Core Viewpoint - The article discusses the significant impact of the new tariff policy announced by President Trump, which includes a 10% baseline tariff on all countries and higher personalized tariffs on specific trade partners, aiming to reduce the U.S. trade deficit and reshape the global economic order [1][3]. Tariff Policy Details - The new tariff policy includes a 10% baseline tariff effective from April 5, 2023, and personalized tariffs that will take effect on April 9, 2023. Countries like China will face a 34% tariff, while others such as the EU, Vietnam, and Japan will see tariffs ranging from 20% to 49% [1][3]. - The policy is expected to have far-reaching effects on global trade, potentially increasing inflation and slowing economic growth in the U.S. [3]. Market Reactions - Following the announcement, global markets reacted negatively, with the S&P 500 dropping 4.84% on April 3 and an additional 5.97% on April 4, marking a total decline of 10% over two days [4]. - The Hang Seng Index fell by 13.2%, marking its largest single-day drop since October 1997, while the Shanghai Composite Index dropped 7.34% [5]. Economic Outlook - The risk of a U.S. economic recession has increased, with Goldman Sachs raising the probability of recession within the next 12 months from 35% to 45% and predicting a GDP growth of only 0.5% by Q4 2025 [6]. - Morgan Stanley is even more pessimistic, estimating a 60% chance of recession starting in June 2023 [6]. Expert Opinions - Former U.S. Treasury Secretary Larry Summers criticized the tariff policy as potentially the "largest suicidal policy in U.S. history," highlighting the increased uncertainty and risk of recession [7].

Group 1 - Multiple companies announced share buyback plans and shareholder increases, indicating confidence in their stock value [1][2][3] - China National Petroleum Corporation plans to increase its stake by an amount between 28 billion to 56 billion RMB [1] - China Energy Construction Group increased its A-shares by 65.5 million shares, totaling 143 million RMB [2] Group 2 - Luxshare Precision's chairman proposed a share buyback plan of 1 billion to 2 billion RMB [3] - ZTE Corporation plans to repurchase shares worth 6 billion to 10 billion RMB, with a maximum price of 17 RMB per share [3] - Guizhou Moutai is drafting a new share buyback plan, reflecting ongoing strategic financial maneuvers [4] Group 3 - Weichai Power plans to spin off its subsidiary Weichai Lovol for a listing on the Hong Kong Stock Exchange, highlighting its leadership in the agricultural equipment sector [5] - Weichai Lovol's revenue for 2022 to 2024 is projected at 17.164 billion, 14.692 billion, and 17.394 billion RMB respectively, with net profits increasing over the years [5][6] Group 4 - GoerTek stated that the impact of US tariffs on its business is limited, emphasizing its long-term competitive advantages in the "AI + Metaverse" sectors [7] - The company reported a revenue of 100.954 billion RMB in 2024, with a net profit of 2.665 billion RMB, marking a significant year-on-year increase [7] Group 5 - Muyuan Foods expects a net profit of 4.5 billion to 5 billion RMB in Q1 2025, recovering from a loss in the previous year due to increased pig sales and lower costs [8] - Galaxy Magnetics anticipates some impact from new export control measures on rare earths, which could affect its US sales [9][10] Group 6 - Conch Cement expects a 20% increase in net profit for Q1 2025, driven by lower costs and higher sales [11] - BYD forecasts a net profit increase of 86.04% to 118.88% for Q1 2025, supported by strong growth in the new energy vehicle sector [12] Group 7 - Industrial Fulian anticipates a net