周四指数窄幅波动，沪指尾盘收红。周四 A 股全天窄幅波动，波幅仅 27 个指数点，虽然经历了连续 8 个交易日的上涨，市场观望情绪开始加大，追 涨意愿下降，但 A 股的修复行情仍然在延续。从中期角度来看，在中央汇金等三家国资开始增持，叠加多家上市公司宣布回购增持后，市场已经迎来拐 点。尽管"对等关税"的后续影响还存在一定不确定性，但市场交易开始克服恐慌心理，指数在波折中继续修复行情。 后市展望：关税事件的冲击最高峰已经过去，A 股将在波折中继续修复。4 月 7 日的极端下跌是对近期所谓"对等关税"事件的一次性反映，随着市场 情绪逐渐平稳和以中央汇金为代表的国资以及多家上市公司宣布回购增持后，目前 A 股已经进入修复性回升。但修复过程并非一帆风顺，美国对全球范 围加征所谓"对等关税"的后续变化对中国和全球经济产生的影响目前仍存在较大不确定性，市场预期变化也存在反复。后市争议较大的仍然是对海外业务 依赖性较高的行业，如消费电子、CXO 等会受到"对等关税"多大程度的影响。确定性较高的是内需和消费主线，预计会受益于未来的对冲政策。 热点板块：出口占比较高的行业，以及在东南亚大规模建厂的公司适度回避。但科技自主可控中 ...

Group 1: Industry Overview - The domestic AI industry is experiencing a historic development opportunity amid escalating global trade tensions, with AI technology being a key driver for breaking technology barriers and enhancing self-sufficiency [1] - The evolution of large model capabilities is expected to significantly broaden AI application scenarios, shifting market focus from infrastructure to application value [1] - The necessity of establishing a foundational platform for intelligent agents is emphasized to achieve real-time understanding of user needs and efficient data analysis [1] Group 2: Company Focus - Saiyi Information (300687) is accelerating the integration of AI technology with vertical industries, exemplifying the trend of deep fusion between AI capabilities and specific business scenarios [2] - The company has developed an "AI + PCB manufacturing solution" leveraging its extensive experience in digital smart factory construction and Huawei's Ascend AI computing power [2] - Saiyi Information has initiated the "AI + supply chain" era, utilizing a dual-engine approach of "low-code + large model" to enhance supply chain intelligence through various technological steps [2] Group 3: Solutions and Impact - Saiyi Information has launched four intelligent agent scenario solutions focusing on order, planning, procurement, and logistics, addressing inefficiencies and enhancing supply chain transparency and resource scheduling [3] - The intelligentization of supply chains is becoming a critical competitive metric for enterprises, with Saiyi Information aiming to reconstruct supply chain value chains to achieve improvements in customer experience, cost efficiency, and risk control [3] - The demand for AI toolchains in the manufacturing sector is on the rise, marking a golden development period for AI application deployment in manufacturing software [3]

Investment Rating - The report maintains an "A" rating, indicating an expectation of outperforming the market [1]. Core Insights - The communication equipment manufacturing supply chain is expected to recover due to the recent updates in the US tariff exemption policy, which includes key products such as optical modules and semiconductor devices [2][3]. - The focus on technology self-sufficiency and domestic demand is seen as a clear direction amidst fluctuating US tariff policies, with significant investments in high-end chips and the launch of the OISA industry chain initiative [4][5]. - Positive outlooks are noted for sectors such as optical communication, IoT, and military informationization, with several companies projecting substantial year-on-year profit growth [6][7]. Summary by Sections 1. Weekly Viewpoint and Investment Suggestions - The US tariff exemption policy is expected to benefit the communication equipment manufacturing sector, reflecting the resilience of the Chinese supply chain [2][3]. - The ongoing adjustments in US tariff policies are likely to suppress market confidence, emphasizing the need for self-sufficiency in technology [4][5]. - Companies in sectors like optical communication and IoT are projected to show significant improvements in their financial performance [6][7]. 2. Market Overview - The overall market experienced a decline during the week of April 7-11, 2025, with various indices showing negative performance, particularly in the communication sector [6][7]. - Notable stock movements included significant gains for companies like Changguang Huaxin and Zhenyou Technology, while others like Zhongji Xuchuang faced substantial declines [6][7]. 3. Recommended Companies - Companies to watch include Zhongji Xuchuang, New Yisheng, and Tianfu Communication for tariff recovery opportunities [6][7]. - For technology self-sufficiency, focus on companies like Shengke Communication and Yutai Micro [6][7]. - In the military informationization sector, companies such as Zhenlei Technology and Chengchang Technology are highlighted for their growth potential [6][7].

