证券研究报告 | 策略点评 2025 年 10 月 31 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 粤开市场日报-20251031 今日主要指数涨跌幅：沪指涨跌幅为-0.81%，深证成指涨跌幅为-1.14%， 创业板指涨跌幅为-2.31%。 今日关注 | 一、市场回顾 | 3 | | --- | --- | | 二、风险提示 | 4 | 申万一级行业表现：医药生物、传媒、商贸零售在行业涨跌幅榜居前； 非银金融、公用事业、国防军工在行业涨跌幅榜居后。 概念板块表现：总体来看，锂电电解液、创新药、疫苗概念表现相对较 好；稀土、存储器、大基建央企概念表现相对较差。 风险提示 股市有风险，投资需谨慎。 请务必阅读最后特别声明与免责条款 www.ykzq.com 1 / 6 | | | 策略点评 一、市场回顾 图表1：今日主要指数涨跌幅（%）及概念板块表现 请务必阅读最后特别声明与免责条款 www.ykzq.com 3 / 6 策略点评 二、风险提示 股市有风险，投资需谨慎 请务必阅读最后特别声明与免责条款 www.ykzq. ...

《【粤开宏观】《"十五五"规划建议》的 12 大看点：科技自立与扩大内需引领新征 程》2025-10-28 证券研究报告 | 宏观深度 2025 年 10 月 30 日 投资要点 分析师：罗志恒 执业编号：S0300520110001 电话：010-83755580 邮箱：luozhiheng@ykzq.com 分析师：马家进 执业编号：S0300522110002 电话：13645711472 邮箱：majiajin@ykzq.com 研究助理：孙文婷 邮箱：sunwenting1@ykzq.com 近期报告 《【粤开宏观】三季度经济增速为何放缓？ 四季度经济前景如何？》2025-10-20 《【粤开宏观】关税战下的美国：关税收入、 实际税率与贸易格局演变》2025-10-12 《【粤开宏观】从化债到化险，厘清地方债 务风险的五个认知》2025-10-08 《【粤开宏观】历次牛市回调的原因是什 么？有哪些特征？该如何应对？》 2025-09-25 宏观研究 【粤开宏观】中美吉隆坡经贸磋商： 谈成什么？还剩什么？未来如何？ 事件 10 月 30 日，中美两国元首在韩国釜山举行会晤，深入讨论了中美经贸关系等 议 ...

证券研究报告 | 策略点评 2025 年 10 月 30 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 粤开市场日报-20251030 今日关注 今日主要指数涨跌幅：沪指涨跌幅为-0.73%，深证成指涨跌幅为-1.16%， 创业板指涨跌幅为-1.84%。 申万一级行业表现：钢铁、有色金属、公用事业在行业涨跌幅榜居前； 传媒、综合、医药生物在行业涨跌幅榜居后。 概念板块表现：总体来看，锂电电解液、锂矿、连板概念表现相对较好； 炒股软件、光刻胶、动物疫苗概念表现相对较差。 | 一、市场回顾 | 3 | | --- | --- | | 二、风险提示 | 4 | | | | 风险提示 股市有风险，投资需谨慎。 请务必阅读最后特别声明与免责条款 www.ykzq.com 1 / 6 图表1：今日主要指数涨跌幅（%）及概念板块表现 请务必阅读最后特别声明与免责条款 www.ykzq.com 3 / 6 策略点评 一、市场回顾 资料来源： wind 、粤开证券研究院 策略点评 二、风险提示 股市有风险，投资需谨慎 请务必阅读最后特别声 ...