profit of 5.2 billion to 5.3 billion RMB for Q1 2025, with significant growth in cloud computing and AI server revenues [13] - China Shipbuilding Industry Corporation expects a net profit increase of 270% to 344% for Q1 2025, attributed to improved production efficiency and delivery rates [14] Group 8 - Huaneng Water Power's non-public stock issuance has been accepted, aiming to raise up to 6 billion RMB for project investments [15] - Longyuan Construction's non-public stock issuance has been approved, with proceeds intended for working capital and loan repayment [16] Group 9 - Chenghe Technology plans to acquire at least 51% of Yingri Technology, enhancing its position in the display materials sector [19] - Guosen Securities reported a net profit of 8.217 billion RMB for 2024, reflecting a 27.84% year-on-year increase [20] Group 10 - Dongwu Securities expects a 100% to 120% increase in net profit for Q1 2025, driven by growth in wealth management and investment trading [21] - Huadian Power anticipates a net profit increase of 39.42% to 51.04% for Q1 2025, supported by strong sales in its feed business [23]

Core Viewpoint - The A-share market shows signs of recovery, driven by significant buying from state-owned entities and a wave of share buybacks and increases from listed companies, indicating a strong commitment to market stabilization [1][2][3][17]. Group 1: Market Recovery and State Support - On April 8, the A-share market rebounded, with the Shanghai Composite Index and the ChiNext Index rising by 1.58% and 1.83% respectively, led by agriculture and consumer sectors [1]. - The "national team" made substantial purchases of ETFs, injecting confidence into the market, with central financial institutions like Central Huijin and China Chengtong announcing continued support for ETF and stock purchases [2][7]. - A total of 56 A-share companies announced share buyback plans since April 7, with nearly 140 companies disclosing share repurchase announcements [3][18]. Group 2: Significant Corporate Actions - Several leading companies plan to increase their holdings by amounts exceeding 1 billion yuan, with some state-owned enterprises acting quickly to implement these increases [4][19]. - China Petroleum & Chemical Corporation (Sinopec) announced plans to buy back shares worth between 2 billion and 3 billion yuan over the next 12 months [19][20]. - State-owned enterprises are actively repurchasing their stocks, with China Electronics Technology Group completing a buyback exceeding 2 billion yuan [21]. Group 3: ETF Inflows and Trading Activity - On April 7, stock ETFs attracted over 660 billion yuan in inflows, with major ETFs like the CSI 300 ETF seeing a net inflow of 401.28 billion yuan, accounting for about 60% of the total [9][10]. - The Huatai-PineBridge CSI 300 ETF recorded a trading volume of 21.67 billion yuan on April 8, making it the largest traded stock ETF of the day [12]. - Other notable ETFs, including the Southern CSI 500 ETF and the E Fund CSI 300 ETF, also saw significant trading volumes, indicating strong investor interest [13]. Group 4: Sector Performance and Investment Focus - Following the national team's intervention, sectors less affected by U.S. tariff policies, such as agriculture and retail, experienced notable rebounds, with indices rising around 10% [14][15]. - The consumer sector is expected to benefit from policies aimed at boosting domestic demand to counteract export declines, with anticipated stimulus measures to support consumption [16]. - Analysts suggest that stable cash flow sectors and high-dividend stocks may see increased interest due to the enhanced investment space for insurance funds [6][29].

