Hong Kong Market Overview - The Hang Seng Index closed at 22,663, up 0.70% for the day and up 12.97% year-to-date[4] - The Hang Seng China Enterprises Index rose 0.37% to 8,262, with a year-to-date increase of 13.33%[4] - The Hang Seng Tech Index slightly declined by 0.09% to 5,240, but is up 17.26% year-to-date[4] - Net inflow from southbound funds reached HKD 13.475 billion[9] US Market Performance - The Dow Jones Industrial Average fell 0.95% to 40,829, down 4.03% year-to-date[4] - The S&P 500 Index decreased by 0.77% to 5,607, with a year-to-date decline of 4.67%[4] - The Nasdaq Composite Index dropped 0.87% to 17,690, down 8.39% year-to-date[4] - Major tech stocks mostly declined, with Microsoft down 0.66% and Apple down 0.19%[9] Sector Highlights - Large tech stocks like Meituan and Tencent saw gains, with Meituan up 4.53% and Tencent over 1%[9] - Airline stocks surged, with China Eastern Airlines up 7.3% and China Southern Airlines up 6.56%[9] - Gold stocks performed well, with Chifeng Jilong Gold Mining up over 12%[9] - Education stocks collectively weakened, with China Oriental Education down over 3%[9] Trade Deficit Insights - The US trade deficit reached a record high of USD 140.5 billion in March, a 14% increase from February[12] - Imports surged by 4.4% to USD 419 billion, while exports only slightly increased by 0.2% to USD 278.5 billion[12] - The trade deficit significantly impacted the US GDP, contributing to a 0.3% annualized decline in Q1 2025[12]

Market Performance Overview - The Hang Seng Index closed at 22,505, up 1.74% for the day and 12.19% year-to-date[4] - The Hang Seng China Enterprises Index rose 1.92% to 8,231, with a year-to-date increase of 12.91%[4] - The Hang Seng Tech Index surged 3.08% to 5,244, marking a 17.37% increase year-to-date[4] U.S. Market Trends - The Dow Jones Industrial Average fell 0.24% to 41,219, down 3.12% year-to-date[4] - The S&P 500 Index decreased by 0.64% to 5,650, with a year-to-date decline of 3.93%[4] - The Nasdaq Composite dropped 0.74% to 17,844, reflecting a year-to-date decrease of 7.59%[4] Japanese Market Insights - The Nikkei 225 Index increased by 1.04% to 36,831, but is down 7.68% year-to-date[4] - The Topix Index rose 0.31%, supported by a weaker yen boosting export-related stocks[9] Sector Performance Highlights - Technology stocks in Hong Kong saw significant gains, with Xiaomi up over 6% and Alibaba and JD.com rising over 3%[9] - Pharmaceutical outsourcing stocks were active, with Kanglong Chemical and WuXi AppTec both gaining over 7%[9] - Conversely, restaurant stocks faced declines, with Yum China dropping over 7%[9] Economic Indicators - U.S. non-farm payrolls increased by 272,000 in April, exceeding market expectations of 180,000[12] - The market anticipates the Federal Reserve will maintain current interest rates in the upcoming meeting, with a potential rate cut not expected until at least July[12]

Hong Kong Market Overview - On April 28, the Hang Seng Index closed at 21,981, down 0.04% for the day but up 9.53% year-to-date[4] - The Hang Seng Tech Index rose 0.12% to 4,983, with a year-to-date increase of 11.66%[4] - The Hang Seng China Enterprises Index remained flat at 8,081, with a year-to-date increase of 10.84%[4] US Market Performance - On April 28, the Dow Jones Industrial Average rose 0.28% to 40,114, while the Nasdaq Composite fell 0.10% to 17,383[10] - The S&P 500 Index increased by 0.06% to 5,525, with a year-to-date decline of 6.00%[4] - Major tech stocks showed mixed results, with Apple up 0.41% and Microsoft down 0.18%[10] Japanese Market Insights - The Nikkei 225 index closed at 35,706, up 0.38%, while the year-to-date performance showed a decline of 10.16%[4] - Investor sentiment in Japan was boosted by potential easing of US-China trade tensions and nearing agreements on tariffs[10] Apple Inc. Earnings Forecast - Apple is expected to report Q2 2025 revenue of $94.06 billion, a year-on-year increase of 3.64%[11] - The anticipated earnings per share (EPS) is $1.606, reflecting a 4.99% increase year-on-year[11] - iPhone revenue is projected to be approximately $47.8 billion, up 4% year-on-year, driven by a 10% increase in unit sales[11] Trade and Tariff Implications - Recent tariff exemptions on smartphones and PCs are expected to provide short-term relief for Apple, although uncertainties remain regarding future trade policies[12] - The US Treasury has significantly raised its borrowing expectations to $514 billion due to the debt ceiling impasse[13]

