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、 ...

Market Overview - The A-share market saw a majority of indices decline today, with the Shanghai Composite Index down by 0.46% closing at 3335.75 points, and the Shenzhen Component Index down by 0.97% closing at 10504.22 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 12,215 billion, an increase of 1,025.56 billion compared to the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, only the communication, home appliances, banking, and public utilities sectors saw gains, while the rest experienced declines, with notable losses in power equipment, defense industry, real estate, construction decoration, media, and textile and apparel sectors [1] Sector Highlights - The top-performing concept sectors today included near-term new shares, IDC (computing power leasing), East Data West Computing, AI computing power, industrial gases, optical modules (CPO), central enterprise banks, MCU chips, hydropower, industrial internet, gold and jewelry, and new energy vehicles [2]

Market Overview - The A-share market saw a majority of indices decline today, with the Shanghai Composite Index down by 0.67% closing at 3351.31 points, the Shenzhen Component Index down by 0.57% at 10607.33 points, the ChiNext Index down by 0.79% at 2128.21 points, and the Sci-Tech 50 Index down by 1.07% at 1029.48 points [1][10] - Overall, there were 940 stocks that rose while 4345 stocks fell, with 111 stocks remaining flat. The total trading volume in the Shanghai and Shenzhen markets was 1119 billion yuan, a decrease of 717.15 billion yuan compared to the previous trading day [1][10] Industry Performance - Most of the Shenwan first-level industries experienced declines today, with only the media industry showing an increase. The industries with the largest declines included basic chemicals, oil and petrochemicals, commercial retail, comprehensive, and coal [2][10] - Among the concept sectors, the top gainers included rare earths, gold and jewelry, short drama games, virtual humans, Chinese corpus, industrial mother machines, selected complete vehicles, stem cells, new energy vehicles, weight loss drugs, selected white household appliances, WEB3.0, stock trading software, and brokerage [2][10]

Market Overview - The A-share market showed a mixed performance today, with the Shanghai Composite Index rising by 0.15% to close at 3373.75 points, and the Shenzhen Component Index increasing by 0.23% to 10668.10 points. The ChiNext Index also saw a rise of 0.24%, closing at 2145.10 points. Overall, there were 1900 stocks that rose while 3360 stocks fell, with a total trading volume of 11907 billion yuan, an increase of 363.84 billion yuan compared to the previous trading day [1][2]. Industry Performance - In terms of industry performance, the pharmaceutical and biological, food and beverage, basic chemicals, electronics, and banking sectors showed the highest gains. Conversely, the non-ferrous metals, social services, public utilities, steel, and comprehensive sectors experienced the largest declines [2][10]. Concept Sector Performance - The leading concept sectors today included photolithography machines, the SMIC industrial chain, innovative drugs, CRO, industrial gases, generic drugs, semiconductor materials, semiconductor equipment, weight loss drugs, selected medical services, COVID-19 special drugs, vitamins, high turnover, large consumption, and HBM. In contrast, sectors such as solar thermal power generation, superconductors, and speed reducers faced declines [2][10].