Investment Rating - The report maintains an "A" rating for the communication industry, indicating an expectation of outperforming the market [1]. Core Insights - The communication equipment manufacturing supply chain is expected to recover due to the recent updates in the US tariff exemption policy, which includes key products such as optical modules and networking devices [4][13]. - The focus on technology self-sufficiency and domestic demand is a clear direction amidst fluctuating US tariff policies, particularly concerning high-end chips and the establishment of a domestic computing power infrastructure [5][14]. - Upcoming quarterly reports are anticipated to show positive trends in sectors like optical communication, IoT, and military information technology, with significant year-on-year growth expected in several companies [6][15]. Summary by Sections Industry Dynamics - The US Customs and Border Protection has announced exemptions for certain products under the "reciprocal tariff" policy, which is expected to benefit the communication equipment sector significantly [4][13]. - The resilience and irreplaceability of the Chinese communication equipment supply chain are highlighted, with a focus on high-frequency circuit design and precision optical packaging as core advantages [4][13]. Market Performance - The overall market experienced a decline during the week of April 7-11, 2025, with the communication index dropping by 3.85% [6][31]. - Specific sectors such as cloud computing and operators showed slight gains, while others like satellite communication faced minor declines [6][31]. Company Recommendations - Companies to watch for tariff recovery include Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication, among others [7][17]. - For technology self-sufficiency, recommended companies include Shengke Communication and Yu Taiwei [7][17]. - In the domestic supernode segment, focus on companies like Lixun Precision and ZTE Communications is advised [7][17]. Quarterly Outlook - Companies such as Zhongji Xuchuang and Huagong Technology are expected to report significant year-on-year profit growth, with estimates ranging from 35% to 68% [6][15][16]. - The IoT sector is also projected to see substantial growth, particularly in AI-related applications [6][15][16].

盘面回顾：指数窄幅震荡，个股和板块表现分化。周二全天指数窄幅震荡，临近尾盘沪指收红，但 大部分中小市值宽基指数仍以绿盘报收。交易金额为1.07 万亿，较周一萎缩。周二 31 个一级行业表现 分化，领涨板块是美容护理、银行、家用电器、纺织服饰、传媒等。领跌板块是国防军工、商贸零售、 电子、钢铁、社会服务等。 风险提示：关税冲击的后续影响，美联储降息延后，海外经济衰退超预期，国内经济复苏不及预 期，政策执行不及预期等。 周二指数窄幅波动，市场观望情绪加大。周二 A 股全天窄幅波动，波幅仅 22 个指数点，显示在经 历了连续 5 个交易日的上涨后，市场观望情绪开始加大，追涨意愿下降。从中期角度来看，在中央汇金 等三家国资开始增持，叠加多家上市公司宣布回购增持后，市场已经迎来拐点。尽管"对等关税"的后续 影响还存在一定不确定性，但市场交易开始克服恐慌心理，指数在波折中继续修复行情。 后市展望：关税事件的冲击最高峰已经过去，A 股将在波折中继续修复。4 月 7 日的极端下跌是对 近期所谓"对等关税"事件的一次性反映，随着市场情绪逐渐平稳和以中央汇金为代表的国资以及多家上 市公司宣布回购增持后，目前 A 股已经进入修复性 ...

