文/李悦 2025年4月初，一场由美国单方面挑起的关税风暴席卷全球，且战争似才开场。政策制定者面临诸 多难题，内需能否抵御外需压力、关税战长期化有哪些储备工具等成关注焦点。 资本市场上，危机在全球蔓延。美股动荡、美债遭抛售、美元指数创新低，资金涌入致黄金价格屡创 新高，市场正在以脚投票的方式表达对美国的信任危机。而中国资本市场展现韧性，A股在4月7 日"黑色星期一"后持续反弹，期间上证指数累计涨幅超6%。 "关税战"走向不明，投资者决策困局重重。美股跌到底了吗？黄金的强劲走势是否还能持续？A股命 运又将如何？哪些资产可能成为新一代"硬通货"？ 围绕上述问题，和讯网对话清华大学国家金融研究院院长、五道口金融学院副院长田轩。 田轩表示，特朗普的关税政策使美国经济不确定性增加，资金逃离美国资产是合理避险，开始寻求新 的避险港湾。若关税战持续，黄金、稀有金属、优质房地产、高信用评级债券和国债等将成为"硬通 货"。 谈及A股，他认为长期来看，A股处于估值低位，受科技创新和内需扩大的双重驱动将稳健向上，科 技、新能源等新兴产业板块配置价值高。 01 关税博弈从贸易摩擦转向战略对抗 和讯网：您判断关税战会长期存在吗？若长期 ...

5、 上证报记者从上海商务委获悉，最新发布的 《关于进一步优化上海餐饮企业发展环境的若干措施》 （以下简称若干措施）提出，鼓励金融机构有 效运用大数据和金融科技手段，在风险可控前提下开发有针对性的金融产品， 加大对餐饮企业的融资支持力度 。 6、 22日讯， 首届具身智能机器人运动会将于4月24日至26日在无锡市惠山区举办 。 本次活动包括开幕式、竞技赛/应用赛、主题会议等多个环 节。 其中，竞技赛包括竞速跑、越野跑、足球、篮球、舞蹈等； 应用赛包括搬运、智能抓取、室内救援等。 在无锡（惠山）人形机器人产业园推介 环节，宇树科技、小米人形机器人、乐聚机器人等相关负责人也将参与，就人形机器人关键技术瓶颈与突破路径、人形机器人应用场景的深度挖掘与落 脚难点等展开讨论。 今日导读 1. 多只黄金LOF在近日大涨后提示溢价风险。以易方达黄金主题证券投资基金(LOF)为例，该基金4月22日上午部分时段停牌，但复牌后继续大 涨，午后该基金再度停牌，全天涨幅超过9%。 2. 4月21日，中国人寿保险（集团）公司（以下简称"中国人寿集团"）官网集团领导栏信息显示，李祝用职务更新为该集团党委副书 记、副董事长、总裁，这意味着， ...

继中央汇金公司明确表示发挥类"平准基金"作用之后，"国家队"择机、适时出手，极大缓解了市场的恐 慌情绪，并且提供了更为充足的流动性。受此影响，A股三大指数持续走稳，上证综指更是近11个交易 日中10个交易日实现上涨，从实际结果来看，类"平准基金"已成A股定海神针。 近段时间以来，A股市场表现平稳。任凭外围市场暴风骤雨，A股市场走势一直是稳中有升。特立独行 走势的背后，国家队代表的类"平准基金"功不可没。 每逢指数盘中重挫，总有大资金坚定入场护盘；上证50、沪深300等主流ETF在多个交易日尾盘成交额 均出现放量上涨。种种迹象表明，中央汇金公司兑现了"该出手时将果断出手"的承诺，有效平抑了市场 异常波动，极大提振了市场信心。 从策略端来看，类"平准基金"的交易策略有较为明显的"优先级"。一方面重点配置沪深300、上证50等 核心指数权重，直接稳定蓝筹股板块，让重要指数先稳定下来。另一方面，也兼顾中证500、中证1000 等中小盘指数，均衡增持结构，体现出多元化的投资布局，进一步贴合市场需求。 资本市场有其固然的运行规律，过多干预可能形成负反馈，发力过轻则可能起不到维稳的效果，类"平 准基金"的发力尺度考验着监管 ...