Group 1: Domestic Policy Analysis - The Central Political Bureau of the Communist Party of China emphasized the importance of ecological environment protection and the political responsibility of various regions and departments in building a beautiful China [10][13] - The State Council decided to impose a 34% tariff on all imported goods from the United States in response to the "reciprocal tariffs" announced by Trump [15][26] - The Ministry of Housing and Urban-Rural Development released a new national standard for residential projects, aiming to promote high-quality housing supply [14][26] Group 2: International Policy Analysis - Trump's announcement of a national emergency and the implementation of "reciprocal tariffs" led to significant market volatility, with the VIX index rising above 45, indicating extreme market conditions [5][25] - The U.S. stock market experienced a substantial decline, with a total market capitalization loss of $5 trillion over two days [2][25] - The tariffs imposed on various countries, including a 34% tariff on China, are expected to escalate trade tensions and impact global markets [15][24] Group 3: Equity Market Analysis - A-shares experienced a general decline due to the global liquidity crisis triggered by Trump's tariffs, with the ChiNext index falling nearly 3% [3][27] - The MSCI China A-share index saw a slight drop of 1.5%, maintaining below 3350 points during the week [27] - Southbound capital continued to flow into the market, with a total inflow of 59.379 billion yuan during the week ending March 31 [27] Group 4: Fixed Income Market Analysis - The overall funding environment returned to a loose state, with the central bank withdrawing a total of 501.9 billion yuan in funds during the week [48] - The yield on ten-year government bonds continued to decline, reaching below 1.75% [48][49] - The central bank conducted an 800 billion yuan reverse repurchase operation to maintain liquidity in the banking system [50][51] Group 5: Commodity Market Analysis - The prices of non-ferrous metals began to decline, while crude oil prices continued to fall [3] - The Ministry of Commerce announced export controls on certain rare earth items, reflecting the ongoing trade tensions [26] - The OPEC+ group is expected to increase production in May to stabilize the oil market [26] Group 6: Foreign Exchange Market Analysis - The U.S. dollar index fell by 1.07% to 102.92, while the renminbi appreciated by 0.37% to 7.297 [4] - The People's Bank of China is expected to maintain a cautious approach to monetary policy amid rising trade tensions [4] - The trade promotion agency's survey indicated a positive outlook for exports in the first half of 2025 [4]

Market Overview - Global stock markets experienced significant declines, with Japan's market dropping over 7%, South Korea's over 5%, and Hong Kong's Hang Seng Index falling over 11%. The A-share market also saw a substantial drop, with the ChiNext index down over 12% and nearly 3,000 stocks hitting the daily limit down [1][2]. Economic Factors - The "reciprocal tariffs" issue in the U.S. is still unfolding, with a 10% minimum baseline tariff already in effect and a higher tariff set to take effect soon, posing a potential disaster for the global economy [1]. - Goldman Sachs has raised the probability of a U.S. economic recession, adjusting the GDP growth forecast for Q4 2025 from 1% to 0.5% and increasing the recession probability for the next 12 months from 35% to 45% [1][2]. Investment Behavior - There has been a rapid sell-off by hedge funds and ETFs, with over $40 billion in stocks sold last Friday, indicating a flight of "smart money" from the market [2]. - The market's initial belief that zero tariffs would resolve the situation has proven ineffective, as U.S. trade advisors indicate that even with zero tariffs, issues such as export subsidies from Vietnam remain [2]. Sector Performance - The agricultural planting sector showed resilience, with projected imports of soybeans, corn, and wheat from the U.S. for 2024 being 22.13 million tons, 20.719 million tons, and 1.3 million tons respectively, highlighting the importance of food security [3]. - Chicken-related stocks performed actively due to the suspension of imports from two U.S. poultry companies and four others, indicating a shift in market dynamics [3]. Market Sentiment - The sentiment in the A-share market is extremely negative, exacerbated by declines in global markets, leading to increased panic selling [4]. - The performance of Apple-related stocks and AI hardware sectors has been notably poor, reflecting broader market trends [4].

