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-20240514 指数涨跌情况：今日 A 股主要指数小幅下跌。截止收盘，沪指跌 0.07%，收报 3145.77 点；深证成指跌 0.05%，收报 9668.73 点；科创 50 跌 0.44%，收报 760.30 点；创业板指跌 0.26%，收报 1855.60 点。总体上，全天个股涨多跌 少，Wind 数据显示，全市场 3466 只个股上涨，1681 只个股下跌。沪深两市 今日成交额合计 8246 亿元，与上个交易日相较缩量 851.58 亿元。 板块涨跌情况：今日涨幅居前概念板块为网络游戏、新能源整车、K-12 教育、 虚拟人、在线教育、中药、WEB3.0、多模态模型、抖音平台、脑机接口、文 化传媒、跨境电商、短剧游戏、南京市国资板块。 股市有风险，投资需谨慎。 策略点讲 录 二、风险提示 图表 1： 今日主要指数涨跌跌幅（%）及板块表现 2 / 6 图表1：今日主要指数涨跌幅（%）及板块表现 0 200 400 600 800 1000 ...

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-20240513 指数涨跌情况：今日 A 股主要指数弱势整理。截止收盘，沪指跌 0.21%，收报 3148.02 点；深证成指跌 0.60%，收报 9673.32 点；科创 50 跌 0.45%，收报 763.69 点；创业板指跌 0.95%，收报 1860.37 点。总体上，全天个股涨少跌 多，Wind 数据显示，全市场 1123 只个股上涨，4129 只个股下跌。沪深两市 今日成交额合计 9097 亿元，与上个交易日基本持平，小幅缩量 28 亿元。 板块涨跌情况：今日涨幅居前概念板块为水电、航运、特高压、火电、白色 家电、大基建央企、电力股、中药、动物保健、智能音箱、新能源整车、银 行、南京市国资、饲料和猪产业板块。 风险提示 策略点讲 一、市场回顾 图表目录 www.ykzq.com 图表1：今日主要指数涨跌幅（%）及板块表现 2024 年 05 月 13 日 投资要点 投资策略研究 今日关注 行业涨跌情况：今日申万一级行业公用事业、家用电 ...

证券研究报告 | 策略点评 2024 年 05 月 10 日 投资要点 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-20240510 指数涨跌情况：今日 A 股主要指数窄幅震荡。截止收盘，沪指涨 0.01%，收报 3154.55 点；深证成指跌 0.58%，收报 9731.24 点；科创 50 跌 1.50%，收报 767.17 点；创业板指跌 1.15%，收报 1878.17 点。总体上，全天个股跌多涨 少，Wind 数据显示，全市场近 3800 只个股下跌。沪深两市今日成交额合计 9125 亿元，较上个交易日放量 114.17 亿元。北向资金今日净卖出，截至收盘， 沪股通净卖出 21.34 亿元，深股通净卖出 41.70 亿元，合计净卖出 63.04 亿 元。 板块涨跌情况：今日涨幅居前概念板块为房地产精选、水电、火电、特高压、 城中村改造、南京市国资、保险精选、电力股精选、新型城镇化、虚拟电厂 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. ww ...

Group 1: Debt Management and Policy - The central government has implemented a comprehensive debt management plan, leading to a reduction in local debt risks and curbing uncontrolled expansion[3] - Debt management strategies include controlling growth, reducing interest rates, and activating assets to repay debts, with local governments adopting tailored approaches[10] - Local debt management tools consist of six main measures, including seeking central support, increasing revenue, and establishing emergency funds[10] Group 2: Challenges in City Investment Transformation - City investment companies face significant operational pressure due to restrictions on new financing and the need to repay existing debts, leading to a reliance on high-cost loans[15] - The transformation of city investment platforms is essential but complicated by historical debt burdens, with some platforms carrying over 500 billion yuan in liabilities[22] - Many city investment companies struggle with insufficient operational income and high financing costs, making transformation difficult without government support[37] Group 3: Regional Perspectives on Transformation - Perspectives on city investment transformation vary by region, with many county-level companies viewing it as a false proposition due to limited resources[32] - Provincial and city-level companies are more optimistic about transformation but emphasize the need to resolve liquidity risks first[32] - Successful transformation requires addressing historical debt issues and enhancing governance structures within city investment companies[12]

