Group 1 - The core viewpoint indicates that the market is expected to shift from a defensive to a moderately aggressive stance as external interest rate cuts approach, with a focus on positive changes in both internal and external environments [3] - The China Securities 500 ETF has seen significant growth, with a recent increase in scale by 5.46 billion yuan and a half-year share growth of 20.44 billion shares [3] - Institutions believe that the discount rate for the stock market is entering a downward trend, supporting a positive outlook for the Chinese A/H stock markets [3] Group 2 - The top ten weighted stocks in the CSI Small Cap 500 Index include Jianghuai Automobile, Guangqi Technology, and Shenghong Technology, collectively accounting for 6.4% of the index [4] - Investors can access A-share small-cap investment opportunities through the CSI 500 ETF linked fund (070039) [4]

国泰海通证券认为，1)股市贴现率进入向下走廊，继续看好中国A/H股市。2)货币先行明确支持经济立 场，股市风险溢价下降。3)推动资本市场改革，投资中国股市的机会成本下降，无风险利率降低。4)中 国股市升势远未结束，新兴科技是主线，金融周期是黑马。在外需压力验证的关键时间窗口，决策层再 度明确扭转经济形势与支持资本市场的决心，中国政策的连续性将稳定风险前景。 中原证券认为，周三A股市场高开低走、小幅震荡上行，盘中航天航空、农牧饲渔、交运设备以及贵金 属等行业表现较好；游戏、互联网服务、半导体以及文化传媒等行业表现较弱。政策重心转向扩大内 需，本月重点关注财政政策落地及消费刺激措施。央行释放宽松信号，汇金增持托底市场，融资余额有 望回升，ETF资金持续流入提供流动性支撑。预计短期市场以稳步震荡上行为主，市场或延续政策与业 绩双轮驱动的结构性行情，投资者需平衡防御与成长，聚焦业绩确定性高、政策催化明确的板块，同时 警惕外部风险引发的短期波动。 财信证券认为，周三大盘高开后震荡，多数个股冲高回落，反映出当前位置压力较大，不过周三全天市 场的承接动能相对较好，特别是尾盘阶段大盘再度上涨，反映出资金仍具备一定信心。短期内 ...

Group 1 - The A-share market is gradually stabilizing and recovering after the impact of "reciprocal tariffs," with a slight decline for the month. It is suggested that future fund allocations maintain a balanced style while moderately leaning towards growth, emphasizing the importance of fund managers' stock selection and risk control capabilities [1][2] - In April, the manufacturing PMI was 49.0%, a decrease of 1.5 percentage points from the previous month, influenced by the drastic changes in the external environment due to trade friction. The strategy team believes that after the shock, investors' understanding of the economic situation has improved, which is crucial for the stock market's recovery [2] - The focus of Sino-US competition extends beyond economic trade to technological and productivity advantages. In the medium to long term, emerging technology remains a key theme, and the financial cycle is expected to be a dark horse under the influence of declining risk-free interest rates and new capital inflows [2] Group 2 - Global central bank gold purchasing behavior is expected to be long-term and sustained, reflecting changes in the trust foundation of the global monetary system. The rise of trade protectionism and the restructuring of the global economy will increase economic differentiation, supporting residents' demand for gold [3] - The fundamental impact of the US dollar on gold pricing has weakened but still holds some influence. If the US economy weakens, the support for gold prices will strengthen. This gold bull market is characterized by different driving factors and pricing frameworks, suggesting a potentially long cycle [3] - From a long-term investment and risk-hedging perspective, it is recommended to allocate to gold ETFs [3]

Group 1 - The article discusses the stabilization and slight recovery of the A-share market following the impact of "reciprocal tariffs," suggesting a balanced investment strategy with a slight tilt towards growth stocks while emphasizing the importance of stock selection and risk control by fund managers [2] - In April, the manufacturing PMI was reported at 49.0%, a decrease of 1.5 percentage points from the previous month, indicating a shift in economic sentiment due to trade tensions [2] - The article highlights that the focus of Sino-US competition extends beyond trade to technology and productivity advantages, suggesting that emerging technologies will remain a key investment theme in the medium to long term [2] Group 2 - For bond funds, the report recommends focusing on government bonds with specific maturities (7-year or 20-year) and suggests a strategy of "bullet" operations to enhance yields [3] - The article notes that global central bank gold purchasing behavior reflects a long-term restructuring of the global monetary system, driven by rising trade protectionism and economic restructuring [3] - It emphasizes that the current gold bull market is distinct due to changes in driving factors and pricing frameworks, suggesting a prolonged cycle for gold investments [3]

