by 5BP to 7.1059, while the spot exchange rate increased by 1BP to 7.1985, which is 926BP higher than the central parity[9]. - The offshore USD/CNY spot rate rose by 43BP to 7.2100, exceeding the onshore spot rate by 115BP[9].

| --- | --- | --- | --- | |-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Market Overview - The A-share market experienced a decline this week, with the Shanghai Composite Index falling by 0.22% to close at 3048.03 points, the Shenzhen Component Index down by 0.49% to 9565.56 points, and the ChiNext Index decreasing by 0.79% to 1869.17 points [1][9]. - Value style indices such as the SSE 50, CSI 100, and CSI 300 dropped by 0.99%, 0.61%, and 0.70% respectively, while growth style indices like the CSI 1000 and CSI 500 saw mixed results, with the CSI 1000 up by 0.72% and the CSI 500 down by 1.28% [1][9]. Trading Volume and Sector Performance - The average daily trading volume for A-shares was 10823.07 billion yuan, an increase of 4.26% compared to the previous week [2][14]. - The sectors with the highest gains included Media (9.40%), Agriculture, Forestry, Animal Husbandry and Fishery (4.49%), and Comprehensive (3.15%), while the sectors with the largest declines were Building Materials (-2.59%), Pharmaceutical and Biological Products (-2.13%), and Non-bank Financials (-1.59%) [2][16]. Stock Connect Flows - The average daily net outflow for the Shanghai Stock Connect was 10.13 billion yuan, which is an increase of 46.76 billion yuan compared to the previous week, bringing the historical cumulative net inflow down to 10000.24 billion yuan [3][22]. - For the Shenzhen Stock Connect, the average daily net outflow was 5.42 billion yuan, an increase of 34.43 billion yuan from the previous week, with the historical cumulative net inflow now at 8311.19 billion yuan [4][28]. Trading Activity - The average daily trading volume for the Shanghai Stock Connect decreased by 10.01% to 636.10 billion yuan, with average buy and sell volumes at 312.98 billion yuan (down 15.81%) and 323.12 billion yuan (down 3.59%) respectively [5][20]. - The Shenzhen Stock Connect also saw a decrease in average daily trading volume by 7.87% to 716.21 billion yuan, with average buy and sell volumes at 355.40 billion yuan (down 11.86%) and 360.82 billion yuan (down 3.57%) respectively [6][26]. Premium Index - As of March 22, the Hang Seng AH Premium Index stood at 149.83, reflecting an increase of 0.70 from the previous week [34].

Core Insights - The national economy showed a steady recovery in the first two months of 2024, with production demand increasing and employment conditions remaining stable [11][20][32] - The industrial production value increased by 7.0% year-on-year, with manufacturing and high-tech manufacturing sectors showing significant growth [3][35] - The service industry also performed well, with a production index growth of 5.8%, particularly in accommodation and catering, and information technology services [4][35] - Retail sales of consumer goods reached 81,307 billion yuan, growing by 5.5% year-on-year, with online retail sales increasing by 15.3% [5][23] - Fixed asset investment grew by 4.2%, with manufacturing and high-tech industries seeing faster growth rates [6][40] Industrial Production - The industrial production value for January-February increased by 7.0% year-on-year, with manufacturing growing by 7.7% and high-tech manufacturing by 7.5% [3][35] - The production of 3D printing equipment, charging piles, and electronic components saw significant increases of 49.5%, 41.8%, and 41.5% respectively [3] Service Sector Performance - The service sector's production index grew by 5.8%, with notable increases in accommodation and catering (12.1%) and information technology services (10.4%) [4][35] - The business activity index for the service sector was at 51.0, indicating expansion, while the business activity expectation index was at 58.1, reflecting positive outlooks [4] Consumer Market - Retail sales of consumer goods totaled 81,307 billion yuan, with urban retail sales growing by 5.5% and rural retail sales by 5.8% [5][23] - The online retail sales reached 21,535 billion yuan, marking a 15.3% increase year-on-year, with physical goods online retail sales growing by 14.4% [5] Investment Trends - Fixed asset investment (excluding rural households) reached 50,847 billion yuan, growing by 4.2% year-on-year, with manufacturing investment increasing by 9.4% [6][40] - High-tech industry investment grew by 9.4%, with significant increases in sectors like information technology and aerospace manufacturing [7][40] Employment and Price Trends - The urban survey unemployment rate was stable at 5.3%, with a slight increase from the previous month [16][37] - Consumer prices showed a year-on-year increase of 0.7% in February, reversing a decline in January, with core CPI rising by 1.2% [8][24] Trade Performance - The total import and export value reached 66,138 billion yuan, with exports growing by 10.3% and imports by 6.7% [13] - The trade surplus was 8,909 billion yuan, with general trade imports and exports increasing by 10.0% [13] Real Estate Sector - Real estate development investment decreased by 9.0%, with new housing starts down by 29.7% [28][60] - The real estate development climate index was reported at 92.13, indicating a contraction in the sector [59]