摘要 真话白话说财经，理财不说违心话 --这是第1338 篇白话财经- - 今天，沪指成功收红，逼近3300点，和美股对比来看，A股走出了独立行情！ 持仓超万亿！国家队加仓名单！ 从4月7日A股跳空下跌以来， "国家队"资金维护大盘的态度坚定，也让沪指出现了连续的上涨，K线实现了8连阳 。 历史上，沪指出现"8连阳"的时间节点也都比较特殊，不是牛市初期就是牛市高点，对应的是市场情绪快速修复或者逐渐亢奋。 | 上证指数 | 深证6 | | --- | --- | | 3299.76 | 9870 | | 8.33 0.25% | -35.48 | 1、今天，A股经受住了美股大跌的考验，沪指成功翻红，逼近3300点，K线8连阳。 2、"国家队"最新持仓曝光！一季度增持了多只沪深300ETF。 3、基金一季报披露完毕，盘点基金调仓方向，这些板块值得关注！ （图片来源：东方财富APP，统计截至2025/4/22，不作投资推荐） 两市成交额继续在万亿以上，盘面上，跨境电商相关的物流、贸易板块领涨，水泥建材等地产链继续上涨。 分析人士指出，随着投资者关于内外部的疑虑消减，中国股市也有望走出升势，战略性看多。 （图片来源： ...

在4月以来的市场巨震中，中央汇金首次明确其类"平准基金"定位，大举增持ETF，极大地提振了市场信心。事实上，根据最新披露的基金 2025年一季报，今年一季度，中央汇金已悄然增持了多只沪深300ETF。 中央汇金持续增持ETF 华泰柏瑞沪深300ETF发布的2025年一季报显示，今年初"机构2"持有该ETF 266.21亿份。根据该ETF的2024年年报，截至去年底，中央汇 金资产管理有限责任公司持有该ETF266.21亿份。 上述数字表明，"机构2"即为中央汇金资产管理有限责任公司。今年一季度，"机构2"增持该ETF 3.63亿份，如下图所示： | 资 | | 持有基金 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 右 | | 份额比例 | | | | | | | 开 | 序号 | 达到或者 | 期初 份额 | 申购 份额 | 应回 份额 | 持有份额 | 份额占比 (%) | | | | 超过 20% | | | | | | | | | 的时间区 | | | | | | | | | 日 | | | | | | | 机 | 1 ...

突出首创性、集成式探索！这份意见部署实施自由贸易试验区提升战略 从目标来看，意见强调，经过5年左右的首创性、集成式探索，实现自由贸易试验区制度型开放水平、 系统性改革成效、开放型经济质量全面提升，以贸易、投资、资金流动、交通运输、人员往来自由便利 和数据安全有序流动为重点的政策体系更加完善，科技创新和产业创新深度融合，现代产业集群能级跃 升，新质生产力加快发展，打造开放层次更高、营商环境更优、辐射作用更强的改革开放新高地。 点评：意见还提出，要打造高能级科技创新生态，促进创新链产业链融合，扩大国际科技交流合作。要 建设现代化产业体系，提升产业链现代化水平，推动建设先进产业集群，促进自由贸易试验区产业协同 联动。鼓励自由贸易试验区开展全产业链集成创新等。 频创新高！黄金暴涨，美元暴跌，资金正从美元资产流向黄金 4月21日，美元指数持续走低，盘中先后跌破99、98整数位关口，创出三年新低；国际金价则持续攀 升，黄金期货、现货价格双双续创历史新高。4月以来，美元指数累计跌超5.5%，今年以来累计跌幅超 过9%。机构人士称，美国关税政策不确定性令市场无法达成一致预期，美国3月好于预期的零售数据并 未打消市场对于美国经 ...

