New Stock Issuance - Kent Catalysts issued at a price of 15.00[1] - ST Xinchao has a tender offer period from April 8, 2025, to May 7, 2025[1] Abnormal Fluctuations - ST Gongzhi reported significant abnormal fluctuations on April 3, 2025[2] - ST Yu Shun experienced abnormal fluctuations on March 27, 2025[3] - ST Xintong reported abnormal fluctuations on April 4, 2025[3]

Group 1 - The report highlights that on April 2, Trump announced a list of "reciprocal tariffs" affecting over 180 countries, including China, with tariff increases exceeding market expectations [2][9] - In response, China implemented countermeasures, including a 34% tariff on all imports from the US and export controls on certain rare earth materials [3][10] - The report suggests that the tariff situation may be just the beginning, potentially leading to a protracted negotiation phase that could suppress market risk appetite [10][11] Group 2 - The report indicates that the global economic outlook is facing adjustment risks due to the potential escalation of tariff conflicts and retaliatory measures from other countries [10] - It notes that the increase in tariffs on Chinese exports to the US will likely increase export pressure in China during the second quarter [10] - The report recommends increasing allocations to low-volatility and safe-haven assets, such as domestic and foreign bonds, gold, and high-dividend assets, in response to the tariff situation [11] Group 3 - The weekly market review shows that the bond market has started to recover, with the 10-year government bond yield dropping from a high of 1.9% to around 1.8% [12] - The equity market has experienced significant adjustments due to the tariff escalation, leading to decreased trading volume and increased market divergence [12][14] - The report anticipates that the bond market will gradually return to normal, with a focus on medium to long-term and credit bond allocations [13] Group 4 - The report emphasizes that the A-share market should focus on low-valuation high-dividend sectors, tourism-related sectors during the Qingming holiday, and industries less affected by external demand [14] - It suggests that the global equity market will experience increased volatility due to the stronger-than-expected tariffs, which may suppress market risk appetite [14] - The report advises a cautious approach to equity assets in the short term, with a focus on defensive strategies until policy measures can restore market confidence [14]

Group 1 - The report highlights the uncertainty surrounding tariff policies, particularly the recent announcements from the US that exceeded market expectations, which may lead to increased market risk aversion [5][20][23] - The economic performance in Q1 was strong, but there are concerns about a potential slowdown in Q2 due to external tariff disturbances and weak domestic demand [6][7][33] - The report emphasizes the need for policy measures to support domestic consumption and counteract external pressures, suggesting that the government may implement strategies to boost consumer demand [7][8][41] Group 2 - The A-share market is currently in a phase of adjustment following a revaluation, with external tariff pressures impacting global risk appetite and leading to a cautious outlook [8][10] - The report indicates that the market is transitioning from a focus on valuation to an emphasis on earnings performance as the earnings season approaches [8][10] - Defensive strategies are recommended, with a focus on large-cap value and dividend stocks, as market volatility increases due to external uncertainties [8][10] Group 3 - The report notes a mixed performance in major asset classes, with A-shares experiencing slight declines while gold prices surged significantly due to heightened uncertainty in international trade [13][14] - The performance of various sectors in March showed a divergence, with defensive sectors like coal, non-ferrous metals, and banking performing well, while growth sectors faced declines [15][16] - The report suggests that the technology sector remains a key focus for the year, despite facing short-term adjustments due to reduced market sentiment [8][10][16]

| 新股发行及今日交易提示 | 2025/4/3 | 星期四 | | | | | | --- | --- | --- | --- | --- | --- | --- | | 2025/4/3 | 内地市场权益提示 | 类别 | 证券代码 | 证券简称 | 权益日期 | 最新公告链接 | | http://www.cninfo.com.cn/new/disclosure/detail?stockCode=600777&announcementId=1222992722&orgI | 600777 | ST新潮 | 要约申报期：2025年4月8日至2025年5月7日 | d=gssh0600777&announcementTime=2025 | -04-03 | 要约收购 | | http://www.cninfo.com.cn/new/disclosure/detail?stockCode=688739&announcementId=1222921245&orgI | 688739 | 成大生物 | 要约申报期：2025年3月5日至2025年4月3日 | d=gfbj0831550&announcementTi ...

