Core Viewpoint - The A-share market exhibited a volatile pattern during the week of April 14 to April 18, with the national team focusing on ETF interventions to stabilize the market [1][5]. Group 1: ETF Inflows - A total net inflow of approximately 34.73 billion was recorded for stock ETFs in the two markets, with 8 ETFs seeing inflows exceeding 1 billion [3][4]. - The ETFs with significant inflows included the CSI 300 ETF, SSE 50 ETF, CSI 500 ETF, CSI 1000 ETF, and the STAR Market Composite Index ETF [3][4]. Group 2: National Team's Intervention Strategy - The national team's intervention strategy has shown a new characteristic of being more refined, with a focus on key moments during trading sessions [1][7]. - The national team has adopted a "bottom-line thinking" approach, indicating a strong belief in the long-term prospects of the Chinese capital market and a commitment to maintaining market stability [7]. - Analysts agree that the national team's actions have positively impacted market stability and investor confidence, particularly in the context of external disturbances [7]. Group 3: Market Dynamics - The national team's balanced buying across various ETFs supports liquidity across different market capitalizations, preventing structural distortions in the market [4]. - The intervention is seen as a signal to attract passive investment flows, creating a positive feedback loop for market stability [4][7]. - Despite the supportive measures, there are indications of increased caution among investors, suggesting that the market may require time to consolidate [7].

特朗普关税政策对全球金融市场影响持续，全球经济的运行规则陷入罕见的不确定性中。当 下如何剖析A股核心资产的长期价值，如何剖析中国资产的核心吸引力，是为市场热烈讨论的 焦点。为此，野村东方国际证券资产管理部总经理兼投资总监肖令君接受第一财经电视《财 经夜行线》栏目采访，就内外部环境剧烈变化下中国资产的长期价值分享观点。 对于高关税对中国上市企业盈利能力和市值影响，肖令君团队统计了 2023 年A股年报数据：经 历 2018 年贸易战后， A 股公司披露年报中包含美国区域业务的上市公司数目占比已经有所下降， 从 2018 年的 2.38% 下降至 2023 年的 1.68% 。而有披露的公司有主动区分收入国别来源的数据 中，来自于境外的收入占 A 股总收入比约 12% 。以 2023 年我国对美国出口占全部出口大约 15% 去拟算，那么 A 股上市公司对美出口业务创收大约 1.3 万亿。美国业务对 A 股利润贡献约为 1500 亿元左右，占全部 A 股盈利约为 3% 。这些数据说明中国上市公司市场日趋多元化，关税对其盈利 能力和市值影响有限。 本文转自第一财经，请点击"阅读原文"查看原文。 本文转载自： 第一财经 ...

Core Viewpoint - The establishment of the "Chinese version of the stabilization fund" signifies a strategic response to external tariff pressures, showcasing China's commitment to maintaining market stability and investor confidence [1][11][20]. Group 1: Strategic Significance of the "Chinese Version of the Stabilization Fund" - The mechanism serves to isolate internal and external risks, effectively countering the impact of external tariffs on the capital market through coordinated actions by central financial institutions [4][11]. - It aims to reshape market pricing logic and investment ecology by guiding funds towards long-term value investments through the continuous purchase of strategic ETFs [11][12]. - The initiative promotes alignment between capital markets and national strategies, accelerating the valuation reconstruction of core assets in emerging industries [12][13]. Group 2: Policy Coordination and Market Response - Multi-departmental collaboration in response to tariff challenges reflects a strong policy determination and confidence, with potential future actions including support for export enterprises and increased consumer spending [19][20]. - The coordinated response sends multiple positive signals, including a commitment to safeguarding national interests and stabilizing market expectations [19][20]. - The combination of monetary, fiscal, and industrial policy tools demonstrates a comprehensive approach to managing market sentiment and reducing irrational decision-making risks [20]. Group 3: Long-term Investment Value in Capital Markets - The current economic resilience and low valuation levels provide a solid foundation for long-term investment in Chinese assets, with expectations of GDP growth exceeding 5% in the first quarter [22][24]. - The shift towards institutional investors and the emphasis on value investment principles are expected to enhance market stability and attract more patient capital [17][22]. - The ongoing structural transformation of the economy, moving from real estate-driven growth to innovation-led development, is anticipated to further enhance the investment value of the capital market [24][33]. Group 4: Global Economic Positioning - China's competitive advantages in the global economy include a vast domestic market, comprehensive industrial capabilities, and a strong emphasis on innovation in key sectors [27][28][30]. - The government's proactive policies and the robust performance of emerging industries are expected to sustain economic growth and attract foreign investment [29][30]. - The focus on high-quality development and the transition to new productive forces will play a crucial role in shaping the future landscape of the capital market [24][33].

