Core Viewpoint - Major industry ETFs in the US stock market experienced a significant increase, with semiconductor, internet stocks, and global technology stock ETFs rising nearly 4% [1] Industry Performance - Semiconductor ETF rose to $192.00, up by $7.10 (+3.84%), with a trading volume of 202.64 thousand shares and a year-to-date decline of 20.72% [2] - Internet stock index ETF increased to $209.87, gaining $7.65 (+3.78%), with a trading volume of 10,067 shares and a year-to-date decline of 13.69% [2] - Global technology stock ETF reached $69.45, up by $2.37 (+3.53%), with a trading volume of 8,974 shares and a year-to-date decline of 18.05% [2] - Financial sector ETF rose to $45.53, increasing by $1.44 (+3.27%), with a trading volume of 6.58 million shares and a year-to-date decline of 5.45% [2] - Technology sector ETF increased to $189.40, up by $5.94 (+3.24%), with a trading volume of 767.2 thousand shares and a year-to-date decline of 18.40% [2] - Global airline industry ETF rose to $18.56, gaining $0.54 (+3.00%), with a trading volume of 105.7 thousand shares and a year-to-date decline of 26.79% [2] - Banking sector ETF increased to $47.69, up by $1.31 (+2.82%), with a trading volume of 143.2 thousand shares and a year-to-date decline of 13.41% [2] - Regional bank ETF rose to $50.66, gaining $1.39 (+2.82%), with a trading volume of 1.24 million shares and a year-to-date decline of 15.50% [2] - Consumer discretionary ETF increased to $185.27, up by $4.64 (+2.57%), with a trading volume of 365.9 thousand shares and a year-to-date decline of 17.19% [2] - Energy sector ETF rose to $80.24, gaining $1.99 (+2.54%), with a trading volume of 2.91 million shares and a year-to-date decline of 5.60% [2] - Healthcare sector ETF increased to $137.67, up by $3.20 (+2.38%), with a trading volume of 987.8 thousand shares and a year-to-date increase of 0.46% [2] - Biotechnology index ETF rose to $117.89, gaining $1.68 (+1.45%), with a trading volume of 122.9 thousand shares and a year-to-date decline of 10.75% [2] - Utility sector ETF increased to $74.09, up by $0.70 (+0.95%), with a trading volume of 1.23 million shares and a year-to-date decline of 1.42% [2] - Consumer staples ETF rose to $78.17, gaining $0.62 (+0.80%), with a trading volume of 1.31 million shares and a year-to-date decline of 0.03% [2]

Investment Rating - The industry rating is "Outperform the Market," indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [17]. Core Views - The report emphasizes that the home furnishing sector is primarily driven by domestic demand, with improving fundamentals and low valuations. The report suggests that the industry is at a turning point, with many companies currently valued at historical lows, presenting a buying opportunity [2]. - In the consumer discretionary sector, companies with low exposure to foreign markets are expected to benefit from industry recovery and consumption promotion policies. Specific companies are highlighted for their growth potential [3]. - The paper industry is anticipated to see cost increases due to tariffs on imported wood pulp, which may benefit domestic high-end corrugated paper manufacturers. The report suggests that domestic companies can adjust their supply chains to mitigate cost impacts [4]. - The metal packaging sector is primarily focused on domestic demand, with companies actively exploring Southeast Asian markets. The report predicts that as domestic demand recovers, the industry's profitability is likely to improve [4]. Summary by Sections Home Furnishing - Domestic sales are the main focus, with companies like 欧派家居 (13x PE), 索菲亚 (11x), and 志邦家居 (9x) highlighted for their low valuations and potential for growth. The report notes that the domestic market is showing signs of recovery, particularly in the second-hand housing sector [2]. Consumer Discretionary - Companies such as 晨光股份 (16x), 登康口腔 (31x), and 稳健医疗 (22x) are recommended due to their low foreign sales exposure and strong growth prospects driven by domestic consumption and strategic initiatives [3]. Paper Industry - The report discusses the impact of tariffs on imported wood pulp, suggesting that domestic high-end corrugated paper manufacturers like 山鹰国际 (16x) and 太阳纸业 (11x) may benefit from a potential demand gap created by these tariffs [4]. Metal Packaging - The report highlights that companies like 奥瑞金 (12x) and 昇兴股份 (10x) are primarily focused on domestic sales, with limited foreign exposure. The expectation is that as domestic demand improves, the industry's profitability will also recover [4].

