Group 1 - The core index of the China Securities Hong Kong Technology Index reflects the overall performance of leading technology companies listed in Hong Kong, selected based on market capitalization, R&D investment, and revenue growth [1][2] - The China Securities Hong Kong Technology Index has seen a decline of 15.90% over the past month, an increase of 13.74% over the past three months, and a year-to-date increase of 13.70% [1] - The top ten holdings of the index include Xiaomi Group-W (12.3%), Alibaba-W (11.35%), Tencent Holdings (9.92%), BYD Company (8.16%), Meituan-W (7.21%), JD Group-SW (6.39%), NetEase-S (5.66%), Baidu Group-SW (4.24%), SMIC (4.0%), and BeiGene (3.22%) [1] Group 2 - The industry composition of the index shows that consumer discretionary accounts for 41.51%, communication services for 23.64%, information technology for 22.87%, healthcare for 11.57%, and industrials for 0.41% [2] - The sample of the China Securities Hong Kong Technology Index is adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Public funds tracking the Hong Kong technology sector include the Southern China Securities Hong Kong Technology ETF and the China Merchants China Securities Hong Kong Technology ETF [3]

Core Points - The A-share market's three major indices closed mixed, with the CSI Hong Kong-Shenzhen Brand Consumption 50 Index down by 0.77% to 2806.58 points, with a trading volume of 28.875 billion yuan [1] - Over the past month, the CSI Hong Kong-Shenzhen Brand Consumption 50 Index has decreased by 5.34%, increased by 3.82% over the past three months, and has risen by 2.24% year-to-date [1] - The index comprises 50 leading consumer companies from the mainland and Hong Kong markets, selected based on profitability and growth characteristics, reflecting the overall performance of leading consumer companies in the three regions [1] Index Composition - The top ten holdings of the CSI Hong Kong-Shenzhen Brand Consumption 50 Index are: Gree Electric Appliances (10.7%), Kweichow Moutai (10.27%), Midea Group (9.01%), Wuliangye (8.93%), Yili Group (6.18%), Kuaishou-W (6.13%), Anta Sports (5.48%), Master Kong (4.04%), Shanxi Fenjiu (3.37%), and Nongfu Spring (3.36%) [1] - The market share of the index's holdings is distributed as follows: Hong Kong Stock Exchange 35.42%, Shanghai Stock Exchange 32.76%, and Shenzhen Stock Exchange 31.82% [1] Industry Breakdown - The industry composition of the index's sample includes: primary consumption 47.76%, discretionary consumption 41.57%, telecommunications services 8.54%, and information technology 2.13% [2] - The index samples are adjusted semi-annually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - In special circumstances, the index may undergo temporary adjustments, such as when a sample company is delisted or undergoes mergers, acquisitions, or splits [2] Fund Tracking - Public funds tracking the SHS Brand Consumption 50 include the Huatai-PineBridge CSI Hong Kong-Shenzhen Brand Consumption 50 ETF [3]

Group 1 - The A-share market's three major indices closed mixed, with the Shanghai Consumer 50 Index rising by 0.43% to 8251.36 points, with a trading volume of 39.565 billion yuan [1] - The Shanghai Consumer 50 Index has decreased by 4.50% over the past month, increased by 1.55% over the past three months, and has fallen by 3.01% year-to-date [1] - The index reflects the overall performance of consumer-related securities listed on the Shanghai Stock Exchange, with a base date of December 31, 2004, and a base point of 1000.0 [1] Group 2 - The top ten weighted stocks in the Shanghai Consumer 50 Index include Kweichow Moutai (10.51%), Yili Group (10.44%), and others, with the total weight of the top ten accounting for a significant portion of the index [1] - The index's holdings are entirely composed of stocks listed on the Shanghai Stock Exchange, with optional consumption accounting for 51.26% and major consumption accounting for 48.74% of the holdings [1] - The index sample is adjusted every six months, with adjustments typically occurring on the next trading day after the second Friday of June and December, with a sample adjustment ratio not exceeding 10% [2]

