Mai Gao Zheng Quan

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麦高研究之每日市场观察
Mai Gao Zheng Quan· 2024-07-12 12:00
重要新闻:据中国证券报消息,备受关注的新一轮财税体制改革渐行 渐近。 新一轮改革既要立足于当前的宏观经济和财政形势,更要站在国家 治理和国家战略的高度,建立健全与中国式现代化相适应的现代财政制度。 具体来看,优化税制结构、理顺政府间财政关系、强化转移支付激励约束等 料是本轮改革的重点任务。 麦高研究之每日市场观察(2024.07.12) 今日 A 股重要市场指数简报:上证综指上涨 0.03%,收于 2971.30 点, 深证成指下跌 0.18%,收于 8854.08 点,创业板指下跌 0.09%,收于 1683.63 点,科创 50 上涨 0.05%,收于 718.37 点,北证 50 上涨 0.31%,收于 692.36 点,两市 A 股成交金额为 6898.64 亿元。 热门概念方面,当日收益率前五的分别为:家电金股指数(3.50%)、 啤酒指数(2.40%)、房地产指数(2.33%)、银行指数(2.14%)、发电设备指 数(1.88%)。 麦高证券 研究发展部 联系电话:15821110817 请务必阅读报告正文后的重要声明部分 正文目录 | --- | --- | --- | |---------|- ...
黄金周度观察:2024年第28周
Mai Gao Zheng Quan· 2024-07-12 12:00
黄金周度观察——2024 年第 28 周 短期来看,美国经济数据走弱、美联储降息预期升温或对黄金价格形 成一定支撑。6 月美国非农就业人口增加 20.6 万人,高于市场预期的 19 万 人。此外,失业率走高到 4.1%,创出近期新高,意味着美国通胀压力得到 缓解以及经济增速放缓,令市场对美联储将在 9 月降息的预期升温,短期 内或将支撑金价上行。 麦高证券 研究发展部 《宏观市场周报(20240701- 20240705)》2024.07.09 《黄金周度观察——2024 年第 27 周》 2024.07.05 《宏观市场周报(20240624- 20240628)》2024.07.01 《黄金周度观察——2024 年第 26 周》 2024.06.26 | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | ...
麦高研究之每日市场观察
Mai Gao Zheng Quan· 2024-07-11 22:00
| --- | |--------------------------------------------------------| | | | 相关研究 | | 《麦高研究之每日市场观察 | | ( 2024.07.09)》2024.07.09 | | 《麦高研究之每日市场观察 | | ( 2024.07.08)》2024.07.08 《麦高研究之每日市场观察 | | ( 2024.07.05 )》 2024.07.05 《麦高研究之每日市场观察 | | ( 2024.07.04 )》 2024.07.04 | 正文目录 请务必阅读报告正文后的重要声明部分 资料来源:Wind、麦高证券研究发展部 重要市场指数 | --- | --- | --- | --- | --- | |------------|----------------|--------------|------------|------------------| | 代 码 | 名 称 | 指数分类 | 收盘点位 | 当日涨跌幅( %) | | 000001.SH | 上证指数 | 重要市场指数 | 2,939.36 | -0.68 | | ...
6月通胀数据点评:CPI低位运行,PPI降幅收窄
Mai Gao Zheng Quan· 2024-07-11 12:00
CPI 低位运行,PPI 降幅收窄 食品价格同比降幅扩大,环比由正转负。分项中猪肉是主要拉动项, 而鲜菜鲜果继续拖累;薯类、鲜果、虾蟹等产品价格因供给增多导致价格季 节性下降;鸡蛋、羊肉、牛肉和禽肉类价格继续下跌;而猪肉价格同比环比 继续上涨,且涨幅均较上月扩大。非食品价格同比、环比增速均持平上月。 暑假临近带动交通工具租赁费和飞机票价格上涨对非食品分项形成拉动, 其中服务价格上涨 0.7%,旅游价格上涨 3.7%,但宾馆住宿价格下降 1.9%。 油价和汽车等耐用品价格下跌形成拖累,其中,国际油价波动导致国内汽油 价格下降 2.0%,而"618"促销活动影响下,汽车和家用器具、文娱耐用消费 品价格下降。 风险提示:政策落地不及预期;消费者信心恢复不及预期。 相关研究 证券研究报告—宏观研究报告 撰写日期:2024 年 07 月 11 日 6 月 CPI 同比继续上涨,环比延续下降,低于市场预期(0.41%)。总 体上看,物价温和回升是趋势,后续主要目标或是提振需求。6 月 CPI 同比 上涨 0.2%,较上月增速减缓,其中翘尾因素影响约为 0.2%,新涨价因素影 响约为 0;CPI 环比录得-0.2%,前值- ...
