The US is set to welcome an important earnings week as numerous market-leading tech giants and blue-chip stocks prepare to announce their Q1 2025 earnings soon. Major companies expected to release their earnings this week include Apple (AAPL), Microsoft (MSFT), Amazon (AMZN), and Meta (META), along with industry leaders like Eli Lilly (LLY) and Coca-Cola (KO) in the consumer and healthcare sectors.

Amazon and Apple are scheduled to announce their quarterly results on May 1, with revenue expectations of $155.11 billion and $94.08 billion respectively. Microsoft and Meta are set for April 30 releases, with expected revenues of $68.43 billion and $41.34 billion. Additionally, major payment player Visa (V) will be the first to release earnings on April 29, with an expected revenue of $9.55 billion. For investors, the performance of tech stocks is expected to be a central focus, particularly regarding AI-related investment expenditures and revenue, which may influence the broader tech sector's future directions and impact Taiwan's semiconductor market as well.

Huanan Yongchang Taiwan Preferred 50 ETF (009808) will be raising funds from April 28 to April 30 and is expected to begin trading on May 16 at an issuance price of NT$15 per unit. This ETF tracks the Selected Taiwan Economic Moat Concept Preferred 50 Index compiled by the Taiwan Index Company, and backtesting data shows its short-term, medium-term, and long-term performance all surpassing that of Yuanta Taiwan Excellence 50 (0050). The general manager of Huanan Yongchang Investment Trust, Wu Jiaqin, stated that while 009808 is also a market-cap based ETF, its stock selection logic goes beyond market cap by incorporating the economic moat theory, focusing on the long-term profitability ability of enterprises.

This ETF has selected 50 stocks from 977 listed companies based on liquidity, gross margin over the past 20 quarters, and a market cap of at least NT$30 billion, with mechanisms in place to prevent concentration, including a single stock limit of 30% and a cumulative cap of 60% for the top five holdings. The semiconductor industry has a weight close to 47% in 009808, and is expected to benefit from the development of the AI sector.

In terms of the surrounding environment, the recent announcement of increased tariffs by the Trump administration has heightened market uncertainties, increasing volatility in the Taiwanese stock market. Enterprises with economic moats are better positioned to face future challenges. Wu Jiaqin suggests that investors allocate 10% of their portfolios for verification and adopt a regular investment strategy.

Trump's new tariff policy has recently led to changes in the Chinese e-commerce landscape as President Trump announced increased tariffs on imports from China and removed the tax exemption on small packages. Major Chinese e-commerce companies Temu (PDD) and SHEIN have declared plans to raise prices in the US market starting April 25, alongside significant reductions in their advertising expenditures in the US. Market research firm Sensor Tower has indicated that Temu's recent advertising spending on major social media platforms has decreased by an average of 31%, while SHEIN's advertising spending has nearly halved compared to the same period last year.

This not only disrupts the digital advertising market but may also reshape the retail competitive landscape. Investors need to assess inflation data changes and the potential policy responses from the Federal Reserve, and carefully reassess the risks of companies heavily dependent on cross-strait trades, while keeping an eye on structural investment opportunities that may arise during supply chain reorganization. With the new tariff policy set to be implemented on May 2, investors should closely monitor policy execution details and market reactions to anticipate possible market fluctuations.