Market Overview - The A-share market showed a positive trend today, with major indices mostly rising. The Shanghai Composite Index increased by 0.43% to close at 3399.77 points, while the Shenzhen Component rose by 0.65% to 10250.14 points. The Sci-Tech 50 and ChiNext Index also saw gains of 0.60% and 1.07%, closing at 997.61 points and 2061.29 points respectively [1] - Overall, there were 4120 stocks that rose and 1092 that fell, with a total trading volume of 12864 billion yuan, an increase of 1344.14 billion yuan compared to the previous trading day [1] Industry Performance - All sectors except for food and beverage experienced gains today. The sectors that lagged included pharmaceuticals, agriculture, textiles, defense, social services, and light manufacturing [1] - The leading concept sectors with significant gains included CRO, weight loss drugs, rare earth permanent magnets, partnerships with Pinduoduo, innovative drugs, Xiaohongshu platform, antibiotics, photolithography factories, selected medical services, short drama games, Douyin Doubao, medical supplies exports, biotechnology, and vaccine sectors [1]

Economic Factors - As of April, the US CPI increased by 2.3% year-on-year, a slight decrease of 0.1 percentage points from the previous month[4] - The unemployment rate remained steady at 4.2% for three consecutive months as of May[4] - Consumer inflation expectations rose to 6.6%, the highest since 1981, according to a May survey[4] Market Impact - The US stock market lost over $6 trillion in market value within two trading days following the announcement of "reciprocal tariffs" on April 2[29] - The dollar index fell by 8.3% year-to-date as of May 31, indicating pressure on the dollar's dominance[33] - The yield on 10-year US Treasury bonds surged from 4.01% to 4.48% within five trading days, reflecting market volatility[29] Political Dynamics - The Republican Party holds a narrow majority in Congress, with 219 seats in the House and 53 in the Senate as of May 31[8] - Trump's tariff policies face legal challenges, but he may utilize other legal provisions to impose tariffs quickly[34] - The upcoming midterm elections in 2026 could pressure Trump to deliver on tariff promises to maintain voter support[36] International Relations - The US has not reached tariff agreements with major economies like the EU and Japan, complicating trade negotiations[38] - Other economies are adopting a cautious approach in negotiations with the US, influenced by China's strong countermeasures[38] - The potential for a "tech war" and "financial war" against China is increasing, with measures that could restrict Chinese access to technology and financial systems[46]

证券研究报告 | 策略点评 2025 年 06 月 06 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 今日关注 指数涨跌情况：今日 A 股主要宽基指数多数下跌。截止收盘，沪指涨 0.04%， 收报 3385.36 点；深证成指跌 0.19%，收报 10183.70 点；创业板指跌 0.45%， 收报 2039.44 点；科创 50 跌 0.48%，收报 991.64 点。总体上全天个股涨跌各 半，Wind 数据显示，全市场 2600 只个股上涨，2602 只个股下跌，210 只个股 收平。沪深两市今日成交额合计 11520 亿元，较上个交易日缩量 1384 亿元。 行业涨跌情况：今日申万一级行业涨少跌多，有色金属、通信、石油石化、 建筑装饰和基础化工行业领涨，涨幅分别为 1.16%、1.00%、0.88%、0.79%和 0.74%，美容护理、纺织服饰、食品饮料、传媒和非银金融行业领跌，跌幅分 别为 1.70%、1.18%、0.92%、0.85%和 0.84%。 板块涨跌情况：今日涨幅居前概念板块为连板、海南自贸港、西藏振兴、工 业金 ...

证券研究报告 | 策略点评 2025 年 06 月 05 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-20250605 今日关注 指数涨跌情况：今日 A 股主要宽基指数多数上涨。截止收盘，沪指涨 0.23%， 收报 3384.10 点；深证成指涨 0.58%，收报 10203.50 点；创业板指涨 1.17%， 收报 2048.61 点；科创 50 涨 1.04%，收报 996.41 点。总体上全天个股涨跌各 半，Wind 数据显示，全市场 2675 只个股上涨，2540 只个股下跌，197 只个股 收平。沪深两市今日成交额合计 12904 亿元，较上个交易日放量 1374 亿元。 行业涨跌情况：今日申万一级行业涨少跌多，通信、电子、计算机、传媒和 机械设备行业领涨，涨幅分别为 2.62%、2.31%、2.12%、1.27%和 0.98%，美 容护理、纺织服饰、农林牧渔、综合和医药生物行业领跌，跌幅分别为 3.07%、 1.81%、1.79%、1.30%和 1.01%。 板块涨跌情况：今日涨幅居前概念板块 ...

