周四（2 月 27 日）大盘探底回升，走势分化。截至收 盘，上证综指收于 3388.06 点，上涨 0.23%；深成指收 于 10927.51 点，下跌 0.26%；科创 50 下跌 0.05%；创 业板指下跌 0.52%，万得全 A 成交额共 20419 亿元，较 前一日略有上升。 行业方面，30 个中信一级行业有 15 个收涨，其中纺织 服装、商贸零售及食品饮料涨幅居前，而通信、计算机 及综合金融则跌幅较大。概念方面，乳业、海南自贸区 及宠物经济等指数表现活跃。 市场研究部证券研究报告 2025 年 2 月 28 日 国内市场综述 探底回升 走势分化 海外市场综述 美国三大股指全线收跌，英伟达跌超 8% 周四（2 月 27 日），美国三大股指全线收跌，道指跌 0.45%，标普 500 指数跌 1.59%，纳指跌 2.78%。英伟达 跌超 8%，赛富时跌逾 4%，领跌道指。万得美国科技七 巨头指数跌 3.26%。中概股多数下跌，金山云跌逾 13%。 新闻精要 | 1. 两部门发文明确银行业保险业未来 年绿色金融发 5 | | | --- | --- | | 展目标 | | | 2. 工信部：引导地方合理布局 ...

市场研究部证券研究报告 2025 年 2 月 27 日 国内市场综述 震荡攀升 行业普涨 周三（2 月 26 日）大盘震荡攀升，行业普涨。截至收 盘，上证综指收于 3380.21 点，上涨 1.02%；深成指收 于 10955.65 点，上涨 0.93%；科创 50 上涨 2.17%；创 业板指上涨 1.23%，万得全 A 成交额共 19697 亿元，较 前一日略有上升。 行业方面，30 个中信一级行业有全线收涨，其中钢铁、 非银行金融及房地产涨幅居前。概念方面，BC 电池、 减速器及 GPU 等指数表现活跃。 海外市场综述 美国三大股指收盘涨跌不一，英伟达涨超 3% 周三（2 月 26 日），美国三大股指收盘涨跌不一，道 指跌 0.43%，标普 500 指数涨 0.01%，纳指涨 0.26%。 安进、波音跌近 3%，领跌道指。万得美国科技七巨头 指数涨 0.11%，英伟达涨超 3%，特斯拉跌逾 3%。中概 股普遍上涨，高途集团涨超 31%，盛美半导体涨逾 20%。 新闻精要 | 1. 金融资产投资公司股权投资试点签约金额超 3500 | | --- | | 亿元 | | 2. 市场监管总局召开企业公平竞争座 ...

市场研究部 2025 年 2 月 24 日 宏观研究 市场表现截至 2025.2.24 数据来源：Wind，国新证券整理。 扎实推进乡村全面振兴 ——2025 中央"一号文件"解读 事件 2 月 23 日，2025 年中央一号文件《中共中央 国务院关于进一 步深化农村改革 扎实推进乡村全面振兴的意见》对外发布。 解读 今年中央一号文件向社会公布，这是党的十八大以来，中央连 续出台的第 13 个指导"三农"工作的一号文件，是又一个以推进 乡村全面振兴作为主题的一号文件，充分体现了党中央对"三农" 工作一以贯之的高度重视、对推进乡村全面振兴一抓到底的坚定决 心，向全党全社会再次发出了重农强农的强烈信号。 "一号文件"6 个方面 30 条内容： 一是持续增强粮食等重要农产品供给保障能力。主要包括，深 入推进粮油作物大面积单产提升行动。扶持畜牧业稳定发展。强化 耕地保护和质量提升。推进农业科技力量协同攻关。加强农业防灾 减灾能力建设。完善农产品贸易与生产协调机制。构建多元化食物 供给体系。健全粮食和食物节约长效机制。 二是持续巩固拓展脱贫攻坚成果。守牢不发生规模性返贫致贫 底线。统筹建立农村防止返贫致贫机制和低收入人 ...