1. Report Industry Investment Rating No information provided in the given content. 2. Report's Core View - In the week from March 31 to April 3, after the cross - quarter, the capital interest rate declined, the net financing of large banks' lending increased, the net financing of certificates of deposit increased, and the issuance interest rates of certificates of deposit with various maturities generally decreased. In the cash bond trading, the main buyers were funds, but the scale of their net purchases decreased, mainly concentrated in 7 - 10Y interest - rate bonds and credit bonds within 1Y [3]. 3. Summary by Relevant Catalogs 3.1 Monetary and Capital Market - **Open - market operations**: There were 1186.8 billion yuan of reverse repurchases due this week. The central bank injected 684.9 billion yuan of reverse repurchases from Monday to Thursday, with a net liquidity injection of - 501.9 billion yuan for the whole week [5][10]. - **Funding rates**: As of April 3, R001, R007, DR001, and DR007 were 1.66%, 1.74%, 1.62%, and 1.7% respectively, with changes of - 12.02BP, - 51.42BP, - 9.58BP, and - 35.28BP compared to March 28, and were at the 26%, 13%, 26%, and 9% historical quantiles respectively [5][13]. - **Net financing of main institutions**: The net financing of major lending institutions (large commercial banks/policy banks and joint - stock commercial banks) was 347 billion yuan for the whole week (March 31 - April 3), an increase of 1058.7 billion yuan compared with the previous week. The net financing of fund companies and securities companies was - 5.58 billion yuan and 3.02 billion yuan respectively, with a decrease of 27.74 billion yuan and 3.03 billion yuan compared with the previous week [5][16]. - **Pledged repurchase volume and overnight repurchase ratio**: The average daily trading volume of pledged repurchase was 60.8 trillion yuan, a 4% decrease from the previous week's average daily value. The average daily proportion of overnight repurchase was 86.4%, an increase of 4.53 percentage points from the previous week's average daily value, and was at the 60.4% quantile as of April 3 [5][23]. - **Leverage ratios of institutions**: As of April 3, the leverage ratios of banks, securities, insurance, and broad - based funds were 103.0%, 198.2%, 129.1%, and 105.4% respectively, with changes of 0.09BP, 1.51BP, - 3.17BP, and - 0.07BP compared to March 28, and were at the 9%, 17%, 77%, and 37% historical quantiles respectively [5][24]. 3.2 Certificates of Deposit and Bills - **Issuance and net financing of certificates of deposit**: The total issuance of certificates of deposit was 272.01 billion yuan, a decrease of 557.69 billion yuan from the previous week. The total amount due was 101.54 billion yuan, a decrease of 718.38 billion yuan from the previous week. The net financing was 170.47 billion yuan, an increase of 160.69 billion yuan from the previous week [5][29]. - **Issuance by bank type**: Joint - stock commercial banks had the highest issuance scale. The issuance scales of state - owned banks, joint - stock commercial banks, city commercial banks, and rural commercial banks were 54.76 billion yuan, 107.63 billion yuan, 81.88 billion yuan, and 18.05 billion yuan respectively, with changes of - 321.10 billion yuan, - 72.82 billion yuan, - 148.51 billion yuan, and - 18.28 billion yuan compared to the previous week [29]. - **Issuance by maturity type**: The 1Y certificates of deposit had the highest issuance scale. The issuance scales of 1M, 3M, 6M, 9M, and 1Y certificates of deposit were 18.81 billion yuan, 82.13 billion yuan, 2.95 billion yuan, 19.72 billion yuan, and 148.4 billion yuan respectively, with changes of - 62.91 billion yuan, - 229.59 billion yuan, - 108.97 billion yuan, - 53.27 billion yuan, and - 102.95 billion yuan compared to the previous week [30]. - **Interest rates of certificates of deposit**: The issuance interest rates of certificates of deposit of all banks and all maturities decreased. As of April 3, the one - year issuance interest rates of joint - stock commercial banks, state - owned banks, city commercial banks, and rural commercial banks decreased by - 2.18BP, - 3BP, - 7.36BP, and - 5.07BP respectively compared to March 28, and were at the 5%, 7%, 2%, and 2% historical quantiles. The issuance interest rates of 1M, 3M, and 6M certificates of deposit decreased by - 15.38BP, - 3.19BP, and - 2.23BP respectively compared to March 28, and were at the 12%, 8%, and 4% historical quantiles [40]. - **Bill interest rates**: As of April 3, the 3M direct - discount rate, 3M transfer - discount rate, 6M direct - discount rate, and 6M transfer - discount rate of state - owned and joint - stock banks were 1.25%, 1.09%, 1.14%, and 1.12% respectively, with changes of - 58BP, - 66BP, - 25BP, and - 21BP compared to March 28 [5][46]. 