Liquidity Operations - Last week, the central bank conducted a net withdrawal of 740 billion yuan from the open market, with 7-day reverse repos of 10 billion yuan and 750 billion yuan maturing, maintaining an interest rate of 1.80%[1][6][7] - This week, the central bank conducted a net withdrawal of 6 billion yuan from the open market, with 7-day reverse repos of 4 billion yuan and 10 billion yuan maturing[1][6][7] Interbank Market - The issuance volume of interbank certificates of deposit (NCDs) last week was 228.85 billion yuan, with an average coupon rate rising by 0.65 basis points to 1.95%[2][8][43] - The maturity volume of NCDs last week significantly decreased to 132.68 billion yuan, compared to 797.71 billion yuan in the previous week[2][43] Interest Rates - The weighted average of R007 was 1.88%, down 45 basis points from the previous week, while DR007 was 1.80%, down 29 basis points[15][34] - The spread between R007 and DR007 widened to 122 basis points, up 95 basis points from the previous week[15][34] - The average rate of 1-year FR007 swaps was 1.85%, up 1 basis point from the previous week[46] Foreign Exchange Market - The USD/CNY exchange rate rose last week, closing at 7.2674 on Friday, compared to 7.2659 the previous week[24] - The Secured Overnight Financing Rate (SOFR) in the U.S. decreased to 5.32% last week[25]

证券研究报告—每日市场简报 撰写日期：2024 年 07 月 09 日 今日 A 股重要市场指数简报：上证综指上涨 1.26%，收于 2959.37 点， 深证成指上涨 1.68%，收于 8705.94 点，创业板指上涨 1.43%，收于 1652.12 点，科创 50 上涨 2.51%，收于 709.89 点，北证 50 上涨 1.35%，收于 676.13 点，两市 A 股成交金额为 7269.87 亿元。 风险提示：量化结论基于历史统计，如若未来市场环境发生变化时， 存在失效风险。 相关研究 正文目录 请务必阅读报告正文后的重要声明部分 当日市场简报 图表 1：重要指数涨跌幅 图表 2：市场规模风向标 资料来源：Wind、麦高证券研究发展部 申万一级行业中，涨幅靠前的行业为电子（4.62%）、通信（3.89%）和汽车（3.27%）， 跌幅靠前的行业为农林牧渔（-2.04%）和建筑材料（-0.94%）。 请务必阅读报告正文后的重要声明部分 4 | --- | --- | --- | --- | |----------------------------------|-------------------- ...

本报告署名分析师具有中国证券业协会授予的证券投资投资咨询执业资格，并在中国证券业 协会注册登记为证券分析师。本报告所采用的数据、资料的来源合法、合规，分析师基于独立、 客观、专业、审慎的原则出具本报告，并对本报告的内容和观点负责。报告结论未受任何第三方 的授意或影响。分析师承诺不曾、不因、也将不会因报告中的具体推荐意见或观点而直接或间接 获取任何形式补偿。 本报告仅供本公司签约客户使用，若您并非本公司签约客户，为控制投资风险，请取消接收、 订阅或使用本报告中的任何信息。本公司也不会因接收人收到、阅读或关注自媒体推送本报告中 的内容而视其为客户。若本公司客户（以下称"该客户"）向第三方发送本报告，则由该客户独 自为此发送行为负责。提醒通过此途径获得本报告的投资者注意，本公司不对通过此种途径获得 本报告所引起的任何损失承担任何责任。 麦高证券有限责任公司（以下简称"本公司"）具有中国证券监督管理委员会核准的证券投 资咨询业务资格。 麦高证券有限责任公司研究发展部 看点前瞻 1.ESG 最新相关资讯 国内市场：7 月 4 日，中国气象局正式发布《中国气候变化蓝皮书 （2024）》，蓝皮书从大气圈、水圈、冰冻圈、生物 ...

