对等关税方案落地，外围走衰退逻辑

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - After the US announced the global reciprocal tariff plan, the overseas market followed a recession logic. It is necessary to observe the trade game among countries in the next 6 days. Only after the game reaches a balance will the market have new opportunities. Attention should be paid to the impact of the tariff increase on exports, possible production capacity backflow, and potential domestic policy support. In the short - term, the A - share index will test the lower support around 3300 points, and the trend is expected to bottom out and rebound. In terms of structure, the role of dividend - weighted stocks in stabilizing the market should be emphasized [1][2][9] 3. Summary According to the Directory 3.1 Market Viewpoint 3.1.1 Overseas Overnight - Trump announced a global reciprocal tariff plan with a higher - than - expected tariff. A 10% universal benchmark tariff on all imported goods will take effect on April 5, and the reciprocal tariffs for different countries will take effect on April 9. For China, the tariff increase this year will reach 54%. After the plan was announced, the financial market clearly followed a recession logic, with US stock index futures dropping significantly, the yield of 10 - year US Treasury bonds falling, the US dollar index fluctuating, and gold prices rising [1][4] 3.1.2 Domestic Market Review - On Wednesday, the broader market opened lower, fluctuated slightly, and closed up 0.05%. The Shenzhen Component Index rose 0.09%, and the ChiNext Index rose 0.13%. The market showed a narrow - range oscillation. Due to the shrinking trading volume, there was no sector effect. The previously rising pharmaceutical sector was weak at the opening. The market turnover fell below one trillion, reaching the lowest level since January 13. Funds were waiting for the US tariff decision, showing obvious caution. In terms of sectors, textile and apparel, beauty care, communication, and banking led the gains, while military industry, non - ferrous metals, public utilities, and steel led the losses. There were 2755 rising stocks and 2425 falling stocks in the whole market [2][5] 3.1.3 Important News - US Trade Policy: Trump signed an executive order to set a 10% "minimum benchmark tariff" on all countries and impose reciprocal tariffs. The reciprocal tariff for the EU is 20%, Japan 24%, Vietnam 46%, and South Korea 25%. Goods under the US - Mexico - Canada Agreement will continue to be tariff - exempt, and those not meeting the criteria will maintain a 25% tariff. The US Treasury Secretary called on countries not to retaliate. The benchmark tariff will take effect on April 5, and the reciprocal tariff on April 9. Additionally, a 25% automobile tariff will take effect on April 3, and the tariff on auto parts will take effect on May 3. Gold bars, copper, pharmaceuticals, semiconductors, and wood products are not subject to the "reciprocal tariff" [6] - Countermeasures: Many countries have stated that they will take countermeasures against US tariffs [7] - Domestic Policies: The General Office of the CPC Central Committee and the General Office of the State Council issued the "Opinions on Improving the Price Governance Mechanism", promoting the construction of important commodity spot and futures markets, optimizing rules for futures variety listing, trading, and supervision, and laying a foundation for market - determined prices. The trading markets for oil, gas, coal, etc. will be developed in an orderly manner [7] - Stock Market New Accounts: In the first quarter of this year, 7.47 million new A - share accounts were opened, a year - on - year increase of 31.74% [8] - Military Exercises: The Eastern Theater Command successfully completed joint military exercises around the Taiwan Island. The spokesperson of the Ministry of National Defense stated that they will resolutely crush all "Taiwan independence" separatist acts and firmly promote the process of national reunification [8] - Anti - Dumping Investigation: The Ministry of Commerce extended the anti - dumping investigation on imported related brandy from the EU until July 5, 2025 [8] - Pilot Projects: Nine cities including Shanghai were included in the first - batch pilot scope for large - scale vehicle - grid interaction applications [8] 3.1.4 Today's Strategy - After the US reciprocal tariff plan was announced, the overseas market followed a recession logic. It is necessary to observe the trade game among countries in the next 6 days. Only after the game reaches a balance will the market have new opportunities. Attention should be paid to the impact of the tariff increase on exports, possible production capacity backflow, and potential domestic policy support. In the short - term, the A - share index will test the lower support around 3300 points, and the trend is expected to bottom out and rebound. Investors should maintain a calm attitude and pay attention to the stabilizing role of dividend - weighted stocks [9] 3.2 Futures Market Tracking - The report provides detailed data on the performance, trading volume, and positions of the Shanghai 50 Index, CSI 300 Index, CSI 500 Index, and CSI 1000 Index futures contracts, including closing prices, settlement prices, price changes, trading volume changes, position changes, etc. It also presents multiple charts related to the basis and inter - period spreads of these index futures [11][12] 3.3 Spot Market Tracking - Market Performance: The data shows the current points, daily, weekly, and monthly price changes, trading volumes, and valuations of various major A - share indexes and sectors, including the Wind All - A Index, Shanghai Composite Index, Shenzhen Component Index, etc. [30] - Market Style Impact: Analyzes the impact of different market styles (cyclical, consumer, growth, financial, and stable) on the Shanghai 50 Index, CSI 300 Index, CSI 500 Index, and CSI 1000 Index in terms of daily, weekly, monthly, and annual contributions [31][32][33] - Valuation Charts: Presents charts on the valuations of important indexes and Shenwan sectors, as well as data and charts on market trading volume, turnover rate, the number of rising and falling stocks, index trading volume changes, northbound funds, Hong Kong Stock Connect, margin trading balances, etc. [34][37][40] 3.4 Liquidity Tracking - The report provides charts on the central bank's open - market operations and Shibor interest rates, reflecting the liquidity situation in the market [51]