3.3 Institutional Behavior Tracking - **Main buyers and sellers of cash bonds**: The main buyers of cash bonds this week were funds, with a net purchase of 125.5 billion yuan, a decrease from the previous week. The main sellers were joint - stock commercial banks, with a net sale of 184.4 billion yuan, also a decrease from the previous week [5][48]. - **Net purchases of different institutions**: - **Funds**: Net - bought 125.5 billion yuan of cash bonds, including an increase of 70.7 billion yuan in interest - rate bonds, 37.1 billion yuan in credit bonds, 33.5 billion yuan in other bonds (including Tier 2 capital bonds and perpetual bonds), and a decrease of 15.7 billion yuan in certificates of deposit. In terms of maturity, interest - rate bonds were mainly concentrated in the 7 - 10Y range, and credit bonds were mainly within 1Y [48]. - **Wealth management products**: Net - bought 50.2 billion yuan of cash bonds, including an increase of 12.3 billion yuan in interest - rate bonds, 8.7 billion yuan in credit bonds, 6.3 billion yuan in other bonds, and an increase of 23 billion yuan in certificates of deposit. Interest - rate and credit bonds were mainly within 1Y [49]. - **Rural financial institutions**: Net - bought 39.7 billion yuan of cash bonds, including a decrease of 24.8 billion yuan in interest - rate bonds, an increase of 200 million yuan in credit bonds, an increase of 2.3 billion yuan in other bonds, and an increase of 61.9 billion yuan in certificates of deposit. Interest - rate bonds were mainly reduced in the 7 - 10Y range, and credit bonds were mainly increased in the 1 - 3Y range [49]. - **Insurance companies**: Net - bought 30.2 billion yuan of cash bonds, including an increase of 23 billion yuan in interest - rate bonds, 1.6 billion yuan in credit bonds, a decrease of 6.3 billion yuan in other bonds, and an increase of 11.8 billion yuan in certificates of deposit. Interest - rate bonds were mainly concentrated in the 15 - 20Y range, and credit bonds were mainly in the 3 - 5Y range [49].

Group 1: Market Operations - The central bank conducted a 7-day reverse repurchase operation on April 3, with a fixed rate and a total amount of 223.4 billion yuan, at an interest rate of 1.50%, resulting in a net injection of 4.9 billion yuan for the day after accounting for 218.5 billion yuan in reverse repos maturing [2] - The funding environment remains loose, with overnight and 7-day pledged repo rates for deposit-taking institutions both declining by over 10 basis points, reaching new lows [4] Group 2: Interbank Rates and Bonds - The secondary market for one-year interbank certificates of deposit from major banks is trading around 1.8%, showing a significant decline from the previous day [8] - Major interbank bond rates have collectively decreased significantly, with various government bonds showing notable drops in yields across different maturities [10] - The closing prices for government bond futures saw increases across all maturities, with the 30-year main contract rising by 1.43% [13] Group 3: Corporate Bond News - China Overseas Land & Investment has a bond balance of 3.7 billion yuan, with maturities starting in 2026 [18] - Teda Investment is increasing its wholly-owned subsidiary Yangzhou Wanyun's capital by 2.182 billion yuan through a debt-to-equity swap [18] - Guosen Securities has been approved to issue no more than 20 billion yuan in perpetual subordinated bonds [18] Group 4: Negative Events in Bond Market - Recent negative events in the bond market include the postponement of ratings for Henan Xinzheng Rural Commercial Bank and the downgrade of implied ratings for Suning Appliance Group [19]

证券代码：603917 证券简称：合力科技 公告编号：2025-015 宁波合力科技股份有限公司关于使用暂时闲置募集资金进行现金管理的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： ● 委托理财受托方：中国银行股份有限公司象山支行 ● 本次委托理财金额：人民币7,350万元、7,650万元、3,920万元、4,080万元 ● 投资种类：银行理财产品 ● 委托理财期限：175天、180天、83天、88天 ● 履行的审议程序：宁波合力科技股份有限公司（以下简称"公司"或"合力科技"）第六届董事会第十六 次会议和第六届监事会第十六次会议，审议通过了《关于使用暂时闲置募集资金进行现金管理的议 案》，同意公司使用最高额度不超过人民币40,000万元的临时闲置募集资金进行现金管理，用于投资包 括但不限于商业银行、证券公司等金融机构发行的安全性高、流动性好、有保本约定、一年以内的短期 保本型理财产品，单个理财产品的投资期限不超过12个月（含），在授权额度内滚动使用，相关决议自 董事会审议通过之日起1年内有效。 ...