业内人士认为，连日来，多路资金密集入市，向市场参与各方传递出"稳住股市"的强烈信号。 从相关部门和多家机构的表态看，政策对资金入市的支持力度不断加码，后续资金有望持续流 入A股，为增强资本市场的内在稳定性提供有力支撑。 机构与"国家队"联手 维护资本市场稳定，以中央汇金公司为代表的"国家队"连续出手。 中央汇金公司8日明确，中央汇金公司发挥着类"平准基金"作用。自2008年以来，中央汇金公 司多次参与维护资本市场稳定工作，积极提升资本市场的内在稳定性。此外，中央汇金公司表 示，可动用的自有资金规模较大，还可获得人民银行流动性支持。同日，央行明确，必要时向 中央汇金公司提供充足的再贷款支持。 这意味着，后续稳市资金有充足的保障。在清华大学国家金融研究院院长田轩看来，"中国版 平准基金"将带动其他机构投资者跟随，发挥市场合力效应，强化市场稳定的基础。 丨 来源：中国证券报 2025-04-10 跟随"国家队"，公募基金纷纷出手自购。其中，博时基金宣布，将运用固有资金合计6500万 元投资旗下权益类公募基金。招商基金表示，将于近日运用固有资金5000万元投资旗下股票 型及混合型公募基金，并承诺至少持有1年以上。 最 ...

Core Viewpoint - The central bank and Central Huijin Investment Co., Ltd. are committed to supporting the stock market by increasing investments in index funds and providing sufficient re-lending support when necessary [1][2]. Group 1: Central Huijin's Role and Strategy - Central Huijin is recognized as a key stabilizing force in the capital market, acting as a "national team" and "China's version of a stabilizing fund" [2][3]. - The company has a strong asset base, stable cash flow, and efficient financing channels, which provide it with the confidence to support the market [2]. - Central Huijin has a history of intervening in the market to maintain stability, having participated in such efforts multiple times since 2008 [2]. Group 2: Market Impact and Future Outlook - The recent actions by Central Huijin have helped alleviate pessimistic market expectations and triggered a rebound in the A-share market around the 2024 Spring Festival [3]. - Analysts believe that Central Huijin's commitment to maintaining market stability will encourage investors to focus on long-term value rather than short-term fluctuations [3]. - There is an expectation of further policy support to stabilize the capital market, which will provide liquidity and enhance risk appetite among investors [3].

Market Overview - A-shares experienced a collective rebound on April 10, with the Shanghai Composite Index rising by 0.93% and the ChiNext Index increasing by 2.4% [1][2] - The market saw active performance in sectors such as consumer electronics, robotics, AI applications, and precious metals, with nearly 5,000 stocks rising [1] Precious Metals Sector - The precious metals sector showed significant movement, with Sichuan Gold hitting the daily limit [5] - As of 11:26 AM, spot gold prices broke above $1,310 per ounce, gaining nearly $50, a rise of 1.6% [6] - London gold prices increased by 1.55% year-to-date, while COMEX gold rose by 1.99% [7] Company Responses to Tariff Policies - Several companies, including Cambrian and Tengda Technology, reported that the recent U.S. tariff policies would have limited impact on their operations, with overseas revenue constituting less than 1% of total income [12][14] - Companies like Far East Holdings emphasized their focus on domestic supply chains, indicating minimal effects from the tariffs [15] Economic Outlook and Tariff Impact - The U.S. economic growth forecast has been downgraded, with expectations of growth significantly below 2% for the year [18] - The imposition of tariffs has led to increased volatility in the U.S. stock market, with major indices experiencing substantial gains on April 9, including a 12.16% rise in the Nasdaq Composite [20] - Despite the market rebound, concerns about ongoing tariff negotiations and potential recession risks remain prevalent, with a 79% probability of recession indicated by JPMorgan's metrics [22]

A股和港股今天双双高开，其中港股表现更为强劲，其中恒生科技指数涨超6%。 盘面上，消费电子、苹果概念等板块大幅反弹。 4月7日，汇金公司、中国诚通、中国国新等多家中央企业发布公告称近期已增持ETF，坚决维护资本市场平稳运行，并表示坚决当好长期资本、耐心资本、 战略资本，释放稳市强信号。 4月8日，汇金公司明确将"坚定增持各类市场风格的ETF，加大增持力度，均衡增持结构"，并首次提出类"平准基金"定位。央行同步宣布，将通过再贷款向中 央汇金公司提供充足资金支持，形成"政策工具—资金渠道—市场操作"的闭环。 A股市场企稳离不开增量资金的托举。数据显示，资金连续三个交易日大举买入，截至4月9日，全市场股票ETF近3日资金净流入合计近2000亿元。 A股高开 今天上午，A股市场整体高开，上证指数高开1.29%，深证成指高开2.29%，创业板指高开3.35%。截至发稿，上证指数涨超1.5%，深证成指涨超3%，创业板 指涨超4%，北证50指数涨超7%，全市场超5000只个股上涨。 行业板块方面，消费电子、元器件、通信设备、商贸代理、广告包装、通用机械、汽车等板块涨幅居前。 概念板块方面，苹果概念今天强劲反弹，盘中涨幅超过 ...

