Tax Origin and Characteristics - Tariffs originated as a form of transit tax, primarily for controlling the movement of goods and maintaining border security[2] - Historically, tariffs were not significant in fiscal systems until the rise of international trade in the 16th century[2] Evolution of Tariff Functions - The function of tariffs has evolved from revenue collection to industry protection and economic regulation, influenced by economic development and prevailing economic ideologies[3] - Five distinct phases of tariff evolution are identified, with the latest phase (2018-present) marked by a resurgence of protectionism under the Trump administration[4][24] Global Economic Dependence on Tariffs - Countries are categorized based on their reliance on tariff revenue: low dependence (below 3%), medium dependence (3%-5%), and high dependence (above 5%)[5][25] - Developed economies like the US, Japan, and the UK have low tariff revenue reliance, with figures such as 1.2% for the US and 0.5% for Japan in 2022[5][28] Medium Dependence Economies - Countries like India and Vietnam show medium dependence on tariffs, with tariff revenue constituting 4.1% and 3.1% of national fiscal income respectively in 2022[6][31] High Dependence Economies - The Philippines exemplifies high dependence on tariffs, with 18.1% of its national fiscal income derived from tariffs in 2022, significantly higher than other nations[6][33] Risks and Considerations - Potential risks include unexpected changes in global trade policies and shifts in international economic and political landscapes[7]

Market Overview - The A-share market showed a mixed performance today, with major indices mostly declining. The Shanghai Composite Index fell by 0.12% to close at 3635.13 points, the Shenzhen Component Index decreased by 0.26% to 11128.67 points, and the ChiNext Index dropped by 0.38% to 2333.96 points. The total trading volume in the Shanghai and Shenzhen markets was 17102 billion yuan, a decrease of 1153 billion yuan compared to the previous trading day [2][14]. Industry Performance - Among the Shenwan first-level industries, the sectors that gained the most included Comprehensive, Building Materials, Building Decoration, Steel, and Nonferrous Metals, with increases of 1.56%, 1.16%, 1.14%, 1.11%, and 1.06% respectively. Conversely, the sectors that experienced the largest declines were Computer, Electronics, Media, Non-Bank Financials, and National Defense Industry, with decreases of 2.38%, 1.15%, 0.96%, 0.80%, and 0.56% respectively [2][16]. Concept Sector Performance - The concept sectors that performed well today included Xinjiang Revitalization, Western Infrastructure, Excavators, Animal Vaccines, Tibet Revitalization, Rare Metals, Wind Power, High-Speed Rail, Lithium Mines, and Duty-Free Shops. These sectors showed significant gains, indicating potential investment opportunities [3].

Market Overview - The A-share market showed mixed performance today, with major indices mostly declining. The Shanghai Composite Index fell by 0.12% to close at 3635.13 points, the Shenzhen Component Index decreased by 0.26% to 11128.67 points, and the ChiNext Index dropped by 0.38% to 2333.96 points. The total market turnover was 17102 billion yuan, a decrease of 1153 billion yuan compared to the previous trading day [1][14]. Industry Performance - Among the Shenwan first-level industries, sectors such as comprehensive, building materials, building decoration, steel, and non-ferrous metals led the gains, with increases of 1.56%, 1.16%, 1.14%, 1.11%, and 1.06% respectively. Conversely, the computer, electronics, media, non-bank financials, and defense industries experienced declines, with drops of 2.38%, 1.15%, 0.96%, 0.80%, and 0.56% respectively [1][14]. Concept Sector Performance - The top-performing concept sectors today included Xinjiang revitalization, Western infrastructure, excavators, animal vaccines, Tibet revitalization, rare metals, wind power generation, high-speed rail, lithium mines, and duty-free shops. These sectors showed significant upward movement, while sectors like operating systems, independent controllability, and cloud computing experienced pullbacks [2][11].

