Market Overview - The A-share market showed narrow fluctuations today, with mixed performance across major indices. The Shanghai Composite Index closed flat at 3367.58 points, while the Shenzhen Component Index fell by 0.08% to 10171.09 points. The ChiNext Index decreased by 0.33% to 2032.76 points, and the Sci-Tech 50 Index remained unchanged at 995.25 points. Overall, 3559 stocks rose, 1691 fell, and 160 remained flat, with total trading volume in the Shanghai and Shenzhen markets amounting to 10864 billion, a decrease of 30.81 billion from the previous trading day [1]. Industry Performance - Among the Shenwan first-level industries, sectors such as comprehensive services, environmental protection, real estate, national defense and military industry, social services, and beauty care led the gains. Conversely, industries like food and beverage, automotive, banking, non-ferrous metals, telecommunications, and biomedicine experienced declines [1]. Sector Highlights - The top-performing concept sectors today included primary real estate developers, restructuring, pet economy, Huakun Zhenyu, Nanjing State-owned Assets, ST sectors, selected food processing, lithium extraction from salt lakes, pre-made dishes, solar thermal power generation, new urbanization, low-priced stocks in the ChiNext, urban village renovation, central enterprise automobiles, and the poultry industry [1].

Market Overview - The A-share market showed mixed performance today, with the Shanghai Composite Index down by 0.40% closing at 3367.46 points, the Shenzhen Component Index down by 0.07% at 10179.60 points, and the ChiNext Index down by 0.19% at 2039.45 points. Overall, 3000 stocks rose while 2185 fell, with a total trading volume of 10895 billion yuan, a decrease of approximately 629 billion yuan from the previous trading day [1][10]. Industry Performance - Among the primary industries, automotive, machinery equipment, comprehensive, pharmaceutical biology, and commercial retail sectors saw gains, with increases of 1.91%, 0.83%, 0.77%, 0.67%, and 0.64% respectively. Conversely, the beauty care, non-bank financials, food and beverage, banking, and oil and petrochemical industries experienced declines, with drops of 1.31%, 1.21%, 1.06%, 0.94%, and 0.84% respectively [1][10]. Sector Highlights - The leading concept sectors with notable gains included automotive parts, autonomous driving, Tesla, vitamins, anti-cancer drugs, innovative pharmaceuticals, duty-free shops, smart transportation, vaccines, titanium dioxide, Industry 4.0, high dividend expectations, pneumonia, first boards, and new energy vehicles [2][12].

Market Overview - The A-share market saw a majority of major indices decline today, with the Shanghai Composite Index down by 0.68% closing at 3380.82 points, the Shenzhen Component down by 1.62% at 10186.45 points, and the ChiNext Index down by 1.92% at 2043.25 points [1][14] - Overall, there were 1406 stocks that rose while 3856 stocks fell, with a total trading volume of 1152.4 billion yuan, a decrease of approximately 164.3 billion yuan compared to the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, only the beauty care, coal, public utilities, and agriculture sectors saw gains, with increases of 3.68%, 0.42%, 0.12%, and 0.11% respectively [1][14] - The computer, communication, electronics, media, and defense industries experienced the largest declines, with drops of 2.97%, 2.45%, 2.12%, 1.93%, and 1.80% respectively [1] Sector Highlights - The top-performing concept sectors today included continuous boards, medical beauty, dairy, animal vaccines, rare earths, and food processing, among others [2][11] - Conversely, sectors such as financial technology, IDC, and stock trading software experienced pullbacks [11]

Market Overview - The A-share market showed a positive trend today, with major indices mostly rising. The Shanghai Composite Index increased by 0.86% to close at 3403.95 points, the Shenzhen Component Index rose by 0.64% to 10354.22 points, and the ChiNext Index gained 1.01% to finish at 2083.14 points. The total trading volume in the Shanghai and Shenzhen markets reached 13167 billion yuan, an increase of approximately 252 billion yuan compared to the previous trading day [1][14]. Industry Performance - Among the Shenwan first-level industries, non-bank financials, transportation, food and beverage, and comprehensive retail sectors led the gains, with increases of 3.99%, 1.79%, 1.68%, and 1.31% respectively. Conversely, the defense industry, beauty care, machinery equipment, social services, and electric equipment sectors experienced declines, with decreases of 0.74%, 0.39%, 0.37%, 0.17%, and 0.16% respectively [1][14]. Concept Sector Performance - The top-performing concept sectors today included insurance, stock trading software, intelligent logistics, and financial technology, among others. Notably, sectors such as large aircraft, aircraft carriers, and military-civilian integration saw a pullback [2][11].

2025 年 05 月 13 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-20250513 今日关注 指数涨跌情况：今日 A 股主要宽基指数涨少跌多。截止收盘，沪指涨 0.17%， 收报 3374.87 点；深证成指跌 0.13%，收报 10288.08 点；创业板指跌 0.12%， 收报 2062.26 点；科创 50 跌 0.15%，收报 1009.68 点。总体上全天个股涨少 跌多，Wind 数据显示，全市场 1940 只个股上涨，3233 只个股下跌，237 只个 股收平。沪深两市今日成交额合计 12915 亿元，较上个交易日缩量约 169 亿 元。 行业涨跌情况：今日申万一级行业涨多跌少，银行、美容护理、医药生物、 交通运输和煤炭行业领涨，涨幅分别为 1.52%、1.18%、0.90%、0.72%和 0.62%， 国防军工、计算机、机械设备、电子和通信行业领跌，跌幅分别为 3.07%、0.80%、 0.66%、0.64%和 0.61%。 板块涨跌情况：今日涨幅居前概念 ...

