A-share midday review | Science and Technology Innovation 50 Index rises nearly 2% in half a day, chip stocks collectively surge, agriculture sector leads declines.

On April 11th, the market is still worried about the unpredictable tariff policies, investors' risk aversion sentiment is rising, global funds are frantically leaving US dollar assets, and overnight the US stock, bond, and currency market all fell, causing gold to surge again. As a result, the morning Asian stock markets experienced a large drop, with the Nikkei 225 index falling more than 5% at one point, the South Korean KOSPI index falling nearly 2%, and the Australian S&P/ASX 200 index falling more than 2%. In terms of A-shares, the index fluctuated and rose in the morning, with significantly reduced trading volume. The STAR 50 index rose nearly 2%. As of the midday closing, the Shanghai Composite Index rose by 0.12%, the Shenzhen Component Index rose by 0.19%, and the ChiNext Index rose by 0.52%. In terms of sector performance, gold concept stocks were strong, with Chang Chun Eurasia Group hitting the limit up; the semiconductor sector was higher, with Fine Made Microelectronics Group and Wuxi Holyview Microelectronics hitting the limit up; Siasun Robot & Automation stocks surged, with Zhejiang Zhongjian Technology hitting the limit up; Guangxi local stocks saw abnormal gains, leading in the direction of ASEAN free trade, with Beibu Gulf Port and Guangxi Wuzhou Communications among others hitting the limit up; tourism and hotel stocks surged, with Huatian Hotel Group hitting the limit up, and Guangzhou Lingnan Group Holdings rising for the second consecutive day; the AI medical concept was active, with Berry Genomics hitting the limit up. Among the decliners, agricultural stocks collectively fell, with Jinhe Biotechnology hitting the limit down. Looking ahead, Orient pointed out that overall, the recent rebound trend in the A-share market has mostly mitigated the negative impact of tariffs. Although there may still be short-term market volatility, the probability of another sharp decline is very small. Popular sectors 1. Siasun Robot & Automation sector surged Siasun Robot & Automation concept stocks were active against the trend, with Zhejiang Zhongjian Technology hitting the limit up, and others like Ningbo Zhongda Leader Intelligent Transmission, Est Tools Co., Ltd., Kinco Automation (Shanghai) Co.,Ltd, Shenzhen Ampron Technology, Shandong Nanshan Fashion Sci-Tech, Qinchuan Machine Tool & Tool Group Share following suit. Review: On the news front, Unitree Technology released its latest video titled "Unitree Iron Fist King: Awakening!". Unitree Technology announced that it will start broadcasting Siasun Robot & Automation combat live within the next month or so. 2. Gold sector strengthened Gold concept stocks were volatile and strong, with Chang Chun Eurasia Group, Sichuan Gold hitting the limit up, and others like Beijing Xiaocheng Technology Stock, Chifeng Jilong Gold Mining, Hunan Gold Corporation, Zhejiang Ming Jewelry surging. Review: In the news, spot gold rose above $3200 per ounce in early trading, hitting a new historical high. A senior executive at Bank Pictet said that as investors become increasingly concerned about the economic impact of rising tariffs, gold may benefit from a resurgence in safe-haven demand. 3. Semiconductor sector rose The semiconductor sector fluctuated and rose, with Fine Made Microelectronics Group and Wuxi Holyview Microelectronics hitting the limit up, and others like 3peak Incorporated, Maxic Technology, Inc., KAIDE QUARTZ, Giantec Semiconductor Corporation rising. Review: China Securities Co., Ltd. research report stated that American semiconductor companies have a large market share in China, but China imports fewer products directly from the US, mainly due to the globalization of the semiconductor industry chain. If the country of origin continues to be based on finished product packaging, the actual impact of tariffs may be relatively limited. However, in the long term, the trend of "de-Americanization" in the semiconductor field and the increase in the localization rate will continue. 4. AI medical concept was active AI medical concept stocks were active, with Berry Genomics hitting the limit up, and others like PharmaResources, Hitgen Inc., Thalys Medical Technology Group Corporation, Guangzhou LBP Medicine Science & Technology, Tus-Pharmaceutical Group following suit. Review: On the news front, the US Food and Drug Administration (FDA) announced that it will gradually abandon the route of animal testing in many drugs such as monoclonals, and instead pursue "more effective human-relevant research methods". Institutional Views 1. CMSC: Chinese domestic consumption may become a safe haven choice for global funds CMSC pointed out that fully supporting domestic consumption has become a key measure to achieve this year's economic development goals and deal with external shocks. In the face of increased uncertainty and low interest rates.In the current environment, China's domestic consumption is expected to be a safe-haven choice for global funds due to cheap valuation, low expectations, and stable intrinsic value growth resulting from previous stagnant rises. Attributes such as spiritual attributes, adaptability to aging, policy support, and optional small-scale consumption are important stock selection principles for consumer stocks at present. In addition to A-share consumer stocks, the Hang Seng Consumer Index is also worth paying attention to. Apart from consumer stocks, focus can also be placed on Shenzhen Agricultural Power Group, military industry, and autonomous and controllable industries. In the end, A-shares, especially A-share domestic consumption, should be the most resilient asset for global investment during the current round of US tariff impact.2. Ping An Securities: Continues to be bullish on domestic AI technology innovation theme Ping An Securities points out that, overall, the intensification of the new round of tariff trade frictions has led global funds into a risk-aversion mode. Combined with the arrival of the window for domestic economic and listed companies' performance verification, the short-term equity market may continue to fluctuate. It is recommended to focus on stable dividend strategies, sectors benefiting directly from domestic demand policies, parts of the cyclical and consumer sectors, and high-quality enterprises with higher bottom-up earnings certainty. In the medium term, the narrative of AI industry transformation and the controllability of domestic technology will continue. It continues to be bullish on the theme of domestic AI technology innovation and suggests buying on dips. 3. Orient: Market's negative impact from tariffs has largely dissipated Orient points out that, overall, the recent rebound in the A-share market has largely dissipated the negative impact from tariffs. Although market volatility may still occur in the short term, the probability of another major decline is very small. The upcoming market trend will primarily focus on the target above 3300 points, filling the gap from the previous decline. From an operational perspective, in the short term, focus should continue on the domestic demand theme. Additionally, tech stocks with high prosperity that had seen significant gains earlier and have recently experienced a pullback may become leading sectors in the rebound.