Market Performance - The three major A-share indices collectively declined, with the Shanghai Composite Index down 0.37%, the ChiNext Index down 0.24%, and the Shenzhen Component Index down 0.17% [1] - The trading volume in the Shanghai, Shenzhen, and Beijing markets was 16,199 billion yuan, a decrease of 3,420 billion yuan compared to the previous day [1] Sector Performance - AI hardware themes generally retreated, with CPO and GPU sectors leading the decline; stablecoins, military industry, and semiconductor stocks also saw significant drops [1] - Conversely, AI applications, photovoltaic, innovative pharmaceuticals, and smart logistics sectors were active [1] ETF Highlights - The Guangfa Fund's Hang Seng Consumer ETF rose by 4.69% [1] - The photovoltaic sector showed strength, with Guangfa Fund's Photovoltaic ETF, Guotai Fund's Photovoltaic 50 ETF, and Huashan Fund's Photovoltaic ETF Index Fund increasing by 2.53%, 1.94%, and 1.94% respectively [1] - The traditional Chinese medicine sector was active, with Yinhua Fund's Traditional Chinese Medicine 50 ETF and Huitianfu Fund's Traditional Chinese Medicine ETF rising by 2.36% and 1.89% respectively [1] International Market Trends - Overnight oil prices declined, leading to a drop of over 5% in Sinopec's stock, and the oil and gas resource ETF fell by 4.18% [1] - The South Korean stock market also declined, with the South Korea Semiconductor ETF down 3.38% [1] - European stock markets closed at their lowest in over a week, with France's CAC40 ETF and Germany's ETF down 2.44% and 2.2% respectively [1] - U.S. stocks experienced a pullback after an initial rise, with the U.S. 50 ETF and Nasdaq ETF both down by 2% [1] - Military stocks were among the biggest losers, with the aerospace and defense ETF down 2.31% [1]

Group 1 - The ETF market showed mixed performance on the 31st, with the Nasdaq Technology ETF (159509) leading gains at 2.38% [2] - The US 50 ETF (159577) and US 50 ETF (513850) also saw positive movements, increasing by 2.17% and 2.02% respectively [2] - Conversely, the Hang Seng Consumer ETF (159699) experienced the largest decline, dropping by 7.39% [2] Group 2 - The Real Estate ETF (159707) fell by 4.12%, while the Steel ETF (515210) decreased by 3.98% [2]

Group 1 - The Nasdaq Technology ETF (159509) led the gains with an increase of 2.38% [1] - The US 50 ETF (159577) rose by 2.17% [1] - The US 50 ETF (513850) increased by 2.02% [1] Group 2 - The Hang Seng Consumer ETF (159699) experienced the largest decline, falling by 7.39% [1] - The Real Estate ETF (159707) decreased by 4.12% [1] - The Steel ETF (515210) dropped by 3.98% [1]

Core Viewpoint - The main supporting factors for the market include declining interest rates, strong employment, and high profitability of large enterprises [1][6][7] Group 1: Market Performance - Cross-border US stock ETFs listed in China have returned to historical highs, with the Nasdaq ETF and US 50 ETF net values reported at 2.039 and 1.3 respectively [1] - The performance of domestic ETFs is closely aligned with recent trends in US stocks, particularly driven by technology giants [1] - Goldman Sachs has raised its target for US stocks, predicting a 12-month point forecast of 6900, up from 6500 [1][6] Group 2: Tariff Impact - There is a high level of uncertainty regarding the impact of tariffs on US corporate profits and inflation, with recent data showing that tariff revenues have increased without a corresponding rise in inflation [1][4] - Morgan Stanley indicates that some sectors are experiencing deflationary signs, as companies may consider lowering prices instead of raising them due to high inventory levels [4][5] - The increase in tariffs has not yet translated into higher consumer prices, partly because companies are still selling old inventory purchased before the tariffs were announced [4][5] Group 3: Economic Indicators - The US economy is expected to slow down, with GDP growth forecasted to be 1.6% and 1.2% over the next two years [6] - The labor market remains strong, providing the Federal Reserve with room to potentially lower interest rates by 75 to 100 basis points in the next 12 months [6] - The strong earnings growth of the S&P 500, particularly from the "Tech Seven," has been a key source of resilience in the market, with a year-on-year EPS growth of 12% in Q1 [6][7] Group 4: Future Outlook - Concerns remain regarding the future of US stocks, particularly with the elevated forward P/E ratio of 22, which is at the 97th percentile since 1980 [6][7] - The main uncertainty lies in how effectively companies can pass on tariff costs to consumers, which could impact profit margins and future earnings growth [7] - If companies maintain expansionary profit margins and benefit from fiscal stimulus, earnings growth may exceed expectations [7]

Market Performance - A-shares experienced a collective rebound with the Shanghai Composite Index rising by 1.16%, the Shenzhen Component Index increasing by 2.25%, and the ChiNext Index up by 2.27% on April 10, 2025 [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.61 trillion yuan, a decrease of 901 billion yuan compared to the previous day [1] ETF Performance - Several US stock ETFs saw significant gains, with the S&P Oil & Gas ETF rising by 10.06%, the Nasdaq Index ETF increasing by 10.04%, and the Nasdaq 100 ETF up by 10.03% [1] - The US stock market indices experienced substantial increases, with the Dow Jones Industrial Average up by 2,962.86 points (7.87%), the S&P 500 up by 474.13 points (9.52%), and the Nasdaq Composite up by 1,857.06 points (12.16%) [2] ETF Trading Volume - The top ETFs by trading volume included the Yinhua Daily ETF with 14.6 billion yuan, the Hang Seng Technology ETF with 13.93 billion yuan, and the Hang Seng Technology Index ETF with 13.70 billion yuan [5] - The top ETFs by turnover rate were led by the Benchmark Treasury ETF at 314.35%, followed by the New Economy ETF at 216.55% and the S&P Consumer ETF at 205.95% [6] New ETF Launch - The Dachen Shenzhen 100 ETF (code: 159216) is set to launch on April 11, 2025, closely tracking the Shenzhen 100 Index, which reflects the performance of core quality listed companies in the Shenzhen market [7] - The Shenzhen 100 Index is characterized by a significant weight in large-cap stocks, with 44.61% of its components having a market capitalization exceeding 200 billion yuan [7] Sector Focus - The Shenzhen 100 Index components are concentrated in TMT (Technology, Media, and Telecommunications), high-end manufacturing, and consumer sectors, indicating long-term growth potential aligned with China's economic transformation and high-quality development [8]