经济开局良好引领股指复苏

Economic Performance - In the first quarter, GDP grew by 5.4% year-on-year and 1.2% quarter-on-quarter, indicating a strong economic performance driven by consumption and export activities [1] - The contribution rates to economic growth from consumption, investment, and net exports were 51.7%, 8.7%, and 39.5% respectively, with consumption and net exports accounting for over 90% combined, significantly higher than last year's figures [1] Investment Trends - Infrastructure and manufacturing investments maintained a high growth rate of around 10% year-on-year, supported by fiscal policies and increased special bonds [2] - The manufacturing PMI rose to 50.5, indicating expansion in production and new orders, which suggests a positive cycle of demand improvement leading to increased production [2] - Government consumption subsidies are set at 300 billion yuan, an increase of 150 billion yuan from last year, aimed at boosting domestic demand and stabilizing consumer confidence [2] Export Dynamics - The export sector is significantly influenced by U.S. tariff policies, with recent indications of potential easing in trade tensions, which could positively impact Chinese exporters [3] - The U.S. Treasury Secretary suggested that the current tariff situation is unsustainable, hinting at possible future negotiations that may alleviate pressure on exports [3] A-Share Market Outlook - A-share companies have shown positive earnings growth, with major indices like CSI 300 and SSE 50 reporting positive revenue and net profit growth [4] - The recovery in consumption and strong performance in the capital market are expected to support the rebound of blue-chip indices, which will gradually benefit smaller-cap indices as well [4]