New Stock Listings - 首航新能 (Stock Code: 301658) listed at an issue price of 11.80 on April 2, 2025[1] Tender Offers - 成大生物 (Stock Code: 688739) has a tender offer period from March 5, 2025, to April 3, 2025[1] Abnormal Fluctuations - 回盛生物 (Stock Code: 300871) reported severe abnormal fluctuations on March 28, 2025[1] - 中科海讯 (Stock Code: 300810) reported severe abnormal fluctuations on March 28, 2025[1] - 亿利达 (Stock Code: 002686) reported severe abnormal fluctuations on March 21, 2025[1] - 四环生物 (Stock Code: 000518) reported severe abnormal fluctuations on April 2, 2025[1] - 立新能源 (Stock Code: 001258) reported severe abnormal fluctuations on April 2, 2025[1] - 兰石重装 (Stock Code: 603169) reported severe abnormal fluctuations on April 2, 2025[1] - 跨境通 (Stock Code: 002640) reported severe abnormal fluctuations on April 2, 2025[1] - 中毅达 (Stock Code: 600610) reported severe abnormal fluctuations on April 2, 2025[1] - 哈空调 (Stock Code: 600202) reported severe abnormal fluctuations on April 2, 2025[1] - 楚环科技 (Stock Code: 001336) reported severe abnormal fluctuations on April 2, 2025[1]

| 新股发行及今日交易提示 | 2025/4/1 | 星期二 | | | | | | --- | --- | --- | --- | --- | --- | --- | | 2025/4/1 | 内地市场权益提示 | 类别 | 证券代码 | 证券简称 | 权益日期 | 最新公告链接 | | http://www.cninfo.com.cn/new/disclosure/detail?stockCode=688739&announcementId=1222921245&orgI | 要约收购 | 688739 | 成大生物 | 要约申报期：2025年3月5日至2025年4月3日 | d=gfbj0831550&announcementTime=2025 | -03-28 | | http://www.cninfo.com.cn/new/disclosure/detail?stockCode=600610&announcementId=1222927113&orgI | 600610 | 中毅达 | d=gssh0600610&announcementTime=2025 | -03-28 | | | | http ...

2025 年 04 月 01 日 证券研究报告 | 公募基金周报 常青低波策略逆市获正收益，海外避险情绪或近尾声 公募基金量化遴选类策略指数跟踪周报（2025.03.30） 分析师：程秉哲 分析师登记编码：S0890522110001 电话：021-20321297 邮箱：chengbingzhe@cnhbstock.com 分析师：黄浩 分析师登记编码：S0890524110001 电话：021-20321391 邮箱：huanghao@cnhbstock.com 销售服务电话： 021-20515355 1 、《 ETF 策 略 指 数 跟 踪 周 报 — 2025/3/31》2025-03-31 2、《常青低波策略占优，海外权益企稳 反弹—公募基金量化遴选类策略指数跟 踪周报（2025.03.23）》2025-03-25 3 、《 ETF 策 略 指 数 跟 踪 周 报 — 2025/3/21》2025-03-24 4、《ETF 策略指数跟踪周报—2025/3/》 2025-03-18 5、《市场关注消费提振新闻发布会，再 次点燃 A 股热情—公募基金量化遴选类 投资要点 本周 A 股市场在上周从高位回 ...

2025/4/1 分析师：卫以诺 分析师登记编码：S0890518120001 电话：021-20321014 邮箱：weiyinuo@cnhbstock.com 2025 年 04 月 01 日 证券研究报告 | 财富生态周报 ETF 及指数产品网格策略周报 分析师登记编码：S0890522110001 电话：021-20321297 邮箱：chengbingzhe@cnhbstock.com 销售服务电话： 021-20515355 2025/3/25》2025-03-25 2、《ETF 及指数产品网格策略周报— 2025/3/18》2025-03-18 3、《ETF 及指数产品网格策略周报— 2025/3/11》2025-03-11 4、《ETF 及指数产品网格策略周报— 2025/3/4》2025-03-04 5、《ETF 及指数产品网格策略周报— 2025/2/26》2025-02-26 投资要点 分析师：程秉哲 ◆网格交易策略概述：简单来说，"网格交易"本质上是一种高抛低吸的交易 策略。但与依赖判断长期走势的趋势交易不同，网格交易是一种基于价格波动 的策略，它不预测市场的具体走势，而是利用价格在一 ...

