Group 1 - The recent announcement by President Trump to suspend tariffs for 90 days on countries that do not retaliate has led to a significant rise in US stock markets, with major indices experiencing collective gains [1] - The Hong Kong stock market responded positively, with the Hang Seng Index rising by 2.69%, the National Index by 2.43%, and the Hang Seng Tech Index by 3.96% [1] - Biopharmaceutical stocks, particularly those related to WuXi AppTec, saw substantial gains, with WuXi AppTec's subsidiary rising over 14%, and other related stocks also experiencing increases of over 6% [1] Group 2 - The imposition of tariffs on pharmaceuticals by the US is expected to impact the industry, particularly affecting raw materials and generic drugs, while innovative drugs may face less disruption [1] - Experts suggest that the tariff plan serves as a threat to encourage US pharmaceutical companies to relocate production back to the US, given the limited domestic production capacity [1] - The Hang Seng Medical ETF (513060) saw a significant increase, rising over 5% with a trading volume exceeding 600 million yuan, indicating active trading in the sector [1] Group 3 - Recent US-China tariff increases have created disturbances in the pharmaceutical industry, but China's pharmaceutical exports are relatively small and mainly consist of raw materials and low-value consumables [2] - The domestic pharmaceutical outsourcing service companies are becoming crucial in the global pharmaceutical supply chain, supporting US pharmaceutical companies in enhancing R&D efficiency [2] - The innovative drug industry chain is showing active performance, with a focus on high-growth areas such as ADCCDMO and weight-loss drug supply chains, as well as companies in third-party testing laboratories and consumer healthcare sectors [2] Group 4 - The Hang Seng Medical ETF (513060) closely tracks the Hang Seng Healthcare Index, which reflects the overall performance of healthcare-related securities listed in Hong Kong, making it a key focus for investors [3]

1 、 《 特朗普对等政策及影响的几点理解》摘要 ■ 美国总统特朗普以《国际紧急经济权力法案（IEEPA）》为依据，宣布大幅提高对进口商品的征收 标准，政策将在4月5日至5月陆续生效，涉及范围广、力度大，意图施压主要贸易伙伴。 ■ 若全面实施，美国整体贸易征收水平将大幅高于2024年的2.3%，对全球供应链构成冲击。 ■ 国内政策响应速度和力度将影响A股后市表现，重点关注货币宽松节奏和财政刺激方向。 ■ 越南（46%）、泰国（36%）、马来西亚（24%）、中国台湾（32%）等均在名单中。 ■ 若中美谈判失败落地，或将触发中国政策定力转向对冲模式（降准、降息、财政扩张）。 ■ 美国总统特朗普援引《国际紧急经济权力法案》（IEEPA），宣布从美东时间4月5日开始对全球实 施10%基准征收比例，并于4月9日起对特定国家实施更高等级的对等措施。 ■ 中美谈判可能不仅限于贸易问题，还涉及TikTok、俄乌局势、美债购买、科技转让等地缘博弈筹 码。 ■ 虽表观净利润下滑，但 扣除荣耀剥离影响后营业利润同比+63% ，显示核心业务盈利回升显著。 ■ A股华为产业链有望迎来"复苏+结构性放量"行情，推荐围绕ICT、AI、鸿蒙 ...

Group 1 - The market showed signs of recovery with the ChiNext index leading gains, driven by active capital and strong performance in the pharmaceutical sector, particularly in innovative drug stocks [1] - Heng Rui Medicine announced a licensing agreement with Merck for its oral small molecule inhibitor HRS-5346, which expands its international market presence and accelerates global R&D, enhancing confidence in the innovative drug sector [1] - China Galaxy noted that the pharmaceutical sector has experienced a long adjustment period, resulting in low overall valuations and public fund underweighting, but anticipates a recovery in the pharmaceutical market driven by policy support [2] Group 2 - The innovative drug industry and medical device exports are expected to benefit from policy support and growing market demand, with leading companies in niche sectors likely to stand out [2] - The recovery of pharmaceutical consumption is anticipated to gradually manifest with economic recovery and consumption upgrades [2] - Overall, the pharmaceutical sector presents structural opportunities that warrant close attention [2]