Global Market Performance - Global stock markets experienced significant declines over the past week, with all 19 major indices falling, particularly the Italian FTSE MIB and Nasdaq, which dropped over 10% [3] - The S&P 500, Nikkei 225, German DAX, and French CAC40 also saw declines exceeding 5%, while China's A-share Shanghai Composite Index was the most resilient, only slightly down by 0.28% [3] Technology Sector Impact - Major technology companies, including Nvidia, Apple, Amazon, and Facebook, faced substantial losses, each dropping over 10% in the past week, with Apple hitting a nearly one-year low and others reaching six-month lows [6] Commodity Market Trends - The commodity market experienced volatility, particularly in metals and energy, with COMEX silver and copper plunging over 14%. NYMEX crude oil and ICE Brent oil fell by 10.15% and 9.21%, respectively, while gold remained relatively stable with a decline of less than 2% [9] Tariff Policy Analysis - Analysts suggest that the "reciprocal tariffs" may signal the beginning of a new wave of market turmoil rather than a resolution, emphasizing that the focus should be on negotiation rather than the direct economic impact of tariffs [11] - China's position in the tariff negotiations is strengthening due to its industrial upgrades and international expansion, allowing it to focus on its economic development without being overly influenced by U.S. tariff policies [11] Economic Outlook and Ratings Adjustments - UBS Global Wealth Management downgraded its rating on U.S. stocks from "attractive" to "neutral," significantly lowering the S&P 500 year-end target from 6400 to 5800 points due to profit forecast and valuation risks [12] - Other investment banks, including Barclays and Deutsche Bank, warned that continued implementation of tariffs could increase the risk of a recession in the U.S. economy this year [12]

Core Viewpoint - The recent announcement by the U.S. government to impose a 10% minimum tariff on trade partners has led to increased uncertainty in the market, driving gold prices to new highs as investors seek safe-haven assets [1][3][8]. Group 1: Tariff Announcement and Market Reaction - On April 2, U.S. President Trump signed two executive orders establishing a 10% "minimum benchmark tariff" on trade partners, effective from April 5, with higher tariffs for countries with the largest trade deficits with the U.S. starting April 9 [1][3]. - Following the tariff announcement, gold prices surged, with COMEX gold futures reaching a peak of $3,201.6 per ounce on April 2, and remaining around $3,170 per ounce by April 3 [2][4]. Group 2: Gold Price Trends - Gold prices have shown a strong upward trend since the beginning of the year, breaking through significant price levels: $2,700 in mid-January, $2,800 in late January, and $3,000 in mid-March, with continuous increases leading to the recent highs [6][7]. - The current bull market for gold began in 2018, with prices rising from a low of $1,167.1 per ounce, and significant milestones reached in 2019 and 2020, with prices surpassing $1,500 and $2,000 respectively [6][7]. Group 3: Investor Sentiment and Institutional Predictions - Many investors have capitalized on the recent gold price surge, with reports of significant returns on gold ETFs and funds [10]. - Several financial institutions have revised their gold price forecasts upward, with Goldman Sachs predicting a potential price of $3,300 per ounce by the end of 2025, and extreme scenarios suggesting prices could exceed $4,200 [11][12].