【Today's Headlines】
State Council Tariff Commission: An 84% Tariff on All Imported Goods from the U.S.
On April 8th, Eastern Time, the U.S. further increased the previously announced 34% so-called &#34;reciprocal tariff&#34; on Chinese goods imported into the U.S. by an additional 50% to 84%. A spokesperson for the Ministry of Commerce announced today that China has filed a lawsuit against the U.S. under the World Trade Organization (WTO) dispute resolution mechanism regarding the latest tariff measures. The U.S. so-called &#34;reciprocal tariff&#34; measures seriously violate WTO rules, and this additional 50% tariff is a mistake on top of a mistake, highlighting the unilateral bullying nature of U.S. measures. China will firmly defend its legitimate rights and interests according to WTO rules and steadfastly uphold the multilateral trading system and international economic and trade order.
At the same time, the State Council Tariff Commission announced today that starting from April 10th at 12:01 PM, the tariff rate specified in the &#34;Announcement of the State Council Tariff Commission on the Imposition of Tariffs on Imported Goods Originating from the U.S.&#34; will be adjusted, raising the tariff rate on all imported goods from the U.S. from 34% to 84%.
【Market Outlook】
Trump Eases Implementation of Reciprocal Trade Measures; U.S. Stock Indices Surge
Overnight, Trump eased the implementation of reciprocal trade measures, causing the three major U.S. stock indices to surge. The Dow Jones Industrial Average rose by 2962.86 points, an increase of 7.87%, closing at 40608.45 points; the Nasdaq rose by 1857.06 points, an increase of 12.16%, closing at 17124.97 points; the S&amp;P 500 index rose by 474.13 points, an increase of 9.52%, closing at 5456.90 points. Tesla (TSLA.US) rose by 22%, Apple (AAPL.US) rose by 15%, and Nvidia (NVDA.US) rose by 18%.
The Nasdaq Golden Dragon China Index closed up 4.5%, with Alibaba (BABA.US) rising over 5.5%. The Hang Seng Index ADR rose, closing at 20439.19 points, up 174.70 points or 0.86% compared to the Hong Kong close.
Spot gold rose by 3.27%, trading at $3080.00 per ounce, with fluctuations throughout the day. Trump's so-called &#34;reciprocal&#34; tariffs took effect at 00:01 on Wednesday, Eastern Time, and were suspended less than 13 hours after taking effect. Trump stated on Tuesday that significant tariffs on pharmaceuticals are forthcoming. Citigroup economist Andrew Hollenhorst believes that the U.S. suspension of so-called reciprocal tariffs on most trading partners does not mean that the U.S. economy has avoided a slowdown and rising inflation.
【Hot Topics Ahead】
Federal Reserve Minutes: Inflation May Rise This Year Due to Tariffs
The Federal Reserve minutes indicate that regarding the inflation outlook, participants judged that inflation this year may rise due to higher tariffs, although the magnitude and persistence of their impact are highly uncertain. Several participants pointed out that the continued balance in the labor market suggests that labor market conditions are unlikely to be a source of inflationary pressure. Several participants noted that it may be particularly difficult to distinguish between relatively persistent changes in inflation and more transient changes possibly related to the introduction of tariffs in the near term
EU Imposes 25% Tariff on US Imports
On the afternoon of April 9 local time, the 27 member states of the European Union voted to approve retaliatory measures imposing a 25% tariff on US imported products, in response to the tariffs on steel and aluminum announced by the Trump administration on March 12.
Clarifying the Latest US Tariff Policy: Suspension of Reciprocal Measures for Most Economies, 10% and Industry Tariffs Still to Be Imposed
In the early hours of Thursday Beijing time, US President Trump halted the comprehensive reciprocal tariffs that were set to take effect on April 9, but retained a baseline tariff of 10% on all goods entering the US globally, while continuing to impose tariffs on specific industries, hinting that more could be imposed in the future. As a result, dozens of trading partner countries temporarily avoided the high tariffs of 11%-50% announced by Trump last week. Currently, the 25% tariffs on steel and aluminum effective from March 12 and the 25% tariffs on automobiles and parts effective from April 2 remain in effect. Automotive parts that comply with the US-Mexico-Canada Agreement will continue to maintain zero tariffs until the US Customs and Border Protection establishes a process for imposing tariffs on non-US products. Additionally, Trump stated on Tuesday that significant tariffs on pharmaceuticals are forthcoming.