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-20240509 投资策略研究 策略点评 证券研究报告 | 策略点评 2024 年 05 月 09 日 投资要点 今日关注 指数涨跌情况：今日 A 股主要指数全线大涨。截止收盘，沪指涨 0.83%，收报 3154.32 点；深证成指涨 1.55%，收报 9788.07 点；科创 50 涨 2.26%，收报 778.87 点；创业板指涨 1.87%，收报 1900.01 点。总体上，全天个股涨多跌 少，Wind 数据显示，全市场近 4200 只个股上涨。沪深两市今日成交额合计 9011 亿元，较上个交易日大幅放量 367.33 亿元。北向资金今日净买入，截至 收盘，沪股通净买入 39.25 亿元，深股通净买入 40.9 亿元，合计净买入 80.14 亿元。 行业涨跌情况：今日申万一级行业除煤炭外悉数上涨，国防军工、电力设备、 有色金属、交通运输、机械设备和美容护理等行业领涨。 板块涨跌情况：今日涨幅居前概念板块为锂电负极、锂电正极、航运精选、 钴矿、动力电池、磷酸铁锂电池、锂 ...

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 今日关注 板块涨跌情况：今日涨幅居前概念板块为动物保健精选、鸡产业、基因检测、 煤炭开采精选、脑机接口、猪产业、生物育种、水电、新冠特效药、新冠肺 炎检测、合成生物、黄金珠宝、血液制品、央企煤炭、生物科技等板块。 请务必阅读最后特别声明与免责条款 www.ykzq.com 1 / 6 录 图表目录 www.ykzq.com 图表1：今日主要指数涨跌幅（%）及板块表现 2024 年 05 月 08 日 投资要点 粤开市场日报-20240508 行业涨跌情况：今日申万一级行业跌多涨少，煤炭、农林牧渔和银行等行业 领涨，传媒、房地产、计算机、商贸零售、电力设备和社会服务行业领跌。 股市有风险，投资需谨慎。 目 二、风险提示 请务必阅读最后特别声明与免责条款 策略点评 三大股指：沪指收跌0.61%，深证成指收跌1.35%，创业板指收跌1.45% 0 5000 10000 15000 20000 1000 1500 2000 2500 3000 3500 4000 上证 ...

投资策略研究 行业涨跌情况：今日申万一级行业涨多跌少，国防军工、基础化工、房地产、 建筑材料、煤炭和农林牧渔行业领涨，家用电器、通信、公用事业、电子、 钢铁和计算机行业领跌。 请务必阅读最后特别声明与免责条款 www.ykzq.com 1 / 6 一、市场回顾 图表目录 证券研究报告 | 策略点评 粤开市场日报-20240507 板块涨跌情况：今日涨幅居前概念板块为通用航空、卫星互联网、军工信息 化、军民融合、低空经济、航母、拼多多合作商、大飞机、磷化工、卫星导 航、维生素、氟化工、中航系、锗镓、十大军工集团。 策略点讲 分析师：李兴 执业编号：S0300518100001 电话：010-83755576 邮箱：lixing@ykzq.com 指数涨跌情况：今日 A 股主要指数窄幅震荡，涨跌互现。截止收盘，沪指涨 0.22%，收报 3147.74 点；深证成指跌 0.08%，收报 9770.94 点；科创 50 跌 1.01%，收报 769.79 点；创业板指跌 0.14%，收报 1892.54 点。总体上，全天 个股涨多跌少，Wind 数据显示，全市场近 3000 只个股上涨。沪深两市今日成 交额合计 96 ...

