Group 1 - The article discusses the potential for a trade agreement between China and the United States, suggesting that the stock market may provide signals regarding this outcome [1] - It highlights the importance of monitoring market trends, particularly in gold, as investors seek to position themselves based on the evolving trade situation [1]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View Market confidence is continuously being restored, and stock index continues to rise. In the future, on one hand, the Sino-US trade war is escalating with tariff hikes up to 125%, and external shocks remain. On the other hand, under the increasing downward pressure on external demand, the expectation of domestic favorable policies strengthens, providing some support for the stock index. Currently, positive and negative factors at home and abroad are intertwined, with pressure above and support below. Today, the trading volume of the two markets shrank significantly. As the stock index continued to rebound and filled the gap, the upward momentum of the index also weakened. It is expected to mainly fluctuate within a range. Continue to pay attention to the progress of tariff negotiations, the fluctuations of US trade policies, and domestic countermeasures [6]. 3. Summary by Relevant Catalogs Market Review Today, the stock index fluctuated strongly. Taking the CSI 300 Index as an example, it closed up 0.41%. In terms of capital flow, the trading volume of the two markets decreased by 260.802 billion yuan. All stock index futures rose with shrinking volume [4]. Important Information - The US CPI in March increased by 2.4% year-on-year, significantly down from 2.8% last month, hitting a six - month low and lower than the market forecast of 2.6%. The CPI in March unexpectedly decreased by 0.1% month - on - month, far lower than the market forecast (increase of 0.1%), with the previous value being an increase of 0.2% [5]. - European Commission President von der Leyen said that the EU agreed to suspend the counter - measures against US tariffs originally scheduled for April 15 for 90 days [5]. - The Tariff Policy Commission of the State Council announced an adjustment to the additional tariffs on imported goods originating from the US, raising it from 84% to 125% [5]. Strategy Recommendation Hold positions and wait and see [7]. Futures Market Observation | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | Main contract intraday change (%) | 0.37% | 0.52% | 0.85% | 1.69% | | Trading volume | 12.9987 | 5.9083 | 10.7233 | 31.7638 | | Trading volume change compared to previous period | - 2.776 | - 1.9677 | - 2.8014 | - 5.1689 | | Open interest | 275461 | 98562 | 221477 | 354821 | | Open interest change compared to previous period | - 6171 | - 2192 | - 1713 | - 5047 | [7] Spot Market Observation | | Name | Value | | --- | --- | --- | | | Shanghai Composite Index change (%) | 0.45 | | | Shenzhen Component Index change (%) | 0.82 | | | Ratio of rising to falling stocks | 1.72 | | | Trading volume of the two markets (billion yuan) | 1348.665 | | | Trading volume change compared to previous period (billion yuan) | - 260.802 | [8]

急风骤雨的一星期终于过去了，中美贸易战的剧情跌宕起伏，股市也是经历了大起大落，1跌4涨，后面四天加起来回血了周一跌幅的一半，这个结果不能 说很理想，但体验上也还过得去。 今天中国政府再次进行了关税反制，也加到了125%，同时宣布基于目前的关税，所有的美国商品在事实上已经没有进口的必要，之后美国就算再加码关 税也将不予回应。 这意味着本轮关税战至此已经告一段落，总量高达7000亿美元的中美直接贸易这下就算是硬脱钩了。特朗普原本期待中国迫于重压主动打电话谈判，事实 证明他想错了，他可能觉得中美贸易是个商业命题，乙方为了挣钱向甲方屈服是理所当然的，但中美贸易战早就上升到了政治层面，不是简单的拿着计算 器在那里啪啪啪就能算出对错的。 今天有小伙伴问我，咱们国家这么胸有成竹，那些原本要卖到美国的商品产能接下来想好怎么办了吗？ 我说我不知道，但我确定美国那边因为停止了中国进口，由此导致的巨大商品缺口，美国人多半也没有想好怎么办。 目前比较主流的观点是中国接下来会通过转口贸易向美国继续输出商品，规模大概是1000-1500亿美元左右，占原先对美出口的20-30%。剩下的商品一部 分向欧洲、东盟出口，另一部分转向国内市场消化 ...

Shares of Apple (AAPL -4.04%) are heading lower in Thursday's trading. The tech giant's stock was down 4.2% as of 3:30 p.m. ET. Meanwhile, the S&P 500 and the Nasdaq Composite had fallen 3.6% and 4.4%, respectively.The stock market skyrocketed yesterday after President Donald Trump announced a 90-day lifting of reciprocal tariffs on all countries except China, but valuations are heading lower today after new information emerged. While Trump announced yesterday that an import tax rate of 125% would be applie ...

