| 新股发行及今日交易提示 | 2025/4/9 | 星期三 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025/4/9 | 新股上市 | 证券代码 | 证券简称 | 发行价格 | | | | | | | | 603210 | 泰鸿万立 | 8.60 | 2025/4/9 | 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=601028&announcementId=122303 | 现金选择权 | 601028 | 玉龙股份 | 现金选择权申报期 | ：2025年4月17日至2025年4月23日 | | 1697&orgId=9900021563&announcementTime=2025 | -04-09 | http://www.cninfo.com.cn/new/disclosure/d ...

Report Industry Investment Rating No information provided. Core Viewpoints of the Report - The "reciprocal tariff" announced by Trump this week led to significant fluctuations in the global market, with the A-share market also declining. The Evergreen Low-Volatility Strategy continued to accumulate excess returns, and the defensive view in the strategy was verified [2]. - The recommended order of quantitative strategy allocation is Evergreen Low-Volatility Strategy > Overseas Equity Strategy > Equity Fund Enhancement Strategy. For A-shares, a neutral and cautious attitude is maintained in the short and medium term, and a defensive allocation is recommended. For overseas markets, investors with low overseas positions can appropriately deploy at the bottom, and the long - term upward trend of US stocks is still optimistic [3]. - The Evergreen Low-Volatility Fund Strategy had a small correction this week, with a return of -0.626%, showing low - volatility defensive attributes and still being worthy of allocation. The Equity Fund Enhancement Strategy closed down this week, with a return of -1.215%, and its excess performance needs to wait [4]. - The Cash Enhancement Fund Strategy achieved a return of 0.027% this week, outperforming the benchmark. The Overseas Equity Allocation Fund Strategy closed down this week, with a return of -1.537%. In the long - term, the globalization investment still has strong diversification allocation value [5]. Summary by Relevant Catalogs 1. Tool - based Fund Portfolio Construction Ideas - For active equity funds, a low - volatility fund portfolio strategy is constructed to meet the defensive needs of investors in high - risk markets and the needs of investors with moderate risk preferences. An equity fund portfolio strategy with similar risk - volatility characteristics to the benchmark index is constructed to provide a more offensive choice for investors with high risk preferences [11]. - For money funds, a money fund screening system is built to help investors optimize short - term idle funds. For QDII funds, an overseas market selected portfolio is constructed to meet the needs of global asset allocation [12]. 1.1. Evergreen Low - Volatility Fund Portfolio - The strategy aims to select funds with long - term stable returns in high - equity - position actively managed funds. By considering the maximum drawdown, volatility, and valuation of funds, a low - volatility active equity fund portfolio is constructed [13]. 1.2. Equity Fund Enhancement Portfolio - The strategy aims to meet the needs of equity fund investors with different risk preferences. By analyzing the source of fund returns and constructing a portfolio based on the continuity of Alpha returns, it provides an offensive choice for high - risk - preference investors [14]. 1.3. Cash Enhancement Fund Portfolio - A money fund screening system is constructed by considering multiple factors such as management fees, duration, and institutional holding ratio, to help investors optimize short - term idle funds [15]. 1.4. Overseas Equity Allocation Portfolio - Based on long - and short - term technical indicators, an overseas market selected portfolio is constructed by screening equity indices of multiple countries or regions, meeting the needs of investors for global asset allocation [12]. 2. Tool - based Fund Portfolio Performance Tracking | Strategy | This Week Return | Last Month Return | YTD Return | Return Since Strategy Inception | | --- | --- | --- | --- | --- | | Evergreen Low - Volatility Fund Strategy | -0.626% | 1.388% | 0.718% | 8.582% | | Equity Fund Enhancement Strategy | -1.215% | 1.027% | 1.668% | 9.332% | | Cash Enhancement Fund Strategy | 0.027% | 0.141% | 0.433% | 3.320% | | Overseas Equity Allocation Fund Strategy | -1.537% | -2.786% | -1.097% | 23.104% | [17] 2.1. Evergreen Low - Volatility Fund Portfolio - The portfolio has long - term low - volatility characteristics, with significantly better volatility and maximum drawdown than the CSI Active Equity Fund Index. It has achieved significant excess returns and has both defensive and offensive capabilities [19][20]. 2.2. Equity Fund Enhancement Portfolio - Since the strategy has been running for a short time, its performance is close to the CSI Active Equity Fund Index. It is expected to have stronger elasticity when the market environment improves [22]. 2.3. Cash Enhancement Fund Portfolio - After double screening of risk elimination and scoring, the portfolio has continuously outperformed the benchmark, and the cumulative excess return since July 2023 has exceeded 0.29% [26]. 2.4. Overseas Equity Allocation Portfolio - Since July 31, 2023, the portfolio has accumulated high - level excess returns, and global allocation can increase the return of the equity investment portfolio [27].

| 新股发行及今日交易提示 | 2025/4/8 | 星期二 | | | | | | --- | --- | --- | --- | --- | --- | --- | | 2025/4/8 | 新股发行 | 证券代码 | 证券简称 | 发行价格 | | | | 301662 | 宏工科技 | 26.60 | 2025/4/8 | 新股上市 | | | | 证券代码 | 证券简称 | 发行价格 | 603257 | 中国瑞林 | 20.52 | | | 2025/4/8 | 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=122299 | 要约收购 | 600777 | ST新潮 | 要约申报期：2025年4月8日至2025年5月7日 | 2722&orgId=gssh0600777&announcementTime=2025 | -04-03 | | http://www.cninfo.com.cn/ne ...

hjn 2025 年 04 月 07 日 证券研究报告 | 公募基金周报 ETF 策略指数跟踪周报 2025/4/7 分析师：卫以诺 分析师登记编码：S0890518120001 电话：021-20321014 邮箱：weiyinuo@cnhbstock.com 分析师登记编码：S0890522110001 电话：021-20321297 邮箱：chengbingzhe@cnhbstock.com 021-20515355 1、《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 ）》 2025-04-01 2、《ETF策略指数跟踪周报—2025/3/31》 2025-03-31 3、《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 2025-03-24 2025-03-18 投资要点 分析师：程秉哲 华宝研究大小盘轮动 ETF 策略指数：华宝研究大小盘轮动 ETF 策略指数利用 多维度技术指标因子，采用机器学习模型对申万大盘指数和申万小盘指数的收 益差进行预测 ...

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]

021-20515355 2025 年 04 月 06 日 证券研究报告 | 策略周报 特朗普关税升级，是开始还是结束？ 策略周报 分析师：郝一凡 分析师登记编码：S0890524080002 电话：021-20321080 邮箱：haoyifan@cnhbstock.com 分析师登记编码：S0890524100002 电话：021-20321091 邮箱：liufang@cnhbstock.com 1、《A 股情绪有所降温，等待新催化 — 策略周报》2025-03-23 2、《风格切换了？ —策略周报》2025- 03-16 3、《"两会行情"来临，如何应对？— 策略周报》2025-03-02 4、《春季躁动已至，科技领衔 —策略周 报》2025-02-09 5、《当"春季躁动"遇上特朗普就任 — 策略周报》2025-01-19 投资要点 4 月 2 日（美国时间），特朗普宣布了 180 多个国家和地区将面临的美国 "互惠关税"清单，包括中国在内的许多国家加征关税幅度超出市场预期。 分析师：刘芳 4 月 4 日，中方 11 箭齐发，坚决反制美国加征的"对等关税"。包括对原产 于美国的所有进口商品加征 34 ...

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 ...