A-share pre-market report | The central bank has reduced reserve requirements and interest rates four times this month. Annual reports show that many Hong Kong-listed pharmaceutical companies have entered a period of performance growth.

Pre-market News 1. The central bank is considering lowering the reserve requirement ratio and interest rates four times this month, with the market expecting the second quarter to be an important window. Type: Macro Emotional impact: Positive Chen Changneng, deputy governor of the People's Bank of China, said on Thursday at the Boao Forum for Asia that China will adjust the reserve requirement ratio and interest rates according to the domestic and international economic and financial situation. It is worth noting that this is the fourth time since March that the central bank has publicly mentioned adjusting the reserve requirement ratio and interest rates. 2. Three departments: Deepen the application of artificial intelligence empowerment and encourage the promotion of scenario-based application of artificial intelligence technology. Type: Industry Emotional impact: Positive The Ministry of Industry and Information Technology, the Ministry of Education, and the State Administration for Market Regulation issued an implementation plan for the digital transformation of the light industry. The plan proposes to create a number of artificial intelligence technology application scenarios in areas such as intelligent manufacturing and smart home. It focuses on cultivating consumer scenarios such as smart home, wearable devices, smart cycling, and intelligent elderly care. 3. "G-bits Network Technology" distributes 35 yuan for every 10 shares, A shares dividend surges again. Type: Company Emotional impact: Positive On the evening of March 27, "G-bits Network Technology" disclosed its annual dividend plan for 2024, intending to distribute a cash dividend of 35 yuan (tax included) for every 10 shares to all shareholders. In addition, many listed companies such as Zhejiang Supor, New China Life Insurance, Jiangsu Boiln Plastics, Industrial Bank, and HAIER SMARTHOME have also put forward substantial dividend plans. 4. Market rumors suggest that the threshold for margin trading is being lowered, but several securities firms state they have not received any notification. Type: Industry Emotional impact: Neutral Rumors suggest that the restrictions on margin trading may be loosened, with the asset requirement possibly being reduced from an average of 500,000 yuan in 20 days to 200,000 or 300,000 yuan in 10 days; and margin trading account opening may be online. Interface News contacted relevant authorities for verification, and the person stated that they have not heard of any recent regulations. Investment calendar US February core PCE price index Investment tips Investment Tips: In order to choose the right asset class, investors need to analyze the functional characteristics of various assets and consider whether they can bring returns to the portfolio or reduce the portfolio's risk. "Innovation Road for Institutional Investment" by David Stevenson Editor's Viewpoint Editor's Viewpoint: The three major indexes slightly increased yesterday, with the chemical industry sparking a surge, and the concept of self-controllable technology rising; Zhongtai suggests maintaining a high-low switch strategy in April. Institutional viewpoints 1. Zhongtai: Maintains a high-low switch strategy in April, focusing on security assets and defensive assets such as dividend stocks. 2. Zheshang: It is expected that the weighted index may oscillate within a certain range, with more volatility in the growth index and technology sector. 3. Orient: The market is expected to maintain a narrow range of oscillations before the end of the month, with a wide range of technology being the market's mainstream. Positive and negative prospects 1. New debut at SEMICON China Conference, with 31 semiconductor equipment fully disclosed Type: Market discussion Huafu Securities: In the context of increasing external sanctions and the urgent need to accelerate domestic production rates, China's semiconductor equipment industry is facing a critical breakthrough period. Mergers and acquisitions have become an important path for industry resource integration and breakthroughs in technology bottlenecks. It is important to focus on the acceleration of China's semiconductor advanced manufacturing, equipment, components, and testing and packaging in the new stage of industry consolidation. 2. Is the turning point in profits emerging? Annual reports show that many Hong Kong-listed innovative pharmaceutical companies have entered a period of performance harvest. Type: Market discussion China Securities Co., Ltd.: China's global competitiveness in innovative drugs continues to increase, and the NewCo model has become a new choice for innovative drug companies to go global. National policies encourage the development of innovative drugs, new technologies drive rapid industry development, and going global brings new opportunities, with a continued positive outlook for the innovative drug industry. 3. Refrigerant enters the peak season of demand, and enterprise production load gradually increases. Type: Market discussion The Pacific Securities: Entering the peak season of demand, R32 prices continue to rise. With the impact of quota reductions, the supply-demand relationship is expected to continue to improve. Air conditioning export orders continue to grow, the domestic "old for new" policy is intensifying, stimulating consumer enthusiasm, and driving positive sentiments in the domestic market. Announcements Express Slightly positive announcements 1. New China Life Insurance: Net profit for 2024 was 26.229 billion yuan, a year-on-year increase of 210.1%. 2. Xinxiang Chemical Fiber: Net profit for 2024 was 246 million yuan, a year-on-year increase of 682.52%. 3. HAIER SMARTHOME: Plans to repurchase company shares worth 1 billion to 2 billion yuan. Slightly negative announcements 1. Semiconductor Manufacturing International Corporation: Net profit for 2024 decreased by 23.3% year-on-year, and no profit distribution is planned. 2. Guizhou Zhongyida: Stock price significantly deviates from fundamentals, with potential short-term price correction risks. 3. New Universal Science and Technology: Investigated by the China Securities Regulatory Commission for suspected violations of information disclosure laws and regulations. Overseas Market Self-selected brother reminder: The shadow of Trump's tariffs lingers, with the three major U.S. indexes falling for several consecutive days, and automobile and chip stocks generally declining. Chinese concept stocks rose against the trend, with Alibaba and JD.com up nearly 3%. This article is reproduced from Tencent Self-selected Stock, GMTEight Editor: Chen Wenfang.