Economic Overview - The national economy showed steady growth in the first two months of 2024, with industrial added value increasing by 7.0% year-on-year, accelerating by 0.2 percentage points compared to December 2023 [4] - The service sector production index rose by 5.8% year-on-year, with significant growth in accommodation and catering (12.1%) and information transmission, software, and IT services (10.4%) [5] - The total retail sales of consumer goods reached 81,307 billion yuan, growing by 5.5% year-on-year, with online retail sales increasing by 15.3% [6] Investment Trends - Fixed asset investment (excluding rural households) reached 50,847 billion yuan, up 4.2% year-on-year, with infrastructure investment growing by 6.3% and manufacturing investment by 9.4% [7][28] - High-tech industry investment increased by 9.4%, with significant growth in sectors such as solar and wind energy [50][27] - Private investment showed signs of recovery, with a 0.4% year-on-year increase, marking a shift from a decline in the previous year [31] Trade and Export - The total import and export value reached 66,138 billion yuan, growing by 8.7% year-on-year, with exports increasing by 10.3% and imports by 6.7% [20] - The trade surplus stood at 8,909 billion yuan, with general trade imports and exports rising by 10.0% [20] Real Estate Sector - Real estate development investment fell by 9.0% year-on-year, with new housing sales area decreasing by 20.5% and sales value by 29.3% [54][55] - The real estate development climate index was reported at 92.13, indicating a challenging environment for the sector [58] Consumer Price Index - The Consumer Price Index (CPI) remained stable, with a year-on-year increase of 0.7% in February, reversing a decline from the previous month [21][16] - Core CPI, excluding food and energy, rose by 1.2%, indicating a recovery in consumer prices [21][16] Employment Situation - The urban surveyed unemployment rate averaged 5.3% in the first two months, showing stability in the job market [9][48] - Employment conditions are expected to improve as economic activities increase [44]

请务必阅读报告正文后各项声明 1 / 11 【财经要闻速递】 3 月 25 日，工业和信息化部的数据显示，今年 1—2 月，中小企业采购指数为 51.4%，持续处于景气区间，企业预期回稳向好。小微企业用电量同比增长 4.5%， 同比上升 7.3 个百分点。反映外贸情况的中小企业出口指数为 52.4%，同比上升 2.5 个百分点，持续处于景气区间。中小企业回升向好势头进一步巩固。（wind 资讯） 全球产业链供应链体系 金壮龙指出，中国已开启全面建设社会主义现代化国家新征程，明确到 2035 年基本实现新型工业化。中国加快推进新型工业化，把高质量发展要求贯穿全过程， 以科技创新引领产业创新，加快科技创新成果应用，改造升级传统产业，巩固提升 优势产业，培育壮大新兴产业，超前布局建设未来产业，推进产业链供应链持续优 化升级，加快建设以科技创新为引领、以先进制造业为支撑的现代化产业体系。 全国市场监管系统消费者权益保护工作座谈会召开 请务必阅读报告正文后各项声明 2 / 11 会议强调，要把消费环境建设摆在政策优先方向和工作突出位置；聚焦经济建 设这一中心工作，把消费者保护和促进消费扩大紧密结合；坚持"监管为民"核心 ...

