沪指4月15日上涨0.15%，申万所属行业中，今日上涨的有12个，涨幅居前的行业为美容护理、银行， 涨幅分别为2.27%、1.50%。美容护理行业位居今日涨幅榜首位。跌幅居前的行业为国防军工、商贸零 售，跌幅分别为1.78%、1.37%。 资金面上看，两市主力资金全天净流出193.01亿元，今日有11个行业主力资金净流入，传媒行业主力资 金净流入规模居首，该行业今日上涨0.96%，全天净流入资金8.02亿元，其次是银行行业，日涨幅为 1.50%，净流入资金为7.80亿元。 主力资金净流出的行业有20个，电子行业主力资金净流出规模居首，全天净流出资金38.41亿元，其次 是计算机行业，净流出资金为27.99亿元，净流出资金较多的还有商贸零售、有色金属、国防军工等行 业。 美容护理行业今日上涨2.27%，全天主力资金净流入2.39亿元，该行业所属的个股共31只，今日上涨的 有30只，涨停的有2只；下跌的有1只。以资金流向数据进行统计，该行业资金净流入的个股有23只，其 中，净流入资金超千万元的有11只，净流入资金居首的是两面针，今日净流入资金6147.53万元，紧随 其后的是爱美客、贝泰妮，净流入资金分别为495 ...

Core Views - The recent collective rise of the A-share market indices is attributed to the temporary suspension of "reciprocal tariffs" by the Trump administration, which has improved global market sentiment [2][8] - The market has recovered above 3200 points, indicating a potential end to the recent downward trend driven by emotional short-term selling [2][9] - Despite the positive sentiment, concerns remain regarding the substantial impact of tariffs and the overall market fundamentals, as corporate earnings have not yet fully improved [2][9] Market Overview - On Thursday, the A-share market indices continued to rebound, supported by several favorable factors including state intervention, a wave of stock buybacks by listed companies, and expectations of interest rate cuts [4][5] - The trading volume reached 16,095 billion, with the Shanghai Composite Index closing at 3,223.64 points, up 1.16%, and the Shenzhen Component Index rising 2.25% [5] - The precious metals sector saw significant activity, driven by increased demand for safe-haven assets amid global tariff tensions [6] Sector Performance - The precious metals and consumer sectors, including dairy, food and beverage, and retail, showed strong performance, indicating a shift towards domestic consumption as a key driver for economic recovery in 2025 [7][8] - The recent announcement by the State Taxation Administration to promote "immediate refund" services for overseas travelers has boosted the performance of duty-free and tax refund concept stocks [6][7] Future Market Outlook - Continued attention is required on trade negotiations, as successful outcomes could lead to a rebound in industries with strong export recovery expectations [9] - The report anticipates increased fiscal and monetary policy support in response to the economic goals set during the Two Sessions, which is expected to bolster market sentiment in the medium term [3][9]

Market Overview - The report indicates a positive sentiment in the equity market, with major indices such as the Shanghai Composite Index, CSI 300, and CSI Dividend Index rising by 1.16%, 1.31%, and 0.95% respectively on April 10 [2] - The technology sector saw a rotation from large-cap stocks to small-cap stocks, with the STAR 50, STAR Composite Index, and ChiNext Index increasing by 1.09%, 2.06%, and 2.27% respectively [2] - The bond market exhibited a mixed performance, with short-term yields declining due to easing liquidity, while long-term yields rose amid expectations [2][4] Commodity Performance - Precious metals prices rebounded, with both London and New York gold surpassing $3100 per ounce, and domestic gold and silver rising by 3.21% and 3.44% respectively [3] - Industrial metals and energy prices also saw recovery, with New York copper increasing by over 4% and domestic copper rising by 3.86% [3] - In the domestic market, construction-related commodities such as rebar and iron ore saw increases of 2.01% and 3.06% respectively, while coking coal and glass experienced slight declines [3] Currency and Liquidity - The report notes a weakening of the US dollar, which alleviated depreciation pressure on the Chinese yuan, with both onshore and offshore yuan rates approaching 7.32 [3] - The liquidity environment improved, with the central bank conducting a net withdrawal operation of 157.5 billion yuan, yet funding rates remained stable [4] - Overnight funding costs fell to around 1.65%, indicating a comfortable liquidity position [4] Sector Performance - The consumer sector continued to lead gains, particularly in discretionary spending categories such as retail, automotive, and light manufacturing, with respective increases of 4.83%, 3.21%, and 2.93% [7] - The technology sector also performed well, with media, electronics, and communications indices rising by 3.20%, 2.58%, and 2.47% respectively [7] - The report highlights a strong rebound in the A-share market, driven by expectations of stable growth policies and a potential easing of trade tensions [6][7] Hong Kong Market Insights - The Hang Seng Index and Hang Seng Tech Index rose by 2.06% and 2.66% respectively, with consumer, materials, and defense sectors showing strong performance [8] - Despite a net outflow of 4.03 billion HKD from southbound funds, the market sentiment remained positive, reflecting a tendency for profit-taking after recent gains [8] - The report notes that the AH share premium index remains around 140, indicating that Hong Kong stocks are still in a recovery phase [8]

