可以更加坚定地看好中国股市 | 资本市场

Core Viewpoint - The article discusses the impact of Trump's tariff policy on global markets and China's response, highlighting the stabilization of the A-share market through various measures taken by the government and market participants [1][2][4]. Group 1: Impact of Tariff Policy - Trump's announcement of a minimum 10% tariff on global imports and specific rates on countries like China (34%) and the EU (20%) has led to significant declines in global asset prices, with the S&P 500 and Nasdaq dropping by 9.9% and 11.4% respectively [2][3]. - The A-share market experienced a sharp decline, with the Shanghai Composite Index falling by 7.3% on April 7, but showed signs of recovery with a 1.6% increase on April 8 due to intervention from various funds [2][3]. Group 2: Government and Institutional Response - The "national team" entered the market to stabilize it, with the Central Huijin announcing increased purchases of ETF funds, which saw a significant rise in trading volume, indicating strong demand [3][4]. - Regulatory bodies provided support by adjusting insurance fund investment ratios, allowing for greater equity asset allocation, which enhances market stability [3][4]. Group 3: Market Participants' Actions - Over 30 listed companies initiated stock buybacks, totaling over 15 billion yuan, reflecting confidence in their financial health and future prospects [4]. - The combination of government intervention, regulatory adjustments, and proactive measures from market participants demonstrates a collaborative effort to stabilize the market [4]. Group 4: Long-term Outlook - The article expresses a long-term positive outlook for the Chinese capital market, emphasizing that the current macroeconomic environment is more favorable compared to 2018, with a focus on internal demand and technological advancements [10][12]. - The diversification of export structures and the reduced reliance on the U.S. market (from 19.2% in 2018 to 14.7% in 2024) suggests that external shocks will have a limited impact on the overall economy [13]. Group 5: Investment Opportunities - Future investment opportunities may include sectors such as semiconductors and TMT (Technology, Media, and Telecommunications), which are expected to rebound due to domestic policy support and a focus on self-sufficiency [14]. - The food and beverage sector is likely to perform well due to low external dependency and increased domestic consumption support [15]. - Defensive sectors like banking and utilities are recommended for their high dividend yields and resilience during market downturns, with current yields around 6% compared to a 10-year government bond yield of 1.6% [15].