证券研究报告 | 策略点评 分析师：李兴 执业编号：S0300518100001 电话：010-83755576 邮箱：lixing@ykzq.com 粤开市场日报-20240726 指数涨跌情况：今日 A 股主要指数收涨。截止收盘，沪指涨 0.14%，收报 2890.90 点；深证成指涨 1.45%，收报 8597.17 点；科创 50 涨 0.84%，收报 719.87 点； 创业板指跌 0.92%，收报 1659.53 点。总体上，全天个股涨多于跌，Wind 数 据显示，全市场 4483 只个股上涨，746 只个股下跌，125 只个股收平。沪深 两市今日成交额合计 6061 亿元，与上个交易日相较放量 174.75 亿元。 风险提示 2024 年 07 月 26 日 投资要点 投资策略研究 今日关注 行业涨跌情况：今日申万一级行业家用电器、国防军工、汽车、有色金属、 机械设备、综合、纺织服饰、传媒、基础化工、轻工制造等行业涨幅靠前， 银行、公用事业、食品饮料、医药生物、交通运输、农林牧渔等行业跌幅靠 前。 板块涨跌情况：今日涨幅居前概念板块为白色家电精选、通用航空、大飞机、 家电、空气能热泵、军工信息化 ...

Market Overview - The A-share market saw most major indices decline, with the Shanghai Composite Index down by 0.52% closing at 2886.74 points, and the Shenzhen Component Index down by 0.22% closing at 8474.70 points. The ChiNext Index decreased by 0.39% to close at 1644.45 points [13][21] - Overall, there were more gainers than losers in the market, with 3420 stocks rising and 1677 stocks falling, while 257 stocks remained unchanged. The total trading volume for the day was 588.6 billion yuan, a decrease of 38.582 billion yuan compared to the previous trading day [13][21] Sector Performance - The top-performing sectors included power equipment, media, beauty care, building materials, and environmental protection, while sectors such as non-ferrous metals, telecommunications, coal, electronics, and oil & petrochemicals experienced declines [6][21] - Notable concept sectors that saw gains included photovoltaic glass, Pinduoduo partners, photovoltaic rooftops, and energy equipment, while sectors like gold jewelry and high-speed copper connections faced declines [21]

Market Overview - The A-share market experienced a decline today, with the Shanghai Composite Index falling by 0.46% to close at 2901.95 points, the Shenzhen Component Index down by 1.32% to 8493.10 points, and the ChiNext Index decreasing by 1.23% to 1650.91 points [2][22] - Overall, there were 799 stocks that rose while 4444 stocks fell, indicating a bearish market sentiment [2] Sector Performance - The leading sectors in terms of gains included utilities, defense and military, coal, and construction decoration, while sectors such as household appliances, real estate, and automotive saw significant declines [16][22] - Notable concept sectors that performed well included high-speed copper connections, wind power generation, and selected electric power stocks, whereas sectors like new energy vehicles and stock trading software faced corrections [16][22] Trading Volume - The total trading volume for the day was 627.2 billion yuan, which represents a decrease of 34.975 billion yuan compared to the previous trading day [2]

证券研究报告 | 宏观深度 宏观研究 【粤开宏观】如何理解三中全会中的 财税体制改革？——逐条分析财税体 制改革任务与背后逻辑 摘要 2023 年 12 月中央经济工作会议提出"谋划新一轮财税体制改革"，各方对此 高度关注，寄希望于财税体制改革解决短期财政形势紧平衡、激发地方政府 活力，更好服务于国家重大战略。今年 7 月 21 日，二十届三中全会审议通过 的《中共中央关于进一步全面深化改革 推进中国式现代化的决定》（简称《决 定》）全文发布。其中，《决定》提出了"深化财税体制改革"，作为"健全宏 观经济治理体系"章节的一个部分，从健全预算制度、健全税收制度和完善 中央与地方财政关系等三大方面，详细部署了未来五年财税体制改革的重点 任务和方向。 总体上看，《决定》中财税体制改革安排是奔着问题改的、奔着目标去的，有 三条主线：一是侧重解决地方政府尤其是基层政府面临的财政困难，通过"增 加地方自主财力、拓展地方税源"和"适当加强中央事权、提高中央财政支 出比例""不得违规要求地方安排配套资金"等方式缓解地方财政压力；二是 为国家重大战略落地提供制度支持和财力保障，包括"强化对预算编制和财 政政策的宏观指导""健全 ...