证券研究报告 | 宏观深度 2025 年 05 月 12 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】本轮物价低迷与前两轮有何 不同：特征、原因和应对》2025-05-11 《【粤开宏观】新一轮一揽子金融政策：重 现 924 及增量举措》2025-05-07 《【粤开宏观】"内卷式"竞争：风起何方？ 《【粤开宏观】博弈视角看"关税战"：特 朗普的意图与各经济体的不同反应》 2025-04-27 《【粤开宏观】政治局会议释放的七大信 号》2025-04-25 宏观研究 【粤开宏观】中美互降关税：为何要 降？还有哪些没解决？未来会如何？ 事件 潮归何处？》2025-05-05 5 月 12 日，中国和美国发布《中美日内瓦经贸会谈联合声明》，要点包括： 1）美国将本轮对华加征的 125%的"对等关税 ...

Market Overview - The A-share market saw all major indices rise today, with the Shanghai Composite Index up by 0.82% closing at 3369.24 points, the Shenzhen Component Index up by 1.72% at 10301.16 points, and the ChiNext Index up by 2.63% at 2064.71 points [1][12] - The total trading volume in the Shanghai and Shenzhen markets reached 1.3084 trillion yuan, an increase of approximately 116.4 billion yuan compared to the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, the leading sectors included defense and military, electric equipment, machinery, non-bank financials, and automotive, with gains of 4.80%, 2.69%, 2.24%, 2.08%, and 1.91% respectively [1][12] - The sectors that experienced declines were agriculture, forestry, animal husbandry, and fishery, pharmaceuticals, public utilities, and beauty care, with decreases of 0.49%, 0.27%, 0.26%, and 0.04% respectively [1] Concept Sectors - The top-performing concept sectors included aircraft carriers, top ten military industrial groups, large aircraft, stock trading software, military-civilian integration, TWS headsets, wireless charging, satellite internet, and satellite navigation [2][11] - Conversely, sectors such as gold and jewelry, generic drugs, and biological breeding experienced pullbacks [11]

Group 1: Current Price Trends - The GDP deflator index has been negative for 8 consecutive quarters, marking a historical high duration[16] - The Producer Price Index (PPI) has been in negative territory for 31 months, with a monthly average decline of 1.34 percentage points from coal, black metal, and non-metal industries[19] - The Consumer Price Index (CPI) has dropped to a growth center of 0.1%, significantly lower than the average growth of 2.6% from 2010 to 2019[30] Group 2: Contributing Factors to Price Decline - The real estate market has seen a significant change in supply-demand dynamics, with real estate investment growth negative for three consecutive years, impacting related industries[42] - Insufficient consumer demand has led to a decline in CPI, with the average consumption propensity dropping to 63.1% in Q1 2025, down from 65.2% in 2019[47] - "Involution" competition in emerging industries has caused prices to drop beyond reasonable levels, with lithium battery prices falling by 39.5% and solar module prices by 29.7% in 2024[52] Group 3: Impact of External Factors - The "tariff war" initiated by the U.S. has negatively impacted export demand, leading to increased domestic supply-demand imbalances and downward pressure on prices[63] - The average monthly increase in pork prices from April 2024 to April 2025 was only 11.3%, significantly lower than previous cycles, reducing its support for overall CPI[36] Group 4: Recommendations for Policy Action - There is a need for stronger macroeconomic regulation to promote reasonable price recovery, including policies to stimulate consumption and stabilize asset prices[63] - Supply-side reforms should focus on eliminating outdated production capacity and encouraging mergers and acquisitions to restore price levels[10]

Market Overview - The main indices showed mixed performance today, with the Shanghai Composite Index increasing by 0.28%, the Shenzhen Component Index rising by 0.93%, and the ChiNext Index up by 1.65% [1] - Among the Shenwan first-level industry sectors, telecommunications, national defense and military industry, and electric equipment performed well, while oil and petrochemicals, transportation, and basic chemicals lagged behind [1] - Concept sectors showed varied performance, with large aircraft, aircraft carriers, and satellite navigation concepts performing relatively well, while gold and jewelry, chemical raw materials, and biological breeding concepts performed poorly [1] Strategy Commentary - The report includes a market review based on data from Wind and the Yuekai Securities Research Institute, highlighting the overall market trends and sector performances [7]

Market Overview - The main indices showed varied performance today, with the Shanghai Composite Index increasing by 0.8%, the Shenzhen Component Index rising by 0.22%, and the ChiNext Index up by 0.51% [1] - Among the Shenwan first-level industries, defense and military, banking, and basic chemicals performed well, while social services, pharmaceuticals, and communications lagged behind [1] Concept Sector Performance - Overall, sectors related to large aircraft, aircraft carriers, and consecutive board concepts performed relatively well; in contrast, the aviation transport, internet celebrity economy, and marketing communication concepts showed weaker performance [1]