宏观点评：市场成交额继续回升

Core Viewpoints - The A-share market saw a slight increase in trading volume, with growth and dividend stocks leading the gains [2] - The Shanghai Composite Index rose by 0.28% to 3236.03 points, down 3.45% from the end of 2024, while the ChiNext Index rose by 0.66% to 2051.35 points, down 4.21% from the end of 2024 [2] - The communication sector rose by 2.47%, while the food and beverage sector fell by 0.85% [2] - The market trading volume reached 12929.87 billion yuan, an increase of 811.01 billion yuan from the previous trading day [2] - The two-finance balance continued to rebound, but the market still lacks incremental funds, leading to a low-level oscillation [2] - Long-term policy increments and shifts are accelerating, providing support for market sentiment and potential upward space after short-term adjustments [2] Daily Review Key Macroeconomic Data and Policies - The central bank conducted a 3405 billion yuan 7-day reverse repo operation at a rate of 1.50% to maintain liquidity in the banking system [9] - The onshore RMB to USD exchange rate closed at 7.3317, up 2 basis points from the previous trading day [9] - The State Council issued regulations to standardize intermediary services for public stock offerings, effective from February 15 [9] - In December 2024, bill financing surged to a record high, becoming the main support for corporate financing [9] - China's shipbuilding industry saw a 13.8% year-on-year increase in completed shipbuilding volume and a 58.8% increase in new orders in 2024 [10] - The Ministry of Commerce announced plans to strengthen export controls on strategic resources with dual-use properties [10] Equity Market - The A-share market experienced a slight increase in trading volume, with growth and dividend stocks leading the gains [11] - The Shanghai Composite Index rose by 0.28% to 3236.03 points, down 3.45% from the end of 2024, while the ChiNext Index rose by 0.66% to 2051.35 points, down 4.21% from the end of 2024 [11] - The communication sector rose by 2.47%, while the food and beverage sector fell by 0.85% [11] - The market trading volume reached 12929.87 billion yuan, an increase of 811.01 billion yuan from the previous trading day [11] - The two-finance balance continued to rebound, but the market still lacks incremental funds, leading to a low-level oscillation [12] - Long-term policy increments and shifts are accelerating, providing support for market sentiment and potential upward space after short-term adjustments [12] Sector Performance - The communication sector rose by 2.47% due to expectations of new CPO switch products from Nvidia at the GTC conference in March 2025 [13] - The retail sector strengthened as Guangdong supported the establishment of duty-free shops in Guangzhou and Shenzhen [13] - Precious metals rose as CMX gold futures reached 2726.50 USD/ounce and CMX silver futures stood at 31.81 USD/ounce [13] - The textile and apparel sector gained strength following the State Council's measures to promote cultural and tourism consumption [13] - The coal sector rose due to reduced supply from some coal companies ahead of the Spring Festival and continued winter demand [13] - The non-ferrous metals sector increased as China's State Grid announced an 890 billion USD power investment, pushing copper prices above 76000 yuan/ton [13] - The petrochemical sector rose as China Petroleum introduced the APS3.0 system to reduce production costs and invested 21.3 billion yuan in a new ethylene project in Shanghai [13] - The engineering machinery sector gained as Komatsu's excavator operating hours in China reached 108 hours in December 2024, a 19.5% year-on-year increase [13] Charts and Data - Figure 1 shows the daily, weekly, and annual changes in key indices such as the Shanghai Composite Index and the ChiNext Index [18] - Figure 2 displays the total A-share trading volume over time [18] - Figure 3 ranks the daily changes in primary industries, with communication leading at a 2.47% increase [18]