一揽子金融政策有效提振市场情绪。 5月7日，央行、金融监管总局、证监会负责人介绍"一揽子金融政策支持稳市场稳预期"有关情况。 本次发布会出台了降准降息、结构性货币政策工具降价扩容、险资入市加码、公募费率改革等众多增量政策。 公募基金普遍认为，会议释放积极政策信号，有效提振市场情绪。 发布会超预期 此次发布会上，央行发布三类共10项货币政策，延续货币政策适度宽松基调，强化逆周期调节和支持实体经济 发展。 金融监管总局发布8项增量政策，覆盖房地产、资本市场、小微民营企业、外贸及科技创新等多个领域。 证监会强调以下举措：巩固市场回稳向好势头，支持汇金公司发挥好"平准基金"作用；服务新质生产力发展， 出台深化科创板、创业板改革措施，抓紧发布新修订的《上市公司重大资产重组管理办法》和相关监管指引， 发展科技创新债券；推动中长期资金入市，抓紧落实《推动公募基金高质量发展行动方案》。 "这一次'一揽子金融政策'对市场的影响更偏细水长流。"招商基金指出，虽然市场对本次发布会第一反应的超 预期是央行"双降"，但随着关税冲击的显现，真正能让经济和市场行稳致远的仍在于货币金融政策和财政政策 的协同，预计随着"一揽子金融政策"在今年 ...

Overall Performance - A-share listed companies achieved a total operating income of approximately 72 trillion yuan in 2024, showing steady progress supported by a series of incremental policies [1] - The Shanghai Stock Exchange main board companies generated a total operating income of 49.57 trillion yuan, while the Shenzhen Stock Exchange companies reported 20.82 trillion yuan [2] - The Beijing Stock Exchange had 265 companies with a total operating income of 1808.45 billion yuan, remaining stable compared to 2023 [2] Profitability - The net profit of Shanghai Stock Exchange main board companies reached 4.35 trillion yuan, a year-on-year increase of 1.9% [3] - The net profit of companies on the Shenzhen Stock Exchange totaled 8064.47 billion yuan, while the Beijing Stock Exchange companies reported a net profit of 110.30 billion yuan [3] R&D Investment - R&D investment by A-share companies continued to increase, with Shanghai Stock Exchange companies investing over 1 trillion yuan, accounting for nearly 40% of national R&D expenditure [4] - The average R&D intensity of companies on the Beijing Stock Exchange reached 5.04% in 2024, with over 60% of companies increasing their R&D investment year-on-year [4][5] Dividend Distribution - In 2024, 1259 companies on the Shanghai Stock Exchange announced cash dividends totaling 1.77 trillion yuan, a 6% increase year-on-year [7] - The Shenzhen Stock Exchange companies disclosed a total dividend amount of 5789.55 billion yuan, reflecting a year-on-year growth of 14.97% [7] Export Performance - China's goods trade exports reached a new high in 2024, with a year-on-year growth of 7.3%, and overseas business income of listed companies accounted for 14.3% of total revenue [8] - The Shanghai Stock Exchange main board companies achieved overseas income of 6.09 trillion yuan, while Shenzhen Stock Exchange companies reported 4.18 trillion yuan, with significant growth in export-oriented companies [8] High-Value Products - High-value products are increasingly penetrating global markets, with the median gross margin of overseas sales for companies on the Science and Technology Innovation Board reaching 40.8% [9] - 37 companies ranked first globally in terms of shipment volume, market share, and sales in their respective fields, showcasing the international influence of domestic innovations [9]

不过，每天这么一点点往下掉，都快成圆弧顶了。市场里的资金，场外的还在观望，要是节后没啥消息刺激，增量资金也不来，估计节后回来得去补3319那 个缺口了。接下来选股，除了躲开那些有问题的股票，当下的业绩都不太重要了，关键得看未来的成长性预期，还有产业的发展趋势。这才是重点！ 二、险资再出手，200亿新基金来了。 A股的长线增量资金来了，两大险资这次又掏了200亿。之前不是刚弄了个500亿的私募嘛，这么快就建仓完了？现在又追加200亿，这力度确实挺猛的。 不过，这次他们明确说要投中证A500成分股里的大型上市公司A+H股。我觉得吧，险资投资A股可以更灵活些，现在太看重股息了，对成长股的支持还不 够，要是能多支持一下成长股！ 一、证监会突然调整休市安排，五一节假期从5月1日（周四）至5月5日（周一）放假！ 昨天最后一个交易日，两市成交额勉强破了万亿，达到10221亿，大盘指数跌了那么一点点，0.05%，收盘在3286。本来指数压力挺大的，但也没闹出什么 大动静，大盘还是稳稳当当的，四平八稳。 三、盘面比昨天好一些，虽然量能还在萎缩，但依然在万亿之上。 最重要的是银行股等高股息板块调整，而题材股再次活跃。虽然指数是绿 ...