Investment Rating - The report rates the computer industry as "Outperforming the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [35]. Core Insights - The report highlights that the ongoing trade tensions and tariff fluctuations are likely to benefit the technology self-sufficiency narrative, particularly for domestic CPU manufacturers, as they may seize significant replacement opportunities [2][4]. - The rapid sell-out of consumer-grade exoskeleton robots by Cheng Tian Technology within 15 seconds demonstrates the potential for growth in the consumer market for such technologies, indicating a shift towards commercialization [2][4]. - The report emphasizes the importance of domestic companies that are closely tied to government and business sectors, which are expected to benefit from the trend towards localization and self-sufficiency in technology [2]. Summary by Sections Investment Recommendations - The report suggests focusing on companies related to technology self-sufficiency, such as Softcom Power, Dameng Data, Cambrian, and Yuntian Lefe, as well as companies with strong fundamentals that are less affected by tariffs, like Hehe Information [4]. - In the exoskeleton sector, it recommends paying attention to Chutian Technology, Weisi Medical, iFlytek, and Saiwei Intelligent [4]. Industry News - The report notes significant developments in cloud computing, artificial intelligence, and chip technology, including the release of Google's seventh-generation TPU chip designed for AI inference tasks [22][23][24]. - It also mentions the release of a white paper on cloud intelligence technology by China Mobile, marking a shift towards next-generation cloud computing paradigms [23]. Company Dynamics - Softcom Power has initiated a transitional factory in the Beijing-Tianjin-Hebei region to promote innovation and industry integration, recently winning multiple project bids [27]. - Kingsoft Office's major shareholder has committed not to reduce their stake in the company until the end of 2025, reflecting confidence in its future prospects [27]. - Glodon has conducted its first share buyback through centralized bidding, repurchasing 1,000,100 shares for a total of approximately 13.89 million yuan [28].

截至2025年4月14日 13:40，中证数字经济主题指数(931582)盘中震荡。成分股方面涨跌互现，寒武纪(688256)领涨3.81%，海光信息(688041)上涨2.25%，科 博达(603786)上涨2.24%；拓荆科技(688072)领跌3.96%，纳思达(002180)下跌3.40%，卓胜微(300782)下跌3.20%。数字经济ETF(560800)上涨0.26%，最新价 报0.77元。流动性方面，数字经济ETF盘中换手2.3%，成交1733.39万元。（以上所列示股票为指数成份股，仅做示意不作为个股推荐。过往持仓情况不代表 基金未来的投资方向，也不代表具体的投资建议，投资方向、基金具体持仓可能发生变化。市场有风险，投资需谨慎。) 该机构指出，作为新质生产力的重要组成部分，叠加需求端加快修复预期，计算机行业未来有望迎来业绩和估值的双重提升。我们坚定看好计算机行业未来 的投资机会。 数字经济ETF紧密跟踪中证数字经济主题指数，中证数字经济主题指数选取涉及数字经济基础设施和数字化程度较高的应用领域上市公司证券作为指数样 本，以反映数字经济主题上市公司证券的整体表现。 数据显示，截至2025年3月3 ...

截至4月13日，距离特朗普亮出"对等关税"牌已经过去了11天，在此期间，全球资本市场集体巨震，但 A股在随后的交易日里迅速回温，走出了波澜壮阔的反弹曲线。 面对市场的巨幅波动，基金经理们打响了一场"黄金坑"战役，有人坚信"这是一次历史性机会"，有人直言"波 动既是压力测试，也是超额收益的潜在来源"，而"V型"反转的资本市场，也正在用真金白银印证"波动不是风 险，而是机会"的投资哲学。 "这是一次历史性机会" 时间回到一周前，受美国所谓"对等关税"事件影响，清明假期期间，海外市场接连巨震，即使A股并未开盘， 各大论坛却氤氲着焦虑的情绪。 一方认为，在经过清明假期的发酵后，恐慌正在全球市场蔓延，特别是在黄金、美债等避险资产也接连下跌的 情况下，一旦恐慌情绪引发踩踏效应，那么市场将会形成负反馈，杠杆资金的强平潮甚至可能导致流动性危 机。 另一方则认为，虽然短期不确定性下市场难免出现波动，但国内政策空间充足，且资金对潜在的刺激政策仍抱 有期待，若市场持续下行，政策资金或加速进场，市场可能呈现先抑后扬的走势。 "看着同事们在讨论各种可能性，我放空了一会儿，然后坚定了一个想法——这是一次历史性机会。"这家公募 主投科技的 ...

