Market Overview - The A-share market continues to show a mixed trend, with the three major indices fluctuating and trading volume remaining above 1 trillion yuan [1][2] - As of the market close, the Shanghai Composite Index stood at 3297.29 points, with a slight increase of 0.03%, while the Shenzhen Component Index fell by 0.58% to 9878.32 points, and the ChiNext Index decreased by 0.68% to 1935.86 points [2] Sector Performance - The electricity sector performed notably well, with a rise of 2.13%, driven by the approaching summer peak electricity demand and favorable policies such as the implementation of the "Basic Rules for Electricity Market Operation" in July [3] - The pet economy sector also showed strong performance, with companies like Tianyuan Pet reaching a 20% limit-up, driven by increasing consumer demand and changing pet ownership trends [3] Adjustment Factors - The market adjustment is influenced by various complex factors, including a downward revision of global economic growth forecasts by the IMF from 3.3% to 2.8% for this year, and geopolitical uncertainties affecting market risk appetite [4] - Certain previously high-performing sectors, such as semiconductors and new energy, are experiencing profit-taking due to disappointing earnings or overvaluation, leading to a pullback in stock prices [4] - A decrease in trading volume indicates a tight market liquidity situation, which is limiting the upward potential of the market [4]

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 ...

Core Viewpoint - The article discusses the "rosy retrospection" phenomenon, where individuals tend to remember the past more positively than it actually was, especially when dissatisfied with their current lives. This leads to a romanticized view of past opportunities and a misunderstanding of the challenges faced by previous generations [1][2]. Group 1: Perception of Past Opportunities - The "rosy retrospection" effect is particularly pronounced when individuals face pressures in their current lives, leading them to idealize their childhood and the perceived opportunities of past decades [2]. - There is a narrative among older generations that suggests younger people are not working hard enough, while simultaneously, some individuals adopt a more favorable stance towards the younger generation, arguing that past successes were due to easier circumstances [2][3]. Group 2: Survivor Bias and Historical Context - The article highlights that true opportunities in any era are not evenly distributed, and the so-called "era dividends" are often a product of survivor bias, where only the successful stories are told [5]. - Historical examples, such as the entrepreneurial successes of the 1980s and 1990s, are contrasted with the reality that many individuals faced significant hardships and low survival rates in their ventures during those times [5][7]. Group 3: Individual Efforts vs. Era Influence - While acknowledging the impact of the era on personal development, the article emphasizes that the majority of individuals do not benefit from the same opportunities, with a significant percentage of contemporaries experiencing failure [10]. - The narrative that success is solely due to favorable times overlooks the personal efforts and sacrifices made by individuals, which are crucial for achieving success [14]. Group 4: Current Opportunities and Future Outlook - The article notes that despite challenges in the current job market, there are still significant opportunities, particularly in emerging sectors like AI and renewable energy, where younger individuals are actively participating [11]. - It encourages a mindset shift from viewing the past as a golden age to recognizing that every era has its unique challenges and opportunities, and that success requires adaptation and innovation [12][15].

Core Viewpoint - The 2025 Government Work Report emphasizes the development of new productive forces, the enhancement of consumption, and the investment in human resources to improve people's livelihoods [1][2]. Group 1: Development of New Productive Forces - The report calls for the development of new productive forces tailored to local conditions and the acceleration of a modern industrial system [2]. - It highlights the importance of nurturing emerging and future industries, promoting the transformation and upgrading of traditional industries, and stimulating innovation in the digital economy [2][5]. - Companies are seen as crucial micro-level entities in the development of new productive forces and the enhancement of people's livelihoods [3]. Group 2: Nurturing Emerging and Future Industries - The report advocates for the integrated cluster development of strategic emerging industries and large-scale application demonstrations of new technologies and products [5]. - Companies like De Fang Nano Technology emphasize the need for technological innovation and the importance of addressing the high failure rates of overseas projects for Chinese new energy companies [6]. - Yao Lijun from Ningbo Jiangfeng Electronic Materials highlights the significance of independent research and development in creating a diversified product system centered on semiconductor materials [6]. Group 3: Upgrading Traditional Industries - The report stresses the need for high-quality development of key manufacturing industry chains and the digital transformation of manufacturing [8]. - Companies like Midea Group are transitioning from appliance manufacturers to technology groups, focusing on diversification and innovation [9]. - Suggestions include leveraging AI and digital technologies to transform traditional mining and textile industries, as proposed by industry leaders [10][11]. Group 4: Investment in People and Livelihood Services - The report emphasizes a people-centered approach, shifting economic policies to focus on improving livelihoods and stimulating consumption [12]. - Representatives from various industries, including TCL and Jinfei Holdings, advocate for policies that support flexible employment and promote motorcycle consumption to enhance domestic demand [12].