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 ...

国信证券(香港)·资讯日报 股票市场概览 富时新加坡海峡指数一年表现 数据日期：2025 年 4 月 9 日 资料来源：彭博，国信证券（香港）财富研 究部整理 港股市场表现 美股市场表现 日股市场表现 | 2025 | 年 | 4 | 月 | 10 | 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 | 20,264 | 0.68 | 1.02 | | 恒生国企 | 7,536 | 1.41 | 3.37 | | 恒生科技 | 4,689 | 2.64 | 4.95 | | 美国道琼斯 | 40,608 | 7.87 | (4.55) | | 美国标普 500 | 5,457 | 9.52 | (7.22) | | 美国纳斯达克 | 17,125 | 12.16 | (11.32) | | 德国 DAX | 19,671 | (3.00) ...

港股市场表现 美股市场表现 日股市场表现 2025 年 4 月 9 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 | 20,128 | 1.51 | 0.34 | | 恒生国企 | 7,431 | 2.31 | 1.93 | | 恒生科技 | 4,568 | 3.79 | 2.24 | | 美国道琼斯 | 37,646 | (0.84) | (11.51) | | 美国标普 500 | 4,983 | (1.57) | (15.28) | | 美国纳斯达克 | 15,268 | (2.15) | (20.94) | | 德国 DAX | 20,280 | 2.48 | 1.86 | | 法国 CAC | 7,100 | 2.50 | (3.80) | | 英国富时 100 | 7,911 | 2.71 | (3.21) | | 日本日经 225 | 33,013 | 6.03 | (17.25) | 国信证券(香港)·资讯日报 景怡, +852 28996747, je ...

Market Performance Overview - The Hang Seng Index closed at 19,828, down 13.22% for the day and 1.15% year-to-date[4] - The Hang Seng China Enterprises Index fell 13.75% in a single day, with a year-to-date decline of 0.37%[4] - The Hang Seng Tech Index experienced a significant drop of 17.16% for the day and 1.49% year-to-date[4] - The Nikkei 225 index in Japan fell 7.83% on April 7, marking a year-to-date decline of 21.95%[4] U.S. Market Reactions - The Dow Jones Industrial Average decreased by 0.91%, while the S&P 500 fell by 0.23%, both marking their third consecutive day of decline[8] - The Nasdaq Composite Index saw a slight increase of 0.10%, ending a two-day drop[8] - The Nasdaq Golden Dragon China Index dropped by 5.12%, with major Chinese stocks like Alibaba and JD.com experiencing declines of 9.06% and 5.13%, respectively[8] Sector-Specific Insights - Major technology and financial stocks in Hong Kong faced heavy losses, with Xiaomi down over 20% and Alibaba down nearly 18%[8] - Agricultural stocks showed resilience, with Tianjin Rice rising nearly 29% amid expectations of reduced imports from the U.S. due to tariffs[8] - In the U.S., Apple shares fell by 3.67% as the company faced supply chain pressures from tariff policies[8] Capital Flow Trends - Southbound capital into Hong Kong stocks continued to see net inflows, totaling 15.373 billion HKD on April 7, with four consecutive trading days of over 10 billion HKD in net purchases since April[8] Economic Outlook - The ongoing tariff disputes are expected to maintain market volatility, with analysts indicating that the lack of clarity in trade policies could prolong market adjustments[11] - The VIX index, a measure of market volatility, surged above 45, indicating heightened investor anxiety amid the tariff impacts[11]