请务必阅读最后特别声明与免责条款 www.ykzq.com 10 / 14 广州市黄埔区科学大道 60 号开发区控股中心 19、22、23 层 北京市西城区广安门外大街 377 号 网址：www.ykzq.com 请务必阅读最后特别声明与免责条款 www.ykzq.com 14 / 14 第四，改革可以采取渐进、试点的方式推进，要避免引发收缩效应，设定清楚的时 间表、路线图。比如规范税收优惠是非常有必要做的事情，但是部分地方政府已对企业 作出了税收优惠的承诺甚至签订协议，一刀切清理可能会造成对企业的冲击以及产生政 策不稳定不连续的影响，可以通过协议自然到期终止的方式或新老划断的方式实施，不 溯及既往。 第五，要提前研究社保对财政的压力，延迟退休是其中的办法之一，三中全会已有 部署，同时还要进一步系统地考虑财政、金融、土地、社保、国资的改革，建立"大财 政"的思维和视角，避免就财政谈财政。 第六，要进一步优化支出结构，提高财政支出效率；明确基本公共服务在不同区域 的支出标准，既实现大致均等，又能避免层层提标扩围引发的支出责任过于扩张。 第七，认真研究百年未有之变局背景下财政理念和财政调控逻辑基础是否应该有新 的 ...

证券研究报告 | 策略点评 2024 年 07 月 23 日 投资要点 投资策略研究 指数涨跌情况：今日 A 股主要指数收跌。截止收盘，沪指跌 1.65%，收报 2915.37 点；深证成指跌 2.97%，收报 8606.58 点；科创 50 跌 4.11%，收报 721.11 点； 创业板指跌 3.04%，收报 1671.44 点。总体上，全天个股跌多于涨，Wind 数 据显示，全市场 567 只个股上涨，4672 只个股下跌，116 只个股收平。沪深 两市今日成交额合计 6622 亿元，与上个交易日相较放量 56.72 亿元。 行业涨跌情况：今日申万一级行业银行、公用事业、环保、交通运输、建筑 装饰、石油石化、综合、商贸零售、房地产、非银金融等行业涨幅靠前，有 色金属、电子、美容护理、食品饮料、医药生物、基础化工等行业跌幅靠前。 粤开市场日报-20240723 风险提示 策略点讲 录 一、市场回顾 图表 1： 今日主要指数涨跌跌幅（%）及板块表现 请务必阅读最后特别声明与免责条款 一、市场回顾 图表1：今日主要指数涨跌幅（%）及板块表现 1000 1500 2000 2500 3000 3500 4000 ...

Market Review - The A-share market showed a mixed performance today, with the Shanghai Composite Index falling by 0.61% to close at 2964.22 points, and the Shenzhen Component Index decreasing by 0.38% to 8869.82 points. The ChiNext Index saw a slight decline of 0.09%, closing at 1723.91 points. Overall, 2902 stocks rose while 2189 stocks fell, with a total trading volume of 656.5 billion yuan, down by 13.322 billion yuan from the previous trading day [3][12]. Industry Performance - Among the Shenwan first-level industries, sectors such as computer, defense and military, pharmaceutical and biological, non-bank financials, automotive, electric equipment, electronics, textile and apparel, communication, and media showed strong gains. Conversely, industries like petroleum and petrochemicals, food and beverage, banking, coal, non-ferrous metals, and comprehensive sectors experienced declines [8][27].

Group 1: Economic Reform Goals - The 20th Central Committee aims to deepen reforms to stabilize the economy in the short term and stimulate vitality in the long term[10] - The total goal of the 20th Central Committee is to continue improving and developing the socialist system with Chinese characteristics, advancing the modernization of the national governance system and governance capacity[12] - The meeting deployed 14 key reform tasks, emphasizing the need to expand domestic demand and prevent risks in key areas such as real estate and local government debt[11] Group 2: Market Economy and Development - The construction of a high-level socialist market economy system is crucial for Chinese-style modernization, ensuring equal participation of various ownership economies in market competition[19] - By 2035, the goal is to fully establish a high-level socialist market economy system, addressing issues such as insufficient market development and resource allocation efficiency[19] - The focus on high-quality development and new productive forces is essential for achieving economic modernization and revitalizing the economy[21] Group 3: Financial and Fiscal Reforms - The fiscal system reform aims to address short-term fiscal pressures and long-term sustainability, with local government budget expenditures reaching CNY 23.6 trillion, exceeding general public budget revenues of CNY 21.7 trillion in 2023[49] - The macro tax burden in 2023 was 30.2%, a decrease of 5.5 percentage points from 2013, indicating a need for tax system reform to enhance government macro-control capabilities[34] - Financial reforms will focus on improving the capital market's function to better support the real economy, encouraging more high-quality early-stage technology companies to enter the capital market[54]

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Market Overview - The A-share market saw all major indices rise, with the Shanghai Composite Index increasing by 0.48% to close at 2977.13 points, the Shenzhen Component Index rising by 0.50% to 8879.33 points, the Sci-Tech 50 up by 0.88% to 735.41 points, and the ChiNext Index gaining 1.25% to 1717.61 points [2][8][11] - The total trading volume in the Shanghai and Shenzhen markets was 672.2 billion yuan, a slight decrease of 28.47 billion yuan compared to the previous trading day [2][8] Sector Performance - The leading sectors in terms of gains included photolithography machines, gallium germanium, industrial mother machines, photovoltaic inverters, semiconductor equipment, vitamins, generic drugs, and high-end equipment manufacturing [3][11] - Conversely, sectors that experienced declines included media, computer, electronics, textiles and apparel, telecommunications, and banking [11][28]