Market Overview - The main indices showed positive performance today, with the Shanghai Composite Index increasing by 1.13%, the Shenzhen Component Index rising by 1.84%, and the ChiNext Index up by 1.97% [1] - In terms of sector performance, the computer, communication, and comprehensive sectors led the gains, while the oil and petrochemical, coal, and agriculture sectors lagged behind [1] Concept Sector Performance - Overall, the rare earth, rare earth permanent magnet, and continuous board concepts performed relatively well, whereas the banking, pharmaceutical commercial, and FTSE Russell concepts showed weaker performance [1]

Market Overview - The A-share market showed mixed performance today, with the Shanghai Composite Index down by 0.23% closing at 3279.03 points, while the Shenzhen Component Index rose by 0.51% to 9899.82 points, and the ChiNext Index increased by 0.83% to 1948.03 points [1][10] - Overall, 3443 stocks rose and 1766 stocks fell, with a total trading volume of 11693 billion yuan, an increase of approximately 147.2 billion yuan compared to the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, the leading sectors included Computer, Automobile, Media, Electronics, and Machinery Equipment, with gains of 2.33%, 1.59%, 1.39%, 1.31%, and 1.30% respectively [1][10] - Conversely, the sectors that experienced declines included Banking, Steel, Building Materials, Transportation, and Public Utilities, with losses of 2.09%, 1.35%, 0.82%, 0.77%, and 0.72% respectively [1][10] Concept Sector Performance - The top-performing concept sectors today were Smart Speakers, Operating Systems, and Auto Parts, among others, showing significant gains [2][12] - In contrast, sectors such as Banking, High Send Transfer, and Cobalt Mining experienced declines [12]

Market Overview - The A-share market showed mixed performance today, with the Shanghai Composite Index down by 0.05% closing at 3286.65 points, and the Shenzhen Component Index also down by 0.05% closing at 9849.80 points. The ChiNext Index fell by 0.13% to 1931.94 points. Overall, 3556 stocks rose while 1670 stocks fell, with a total trading volume of 10221 billion yuan, a decrease of approximately 34.2 billion yuan from the previous trading day [1][13]. Industry Performance - Among the Shenwan first-level industries, the leading sectors included Beauty Care, Machinery Equipment, Media, Light Industry Manufacturing, and Basic Chemicals, with respective gains of 2.60%, 1.44%, 1.27%, 1.04%, and 0.87%. Conversely, the sectors that experienced declines included Utilities, Comprehensive, Oil & Petrochemicals, Coal, and Social Services, with respective losses of 1.78%, 0.97%, 0.55%, 0.51%, and 0.47% [1][13]. Concept Sector Performance - The top-performing concept sectors today were Animal Vaccines, Marketing Communication, Medical Beauty, Auto Parts, Chemical Fibers, and Virtual Reality, among others. These sectors showed significant upward movement, while sectors like Electricity, Baijiu, and Insurance experienced pullbacks [2][11].

Market Overview - The A-share market saw most major indices decline today, with the Shanghai Composite Index down 0.20% closing at 3288.41 points, the Shenzhen Component Index down 0.62% at 9855.20 points, and the ChiNext Index down 0.65% at 1934.46 points [1] - Overall, there were 1215 stocks that rose while 4105 stocks fell, with a total trading volume of 10563 billion yuan, a decrease of approximately 573 billion yuan compared to the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, only the banking, steel, public utilities, home appliances, and media sectors saw gains, with increases of 0.98%, 0.53%, 0.39%, 0.17%, and 0.02% respectively [1] - The real estate, comprehensive, social services, automotive, and building materials sectors experienced the largest declines, with drops of 3.66%, 2.52%, 2.19%, 1.59%, and 1.57% respectively [1] Sector Highlights - The top-performing concept sectors today included banking, pharmaceutical commerce, consecutive boards, online gaming, gold and jewelry, rare earths, electricity, IDC, virtual reality, industrial metals, innovative drugs, semiconductors, and blue-chip stocks [2][11] - Conversely, the dairy, high send-off, and generic drug sectors experienced pullbacks [11]

Group 1 - The report analyzes Trump's "tariff war" as a strategic maneuver that significantly impacts the global economic landscape, particularly affecting China and the U.S. economy [1][16] - Trump's psychological bottom line includes a 10% baseline tariff on global imports, protective tariffs on key industries like automobiles, and a focus on curbing China's rise while integrating North America [3][20] - The report highlights that Trump's unpredictable behavior serves as a strategy to maintain negotiation leverage, creating uncertainty for other economies [4][22] Group 2 - Different economies respond variably to the U.S. tariff war, categorized into resistance and concession, with China and Canada showing strong resistance while others like Mexico and Vietnam are forced to concede [6][26] - China is identified as the most resolute in its countermeasures against U.S. tariffs, demonstrating both capability and determination to retaliate effectively [27][28] - The report suggests that Canada has effectively countered U.S. tariffs due to its economic ties with the U.S., while Mexico's response has been more subdued due to its dependent economic status [35][36] Group 3 - The report emphasizes the need for China to build alliances and expand its market presence to enhance its negotiating power against the U.S. [10][30] - It discusses the potential for China to fill the market void left by the U.S. as it adopts a more isolationist trade policy, positioning itself as a global consumer market leader [10][31] - The analysis concludes that the ongoing tariff situation is unsustainable for the U.S., with potential adjustments in tariff rates likely as negotiations progress [31][32]

