Pre-market report on A shares | Pan Gongsheng's latest statement! Concerning monetary policy, Trump will impose tariffs on imported cars.

Pre-market News 1. Pan Gongsheng: The Chinese government will implement a more proactive fiscal policy and moderately loose monetary policy Type: Macro Sentiment impact: Positive The Governor of the Central Bank, Pan Gongsheng, pointed out that the Chinese government will implement a more proactive fiscal policy and moderately loose monetary policy, strengthen the countercyclical adjustment of macroeconomic policies, continue to promote the transformation of China's economic growth model, and consolidate and enhance the positive trend of economic recovery. 2. President Trump waves tariff stick again, to impose around 25% tariffs on imported cars Type: Industry Sentiment impact: Negative President Trump stated that he will impose around 25% tariffs on imported cars and will make further statements on the topic on April 2. Experts believe that this move by the United States is a manifestation of trade protectionism and will cause significant losses to the US and its trading partners. 3. Mainland investors' net purchases through the Hong Kong Stock Connect hit a four-year high on Tuesday, institutions optimistic about Hong Kong stocks' performance this year Type: Market Sentiment impact: Positive Mainland Chinese investors bought HK$22.4 billion worth of Hong Kong stocks through the Stock Connect on Tuesday, continuing to drive the rise in tech stocks sparked by DeepSeek, marking the largest single-day net purchase since the beginning of 2021. China Securities Co., Ltd. stated that they are optimistic about the Hong Kong stock market in 2025, with Chinese tech stocks expected to be more active in the second half of the year. 4. Russia and the US hold talks in the Saudi capital: reach four-point consensus, to negotiate Ukraine issue separately Type: Macro Sentiment impact: Positive Representatives from Russia and the US held talks in Riyadh, Saudi Arabia on February 18, lasting about four and a half hours. US officials stated that the talks were the first step towards ending the crisis in Ukraine. They agreed to establish a consultation mechanism, agreed to cooperate in multiple fields in the future, and will negotiate the Ukraine issue separately. Investment Calendar Apple may launch a new iPhone SE Investment Tips Investment Tip: The goal of investment is not to pursue the highest returns, but to avoid the worst losses. Controlling risk is more important than seeking returns, as a major loss can make it impossible for you to recover. [FR] Franois Rosen, "The Art of Investment" Editorial View Editorial View: The three major indexes plunged collectively in the afternoon yesterday, with the banking sector active against the trend, and the DeepSeek concept receding. Minsheng Securities believes that the recovery in pro-cyclical sectors is worth looking forward to. Institutional Views 1. Minsheng Securities: Economic stability and recovery provide an opportunity for low-priced asset repair, and the recovery in pro-cyclical sectors is worth looking forward to. 2. Zhongtai: The market is expected to maintain a volatile pattern before the Two Sessions, with tech stocks becoming active again but rotation accelerating. 3. Orient: The market pullback is a normal rest, reflecting the internal demand for shifting hotspots, and growth in tech stocks remains the main theme. Positive and Negative Previews 1. DeepSeek's latest paper introduces new mechanisms that can further reduce costs and increase efficiency of AI models Type: Institutional Hot Review China Securities Co., Ltd.: DeepSeek's low cost, open source characteristics, and powerful reasoning capabilities are expected to greatly promote the development of domestic AI applications and edge AI acceleration. The AI application, edge AI, and domestic computing power sectors are expected to benefit significantly. 2. Huawei confirms that L3-level autonomous driving will start commercialization this year, with multiple car manufacturers actively deploying Type: Market Hot Discussion Zheshang: By 2024, the penetration rate of L2-level autonomous driving has reached 55.7%, and mass adoption is expected in 2025, especially with affordable whole vehicle manufacturers like BYD Company Limited entering into the market which is expected to continue to increase industry penetration rates, signaling the era of smart driving equality. 3. Container Shipping Index futures in Europe soar by over 60% in a month, multiple shipping companies issue price increase notices Type: Market Hot Discussion Huatai: In the medium to long term, small and medium-sized shipping companies focusing on regional markets are favored, as they can better adapt to changes in regional market demands and take significant positions in emerging markets through flexible operations. Announcement Express Positive Announcements 1. Shenzhen Newway Photomask Making: Net profit in 2024 was 192 million yuan, a year-on-year increase of 29.21% 2. Changjiang & Jinggong Steel Building: Controlling shareholder's wholly-owned subsidiary plans to increase holdings of 30-60 million shares of the company 3. Yangzhou Chenhua New Material: Net profit in 2024 was 81.37 million yuan, a year-on-year increase of 34.49% Negative Announcements 1. Shenzhen Colibri Technologies: Controlling shareholders plan to collectively reduce holdings of no more than 3.1% of the company's shares 2. Nanjing CIGU Technology Corp., Ltd.: Shareholders plan to collectively reduce holdings of no more than 2.02% of the company's shares 3. Servyou Software Group: Controlling shareholders plan to reduce holdings of no more than 2% of the shares Overseas Markets Update: US stocks rose in the final trading session, with all three major indexes turning higher, and the S&P 500 reaching new highs. Intel surged over 16%, with reports suggesting that Broadcom and TSMC are exploring a deal to split up Intel, while most popular Chinese stocks trended lower. This article is translated from "Tencent Stock Selection", edited by Chen Xiaoyi.