1. Report Industry Investment Rating No information provided in the given content. 2. Report's Core View - Central Huijin has been an important strategic force in maintaining the stability of the capital market since 2008. Its capital volume, increase direction, and rhythm have important reference value for market trends. The report details Huijin's holding characteristics and the positive impact on the market after its increase [2][18]. - The continuous increase of the "stabilization fund" has led to the large - scale development of domestic ETFs since 2024, and the scale of ETFs linked to the CSI 300 has exceeded one trillion [3][19]. - The increase in A - shares by Huijin has strengthened investors' confidence, brought follow - up funds, and substantially rebounded the overall market return. Historically, Huijin's announcements of entering the market have had a significant "bottom - voice" expected management effect, supporting the subsequent strength of the market [5][46]. 3. Summary by Relevant Catalogs 3.1 Central Huijin's Increase Amount - **From the Trillion - scale CSI 300ETF**: Since 2024, significantly increasing ETFs has become the main form of the "stabilization fund" represented by Central Huijin entering the market. As of April 18, 2025, the scale of ETFs linked to the CSI 300 reached 1032.964 billion yuan, making it the first broad - based ETF variety with a scale exceeding one trillion. Since 2024, the scale of ETFs linked to the CSI 300, CSI A500, and CSI 1000 has increased by more than 100 billion [19]. - **Total Market Value of Holdings as of the End of 2024**: As of December 31, 2024, the total market value of ETFs held by Central Huijin (including Huijin Investment, Huijin Asset Management, and customized funds) reached 1.05 trillion yuan, a year - on - year increase of 7.44 times compared with 2023 [22]. - **Holding Structure and Increase Focus**: Huijin's increase has obvious structural characteristics, mainly covering broad - based index ETFs, and spreading to industry - themed and style - based ETFs in the second half of 2024. For example, the holding scale of CSI 300ETF was 690.5 billion yuan, accounting for 65.6%; the holding scale of CSI 1000ETF increased from 5.32 billion yuan in mid - 2024 to 9.03 billion yuan, an increase of about 70% [24][25]. - **Increase Dynamics of Central Huijin in 2024**: In the second half of 2024, Huijin achieved a rapid increase through scale growth and policy support. The holding shares increased by 81.9 billion shares, corresponding to a market value increase of 462.5 billion yuan. The central bank provided a re - loan tool with an initial quota of 300 billion yuan at an annual interest rate of 1.75% [28][30]. - **Recent Increase Dynamics of Huijin**: In early April 2025, Huijin further increased its holdings. On April 7 and 8, the net inflow of stock ETFs in the whole market reached 171.595 billion yuan, of which CSI 300ETF contributed 94.079 billion yuan. The central bank clearly supported Huijin's increase [31][33]. - **Fund Source of Central Huijin**: Part of Huijin's funds for maintaining the stability of the capital market comes from its own funds, and it has also clearly obtained support from the central bank's re - loans [34]. 3.2 Subsequent Increase Trend and Possible Rhythm - **Possible Direction of Subsequent Increase**: Central Huijin emphasizes "firmly increasing ETFs of various market styles, increasing the intensity of increase, and balancing the increase structure", which helps the balanced development of the stock market of different scales and styles. Taking April 7 - 9, 2025 as a reference, broad - based and Hong Kong - related ETFs had the largest net inflows, and non - stock ETFs such as bonds and commodities also had considerable net inflows [35][37]. - **Core Goal of Central Huijin's Increase**: Huijin's increase has a dual role of stabilizing the market and long - term layout. The "stabilization fund"'s heavy - position floating - stock market value accounted for about 4.53% of the total market value of all A - shares at the end of 2024, which is within a reasonable range [44]. - **Increase Rhythm**: The intervention time of the "stabilization fund" does not follow a quantitative rule but has certain event - driven characteristics. Generally, when there are major domestic and foreign event shocks or capital flow fluctuations, the necessity and effect of the intervention are better. Overall, it has the characteristics of entering at the bottom and holding for a long time [45]. 3.3 Effect of the "Stabilization Fund" on Boosting the Market - **"Boosting Market Effect" and "Signal Effect" of the "Stabilization Fund"**: The increase in A - shares by Huijin has strengthened investors' confidence, brought follow - up funds, and substantially rebounded the overall market return. Historically, Huijin's announcements of entering the market have had a significant effect on supporting the subsequent strength of the market [46][48]. 3.4 Market Observation: Institutional Holdings, Industries, Styles, and Themes - **Institutional Profit - making Effect**: Fund heavy - holdings underperformed north - bound heavy - holdings, and Shanghai Stock Connect heavy - holdings were relatively superior [6][53]. - **Market Movement Speed**: The style rotation speed continued to fluctuate at a high level [6][61]. - **Industry Sector**: The real estate sector led the rise, and real estate leaders significantly outperformed the industry benchmark [6][64]. - **Style Tracking**: High - volatility stocks led the rise, and low - valuation and super - large - cap stocks were superior [6][67]. - **Theme Hotspots**: The Yangtze River Rural Revitalization Index had a relatively high increase [6][71].