证券研究报告 | 宏观深度 请务必阅读最后特别声明与免责条款 www.ykzq.com 1 / 8 目 录 请务必阅读最后特别声明与免责条款 宏观深度 通常所说的城投公司转型指的是城投的市场化转型，但城投公司转型到底转什么？ 城投公司转型的具体内容有哪些？城投公司转型的实质是什么？回答这些问题对于理解 城投公司转型前提、政府的作用以及转型方向具有重要意义。 从城投产生的历史渊源和发展历程看，城投公司成立最初的角色是政府公益性或准 公益性项目的承建单位和融资平台，公益性资产占比较高，主要以基础设施建设为主， 市场化经营资产占比较低，自主盈利能力较弱，不是典型的市场化主体。外部形势和内 部债务压力下，城投公司需要从非典型的市场化主体向典型的市场化主体即经营性地方 国有企业转变，以市场化的主体而非"准政府职能部门"的身份与地方政府展开合作。 城投公司转型客观上要求城投公司自身在主营业务、融资模式和内部治理框架等方面全 面转型，而不是单纯就某一方面转型。 第二，融资模式转型意味着城投公司要基于业务转型的需要选择更加稳健、更加市 场化的融资方式，减少对土地金融的依赖。金融机构更多地从城投公司资产和项目的净 现值、现金流 ...

Market Overview - The A-share market experienced a significant increase today, with the Shanghai Composite Index rising by 1.16% to close at 3140.72 points, and the Shenzhen Component Index increasing by 2.00% to 9779.21 points [2] - The total trading volume in the Shanghai and Shenzhen markets reached 1,102.5 billion yuan, a substantial increase of 71.8 billion yuan compared to the previous trading day [2] - Northbound capital recorded a net purchase of 9.316 billion yuan, with the Shanghai Stock Connect net buying 6.455 billion yuan and the Shenzhen Stock Connect net buying 2.860 billion yuan [2] Sector Performance - All sectors except for banking and telecommunications saw gains today, with the leading sectors being beauty care, basic chemicals, light industry manufacturing, household appliances, food and beverage, and pharmaceutical biology [7][18] - Among concept sectors, medical services, titanium dioxide, and vitamins showed notable increases, while sectors like ST stocks and quantum technology experienced declines [3][20] Key Investment Insights - The report highlights a bullish sentiment in the market, with a broad-based rally across various sectors indicating potential investment opportunities [5][6] - The significant inflow of northbound capital suggests strong investor confidence and interest in the A-share market [2]

Economic Overview - The political bureau meeting acknowledged the positive economic performance in early 2024, with GDP growth of 5.3% in Q1, surpassing market expectations of 4.9%[63] - Despite the positive start, challenges remain, including insufficient effective demand and significant operational pressures on enterprises[8] Policy Direction - The meeting emphasized maintaining a proactive policy stance, avoiding abrupt shifts in policy despite the positive Q1 data, to ensure sustained economic recovery[8][16] - There is a need for further monetary policy support, as the GDP deflator index has decreased by 7 percentage points from Q4 2021 to Q4 2023, while the average loan interest rate has only dropped by 0.9 percentage points, resulting in a real interest rate increase of 6.1 percentage points[10] Fiscal Measures - The meeting called for accelerated issuance and utilization of special bonds to enhance effective demand and support economic recovery[9][33] - Ensuring timely and sufficient expenditure for basic public services is crucial to alleviate financial pressures on local governments and support economic development[56] Real Estate Sector - The real estate market faces significant challenges, with a 19.4% year-on-year decline in sales area and a 49% drop in sales for the top 100 real estate companies in Q1[38][68] - The meeting outlined three key tasks for the real estate sector: ensuring timely delivery of housing, addressing existing inventory, and optimizing new housing supply[78] Capital Market Development - The meeting highlighted the importance of promoting healthy capital market development through multiple measures, indicating a shift towards policy implementation and market validation[21][80] - Future policies will focus on enhancing the investment environment, including improving communication to correct market misinterpretations of new regulations[40]