信达国际港股晨报快-20250410

Market Overview - The Hong Kong stock market is expected to test the level of 18,671 points, with the government setting a GDP growth target of around 5% for 2025, aligning with market expectations [1] - The Chinese government is implementing more proactive fiscal policies and moderate monetary easing to boost the real estate and stock markets, as well as to enhance technological innovation and consumer spending [1] - The U.S. has announced a 10% minimum baseline tariff on trade partners, impacting global trade activities, with new tariffs on Chinese imports reaching 34%, exceeding expectations [1] Sector Outlook - High-yield stocks are favored in the current volatile market as investors seek safe-haven assets amid rising expectations for interest rate cuts [2] Economic Indicators - Key economic indicators to watch include China's March CPI and PPI, as well as the U.S. March CPI and core CPI [3] Macro Focus - The U.S. has temporarily suspended new tariffs on certain countries for 90 days while increasing tariffs on Chinese imports to 125% [4] - The Federal Reserve's meeting minutes indicate that tariffs may raise inflation, leading to a more resilient inflation outlook [4] - The WTO estimates that trade tensions between the U.S. and China could reduce bilateral trade by up to 80% [8] - China has raised tariffs on U.S. imports from 34% to 84% in response to U.S. tariff actions [8] - China has placed 12 U.S. entities on an export control list, restricting their ability to engage in trade with China [9] Company News - JD Group is expanding its online retail presence in Europe with a trial launch in London [4] - Huatai Securities and China Galaxy have issued positive earnings forecasts [4] - Prada's acquisition of Versace is reportedly facing negotiation risks [4] External Market Outlook - The U.S. Federal Reserve is expected to maintain interest rates, with two rate cuts anticipated this year totaling 50 basis points [4] - The U.S. stock market rebounded sharply following the announcement of tariff suspensions, with significant gains in major indices [6]