Market Overview - The Hang Seng Index closed at 21,395, up 1.61% for the day and 6.66% year-to-date[4] - The Hang Seng Tech Index rose by 1.90%, with a year-to-date increase of 9.38%[4] - The Dow Jones Industrial Average fell by 2.48%, down 10.28% year-to-date[4] - The S&P 500 decreased by 2.36%, with a year-to-date decline of 12.30%[4] - The Nikkei 225 dropped by 1.30%, down 14.07% year-to-date[4] Sector Performance - Major tech stocks in Hong Kong saw significant gains, with NetEase up 4.56% and Alibaba rising over 3%[9] - Real estate stocks performed strongly, with Shimao Group surging over 9%[9] - Defensive sectors like rare earth, banking, and gold stocks experienced declines, particularly gold stocks which saw notable pullbacks[9] Economic Context - U.S. market declines were attributed to pressure on the Federal Reserve from former President Trump, raising concerns about the Fed's independence[9] - The Japanese yen strengthened against the U.S. dollar, reaching its highest level since September 2024, impacting export-related stocks negatively[9] Company Insights - Alphabet's Q1 2025 revenue is projected at $89.22 billion, a year-on-year increase of 11%, with net profit expected at $24.71 billion[12] - Alphabet's stock has seen a year-to-date decline of 20%, reflecting regulatory pressures and competition in the advertising market[12] - The company plans to increase capital expenditures to $75 billion in 2025, focusing on AI infrastructure[12]

Group 1: Fund Performance - The performance of various funds is summarized, with notable weekly returns and annualized yields for different funds, such as Huaxia Select USD Money Market Fund at 0.073% weekly increase and 4.490% annualized return [1] - The dollar index fell to 99.376, while the USD/CNY exchange rate increased from 7.2921 to 7.2997, reflecting a weekly rise of 0.10% [1] Group 2: Global Asset Performance - The dollar index decreased by 0.73% for the week and 8.40% year-to-date, currently priced at 99.376 [5] - The 2-year and 10-year U.S. Treasury yields saw declines of 4.08% and 3.67% respectively, indicating a bearish trend in the bond market [5] - The Hong Kong Hang Seng Index increased by 2.30% for the week, while the U.S. stock indices, including the Nasdaq 100 and S&P 500, experienced declines of 2.31% and 1.50% respectively [5] Group 3: U.S. Monetary Policy and Political Pressure - The divergence between President Trump and the Federal Reserve escalated, with Powell emphasizing inflation control and independence from political pressure, which led to Trump's public criticism of Fed policies [8][9] - Concerns arose regarding the potential undermining of the Fed's independence, which could lead to a loss of investor confidence in the dollar, as historical precedents suggest that political interference can destabilize monetary policy [9][12] - The dollar index fell below 100, reaching a near three-year low of 98.278, reflecting market reactions to the political climate and Fed's policy stance [9][12] Group 4: Trade Relations and Market Outlook - Ongoing trade tensions, particularly regarding tariffs on imports, have led to a cautious outlook for U.S. equities, with major investment banks downgrading their year-end targets for the S&P 500 [13] - The report suggests maintaining a cautious stance on both Hong Kong and U.S. stocks, while highlighting the potential for the Chinese yuan to depreciate against the dollar by year-end [13] - The report recommends focusing on U.S. Treasury bonds and specific bond funds as a more stable investment choice amid current market volatility [13]

Market Performance Overview - The Hang Seng Index closed at 21,057, down 1.91% for the day and up 4.97% year-to-date[4] - The Hang Seng Tech Index fell 3.72% to 4,796, with a year-to-date increase of 7.34%[4] - The Dow Jones Industrial Average decreased by 1.73% to 39,669, with a year-to-date decline of 6.76%[4] - The S&P 500 dropped 2.24% to 5,276, down 10.30% year-to-date[4] - The Nasdaq Composite fell 3.07% to 16,307, with a year-to-date decrease of 15.55%[4] Sector-Specific Insights - Major technology and financial stocks in Hong Kong experienced significant declines, with Apple’s Q1 shipments in China down 9%, leading to an 8% drop in related stocks like AAC Technologies[10] - Semiconductor stocks, such as SMIC, saw gains amid U.S. chip export restrictions, with SMIC rising 4% during trading[10] - Gold futures surpassed $3,300, with gold stocks like Zhaojin Mining increasing over 8% to reach a new historical high[10] Economic Indicators - U.S. retail sales rose by 1.4% in March, the largest increase since January 2023, as consumers rushed to purchase goods before tariffs took effect[13] - The World Trade Organization revised its 2025 global goods trade growth forecast from 3.0% to -0.2%, indicating a significant downturn, particularly affecting North America[13]