Market Overview - The A-share market saw all major indices rise today, with the Shanghai Composite Index up by 0.42% closing at 3376.20 points, the Shenzhen Component Index up by 0.87% at 10144.58 points, and the ChiNext Index up by 1.11% at 2024.93 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1153 billion yuan, an increase of 11.6 billion yuan compared to the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, the leading sectors included Beauty Care, Comprehensive, Textile and Apparel, Communication, and Light Industry Manufacturing, with increases of 2.63%, 2.53%, 2.41%, 1.79%, and 1.61% respectively [1] - The only sectors that experienced declines were Transportation, National Defense and Military Industry, and Public Utilities, with decreases of 0.58%, 0.24%, and 0.12% respectively [1] Concept Sector Performance - The top-performing concept sectors today included Rare Earth, Rare Earth Permanent Magnet, Gold and Jewelry, Dairy Industry, and Lithium Battery, among others [2] - Conversely, sectors such as Air Transportation, Aircraft Carriers, and Intelligent Logistics experienced pullbacks [11]

Market Overview - The A-share market saw all major indices rise today, with the Shanghai Composite Index up by 0.43% closing at 3361.98 points, the Shenzhen Component Index up by 0.16% at 10057.17 points, the ChiNext Index up by 0.48% at 2002.70 points, and the Sci-Tech 50 Index up by 0.48% at 981.71 points [1][12] - Overall, 3390 stocks rose while 1782 stocks fell, with a total trading volume of 1141.4 billion yuan, an increase of 2.2 billion yuan compared to the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, the sectors that saw gains included Beauty Care (up 3.86%), Textile and Apparel (up 2.53%), Comprehensive (up 2.02%), Banking (up 1.98%), and Agriculture, Forestry, Animal Husbandry, and Fishery (up 1.80%) [1][12] - The sectors that experienced declines included Household Appliances (down 2.10%), Steel (down 1.37%), Coal (down 0.84%), Building Materials (down 0.52%), and Environmental Protection (down 0.40%) [1][12] Concept Sectors - The top-performing concept sectors today included Gold and Jewelry, Medical Beauty, Dairy Industry, Gene Testing, CRO, Anti-Cancer, Rare Earth, Biological Vaccines, Innovative Drugs, and Medical Supplies Export [2][11] - Conversely, sectors such as Automotive Complete Vehicles, Wireless Charging, and Excavators experienced pullbacks [11]

证券研究报告 | 策略点评 2025 年 05 月 30 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-20250530 今日关注 今日主要指数涨跌幅：沪指涨跌幅为-0.47%，深证成指涨跌幅为-0.85%， 创业板指涨跌幅为-0.96%。 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 | 申万一级行业表现：农林牧渔、银行、医药生物在行业涨跌幅榜居前； 机械设备、计算机、轻工制造在行业涨跌幅榜居后。 概念板块表现：总体来看，鸡产业、CRO、猪产业概念表现相对较好；近 端次新股、光刻胶、智能音箱概念表现相对较差。 | 图表 1： | | --- | | 今日主要指数涨跌幅（%）及概念板块表现 3 | 策略点评 一、市场回顾 图表1：今日主要指数涨跌幅（%）及概念板块表现 分析师简介 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.yk ...

证券研究报告 | 策略点评 2025 年 05 月 29 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 今日关注 今日主要指数涨跌幅：沪指涨跌幅为 0.7%，深证成指涨跌幅为 1.24%， 创业板指涨跌幅为 1.37%。 申万一级行业表现：计算机、医药生物、电子在行业涨跌幅榜居前；石 油石化、家用电器、公用事业在行业涨跌幅榜居后。 概念板块表现：总体来看，数字货币、金融科技、CRO 概念表现相对较 好；黄金珠宝、航空运输、食品加工概念表现相对较差。 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 粤开市场日报-20250529 | 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 | 资料来源： wind 、粤开证券研究院 策略点评 一、市场回顾 图表1：今日主要指数涨跌幅（%）及概念板块表现 二、风险提示 股市有风险，投资需谨慎 请务必阅读最后 ...

Market Overview - The main indices showed slight declines today, with the Shanghai Composite Index down by 0.02%, the Shenzhen Component Index down by 0.26%, and the ChiNext Index down by 0.31% [1] - Among the Shenwan first-level industry sectors, textiles and apparel, environmental protection, and coal performed well, while automotive, real estate, and computer sectors lagged behind [1] - Concept sectors showed mixed performance, with gold and jewelry, dairy, and consecutive board concepts performing relatively well, while CRO, medical services, and near-term new stocks underperformed [1]

证券研究报告| 宏观深度 宏观研究 粤开宏观】"十五五"时期中国财政 政策展望:财政政策转型的必要性与 可能路径 2025年05月27日 投资要点 分析师: 罗志恒 执业编号:S0300520110001 申话:010-83755580 邮箱:luozhiheng@ykzq.com 研究助理:晁云霞 申话: 邮箱: chaoyunxia(a)ykzq.com 近期报告 《粤开宏观】化债成绩、挑战及建议 -- 摘要 自 2008年以来,本轮积极财政政策实行了长达 17年之久,积极财政政策的 内涵和特点也逐渐发生了变化,及时总结积极财政政策的效果、分析当前财 政政策存在的不足,并指出未来财政政策可能的转型方向具有重要意义。我 国积极的财政政策有力地促进了稳增长、惠民生和防风险,发挥了财政作为 国家治理的基础和重要支柱的作用。但积极财政政策仍存在一些不足,亟待 转型优化以释放更大的政策效力。 (本文发表于《清华金融评论》2025年第3期。) 基于对 2025 年地方化债部署的分析》 2025-05-20 《【粤开宏观】关税冲击的宏观时滞与微观 分化 -- 4 月经济数据解读》2025-05-19 《【粤开宏观】中美 ...