证券研究报告 | 宏观深度 2025 年 04 月 24 日 分析师：罗志恒 执业编号：S0300520110001 电话：010-83755580 邮箱：luozhiheng@ykzq.com 近期报告 《【粤开宏观】中国 31 省份进出口全景图 （2024）：区域格局、商品结构与贸易方式》 2025-04-22 《【粤开宏观】"双标"的美国产业政策： 类型、动因、效果及思考》2025-04-15 《【粤开宏观】可以更加坚定地看好中国股 市》2025-04-08 《【粤开宏观】重新理解特朗普关税：中国 应对的三大原则和五大建议》2025-04-06 《【粤开证券】特朗普"对等关税"为何远 超市场预期？影响及下一步》2025-04-03 宏观研究 【粤开宏观】财政如何应对关税战？ 摘要 美国发起全球关税战严重破坏了全球经贸秩序，对华关税税率之高可能导致 中美贸易事实上脱钩，这在冲击美国经济的同时也将对中国的经济增长、出 口和就业产生较大冲击。充分估计形势的严峻性、充分做好应对的准备，未 雨绸缪，才能打赢关税战并化危为机；由此契机实施一系列改革，将推动中 国经济从债务和投资驱动转向科技和消费驱动、实现产业链高端 ...

Market Overview - The A-share market showed mixed performance today, with the Shanghai Composite Index down by 0.10% closing at 3296.36 points, while the Shenzhen Component Index rose by 0.67% to 9935.80 points. The ChiNext Index decreased by 0.35% to 1012.65 points, and the Growth Enterprise Market Index increased by 1.08% to 1949.16 points. Overall, 3185 stocks rose, 2046 fell, and 177 remained unchanged, with a total trading volume of 12297 billion yuan, an increase of 1397.12 billion yuan compared to the previous trading day [1][2]. Industry Performance - Among the primary industries, automotive, machinery equipment, communication, electric equipment, electronics, and computers showed the highest gains, while retail, agriculture, forestry, animal husbandry, fishery, real estate, non-ferrous metals, beauty care, and pharmaceutical biology experienced the most significant declines [1][2]. Sector Highlights - The leading sectors in terms of growth included robotic technology, automotive parts, PEEK materials, reducers, humanoid robots, integrated die-casting, new industrialization, robotics, optical modules (CPO), consumer electronics OEM, Industry 4.0, Xiaomi automotive, optical chips, industrial mother machines, and high dividend expectations [2].

2025 年 04 月 22 日 投资要点 证券研究报告 | 策略点评 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-20250422 今日关注 指数涨跌情况：今日 A 股主要指数多数收跌。截止收盘，沪指涨 0.25%，收报 3299.76 点；深证成指收跌 0.36%，收报 9870.05 点；科创 50 跌 0.31%，收报 1016.22 点；创业板指跌 0.82%，收报 1928.43 点。总体上，全天个股涨跌参 半，Wind 数据显示，全市场 2529 只个股上涨，2669 只个股下跌，209 只个股 收平。沪深两市今日成交额合计 10900 亿元，与上个交易日相较放量 485.98 亿元。 行业涨跌情况：今日申万一级行业涨跌互现，商贸零售、建筑材料、交通运 输、房地产、医药生物、农林牧渔等行业涨幅靠前，传媒、通信、计算机、 机械设备、电力设备、国防军工等行业跌幅靠前。 | 一、市场回顾 | 3 | | --- | --- | | 二、风险提示 | 4 | | | | 板块涨跌情况：今日涨幅居前概念板块为智能物 ...

Market Overview - The A-share market showed a positive trend today, with major indices mostly rising. The Shanghai Composite Index increased by 0.45% to close at 3291.43 points, while the Shenzhen Component Index rose by 1.27% to 9905.53 points. The ChiNext Index saw a gain of 1.59%, closing at 1944.32 points. Overall, 4360 stocks rose, while 871 declined, with a total trading volume of 1041.4 billion yuan, an increase of 126.749 billion yuan compared to the previous trading day [1][2]. Industry Performance - Among the first-level industries, sectors such as non-ferrous metals, computers, beauty care, machinery equipment, media, and automobiles experienced significant gains. Conversely, industries like banking, food and beverage, real estate, coal, and transportation saw declines [1][2]. Concept Sector Highlights - The leading concept sectors today included gold and jewelry, Microsoft partners, robotic technology, pet economy, digital taxation, WEB3.0, germanium-gallium-antimony ink, nickel mining, intelligent systems, humanoid robots, optical chips, general aviation, cloud computing, Xiaohongshu platform, and automotive parts [2].