Market Overview - The Hang Seng Index closed at 21,466, up 0.23% for the day and 7.01% year-to-date[4] - The Hang Seng China Enterprises Index rose 0.21% to 7,983, with a year-to-date increase of 9.51%[4] - The Hang Seng Tech Index fell 0.67% to 4,982, but is up 11.49% year-to-date[4] U.S. Market Performance - The Dow Jones Industrial Average closed at 40,369, down 0.38% for the day and down 5.11% year-to-date[4] - The S&P 500 Index fell 0.17% to 5,397, with a year-to-date decline of 8.25%[4] - The Nasdaq Composite Index decreased by 0.05% to 16,823, down 12.88% year-to-date[4] Japanese Market Insights - The Nikkei 225 Index increased by 0.84% to 34,268, but is down 14.10% year-to-date[4] - The rise was attributed to potential easing of tariffs on the automotive sector by the U.S.[10] Sector Performance - Major tech stocks in Hong Kong showed mixed results, with Kuaishou and Alibaba rising by 1.6%, while Netease fell by 1.42%[10] - U.S. semiconductor stocks were weak due to an investigation into semiconductor imports, with Shanghai Fudan down over 5%[10] Investor Sentiment - A Bank of America survey indicated that 42% of global investors expect a recession, with 49% considering "long gold" as the most crowded trade[10] - A record number of investors have significantly reduced their exposure to U.S. stocks due to trade war concerns[10] Cross-Border E-commerce Trends - DHgate, a Chinese cross-border B2B e-commerce platform, saw a 940% increase in daily downloads, driven by U.S. tariff anxieties[13] - The platform's logistics cost has decreased by 20%-40% due to smart order-splitting technology[13] Economic Data Expectations - China's Q1 GDP is expected to grow by 5.2%, with retail sales showing the fastest growth since October of the previous year[14] - The Chinese government is focusing on boosting domestic consumption and stabilizing foreign trade[14]

Market Performance Overview - The Hang Seng Index closed at 21,417, up 2.40% for the day and 6.77% year-to-date[4] - The Hang Seng China Enterprises Index rose 2.11% to 7,966, with a year-to-date increase of 9.27%[4] - The Hang Seng Tech Index increased by 2.34% to 5,015, showing a year-to-date growth of 12.24%[4] U.S. Market Insights - The Dow Jones Industrial Average closed at 40,525, gaining 0.78% for the day but down 4.75% year-to-date[4] - The S&P 500 index rose 0.79% to 5,406, with a year-to-date decline of 8.09%[4] - The Nasdaq Composite increased by 0.64% to 16,831, reflecting a year-to-date drop of 12.84%[4] Japanese Market Highlights - The Nikkei 225 index closed at 33,982, up 1.18% for the day and down 14.82% year-to-date[4] - The Japanese yen appreciated against the U.S. dollar, reaching 142.57, a 0.67% increase from the previous day[10] Key Stock Movements - Alibaba shares surged by 5%, while Baidu and Netease rose nearly 4% and 3%, respectively[10] - Semiconductor stocks saw significant gains, with Hua Hong Semiconductor up over 4%[10] - Gold stocks continued to rise, with Chifeng Jilong Gold Mining increasing by over 22%[10] IPO and Market Trends - Bawang Tea Ji plans to issue 14.7 million shares, raising $396 million, with a market cap of $5.2 billion at the midpoint of the proposed price range[10] - Concerns over potential delisting of Chinese ADRs have led to a significant drop in their market value, now at $460 billion, down from $1.1 trillion at the end of 2021[14]

关税政策迎来暂缓，美元对人民币或保持稳定 一、国信香港精选基金表现 表 1 国信香港精选基金表现 | 基金名称 | 周涨跌幅 | 十天年化收益率 | 近一年收益率 | 基金净值 | | --- | --- | --- | --- | --- | | 华夏精选美元货币基金 | 0.095% | 4.328% | | 113.1168 | | 泰康开泰美元货币基金 | 0.086% | 3.942% | - | 11.36341 | | 高腾微金美元货币市场基金 | 0.089% | 4.060% | | 11.5051 | | 泰康开泰海外短期债券基金 | -1.197% | | 5.620% | 13.128 | | 华夏精选固定收益配置基金 | -0.884% | | 4.020% | 11.5534 | | | | *因产品成立时间问题,近一年采用场内ETF同期的数据。 货币基金净值日:4月11日;债券型和股票型基金净值日:4月10日。 | | | 国信（香港）基金周报 2025 年 4 月 14 日 数据来源：Bloomberg，数据日期：2025 年 4 月 11 日 国信证券（香港）财富研究部整理 ...

国信证券(香港)·资讯日报 股票市场概览 港股市场表现 美股市场表现 日股市场表现 | 2025 4 | 年 | 月 | 14 | 日 | | | --- | --- | --- | --- | --- | --- | | 资讯日报 | | | | | | | 海外市场主要股市上日表现 | | | | | | | | | | | | 升跌（%） | | 指数名称 | 收市价 | 单日 | 年内 | | --- | --- | --- | --- | | 恒生指数 | 20,915 | 1.13 | 4.26 | | 恒生国企 | 7,802 | 1.74 | 7.02 | | 恒生科技 | 4,900 | 1.80 | 9.68 | | 美国道琼斯 | 40,213 | 1.56 | (5.48) | | 美国标普 500 | 5,363 | 1.81 | (8.81) | | 美国纳斯达克 | 16,724 | 2.06 | (13.39) | | 德国 DAX | 20,374 | (0.92) | 2.34 | | 法国 CAC | 7,105 | (0.30) | (3.74) | | 英国富时 10 ...