金融界4月3日消息，上证指数低开高走，中证数字经济主题指数 (数字经济，931582)下跌0.14%，报 1180.16点，成交额487.51亿元。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样 本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。 跟踪数字经济的公募基金包括：鹏扬中证数字经济主题联接A、鹏扬中证数字经济主题联接C、华安中 证数字经济主题联接A、华安中证数字经济主题联接C、华安中证数字经济主题ETF、鹏扬中证数字经 济主题ETF。 来源：金融界 从指数持仓来看，中证数字经济主题指数十大权重分别为：东方财富（8.13%）、中芯国际 （6.58%）、汇川技术（5.65%）、北方华创（5.27%）、寒武纪（5.01%）、海光信息（4.96%）、韦尔 股份（4.17%）、海康威视（4.15%）、中科曙光（3.59%）、科大讯飞（3.35%）。 从中证 ...

金融界4月1日消息，A股三大指数收盘涨跌不一，中证沪港深500下游指数 (沪港深500下游，H30563)报 4779.69点。 数据统计显示，中证沪港深500下游指数近一个月上涨0.99%，近三个月上涨12.97%，年至今上涨 12.97%。 据了解，"中证沪港深主题指数系列基于中证沪港深互联互通综合指数样本和中证沪港深 500 指数样 本，同时结合中证行业分类的主题定义，选取相应主题指数样本，从多种主题投资的角度反映了在沪港 深三地上市的互联互通范围内证券的整体表现。"该指数以2004年12月31日为基日，以1000.0点为基 点。 资料显示，该指数系列样本每半年调整一次，样本调整实施时间分别为每年6月和12月第二个星期五的 下一交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个 定期调整日前，权重因子一般固定不变。特殊情况下将对该指数系列样本进行临时调整。当样本退市 时，将其从指数样本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处 理。当中证沪港深互联互通综合指数和中证沪港深500指数样本发生变动时，将进行相应调整。 从中证沪港深500下游指数 ...

Investment Rating - The report assigns a "Buy" rating for the majority of the stocks listed, indicating a potential upside of over 15% within the next 12 months [10]. Core Insights - The report highlights a basket of 23 long positions that achieved an average return of 8.5%, outperforming the MSCI China Index, which returned 6.3% [7]. - Among the 23 stocks, 4 recorded returns of 20% or more, and 11 exceeded the benchmark return [7]. Summary by Relevant Sections Stock Recommendations - The report includes several stocks with their respective ratings and target prices, such as: - Geely Automobile (175 HK) with a target price of 24.50 and a current price of 19.00 [4]. - Xpeng Motors (XPEV US) with a target price of 24.56 and a current price of 16.00 [4]. - Anta Sports (2020 HK) with a target price of 126.68 and a current price of 99.80 [4]. - Luckin Coffee (LKNCY US) with a target price of 38.51 and a current price of 35.84 [4]. New Additions and Removals - New additions to the stock recommendations include Kuaishou (1024 HK) and Trip.com Group (TCOM US), both rated as "Buy" [5]. - Stocks removed from the recommendations include China Hongqiao (1378 HK) and NetEase (NTES US) [5]. Performance Review - The report indicates that the selected stocks have shown resilience and growth, with a significant portion outperforming the market index [7].

文 | 银行螺丝钉 （转载请注明出处） 今天大盘微涨微跌，还在4.8星。 沪深300等大盘股微跌，小盘股微涨。 今天价值风格比较坚挺。 A股港股的红利品种整体上涨。 创业板等成长风格下跌。 最近股票市场比较坚挺，上涨回到4.8星。 不过债券市场连续下跌。30年期国债指数，今天下跌1.4%。 股债有一定的负相关性。 前两年股票下跌，债券上涨。 今年变成股票上涨，债券下跌。 对长期纯债来说，目前性价比还不太高。 10年期国债收益率在2%以下，还是偏低的。最好是达到2.X%再考虑长期纯债。 1. 上周推出了刺激消费的利好政策《提振消费专项行动方案》。 里面包括了几个大项。 （1）提高城乡居民收入。 包括拓宽财产性收入渠道。例如股票市场、基金、保险、年金等等。 其实这个利好政策，上周五就有预期，前几天消费行业也已经提前上涨了一波。 （2）消费能力保障支持。 例如生育养育保障，教育支撑，医疗养老保障。 部分城市对生二胎三胎的奖励力度提高。 （3）促进消费。 例如适老化改造、生活服务消费、文体旅游消费等等。 （4）大宗消费更新。 用好超长期特别国债，来支持汽车、家电、家装等耐用消费品的更新；还有住房消费。 目前人民币长期 ...

