敬请投资者注意，受复活节假期影响，港股、欧洲股市和澳大利亚股市本周一休市。 特朗普列举8项非关税"作弊"手段，点名日本和欧盟，手段包括1.汇率操纵，2.增值税作为关税和出口补 贴，3.低于成本倾销，4.出口补贴和其他政府补贴，5.农业保护性标准（如欧盟禁止转基因玉米），6.防 护技术标准（如日本保龄球试验），7.假冒、盗版和知识产权盗窃（年损失超过1万亿美元），8.转运避 税。 中航信托宣布由建信信托、国投泰康信托来进行日常托管。虽然还没有正式官宣暴雷，但这个上百亿规 模的央企信托已经实质上雷了，之前多款面向社会投资者的信托产品已经停止兑付。中航信托之所以暴 雷，是因为之前重仓投资了房地产，恒大、融创、红星美凯龙的坑他们都踩了。另外有媒体报道，他们 在暴雷前曾经给内部员工进行提前兑付。目前，中航信托还有超过500亿的产品没有兑付。 A股方面，沪指上周累计涨1.19%、深成指跌0.54%、创业板指跌0.64%。市场持续缩量，周五创去 年"924"行情爆发以来新低。银行、房地产、综合、煤炭等板块逆市上涨，国防军工、农林牧渔、计算 机等板块跌幅居前。 港股方面，恒指上周累计涨2.3%，国指涨1.23%，恒生科技指数 ...

Group 1 - Shein and Temu announced plans for tariff-related price hikes effective April 25, 2025, due to increased operating expenses from changes in global trade rules and tariffs [1][3] - Both companies have communicated to customers about the price increases and encouraged shopping at current rates before the hikes take effect [2][3] - The end of the "de minimis" exemption, which allowed duty-free entry for goods priced below $800, is a significant factor in the price adjustments [2][3] Group 2 - Temu has reduced its paid advertising significantly, resulting in an 80% decrease in paid search traffic, which may negatively impact shopper engagement and pricing models [2] - Recent government data indicates muted online sales as consumers shift spending towards big-ticket items like electronics and cars in anticipation of new tariffs [4] - Sales in furniture and home furnishing stores showed a month-over-month decline of 0.7%, although they were up 7.7% compared to March 2024, indicating mixed performance in retail sectors [5] Group 3 - Despite concerns over tariffs and potential recession, consumer spending remains robust, supporting business results amid an uncertain macroeconomic environment [5][6] - There is evidence of a pullback in commercial lending and increased caution on credit, but digital adoption in retail banking and payments is accelerating [6]

跨境电商龙头下周开始调价 两家企业几乎同时发布通知，表示将从下周起开始调整价格。 官宣涨价。 跨境电商平台SHEIN和Temu告知美国消费者，将于4月25日起调整价格。这是自特朗普宣布对来自中国 的商品提高关税，以及取消小包裹税收优惠后，两家公司应对的最新进展。 其中，SHEIN表示，"价格调整"将于下周晚些时候生效。该公司同时表示，"最近全球贸易规则的变 化"导致其自身成本上升，因此会调整价格。 2025年4月，美国总统特朗普宣布所谓"对等关税"，对来自中国的商品大幅加征关税。此外，他还宣 布，取消800美元以下包裹的免税政策。 校对：李凌锋 公开资料显示，跨境电商平台SHEIN成立于2012年，最早以自主品牌起家，并逐渐发展"自营品牌+平 台"模式。咨询机构Global Data数据显示，2024年全球时尚市场，SHEIN以1.53%的市场份额，超过 ZARA、H&M和优衣库，成为第三大时尚零售商，前两名分别是耐克(2.85%)、阿迪达斯(1.79%)。 SHEIN同时是全球十大时尚零售商中唯一的中国品牌。 "我们正在尽一切努力保持低价并最大限度地减少对您的影响。我们的团队正在努力改善您的购物体验 并忠于 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 此前有消息称，若在美上市的中国公司不允许检查会计底稿等，美国法律将准许其退市。而即将上任的 美国证交会主席保罗·阿特金斯（Paul Atkins）可能会在上任后，处理退市问题。这使得在美上市的中概 股再次面临不确定性。 记者根据Wind数据统计，截至4月18日，目前在美上市的中概股总计有390家，合计总市值超过9200亿 美元，其中包括阿里巴巴、拼多多在内的前20家中概股公司的市值超过7800亿美元，占比约85%。 值得注意的是，阿里巴巴、网易、京东等头部中概股多数已在香港二次上市或双重主要上市，目前仅在 美股市场上市的只有拼多多、亚玛芬体育、富途控股、满帮、唯品会等少数公司，且其中一些公司也已 筹划在港上市。 瑞银于近日公布的一份分析也指出，由于许多中概股已经实现在中国香港的双重上市，中概股"除牌"风 险预计影响较小。据记者统计，近些年赴美上市的企业整体募资总额以及平均单价企业募资规模均呈下 滑趋势。按上市日期算，2025年以来，截至4月18日，在美上市的中概股仅有32家，合计募资7. ...

