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]

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-20240717 指数涨跌情况：今日 A 股主要指数窄幅震荡。截止收盘，沪指跌 0.45%，收报 2962.85 点；深证成指跌 0.47%，收报 8835.14 点；科创 50 跌 0.42%，收报 729.00 点；创业板指涨 0.01%，收报 1696.45 点。总体上，全天个股跌多涨 少，Wind 数据显示，全市场近 3500 只个股下跌。沪深两市今日成交额合计 6751 亿元，较上个交易日小幅放量 343.88 亿元。 板块涨跌情况：今日涨幅居前概念板块为最小市值、白酒、保险精选、鸡产 业、上海市国资、上海国资改革、疫苗、房地产精选、CRO、饮料制造精选、 医疗服务精选、免税店、医疗器械精选、宁、创新药等板块。 股市有风险，投资需谨慎。 策略点讲 录 二、风险提示 图表 1: 今日主要指数涨跌幅（%）及板块表现… www.ykzq.com 资料来源:wind、粤开证券研究院 市场回顾 上证指数 -创业板指 —深圳成指(右轴) 4000 ...

Market Overview - The A-share market showed an overall upward trend today, with the Shanghai Composite Index rising by 0.08% to close at 2976.30 points, the Shenzhen Component Index increasing by 0.86% to 8877.02 points, the ChiNext Index up by 1.39% to 1696.34 points, and the Sci-Tech 50 Index gaining 2.26% to 732.06 points [2][11] - Despite the index gains, the majority of individual stocks experienced declines, with nearly 2600 stocks falling across the market. The total trading volume in the Shanghai and Shenzhen markets reached 640.7 billion yuan, a slight increase of 38.537 billion yuan compared to the previous trading day [2][11] Industry Performance - Among the Shenwan first-level industries, sectors such as electronics, computers, power equipment, non-ferrous metals, comprehensive, and defense industry led the gains, while industries like beauty care, textile and apparel, light industry manufacturing, basic chemicals, building materials, and banking faced declines [2][11] Sector Highlights - The top-performing concept sectors today included GPU, minimum market capitalization, wireless charging, smart speakers, consumer electronics OEM, TWS headphones, RF and antennas, new energy vehicles, Apple, AI phones, high-speed copper connections, AIPC, semiconductor selection, semiconductor equipment, and chips [2][11]

2024 年 07 月 15 日 投资要点 近期报告 上半年 GDP 同比增长 5%，总体延续回升向好态势。其中，一季度经济超预 期开门红，同比增长 5.3%；二季度增速回落，同比增长 4.7%。从上述数据看， 当前经济运行的节奏延续了过去几年"一季度开门红，二季度下行压力加大" 的基本特征，未来有可能进一步延续"三季度出台稳增长举措从而经济回升， 四季度延续回升态势但略有回落"。之所以会出现这样的节奏特征，主要源于： 一季度各地方和政府提前开工和发力，但总需求不足、预期不振的问题仍然 存在，经济回升的基础并不牢固，从而其后回落。 证券研究报告 | 宏观点评 分析师：马家进 执业编号：S0300522110002 电话：13645711472 邮箱：majiajin@ykzq.com 宏观研究 【粤开宏观】如何看待二季度经济增 速及下半年稳增长政策？ 从经济动能看，上半年主要是出口超预期、制造业投资增速较高、中央财政 支出带动相应基建投资增速较高，但是房地产仍未企稳、地方财政紧平衡导 致地方基建受限。从微观主体看，地方政府、居民、企业家等微观主体的积 极性有待进一步提高。上半年名义 GDP 同比增速为 4.1 ...

今日关注 行业涨跌情况：今日申万一级行业跌多涨少，煤炭、农林牧渔、银行等行业 领涨，社会服务、轻工制造、美容护理等行业领跌。 风险提示 请务必阅读最后特别声明与免责条款 www.ykzq.com 1 / 6 目 一、市场回顾 图表目录 请务必阅读最后特别声明与免责条款 2 / 6 策略点评 图表1:今日主要指数涨跌幅(%)及板块表现 -上证指数 -创业板指 —深圳成指(右轴) 4000 3500 3000 2500 2000 1500 1000 15000 5000 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------|-------|--------|---------------|-------------------------|----------------|--------------------------|--------|---------------|-------|---- ...