Market Overview - The A-share market experienced a shrinking fluctuation on April 2, with a trading volume of 992.7 billion yuan, a decrease of 160.1 billion yuan from the previous trading day, marking the second-lowest trading volume of the year [1] - The Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, and North China 50 Index rose by 0.05%, 0.09%, 0.13%, and 0.52% respectively, while the Sci-Tech Innovation 50 Index fell by 0.16% [1] Sector Performance - Active sectors included humanoid robots, industrial mother machines, CRO, jewelry, and diversified finance, with the textile and apparel, beauty care, and communication sectors leading gains at 1.45%, 1.01%, and 0.97% respectively [2] - The humanoid robot sector saw significant gains, with companies like Saimo Intelligent rising over 11%, Jizhi Co. nearly 10%, and Qinchuan Machine Tool over 8% [2] Capital Flow - On April 2, the main funds in the Shanghai and Shenzhen markets saw a net outflow of 9.692 billion yuan, marking the 13th consecutive trading day of net outflows [3] - Among the 22 sectors with net outflows, the pharmaceutical, electronics, and defense industries experienced the largest outflows of 3.076 billion yuan, 1.838 billion yuan, and 1.274 billion yuan respectively [3] Investment Sentiment - Investor risk appetite has decreased, leading to a cautious capital environment, as indicated by the significant net outflows from major sectors [2][3] - Analysts suggest that the upcoming "reciprocal tariffs" may cause short-term volatility in the A-share market, but the long-term outlook remains resilient due to domestic policy support and valuation advantages [4] Earnings Focus - The rolling price-to-earnings ratio for the entire A-share market was 18.56 times, while the Shanghai and Shenzhen 300 index was at 12.44 times, indicating that A-shares still offer value compared to other major global markets [3] - Analysts recommend focusing on companies with positive earnings expectations as the market pricing is expected to return to fundamentals in April [4]

Group 1 - The A-share market continues to experience low trading volume with the Shanghai Composite Index closing up by 0.05% and the A500 Index ETF (159351) remaining flat, indicating a cautious market sentiment as it enters the earnings reporting period [1] - The A500 Index ETF (159351) recorded a trading volume of 3.031 billion yuan, ranking third among similar products in the market, with a turnover rate of 18.59%, highlighting its strong liquidity and investor demand [1] - Institutional investors believe that earnings certainty will be the main driver for excess returns in April, with a shift in focus towards fundamental performance as the expected growth rate of net profit for the CSI A500 Index in 2025 is projected at 12.8%, surpassing that of the CSI 300 Index (9.64%) and the Shanghai Composite Index (9.93%) [1] Group 2 - The A500 Index ETF (159351) tracks the CSI A500 Index, which consists of 500 stocks with large market capitalization and good liquidity, providing a balanced industry distribution and serving as a tool for investors to access representative A-share companies [2] - Investors can also access the A500 Index through the A500 Index ETF linked funds (Class A 022453; Class C 022454) to capitalize on the upward potential of core A-share assets [2]

Group 1 - A50ETF Huabao (159596) experienced a volume increase with a rise of 0.09% and a transaction amount of 87.56 million yuan as of March 25 [1] - The Shenyin Wanguo strategy team believes that the A-share market will favor defensive thinking in Q2, focusing on high-dividend assets that provide both absolute and relative returns [1] - The market is expected to see a reconstruction of valuations due to the transition of the domestic economy and the implementation of various policies, leading to gradual improvement in the economic fundamentals [1][2] Group 2 - Short-term market strategies suggest avoiding high-leverage and high-valuation small-cap tech stocks while focusing on safe assets like non-ferrous metals, military, and nuclear power due to increased macroeconomic uncertainties [2] - The current earnings disclosure period is critical, with potential investment opportunities in sectors showing strong performance or new catalysts, particularly in technology and consumer sectors [2][3] - The real estate sector shows signs of stabilization, which, along with other domestic demand components, could drive the next upward movement in the market [3] Group 3 - Investors are encouraged to consider A50ETF Huabao (159596) and its off-market linked funds for investment opportunities [4] - The formation of a MACD golden cross signal indicates positive momentum in certain stocks [5]