金融工程 | 金工定期报告 金融工程 证券研究报告 在当前市场中，分析师报告数量众多，以行业报告为例，每周通常有超过 500 篇的报告。而阅读这些报告通常要花费大量的时间和成本。针对这一 需求，我们利用 DeepSeek-V3 大模型的总结能力对分析师行业报告进行智 能总结和整合，提炼出核心观点和关键信息。 利用大模型衡量景气度 行业研究报告通常提供分析师对行业趋势的深入分析与总体评价，但其应 用性较弱，主要有两个原因。首先，行业评级是行业研报中的标准化输出， 但其并非连续指标，通常仅分为三类，缺乏足够的区分度。因此，分析师 细微的态度和用词变化可能不会导致行业评级的调整。其次，不同证券公 司采用的行业分类标准并不一致，这些差异使得行业比较变得困难。 大模型普及之前，并不容易解决这些问题，而大模型的应用可能为此提供 更有效的支持。为了深入挖掘行业研报的信息，我们对其进行了进一步的 整理与标准化。我们构造了一个能够提取行业研报所涉具体中信一级、二 级行业名称以及对应行业景气度的提示词，并使用 DeepSeek-V3 模型，将 研报摘要作为输入文本得到该研报所属行业、景气度等指标结果。 最新行业研报文本景气度 我 ...

Market Performance - The CSI 2000 index performed well today, while the SSE 50 index fell by 0.49% and the CSI 300 index fell by 0.36%. The CSI 500 index decreased by 0.07%, and the CSI 1000 index increased by 0.23% [5] - Among sector indices, the media, comprehensive finance, telecommunications, computer, and construction industries performed well, with returns of 1.84%, 1.33%, 1.11%, 0.69%, and 0.55% respectively. In contrast, the home appliance, coal, food and beverage, agriculture, forestry, animal husbandry, and pharmaceutical industries performed poorly, with returns of -0.83%, -0.80%, -0.78%, -0.76%, and -0.64% respectively [6] - Concept themes such as China Broadcasting, broadcasting systems, three-network integration, jewelry, and IPV6 performed well, with returns of 7.70%, 6.00%, 4.12%, 4.03%, and 3.75% respectively. Conversely, PTA, cross-strait integration, COVID-19 antigen testing, excavators, and industrial gases performed poorly, with returns of -1.46%, -1.38%, -1.37%, -1.36%, and -1.31% respectively [7] Market Sentiment - Market sentiment was high today, with 94 stocks hitting the daily limit up and 3 stocks hitting the limit down. The highest number of limit up stocks during the day was 102, while the highest number of limit down stocks was 4 [9] - Stocks that were limit up yesterday had a closing return of 2.47% today, while those that were limit down yesterday had a closing return of 1.87% today [10] - The sealing rate was 63%, a decrease of 14% from the previous day, while the consecutive sealing rate was 32%, an increase of 11% from the previous day, marking a new high for the past month [11] Market Capital Flow - As of March 11, 2025, the margin trading balance was 1,922.7 billion yuan, with a financing balance of 1,910.7 billion yuan and a securities lending balance of 12 billion yuan. The margin trading balance accounted for 2.4% of the circulating market value, and margin trading accounted for 9.7% of the market turnover [12][13] Premium and Discount - On March 11, 2025, the ETF with the highest premium was the Bank ETF Preferred, with a premium of 0.99%, while the ETF with the highest discount was the Hong Kong-Shenzhen Technology ETF, with a discount of 1.20% [16] - The average daily transaction amount of block trades over the past six months reached 1.5 billion yuan, with a transaction amount of 1.3 billion yuan on March 11, 2025. The average discount rate over the past six months was 5.20%, while the discount rate on that day was 4.35% [17] - The annualized premium rate for the main contract of the SSE 50 index futures was 1.32% on March 12, 2025, at the 58th percentile for the past year. The annualized discount rates for the CSI 300, CSI 500, and CSI 1000 index futures were 3.67%, 12.71%, and 28.92%, respectively, at the 34th, 11th, and 3rd percentiles for the past year [18] Institutional Attention and Rankings - The stocks with the most institutional research in the past week included Henghui Security, Chip Source Micro, Xiamen Tungsten, and others, with Henghui Security being researched by 147 institutions [19] - The stocks with the highest net inflow from institutional special seats on March 12, 2025, included Meili Technology, Bafang Co., and others, while those with the highest net outflow included Suotong Development, Yunding Technology, and others [20][22]