---
title: "Withstanding the impact, A-shares surged independently; China Duty Free Group took up the banner of rebound | Review of today's important news"
type: "Topics"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/topics/28783062.md"
description: "0409 | Dolphin Research focuses on: 🐬 Macro/Industry 1. The 10% "minimum baseline 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 took effect today at 12:01 PM Beijing time. The White House team has shifted from a hardline stance to signaling negotiations, and after a continuous decline in the US stock market, there was a slight rebound in the night session today, but the extent is not large. We will continue to monitor the performance of the US stock market tonight. 2. The Central Peripheral Work Conference was held in Beijing from April 8 to 9..."
datetime: "2025-04-09T08:35:19.000Z"
locales:
  - [en](https://longbridge.com/en/topics/28783062.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/28783062.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/28783062.md)
author: "[Dolphin Research](https://longbridge.com/zh-CN/news/dolphin.md)"
---

> 支持的语言: [English](https://longbridge.com/en/topics/28783062.md) | [繁體中文](https://longbridge.com/zh-HK/topics/28783062.md)


# 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.

Risk disclosure and statement for this article: [Dolphin Research Disclaimer and General Disclosure](https://support.longbridge.global/topics/misc/dolphin-disclaimer)

### 相关股票

- [CTG DUTY-FREE (601888.CN)](https://longbridge.com/zh-CN/quote/601888.CN.md)
- [CTG DUTY-FREE (01880.HK)](https://longbridge.com/zh-CN/quote/01880.HK.md)

## 评论 (6)

- **龙场悟道忘忧草 · 2025-04-09T13:39:36.000Z · 👍 2**: The A-share market today is indeed strong, it's standing up.
- **流水不争先2026 · 2025-04-09T10:13:56.000Z · 👍 4**: Stand up, no kneeling! We didn't kneel under the nuclear deterrence of the US and the Soviet Union back then, and now that life is finally getting better, we must not kneel.
  - **龙场悟道忘忧草** (2025-04-09T13:40:45.000Z): That's right. We who trade US stocks only lose some money, while Musk and others lose big bucks. Cook is literally dizzy now.
  - **Dolphin Research** (2025-04-10T06:27:52.000Z): 👍👍👍"Barbarians should never expect to receive a call from China"
- **自然熟 · 2025-04-09T08:59:50.000Z · 👍 4**: The United States, as a country, has been living beyond its means for years, which is a clear sign of decline; we can no longer build our social division of labor around the U.S. We need to lift our heads and forge our own path. The future requires us to bravely explore it ourselves.
  - **Dolphin Research** (2025-04-10T06:28:13.000Z): Like your post