宝城期货资讯早班车-2025-03-26

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The Asian region needs to enhance its resilience by tapping into regional endogenous development power to reduce external dependence [2]. - The gold market may receive up to 200 billion yuan in incremental funds from insurance capital, and the investment value of gold products, including gold ETFs, remains high [2][4]. - The adjustment of the MLF operation in March released multiple signals, and the long - term interest rate center may decline under the central bank's loose - money signal [11][22]. 3. Summary by Directory 3.1 Macro Data - In Q4 2024, GDP growth at constant prices was 5.4% year - on - year, up from 4.6% in the previous quarter [1]. - In February 2025, the manufacturing PMI was 50.2%, up from 49.1% in the previous month [1]. - In February 2025, the CPI decreased by 0.7% year - on - year, and the PPI decreased by 2.2% year - on - year [1]. 3.2 Commodity Investment 3.2.1 Comprehensive - Asia remains at the core of the global value chain, and China's position as the center of the global manufacturing value chain is stable [2]. - On March 25, 2025, domestic insurance funds started investing in gold, which may bring up to 200 billion yuan in incremental funds to the gold market [2]. - The US, Russia, and Ukraine agreed to ensure navigation safety in the Black Sea and take measures to protect energy facilities [2]. - On March 25, the price of domestic battery - grade lithium carbonate was 74,100 yuan/ton [2]. - The Baltic Dry Index fell 0.61% to 1,642 points [3]. 3.2.2 Metals - Gold is a preferred asset for investors in an uncertain economic environment, and the scale of gold ETFs has increased by over 50 billion yuan in the past year [4]. 3.2.3 Coal, Coke, Steel, and Minerals - Some steel mills in Xinjiang reduced their daily crude steel output by 10% starting from March 24 [6]. - In February, global crude steel production decreased by 3.4% year - on - year [6]. 3.3 Financial News 3.3.1 Open Market - On March 25, the central bank conducted 377.9 billion yuan of 7 - day reverse repurchase operations, with a net investment of 104.6 billion yuan [10]. - The adjustment of the MLF operation in March released multiple signals, indicating a marginal easing of monetary policy [11]. 3.3.2 Key News - The Chinese government will strengthen the supervision of the platform economy and promote consumption [12]. - Central enterprises will accelerate the development of the artificial intelligence industry [12]. - Asian economic growth is expected to reach 4.5% in 2025, and several Asian economies will maintain a growth rate of over 5% [12]. - As of March 25, local bond issuance reached 2.539953 trillion yuan, a year - on - year increase of 89.07% [13]. - Some bank wealth management products have lowered their performance benchmarks and management fees [14]. - The Hangzhou land auction market was hot on March 25, with a total transaction amount of 10.153 billion yuan and an average premium rate of 52% [14]. - Ningbo allowed eligible housing provident fund contributors to use their funds to pay the down payment for second - hand housing [14]. - Guangxi plans to issue 104.915 billion yuan of local bonds in Q2 [15]. 3.3.3 Bond Market - Most yields of major interest - rate bonds in the inter - bank market rose, and treasury bond futures closed higher [17]. - The money market rates mostly rose [18]. - The yields of European bonds generally rose, while those of US bonds fell [20]. 3.3.4 Foreign Exchange Market - The on - shore RMB depreciated against the US dollar, and the US dollar index fell slightly [21]. 3.3.5 Research Reports - MLF will achieve a net investment of 6.3 billion yuan in March, and the long - term interest rate center may decline [22]. - After the end of the quarter, the demand for wealth management allocation may increase, and medium - and short - term credit bonds can be used as base - position assets [22]. 3.4 Stock Market - On Tuesday, the A - share market was narrowly sorted, with technology stocks weak and the controlled nuclear fusion concept soaring [25]. - The Hang Seng Index fell 2.35%, and southbound funds had a net purchase of 13.895 billion Hong Kong dollars [25]. - Since 2025, southbound funds have adopted a "technology + dividend" strategy, while foreign capital has flowed into the healthcare sector [26]. - Recently, 510 A - share listed companies had their 2025 profit forecasts raised by institutions, mainly in the pharmaceutical, semiconductor, and other industries [26]. - QFIIs held 40 A - shares at the end of 2024, with a focus on the chemical and electronics industries [26]. - Many listed companies released their 2024 annual reports, including招商银行, 中国电信, 海底捞, etc. [27][28] - There are rumors about the merger of two Shandong securities firms, and TSMC's 2 - nanometer production capacity in the second half of the year has been booked by Apple [28]. - 宁德时代 plans to issue H - shares [29].