下周财报日历 下周财报关注美股盘后的特斯拉(TSLA.O)、Alphabet(GOOGL.O)、英特尔(INTC.O)等；港股方面，中国移动(00941.HK)、比亚 迪股份(01211.HK)、中国平安(02318.HK)等重要个股亦将公布业绩。经济数据方面，重点关注中国至4月21日一年期贷款市场报 价利率，美国4月标普全球制造业PMI初值。此外，下周将有多位美联储官员发表讲话，美联储将于下周公布经济状况褐皮书。 由于复活节，港股将于下周一休市，敬请留意。完整个股财报日历请前往美港电讯APP-日历查看。点击查看>>> US(TMUS.O) usa | 港股财报 中兴通讯 中国移动 中国平安 (00763.HK) (00941.HK) (02318.HK) 中国电信 新东方 (09901.HK) (00728.HK) 比亚迪股份 (01211.HK) 广汽集团 (02238.HK) 中国太保 (02601.HK) 中国神华 (01088.HK) 比亚迪电子 (00285.HK) 长城汽车 (02333.HK) 户 经济数据 · 04:30 · 22:00 · 09:00 · 16:30 · 20:30 美国4 ...

| 欧佩克公布月度 | 扮演的角色发表 | 报告。 | 与一场问答。 | 话。 | | --- | --- | --- | --- | --- | | 原油市场报告 | 讲话。 | · 10:00:00 | · 07:00:00 | · 2025-04-18 | | (月报具体公布 | ·07:40:00 | 国新办就国民经 | 2025年FOMC票 | 美股休市一日。 | | 时间待定,一般 | 2027年FOMC票 | 济运行情况举行 | 委、堪萨斯联储 | · 2025-04-18 | | 于北京时间18- | 委、亚特兰大联 | 新闻发布会。 | 主席施密德和达 | 旗下贵金属、美 | | 21点左右公 | 储主席博斯蒂克 | | 拉斯联储主席洛 | 国原油、外汇和 | | 布)。 | 就货币政策发表 | | 根就美国经济和 | 股指期货合约全 | | 国家能源局每月 | 讲话。 | | 银行业进行炉边 | 天交易暂停。 | | 15日左右公布全 | ·09:20:00 | | 谈话。 | · 2025-04-18 | | 社会用电量数 | 今日有1000亿 | | 国内成品油将开 | 港股休市一日, ...

金荣中国：黄金保持震荡回调发展 但之后，还有美联储理事库格勒就"经济前景与企业家精神"发表讲话。FOMC永久票委、纽约联储威廉 姆斯在一场活动上致开幕词。 根据之前库格勒讲话言论美国经济仍然保持稳健，威廉姆斯表示关税的影响仍然存在很大不确定来看， 讲话也是好坏参半，故此，今日走势还是震荡走盘为主。 其美元指数，日图近日止跌连续反弹回升，短期均线已转为金叉向上支撑，附图指标也维持看涨信号发 展，暗示后市走势仍偏强反弹为主，而会对金价产生压力，不过，上方临近中轨线以及200日均线强劲 阻力，近两年多也只是走区间震荡； 所以，在向上打破区间压力，以及跌破200周均线支撑之前，对金价影响有限。将继续令金价维持周图 级别上行趋势走盘。 美债10年期收益率，日图受到200日均线支撑的持续买盘推动后，多头走势转强，并再度运行在中轨及 短期均线上方，布林带也开口向上发展，附图指标维持看涨信号，短期走势偏强反弹，将会对金价造成 压力，但周图仍处于回落压力中，在重回中轨上方持稳发展前，对金价压力有限。 分析；日内将可关注众多经济数据，包括美国1月FHFA房价指数月率、美国1月S&P/CS20座大城市未季 调房价指数年率、美国2月 ...

Domestic Market Analysis - The monetary policy includes a 1.901 billion CNY operation of the Standing Lending Facility in February, with an end balance of 1.3 billion CNY[2] - The future scale of re-loans for technological innovation and transformation is set to expand to between 800 billion and 1 trillion CNY[2] - The government work report sets a GDP growth target of around 5%, a CPI increase of about 2%, and a deficit ratio of 4%[2] - In February, the Caixin Services PMI was at 51.4, while the Manufacturing PMI was at 50.8[2] - Exports grew by 3.4% in January-February, while imports fell by 7.3%[2] International Market Analysis - The U.S. economy showed a slight increase in overall activity since mid-January, according to the Federal Reserve's Beige Book[3] - The European Central Bank lowered interest rates by 25 basis points, indicating a potential end to the easing cycle[3] - The U.S. non-farm employment increased by 151,000 in February, with an unemployment rate of 4.1%[3] - The Atlanta Fed revised down the U.S. Q1 GDP forecast, expecting a contraction of over 2.8%[3] Strategic Recommendations - A global strategy to buy U.S. dollars (+DXY) and U.S. Treasury bonds (-TU) is recommended[4] - Domestically, a strategic approach to steepen the yield curve (+2×TS2506-1×T2506) is advised[4] Risk Factors - Potential escalation of geopolitical conflicts and risks associated with U.S. and European debt are highlighted[5] - The risk of yen appreciation is also noted[5]

