Market Overview - The A-share market saw a mixed performance today, with the Shanghai Composite Index slightly up by 0.04% closing at 3385.36 points, while the Shenzhen Component Index and the ChiNext Index fell by 0.19% and 0.45% respectively [1][9] - The total trading volume in the Shanghai and Shenzhen markets was 11,520 billion yuan, a decrease of 1,384 billion yuan compared to the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, the leading sectors included non-ferrous metals, communication, oil and petrochemicals, construction decoration, and basic chemicals, with respective gains of 1.16%, 1.00%, 0.88%, 0.79%, and 0.74% [1] - Conversely, the sectors that experienced declines included beauty and personal care, textiles and apparel, food and beverage, media, and non-bank financials, with losses of 1.70%, 1.18%, 0.92%, 0.85%, and 0.84% respectively [1] Concept Sectors - The top-performing concept sectors today were continuous boards, Hainan Free Trade Port, Tibet revitalization, industrial metals, and vitamins, among others [2] - Sectors that faced declines included financial technology, contract research organizations (CRO), and dairy [2]

Market Overview - The A-share market saw most major indices rise today, with the Shanghai Composite Index up by 0.23% closing at 3384.10 points, the Shenzhen Component Index up by 0.58% closing at 10203.50 points, and the ChiNext Index up by 1.17% closing at 2048.61 points [1][9] - The total trading volume in the Shanghai and Shenzhen markets reached 1.29 trillion yuan, an increase of 137.4 billion yuan compared to the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, the leading sectors were communication, electronics, computers, media, and machinery equipment, with increases of 2.62%, 2.31%, 2.12%, 1.27%, and 0.98% respectively [1] - The sectors that experienced declines included beauty care, textiles and apparel, agriculture, forestry, animal husbandry, fishery, comprehensive, and pharmaceutical biology, with decreases of 3.07%, 1.81%, 1.79%, 1.30%, and 1.01% respectively [1] Concept Sector Performance - The top-performing concept sectors included circuit boards, digital currency, IDC, 5G, big data, memory, cloud computing, financial technology, technology leaders, cameras, smart speakers, consumer electronics manufacturing, cybersecurity, virtual reality, and artificial intelligence [2]

Market Overview - The A-share market saw all major indices rise today, with the Shanghai Composite Index up by 0.42% closing at 3376.20 points, the Shenzhen Component Index up by 0.87% at 10144.58 points, and the ChiNext Index up by 1.11% at 2024.93 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1153 billion yuan, an increase of 11.6 billion yuan compared to the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, the leading sectors included Beauty Care, Comprehensive, Textile and Apparel, Communication, and Light Industry Manufacturing, with increases of 2.63%, 2.53%, 2.41%, 1.79%, and 1.61% respectively [1] - The only sectors that experienced declines were Transportation, National Defense and Military Industry, and Public Utilities, with decreases of 0.58%, 0.24%, and 0.12% respectively [1] Concept Sector Performance - The top-performing concept sectors today included Rare Earth, Rare Earth Permanent Magnet, Gold and Jewelry, Dairy Industry, and Lithium Battery, among others [2] - Conversely, sectors such as Air Transportation, Aircraft Carriers, and Intelligent Logistics experienced pullbacks [11]

Market Overview - The A-share market saw all major indices rise today, with the Shanghai Composite Index up by 0.43% closing at 3361.98 points, the Shenzhen Component Index up by 0.16% at 10057.17 points, the ChiNext Index up by 0.48% at 2002.70 points, and the Sci-Tech 50 Index up by 0.48% at 981.71 points [1][12] - Overall, 3390 stocks rose while 1782 stocks fell, with a total trading volume of 1141.4 billion yuan, an increase of 2.2 billion yuan compared to the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, the sectors that saw gains included Beauty Care (up 3.86%), Textile and Apparel (up 2.53%), Comprehensive (up 2.02%), Banking (up 1.98%), and Agriculture, Forestry, Animal Husbandry, and Fishery (up 1.80%) [1][12] - The sectors that experienced declines included Household Appliances (down 2.10%), Steel (down 1.37%), Coal (down 0.84%), Building Materials (down 0.52%), and Environmental Protection (down 0.40%) [1][12] Concept Sectors - The top-performing concept sectors today included Gold and Jewelry, Medical Beauty, Dairy Industry, Gene Testing, CRO, Anti-Cancer, Rare Earth, Biological Vaccines, Innovative Drugs, and Medical Supplies Export [2][11] - Conversely, sectors such as Automotive Complete Vehicles, Wireless Charging, and Excavators experienced pullbacks [11]

