汇金入市，坚定看多

Group 1 - Central Huijin's announcement of increased holdings in ETFs injects confidence into the market, emphasizing the long-term value of A-shares and the commitment to stabilize the capital market amid global uncertainties [2][4]. - The Chinese government has prepared ample policy tools to counter the impact of U.S. tariffs, with potential adjustments in monetary and fiscal policies to stimulate domestic consumption and economic recovery [5][6]. - The macroeconomic outlook remains positive, with manufacturing PMI rising to 50.5% in March, indicating continued recovery in the manufacturing sector [9]. Group 2 - A-share companies are showing signs of marginal profit improvement, with 2054 companies reporting a combined net profit growth of 5.8% for 2024, and 81.8% of companies achieving profitability [16]. - The introduction of policies to promote long-term capital inflow into the market is expected to enhance the funding structure, with public funds increasing their holdings in A-shares significantly [19][24]. - A-share valuations remain attractive compared to international markets, with the overall A-share index P/E ratio at 16.97, indicating a low historical position and potential for upward adjustment [25][29]. Group 3 - The report emphasizes a strong bullish outlook for the A-share market, driven by China's comprehensive industrial system, technological innovation, and a vast domestic market, which are expected to mitigate external pressures and foster stable long-term growth [30].