本周（2.28-3.7）中信消费者服务行业涨跌幅、商业贸易行业涨 跌幅分别为 3.27%、0.48%，相对上证综指，分别跑赢 1.72pct、 跑输 1.08pct，相对沪深 300 分别跑赢 1.89pct、跑输 0.91pct，在 中信一级行业中排名第 7、23。 板块表现： 社会服务：出境游板块涨跌幅第一（+9.04%），酒店>餐饮>景 区>免税，涨跌幅分别为+0.89%、+0.74%、+0.61%、-1.20%。 商贸零售：电商及服务板块涨跌幅第一（+3.90%），专营连锁> 专业 市场 经营 >一 般 零售 >贸 易， 涨 跌幅 分别 为+3.69% 、 +2.69%、-1.81%、-2.52%。 板块新闻： 证券研究报告·行业动态 政府工作报告强调大力提振消 费，关注扩大内需方向 核心观点 国务院总理李强在政府工作报告中介绍今年政府工作任务时提 出，大力提振消费、提高投资效益，全方位扩大国内需求。促 进消费和投资更好结合，加快补上内需特别是消费短板，使内 需成为拉动经济增长的主动力和稳定锚；实施提振消费专项行 动，推动消费提质升级。扩大健康、养老、托幼、家政等多元 化服务供给。落实和优化休假制度， ...

Core Viewpoint - The recent significant decline in the US stock market, termed "Black Monday," is attributed to weakening economic growth, concerns over Trump's tariff policies, and a shift in the AI monopoly landscape, with expectations of continued market volatility in the short term [1][2][3]. Market Performance - On March 10, the Dow Jones Industrial Average fell by 890.01 points, closing at 41911.71, a drop of 2.08% - The S&P 500 index decreased by 155.64 points to 5614.56, down 2.70% - The Nasdaq Composite index dropped by 727.90 points to 17468.33, marking a 4.00% decline, the largest single-day drop in 29 months [1]. Sector Analysis - Major technology stocks experienced significant declines, with Tesla down over 15%, losing approximately $130 billion in market value, the largest single-day drop since September 2020 - Other tech giants like Nvidia, Apple, Google A, Meta Platforms, Microsoft, and Amazon also saw declines ranging from 2.36% to 5.07% [1]. Economic Commentary - Analysts suggest that the market downturn began on February 20, with the S&P 500 index down 8.7% and the Nasdaq down nearly 13% from mid-February highs - The decline is linked to recession fears and liquidity tightening, exacerbated by Trump's rhetoric and weakening economic data [3][4]. Policy Impact - Trump's comments regarding the economy being in a "transition period" and the potential for a "detox period" due to government spending cuts have contributed to market uncertainty [2][4]. - Analysts note that the current economic environment reflects a shift from "American exceptionalism" to a narrative of "atmospheric recession," although a true recession is not imminent [4]. Future Outlook - Analysts predict continued volatility in the US stock market due to uncertainties surrounding Trump's tariff policies and the Federal Reserve's interest rate strategies - The overall high valuation levels of the market suggest that positive catalysts will be necessary to maintain these valuations in the medium to long term [5][6].

Core Viewpoint - The article discusses the impact of two significant events on the A-share market: the opening of the Two Sessions and the escalation of the US-China tariff conflict. It highlights the historical performance of various sectors during and after the Two Sessions, suggesting potential investment opportunities in specific industries. Market Overview - A-shares experienced a mixed performance with over 4,000 stocks rising, particularly in the semiconductor and military sectors [1][2] - The trading volume in the market decreased significantly, with total transactions falling below 1.5 trillion [2] - The military, semiconductor, and precious metals sectors led the gains in the market [2] Two Sessions Impact - The Two Sessions are scheduled from March 5 to March 11, with historical data indicating that markets typically experience volatility followed by upward trends, especially in small-cap growth stocks [3][4] - Small-cap indices like the CSI 1000 and CSI 2000 saw increases of over 1% today, confirming the trend of small-cap stocks outperforming [4] Tariff Conflict - The US announced a 10% tariff on all Chinese goods, citing fentanyl concerns, prompting China to respond with its own tariffs on certain US imports starting March 10 [5][6] - Analysts suggest that the tariff measures may shift market preferences towards value and dividend stocks, while the absence of further tariff announcements could benefit growth stocks in the short term [7] Investment Strategy - Historical analysis shows that sectors such as TMT (Technology, Media, and Telecommunications) and consumer goods have a high probability of performing well during the Two Sessions, with specific probabilities of 60% for TMT and 70% for beauty and personal care sectors [10] - Post-Two Sessions, the consumer sector, particularly home appliances, has a 70% probability of rising [10][12] - The article emphasizes a balanced investment approach focusing on technology, consumer, and dividend stocks, particularly in sectors showing signs of recovery and policy support [13][15]