开盘：三大指数集体低开 电网设备板块跌幅居前

Market Overview - The three major indices opened lower, with the Shanghai Composite Index at 4103.53, down 0.25%, the Shenzhen Component at 14102.21, down 0.38%, and the ChiNext Index at 3270.13, down 0.24% [1] Government Policy Announcements - The Ministry of Finance announced that the new government debt scale for 2025 will be 11.86 trillion yuan, an increase of 2.9 trillion yuan from the previous year [1] - Starting from April 1, 2026, export tax rebates for photovoltaic products will be canceled, and electronic product export tax rebates will be phased out over two years [1] - Tax and fee preferential policies for community family services, including elderly care and childcare, will be extended from January 1, 2026, to December 31, 2027, with VAT exemptions and reduced taxable income calculations [1] Commodity Market Developments - Shanghai released an action plan to enhance the linkage between spot and futures markets for non-ferrous metals, aiming for higher levels of institutional openness [2] - The Shanghai Futures Exchange adjusted margin ratios and price limits for copper, aluminum, gold, and silver futures contracts [2] - Domestic gasoline and diesel prices were raised by 85 yuan per ton, with an increase of 0.07 yuan per liter for 92 and 95 gasoline and 0 diesel [2] Corporate Announcements - Yifan Transmission announced plans to acquire 87.07% of Beijing Helish, which is expected to constitute a major asset restructuring [3] - Kangxin New Materials plans to acquire 51% of Yubang Semiconductor for 392 million yuan, marking a strategic shift towards the semiconductor industry [3] - Yonghui Supermarket expects a net loss of 2.14 billion yuan for 2025, compared to a loss of 1.47 billion yuan in the previous year [3] - Hikvision reported a net profit of 14.188 billion yuan for 2025, an increase of 18.46% year-on-year [3] Stock Market Performance - The U.S. stock market saw significant declines, with the S&P 500 dropping 2.06%, marking its largest single-day drop since October of the previous year [3] - The Nasdaq China Golden Dragon Index fell by 1.44%, reflecting a broader downturn in popular Chinese concept stocks [3] Economic Insights - CICC's report highlights that the restructuring of the international monetary order is a core driver of the current A-share bull market, with the policy shift in September 2024 being a foundational element [8] - Huaxi Securities interprets that counter-cyclical regulatory policies are essential for avoiding extreme market conditions, while Guangfa Securities expresses optimism about the market's performance in the upcoming month [9]