Report Summary 1. Industry Investment Rating - The document does not mention the industry investment rating. 2. Core Viewpoints - On April 2nd, the monthly contracts of the four major stock index futures showed mixed trends. IF fell 0.08%, IH fell 0.18%, IC rose 0.24%, and IM rose 0.5% [1]. - On this trading day, the total trading volume of stock index futures declined, indicating a cooling of investors' trading enthusiasm. In terms of positions, the total positions of IF and IH increased, while those of IC decreased, and IM increased [2]. - The market showed an overall trend of rising and then falling, with the three major indexes slightly up. The trading volume of the Shanghai and Shenzhen stock markets hit the second - lowest level this year, and the main funds had a net outflow of 969.2 million yuan [8]. 3. Summary by Relevant Catalogs 3.1 Stock Index Futures Data - **IF Futures**: The closing prices of IF2504, IF2505, IF2506, and IF2509 all declined, with decreases of 0.08%, 0.03%, 0.07%, and 0.05% respectively. The trading volume of each contract decreased, while the positions increased. The basis was negative for all contracts [1]. - **IH Futures**: The closing prices of IH2504, IH2505, IH2506, and IH2509 all declined, with decreases of 0.18%, 0.18%, 0.17%, and 0.16% respectively. The trading volume of most contracts decreased, and the positions showed a mixed trend. The basis was positive for some contracts and negative for others [1]. - **IC Futures**: The closing prices of IC2504, IC2505, IC2506, and IC2509 all rose, with increases of 0.24%, 0.28%, 0.30%, and 0.40% respectively. The trading volume of most contracts decreased, and the positions also decreased. The basis was negative for all contracts [1]. - **IM Futures**: The closing prices of IM2504, IM2505, and IM2506 all rose, with increases of 0.50%, 0.41%, and 0.49% respectively. The trading volume of IM2504 decreased, while that of IM2505 increased. The positions increased. The basis was negative for all contracts [1]. 3.2 Trading Volume and Positions - The total trading volume of IF decreased by 6,516 lots, IH decreased by 2,708 lots, IC decreased by 14,127 lots, and IM decreased by 20,972 lots. The total positions of IF increased by 3,099 lots, IH increased by 1,650 lots, IC decreased by 2,379 lots, and IM increased by 5,883 lots [2]. 3.3 Top 20 Member Positions - For IF futures, the changes in long and short positions of different contracts varied. For example, in IF2504, long positions increased by 145 lots and short positions increased by 233 lots [5]. - For IH futures, the changes in long and short positions of different contracts also showed differences. For example, in IH2504, long positions increased by 168 lots and short positions increased by 191 lots [5]. - For IC futures, the long and short positions of different contracts had different trends. For example, in IC2504, long positions decreased by 109 lots and short positions increased by 369 lots [5]. - For IM futures, in IM2504, long positions increased by 1,746 lots and short positions increased by 1,891 lots [5]. 3.4 Market Impact Factors - Trump announced a national emergency, imposing a comprehensive tariff with a 10% "minimum benchmark tariff" and higher tariffs on countries with the largest trade deficits with the US. The market had a complex reaction to this news [6]. - The 2025 working meeting of the Inter - ministerial Joint Conference on Alleviating the Burden on Enterprises emphasized measures to address issues such as arrears to enterprises and high costs [6]. - The General Office of the Communist Party of China Central Committee and the General Office of the State Council issued the "Opinions on Improving the Price Governance Mechanism" [7]. 3.5 A - share Market - The Shanghai Composite Index rose 0.05% to close at 3,350.13 points, the Shenzhen Component Index rose 0.09%, the ChiNext Index rose 0.13%, the Beixin 50 rose 0.52%, the Kechuang 50 fell 0.16%, the Wind All - A rose 0.07%, the Wind A500 fell 0.14%, and the CSI A500 fell 0.13%. The A - share trading volume was 99.2703 billion yuan, lower than the previous day's 1.15 trillion yuan [7]. - The Shanghai Composite Index rose slightly with shrinking volume, and the market trading was light. There was no obvious main line in the market. Robot concept stocks rebounded, auto parts concepts led the gains, pharmaceutical stocks rose and then fell, computing power concept stocks strengthened locally, while military stocks and gold stocks declined [7].

一、指数表现：低开高走，小幅反弹 今日A股三大指数呈现低开高走态势，最终小幅收涨。沪指涨0.15%，深成指涨0.23%，创业板 指涨0.24%，北证50指数微跌0.69%16。 市场成交额较前日有所放量，全市场成交额达1.21万亿元，较昨日增加366亿元，但早盘仍存 在缩量震荡的特征12。 个股涨跌分化明显，全市场超1900只个股上涨，但热点板块表现差异较大。 二、板块分化：科技与周期齐涨，部分题材承压 领涨板块 光刻机与半导体： 光刻机概念表现活跃，新莱应材"20cm"涨停，芯碁微装涨超12%，带动电 子化学品、半导体板块走强。 消息层面，美国将浪潮等54家中企列入实体清单。据芯智讯3月27日消息，当地时间2025年3月 25日，美国商务部工业与安全局（BIS）以从事有悖于美国国家安全和外交政策利益的活动为 由，在联邦公报上刊发两份文件，宣布将来自中国的54家实体新增至"实体清单"（Entity List）。 能源设备与贵金属： 深海科技、风电设备等板块走低，市场对高估值题材的抛压显现。 三、资金动向：ETF活跃，外资关注港股 ETF市场异动： 新经济ETF单日涨6.59%，港股创新药相关ETF（如恒生医疗 ...

