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 ...

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、 ...