2025 年 04 月 11 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 证券研究报告 | 策略点评 投资策略研究 粤开市场日报-20250411 今日关注 指数涨跌情况：今日 A 股主要宽基指数全数上涨。截止收盘，沪指涨 0.45%， 收报 3238.23 点；深证成指涨 0.82%，收报 9834.44 点；创业板指涨 1.36%， 收报 1926.37 点；科创 50 涨 2.07%，收报 1011.71 点。总体上全天个股涨多 跌少，Wind 数据显示，全市场 3291 只个股上涨，1909 只个股下跌，204 只个 股收平。沪深两市今日成交额合计 13487 亿元，较上个交易日缩量约 2608 亿 元。 行业涨跌情况：今日申万一级行业涨跌各半，电子、汽车、机械设备、国防 军工和电力设备行业领涨，涨幅分别为 3.77%、2.20%、1.33%、1.20%和 1.11%， 农林牧渔、煤炭、商贸零售、房地产和建筑材料领跌，跌幅分别为 3.18%、1.18%、 0.98%、0.98%、0.62%。 板块涨跌情况：今日涨幅居前概念板 ...

证券研究报告 | 策略点评 2025 年 04 月 10 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-20250410 今日关注 指数涨跌情况：今日 A 股主要宽基指数全数上涨。截止收盘，沪指涨 1.16%， 收报 3223.64 点；深证成指涨 2.25%，收报 9754.64 点；创业板指涨 2.27%， 收报 1900.53 点；科创 50 涨 1.09%，收报 991.22 点。总体上全天个股涨多跌 少，Wind 数据显示，全市场 4948 只个股上涨，382 只个股下跌，72 只个股收 平。沪深两市今日成交额合计 16095 亿元，较上个交易日缩量约 901 亿元。 | 一、市场回顾 | 3 | | --- | --- | | 二、风险提示 | 4 | 行业涨跌情况：今日申万一级行业全数上涨，商贸零售、纺织服饰、有色金 属、汽车和传媒行业领涨，涨幅分别为 4.83%、3.77%、3.42%、3.21%、3.20%， 煤炭、公用事业、农林牧渔、食品饮料和银行行业涨幅相对落后。 板块涨跌情况：今日涨 ...

证券研究报告 | 策略点评 2025 年 04 月 09 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-20250409 今日关注 指数涨跌情况：今日 A 股主要宽基指数全数上涨。截止收盘，沪指涨 1.31%， 收报 3186.81 点；深证成指涨 1.22%，收报 9539.89 点；创业板指涨 0.98%， 收报 1858.36 点；科创 50 涨 4.31%，收报 980.57 点。总体上全天个股涨多跌 少，Wind 数据显示，全市场 4526 只个股上涨，777 只个股下跌，99 只个股收 平。沪深两市今日成交额合计 16996 亿元，较上个交易日放量约 740 亿元。 行业涨跌情况：今日申万一级行业除银行和石油石化外全数上涨，国防军工、 商贸零售、房地产、计算机和社会服务行业领涨，涨幅分别为 6.27%、5.18%、 4.40%、3.87%和 3.58%，银行和石油石化分别下跌 0.94%、0.07%。 板块涨跌情况：今日涨幅居前概念板块为连板、军民融合、航母、卫星互联 网、大飞机、十大军工集团、 ...

证券研究报告 | 宏观深度 2025 年 04 月 08 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：原野 执业编号：S0300523070001 电话：15810120201 邮箱：yuanye_zb@ykzq.com 近期报告 《【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 《粤开市场日报-20250325》2025-03-25 《粤开市场日报-20250324》2025-03-24 《【粤开宏观】"土地财政"何去何从？》 2025-03-23 宏观研究 【粤开宏观】可以更加坚定地看好中 国股市 事件： 当地时间 4 月 2 日，特朗普宣布"对等关税"政策，全球资本市场出现剧烈 震荡，4 月 7 日 A 股亦出现大幅调整。随后，中央汇金等各方资金入市，国 内资本市场出现明显企稳，4 月 8 日上证指数涨 1.6%、沪深 300 涨 1.7%、创 业板指涨 1.8%。这背 ...

Market Overview - The A-share market showed a rebound today, with major indices closing higher: Shanghai Composite Index up 1.58% at 3145.55 points, Shenzhen Component Index up 0.64% at 9424.68 points, ChiNext Index up 1.83% at 1840.31 points, and Sci-Tech 50 up 1.72% at 940.09 points [1] - Overall, 3297 stocks rose while 2044 stocks fell, with a total trading volume of 16256 billion yuan, an increase of approximately 378 billion yuan compared to the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, the leading sectors included Agriculture, Forestry, Animal Husbandry, and Fishery (+7.81%), Retail (+3.44%), Food and Beverage (+3.37%), Coal (+3.31%), and Beauty and Personal Care (+3.20%) [1] - The sectors that experienced declines included Electronics (-1.69%), Automotive (-1.63%), Telecommunications (-0.93%), Textiles and Apparel (-0.71%), and Machinery Equipment (-0.65%) [1] Concept Sectors - The top-performing concept sectors today included First Board, Biological Breeding, Chicken Industry, Board Trading, Dairy Industry, Continuous Board, Pig Industry, Rural Revitalization, Food Processing, Duty-Free Shops, Animal Vaccines, Major Infrastructure Central Enterprises, Rare Earths, Beverage Manufacturing, and Pharmaceutical Commerce [2][11]