请务必阅读报告正文后各项声明 1 / 11 3 月 25 日，工业和信息化部的数据显示，今年 1—2 月，中小企业采购指数为 51.4%，持续处于景气区间，企业预期回稳向好。小微企业用电量同比增长 4.5%， 同比上升 7.3 个百分点。反映外贸情况的中小企业出口指数为 52.4%，同比上升 2.5 个百分点，持续处于景气区间。中小企业回升向好势头进一步巩固。（wind 资讯） 金壮龙指出，中国已开启全面建设社会主义现代化国家新征程，明确到 2035 年基本实现新型工业化。中国加快推进新型工业化，把高质量发展要求贯穿全过程， 以科技创新引领产业创新，加快科技创新成果应用，改造升级传统产业，巩固提升 优势产业，培育壮大新兴产业，超前布局建设未来产业，推进产业链供应链持续优 化升级，加快建设以科技创新为引领、以先进制造业为支撑的现代化产业体系。 会议指出，2023 年，全国消保条线落实党中央、国务院决策部署，各项工作成 效突出。消保制度供给明显丰富，政策红利有效释放；放心消费创建持续深化，消 费环境建设机制不断完善；消费投诉公示全面推开，消费领域信用体系实现重大创 新；投诉举报处理效能稳步提升，12315 金字招 ...

市场流动性周报 （2024.02.26-2024.03.01） 2024 年 2 月 26 日-3 月 1 日，央行公开市场开展逆回购操作投放 11640 亿元，逆回购到期 5320 亿元，总计实现净投放 6320 亿元。 本周预计将有 11640 亿元逆回购到期。 截至 3 月 1 日，银行间同业拆借加权平均利率较 2 月 23 日变动 -8.98BP 至 1.82%，质押式回购加权平均利率较 2 月 23 日变动 -6.58BP 至 1.84%；短期利率方面，隔夜 shibor、1 周 shibor、2 周 shibor、1 个月 shibor 分别为 1.6940%、1.8060%、1.9860%、 2.0880%，较 2 月 23 日分别变动-5.30BP、-1.00BP、-13.30BP、 -3.40BP；中期利率方面，3 个月 shibor、6 个月 shibor、9 个月 shibor、1 年 shibor 分别为 2.1820%、2.2460%、2.2710%、2.2900%， 较 2 月 23 日分别变动-3.20BP、-3.70BP、-3.30BP、-3.20BP。 截至 3 月 1 日， ...

一周市场回顾 本周 A 股上证指数下跌 0.22%，收于 3048.03 点，深证成指下跌 0.49%，收于 9565.56 点，创业板指下跌 0.79%，收于 1869.17 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 0.99%、下跌 0.61%、下跌 0.70%，成长风格类板块代表指数中小 100、中证 500、中证 1000 分别上涨 0.58%、下跌 1.28%、上涨 0.72%。 港股通： 本周深股通日均资金净流出 5.42 亿元，较上周日均多流出 34.43 亿元。截至目前，深股通历史累计资金净流入降至 8311.19 亿元。 2024 年 03 月 22 日 一周市场回顾 证券研究报告-一周市场回顾 A 股市场： 本周涨幅靠前的行业有：传媒（9.40%）、农林牧渔（4.49%）、综 合（3.15%）、计算机（2.49%）、社会服务（2.24%）。跌幅靠前的 行业有：建筑材料（-2.59%）、医药生物（-2.13%）、有色金属 （-2.08%）、家用电器（-2.02%）、非银金融（-1.59%）。 本周沪股通日均资金净流出 10.13 亿元，较上周日均多流出 4 ...

工业和信息化部：今年前两个月中小企业经济运行持续向好 金壮龙指出，中国已开启全面建设社会主义现代化国家新征程，明确到 2035 年基本实现新型工业化。中国加快推进新型工业化，把高质量发展要求贯穿全过程， 以科技创新引领产业创新，加快科技创新成果应用，改造升级传统产业，巩固提升 优势产业，培育壮大新兴产业，超前布局建设未来产业，推进产业链供应链持续优 化升级，加快建设以科技创新为引领、以先进制造业为支撑的现代化产业体系。 会议指出，2023 年，全国消保条线落实党中央、国务院决策部署，各项工作成 效突出。消保制度供给明显丰富，政策红利有效释放；放心消费创建持续深化，消 费环境建设机制不断完善；消费投诉公示全面推开，消费领域信用体系实现重大创 新；投诉举报处理效能稳步提升，12315 金字招牌持续擦亮；统筹行风建设和队伍 建设，基层消保规范化水平不断提高；服务国家战略任务，消保制度型开放取得明 会议要求，2024 年消保工作要全面贯彻党的二十大和二十届二中全会精神，落 实中央经济工作会议部署，聚焦"三行动三体系"发力：以开展全国放心消费行动 为主线，纲举目张构建消费环境共治格局；以开展全国消费投诉公示行动为牵引， ...