Ministry of Commerce: 12 US Entities Listed on Export Control List
According to Zhito Finance APP, on April 9, the Ministry of Commerce announced that, in accordance with the Export Control Law of the People's Republic of China and the Regulations on the Export Control of Dual-Use Items of the People's Republic of China, in order to safeguard national security and interests and fulfill international obligations such as non-proliferation, it has decided to list 12 US entities, including Photon Company, on the export control list, prohibiting the export of dual-use items to them. The announcement will take effect from 12:01 PM on April 10, 2025.
State-Owned Banks Continue to Increase Stock Buyback and Loan Business Efforts
Several state-owned banks are intensifying their efforts to promote stock buyback and loan businesses to support the stable development of the real economy and capital markets. Agricultural Bank of China, Industrial and Commercial Bank of China, and Bank of China are actively responding to policies by providing special loan services to listed companies. Among them, Agricultural Bank of China has reached cooperation intentions with multiple central state-owned enterprises and private enterprises, signing loans exceeding 15 billion yuan for 53 listed companies; Industrial and Commercial Bank of China is addressing nearly 50 billion yuan in funding needs, with over 400 projects in reserve, and a transaction scale exceeding 100 billion yuan; Bank of China supports 73 buyback plans, with intended loan amounts reaching 25.36 billion yuan.
China Petroleum &amp; Chemical Corporation (00386): Signs Cooperation Framework Agreement with Saudi Aramco to Advance Yanbu Refinery Expansion Project
According to the news office of China Petroleum &amp; Chemical Corporation, on April 8, coinciding with the tenth anniversary of the establishment of the Yanbu Refinery joint venture, China Petroleum &amp; Chemical Corporation signed a Cooperation Framework Agreement for the Yanbu Refinery Expansion Project with Saudi Aramco. The project will rely on existing facilities to build a new 1.8 million tons/year ethylene plant, a 1.5 million tons/year aromatics plant, and supporting downstream polyolefin facilities, maximizing the synergistic effects of refining and chemical integration, and creating an innovative ecosystem for the entire industry chain. Once operational, the project will effectively enhance the production capacity of high-end petrochemical products, promote the diversification of Saudi industry, and meet global market demand
Ganfeng Lithium (01772): The company has made significant progress in solid-state battery research and development
Ganfeng Lithium announced that the company has made significant progress in materials, battery cells, system integration, and commercial applications of solid-state batteries. The company has formed a complete solid-state battery layout, possesses research and development and production capabilities, and is accelerating the commercialization of solid-state batteries. In terms of technological breakthroughs, the company is simultaneously advancing the industrialization of both silicon-based and lithium metal anode dual pathways, promoting the mass production process of high-energy batteries. In multi-scenario applications, the company is gradually improving the integrated layout of solid-state batteries and actively promoting the commercialization process. In the field of new energy vehicles, the company has signed a joint development agreement with a leading international automotive company; in the low-altitude economy sector, it has launched solid-state battery solutions suitable for low-altitude flight scenarios; in the consumer electronics field, the newly developed high-safety, low-temperature-resistant solid-state lithium battery has achieved breakthroughs.
China Shipbuilding Defense (00317) achieved new orders of RMB 12.502 billion in the first quarter, completing 71.64% of the annual plan
According to Zhitong Finance APP, China Shipbuilding Defense (00317) announced that according to the company's operating plan disclosed in the &#34;2024 Annual Report,&#34; the company plans to undertake contracts worth RMB 17.45 billion for the year 2025. As of March 31, 2025, the company achieved new orders of RMB 12.502 billion in the first quarter of 2025, completing 71.64% of the annual plan, mainly including contracts for the construction of 9200 TEU container ships, 1900 TEU container ships, special ships, and 20,000 cubic meter LNG refueling ships. The fulfillment of these orders is expected to have a positive impact on the company's cash flow and subsequent operating performance.