市场研究部 2025 年 2 月 24 日 行业研究 稀土总量调控政策出台，价格中枢有望上移 事件 2025 年 2 月 19 日，中国工业和信息化部发布《稀土开采和稀土冶炼 分离总量调控管理办法（暂行）（公开征求意见稿）》及《稀土产品信 息追溯管理办法（暂行）（公开征求意见稿）》，这是继 2024 年 10 月 《稀土管理条例》正式实施后的重要配套细则。 供给端：刚性约束强化，行业格局加速优化 1、供给收缩预期明确。1）进口矿占比：根据美国地质调查局 （USGS）2024 年报告，中国进口稀土矿占全球稀土供给的 22%，其 中缅甸矿占全球镨钕供给的 9%。2）缅甸矿进口量：中国海关总署数 据显示，2024 年自缅甸进口的稀土矿同比下降 18%。3）非法产能占 比：工信部2023年《稀土行业规范条件》解读文件显示，非法稀土产 量约占市场总供给的 10%。 2、头部企业主导整合。中国稀土集团（中重稀土）和北方稀土（轻 稀土）为国内仅有的两大稀土开采集团，合计控制全国约 90%的稀土 配额（数据来源：自然资源部《2024 年全国稀土开采总量控制指标》）。 价格端：供需紧平衡支撑价格中枢上移 1、短期价格波动。中国 ...

Investment Rating - The industry investment rating is "Positive," indicating that the industry index is expected to outperform the market index by more than 5% over the next six months [7][11]. Core Insights - The total bidding scale for wind power projects from February 17 to February 21, 2025, is 1412.5 MW, all of which are onshore projects [2][8]. - The total winning bid scale during the same period is 475 MW, with an average winning bid price of 2059 CNY/kW. The highest winning bid price is 2168 CNY/kW, while the lowest is 1950 CNY/kW [3][9]. Summary by Sections Bidding Scale - A total of 7 wind power projects were tendered, with a combined scale of 1412.5 MW, all classified as onshore projects [2][8]. Winning Bid Scale - Four onshore wind power projects were awarded, totaling 475 MW. The average winning bid price was 2059 CNY/kW, with the highest at 2168 CNY/kW and the lowest at 1950 CNY/kW [3][9]. Investment Suggestions - It is recommended to focus on investment opportunities in the offshore wind sector, particularly in areas such as submarine cables, offshore engineering, and foundation piles, as well as companies with strong capabilities in securing overseas contracts [4].

Investment Rating - The industry investment rating is neutral, indicating that the industry index is expected to perform in line with the market index over the next six months [3]. Core Insights - The report highlights the release of the "Opinions on Further Deepening Rural Reform and Promoting Comprehensive Rural Revitalization" by the Central Committee of the Communist Party of China and the State Council, which emphasizes enhancing rural construction levels as one of the three core objectives of rural revitalization [1]. - It specifically mentions prioritizing the urgent needs of rural communities for infrastructure and public services, including key areas such as village roads, water supply security, and living environment improvement [1]. Summary by Relevant Sections - **Industry Overview**: The report discusses the recent policy aimed at rural revitalization, which is expected to drive investment in infrastructure and public services in rural areas [1]. - **Investment Opportunities**: The focus on improving rural infrastructure presents potential investment opportunities in sectors related to construction, utilities, and public services [1]. - **Market Performance**: As of February 21, 2025, the market performance data is sourced from Wind and organized by Guoxin Securities, indicating a neutral outlook for the industry [3].

Domestic Market Overview - The domestic market experienced a decline, with the Shanghai Composite Index closing at 3346.04 points, down 0.8%, and the Shenzhen Component Index at 10854.5 points, down 1.17% [1][6][11] - Out of 30 sectors, 28 saw declines, with media, agriculture, forestry, animal husbandry, and home appliances leading the losses, while only machinery and automobiles showed slight gains [1][11] - The total trading volume for the A-share market was 19255 billion, indicating a decrease from the previous day [1][11] Overseas Market Overview - The US stock market showed mixed results, with the Dow Jones increasing by 0.37%, while the S&P 500 and Nasdaq fell by 0.47% and 1.35%, respectively [2][6] - Notable movements included Walmart rising over 4% and Tesla dropping more than 8%, with its market capitalization falling below 1 trillion [2][6] News Highlights - Chinese Premier Li Qiang conducted research at China Telecom, China Unicom, and China Mobile, emphasizing the importance of technological innovation and the integration of digital and real economies [14][15] - Seven departments, including the Ministry of Human Resources and Social Security, issued guidelines to enhance entrepreneurial support for key groups such as graduates and migrant workers, aiming to stimulate job creation [18][17] - The Ministry of Commerce responded to the EU's sanctions against Chinese companies, reiterating China's opposition to unilateral sanctions without international legal basis [19][20] Economic Data - The report highlighted various economic indicators, including a decline in the competitiveness index of the passenger car market and retail sales data from the UK and Germany, reflecting ongoing economic challenges [26][24]