Market Overview - The major A-share indices showed mixed performance today, with the Shanghai Composite Index rising by 0.16% to close at 3639.67 points, while the Shenzhen Component Index fell by 0.18% to 11157.94 points, and the ChiNext Index decreased by 0.68% to 2342.86 points[2]. - A total of 2117 stocks rose, while 3084 stocks fell, with 216 stocks remaining unchanged across the market[2]. Trading Volume - The total trading volume for the Shanghai and Shenzhen markets reached 182.55 billion yuan, an increase of 9.14 billion yuan compared to the previous trading day[2]. Sector Performance - Among the Shenwan first-level industries, the leading sectors included non-ferrous metals (up 1.20%), beauty care (up 0.99%), real estate (up 0.82%), textile and apparel (up 0.81%), and transportation (up 0.73%)[2]. - The sectors that experienced declines included pharmaceuticals and biology (down 0.92%), electric equipment (down 0.74%), telecommunications (down 0.47%), national defense and military (down 0.39%), and household appliances (down 0.29%)[2]. Concept Stocks - The top-performing concept stocks today included continuous boards, rare earth permanent magnets, rare earths, IGBT, and third-generation semiconductors, among others[3].

Market Overview - The A-share market showed mixed performance today, with the Shanghai Composite Index rising by 0.16% to close at 3639.67 points, while the Shenzhen Component Index fell by 0.18% to 11157.94 points, and the ChiNext Index decreased by 0.68% to 2342.86 points [1][14] - Overall, there were 2117 stocks that rose and 3084 stocks that fell, with a total trading volume of 18255 billion yuan, an increase of 914 billion yuan compared to the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, the leading sectors included non-ferrous metals, beauty care, real estate, textile and apparel, and transportation, with respective gains of 1.20%, 0.99%, 0.82%, 0.81%, and 0.73% [1][14] - Conversely, the sectors that experienced declines included pharmaceuticals and biology, electric equipment, telecommunications, national defense and military, and household appliances, with respective losses of 0.92%, 0.74%, 0.47%, 0.39%, and 0.29% [1][14] Concept Sectors - The top-performing concept sectors today included continuous boards, rare earth permanent magnets, rare earths, IGBT, and third-generation semiconductors, among others [2][11] - Sectors that saw a pullback included CRO, innovative drugs, and vitamins [11]

Market Overview - The A-share market saw all major indices rise today, with the Shanghai Composite Index up by 0.45% closing at 3633.99 points, the Shenzhen Component Index up by 0.64% at 11177.78 points, and the ChiNext Index up by 0.66% at 2358.95 points [2][14] - The total trading volume in the Shanghai and Shenzhen markets reached 17341 billion, an increase of 1380 billion compared to the previous trading day [2] Industry Performance - Most of the Shenwan first-level industries experienced gains today, with the defense and military industry leading the way with a rise of 3.07%, followed by machinery equipment at 1.98%, coal at 1.89%, textile and apparel at 1.36%, and computer industry at 1.30% [2][16] - Conversely, the pharmaceutical and biological, construction materials, commercial retail, social services, and banking industries saw declines, with decreases of 0.65%, 0.23%, 0.23%, 0.19%, and 0.14% respectively [2][16] Sector Highlights - The top-performing concept sectors included continuous boards, the top ten military industrial groups, aircraft carriers, robotics, military-civilian integration, coal mining, industrial internet, chemical fibers, sensors, and machine vision [3] - Notable declines were observed in sectors such as Tibet revitalization, anti-cancer, and CRO [3]

