观望情绪渐浓，ETF 规模再上新台阶 —— 量化市场追踪周报（2025W16） [Table_ReportTime] 2025 年 4 月 20 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 证券研究报告 金工研究 [Table_ReportType] 金工定期报告 [Table_Author] 于明明 金融工程与金融产品 首席分析师 执业编号：S1500521070001 联系电话：+86 18616021459 邮 箱：yumingming@cindasc.com 吴彦锦 金融工程与金融产品 分析师 执业编号：S1500523090002 联系电话：+86 18616819227 邮 箱：wuyanjin@cindasc.com 周君睿 金融工程与金融产品 分析师 执业编号：S1500523110005 联系电话：+86 19821223545 邮 箱：zhoujunrui@cindasc.com [Table_Title] 量化市场追踪周报(2025W16)：观望情绪渐浓， ETF 规模再上新台阶 [Table_ReportDate] 2025 年 4 月 20 ...

[Table_ReportDate] 2025 年 04 月 20 日 智能眼镜：眼视光的价值在哪里？ [Table_Industry] 轻工制造 邮 箱： [Table_ReportType] 行业专题研究（普通） | [Table_StockAndRank] 轻工制造 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | | [Table_Author] 姜文镪 新消费行业分析师 | | | 执业编号：S1500524120004 | | 证券研究报告 行业研究 jiangwenqiang@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 智能眼镜：眼视光的价值在哪里？ [Table_ReportDate] 2025 年 04 月 20 日 本期内容提要: ➢ 眼视光的价值：1）上游原料：目前智能眼镜沿用树脂材料、高折射率 依赖进口，长期关注光波导融合度数新材料研发进展；2）中游镜片： 我国镜片行业集中度仍有提升空间，中高端领 ...

观望情绪渐浓，ETF 规模再上新台阶 —— 量化市场追踪周报（2025W16） [Table_ReportTime] 2025 年 4 月 20 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 证券研究报告 金工研究 [Table_ReportType] 金工定期报告 [Table_Author] 于明明 金融工程与金融产品 首席分析师 执业编号：S1500521070001 联系电话：+86 18616021459 邮 箱：yumingming@cindasc.com 吴彦锦 金融工程与金融产品 分析师 执业编号：S1500523090002 联系电话：+86 18616819227 邮 箱：wuyanjin@cindasc.com 周君睿 金融工程与金融产品 分析师 执业编号：S1500523110005 联系电话：+86 19821223545 邮 箱：zhoujunrui@cindasc.com [Table_Title] 量化市场追踪周报(2025W16)：观望情绪渐浓， ETF 规模再上新台阶 [Table_ReportDate] 2025 年 4 月 20 ...

证券研究报告 行业研究——周报 [Tabl Table_StockAndRank] 石油加工行业 e_ReportType] 行业评级 ——看好 上次评级——看好 [Table_A 左前明 uthor 能源行业首席分析师 ] 执业编号：S1500518070001 联系电话：010-83326712 邮箱：zuoqianming@cindasc.com 胡晓艺 石化行业分析师 执业编号：S1500524070003 邮箱：huxiaoyi@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.，LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 原油周报：油价进入修复性反弹行情 [Table_Title] [Table_ReportDate0] 2025 年 4 月 20 日 本期内容提要： [Table_Summary] ➢ 【油价回顾】截至 2025年 4月 18 日当周，油价修复性反弹。本周， 上半周，美国对中国加征高额关税，EIA 和 IEA 下调全球需求增长预 测，油价继续下行；下半周，美国对伊朗出口实施新制裁，叠加欧佩 克产油国提交补偿性减产计 ...

新消费持续崛起，高切低依然存在，加 强低位顺周期布局 | [Table_StockAndRank] 轻工制造 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | | [Table_Author] 姜文镪 新消费行业首席分析师 | | | 执业编号：S1500524120004 | | | 邮 箱： | | | jiangwenqiang@cindasc.com | | 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 新消费持续崛起，高切低依然存在，加强低位 顺周期布局 [Table_ReportDate] 2025 年 04 月 20 日 本期内容提要: [Table_S [➢Table_Summary 造纸：阔叶浆成交价格温和抬升，食品卡逆势提价。 ummary] ] 上游浆厂态度强 势，伴随部分纸企补库，据 Fastmarkets 评估南美漂阔价格已涨至 580-600 美元/吨（先前为 580-590 美元/吨）。国内纸价方面：1）文化 纸：纸 ...

超储回落资金仍稳中有降 超长期特别国债发行提前 —— 流动性与机构行为周度跟踪 [[Table_R Table_Report eportTTime ime]] 2025 年 4 月 20 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 歌声ue 证券研究报告 债券研究 [Table_ReportType] 专题报告 | | | 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲 127 号金隅 大厦B 座 邮编：100031 3超储回落资金仍稳中有降 超长期特别国债发行提前 [Table_ReportDate] 2025 年 4 月 20 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 2 执业编号：S1500520050002 联系电话：+86 18817583889 邮 箱： liyishuang@cindasc.com [➢Table_Summary] 货币市场：本周央行净投放流动性 3238 亿元。上半周央行逆回购维持净回 笼，MLF 到期 1000 亿，叠加政府债缴款规模较高， ...