流动性跟踪周报
Mai Gao Zheng Quan· 2024-07-11 12:00
Liquidity Operations - Last week, the central bank conducted a net withdrawal of 740 billion yuan from the open market, with 7-day reverse repos of 10 billion yuan and 750 billion yuan maturing, maintaining an interest rate of 1.80%[1][6][7] - This week, the central bank conducted a net withdrawal of 6 billion yuan from the open market, with 7-day reverse repos of 4 billion yuan and 10 billion yuan maturing[1][6][7] Interbank Market - The issuance volume of interbank certificates of deposit (NCDs) last week was 228.85 billion yuan, with an average coupon rate rising by 0.65 basis points to 1.95%[2][8][43] - The maturity volume of NCDs last week significantly decreased to 132.68 billion yuan, compared to 797.71 billion yuan in the previous week[2][43] Interest Rates - The weighted average of R007 was 1.88%, down 45 basis points from the previous week, while DR007 was 1.80%, down 29 basis points[15][34] - The spread between R007 and DR007 widened to 122 basis points, up 95 basis points from the previous week[15][34] - The average rate of 1-year FR007 swaps was 1.85%, up 1 basis point from the previous week[46] Foreign Exchange Market - The USD/CNY exchange rate rose last week, closing at 7.2674 on Friday, compared to 7.2659 the previous week[24] - The Secured Overnight Financing Rate (SOFR) in the U.S. decreased to 5.32% last week[25]
麦高研究之每日市场观察
Mai Gao Zheng Quan· 2024-07-11 10:00
证券研究报告—每日市场简报 撰写日期:2024 年 07 月 09 日 今日 A 股重要市场指数简报:上证综指上涨 1.26%,收于 2959.37 点, 深证成指上涨 1.68%,收于 8705.94 点,创业板指上涨 1.43%,收于 1652.12 点,科创 50 上涨 2.51%,收于 709.89 点,北证 50 上涨 1.35%,收于 676.13 点,两市 A 股成交金额为 7269.87 亿元。 风险提示:量化结论基于历史统计,如若未来市场环境发生变化时, 存在失效风险。 相关研究 正文目录 请务必阅读报告正文后的重要声明部分 当日市场简报 图表 1:重要指数涨跌幅 图表 2:市场规模风向标 资料来源:Wind、麦高证券研究发展部 申万一级行业中,涨幅靠前的行业为电子(4.62%)、通信(3.89%)和汽车(3.27%), 跌幅靠前的行业为农林牧渔(-2.04%)和建筑材料(-0.94%)。 请务必阅读报告正文后的重要声明部分 4 | --- | --- | --- | --- | |----------------------------------|-------------------- ...
ESG周报
Mai Gao Zheng Quan· 2024-07-11 10:00
本报告署名分析师具有中国证券业协会授予的证券投资投资咨询执业资格,并在中国证券业 协会注册登记为证券分析师。本报告所采用的数据、资料的来源合法、合规,分析师基于独立、 客观、专业、审慎的原则出具本报告,并对本报告的内容和观点负责。报告结论未受任何第三方 的授意或影响。分析师承诺不曾、不因、也将不会因报告中的具体推荐意见或观点而直接或间接 获取任何形式补偿。 本报告仅供本公司签约客户使用,若您并非本公司签约客户,为控制投资风险,请取消接收、 订阅或使用本报告中的任何信息。本公司也不会因接收人收到、阅读或关注自媒体推送本报告中 的内容而视其为客户。若本公司客户(以下称"该客户")向第三方发送本报告,则由该客户独 自为此发送行为负责。提醒通过此途径获得本报告的投资者注意,本公司不对通过此种途径获得 本报告所引起的任何损失承担任何责任。 麦高证券有限责任公司(以下简称"本公司")具有中国证券监督管理委员会核准的证券投 资咨询业务资格。 麦高证券有限责任公司研究发展部 看点前瞻 1.ESG 最新相关资讯 国内市场:7 月 4 日,中国气象局正式发布《中国气候变化蓝皮书 (2024)》,蓝皮书从大气圈、水圈、冰冻圈、生物 ...