New Stock Issuance - New stock issuance includes 泰禾股份 at an issuance price of 10.27 and 信凯科技 at 12.80[1] - The total number of new stocks issued is not specified, but the focus is on the pricing of these stocks[1] Market Alerts - 成大生物 is undergoing a tender offer from March 5 to April 3, 2025[1] - 神开股份 has reported severe abnormal fluctuations in its stock price[1] - Multiple companies, including 中毅达 and 回盛生物, have recent announcements regarding their stock activities[1] Abnormal Fluctuations - A list of companies experiencing abnormal fluctuations includes *ST工智 and 河化股份, with announcements dated March 31, 2025[1] - The report highlights the need for investors to monitor these fluctuations closely due to potential impacts on stock performance[2]

Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints The report presents several ETF strategy indices constructed with the help of ETFs, which can transform quantitative models or subjective views into practical investment strategies. The performance and positions of these indices are tracked on a weekly basis [11]. 3. Summary by Relevant Catalogs 1. ETF Strategy Index Tracking - **Overall Performance**: The table shows the performance of various ETF strategy indices last week. For example, the Huabao Research Size Rotation ETF Strategy Index had a last - week index return of 0.01%, a benchmark return of - 0.24%, and an excess return of 0.25%. The data is as of 2025/3/28, and the last - week return calculation period is from 2025/3/21 to 2025/3/28 [12]. 1.1. Huabao Research Size Rotation ETF Strategy Index - **Strategy Principle**: It uses multi - dimensional technical indicator factors and a machine - learning model to predict the return difference between the Shenwan Large - Cap Index and the Shenwan Small - Cap Index. The model outputs signals weekly to predict the strength of the indices in the next week and determines positions accordingly to obtain excess returns relative to the market [13]. - **Performance**: As of 2025/3/28, the excess return since 2024 was 16.29%, the excess return in the past month was - 0.07%, and the excess return in the past week was 0.25%. The position was 100% in the CSI 300 ETF [13][16]. 1.2. Huabao Research SmartBeta Enhanced ETF Strategy Index - **Strategy Principle**: It uses price - volume indicators to time self - built Barra factors and maps timing signals to ETFs based on the exposure of ETFs to 9 major Barra factors to achieve returns exceeding the market. The selected ETFs cover mainstream broad - based index ETFs and some style and strategy ETFs [16]. - **Performance**: As of 2025/3/28, the excess return since 2024 was 14.75%, the excess return in the past month was 0.59%, and the excess return in the past week was 0.93%. The positions were 73.37% in the Dividend Low - Volatility ETF and 26.63% in the Value 100 ETF [16][21]. 1.3. Huabao Research Quantitative Windmill ETF Strategy Index - **Strategy Principle**: It starts from a multi - factor perspective, including the grasp of medium - and long - term fundamental dimensions, the tracking of short - term market trends, and the analysis of the behaviors of various market participants. It uses valuation and crowding signals to indicate industry risks and multi - dimensionally explores potential sectors to obtain excess returns relative to the market [20]. - **Performance**: As of 2025/3/28, the excess return since 2024 was - 0.11%, the excess return in the past month was - 1.33%, and the excess return in the past week was - 0.68%. The positions included the Bank ETF, Auto ETF, Media ETF, etc. [20][23]. 1.4. Huabao Research Quantitative Balance ETF Strategy Index - **Strategy Principle**: It uses a multi - factor system including economic fundamentals, liquidity, technical aspects, and investor behavior factors to build a quantitative timing system for trend analysis of the equity market. It also establishes a prediction model for the market's large - and small - cap styles to adjust the position distribution in the equity market and obtains excess returns through comprehensive timing and rotation [23]. - **Performance**: As of 2025/3/28, the excess return since 2024 was - 0.50%, the excess return in the past month was - 0.30%, and the excess return in the past week was 0.03%. The positions included the 10 - Year Treasury Bond ETF, CSI 1000 ETF, etc. [23][27]. 1.5. Huabao Research Hot - Spot Tracking ETF Strategy Index - **Strategy Principle**: It tracks and mines hot - spot index target products in a timely manner based on strategies such as market sentiment analysis, tracking of major industry events, investor sentiment and professional opinions, policy and regulatory changes, and historical deduction. It constructs an ETF portfolio that can capture market hot - spots in a timely manner to provide investors with references for short - term market trends and help them make more informed investment decisions [27]. - **Performance**: As of 2025/3/28, the excess return in the past month was 0.25%, and the excess return in the past week was 0.45%. The positions included the Real Estate ETF, Hong Kong Consumption ETF, etc. [27][30]. 1.6. Huabao Research Bond ETF Duration Strategy Index - **Strategy Principle**: It uses bond market liquidity indicators and price - volume indicators to screen effective timing factors and predicts bond yields through machine - learning methods. When the expected yield is below a certain threshold, it reduces the position of long - duration bonds in the bond investment portfolio to improve the long - term return and drawdown control ability of the portfolio [31]. - **Performance**: As of 2025/3/28, the excess return in the past month was 0.43%, and the excess return in the past week was 0.00%. The positions included the Short - Term Financing ETF, 10 - Year Treasury Bond ETF, etc. [31][32].