[Margin Trading]
The financing balance of the two markets decreased by 2.94 billion yuan. As of April 24, the Shanghai Stock Exchange reported a financing balance of 913.256 billion yuan, a decrease of 1.57 billion yuan compared to the previous trading day; the Shenzhen Stock Exchange reported a financing balance of 878.304 billion yuan, a decrease of 1.37 billion yuan compared to the previous trading day; the total financing balance of the two markets is 1.79156 trillion yuan, a decrease of 2.94 billion yuan compared to the previous trading day.
[News]
● Pharmaceuticals: The Ministry of Industry and Information Technology and six other departments issued the (Implementation Plan for the Digital Transformation of the Pharmaceutical Industry (2025-2030)), focusing on the digital transformation of the entire chain of the pharmaceutical industry, with key deployment on deep application of artificial intelligence technology and the cultivation of excellent enterprises.
● Tariffs: In response to rumors regarding the so-called 'China-U.S. trade negotiations', both the Ministry of Commerce and the Ministry of Foreign Affairs of China made clear statements, emphasizing that no economic and trade negotiations are currently taking place between the two sides and that related reports lack factual basis. Senior officials from the U.S. have revealed that the Trump administration is considering various options. The first option might reduce the tariff rate on Chinese goods to about 50%-65%. The second option, known as the 'tiered scheme', involves categorizing goods imported from China into those that do not pose a threat to U.S. national security and those that have strategic significance to U.S. national interests, with a 35% tariff on the former and at least a 100% tariff on the latter.
[Operation Strategy]
Even if the U.S. and China negotiate on tariffs, the trend of rising tariff barriers is still unavoidable. The rebound in stock prices of companies in export-oriented industries provides a good opportunity for portfolio adjustment. Driven by long-term capital entering the market, the A-share index, especially the Shanghai Composite Index, is still expected to have support, with a high probability of rotation between the consumer and technology sectors. In terms of industry allocation, sectors focused on domestic demand, such as large consumer sectors and high-dividend stocks, are more worthy of long-term allocation, with recommendations to pay attention to industries such as tourism and hospitality, food and beverage, pharmaceuticals, real estate, building materials, and electricity. In technology, the industrial logic of AI artificial intelligence and humanoid robots is more solid, while the thematic logic related to autonomous and controllable simulated chips, cross-border payments, large aircraft, and BeiDou navigation faces short-term marginal weakening.
Shanghai Composite Support 3292±5 Resistance 3322±5 Shenzhen Composite Support 9895±10 Resistance 9990±10
Cryptocurrency Market Support 90479±50 Resistance 96150±50 Bullish above 91552, recommended to operate according to the dark horse model