Market Performance - The Shanghai Composite Index closed at 2949.93 points, down 0.59% for the week[43] - The Shenzhen Component Index fell 1.73%, closing at 8695.55 points[43] - Average daily trading volume was 6107.60 billion RMB, a decrease of 8.31% from the previous week[43] Capital Flow - Net outflow of northbound funds was 139.47 billion RMB, with Shanghai Stock Connect seeing a net outflow of 44.92 billion RMB and Shenzhen Stock Connect 94.55 billion RMB[43] - Total net outflow of main funds was 593.66 billion RMB, slightly down from 703.86 billion RMB the previous week[25] Regulatory Developments - New regulations on financial fraud in the capital market were issued, emphasizing a combination of punishment and prevention[2] - The regulations aim to enhance corporate governance and increase accountability for financial fraud[2] Sector Performance - The best-performing sectors included non-ferrous metals (up 2.61%) and retail (up 2.43%) while defense and military sectors saw the largest declines (down 3.75%)[23] - Only the retail and coal sectors experienced net inflows, while electronics and power equipment faced significant outflows[25] Economic Indicators - China's service trade grew by 16% year-on-year in the first five months, with total service trade amounting to 30,219.6 billion RMB[39]

Economic Indicators - The average wholesale price of pork increased by 0.91% to 24.43 CNY/kg, with a year-on-year rise of 29.74%[79] - The wholesale price of 28 monitored vegetables rose by 3.80% to 4.64 CNY/kg, while the year-on-year decline was 6.07%[79] - The wholesale price of 7 monitored fruits decreased by 2.19% to 7.15 CNY/kg, with a year-on-year drop of 4.92%[79] Market Trends - The construction sector showed poor performance, with the high furnace operating rate down by 0.41% to 82.79%, and a year-on-year decline of 2.02%[56] - The rebar price was recorded at 3660.00 CNY/ton, reflecting a 0.94% increase, but a year-on-year decrease of 4.54%[56] - The transaction area of commercial housing in 30 major cities fell by 52.89% to 187.23 million square meters, with a year-on-year decline of 7.23%[61] Commodity Prices - Brent crude oil price was 86.54 USD/barrel, up 0.15% month-on-month and 10.28% year-on-year[47] - LME copper price reached 9809.00 USD/ton, increasing by 3.51% month-on-month and 18.19% year-on-year[47] - The iron ore price index was recorded at 110.50 USD/ton, with a month-on-month increase of 3.56% and a year-on-year rise of 0.96%[47] Inflation and Monetary Policy - The overall inflation prices showed a slight recovery, with the agricultural product wholesale price index rising by 1.62% to 114.23, although it still reflects a year-on-year decline of 4.23%[79] - The 10-year government bond yield increased, indicating a shift in monetary policy dynamics[27]

根据近十六周两融余额占比热力图，医药、机械、电力设备及新能源、纺服和 计算机板块的两融余额占比减少，市场热度降低。根据近十六周杠杆资金流动性热力 图可得，杠杆资金由 16 周前的普遍流入态势转变为近期的大范围流出，市场情绪趋 于谨慎。杠杆资金流动性出现明显的行业轮动偏向，由此前的医药、电子、计算机、 基础化工等转向煤炭、纺服、通信等板块。 策略周报 3. 风格板块流动性跟踪 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------|-------------------------------------------------------|-------------------|-------|-------|-------|-------|-------|-------|-------|-------|-------|------- ...

证券研究报告—ESG 周报 看点前瞻 国内市场：深圳证券信息有限公司决定自 2024 年 6 月起，将香港交易 所上市的中国公司（以下简称港股中国公司）纳入国证 ESG 评价范围，每季 度定期更新评价结果。 国际市场：6 月 24 日，伦敦气候行动周与国际财务报告准则基金会大 会同时举行。ISSB 主席范易谋宣布，随着 ISSB 开始实施新的两年工作计 划，并发布关于工作计划的反馈声明，ISSB 将进一步推动可持续披露领域 的协调融合。 2.ESG 相关指数及产品当周表现 额收益。 新发市场债券发行数量减少，发行总规模缩减。当周新发 ESG 相关债 券 13 只，发行规模为 127.81 亿元，其中绿色债券 11 只，社会债券 1 只， 可持续发展挂钩债券 1 只。 麦高证券 研究发展部 相关研究 请务必阅读报告正文后的重要声明部分 正文目录 2 | --- | --- | --- | |----------------|-----------------------------------------------------------------------------------------|----- ...