Investment Rating - The report maintains a "Recommendation" rating for the non-bank financial industry, indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [2][58]. Core Insights - The insurance sector has underperformed the market, with significant declines in stock prices for major companies such as AIA (-15.93%), China Pacific Insurance (-16.17%), and Ping An (-4.14%) [3][10]. - The report highlights a decrease in the 10-year government bond yield to 1.6568%, down 612 basis points from the previous week, which may impact the financial sector [3][10]. - The report suggests a focus on companies like Ping An, China Pacific Insurance, and New China Life, with a recommendation to pay attention to China Reinsurance [3][10]. Summary by Sections Key Company Earnings Forecasts, Valuation, and Investment Ratings - China Pacific Insurance: Current stock price is 30.43 CNY, with projected EPS of 4.87 CNY for 2025, rated as "Recommendation" [4]. - New China Life: Current stock price is 48.16 CNY, with projected EPS of 6.39 CNY for 2025, rated as "Recommendation" [4]. - Ping An: Current stock price is 49.83 CNY, with projected EPS of 7.56 CNY for 2025, rated as "Strong Buy" [4]. - GF Securities: Current stock price is 15.34 CNY, with projected EPS of 1.45 CNY for 2025, rated as "Recommendation" [4]. - CITIC Securities: Current stock price is 25.11 CNY, with projected EPS of 1.82 CNY for 2025, rated as "Recommendation" [4]. Industry Basic Data - The non-bank financial sector consists of 72 companies, with a total market capitalization of 52,964.03 billion CNY and a circulating market capitalization of 39,161.16 billion CNY [5]. Relative Index Performance - The absolute performance of the non-bank financial sector over 1 month is +10.1%, while the 12-month performance is -13.9% [6]. Market Trends - The report notes that the securities sector has underperformed the market, with a decline of 5.35% in the securities index, lagging behind the overall market by 2.47 percentage points [3][10]. - The insurance index also fell by 4.77%, underperforming the market by 1.89 percentage points [3][10]. Key Company Logic Analysis - The report provides a detailed analysis of major companies, emphasizing the expected growth in EPS for companies like GF Securities and CITIC Securities, with target prices set at 20.51 CNY and 31.9 CNY respectively [10].

Market Stability Mechanism - The establishment of an "internal stability long-term mechanism" in the capital market is expected to be gradually enhanced through the support of a quasi-"stabilization fund" [4] - The Central Huijin Investment Ltd. has positioned itself as the "national team" in the capital market, emphasizing its role in stabilizing the market by increasing holdings in ETFs [4] - Policies aimed at stabilizing the market have been introduced, including adjustments to insurance fund investment ratios to allow for greater equity asset allocation [9] Macroeconomic Data Insights - High-frequency macro data indicates an increase in the prosperity of real estate, steel, and transportation sectors, while the petrochemical, non-ferrous metals, and construction materials sectors are still in need of recovery [4] - The average daily sales of passenger cars have increased by 10.45% year-on-year, indicating a positive trend in consumer demand [16] - The commercial crude oil inventory stands at 442,345 thousand barrels, reflecting a decrease of 3.26% year-on-year [16] Investment Recommendations - Short-term investment strategies should focus on domestic policies that mitigate tariff disruptions, while the stock market should monitor the U.S. tariff actions and the construction of market stabilization forces [4] - The upcoming April Politburo meeting is highlighted as a key observation window for potential policy directions [4] - The bond market is expected to maintain low volatility in interest rates until domestic policies addressing tariff disruptions are implemented [4] Risk Factors - Potential risks include policy support falling short of expectations, ineffective policy implementation, and slower-than-anticipated economic recovery [4]

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"横空出世。中央汇金公司有关负责人 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。中央汇金公司通过增持交易型 开放式指数基金（ETF）等市场化操作，向市场注入流动性，稳定市场情绪。截至2025年4月，汇金公 司对ETF的配置规模已达到1.05万亿元，涵盖48只ETF。 平准基金如何成为 全球金融稳定的"定海神针"？ Q 资产管理部权益团队： 平准基金是一种政府或特定机构设立的市场稳定基金，主要用于在市场剧烈波 动时提供流动性支持，稳定市场情绪。其基本作用机理类似于中央银行的公开市场操作，通过逆大盘 指数方向的操作来熨平证券市场的非理性波动。 向上滑动阅览 本材料系由野村东方国际证券有限公司（以下简称"本公司"）向投资者提供的通识教育材料，并非本公司发布的证 券研究报告，在任何情况下均不应被视为本公司发布的广告、促销、推介或建议，本公司不对任何人因使用或依赖 本材料所载内容所引致的任何损失负任何责任，亦不对本材料所含信息的准确、完整、充足、有效、不存在任何疏 漏或本材料所包含的信息不会发生任何变更等事项作出任何明示或暗示的陈述或保证。 ...