Market Overview - The A-share market experienced a significant decline today, with the Shanghai Composite Index dropping by 7.34% to close at 3096.58 points, the Shenzhen Component Index falling by 9.66% to 9364.50 points, and the ChiNext Index decreasing by 12.50% to 1807.21 points [1] - Overall, the market saw more stocks decline than rise, with only 104 stocks increasing while 5280 stocks decreased, and 16 stocks remained flat [1] - The total trading volume in the Shanghai and Shenzhen markets reached 158.78 billion yuan, an increase of approximately 45.02 billion yuan compared to the previous trading day [1] Industry Performance - All primary industries in the Shenwan classification experienced declines, with the computer, machinery equipment, media, electric equipment, and communication sectors leading the losses, with declines of 12.55%, 12.19%, 12.12%, 12.12%, and 11.72% respectively [1] - The sectors that performed relatively better included agriculture, food and beverage, and banking, which saw some upward movement, while electric equipment, communication, and environmental protection sectors experienced pullbacks [13] Concept Sectors - The concept sectors that showed gains today included biotechnology breeding, blood products, poultry industry, and dairy industry, while sectors such as high transfer expectations, CRO, and machine vision experienced pullbacks [10][11]

Market Overview - The A-share market experienced a decline today, with the Shanghai Composite Index falling by 0.24% to close at 3342.01 points, the Shenzhen Component Index down by 1.40% to 10365.73 points, the Sci-Tech 50 Index decreasing by 0.46% to 1018.07 points, and the ChiNext Index dropping by 1.86% to 2065.40 points. Overall, there were more decliners than gainers, with 2069 stocks rising and 3156 stocks falling across the market [1][12]. Industry Performance - Among the Shenwan first-level industries, sectors such as Agriculture, Forestry, Animal Husbandry, and Fishery, Public Utilities, Food and Beverage, Real Estate, Social Services, Steel, Retail, and Building Materials showed positive performance, while sectors like Home Appliances, Electronics, Automotive, Power Equipment, Machinery, and Communications faced declines [1][12]. Concept Sectors - The leading concept sectors today included Animal Health, Chicken Industry, Unified Market, Dairy Industry, Hydropower, Biological Breeding, Smart Logistics, Near-term New Stocks, Human and Pig Industries, Travel and Outing, Prepared Dishes, Cement Manufacturing, Real Estate, and Baijiu [2][11].

证券研究报告 | 宏观深度 2025 年 04 月 03 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】"土地财政"何去何从？》 2025-03-23 《【粤开宏观】1998-2024 年中国各省份土 地出让收入排名变迁》2025-03-23 《【粤开宏观】如何理解 1-2 月经济数据 "开门红"？》2025-03-17 宏观研究 【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 事件 当地时间 4 月 2 日，特朗普援引《国际紧急经济权力法》（IEEPA），正式宣布 对全球加征对等关税。对全球进口商品加征 10%的基准关税，于 4 月 5 日生 效；并对部分经济体征收更高的税率，暂定 4 月 9 日生效。其中，对中国、 欧盟、日本、越南、印度分别加征 34%、20%、24%、46 ...

Market Overview - The A-share market showed mixed performance today, with the Shanghai Composite Index rising by 0.05% to close at 3350.13 points, and the Shenzhen Component Index increasing by 0.09% to 10503.12 points. However, the Sci-Tech 50 Index fell by 0.16% to 1022.75 points, while the ChiNext Index rose by 0.13% to 2104.63 points. Overall, 2755 stocks rose, 2425 stocks fell, and 218 stocks remained flat, with a total trading volume of 974.5 billion yuan, a decrease of 157.774 billion yuan compared to the previous trading day [1][2]. Industry Performance - Among the Shenwan first-level industries, sectors such as textiles and apparel, beauty care, communications, banking, comprehensive services, and non-bank financials showed strong gains, while industries like defense and military, non-ferrous metals, public utilities, steel, pharmaceuticals, and petrochemicals experienced declines [1][2].

证券研究报告 | 策略点评 2025 年 4 月 1 日 投资要点 分析师：李兴 执业编号：S0300518100001 电话：010-83755576 邮箱：lixing@ykzq.com 投资策略研究 粤开市场日报-20250401 今日关注 指数涨跌情况：今日 A 股主要指数涨跌互现。截止收盘，沪指涨 0.38%，收报 3348.44 点；深证成指跌 0. 01%，收报 10503.66 点；科创 50 涨 0.16%，收报 1024.38 点；创业板指跌 0.09%，收报 2101.88 点。总体上，全天个股涨多跌 少，Wind 数据显示，全市场 3849 只个股上涨，1403 只个股下跌，145 只个股 收平。沪深两市今日成交额合计 11323 亿元，与上个交易日相较缩量 892.63 亿元。 行业涨跌情况：今日申万一级行业涨多跌少，医药生物、公用事业、国防军 工、钢铁、煤炭、环保等行业涨幅靠前，家用电器、计算机、汽车、银行、 通信、商贸零售等行业跌幅靠前。 板块涨跌情况：今日涨幅居前概念板块为动物保健精选、创新药、CRO、新冠 特效药、生物科技、核电、医疗物资出口、干细胞、仿制药、新冠抗原检测、 ...