沪指4月2日上涨0.05%，申万所属行业中，今日上涨的有18个，涨幅居前的行业为纺织服饰、美容护 理，涨幅分别为1.45%、1.01%。美容护理行业位居今日涨幅榜第二。跌幅居前的行业为国防军工、有 色金属，跌幅分别为1.17%、0.87%。 资金面上看，两市主力资金全天净流出80.51亿元，今日有9个行业主力资金净流入，非银金融行业主力 资金净流入规模居首，该行业今日上涨0.58%，全天净流入资金17.87亿元，其次是通信行业，日涨幅为 0.97%，净流入资金为9.63亿元。 主力资金净流出的行业有22个，医药生物行业主力资金净流出规模居首，全天净流出资金27.59亿元， 其次是电子行业，净流出资金为20.00亿元，净流出资金较多的还有国防军工、公用事业、基础化工等 行业。 美容护理行业今日上涨1.01%，全天主力资金净流入5607.61万元，该行业所属的个股共31只，今日上涨 的有27只，涨停的有2只；下跌的有3只。以资金流向数据进行统计，该行业资金净流入的个股有9只， 净流入资金居首的是诺邦股份，今日净流入资金7095.18万元，紧随其后的是拉芳家化、青岛金王，净 流入资金分别为4139.57万元、149 ...

今日各行业表现（截至上午收盘） 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 纺织服饰 | 1.48 | 64.32 | 19.01 | 探路者 | 15.46 | | 美容护理 | 1.09 | 19.81 | -17.91 | 诺邦股份 | 10.00 | | 银行 | 0.97 | 145.33 | -10.96 | 长沙银行 | 3.17 | | 轻工制造 | 0.96 | 76.30 | -10.04 | 海鸥住工 | 10.18 | | 通信 | 0.94 | 283.90 | 15.29 | 东土科技 | 13.43 | | 机械设备 | 0.90 | 688.18 | 1.39 | 莱赛激光 | 13.96 | | 计算机 | 0.66 | 528.03 | -13.55 | 立方数科 | 10.23 | | 非银金融 | 0.65 | 223.02 | -0.24 | 湘财股份 | 10 ...

