HUA HONG SEMI(SH:688347) Di Yi Cai Jing·2025-10-13 12:27Core Viewpoint - The A-share market shows resilience against external pressures, particularly the recent tariff threats from the U.S., with investors taking advantage of lower prices to buy in, indicating a "learning effect" from previous market experiences [2][3][4]. Market Reaction - On October 13, the A-share market opened lower but closed higher, with the Shanghai Composite Index down only 0.19% at 3889.5 points, and the STAR Market rising 1.4% to 1473 points, driven by significant trading volume of 2.35 trillion yuan [2][3]. - The market's reaction is attributed to a perceived lower impact of the current tariff threats compared to previous incidents, with many investors viewing this as a buying opportunity [4][5]. Investor Sentiment - Analysts suggest that the current market sentiment is more robust than in April, with a strong "learning effect" leading to a more measured response to tariff announcements [4][5]. - The expectation is that the upcoming quarterly reports will significantly influence stock performance, with a focus on sectors like artificial intelligence, solid-state batteries, and domestic software [2][6]. Financing and Market Trends - As of October 10, the financing balance in the A-share market was 24.257 billion yuan, indicating a healthy level of market liquidity compared to 18.4 billion yuan on April 7 [7]. - Analysts caution about the risks associated with high financing ratios in certain stocks, while also noting that the overall financing levels remain manageable [8]. Sector Performance - Key sectors supporting the market rebound include semiconductors, non-ferrous metals, and domestic software, with expectations that technology growth will continue to dominate the market [6][8]. - The market is anticipated to maintain a "slow bull" trend, with structural recovery in earnings and continued credit improvement [4][6].