我们不是资讯的搬运工 而是有态度的发现者 2. 香港证监会发布香港虚拟资产市场监管路线图 3. 上海:经过5年努力中心城公共交通机动化出行分担率不低 于50% 二、行业最新动态 1. 广东推动人工智能与机器人领域立法 机器人行业政策支持不 断,相关个股:光莆股份(300632)、华中数控(300161)等 2. 中国信通院启动多模态智能体技术规范编制 AI智能体迎爆发元 年,相关个股:中控技术(688777)、能科科技(603859)等 3. 知名厂商实施涨价 机构看好存储行业周期复苏,相关个股: 万润科技(002654)、朗科科技(300042)等 万和财富早班车 2025年3月12日 | ● 国内金融市场 ● | | | ● 股指期货 · | | | | --- | --- | --- | --- | --- | --- | | 品种 | 收盘 | 涨跌幅 | 品种 | 收盘 | 涨跌幅 | | 上证指数 | 3379.83 | 0.41% | 上证当月连续 | 2675.40 | 0.47% | | 深证成指 10861.16 | | 0.33% | 沪深当月连续 | 3930.00 | 0.37% | ...

文 ｜ 徐涛 王子源 夏胤磊 ASML计划在北京建设维修中心，其中包括零部件的本土化采购，我们预计将利好国内光刻机零部 件公司。我们认为光刻机作为半导体领域核心"卡脖子"环节之一，国产替代势在必行，市场信心将 持续增强。我们持续看好国产光刻机及先进制程产业链。 ▍ ASML计划在北京建设维修中心，其中包括零部件的本土化采购，我们预计将利好国内光刻机 零部件公司。 ▍ 风险因素： 技术路线革新，先进技术创新不及预期，国际产业环境变化和贸易摩擦加剧风险，政策支持力度 不及预期，下游需求波动等。 ▍ 投资策略： 2 0 2 5年3月5日，ASML公布了以"携手推进技术向新"为主题的2 0 2 4年度报告，其中提到2 0 2 5年 拟布局北京维修中心、缓解出口管制对中国大陆客户设备维护的压力，保障中国客户的维保和替 代需求。除了维修零部件之外，ASML此前还在国内组建了采购团队，以便解决一些本地不能维 修的零部件需要更换的问题，其中就包括一些零部件的本土化采购，目的是保证客户设备的运转 不会受到出口管制的影响。我们认为，此前市场关于光刻机断维保的担忧有所减弱，此外我们预 计新的维修中心将开始配套采购国产零部件，对于国 ...

Market Overview - The A-share market showed a mixed performance with the Shanghai Composite Index down by 0.12%, while the Shenzhen Component and ChiNext Index rose by 0.36% and 1.20% respectively. The total market turnover was 16,645 billion, a decrease of 2,413 billion from the previous day [2][12]. Industry Highlights - Solid-state batteries continued to surge, with expectations for small-scale production by 2027 and large-scale production by 2030. Leading battery manufacturers and vehicle manufacturers are aligning their production schedules accordingly [2][10]. - The photovoltaic industry saw price adjustments from leading component manufacturers, with price increases ranging from 0.01 to 0.03 yuan/W, and auxiliary materials like glass and films experiencing price hikes of 5% to 15% [2][10]. - The nuclear fusion sector gained attention, with companies like China Nuclear Engineering announcing significant investments in fusion energy projects, aiming for commercial operation around 2045 [3][10]. Financial Insights - Major financial institutions like Goldman Sachs and Bank of America have adjusted their forecasts for the Chinese yuan, reflecting a more stable outlook despite ongoing tariff risks. Goldman Sachs revised its three-month forecast for the yuan to 7.3 from 7.4 [6][10]. - The net outflow of funds from the electronic sector was significant, with major stocks like ZTE Corporation leading the outflow. Conversely, sectors such as electric equipment and non-ferrous metals saw net inflows [12][21]. Real Estate Trends - In February, the second-hand housing market in major cities like Beijing, Guangzhou, and Shanghai experienced significant year-on-year increases in transaction volumes, with Beijing's net signing volume up by 87.6% [8][10]. Investment Opportunities - The low-altitude economy is gaining traction, with a recent event in Guizhou signing 20 projects worth 10.55 billion, indicating potential growth in this sector [9][10]. - The robotics industry is set for growth, with a government action plan aiming for breakthroughs in key components and technologies by 2027, targeting the establishment of over 100 billion yuan enterprises [7][10].