Withstanding the impact, A-shares surged independently; China Duty Free Group took up the banner of rebound | Review of today's important news

0409 ｜ Dolphin Research Key Focus:

🐬 Macro/Industry

1. The 10% "minimum benchmark tariff" took effect last Saturday. The different and higher "reciprocal tariffs" imposed on countries and regions with the largest trade deficits with the United States came into effect today at 12:01 PM Beijing time. The White House team has shifted from a hardline stance to signaling negotiations. After a continuous decline in U.S. stocks, there was a slight rebound in the night session today, but the extent was not large. Continuous attention is needed on the U.S. stock market trends tonight.

2. The Central Peripheral Work Conference was held in Beijing from April 8 to 9, with General Secretary Xi Jinping attending and delivering an important speech. Subsequently, the State Council Information Office released a white paper titled "China's Position on Several Issues Regarding China-U.S. Economic and Trade Relations," clarifying the facts of China-U.S. economic and trade relations and explaining China's policy stance on related issues. The policy aims to hedge against external tariff impacts and help restore market confidence. Today, A-shares opened low and rose high, ultimately closing up across the board.

🐬 Individual Stocks

1. $CTG DUTY-FREE(01880.HK)

The State Taxation Administration issued an announcement on promoting the "immediate refund" service for overseas travelers' shopping tax refunds, which will be rolled out nationwide starting April 8. As a major move to counter the increased U.S. tariffs, the departure traveler tax refund quickly became a hot topic. The tourism sector strengthened in the afternoon, with China Duty Free rising by over 23%.

🐬 Leading Sectors

Shanghai and Shenzhen Stocks: Retailers of jewelry/toys/stationery, food distributors, residential construction companies;

Hong Kong Stocks: Semiconductor manufacturers, retailers of jewelry/toys/stationery, packaging;

U.S. Stocks: Shipping port operators, managed healthcare, aerospace and defense.

🐬 Attention for Tomorrow

1. China's M2 money supply year-on-year, China's CPI year-on-year;

2. U.S. seasonally adjusted CPI month-on-month, U.S. seasonally adjusted core CPI month-on-month; U.S. unadjusted CPI year-on-year, U.S. unadjusted core CPI year-on-year.

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