国内市场综述 震荡整理 小幅收跌 周一（2 月 24 日）大盘震荡整理，小幅收跌。截至收 盘，上证综指收于 3373.03 点，下跌 0.18%；深成指收 于 10983.04 点，下跌 0.08%；科创 50 上涨 0.48%；创 业板指下跌 0.67%，万得全 A 成交额共 21154 亿元，较 前一日略有下降。 行业方面，30 个中信一级行业有 18 个上涨，其中建筑、 建材及房地产涨幅居前，而综合金融、通信及医药则跌 幅较大。概念方面，航空运输精选、大基建央企及存储 器等指数表现活跃。 海外市场综述 美国三大股指收盘涨跌不一，英伟达跌超 3% 周一（2 月 24 日），美国三大股指收盘涨跌不一，道 指涨 0.08%，标普 500 指数跌 0.5%，纳指跌 1.21%。耐 克涨近 5%，旅行者集团涨超 3%，领涨道指。万得美国 科技七巨头指数跌 1.27%，英伟达跌超 3%，脸书跌逾 2%。中概股普遍下跌，小马智行跌超 20%，阿里巴巴跌 逾 10%。 分析师：彭竑/钟哲元 登记编码：S1490520090001/ S1490523030001 | 市场研究部证券研究报告 | 2025 年 | 2 月 ...

行业研究 市场研究部 2025 年 2 月 21 日 Deepseek 在央国企私有化部署加速 事件 -30% -20% -10% 0% 10% 20% 30% 40% 50% 60% 2024-02-21 2024-03-21 2024-04-21 2024-05-21 2024-06-21 2024-07-21 2024-08-21 2024-09-21 2024-10-21 2024-11-21 2024-12-21 2025-01-21 2025-02-21 计算机(申万) 沪深300 数据来源：Wind，国新证券整理 2025 年 2 月以来，多地政务系统（如深圳）宣布全面启用 DeepSeek 大模型，首批 70 名政务 AI"新员工"已正式上岗，覆盖文件处理、 政策咨询等场景。同时，央国企持续推进私有化部署，例如中国电信 天翼云推出"息壤智算一体机-DeepSeek 版"，满足国央企对开箱即 用的需求。 广 州 市 政 务 服 务 和 数 据 管 理 局 近 日 在 政 务 外 网 正 式 部 署 上 线 DeepSeek-R1、V3 671B 大模型，通过融合海量政务数据以及大模型 应用，丰富 ...

Domestic Market Overview - The domestic market experienced a strong rise with both volume and price increasing. The Shanghai Composite Index closed at 3379.11 points, up 0.85%, while the Shenzhen Component Index closed at 10991.37 points, up 1.82%. The STAR 50 index rose by 5.97%, and the ChiNext Index increased by 2.51%. The total trading volume of the A-share market reached 22,311 billion yuan, a significant increase from the previous day [1][8]. - Among the 30 first-level industries, 18 saw an increase, with telecommunications, computers, and electronics leading the gains. Conversely, banking, textiles, and coal experienced notable declines. Concepts such as servers, IDC, and the East Data West Computing initiative showed active performance [1][8]. Overseas Market Overview - The three major U.S. stock indices all closed lower, with the Dow Jones falling by 1.69%, the S&P 500 down by 1.71%, and the Nasdaq decreasing by 2.2%. The U.S. technology giants index dropped by 2.33%, with Tesla down over 4% and Amazon falling more than 2%. In contrast, Chinese concept stocks generally rose, with Pony.ai increasing by over 32% [2]. Key News Highlights - The 2025 Central No. 1 Document was released, emphasizing the solid promotion of rural revitalization [3][11]. - The Ministry of Commerce responded to the U.S. proposed restrictions on China's maritime, logistics, and shipbuilding sectors, urging a rational approach from the U.S. [3][13]. - The Shanghai Stock Exchange initiated a large-scale survey of private enterprises to better understand their needs and challenges [3][16]. - The 2025 Global Developer Pioneer Conference opened in Shanghai, focusing on advancements in artificial intelligence and open-source technologies [3][18]. Economic Data - During the Spring Festival travel period from January 14 to February 22, 2025, the total cross-regional population flow reached 9.02 billion, a 7.1% increase compared to the same period in 2024. Railway passenger volume was 510 million, up 6.1% year-on-year [23].