关税战再度白热化，这波行情到底会怎么走？手里的股票该割肉还是抄底？以及投资者该 关注什么？摩研君今天为大家归纳总结了一些自己的看法，供研粉们参考。 0 1 强硬反制，股民应该怎么做 这次关税战比201 8年更加猛烈，目前已经是白刃战了，之所以这次市场在暴跌后快速修 复反弹，这主要得益于管理层的秒级响应，迅猛的政策维稳， 目前国家队正在托底！管 理层已经出手救市，比如最近特别国债、消费券等政策力度远超2018年，相当于给市场 打了强心针。 市场反应最直接的就是反制概念的暴击机会，中国对美反制措施里，稀土、农业是王牌， 近期农业稀土也都出现了相应的强劲反弹，北方稀土股价两天涨了1 5%，农业里的秋乐种 业3天涨了1倍多。 但 这 类 板 块 波 动 大 ， 适 合 短 线 高 手 ， 逻 辑 上 是 只 要 继 续 打 ， 双 方 关 税 加 剧 ， 就 会 继 续 炒，反之，一旦缓和了，随着边际递减，这种炒作性也会容易快速兑现！ A股三大指数今日集体反弹，截至收盘，沪指涨1.16%重返3200点，深成指涨2 . 2 5%，创 业 板 指 涨 2.27% ， 北 证 50 指 数 涨 4.86% 。 全 市 场 ...

Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals sector [2]. Core Viewpoints - China's response to U.S. tariffs includes a 34% additional tariff on all imports from the U.S. starting April 10, 2025, and export controls on certain rare earth elements [5]. - The precious metals market is experiencing increased volatility due to U.S. tariff announcements, with gold prices rising by 2.5% in the domestic market [5]. - Industrial metals are facing downward price pressure, particularly copper, which has seen a price drop of 2.0% on the SHFE and 9.8% on the LME [5]. - The report highlights a potential long-term bullish trend for precious metals, especially gold, due to declining real interest rates [6]. Summary by Sections 1. Industry Data Review - Precious Metals: Gold prices have decreased, while ETF holdings have increased, with the Shanghai Gold Exchange closing at 739 CNY per gram, a weekly change of 2.5% [10]. - Industrial Metals: Prices are predominantly declining, with SHFE copper down 2.0% and LME copper down 9.8% [27]. - Rare Earths & Tungsten: Prices for praseodymium and neodymium oxides have increased, indicating a recovery in manufacturing demand [5]. - Energy Metals: Lithium carbonate prices have decreased, with a focus on future demand growth [5]. 2. Market Performance - The report notes significant price changes across various metals, with copper and aluminum both experiencing declines [28]. - The SHFE copper price is reported at 78,860 CNY per ton, reflecting a 2.0% weekly decrease [29]. - Aluminum prices have also dropped, with SHFE aluminum at 20,420 CNY per ton, down 0.8% [43]. 3. Investment Recommendations - The report suggests a favorable outlook for the non-ferrous metals sector, particularly in precious metals and industrial metals, with specific stock recommendations provided [6]. - For precious metals, companies like Shandong Gold and Zhongjin Gold are recommended due to their potential for growth [6]. - In industrial metals, companies such as Zijin Mining and China Hongqiao are highlighted for their resilience and growth potential [6].

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Insights - The report highlights that the recent increase in tariffs imposed by the US on Chinese imports, along with China's retaliatory measures, is expected to positively impact domestic agricultural product prices, particularly pork prices [5][15] - The average price of live pigs in China as of April 6, 2025, is 14.60 yuan/kg, showing a week-on-week increase of 0.05 yuan/kg, indicating a gradual upward trend in pork prices supported by improved demand and reduced supply pressure [6][18] - The report recommends actively allocating investments in the pig farming sector due to its defensive attributes amid macroeconomic shocks and the strengthening investment logic [6][28] Summary by Sections Weekly Observation - The US has imposed a 34% tariff on Chinese imports, leading to a cumulative tariff rate of 54% on Chinese goods, which is expected to benefit domestic agricultural prices [5][15] - The report notes that the dependency of key agricultural products on imports from the US is significant, with soybeans and beef having high foreign dependency rates of 81.49% and 25.22%, respectively [16][17] Weekly Market Performance - The agricultural index outperformed the market by 1.79 percentage points, with the agricultural index rising by 1.51% during the week [32][34] - Key stocks such as Huisheng Biological and Jinhai Biological saw significant gains, with increases of 39.96% and 18.80%, respectively [32][36] Price Tracking - As of April 4, 2025, the average price of live pigs is 14.60 yuan/kg, with a slight increase from the previous week, while the price of piglets has risen to 37.08 yuan/kg [39][40] - The report indicates that the price of beef has also increased, reaching 66.38 yuan/kg, reflecting a positive trend in meat prices [43][46] Recommendations - The report suggests focusing on the pig farming sector, with specific recommendations for companies such as Muyuan Foods, Wens Foodstuff Group, and Juxing Agriculture [7][28] - In the feed sector, companies like Haida Group and New Hope are recommended due to their potential benefits from the recovery in livestock and poultry production [28]