Market Overview - The Hang Seng Index closed at 22,850, down 1.52% for the day and up 13.91% year-to-date[4] - The Hang Seng Tech Index fell 2.09% to 5,313, with a year-to-date increase of 18.92%[4] - The Dow Jones Industrial Average dropped 5.50% to 38,315, down 9.94% year-to-date[4] U.S. Market Impact - The S&P 500 Index decreased by 5.97%, marking a year-to-date decline of 13.73%[4] - The Nasdaq Composite Index fell 5.82%, down 19.28% year-to-date, officially entering a technical bear market[4] - The recent tariff announcements have led to a significant market sell-off, with the S&P 500 losing $5.4 trillion in market value over two days[14] Sector Performance - Major tech stocks saw substantial declines, with Apple down 7.29% and Tesla down 10.42%[10] - Financial stocks led the decline due to concerns over economic slowdown from tariffs, with banks and insurers performing poorly[12] - Water utility stocks rose as price increases in water services continued, benefiting operators in the sector[10] Japanese Market Reaction - The Nikkei 225 Index fell 2.75% to 33,781, reflecting concerns over the impact of U.S. tariffs on Japan's economy[10] - The Japanese stock market recorded its largest weekly decline in five years, with the Nikkei index potentially dropping to 32,000 points[12] Economic Outlook - Morgan Stanley predicts that tariffs could increase Apple's costs by approximately $8.5 billion annually, potentially raising iPhone prices by nearly 44%[15] - The probability of a U.S. recession has been raised to 60% by JPMorgan, reflecting heightened economic concerns due to tariff policies[15]

Group 1: Core Insights - The report highlights the unexpected impact of the reciprocal tariff policy announced by the Trump administration, which imposes a 10% base tariff on 185 countries and regions, with higher rates for major trading partners, reaching up to 49% [7][10] - Following the tariff announcement, China quickly retaliated with a 34% tariff on all imports from the U.S., and other countries like Canada and the EU are preparing similar measures [7][10] - The U.S. stock market experienced significant declines, with major indices recording their largest single-day drops since 2020, indicating heightened market volatility and investor panic [10][11] Group 2: Market Performance - The report provides a detailed performance overview of various global assets, noting that the U.S. dollar index fell by 0.98% year-to-date, while the 2-year and 10-year U.S. Treasury yields decreased by 6.64% and 6.00% respectively [2] - The Hong Kong Hang Seng Index and the U.S. Nasdaq 100 Index saw declines of 2.46% and 9.77% respectively, reflecting a broader trend of falling stock prices across major markets [2][11] - The report indicates that the S&P 500 index typically declines by about 25% during economic recessions, suggesting that the current market cycle may not have reached its low point yet [11] Group 3: Investment Strategy - The report suggests that the impact of the tariff policy may lead to increased volatility, recommending a cautious approach towards global equity assets in the short term [12] - It highlights that the U.S. dollar may be favored as a safe-haven asset, with expectations of delayed interest rate cuts, which could strengthen the dollar against the yuan [12] - Investors are advised to consider U.S. Treasury bonds and bond-related assets, as they are likely to benefit from the current economic climate and the anticipated rise in inflation [12]

Market Overview - The Hang Seng Index closed at 23,203, down 0.02% for the day but up 15.67% year-to-date[4] - The Hang Seng Tech Index rose by 0.35%, with a year-to-date increase of 21.45%[4] - The US Dow Jones increased by 0.56%, while the S&P 500 and Nasdaq rose by 0.67% and 0.87%, respectively, but are down 0.75% and 8.85% year-to-date[4] Sector Performance - Major tech stocks in Hong Kong saw mixed results, with Kuaishou up over 2% and Baidu up over 1%, while Xiaomi fell over 4%[8] - Heavy machinery stocks performed well, with Sany International up over 6% and Zoomlion up over 5%[8] - Gold stocks were sluggish, and copper and aluminum stocks fell, while semiconductor and insurance stocks generally rose[8] Capital Flows - Southbound capital recorded a net inflow of HKD 11.717 billion, marking nine consecutive days of net inflows, primarily targeting pharmaceuticals and technology sectors[8] US Market Insights - In the US, large tech stocks showed mixed performance, with Apple up 0.31% and Tesla up 5.33%[8] - The Nasdaq China Golden Dragon Index fell by 0.09%, with mixed results among Chinese concept stocks[8] Japanese Market Trends - The Nikkei 225 index rose by 0.28%, supported by gains in major stocks like Fast Retailing, which increased by 3.74%[8] - The Topix index opened high but reversed direction, ultimately closing down 0.43%[8]