Export Characteristics - China's exports to the US are highly concentrated in the eastern region, with Guangdong, Zhejiang, and Jiangsu provinces accounting for nearly 60% of total exports to the US[2] - In 2024, the total export value to the US reached $524.66 billion, with a trade surplus of $361.03 billion, representing 36.4% of China's overall trade surplus[8] - The top three export categories to the US are electromechanical equipment, textiles and apparel, and furniture and toys, which together account for 77.3% of total exports[14] Import Characteristics - Major import regions include Beijing, Shanghai, Guangdong, Jiangsu, Zhejiang, and Sichuan, each exceeding $10 billion in imports from the US, collectively accounting for over 70% of total imports[20] - In 2024, the total import value from the US was $163.62 billion, with electromechanical equipment, mineral products, and food and beverages being the top three categories[25] - Sichuan and Tianjin show high dependency on US imports, with import dependency rates of 18.5% and 14.9% respectively, primarily for advanced manufacturing components[24] Trade Balance - 27 provinces in China have a trade surplus with the US, with Guangdong, Zhejiang, and Jiangsu provinces contributing to 70.8% of the total trade surplus of $361.03 billion[32] - Guangdong leads with a surplus of $115.42 billion, followed by Zhejiang at $73.35 billion and Jiangsu at $66.81 billion[32]

Market Overview - The A-share market showed a mixed performance today, with the Shanghai Composite Index slightly up by 0.03% closing at 3297.29 points, while the Shenzhen Component Index fell by 0.58% to 9878.32 points. The ChiNext Index decreased by 0.68% to 1935.86 points, and the Sci-Tech 50 Index dropped by 0.92% to 1003.32 points. Overall, 3690 stocks declined while 1543 stocks rose, with a total trading volume of 1109 billion yuan, down by 120.695 billion yuan compared to the previous trading day [1]. Industry Performance - Among the Shenwan first-level industries, sectors such as beauty care, banking, public utilities, coal, agriculture, forestry, animal husbandry, and real estate showed positive performance, while sectors like computer, communication, electronics, media, machinery equipment, and national defense experienced declines [1]. Sector Highlights - The leading sectors in terms of growth today included PEEK materials, pet economy, hydropower, feed, vitamins, CRO, central enterprise banks, animal health, real estate, banking, nuclear power, innovative drugs, generic drugs, electric power stocks, and insurance [1].

证券研究报告 | 宏观深度 2025 年 04 月 24 日 分析师：罗志恒 执业编号：S0300520110001 电话：010-83755580 邮箱：luozhiheng@ykzq.com 近期报告 《【粤开宏观】中国 31 省份进出口全景图 （2024）：区域格局、商品结构与贸易方式》 2025-04-22 《【粤开宏观】"双标"的美国产业政策： 类型、动因、效果及思考》2025-04-15 《【粤开宏观】可以更加坚定地看好中国股 市》2025-04-08 《【粤开宏观】重新理解特朗普关税：中国 应对的三大原则和五大建议》2025-04-06 《【粤开证券】特朗普"对等关税"为何远 超市场预期？影响及下一步》2025-04-03 宏观研究 【粤开宏观】财政如何应对关税战？ 摘要 美国发起全球关税战严重破坏了全球经贸秩序，对华关税税率之高可能导致 中美贸易事实上脱钩，这在冲击美国经济的同时也将对中国的经济增长、出 口和就业产生较大冲击。充分估计形势的严峻性、充分做好应对的准备，未 雨绸缪，才能打赢关税战并化危为机；由此契机实施一系列改革，将推动中 国经济从债务和投资驱动转向科技和消费驱动、实现产业链高端 ...

Market Overview - The A-share market showed mixed performance today, with the Shanghai Composite Index down by 0.10% closing at 3296.36 points, while the Shenzhen Component Index rose by 0.67% to 9935.80 points. The ChiNext Index decreased by 0.35% to 1012.65 points, and the Growth Enterprise Market Index increased by 1.08% to 1949.16 points. Overall, 3185 stocks rose, 2046 fell, and 177 remained unchanged, with a total trading volume of 12297 billion yuan, an increase of 1397.12 billion yuan compared to the previous trading day [1][2]. Industry Performance - Among the primary industries, automotive, machinery equipment, communication, electric equipment, electronics, and computers showed the highest gains, while retail, agriculture, forestry, animal husbandry, fishery, real estate, non-ferrous metals, beauty care, and pharmaceutical biology experienced the most significant declines [1][2]. Sector Highlights - The leading sectors in terms of growth included robotic technology, automotive parts, PEEK materials, reducers, humanoid robots, integrated die-casting, new industrialization, robotics, optical modules (CPO), consumer electronics OEM, Industry 4.0, Xiaomi automotive, optical chips, industrial mother machines, and high dividend expectations [2].

2025 年 04 月 22 日 投资要点 证券研究报告 | 策略点评 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 粤开市场日报-20250422 今日关注 指数涨跌情况：今日 A 股主要指数多数收跌。截止收盘，沪指涨 0.25%，收报 3299.76 点；深证成指收跌 0.36%，收报 9870.05 点；科创 50 跌 0.31%，收报 1016.22 点；创业板指跌 0.82%，收报 1928.43 点。总体上，全天个股涨跌参 半，Wind 数据显示，全市场 2529 只个股上涨，2669 只个股下跌，209 只个股 收平。沪深两市今日成交额合计 10900 亿元，与上个交易日相较放量 485.98 亿元。 行业涨跌情况：今日申万一级行业涨跌互现，商贸零售、建筑材料、交通运 输、房地产、医药生物、农林牧渔等行业涨幅靠前，传媒、通信、计算机、 机械设备、电力设备、国防军工等行业跌幅靠前。 | 一、市场回顾 | 3 | | --- | --- | | 二、风险提示 | 4 | | | | 板块涨跌情况：今日涨幅居前概念板块为智能物 ...