Core Viewpoint - The article discusses the current economic conditions and forecasts, emphasizing the importance of understanding various economic indicators and their implications for investment strategies [3][4]. Domestic Fundamentals - The report highlights the pressure on enterprises that may be transmitted to the asset side, indicating a potential decline in industrial profits [3]. - It notes the dual mission of consumption, suggesting that consumer spending is crucial for economic recovery [3]. - The article analyzes the unexpected rise in the PMI data, attributing it to underlying economic resilience [3]. Financial Analysis - The report discusses the monetary policy execution report for Q3 2024, indicating a shift towards a "low-price" strategy [3]. - It provides insights into how financial indicators should be tracked following the implementation of this low-price strategy [3]. - The analysis of household debt reveals the ongoing deleveraging process and its implications for the economy [3]. Overseas Insights - The article examines the rise in U.S. Treasury yields, questioning whether it is driven by inflation narratives or deficit concerns [4]. - It evaluates the impact of Trump's new policies on the Federal Reserve's interest rate decisions [4]. - The report addresses the discrepancies in the U.S. non-farm payroll data and the stable unemployment rate, suggesting a complex labor market situation [4]. Policy Tracking - The report discusses fiscal support for the real estate sector, indicating hidden incremental policies that may affect market dynamics [4]. - It highlights the expansion of supervisory laws and their potential implications for various sectors [4]. - The article reviews the ongoing reforms and opening-up policies, suggesting a commitment to economic liberalization [4]. Annual and Semi-Annual Reports - The mid-year strategy report for 2024 emphasizes pricing strategies as a key determinant for market performance [3]. - The annual outlook for 2024 discusses the potential for growth and the need for strategic adjustments in investment approaches [3]. - The mid-year strategy report for 2023 focuses on identifying unseen growth opportunities in the current economic landscape [3].

Group 1 - The Spring Festival this year showed characteristics of a significant return home, with passenger turnover volume in January 2025 increasing by 17.6% year-on-year [1][8] - The congestion index in 39 cities recorded 1.80 as of February 28, indicating a 102.0% increase compared to the average of the last two weeks before the festival [9] - The subway passenger volume in the last week of February was 97.1% of the average from the two weeks prior to the festival [9] Group 2 - The industrial sector's operating rates showed mixed results year-on-year, with significant increases in steel and automotive sectors [2][10] - As of February 27-28, the operating rate of high furnaces increased by 2.7 percentage points compared to the same period last year [2][10] - The operating rate for styrene increased by 18.1 percentage points year-on-year, while PVC and PTA saw declines of 2.2 and 3.9 percentage points respectively [2][11] Group 3 - Construction site resumption rates and labor utilization rates remain below last year's levels, but funding availability has improved year-on-year [3][12] - As of February 27, the resumption rate for 13,532 construction sites was 64.6%, and the labor utilization rate was 61.7% [3][12] - The cement dispatch rate recorded a year-on-year increase of 0.6 percentage points, indicating a recovery in physical workload [3][12] Group 4 - The new visa-free policy has led to a significant increase in international flight operations, with a 24.6% year-on-year increase in average daily international flights in February [4][14] - Inbound tourism generated substantial consumption, with 13.19 million inbound tourists in 2024, a 60.8% increase from 2023, and total consumption reaching $94.2 billion, up 77.8% [4][14] Group 5 - The film box office and audience numbers have significantly rebounded, with a 63.3% increase in average daily box office revenue and a 57.9% increase in average daily audience numbers in January-February [5][15] - The box office for the Spring Festival reached a record high of 9.507 billion yuan, a 16.6% increase year-on-year [5][15] Group 6 - The real estate market showed signs of recovery, with a 35.6% year-on-year increase in average daily transaction area in 30 major cities in February [6][16] - The average daily transaction area reached 37.1 million square meters in the last week of February, close to the average of November last year [6][16] Group 7 - Automotive sales showed a mixed performance, with a 4% year-on-year decline in retail sales as of February 23, but a significant 77% increase in new energy vehicle sales [7][17] - The wholesale volume of passenger vehicles increased by 60% year-on-year in February [7][17] Group 8 - Home appliance sales maintained relatively high growth rates, with online sales of air conditioners, washing machines, and refrigerators showing significant year-on-year increases [8][18] - The offline sales of these appliances also demonstrated strong growth, indicating sustained demand supported by favorable policies [8][18] Group 9 - Container throughput continued to rise, with a 19.8% year-on-year increase in February, reflecting stable export conditions [9][19] - The overall cargo throughput at domestic ports also showed a year-on-year increase of 6.5% [9][19] Group 10 - The industrial price index has shown fluctuations but remains near the high point since October, with a 1.9% increase from the end of January [10][20] - The prices of energy and building materials have slightly decreased, while prices for non-ferrous metals and chemicals have increased [10][20]