宏观市场周报
Mai Gao Zheng Quan· 2024-07-10 11:30
Market Performance - The Shanghai Composite Index closed at 2949.93 points, down 0.59% for the week[43] - The Shenzhen Component Index fell 1.73%, closing at 8695.55 points[43] - Average daily trading volume was 6107.60 billion RMB, a decrease of 8.31% from the previous week[43] Capital Flow - Net outflow of northbound funds was 139.47 billion RMB, with Shanghai Stock Connect seeing a net outflow of 44.92 billion RMB and Shenzhen Stock Connect 94.55 billion RMB[43] - Total net outflow of main funds was 593.66 billion RMB, slightly down from 703.86 billion RMB the previous week[25] Regulatory Developments - New regulations on financial fraud in the capital market were issued, emphasizing a combination of punishment and prevention[2] - The regulations aim to enhance corporate governance and increase accountability for financial fraud[2] Sector Performance - The best-performing sectors included non-ferrous metals (up 2.61%) and retail (up 2.43%) while defense and military sectors saw the largest declines (down 3.75%)[23] - Only the retail and coal sectors experienced net inflows, while electronics and power equipment faced significant outflows[25] Economic Indicators - China's service trade grew by 16% year-on-year in the first five months, with total service trade amounting to 30,219.6 billion RMB[39]
宏观经济高频数据周报:物价小幅回升 地产缓慢修复
Mai Gao Zheng Quan· 2024-07-10 11:30
Economic Indicators - The average wholesale price of pork increased by 0.91% to 24.43 CNY/kg, with a year-on-year rise of 29.74%[79] - The wholesale price of 28 monitored vegetables rose by 3.80% to 4.64 CNY/kg, while the year-on-year decline was 6.07%[79] - The wholesale price of 7 monitored fruits decreased by 2.19% to 7.15 CNY/kg, with a year-on-year drop of 4.92%[79] Market Trends - The construction sector showed poor performance, with the high furnace operating rate down by 0.41% to 82.79%, and a year-on-year decline of 2.02%[56] - The rebar price was recorded at 3660.00 CNY/ton, reflecting a 0.94% increase, but a year-on-year decrease of 4.54%[56] - The transaction area of commercial housing in 30 major cities fell by 52.89% to 187.23 million square meters, with a year-on-year decline of 7.23%[61] Commodity Prices - Brent crude oil price was 86.54 USD/barrel, up 0.15% month-on-month and 10.28% year-on-year[47] - LME copper price reached 9809.00 USD/ton, increasing by 3.51% month-on-month and 18.19% year-on-year[47] - The iron ore price index was recorded at 110.50 USD/ton, with a month-on-month increase of 3.56% and a year-on-year rise of 0.96%[47] Inflation and Monetary Policy - The overall inflation prices showed a slight recovery, with the agricultural product wholesale price index rising by 1.62% to 114.23, although it still reflects a year-on-year decline of 4.23%[79] - The 10-year government bond yield increased, indicating a shift in monetary policy dynamics[27]
策略周报
Mai Gao Zheng Quan· 2024-07-10 10:30
根据近十六周两融余额占比热力图,医药、机械、电力设备及新能源、纺服和 计算机板块的两融余额占比减少,市场热度降低。根据近十六周杠杆资金流动性热力 图可得,杠杆资金由 16 周前的普遍流入态势转变为近期的大范围流出,市场情绪趋 于谨慎。杠杆资金流动性出现明显的行业轮动偏向,由此前的医药、电子、计算机、 基础化工等转向煤炭、纺服、通信等板块。 策略周报 3. 风格板块流动性跟踪 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------|-------------------------------------------------------|-------------------|-------|-------|-------|-------|-------|-------|-------|-------|-------|------- ...