国元证券晨会纪要-20250415

Key Points - The US Department of Commerce has initiated a Section 232 investigation into semiconductors and pharmaceuticals [3] - Several large global pension funds have paused purchases of US assets [3] - Federal Reserve Governor Waller indicated that interest rate cuts may occur in the second half of this year if tariffs remain low [3] - Japan's population has decreased by 898,000 compared to the same period last year, marking 14 consecutive years of decline [3] - Macau will provide an annual subsidy of 18,000 patacas for infants [3] - OPEC has significantly revised down its oil demand forecast for the next two years [3] - OpenAI has released GPT-4.1, which outperforms GPT-4 in all aspects [3] - China's exports in March increased by 12.4% year-on-year when measured in US dollars [3] - Pork prices have dropped to a new low not seen in over a year [3] Economic Data - The 2-year US Treasury yield fell by 11.29 basis points to 3.8429% [2] - The 5-year US Treasury yield decreased by 14.61 basis points to 4.0119% [2] - The 10-year US Treasury yield declined by 11.56 basis points to 4.372% [2] - The Baltic Dry Index closed at 1274.00, up 0.39% [4] - The Nasdaq Index closed at 16831.48, up 0.64% [4] - The Dow Jones Industrial Average closed at 40524.79, up 0.78% [4] - The S&P 500 closed at 5405.97, up 0.79% [4] - The Hang Seng Index closed at 21417.40, up 2.40% [4] - The Shanghai Composite Index closed at 3262.81, up 0.76% [4]