Pre-market report of A shares | Trump imposes comprehensive tariffs, US stock futures dive, and gold surges

Pre-market News 1. Trump imposes tariffs comprehensively, declares national emergency! US stock futures plunge, gold surges Type: Macro Sentiment impact: Negative US President Trump signed two executive orders, announcing a 10% minimum tariff for all trading partners and imposing higher tariffs on multiple trading partners; at the same time, declared a national emergency to enhance US competitiveness. After the news was released, US stock futures continued to decline, and the stock markets in Japan and South Korea opened low and fell, while spot gold hit a new high again. 2. Central Committee, State Council: Further deepen price reforms, let the market determine prices Type: Macro Sentiment impact: Positive The Central Committee and State Council recently issued the "Opinions on Improving Price Governance Mechanism". The opinions propose to adhere to the direction of socialist market economy reform and let the market determine prices for things that can be determined by the market; promote the construction of important commodity spot and futures markets to strengthen the foundation for market-based price formation; abolish price policies that hinder the construction of a unified national market and fair competition. 3. Kweichow Moutai's performance is unveiled: Net profit increased by 15.38% year-on-year in 2024, proposing a dividend of 276.24 yuan per 10 shares Type: Company Sentiment impact: Positive Kweichow Moutai released its 2024 annual report, achieving a total operating income of 170.899 billion yuan in 2024, an increase of 15.71% year-on-year; the net profit attributable to shareholders of the listed company was 86.228 billion yuan, a 15.38% increase year-on-year. Proposed cash dividend of 276.24 yuan (tax included) per 10 shares. For this year's target, Kweichow Moutai stated that total operating income is expected to increase by around 9% compared to the previous year. 4. New retail investors rush in! The number of new A-share accounts opened in March was 3.07 million, an increase of 96% from January this year Type: Market Sentiment impact: Positive The number of new A-share accounts continued to grow rapidly in March 2025. Compared monthly, the total number of new A-share accounts in January 2025 was only 1.57 million, doubling to 2.84 million in February, and breaking through 3 million new accounts in March, a 96% increase from January. Compared to the addition of 2.42 million new accounts in March 2024, the year-on-year growth in new accounts in March 2025 was 26.78%. Investment Calendar The Ministry of Commerce's regular press conference will be held today Investment Tips Investment Tips: I know it's hard to explain to the naively data-driven that risks lie in the future, not the past. From Taleb's "Antifragile: Things That Gain from Disorder" Editorial Opinion Editorial Opinion: The three major indices rose slightly from highs yesterday, with turnover falling below one trillion. The Siasun Robot&Automation concept was active again; GF SEC stated that the market is entering the earnings window. Institutional Views 1. GF SEC: Sentiment is waning in the expectation stage, as the market enters the earnings window, technology growth remains the main theme. 2. Huajin Securities: Fundamentals will dominate in April, the market will continue to fluctuate, with growth, consumption, and cyclical sectors having investment opportunities. 3. Orient Capital: With policy dividends being released, the market may rebound, and the probability of challenging the 3400 point level again is still high. Upcoming Positive and Negative Impacts 1. Distributed photovoltaic projects booming, new energy projects experiencing a surge in demand Type: Market Discussion CITIC SEC: The worst profitability period for photovoltaic companies is behind us. With the photovoltaic sector's performance, fundamentals, and valuations hitting bottom, as demand gradually recovers and grows steadily, the sector's sentiment is expected to reach a turning point. 2. The first batch of pilot projects for scaled application of V2X interactions announced, commercialization expected to accelerate Type: Policy Focus CITIC SEC: With the combined efforts of policy, technology, and the market, the profit model of vehicle-network interaction is becoming clearer. The future path towards scaled and commercial development is clear, bringing significant market space for related charging equipment companies and resource aggregation businesses. 3. China Petroleum & Chemical Corporation teams up with Contemporary Amperex Technology! They will jointly build 10,000 battery swapping stations in the future Type: Market Discussion CITIC SEC: With the lowering of battery investment costs, the operational economy of battery swap stations is expected to continue to improve. In the short term, there is optimism for equipment companies benefiting from the accelerated construction of swap stations, and in the medium to long term, operation companies positioned in the layout of swap stations and the profitability flexibility after crossing the breakeven point. Announcements Positive Announcements 1. Anyuan Coal Industry Group: Intends to acquire 57% of Jinhuanyu Muxuan along with divesting coal business, expected to constitute a major asset restructuring 2. New Hope Liuhe: Expected to make a profit of 430 million to 500 million yuan in the first quarter, turning losses into profits year-on-year Negative Announcements 1. Sunyard Technology: Undisclosed significant matters by the company 2. Jiangyin Hengrun Heavy Industries: No significant changes in the company's fundamentals 3. AVIC Industry-Finance Holdings: Intends to voluntary delist A-share stocks, trading suspended from April 3rd Overseas Markets Self-selected Brother's Reminder: US stocks collectively closed higher, and market focus will shift to the key monthly nonfarm payrolls report, as well as Fed Chairman Powell's speech on Friday; large tech stocks fluctuated, with Tesla rising over 5%; popular Chinese concept stocks saw mixed gains and losses. This article is reproduced from "Tencent Self-selected Stocks", GMTEight Editor: Li Fo.