修订货币政策框架可更好应对美国经济形势

Market Overview - A-shares continued to decline, with the Shanghai Composite Index closing down 0.51% at 3,807 points, while the Shenzhen Component fell 1.23% and the ChiNext Index dropped 2.23%[15] - The Hang Seng Index recorded a three-day rise, increasing by 1.19% and reaching a nearly four-year high, while the Hang Seng Tech Index rose 1.3%[10] - U.S. stocks were buoyed by interest rate cut expectations, with the S&P 500 reaching a record high, closing up 0.27% at 6,512 points[8] Economic Indicators - The U.S. non-farm payrolls were revised down by 911,000 for the year ending March, raising expectations for a Federal Reserve rate cut[5] - The U.S. dollar index rose by 0.3% to 97.79, while the euro appreciated by 13.1% year-to-date against the dollar[24] - Global oil prices increased by 0.6% due to rising tensions in the Middle East, with WTI crude oil priced at $62.63 per barrel[25] Sector Performance - In the U.S., 8 out of 11 S&P sectors rose, with the telecommunications sector leading with a 1.64% increase, while materials fell by 1.57%[8] - In Hong Kong, real estate stocks surged, with Country Garden rising by 27% following the easing of housing purchase restrictions[10] - In A-shares, gold stocks led the market due to rising gold prices, while technology stocks, including SMIC, saw significant declines[15] Investment Insights - The Federal Reserve revised its monetary policy framework to better address current economic conditions, returning to the inflation target set in 2012[5] - The semiconductor industry is expected to benefit from domestic supply chain enhancements, with companies like SMIC planning acquisitions to boost profitability[13] - The storage industry is projected to grow, with Yangtze Memory Technologies aiming to increase its global NAND market share from 8.1% to 15% by the end of 2026[18]