证券研究报告 | 策略点评 2025 年 10 月 29 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 粤开市场日报-20251029 今日关注 今日主要指数涨跌幅：沪指涨跌幅为 0.7%，深证成指涨跌幅为 1.95%， 创业板指涨跌幅为 2.93%。 申万一级行业表现：电力设备、有色金属、非银金融在行业涨跌幅榜居 前；纺织服饰、轻工制造、美容护理在行业涨跌幅榜居后。 概念板块表现：总体来看，工业金属、稀有金属、电源设备概念表现相 对较好；银行、营销传播、影视概念表现相对较差。 风险提示 股市有风险，投资需谨慎。 请务必阅读最后特别声明与免责条款 www.ykzq.com 1 / 6 | 一、市场回顾 | 3 | | --- | --- | | 二、风险提示 | 4 | 请务必阅读最后特别声明与免责条款 www.ykzq.com 3 / 6 | | | 策略点评 一、市场回顾 图表1：今日主要指数涨跌幅（%）及概念板块表现 资料来源： wind 、粤开证券研究院 策略点评 二、风险提示 股市有风险，投资需谨慎 请务必阅读 ...

Economic Environment and Challenges - The "15th Five-Year Plan" emphasizes the coexistence of strategic opportunities and risks, highlighting increased uncertainty in the development environment[3] - External challenges are expected to intensify, with geopolitical tensions and trade barriers affecting China's economic landscape[17] - The plan identifies effective demand insufficiency and the need for new and old kinetic energy conversion as critical issues[19] Development Goals - The plan sets seven major development goals, including achieving significant high-quality development and a notable increase in the resident consumption rate[20] - Aiming for an average nominal GDP growth rate of 5% during the "15th Five-Year Plan" period to reach a per capita GDP of approximately $27,000 by 2035[21] - The target for the resident consumption rate is to increase from 40% to 43%, necessitating a 6.5% annual growth in consumption[22] Industrial and Technological Focus - The establishment of a modern industrial system is prioritized, with a focus on maintaining a reasonable proportion of manufacturing in the economy[25] - The plan emphasizes the importance of technological self-reliance and innovation as a core component of high-quality development[33] - Specific sectors such as new energy, advanced manufacturing, and digital economy are highlighted for rapid development and support[28] Domestic Demand and Investment - Expanding domestic demand is identified as a strategic foundation for modernization, with a focus on enhancing consumer confidence and increasing disposable income[35] - The plan calls for optimizing the investment structure, directing funds towards education, healthcare, and emerging technologies[36] - Reforming the income distribution system is crucial for sustainable consumption growth and fostering a robust middle-income group[38] Governance and Policy Coordination - The plan advocates for improving the macroeconomic governance system and enhancing policy effectiveness through better coordination of fiscal and monetary policies[39] - Emphasis is placed on creating a stable and predictable institutional environment to support market participants[42] - The need for a proactive fiscal policy is highlighted to address short-term fiscal challenges while ensuring long-term sustainability[43]

证券研究报告 | 策略点评 2025 年 10 月 28 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 粤开市场日报-20251028 今日关注 今日主要指数涨跌幅：沪指涨跌幅为-0.22%，深证成指涨跌幅为-0.44%， 创业板指涨跌幅为-0.15%。 申万一级行业表现：综合、国防军工、交通运输在行业涨跌幅榜居前； 建筑装饰、煤炭、医药生物在行业涨跌幅榜居后。 概念板块表现：总体来看，连板、打板、锂电电解液概念表现相对较好； 工业金属、钴矿、近端次新股概念表现相对较差。 风险提示 股市有风险，投资需谨慎。 请务必阅读最后特别声明与免责条款 www.ykzq.com 1 / 6 | 一、市场回顾 | 3 | | --- | --- | | 二、风险提示 | 4 | | | | 策略点评 资料来源： wind 、粤开证券研究院 一、市场回顾 图表1：今日主要指数涨跌幅（%）及概念板块表现 请务必阅读最后特别声明与免责条款 www.ykzq.com 3 / 6 策略点评 分析师简介 策略点评 二、风险提示 股市有风险，投资需 ...

