银河证券每日晨报-20250724

Key Insights - The report highlights the impact of the U.S. imposing discriminatory tariffs on ASEAN countries, with rates ranging from 20% to 40% starting August 1, 2025, affecting countries like Malaysia and Indonesia [2] - ASEAN's response to U.S. tariffs includes targeted negotiations for tariff exemptions, internal economic stimulus policies, and strengthening multilateral cooperation to mitigate risks [2][3] - The inclusion of Indonesia in the BRICS group marks a significant expansion, with BRICS now covering 46% of the global population and 35% of the global economy, enhancing its role as a platform for global South cooperation [3] Economic Cooperation - China and ASEAN are deepening their cooperation mechanisms amidst global uncertainties, focusing on the implementation of the China-ASEAN Comprehensive Strategic Partnership Action Plan and advancing negotiations for a new version of the free trade area [5] - The economic collaboration between China and ASEAN is centered around the digital economy, with significant activities in digital technology, artificial intelligence, and green transportation [5] Capital Market Dynamics - The ASEAN stock indices have shown slight increases, with Vietnam leading at a 7.09% rise, while the overall market sentiment remains stable due to supportive policies [4] - The report notes that the A-share market experienced a daily average trading volume of 1.55 trillion yuan, with a 3.35% increase compared to the previous week [8][9] - The securities sector is expected to benefit from ongoing government policies aimed at stabilizing growth and boosting investor confidence, leading to an improved outlook for the sector [10]