China Resources Cement Technology (01313) issues profit warning: expects to achieve a profit attributable to shareholders of approximately RMB 100 million to RMB 120 million in the first quarter, turning losses into profits year-on-year
According to Zhitong Finance APP, China Resources Cement Technology (01313) announced that the group expects to achieve a profit attributable to shareholders of approximately RMB 100 million to RMB 120 million during the period, while it recorded a loss attributable to shareholders of RMB 28.9 million for the three months ending March 31, 2024, mainly due to the increase in sales prices of the group's cement products compared to the same period in 2024 and the decrease in sales costs compared to the same period in 2024.
China Biologic Products (01177): TQB3019 (BTK PROTAC) clinical trial application approved by NMPA
According to Zhitong Finance APP, China Biologic Products (01177) announced that its independently developed &#34;TQB3019 (BTK PROTAC)&#34; has received clinical trial approval from the National Medical Products Administration (NMPA) of China, intended for the treatment of hematologic tumors.
Kingdee International (00268): As of March 31, 2025, Kingdee Cloud subscription service's annual recurring revenue (ARR) is approximately RMB 3.56 billion, a year-on-year increase of approximately 20%
According to Zhitong Finance APP, Kingdee International (00268) announced that Kingdee continues to deepen its cloud subscription model transformation strategy. As of March 31, 2025, the annual recurring revenue (ARR) of Kingdee Cloud subscription services is approximately RMB 3.56 billion, a year-on-year increase of approximately 20%; Kingdee Cloud · Cang Qiong
The net dollar retention rates (NDR) for Xinghan, Kingdee Cloud·Xingkong, Kingdee Cloud·Xingchen, and Kingdee Jingdou Cloud are 108%, 94%, 92%, and 88%, respectively. During the period, the group signed contracts with well-known enterprises such as Kweichow Moutai, Geely Holding, China National Pharmaceutical Group, China Paper, Zero One Everything, and Future Intelligent.
ChinaSoft International (00354): Partnering with Shenzhen Kaihong to Launch the Nation's First Robot Operating System Based on Open Source Harmony - M-Robots OS
ChinaSoft International announced on the Hong Kong Stock Exchange that it, along with its subsidiary Shenzhen Kaihong Digital Industry Development Co., Ltd., has jointly released the nation's first distributed heterogeneous multi-machine collaborative robot operating system based on open source Harmony - M-Robots OS 1.0. This marks a new stage in China's robot operating system development, entering the realm of &#34;multi-machine collaboration and collective intelligence,&#34; providing a new &#34;Chinese solution&#34; for global robot technology development.
[Stock Highlights]
Hong Kong Broadband (01310): China Mobile Plans to Spend Nearly HKD 1.2 Billion to Acquire Approximately 15.46% of Hong Kong Broadband Shares
On the afternoon of April 9, Hong Kong Broadband announced on the Hong Kong Stock Exchange that on April 9, 2025, the offeror China Mobile Hong Kong Company Limited entered into a share purchase agreement with TPG Wireman, L.P., under which: the seller has agreed to sell the shares upon completion, and the offeror has agreed to purchase the shares being sold at a price equal to the purchase price of the shares being sold; and the seller has agreed to convert all seller loan notes into seller loan note conversion shares upon completion and sell the seller loan note conversion shares to the offeror, who has agreed to purchase the seller loan note conversion shares at a price equal to the purchase price of the seller loan note conversion shares upon completion.
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Alibaba  earnings 

The Tariff Commission of the State Council announced that starting from April 10, the tariff rate on all imported goods from the United States will be increased from 34% to 84%. This move is a response to the U.S. tariff measures, and China has filed a lawsuit with the World Trade Organization, claiming that the U.S. measures violate international rules. Meanwhile, U.S. stocks surged significantly due to Trump's easing of trade measures, with all three major indices reaching new highs

- The Chinese government has announced an increase in tariffs on all U.S. imports from 34% to 84%, effective April 10, 2025, in response to the U.S. imposing higher tariffs on Chinese goods.  
- The U.S. stock market reacted positively to President Trump's temporary suspension of reciprocal tariffs, with major indices experiencing significant gains.  
- The Federal Reserve's minutes indicate that inflation may rise this year due to higher tariffs, although the extent and duration of this impact remain uncertain.

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Zhitong Hong Kong Stock Early Knowledge | China imposes an 84% tariff on all imported goods from the U.S., and the EU imposes a 25% tariff on the U.S