Group 1 - The three major indices opened lower but closed higher, with the Shanghai Composite Index rising by 0.45% and the CSI A500 Index increasing by 0.56% [1] - The semiconductor sector experienced a significant surge, along with strong performances in the automotive, precious metals, and non-metal materials sectors [1] - The A500 ETF (512050) rose by 0.67% with a daily trading volume exceeding 2.8 billion yuan, ranking first among its peers [1] Group 2 - The market saw substantial capital inflow, with the Shanghai Composite Index achieving four consecutive days of gains, and the A500 ETF accumulating nearly 6.1% over the past four trading days [1] - In the week from April 7 to April 11, the total net inflow into stock ETFs across the market was approximately 170 billion yuan [1] - According to a report from CITIC Securities, April's domestic policy response is expected to focus on prevention and pilot programs, with a larger policy expansion anticipated mid-year [1]

Core Viewpoint - The article discusses the positive market reactions in Asia and the U.S. following the announcement of tariff exemptions on certain goods by the U.S. government, which alleviated market fears and led to optimistic forecasts for Chinese assets [1][3][7]. Market Reactions - Japanese and South Korean stock markets opened higher, with the Nikkei 225 index rising over 2% and the KOSPI gaining over 1% [1][3]. - U.S. stock index futures also opened positively, with Nasdaq futures increasing by 1.5% [1][3]. - The announcement of tariff exemptions on electronics such as smartphones and computers contributed to the market's relief [3]. U.S. Treasury Market - Japan's statement regarding not using its U.S. Treasury holdings as a bargaining tool in trade negotiations helped ease tensions in the U.S. bond market [4]. - The U.S. Treasury market experienced a pullback, leading to the largest increase in long-term bond yields since the onset of the pandemic in 2020 [5]. Outlook on Chinese Assets - Several brokerage firms expressed optimism regarding the future performance of Chinese assets, particularly A-shares and Hong Kong stocks, following the easing of tariff impacts [7]. - Analysts from various firms, including招商证券 and中信证券, anticipate that policy measures will support the market, with a focus on consumption and technology sectors [7]. -民生证券 noted that the implementation of the tariff exemption guidelines could lead to earnings per share (EPS) recovery in relevant sectors [8]. Fund Flows - Data from Wind indicated that from April 7 to April 11, over 900 stock ETFs saw a net inflow of approximately 170 billion yuan, marking the highest weekly inflow of the year [1][8].

中信证券：A股短期的"筹码底"已见到 4月—5月可能以科技主题型行情的交易型机会为主 智通财经4月13日电，中信证券研报表示，整体而言，建议聚焦在特朗普所面临的约束而不是揣测其目 的，把美国经济和美债利率作为预判贸易战走向和节奏的关键变量，在各种约束下，预计美国中期选举 前，中美经贸领域冲突全面蔓延到金融领域的概率不大；预计4月国内的政策应对以预防和试点为主， 而年中将迎来政策规模的扩容，在中央汇金等主体稳定市场的坚定决心下，A股短期的"筹码底"已经见 到，4月—5月可能以科技主题型行情的交易型机会为主，而基本面预期或在三季度稳定下来，届时消 费、先进制造和周期当中的核心资产将明显占优，出现2021年以来最重要的一次风格切换。 ...