总之，市场整体氛围较好，题材轮动加速，短线情绪局部强势，黄金、消费、 AI 及机器人成为今日最强主线，虽然权重板块拖累指数表现，但 是题材热度说明游资量化在干活，市场的赚钱效应更能带动散户良性互动，当然题材持续性还得维持更高的成交量和市场活跃度。 | 黄金概念 | | | 工业软件 | 可燃冰 | | --- | --- | --- | --- | --- | | | | | | +1.44% | | +4.05% | | | +3.77% | -1.49亿 | | 33.647 | | | 9.19亿 | | | POE胶膜 | 基引概念 | 天然气 | 汽车芯片 | 生物质能 | | +1.43% | +1.43% | +1.42% | +1.42% | +1.42% | | 1.37亿 | -4178.48万 | | 2.274Z | 4112.51万 | | | | -1.23 Z | | | | 然図获展 | 地熱能 | 旅游概念 | SGDR | 盐湖提锂 | | +1.35% | +1.34% | +1.34% | +1.33% | +1.32% | | -1.06亿 | -5947.34万 | ...

首先，贸易冲突的进展仍主导市场短期运行。上周贸易冲突虽然没有明显升级，但是当前高额的关 税，使得全球贸易面临重大挑战，投资者的关注重心逐渐转向其对实体经济的影响。当前国际环境下， 国内积极的宏观经济政策如何进一步推进，成为市场关注的焦点和投资线索。与此同时，国内一季度的 经济数据和上市公司的年报、季报正在进入密集披露期，投资者需要密切关注具体数据是否能够达到市 场的预期。此外，上周美国人工智能芯片的出口政策有进一步收紧的趋势，科技领域的竞争和突围势在 必行，国内科技行业的进展也将很大程度上影响市场的风险偏好。 上周，两市震荡分化，成交大幅萎缩。沪指延续了上周的反弹，总体呈现继续修复的特征。但深圳 市场表现偏弱，周一开盘几乎就是最高点，随后一路小幅回落。量能方面，上周未能延续上周的放量格 局，量能出现了明显萎缩。上周市场热点主要集中在银行地产等低估值行业以及大消费行业。投资风格 方面，大盘蓝筹明显强于中小盘和科技风格。 从市场运行节奏看，沪指在周线箱体中轨线找到支撑，正在展开超跌反弹。沪指于三月中下旬，在 去年四季度的密集成交区间遇到较强技术阻力，开始进入调整。最终在周线的箱体中轨线附近找到支撑 并展开反弹。目 ...

Investment Rating - The report maintains an "Accumulate" rating for the industry, indicating a positive outlook for the next 6 to 12 months [27]. Core Insights - The overall performance of the North Exchange is expected to improve in 2025, following a significant adjustment in the index, with a focus on spring market activity [6][24]. - The North Exchange has 469 listed companies with a total market capitalization of 798.74 billion and a circulating market capitalization of 480.61 billion [1]. - The North Exchange 50 Index increased by 1.33% during the week of March 10 to March 14, 2025, closing at 1409.76 points, while the Shanghai and Shenzhen 300 Index rose by 1.59% [3][9]. Summary by Sections North Exchange Market Overview - As of March 14, 2025, there are 264 constituent stocks in the North Exchange, with an average market capitalization of 3.03 billion [3][19]. - The average daily trading volume for the week was 42.05 billion, a decrease of 7.44% from the previous week, with a turnover rate of 11.41% [11][19]. Industry Performance - The top-performing sectors during the week included utilities, food and beverage, non-ferrous metals, home appliances, and textiles, with respective gains of 21.81%, 21.35%, 16.46%, 14.64%, and 13.79% [15][19]. Individual Stock Performance - Out of 264 stocks listed on the North Exchange, 214 stocks rose, 50 fell, and none remained flat, resulting in an 81.06% increase in stock prices [19][24]. New Stock Listings - No new stock issuances occurred during the week, but several companies updated their review statuses, including one company accepted for review and three under inquiry [4][22]. Key News - The North Exchange conducted training sessions for listed companies to enhance communication with investors and improve the quality of information disclosure [5][23]. Investment Strategy - The report suggests focusing on sectors such as data centers, robotics, semiconductors, consumer goods, and military information technology for potential investment opportunities in 2025 [6][24].