Summary of Key Points from Conference Call Industry or Company Involved - The discussion primarily revolves around the macroeconomic environment, focusing on the U.S.-China trade relations, emerging technologies in China, and the implications of currency fluctuations on global investments. Core Insights and Arguments 1. **Weakening Dollar and Asset Diversification** The weakening of the dollar reflects a reassessment of dollar asset allocation strategies by investors, leading Asian financial institutions and exporters to hedge their dollar assets, which may promote asset diversification and reduce over-reliance on the dollar [1][3][24]. 2. **U.S.-China Tariff Negotiations** There are signs of potential easing in U.S.-China tariff negotiations, with expectations of partial agreements by the second half of the year, potentially lowering effective tariff rates to 30-40% by year-end, although full tariff removal remains unlikely [1][4][5][10]. 3. **China's Emerging Technology Resilience** China's emerging industries, particularly in AI, semiconductors, new materials, and new manufacturing, demonstrate strong resilience. The self-sufficiency index of China's AI hardware ecosystem has improved, indicating competitive strength in emerging tech sectors [1][6][13]. 4. **Future U.S. Tariff Policies** U.S. tariff policies may shift towards industry-specific assessments, targeting strategic materials like semiconductors and pharmaceuticals. Companies need to consider restructuring supply chains and investment cycles to navigate uncertainties [1][7][10]. 5. **China's Economic Stimulus Plans** China is expected to implement economic stimulus measures, potentially introducing 1 to 1.5 trillion RMB in new plans focused on manufacturing upgrades and urban infrastructure by July [1][8][12]. 6. **Impact of Tariff Adjustments on Financial Markets** The anticipated reduction in U.S.-China tariffs is expected to benefit financial markets, although long-term investment decisions by companies remain uncertain [1][10][11]. 7. **Challenges Facing China's Economy** China's economy faces significant challenges, including a slowdown in GDP growth, particularly in exports, due to tariffs. The Purchasing Managers' Index (PMI) indicates a notable decline, especially in new export orders [1][11][22]. 8. **Long-term Potential of China's Tech Industry** Despite facing deflationary pressures and export risks, China's tech industry shows strong potential, driven by factors such as R&D investment, talent supply, and market demand [1][13][38]. 9. **AI Development and Chip Supply Issues** China's AI development may slow due to chip supply constraints, but it is unlikely to halt completely. The domestic chip production is gradually increasing, with expectations for significant growth in the coming years [1][34][35]. 10. **Investor Sentiment and Market Positioning** Global investors are currently cautious, reducing exposure to Chinese equities amid ongoing trade tensions. The sentiment reflects a broader trend of risk aversion in the market [1][26][30]. Other Important but Possibly Overlooked Content 1. **Limited Impact of Transshipment Trade** Transshipment trade's ability to offset tariff impacts is limited, accounting for only 3-4% of China's total exports, which is significantly lower than the U.S. export ratio [1][18][19]. 2. **Currency Adjustments and Export Dynamics** Currency adjustments, particularly the depreciation of the dollar, have a significant impact on China's exports, with a noted 30-40% drop in container volumes to the U.S. since mid-April [1][20][17]. 3. **Policy Responses to Economic Pressures** The Chinese government is likely to focus on investment-driven growth strategies to counteract export declines, emphasizing infrastructure and industrial upgrades [1][21][12]. 4. **Cautious Interpretation of Consumer Data** Recent consumer data from the May Day holiday should be interpreted cautiously due to noise factors, and it is unlikely to alter the fundamental impacts of tariffs on exports and industrial production [1][41].

Group 1 - The core index, the CSI New Emerging Technology 100 Strategy Index, experienced a slight increase of 0.03%, closing at 5620.05 points, with a trading volume of 42.272 billion yuan [1] - Over the past month, the CSI New Emerging Technology 100 Strategy Index has declined by 9.27%, down 6.77% over the last three months, and down 6.85% year-to-date [1] - The index selects high-profitability, high-growth, and low-valuation listed companies from emerging technology-related industries, providing diversified investment targets for investors [1] Group 2 - The top ten holdings of the CSI New Emerging Technology 100 Strategy Index include: Mindray Medical (8.06%), ZTE Corporation (7.76%), Hikvision (7.68%), Pegatron (4.02%), Changchun High & New Technology (3.77%), AVIC Optoelectronics (3.58%), Will Semiconductor (3.34%), Northern Huachuang (3.25%), Anker Innovations (2.22%), and Yealink Network Technology (2.16%) [1] - The market segments of the index holdings are primarily from the Shenzhen Stock Exchange (78.11%) and the Shanghai Stock Exchange (21.89%) [1] - In terms of industry distribution, Information Technology accounts for 48.48%, Healthcare for 24.94%, Communication Services for 22.54%, and Industry for 4.05% [2] Group 3 - The index samples are adjusted quarterly, with adjustments occurring in the second week of March, June, September, and December [2] - Each adjustment typically does not exceed 20% of the sample, unless the original sample exceeds this threshold, in which case all qualifying samples are retained [2] - Public funds tracking the New Emerging Technology 100 include: Harvest New Emerging Technology 100 ETF Link A, Harvest New Emerging Technology 100 ETF Link C, and Harvest CSI New Emerging Technology 100 Strategy ETF [2]