Market Overview - The main indices showed mixed performance today, with the Shanghai Composite Index down by 0.11%, the Shenzhen Component Index up by 0.23%, and the ChiNext Index up by 0.27% [1] - Among the Shenwan first-level industry sectors, telecommunications, real estate, and banking performed well, while agriculture, commerce, and food and beverage sectors lagged behind [1] Concept Sector Performance - Overall, cobalt mining, 5G, and satellite internet concepts performed relatively well, whereas dairy, biotechnology, and food processing concepts showed weaker performance [1]

证券研究报告 | 策略点评 2025 年 04 月 17 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-20250417 今日关注 今日主要指数涨跌幅：沪指涨跌幅为 0.13%，深证成指涨跌幅为-0.16%， 创业板指涨跌幅为 0.09%。 申万一级行业表现：房地产、综合、建筑材料在行业涨跌幅榜居前；美 容护理、公用事业、环保在行业涨跌幅榜居后。 概念板块表现：总体来看，连板、打板、首板概念表现相对较好；操作 系统、数字货币、汽车整车概念表现相对较差。 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 | 风险提示 股市有风险，投资需谨慎。 资料来源： wind 、粤开证券研究院 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 / 5 策略点评 一、市场回顾 图表 ...

Market Overview - The main indices showed mixed performance today, with the Shanghai Composite Index increasing by 0.26%, while the Shenzhen Component Index decreased by 0.85%, and the ChiNext Index fell by 1.21% [1] - In terms of industry performance, transportation, banking, and coal sectors led the gains, while electric equipment, telecommunications, and computer sectors lagged behind [1] - Concept sectors displayed varied results, with continuous boards, dairy industry, and air transportation concepts performing relatively well, whereas blood products, IDC, and animal vaccine concepts underperformed [1]

Group 1: U.S. Industrial Policy Types - U.S. industrial policy includes both domestic supportive policies and foreign restrictive policies aimed at enhancing competitiveness and protecting local industries[3] - Domestic supportive policies involve financial support, government procurement, and innovation incentives, while foreign restrictive policies include investment and trade protection measures[4] - The U.S. manufacturing value added share of global output decreased from 25.2% in 1980 to 17.6% in 2023, highlighting the need for competitive policies[5] Group 2: Implementation Motivations and Effects - The motivations for U.S. industrial policy include enhancing industrial competitiveness, reducing trade deficits, and maintaining technological leadership[6] - U.S. manufacturing jobs have decreased, with the Gini coefficient for household income rising from 0.4 in 1967 to 0.49 in 2023, indicating growing income inequality[6] - Innovation support policies have been the most successful, as they promote technology commercialization and job creation[8] Group 3: Policy Effectiveness - Government procurement and market opening pressure policies have shown effectiveness in early industrial development stages[8] - Fiscal and financial policies have been effective due to direct support to companies, with semiconductor firms potentially receiving nearly $10 billion in subsidies[8] - Trade protection policies have had limited effectiveness, as they do not sufficiently address the underlying cost differences between U.S. and foreign industries[9] Group 4: Strategic Recommendations for China - China should implement reciprocal measures against U.S. companies through anti-monopoly and anti-dumping investigations[11] - Protecting the legitimate rights of domestic companies in trade and investment with the U.S. is essential[11] - China's industrial policy should focus on technological competition and supply chain security, emphasizing innovation support[12]

Market Overview - The main indices showed mixed performance today, with the Shanghai Composite Index increasing by 0.15%, while the Shenzhen Component Index decreased by 0.27%, and the ChiNext Index fell by 0.13% [1] - Among the Shenwan first-level industry sectors, Beauty Care, Banking, and Home Appliances performed well, while Steel, Social Services, and Real Estate lagged behind [1] - Concept sectors showed that Medical Beauty, Near-term New Stocks, and Banking concepts performed relatively well, whereas Duty-Free Shops, Hainan Free Trade Port, and Semiconductor Testing concepts performed poorly [1]

证券研究报告 | 策略点评 2025 年 04 月 14 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-20250414 今日关注 今日主要指数涨跌幅：沪指涨跌幅为 0.76%，深证成指涨跌幅为 0.51%，创业 板指涨跌幅为 0.34%。 申万一级行业表现：纺织服饰、煤炭、有色金属在行业涨跌幅榜居前；建筑 材料、国防军工、交通运输在行业涨跌幅榜居后。 概念板块表现：总体来看，海南自贸港、黄金珠宝、风力发电概念表现相对 较好；航空运输、茅、白酒概念表现相对较差。 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 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 / 5 一、市场回顾 图表1：今日主要指数涨跌幅（%）及 ...