千亿计划背后，拼多多增长的结构性革新。 特朗普发动的关税贸易战仍在进行。美国对中国出口商品加征的 "对等关税"，已经由 34% 连续增加 至 125%，总计叠加关税累计高达 145%，且 800 美元以下小包裹免税政策也将于 5 月 2 日起取消。 这种快速且剧烈的关税政策变动，同时给中美两国带来冲击。美国一直以来都是中国制造业的重要出 口市场，但在充满了高度不确定性的当下，供给侧短期转向国内市场成了必然选择，诸多内需刺激政 策正在讨论中。 但在长期出口导向型经济驱动下，中国成为 " 世界工厂 " 的同时，也形成了制造业 "以规模效益为核 心、以成本控制为优势" 的生产体系。这种模式虽快速占领了国际中低端市场，却也带来了矛盾。 其一，企业长期陷于 OEM 代工体系的路径依赖，品牌溢价与技术研发能力薄弱。这些工厂在很长一 段时间里，只要找到更便宜的出货渠道就能保证业绩的增长，既不缺订单也不需要花费精力创新，自 然没有升级产线、产品的动力。 但随着市场竞争逐渐激烈，因商品同质化而加剧的价格竞争使厂家的利润被不断摊薄，产品研发和品 牌建设难以开展，产品也缺少升级创新，产能过剩的同时，消费者依然有大量需求没有被满足。 ...

但在长期出口导向型经济驱动下，中国成为 " 世界工厂 " 的同时，也形成了制造业 "以规模效益为核 心、以成本控制为优势" 的生产体系。这种模式虽快速占领了国际中低端市场，却也带来了矛盾。 其一，企业长期陷于 OEM 代工体系的路径依赖，品牌溢价与技术研发能力薄弱。这些工厂在很长一 段时间里，只要找到更便宜的出货渠道就能保证业绩的增长，既不缺订单也不需要花费精力创新，自 然没有升级产线、产品的动力。 但随着市场竞争逐渐激烈，因商品同质化而加剧的价格竞争使厂家的利润被不断摊薄，产品研发和品 牌建设难以开展，产品也缺少升级创新，产能过剩的同时，消费者依然有大量需求没有被满足。 千亿计划背后，拼多多增长的结构性革新。 特朗普发动的关税贸易战仍在进行。美国对中国出口商品加征的 "对等关税"，已经由 34% 连续增加 至 125%，总计叠加关税累计高达 145%，且 800 美元以下小包裹免税政策也将于 5 月 2 日起取消。 这种快速且剧烈的关税政策变动，同时给中美两国带来冲击。美国一直以来都是中国制造业的重要出 口市场，但在充满了高度不确定性的当下，供给侧短期转向国内市场成了必然选择，诸多内需刺激政 策正在讨论中。 ...

机构指出，多方增量资金明确，稳市资金更加积极，下方空间有限。 【财经日历】 2025全球机器学习技术大会。 | 3 | 盘前必读 | | 外盘怎么样 // | | | --- | --- | --- | --- | --- | | 名称 | | 现价 | 涨跌 | 涨跌幅 | | 道琼斯工业指数 | | 39142.23 | -527.16 | -1.33% | | 纳斯达克指数 | | 16286.45 c | -20.71 | -0.13% | 美股周四涨跌不一，投资者在假期前保持谨慎，同时关注贸易谈判进展与利率前景。 截至当天收盘，道琼斯工业平均指数下跌527.16点，报39142.23点，跌幅1.33%；标准普尔500指数上涨7.00点，报5282.70点，涨幅0.13%；纳斯达克综合指 数下跌20.71点，报16286.45点，跌幅0.13%。本周三大指数均录得周线下跌，标普500指数累计下跌1.5%，纳指下跌2.6%，道指跌幅达2.7%。 大型科技股走势分化。谷歌母公司Alphabet下跌1.4%，此前联邦法官裁定谷歌在在线广告技术市场存在非法垄断行为。微软下跌逾1%；亚马逊、Meta与特 斯拉微 ...