Market Overview - Global markets showed mixed performance, with the Hang Seng Index rising by 1.51% and the S&P 500 declining by 1.57% [1][3] - The Hang Seng Tech Index outperformed with a 3.79% increase year-to-date [1] Industry Insights Internet Industry - Companies with defensive attributes and those benefiting from domestic demand are expected to perform well under current market conditions [4] - Recommended stocks include NetEase (NTES US) and Tencent Music (TME US) for their growth potential in gaming and music sectors [4] - Ctrip (TCOM US) and Meituan (3690 HK) are highlighted for their resilience in domestic and outbound travel demand [4] Semiconductor Industry - The U.S. has announced "reciprocal tariffs," which may lead to additional tariffs on the semiconductor sector [5] - The trend towards domestic substitution in China's semiconductor industry is expected to accelerate, benefiting companies like Huahong Semiconductor (1347 HK) and North Huachuang (002371 CH) [5] - Investors are advised to focus on companies with strong domestic replacement capabilities, especially in AI and analog semiconductor sectors [5] Insurance Industry - Recent regulatory changes allow for an increase in equity investment limits for insurance funds, potentially injecting an estimated CNY 1.66 trillion into the stock market [6][7] - The new regulations raise the equity asset allocation limit to 50%, which could significantly enhance the investment capacity of insurance companies [6][7] - The core equity assets of listed insurance companies are expected to increase, reflecting a shift towards higher-yielding stocks in a low-interest-rate environment [8] Engineering Machinery Industry - Strong sales growth in excavators and wheel loaders was reported, with domestic sales increasing by 29% and 23% year-on-year, respectively [8] - Companies like SANY Heavy Industry (600031 CH) and Zoomlion (1157 HK) are recommended due to their strong market positions and sales performance [8] Company Analysis Zhejiang Dingli (603338 CH) - The company faces challenges due to new U.S. tariffs, which could significantly impact its revenue, as the U.S. market accounts for nearly 30% of its total income [9][10] - The rating has been downgraded to "Hold" with a target price of CNY 51, reflecting concerns over future profitability [9][10] Focus Stocks - Recommended stocks include Geely Automobile (175 HK), Xpeng Motors (XPEV US), and Tencent (700 HK), all showing significant upside potential based on current valuations [11]

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].

Core Viewpoint - The China Securities Digital Economy Theme Index has shown a decline of 0.14% recently, reflecting the overall performance of listed companies involved in the digital economy sector [1][2]. Group 1: Index Performance - The China Securities Digital Economy Theme Index has decreased by 6.42% over the past month, increased by 6.35% over the last three months, and has risen by 1.24% year-to-date [2]. - The index was established on December 30, 2016, with a base point of 1000.0 [2]. Group 2: Index Composition - The top ten weighted companies in the index are: Dongfang Caifu (8.13%), SMIC (6.58%), Huichuan Technology (5.65%), Northern Huachuang (5.27%), Cambricon (5.01%), Haiguang Information (4.96%), Weir Shares (4.17%), Hikvision (4.15%), Zhongke Shuguang (3.59%), and iFlytek (3.35%) [2]. - The index's holdings are divided between the Shanghai Stock Exchange (50.40%) and the Shenzhen Stock Exchange (49.60%) [2]. Group 3: Industry Breakdown - The industry composition of the index shows that Information Technology accounts for 78.28%, Finance for 8.13%, Industry for 7.87%, Communication Services for 3.79%, and Consumer Discretionary for 1.93% [2]. Group 4: Index Adjustment and Fund Tracking - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3]. - Public funds tracking the digital economy include: Pengyang China Securities Digital Economy Theme Link A, Pengyang China Securities Digital Economy Theme Link C, Huaan China Securities Digital Economy Theme Link A, Huaan China Securities Digital Economy Theme Link C, Huaan China Securities Digital Economy Theme ETF, and Pengyang China Securities Digital Economy Theme ETF [3].

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 ...