Market Overview - The A-share market shows a positive trend with the Shanghai Composite Index closing at 3145.55, up 1.58% [2] - The total market capitalization of the Shanghai Composite Index is 6075.98 billion, with a price-to-earnings (PE) ratio of 11.05 and a price-to-book (PB) ratio of 1.18 [3] Economic Insights - The People's Bank of China conducted a 1674 billion yuan reverse repurchase operation, indicating a proactive monetary policy stance [26][27] - The financial regulatory authority has adjusted the investment ratios for insurance funds in equity assets, aiming to enhance capital allocation towards strategic emerging industries [28][29] Industry Dynamics - The agricultural sector is set to benefit from the newly released "Plan for Accelerating the Construction of an Agricultural Power" which outlines a roadmap for agricultural modernization by 2035 [41][43] - The storage chip market is experiencing stable prices, with DRAM products showing slight increases in average prices compared to the beginning of the year [40] Company Updates - Muyuan Foods reported a 41% year-on-year increase in pig sales in March, with a total of 6.935 million pigs sold [45] - Morning Light Bio announced a significant increase in Q1 2025 net profit, expected to grow by 133% to 211% year-on-year, driven by the growth in plant extraction business [50] - Guizhou Moutai is preparing a new share repurchase plan, having already repurchased 1.32 million shares, representing 0.1048% of its total share capital [54][56]

Core Viewpoint - The article discusses the significant impact of the recent tariff increases announced by the U.S. on global financial markets, particularly the A-share market, which experienced substantial declines. Despite the short-term volatility, there is a belief in the resilience of the A-share market in the medium to long term due to supportive policies and domestic demand [1][2][10]. Impact of Tariffs - The tariff impact is primarily seen in three areas: 1. Export chain effects, with industries heavily reliant on exports to the U.S. facing order reductions and increased costs [3]. 2. Rising inflation risks in the U.S. due to increased tariffs, which may limit the Federal Reserve's ability to cut interest rates, thereby affecting global liquidity and high-valuation growth stocks [3]. 3. Supply chain restructuring pressures as the U.S. aims to bring manufacturing back, raising concerns about industry shifts and market risk appetite [3][10]. Market Reactions - Following the tariff announcements, the A-share market saw a significant drop, with the Shanghai Composite Index down 7.34%, the Shenzhen Component down 9.66%, and the ChiNext Index down 12.5% [1]. - Central Huijin Investment expressed confidence in the Chinese capital market, indicating plans to increase holdings in ETFs to stabilize the market [1]. Short-term Market Sentiment - Fund managers noted that the recent tariff increases have heightened market uncertainty, leading to a retreat in risk appetite. They expect that the market's excessive panic will be corrected as monetary policies such as interest rate cuts and consumption subsidies are anticipated [4][5][10]. - The market is currently in a performance verification phase, with expectations that domestic policies will be accelerated to counteract external uncertainties [7][10]. Long-term Outlook - Despite the immediate challenges posed by the tariffs, the Chinese stock market is viewed as having favorable conditions compared to previous years, with a focus on domestic demand and supportive macro policies [5][11]. - The article emphasizes that the A-share market has significant potential for recovery and growth in the medium to long term, driven by strong economic resilience and favorable policy adjustments [10][11]. Investment Strategies - In the short term, investors are advised to focus on defensive sectors such as domestic consumption, agriculture, and food and beverage, which have shown relative strength amid the market turmoil [7][8]. - The article suggests that high-dividend and value stocks may provide better stability during periods of increased market volatility [8][12]. Sector-Specific Insights - The technology sector is expected to experience volatility due to the tariff impacts, particularly on hardware products. However, the importance of self-sufficiency in technology is highlighted as a key focus area for future growth [13]. - The article also notes that the current market adjustment may present opportunities for investment in sectors supported by domestic policies and technological advancements [11][13].