证券研究报告 | 策略点评 2025 年 10 月 27 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 粤开市场日报-20251027 今日关注 今日主要指数涨跌幅：沪指涨跌幅为 1.18%，深证成指涨跌幅为 1.51%， 创业板指涨跌幅为 1.98%。 申万一级行业表现：通信、电子、综合在行业涨跌幅榜居前；银行、商 贸零售、纺织服饰在行业涨跌幅榜居后。 概念板块表现：总体来看，存储器、稀土、消费电子代工概念表现相对 较好；海南自贸港、血液制品、网络游戏概念表现相对较差。 风险提示 股市有风险，投资需谨慎。 请务必阅读最后特别声明与免责条款 www.ykzq.com 1 / 5 | 一、市场回顾 | 3 | | --- | --- | | 二、风险提示 | 3 | | 图表 1： | | --- | | 今日主要指数涨跌幅（%）及概念板块表现 3 | 策略点评 一、市场回顾 图表1：今日主要指数涨跌幅（%）及概念板块表现 二、风险提示 股市有风险，投资需谨慎 请务必阅读最后特别声明与免责条款 www.ykzq.com 3 ...

Market Overview - The A-share market showed a positive trend today, with major indices mostly rising. The Shanghai Composite Index increased by 0.71% to close at 3950.31 points, while the Shenzhen Component Index rose by 2.02% to 13289.18 points. The Sci-Tech 50 Index saw a significant increase of 4.35%, closing at 1462.22 points, and the ChiNext Index rose by 3.57% to 3171.57 points. Overall, 3025 stocks rose, 2273 fell, and 138 remained unchanged, with a total trading volume of 19742 billion yuan, an increase of 3303 billion yuan compared to the previous trading day [1][2]. Industry Performance - Among the primary industries, the telecommunications, electronics, defense, electric equipment, computer, and non-ferrous metals sectors experienced notable gains. Conversely, the petroleum and petrochemical, coal, food and beverage, real estate, transportation, and steel industries faced declines [1][2]. Sector Highlights - The leading sectors in terms of growth included memory storage, circuit boards, HBM, ASIC chips, optical modules (CPO), semiconductor silicon wafers, GPUs, national big fund, semiconductor selections, wafer industry, semiconductor industry, satellite internet, servers, chips, and optical communication [2].

证券研究报告 | 策略点评 2025 年 10 月 23 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 粤开市场日报-20251023 今日关注 指数涨跌情况：今日 A 股主要指数多数收涨。截止收盘，沪指涨 0.22%，收报 3922.41 点；深证成指涨 0.22%，收报 13025.45 点；科创 50 跌 0.30%，收报 1401.26 点；创业板指涨 0.09%，收报 3062.16 点。总体上，全天个股涨跌参 半，Wind 数据显示，全市场 2991 只个股上涨，2301 只个股下跌，143 只个股 收平。沪深两市今日成交额合计 16439 亿元，较上个交易日缩量 239.47 亿元。 板块涨跌情况：今日涨幅居前概念板块为冰雪旅游、锂矿、央企煤炭、近端 次新股、短剧游戏、盐湖提锂、量子技术、化学纤维精选、网络安全、操作 系统、两岸融合、煤炭开采精选、Kimi、铝产业、锂电电解液板块。 风险提示 股市有风险，投资需谨慎。 请务必阅读最后特别声明与免责条款 www.ykzq.com 1 / 6 | 一、市场回顾 ...

Market Overview - The A-share market saw most major indices decline today, with the Shanghai Composite Index down 0.07% closing at 3913.76 points, and the Shenzhen Component Index down 0.62% closing at 12996.61 points [1] - Overall, the trading volume in the Shanghai and Shenzhen markets totaled 16679 billion, a decrease of 2060.38 billion compared to the previous trading day [1] Industry Performance - Among the primary industries, sectors such as petroleum and petrochemicals, banking, household appliances, real estate, media, and machinery equipment led the gains, while non-ferrous metals, electric equipment, agriculture, defense, coal, and non-bank financials experienced declines [1] - The top-performing concept sectors included primary real estate developers, oil and gas extraction, natural gas, urban village renovation, central enterprise banks, K-12 education, major infrastructure in the west, new urbanization, water conservancy and hydropower construction, Xinjiang revitalization, wind power generation, near-term new stocks, selected banks, excavators, and ST sectors [2]