讀後心得

Recently, U.S. President Trump announced that tariffs will be imposed on imported semiconductors and pharmaceuticals. The Taiwanese stock market rose by 18.05 points this week, closing at 21,298.22 points, but trading volume decreased to 237.125 billion NTD, reflecting a weakening bullish momentum. Institutions expect the market to continue to fluctuate and suggest focusing on fundamental investments. Nomura Investment Trust indicated that if the tariff issue is resolved, there are no concerns about a recession in the U.S. economy, and recommended flexible stock picking to respond to market changes. Additionally, a significant drop in the financing maintenance rate may indicate that the market is nearing its bottom.

The President of the United States pointed out on Air Force One that tariffs will soon be imposed on imported semiconductors and pharmaceuticals. The Taiwan stock market closed up 18.05 points this week, finishing at 21,298.22 points, with a trading volume of NT$237.125 billion. However, recent trading volume momentum has dropped below NT$300 billion, adversely affecting the bullish sentiment. Institutions expect that after the market adjustment, the negative impact of uncertainty has been partially reflected in the short term.

On Eastern Time on the 2nd, the President announced a 10% baseline tariff on all imported goods, with higher rates imposed on specific trading partners. He reiterated on the 3rd that taxes will soon be levied on imported semiconductors and pharmaceuticals. The Allianz Investment Trust Taiwan stock team analyzed that the market will still be volatile and suggested focusing on more attractive valuation factors, concentrating on fundamentals, and actively implementing rotation strategies.

Looking ahead, although the fundamentals of continued corporate profit growth have not changed, the market is still influenced by sentiment, and caution is advised. In the context of repeated digestion of various noises, worries, and correction pressures, examining fundamentals and selecting quality stocks is key to coping. In particular, the electronics sector continues to maintain rapid growth, making technology allocations indispensable. The demand for computing power required for AI applications is expected to remain a key source of future growth. While non-electronic stocks are generally showing signs of recession, there are still some companies worth paying attention to.

For investors who regularly invest in Taiwan stock funds, it is recommended to continue accumulating positions. Long-term investors may take this opportunity to gradually lay out their investments to prepare for future gains. Nomura Investment Trust pointed out that if the tariff issue can be resolved, there will be no substantial concerns about a recession in the U.S. economy. Key market observation points include whether U.S. stocks can stop declining and the impact of tariff policies on Taiwan's industries, including the performance of major stocks such as TSMC, MediaTek, Foxconn, CTBC Financial, and Fubon Financial, as well as the rate of margin reduction.

Currently, the overall impact should be limited, as Taiwan's main exports to the U.S. are information and communication products, which are protected by the WTO Information Technology Agreement, and zero tariffs have already been implemented between Taiwan and the U.S., so they should not be affected by reciprocal tariffs. Selling pressure before long holidays is not always a bad thing, as the margin maintenance rate has sharply dropped from 160% to 140%, approaching the panic low point of 2022, which means the risk of further declines in the market is limited. Based on past experience, a margin call accompanied by a high volume of transactions usually indicates that a bottom is not far away, and it is hoped that there will not be too much unexpected fallout from the tariff issue so that the stock market can experience a rebound.

Moreover, based on past experience, the Taiwan stock market will ultimately overcome the current challenges. Compared to focusing on specific indices or sectors, flexible adjustments and selection of quality stocks will be more suitable for adapting to this year's market volatility. For example, the first actively managed ETF, 00980A, is expected to begin fundraising from April 15 to 18 and will be listed on May 5 with an issuance price of NT$10 per share, adopting a quarterly dividend distribution mechanism.