以下文章来源于霞光社 ，作者李小天 洋紫 唐飞 霞光社 . 赋能企业全球化 作者 | 李小天 洋紫 唐飞 根据德意志银行调查，美国人购物车中中国商品占比高达65%，美国老百姓的钱包正在逐渐干瘪。 《华尔街日报》描述了一位50岁的纽约市民，在跑了多家商店并向店员致电争取后，终于抢购到那 家商店最后一台中国品牌的电视机。 来源 | 霞光社 导 语 ：关税释放了地壳深层的岩浆原力，搅动了产能的乾坤大挪移。 靴子终于落地了。 美东时间4月9日凌晨（即北京时间中午12点），美国对中国再征收的50%额外关税正式生效。而在 几天前的4月2日，特朗普政府向全球主要贸易伙伴宣布"对等关税"方案，其中对中国在现行税率基 础上，再加34%的关税。 时至今日，特朗普第二任期内对中国所有商品累计加征的新关税税率将达到104%，中美贸易战全面 爆发。 关税大棒，持续冲击着中国各行业产业链，同时也扰动着全球经贸格局。 正如桥水基金创始人达利欧4月7日在领英发布的文章所说："我们正在目睹全球主要货币秩序、政 治秩序和地缘政治秩序的典型崩溃。美国主导的多边合作世界秩序正在被单边的强权统治模式所取 代。这种崩溃一生中只发生一次，但在历史上，类似 ...

结果早上醒来一看美股插了个大阴棒，这高开低走的力度跟a股不遑多让。 | | 纳斯达克100指数ETF 均价:429.570 最新:416.060 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 443.138 | | | | | | | 4.59% | | 438.276 | | | | | | | 3.44% | | 433.414 | | | | | | | 2.30% | | 428.552 | | | | | | | 1.15% | | 423.690 | | | | | | | 0.00% | | 418.828 | | | | | | | 1.15% | | 413.966 | | | | | | | 2.30% | | 409.104 | | | | | | | 3.44% | | 404.242 | | | | | | | 4.59% | | 513.74 | | | | | | | 513.74 | | 342.49 | | | | | | | 342.49 | | 171.25 | | | | | | | ...

Core Insights - The profits of South Korean wafer fabrication equipment manufacturers significantly increased last year, driven by high bandwidth memory (HBM) and advanced packaging technologies [1] Group 1: Revenue Growth - Hanmi Semiconductor reported the highest year-on-year revenue growth at 638.15%, followed by Techwing at 631.25%, and Zeus at 592.96% [1] - The revenue of Hanmi Semiconductor reached 558.9 billion KRW, with an operating profit of 255.4 billion KRW [1] Group 2: Key Suppliers and Clients - Hanmi Semiconductor is the primary supplier of thermal compression (TC) bonders for HBM production to SK Hynix, the largest HBM supplier globally [2] - Techwing's revenue was 185.5 billion KRW, with an operating profit of 23.4 billion KRW, serving major clients like SK Hynix, Kioxia, and Micron [2] - Zeus generated revenue of 490.8 billion KRW, with an operating income of 49.2 billion KRW, supplying TSV cleaning machines to Samsung and SK Hynix [3] Group 3: Market Dynamics - Jusung Engineering's revenue was 409.4 billion KRW, with 85% coming from China, indicating a strong demand in the Chinese market despite potential risks from the US-China trade war [3] - DIT reported revenue of 116.7 billion KRW, with 59% of its income derived from laser solutions, primarily serving SK Hynix [3] Group 4: New Developments - Auros Technology's revenue was 61.4 billion KRW, and it began supplying overlay measurement equipment to Kioxia in mid-2024 [4]

Group 1 - The core focus of the recent video call between Chinese Vice Premier and U.S. Trade Representative was on bilateral economic and trade issues, emphasizing the importance of honest dialogue to enhance mutual understanding and resolve existing problems [1][4] - China expressed serious concerns regarding the U.S. tariffs imposed under the pretext of fentanyl and the ongoing 301 investigation, urging the U.S. to return to negotiations based on equality [1][3] - The U.S. has not committed to canceling the tariffs but acknowledged the significance of continued communication to address mutual concerns [4][6] Group 2 - The U.S. Department of Commerce recently added over 50 Chinese companies and research institutions to its "entity list," citing national security threats related to advancements in AI and quantum computing [6] - President Trump announced a 25% tariff on all imported cars, effective April 2, stating that this measure would be permanent and would not apply to cars manufactured in the U.S. [6] - The concept of "reciprocal tariffs" is being promoted by the Trump administration, which could escalate the trade conflict between the U.S. and China, potentially leading to a countdown in the trade war [8]