热门概念指数涨跌 热门概念方面，当日收益率前五的分别为：白酒指数（1.85%）、万得微盘股指 数（1.64%）、银行指数（1.61%）、石油天然气指数（1.39%）、软件指数（1.09%）。 涨跌家数统计 | --- | --- | --- | --- | |------------------------|-----------------------|-------|------------------| | 图表 4：各板块涨跌情况 | | | | | 日期 | 2024-07-02 2024-07-01 | | 较前一交易日 | | 上涨家数 | 2423 | 3580 | 减少 1157 家 | | 平盘家数 | 208 | 163 | 增加 45 家 | | 下跌家数 | 2729 | 1617 | 增加 1112 家 | | 涨停家数 | 67 | 62 | 增加 5 家 | | 跌停家数 | 6 | 19 | 减少 13 家 | | 上证主板 - 涨停家数 | 29 | 25 | 增加 4 家 | | 上证主板 - 跌停家数 | 2 | 3 | 减少 1 家 | | 深证主板-涨停家数 | 2 ...

Key Points - The report highlights China's initiative to create a "strong magnetic field" for attracting foreign investment, with measures to stabilize foreign capital inflows being intensified. In the first five months, actual foreign investment in China's manufacturing sector reached 117.1 billion yuan, with high-tech manufacturing attracting 50.41 billion yuan, marking an increase of 2.8 and 2.7 percentage points year-on-year respectively, indicating an ongoing optimization of the investment structure [1][11]. - The report notes that advanced manufacturing and modern service industries, such as artificial intelligence, healthcare, and the digital economy, are becoming key areas for foreign enterprises to increase their investments in the Chinese market [1]. - The A-share market indices showed mixed performance, with the Shanghai Composite Index rising by 0.92% to close at 2994.73 points, while the Shenzhen Component Index increased by 0.57% to 8899.17 points. Conversely, the ChiNext Index fell by 0.04% to 1682.69 points, and the STAR 50 Index decreased by 0.35% to 709.60 points. The total trading volume in the A-share market was 660.51 billion yuan [1][11]. - The report provides a summary of the performance of major market indices, with the Wande All A Index rising by 0.75% to 4230.95 points, and the CSI 500 Index increasing by 1.22% to 5003.16 points. Other indices such as the CSI 1000 and CSI 2000 also saw gains of 0.90% and 0.79% respectively [15][29]. - In terms of sector performance, the real estate index led the gains with an increase of 4.48%, followed by the rare earth permanent magnet index at 3.56% and the coal index at 3.35%. The report also notes declines in sectors such as food and beverage, which fell by 0.63% [19][29].

资料来源:Wind、麦高证券研究发展部 从高频指标来看,6 月汽车半钢胎、全钢胎开工率小幅回升,高炉开工率回 升至 83.13%，达到自去年 10月以来最高水平;甲醇、PTA、PX 等化工产品开工 率也在六月出现回升。 中国:开工车:汽车轮胎(全钢胎) 证券研究报告—宏观研究报告 撰写日期：2024 年 07 月 02 日 制造业景气度保持平稳 事件：6 月 30 日，国家统计局公布 6 月 PMI 数据。制造业 PMI 为 49.50%， 前值 49.50%；非制造业 PMI 为 50.50%，前值 51.10%。 麦高证券 研究发展部 6 月制造业 PMI 为 49.50%，持平上月，但仍低于荣枯线。分项来看，6 月份制造业产、需均持续回落，需求不足仍是主要原因，新订单指数下降 0.1pct 至 49.50%，新出口订单指数持平上月录得 48.30%，生产指数下降 0.2pct 至 50.60%。生产经营活动预期上升，生产经营活动预期指数上升 0.1pct 至 54.40%。产成品库存指数上升 1.8pct 至 48.30%，后续根据数据 情况持续验证是否进入"补库存"周期。原材料供应商交货时间放慢，供货 ...