Investment Rating - The report maintains a "Recommended" investment rating for the optional consumption industry [6] Core Insights - The report highlights a focus on performance realization and improvement in market conditions as annual reports are being disclosed [2] - The optional consumption sector has shown varied performance, with specific segments like tourism benefiting from the Qingming holiday, while others like education and professional chains have seen declines [12][14] Summary by Sections Market Performance - For the week of March 24-28, 2025, the performance of the Shenwan retail, social services, and beauty care sectors was -2.05%, -1.96%, and -1.64% respectively, ranking them 23rd, 20th, and 16th among 31 primary industries [12][14] - The Shanghai Composite Index decreased by 0.40%, while the Shenzhen Component Index fell by 0.75%, and the CSI 300 Index remained flat at +0.01% [12] Key Events and Announcements - Beauty Care: - Juzhibio reported a revenue of 5.539 billion yuan in 2024, up 57.2% year-on-year, with a net profit of 2.152 billion yuan, a 46.5% increase [21] - Kefu Mei achieved a revenue of 4.54 billion yuan, growing 62.9% year-on-year [21] - Maogeping's revenue reached 3.885 billion yuan, a 34.6% increase, with a gross margin of 84.4% [21] - Retail: - Pop Mart's revenue surpassed 10 billion yuan for the first time in 2024, with a year-on-year growth of 106.9% [20] - Chinagoods platform registered over 4.8 million buyers, and Yiwu International Trade City saw a 12.15% increase in daily foot traffic [22] - Social Services: - Meixue Ice City reported a revenue of 24.829 billion yuan, up 22.3% year-on-year, with a net profit of 4.454 billion yuan, a 39.8% increase [24] - Bawang Tea Ji submitted an IPO application, reporting a GMV of 29.5 billion yuan and revenue of 12.405 billion yuan in 2024 [25]

Investment Rating - The report maintains a "Recommendation" rating for the industry [5] Core Insights - The industry has entered the annual report performance disclosure period, with a focus on companies showing strong fundamentals and marginal improvements [2] - Notable performances include: - Shangmei Co. achieved revenue of 6.793 billion yuan, a year-on-year increase of 62.1%, and a net profit of 803 million yuan, up 74% [2] - Aimeike reported revenue of 3.026 billion yuan, a 5.45% increase, and a net profit of 1.958 billion yuan, up 5.33% [2] - Mingchuang Youpin Group's revenue reached 17 billion yuan, a 22.8% increase, with overseas revenue growing by 42% to 6.68 billion yuan [2] - Huazhu Group's Q4 revenue was 6.023 billion yuan, a 7.8% increase, with plans to open 2,300 hotels in 2025 [2] Market Performance - For the week of March 17-21, 2025, the performance of the retail and beauty care sectors was as follows: - Shenwan retail sector down 4.03%, social services down 1.18%, and beauty care down 4.06% [11] - The overall market indices also declined, with the Shanghai Composite Index down 1.60% and the Shenzhen Component Index down 2.65% [11][14] - Sub-sectors such as professional chains, trade, and personal care products experienced significant declines, with drops of 7.86%, 4.78%, and 4.55% respectively [13] Key Events and Announcements - The report highlights several key events: - Chaohongji successfully held a spring new product ordering meeting, showcasing various new series that attracted strong interest from franchisees [23] - Betaini invested in the body care brand "Yujian," acquiring a 15.79% stake [22] - Yonghui Supermarket announced plans to close 250-350 stores as part of its reform strategy [22]

Group 1: Bond Market Overview - The bond market sentiment has eased, with yields initially rising and then declining due to stable economic data released on Monday, indicating that the economy is expected to maintain rapid growth in Q1 [1] - Industrial production growth for January-February reached 5.9%, while service sector production grew by 5.6%, suggesting a potential for over 5% growth in Q1 [1] - Despite strong production, demand appears weak, with real estate sales showing a marginal decline and industrial sales rates hitting a record low for January-February, indicating increasing supply-demand imbalances [1] Group 2: Policy and Liquidity - The central bank has maintained a hawkish stance since the beginning of the year, focusing on the risks associated with rapid interest rate declines and currency depreciation, which has led to yield inversions [2] - The liquidity situation has improved slightly in March compared to February, with the central bank's increased interventions indicating a marginal change in its stance [1][2] Group 3: Stock Market Performance - The stock market experienced a pullback, with all major indices declining, particularly the ChiNext index which fell over 3%, attributed to a significant drop on Friday [3] - The overall trading volume in the A-share market decreased to an average of 1.55 trillion, reflecting a weakening market sentiment [3] - Value stocks outperformed in a weak market environment, while sectors such as oil, steel, and building materials showed better performance amidst a chaotic market structure [3] Group 4: Economic Indicators and Global Context - Economic indicators for January-February show a mixed picture, with strong industrial production and infrastructure investment but weak consumer demand and declining import growth [4] - The Federal Reserve has decided to maintain interest rates and slow down its balance sheet reduction, while Japan's central bank continues to keep rates unchanged, indicating a cautious global economic outlook [4]