Group 1: US Market Analysis (2009-2011) - The US real estate market bottomed out without significantly affecting economic recovery, which drove a strong stock market [3][9][11] - The stock market's upward momentum was primarily driven by the recovery of personal consumption, manufacturing, and exports [3][17][25] Group 2: Japan Market Analysis (2012-2013) - Japan experienced a slight rebound in real estate, leading to a long bull market driven by government investment and quantitative easing [3][32][33] - The stock market's rise was supported by increased public investment and the Bank of Japan's purchase of risk assets [3][41][51] Group 3: Germany Market Analysis (2022-2023) - Despite a decline in real estate prices and economic recession, the German stock market continued to rise [3][58][62] - The stock market's growth was fueled by corporate globalization and favorable liquidity conditions [3][70][74] Group 4: A-Share Market Outlook - The A-share market may experience a bull market driven by the bottoming out of real estate, along with rebounds in consumption, investment, and liquidity [3][4]

再强调：莫高估供给，亦不低估需求 [Table_ReportTime] 2025 年 4 月 20 日 证券研究报告 行业研究-周报 [Table_ReportType] 行业周报 | [Table_StockAndRank] 煤炭开采 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | 左前明：能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮箱：zuoqianming@cindasc.com 高升：煤炭钢铁行业首席分析师 执业编号：S1500524100002 邮箱：gaosheng@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.,LTD 北京市西城区宣武门西大街甲 127 号 金隅大厦 B 座 邮编：100031 [Table_Title] 再强调：莫高估供给，亦不低估需求 [Table_ReportDate] 2025 年 4 月 20 日 本期内容提要: [Table_Summary] 请阅读最后一页免责声明及信息披露 http://www.cindasc.com2 ◆ 动力煤 ...

H20 限制对华出口，国产算力迎来替代新机遇 [Table_ReportDate] 2025 年 4 月 20 日 证券研究报告 行业研究 [行业周报 Table_ReportType] | [Table_StockAndRank] 电子 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | [Table_Author] 莫文宇 电子行业首席分析师 执业编号：S1500522090001 邮 箱：mowenyu@cindasc.com 杨宇轩 电子行业分析师 执业编号：S1500525010001 邮箱：yangyuxuan@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 [Table_Title] H20 限制对华出口，国产算力迎来替代新机遇 [Table_ReportDate] 2025 年 4 月 20 日 本期内容提要: [Table_S [Table_Summary ummary] ] 请阅读最后一页免责声明及信息披露 http://www.ci ...

Investment Rating - The industry investment rating is "Neutral" as the industry index is expected to be in line with the benchmark [119]. Core Views - The report indicates that the market is concerned about demand due to tariff impacts, leading to a decline in refining product prices [1]. - Brent crude oil prices have shown a slight increase, with a weekly average of $65.87 per barrel, reflecting a 2.69% increase [2][13]. - Domestic refined oil prices have generally decreased, while overseas prices have seen some increases [1]. - The chemical sector is experiencing price declines due to tariff impacts, despite cost support from raw materials [1]. - The polyester sector is facing strong demand shocks from tariffs, leading to weak price performance despite some cost support from rising crude oil prices [1]. Summary by Sections Refining Sector - The Brent and WTI crude oil prices as of April 18, 2025, were $67.96 and $64.68 per barrel, respectively, both up by $3.2 from the previous week [1][13]. - Domestic refined oil prices for diesel, gasoline, and jet fuel averaged at 6995.43, 8172.14, and 6109.00 yuan per ton, respectively, with declines noted [13]. - The report highlights a slight recovery in trade tensions between the US and China, which may support oil prices [1]. Chemical Sector - The report notes that chemical prices are generally declining, with significant price drops in pure benzene and styrene [1]. - Polyethylene prices are under pressure due to supply-demand imbalances, with average prices for LDPE, LLDPE, and HDPE at 9157.14, 7202.29, and 8242.86 yuan per ton, respectively [46]. - EVA prices have seen a slight increase, averaging 11957.14 yuan per ton [46]. Polyester Sector - PX prices have increased to an average of 5292.29 yuan per ton, supported by rising crude oil prices [72]. - PTA prices have continued to decline, with an average of 4310.71 yuan per ton, reflecting a negative profit margin [85]. - The report indicates that the demand for polyester products is weak due to tariff impacts, leading to price declines [1][83]. Market Performance of Major Refining Companies - The stock performance of six major refining companies as of April 18, 2025, shows varied results, with Rongsheng Petrochemical down by 2.31% and Hengli Petrochemical up by 0.53% [106]. - Over the past month, Rongsheng Petrochemical has decreased by 8.65%, while Hengli Petrochemical has decreased by 3.43% [106].