Group 1 - The report indicates that the market is gradually recovering, with the overall A-share market down by 4.31%. The Sci-Tech 50, Shanghai 50, and CSI 300 indices showed relative resilience, while the CSI 1000, micro-cap stocks, and ChiNext index led the decline. In terms of sector performance, consumer and financial real estate sectors were more resilient, while pharmaceuticals, advanced manufacturing, and other sectors faced declines [1][14]. - The report highlights the "counter-tariff" measures and the determination to stabilize the market in response to the U.S. tariffs. It notes that the Chinese government has taken rapid countermeasures to maintain a strong stance against U.S. tariff threats, which are characterized as "digital games" [3][33]. - The report emphasizes that the Chinese assets exhibit strong endogenous stability, and the impact of external market shocks may favor the return of foreign capital. It suggests that the unpredictability of U.S. tariffs should lead to a stable outlook rather than a reactive one [5][9]. Group 2 - The report discusses the significant market fluctuations following the announcement of "counter-tariffs," leading to a "three-kill" scenario in U.S. stocks, bonds, and currency. The S&P 500 index fell sharply, while the 10-year U.S. Treasury yield experienced a rapid decline before rebounding after the announcement of a 90-day delay in tariff implementation [4][42]. - The report outlines the measures taken by the "national team" to stabilize the market, including increased holdings in ETFs such as the CSI 300, Shanghai 50, and others. The report notes that these actions are part of a broader strategy to support the capital market and restore investor confidence [3][50]. - The report identifies key investment directions, including domestic demand, independent innovation, countermeasures, the Belt and Road Initiative, dividends, and gold as a hedge against uncertainty. It emphasizes the importance of enhancing domestic circulation to mitigate the impact of export fluctuations [5][9].

今日早盘，市值大约2万亿港元的阿里巴巴开盘小幅回落后，临近10点快速拉升股价涨幅一度超6%。作 为电商巨头，阿里巴巴未来投资价值几何？ 核心业务价值：从传统电商到AI基建的升维重构 一方面，在电商基本盘上，阿里呈现出防守与进化的双重逻辑。 在用户粘性与生态壁垒上，阿里尽管传统电商增速放缓（2024年营收增速8.3%），但淘天集团仍保持 4600万88VIP会员规模，单季度新增400万高净值用户。通过"退货宝""体验分"等用户体验优化，用户年 均消费频次提升至5.2次，客单价环比回升7.3%。其护城河已从流量规模转向生态粘性，支付宝、高德 地图等协同入口日均引流超3亿次。 与此同时，阿里从价格战转向价值竞争。 在拼多多GMV超越淘宝的竞争压力下，阿里主动弱化低价内卷，转而通过"商家分层运营"提升供给质 量。2024年双11期间，服饰、美妆等高毛利品类GMV占比提升至42%，带动客户管理收入（CMR）增 长9%。这一战略转向类似沃尔玛从"天天平价"到品质升级的进化路径。 此外，阿里在AI产业趋势下驱动效率革命。 阿里云通过通义大模型重构电商运营，例如AI客服替代率超70%，广告投放ROI提升22%。其自主开发 的 ...

Core Insights - The Sci-Tech Innovation Board (STAR Market) has become a key area for nurturing new productive forces in China's capital market since its launch in July 2019, with 584 listed companies and a total market capitalization exceeding 7.62 trillion yuan as of February 2025 [1] - The launch of the Bosera STAR Market Composite Price Index Enhanced Fund focuses on "hard technology" and aims to invest in innovative companies with high market recognition and breakthrough core technologies [1] - The STAR Market Composite Price Index has shown significant growth, with a return rate of 15.37% from December 31, 2019, to April 3, 2025, outperforming major indices like CSI 300 and CSI 500 [2] Market Performance - As of April 3, 2025, the STAR Market Composite Price Index has a price-to-earnings ratio of 170.33 and a price-to-book ratio of 3.91, indicating relatively lower valuations compared to other indices, which enhances its cost-effectiveness for investment [2] - The index covers 567 constituent stocks with an average market capitalization of 13.1 billion yuan, achieving a market capitalization coverage of 97%, which is more balanced compared to other indices [3] Sector Focus - The index has a high concentration in hard technology sectors, with the top six industries being electronics (44.46%), biomedicine, computers, power equipment, machinery, and national defense, collectively accounting for over 92% of the index [3] - The top ten holdings include leading electronic companies such as Haiguang Information and Cambrian, benefiting from the global industrial chain restructuring [3] Financial Metrics - The constituent stocks have an average gross profit margin exceeding 30%, indicating strong profitability and significant earnings volatility, with current performance potentially in a recovery phase [3] - The research and development expenditure as a percentage of revenue has consistently remained around 10% from 2020 to 2023, significantly higher than that of the ChiNext and CSI All Share Index, reflecting a strong technological moat [3] Investment Strategy - The Bosera STAR Market Composite Price Index Enhanced Fund employs a quantitative investment strategy aimed at generating excess returns while controlling tracking errors through a comprehensive process that includes cost control, multi-factor stock selection, and risk budgeting [5] - The fund is managed by an experienced quantitative investment professional with nearly a decade of experience, leveraging Bosera's established index enhancement system [5]

Core Viewpoint - The article discusses the implications of Trump's new tariff policies, highlighting the potential for increased trade tensions and their impact on global supply chains and economies [2][3][10]. Group 1: Tariff Policies and Their Nature - Trump's tariffs are characterized as a political weapon rather than a mere economic tool, aiming to reshape global trade rules through unilateral actions [3][4]. - The tariffs imposed on China could reach a staggering 34%, significantly affecting trade dynamics and economic relations [2][4]. - The overall tariff levels for U.S. imports could rise to between 54% and 64%, surpassing previous expectations and indicating a more aggressive stance compared to past trade conflicts [8][10]. Group 2: Economic Impact and Reactions - The expected annual revenue from the tariffs could range from $349.9 billion to $503.5 billion, indicating a significant financial motive behind the policy [13]. - The tariffs are likely to have a detrimental effect on the U.S. economy, potentially reducing GDP by 0.2% to 1.5% and causing a decline in household incomes [15][19]. - China's export trade is expected to face substantial pressure, with the average tariff level reaching unprecedented heights, which may lead to a short-term economic slowdown [16][22]. Group 3: Strategic Implications and Future Outlook - The article suggests that the current trade conflict may signal the end of the third era of globalization, with long-term implications for global economic structures [10][19]. - The geopolitical landscape is becoming increasingly complex, with potential retaliatory measures from affected countries, leading to a spiral of escalating tariffs [9][10]. - The article emphasizes the need for strategic adjustments in response to these developments, advocating for a focus on domestic demand and technological self-sufficiency as pathways to resilience [24][27].