Market Overview - The main indices showed a decline today, with the Shanghai Composite Index down by 0.47%, the Shenzhen Component down by 0.85%, and the ChiNext Index down by 0.96% [1] - In terms of industry performance, the top sectors included Agriculture, Forestry, Animal Husbandry, and Fishery, Banking, and Pharmaceutical and Biological sectors, while the Mechanical Equipment, Computer, and Light Industry Manufacturing sectors lagged behind [1] - Concept sectors performed variably, with the Chicken Industry, CRO, and Pig Industry concepts showing relatively good performance, while Near-term New Stocks, Photoresist, and Smart Speaker concepts performed poorly [1]

证券研究报告 | 策略点评 2025 年 05 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 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 1.24%， 创业板指涨跌幅为 1.37%。 申万一级行业表现：计算机、医药生物、电子在行业涨跌幅榜居前；石 油石化、家用电器、公用事业在行业涨跌幅榜居后。 概念板块表现：总体来看，数字货币、金融科技、CRO 概念表现相对较 好；黄金珠宝、航空运输、食品加工概念表现相对较差。 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 粤开市场日报-20250529 | 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 | 资料来源： wind 、粤开证券研究院 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 ...

Market Overview - The main indices showed slight declines today, with the Shanghai Composite Index down by 0.02%, the Shenzhen Component Index down by 0.26%, and the ChiNext Index down by 0.31% [1] - Among the Shenwan first-level industry sectors, textiles and apparel, environmental protection, and coal performed well, while automotive, real estate, and computer sectors lagged behind [1] - Concept sectors showed mixed performance, with gold and jewelry, dairy, and consecutive board concepts performing relatively well, while CRO, medical services, and near-term new stocks underperformed [1]

Group 1: Implementation Effects of Active Fiscal Policy - Active fiscal policy has effectively responded to external shocks, maintaining an average economic growth rate of 9.9% from 2008 to 2010, compared to the global average of 1.7% during the same period[7] - From 2020 to 2023, China's average economic growth rate was 4.7%, significantly higher than the global average of 2.3%[7] - Social welfare spending has increased, with rural minimum living standards rising by 73.3% and urban low-income support increasing by 45.4% from 2017 to 2023[9] Group 2: Challenges of Active Fiscal Policy - The emphasis on current fiscal balance may impact long-term fiscal risks, with a consistent deficit rate below 3% reflecting a balanced fiscal approach[11] - The effectiveness of large-scale tax cuts is diminishing, with the macro tax burden needing stabilization as general public budget revenue as a percentage of GDP fell to 16.3% in 2024, down 5.1 percentage points since 2013[17] - The fiscal expenditure structure requires optimization, with a tendency to focus more on supply-side measures rather than demand-side support, leading to potential demand deficiencies[19] Group 3: Directions for Fiscal Policy Transformation - Transition from a balanced fiscal approach to a functional fiscal policy, potentially breaking the 3% deficit constraint to better support economic stability[21] - Fiscal policy objectives should balance short-term economic stability with long-term systemic challenges, addressing issues like population aging and digital economy risks[23] - Shift focus from income policies to expenditure policies, enhancing the efficiency and effectiveness of fiscal measures[28]

Implementation Effects of Active Fiscal Policy - Active fiscal policy has effectively responded to external shocks, maintaining an average economic growth rate of 9.9% from 2008 to 2010, compared to the global average of 1.7%[5] - From 2020 to 2023, China's average economic growth rate was 4.7%, significantly higher than the global average of 2.3% during the same period[5] - Social welfare spending has increased, with rural minimum living standards rising by 73.3% and urban low-income standards increasing by 45.4% from 2017 to 2023[7] Challenges of Active Fiscal Policy - The emphasis on current fiscal balance may impact long-term economic risks, with the deficit rate rarely exceeding 3%[9] - The effectiveness of large-scale tax cuts is diminishing, with the general public budget revenue as a percentage of GDP dropping to 16.3% in 2024, down 5.1 percentage points from 2013[13] - The fiscal expenditure structure needs optimization, with a tendency to focus more on supply-side measures rather than demand-side support[14] Directions for Fiscal Policy Transformation - Shift from a balanced fiscal approach to a functional fiscal policy, potentially breaking the 3% deficit constraint to stimulate economic growth[16] - Enhance the focus on long-term challenges such as population aging and digital economy risks, ensuring fiscal policy addresses both short-term stability and long-term sustainability[18] - Transition from income policies to expenditure policies, emphasizing efficiency and effectiveness in fiscal measures[22]

证券研究报告 | 策略点评 2025 年 05 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-20250527 今日关注 今日主要指数涨跌幅：沪指涨跌幅为-0.18%，深证成指涨跌幅为-0.61%， 创业板指涨跌幅为-0.68%。 申万一级行业表现：纺织服饰、医药生物、美容护理在行业涨跌幅榜居 前；机械设备、通信、计算机在行业涨跌幅榜居后。 概念板块表现：总体来看，连板、打板、乳业概念表现相对较好；摄像 头、汽车零部件、工业金属概念表现相对较差。 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 资料来源： wind 、粤开证券研究院 策略点评 分析师简介 孟之绪，华北电力大学学士、 ...