Core Viewpoint - The consumer sector has shown slight growth in early 2025, outperforming the overall market, with a 0.5% increase in the consumer index and a 1.4% increase in the broader consumer index, while the CSI 300 index has slightly declined by 0.5% [1][2]. Policy Support - The government has prioritized boosting consumption and investment efficiency, with a focus on expanding domestic demand, including a special bond issuance of 300 billion yuan to support the "old-for-new" consumption policy, doubling last year's amount [2][3]. - A comprehensive action plan has been introduced, outlining 30 key tasks across eight areas to stimulate consumption growth, emphasizing demand-side support [2][3]. Market Trends - The "old-for-new" policy has positively impacted sectors like home appliances and automobiles, with over 940 million consumers participating in the program, leading to the purchase of over 12 million appliances [3][4]. - Emerging consumption trends in areas such as parenting, aging population, and winter sports are gaining attention due to supportive policies [3]. Valuation and Investment Opportunities - The consumer sector's valuation remains historically low, with the consumer index PE (TTM) at 12.4x, below historical averages, indicating potential for recovery [4][5]. - Key sectors such as retail, home appliances, and food and beverage are highlighted as having significant valuation upside, with leading companies in these areas also showing low valuations [4]. Capital Market Dynamics - The potential return of foreign capital could benefit leading consumer companies, as foreign investment in China has decreased significantly over the past three years, with a shift towards rebalancing portfolios [5][6]. - The consumer sector, particularly leading firms, is expected to gain from foreign capital inflows due to their traditional attractiveness to foreign investors [5]. Economic Outlook - Current economic recovery appears moderate, with retail sales growth at 4% year-on-year for January-February, indicating room for improvement in consumer income and spending capacity [6]. - Investment in infrastructure and manufacturing remains high, but real estate investment continues to decline, affecting related consumer sectors [6]. Structural Opportunities - The focus on structural opportunities in the consumer sector is emphasized, with recommendations for investors to consider specific companies across various sub-sectors such as food and beverage, home appliances, and retail [6].

Market Overview - The A-share market experienced a decline last week, with the Shanghai Composite Index closing at 3364.83 points, and the total trading volume around 1.5 trillion yuan [1] - The week saw a notable pullback in growth sectors, with the ChiNext Index, STAR 50, and Innovation Index showing significant declines, while the value style represented by the CSI Dividend Index remained relatively resilient [1] - The Shanghai Composite Index fell by 0.31%, the Shenzhen Index by 0.90%, and the ChiNext Index by 1.20% [1] Industry Performance - The average decline across Wind's first-level industry indices was 0.37%, with 62% of the Wind Top 100 Concept Index showing positive returns [8] - 42% of sectors achieved positive returns, with notable gains in automotive (up 3.04%), household appliances (up 1.73%), and building materials (up 1.70%) [1][8] - Conversely, sectors such as food and beverage, media, and beauty care experienced significant declines, with losses of 2.54%, 3.08%, and 3.16% respectively [1][8] Fund Issuance - A total of 34 funds were issued last week, including 20 equity funds, 5 mixed funds, 7 bond funds, and 2 FOF funds, with a total issuance of 31.87 billion units [1][14] Fund Performance - The Wind China Fund Total Index decreased by 1.15% last week, with the ordinary equity fund index down by 2.18% and the mixed equity fund index down by 2.25% [2][6] - The bond fund index saw a slight decline of 0.05% [2][6] Global Asset Review - Global major asset classes returned to an upward trend last week, with developed market indices rising, influenced by the results of the Federal Reserve's monetary policy meeting [2] - The Asian markets performed strongly, particularly the Indian SENSEX30 index, which showed significant gains [2] Bond Market Overview - The U.S. Treasury yield curve flattened, with 10-year Treasury futures rising, while Chinese and U.S. bond futures exhibited inverse fluctuations [3] - The domestic bond market saw a slight decline in the government bond futures index, with the 10-year government bond yield at 1.85% [10][12]