市场成交回升，机器人产业链爆发

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - Trump's attitude towards China shows signs of easing, releasing positive signals for restarting China-US economic and trade negotiations. China's Ministry of Foreign Affairs responded promptly, expressing an open attitude towards resolving differences through dialogue. This interaction injects new impetus into China-US economic and trade relations and brings short-term positive effects to the global market. Small and medium-cap stock indices, previously suppressed by China-US trade frictions, rebound, indicating the market's sensitivity to the improvement of the trade environment. Continued attention should be paid to the progress of negotiations and the implementation of policies [2] 3. Summary by Directory Market Analysis - Sino-US trade may ease. The US April S&P Global Manufacturing PMI preliminary value is 50.7, expected to be 49.1, and the March final value is 50.2; the Service PMI preliminary value is 51.4, expected to be 52.8, and the March final value is 54.4; the Composite PMI preliminary value is 51.2, expected to be 52.2, and the March final value is 53.5 [1] - The automotive industry surges. In the spot market, the three major A-share indices show different trends. The Shanghai Composite Index closes down 0.10% at 3296.36 points, and the ChiNext Index rises 1.08%. The robot industry chain explodes, with the automotive, machinery, communication, and power equipment industries leading the gains, while the commerce and retail, agriculture, forestry, animal husbandry, and real estate industries decline. The trading volume slightly rebounds, with the trading volume of the Shanghai and Shenzhen stock markets reaching 1.23 trillion yuan. In overseas markets, Trump may exempt some tariffs on automobile manufacturers and adjust steel and aluminum tariffs. The three major US stock indices close higher, with the Nasdaq rising 2.5% to 16708.05 points [1] - Futures index positions increase. In the futures market, the basis of the current-month contract maintains volatility. In terms of trading volume and positions, both the trading volume and positions of the futures index increase [1] Strategy - Trump's easing attitude towards China and China's response bring short-term positive effects to the global market. Small and medium-cap stock indices rebound, and attention should be paid to negotiation progress and policy implementation [2] Macro Economic Charts - Include charts showing the relationship between the US dollar index and A-share trends, US Treasury yields and A-share trends, RMB exchange rate and A-share trends, and US Treasury yields and A-share style trends [5][7][11] Spot Market Tracking Charts - The daily performance of major domestic stock indices on April 23, 2025, shows that the Shanghai Composite Index closes at 3296.36, down 0.10%; the Shenzhen Component Index closes at 9935.80, up 0.67%; the ChiNext Index closes at 1949.16, up 1.07%; the CSI 300 Index closes at 3786.88, up 0.08%; the SSE 50 Index closes at 2648.83, down 0.29%; the CSI 500 Index closes at 5634.95, up 0.19%; and the CSI 1000 Index closes at 5984.58, up 0.59% [13] Futures Index Tracking Charts - The trading volume and positions of the futures index increase. The basis of the current-month contract maintains volatility. The basis and inter - period spreads of IF, IH, IC, and IM contracts are provided, showing specific values and changes [1][39][48]