Core Insights - China-founded e-commerce platforms Temu and Shein will raise prices for American consumers starting April 25, 2025, due to increased operating expenses from changes in global trade rules and tariffs [1][2][4] - The price adjustments are a direct response to President Trump's executive order that will close the "de minimis" customs exemption for low-value imports from China, effective May 2 [9][10] - Both companies have experienced significant growth in the U.S. market, shipping an average of one million packages daily, largely due to the previous duty-free entry for merchandise priced below $800 [7] Company Responses - Shein has stated that to maintain product quality while managing increased costs, it will adjust prices starting April 25, 2025, and has encouraged consumers to purchase items at current prices before the increase [2][4] - Temu has issued a similar notice regarding price hikes, although specific details on the price changes have not been disclosed [1][4] Market Context - The closure of the "de minimis" exemption is part of a broader strategy to address trade imbalances and combat issues related to the illicit flow of synthetic opioids into the U.S. [9][10] - Both Shein and Temu have faced scrutiny from U.S. lawmakers and organizations regarding environmental concerns and labor practices associated with fast fashion [11]

Core Viewpoint - The market sentiment towards Chinese stocks has soured due to trade tariff concerns, but recent exemptions by President Trump may create a more favorable environment for companies like Alibaba and PDD Holdings [1][2][5]. Group 1: Alibaba Group - Alibaba has seen a significant drop of 77% from its 52-week high, yet it outperformed the S&P 500 index with a net performance of 39.1% in the last quarter [6][7]. - Analysts from Citigroup have maintained a Buy rating for Alibaba, with a price target of $169 per share, indicating a potential upside of 48.1% from current levels [8]. - Alibaba's diversified business model, which includes cloud computing and data centers, positions it well to mitigate the impacts of tariffs [9]. Group 2: PDD Holdings - PDD Holdings is expected to benefit from the exemption on parcels valued at $800 or less, enhancing its competitive edge in the market [10]. - The company's market capitalization has grown to over $125 billion, and its stock is currently trading at 58% of its 52-week high, suggesting significant upside potential [11]. - Analysts have set a consensus price target of $169.91 for PDD, indicating a potential upside of 79.3% from current prices [12].

Core Viewpoint - The article discusses the ongoing shift of Chinese foreign trade enterprises towards domestic sales in response to increased tariffs on exports to the U.S., highlighting the collaborative efforts of major companies and government initiatives to support this transition [2][6][26]. Group 1: Major Companies' Initiatives - JD.com plans to invest 200 billion yuan in the next year to purchase export goods for domestic sales, aiming to help foreign trade enterprises quickly enter the domestic market [3][21][22]. - Hema has established a green channel for expedited processing, promising to simplify certification and reduce approval times for foreign trade products [15][20]. - Other platforms like Baidu, Meituan, and Douyin are also providing various forms of support, including AI technology, traffic assistance, and dedicated foreign trade sections [3][24][25]. Group 2: Retail and Supermarket Support - Traditional supermarkets such as Yonghui Supermarket and CR Vanguard have announced measures to facilitate the entry of quality foreign trade products into the domestic market, including opening "green channels" for rapid product listing [5][10][12]. - CR Vanguard has implemented four key measures, including opening direct sales channels in over 2,000 stores and developing private label products [13]. - Lianhua Supermarket is focusing on enhancing product quality by collaborating with returning overseas Chinese to find quality suppliers [13]. Group 3: Government and Association Support - The Chinese Commercial Association and other industry groups have issued a joint statement emphasizing the urgency of facilitating the transition of export goods to domestic sales [26]. - Local governments are also taking action, with initiatives like "Foreign Trade National Goods Selection" in Zhejiang and e-commerce platform matchmaking events in Anhui [28]. - The combined efforts of government, enterprises, and associations aim to alleviate the pressures faced by foreign trade companies and enhance their brand recognition in the domestic market [29].