Market Overview - The A-share market saw all major indices rise today, with the Shanghai Composite Index up by 0.45% closing at 3633.99 points, the Shenzhen Component Index up by 0.64% at 11177.78 points, and the ChiNext Index up by 0.66% at 2358.95 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 17341 billion yuan, an increase of 1380 billion yuan compared to the previous trading day [1] Industry Performance - Most of the Shenwan first-level industries experienced gains today, with the leading sectors being defense and military, machinery and equipment, coal, textile and apparel, and computer industries, which rose by 3.07%, 1.98%, 1.89%, 1.36%, and 1.30% respectively [1] - Conversely, the pharmaceutical and biological, building materials, commercial retail, social services, and banking sectors saw declines, with decreases of 0.65%, 0.23%, 0.23%, 0.19%, and 0.14% respectively [1] Concept Sector Performance - The top-performing concept sectors today included continuous boards, top ten military industrial groups, aircraft carriers, robots, and military-civilian integration, among others [2] - Notable declines were observed in sectors such as Tibet revitalization, anti-cancer, and CRO [11]

证券研究报告 | 宏观深度 2025 年 08 月 05 日 投资要点 分析师：罗志恒 执业编号：S0300520110001 电话：010-83755580 邮箱：luozhiheng@ykzq.com 分析师：马家进 执业编号：S0300522110002 电话：13645711472 邮箱：majiajin@ykzq.com 研究助理：孙文婷 邮箱：sunwenting1@ykzq.com 近期报告 《【粤开宏观】对当前及下阶段房地产形势 的研判及建议》2025-08-03 《【粤开宏观】育儿补贴规模每年或可达千 亿"投资于人"信号意义明显》2025-08-01 《【粤开宏观】政治局会议释放的九大信 号》2025-07-30 《【粤开宏观】房地产调整到了什么阶段？ 对经济的影响有多大？》2025-07-28 《【粤开宏观】关税战如何影响中国物价： 表现、展望及应对》2025-07-20 宏观研究 【粤开宏观】特朗普"对等关税 2.0" 有哪些变化？为什么？影响几何？ 当地时间 7 月 31 日，特朗普签署行政令，公布了"对等关税 2.0"方案，以 替代 4 月 2 日公布的"1.0 版本"，并于 8 月 ...

Key Points - The core viewpoint of the report indicates that all major A-share indices experienced an increase today, with the Shanghai Composite Index rising by 0.96% to close at 3617.60 points, the Shenzhen Component Index increasing by 0.59% to 11106.96 points, and the ChiNext Index up by 0.39% to 2343.38 points [2][13] - The report highlights that the total trading volume in the Shanghai and Shenzhen markets reached 15961 billion yuan, which is an increase of 975 billion yuan compared to the previous trading day [2] - It notes that all first-level industries in the Shenwan index rose today, with the leading sectors being comprehensive, banking, steel, media, and telecommunications, which saw increases of 1.98%, 1.59%, 1.45%, 1.28%, and 1.25% respectively [2][15] - The report also mentions that the concept sectors with the highest gains included first boards, board hitting, consecutive boards, consumer electronics OEM, photolithography glue, satellite internet, insurance, banking, satellite navigation, intelligent logistics, animal vaccines, excavators, and near-term new shares [2][16]

证券研究报告 | 策略点评 2025 年 08 月 05 日 投资要点 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-20250805 今日关注 指数涨跌情况：今日 A 股主要宽基指数全数上涨。截止收盘，沪指涨 0.96%， 收报 3617.60 点；深证成指涨 0.59%，收报 11106.96 点；创业板指涨 0.39%， 收报 2343.38 点；科创 50 涨 0.40%，收报 1053.65 点。总体上全天个股涨多 跌少，Wind 数据显示，全市场 3901 只个股上涨，1325 只个股下跌，189 只个 股收平。沪深两市今日成交额合计 15961 亿元，较上个交易日放量 975 亿元。 行业涨跌情况：今日申万一级行业全数上涨，综合、银行、钢铁、传媒和通 信行业领涨，涨幅分别为 1.98%、1.59%、1.45%、1.28%和 1.25%，医药生物、 计算机、建筑材料、商贸零售和公用事业行业涨幅靠后，涨幅分别为 0.12%、 0.25%、0.30%、0.41%和 0.44%。 板块涨跌情况：今日涨幅居前概念板块 ...