4月8日，多部委联合发布政策稳定资本市场，"中国版平准基金"发声。中央汇金投资有限责任公司有关负 责人表示，将继续发挥好资本市场"稳定器"作用，有效平抑市场异常波动，该出手时将果断出手。下一步 将坚定增持各类市场风格的ETF，加大增持力度，均衡增持结构。汇金公司具有充分信心、足够能力，坚 决维护资本市场平稳运行。 汇金公司相关负责人指出，坚定看好资本市场发展前景，根本在于看好中国经济的光明未来。当前，我国 高质量发展扎实推进，新质生产力蓬勃发展，经济持续回升向好的基础更加稳固，资本市场平稳健康发展 具有坚强的基本面支撑。特别是2024年9月26日中央政治局会议出台一揽子增量政策以来，资本市场呈现 出积极而深刻的变化。作为长期机构投资者，汇金公司将继续秉持长期投资、价值投资理念，积极支持资 本市场健康发展。 汇金公司已经连续两日公开发声。4月7日，汇金公司盘中发声，充分认可当前A股配置价值，已再次增持 交易型开放式指数基金（ETF），未来将继续增持，坚决维护资本市场平稳运行。 光大证券首席经济学家高瑞东认为，汇金公司连续两日表态，坚决维护资本市场平稳运行，就是"中国版 平准基金"。在当前市场面临外部风险因素冲击 ...

资金正疯狂涌入A股市场。 今日，A股探底回升，上证指数翻红，北证50指数大涨6.88%，科创50指数大涨3.9%。军工股集体爆发，新余国 科、爱乐达、晨曦航空、北方长龙、中船应急、中船防务等近20股涨停。半导体板块走高，国民技术、紫光国微、 铖昌科技涨停，寒武纪、中芯国际涨超5%。沪深两市半日成交额1.12万亿元，较上个交易日放量明显。 A股市场企稳离不开增量资金的托举。数据显示，4月8日，ETF获资金净流入金额合计达到1117.8亿元，创出历史 新高。其中华泰柏瑞沪深300ETF、南方中证500ETF、易方达沪深300ETF、华夏沪深300ETF、南方中证1000ETF 和嘉实沪深300ETF等6只宽基ETF单日均获资金净流入超百亿元。 值得注意的是，仅仅2个交易日，股票ETF已经吸金超1780亿元。 超千亿资金驰援A股 4月8日，ETF获资金净流入金额合计达到1117.8亿元，创出历史新高，超过去年10月8日单日净流入1093.94亿元的 天量金额。其中，股票型ETF获资金净流入1062.75亿元，相比4月7日净流入的689.96亿元有大幅增加，为A股市场 的企稳提供了重要资金支撑。 具体来看，华泰柏瑞沪 ...

8日A股开盘前，中央汇金公司有关负责人就2025年4月7日公告答记者问时表示，中央 汇金公司一直是维护资本市场稳定的重要战略力量，是资本市场上的"国家队"，发挥着 类"平准基金"作用。自2008年以来，中央汇金公司多次参与维护资本市场稳定工作，积 极提升资本市场的内在稳定性。 新华财经北京4月8日电（记者刘玉龙）8日A股开盘前，中央汇金公司有关负责人就2025年4月7日 公告答记者问时表示，中央汇金公司一直是维护资本市场稳定的重要战略力量，是资本市场上 的"国家队"，发挥着类"平准基金"作用。自2008年以来，中央汇金公司多次参与维护资本市场稳 定工作，积极提升资本市场的内在稳定性。 7日，中央汇金公司发布公告称已再次增持 ETF 基金，并表示未来将继续增持，坚决维护资本市场 平稳运行。 中央汇金公司还表示，将继续发挥好资本市场"稳定器"作用，有效平抑市场异常波动，该出手时将 果断出手。下一步，中央汇金公司将坚定增持各类市场风格的ETF,加大增持力度，均衡增持结构。 中央汇金公司具有充分信心、足够能力，坚决维护资本市场平稳运行。 8日，中国人民银行新闻发言人就支持中央汇金公司稳定资本市场答记者问时表示，中国人 ...