泓德基金：上周国内权益市场延续小幅反弹走势

Market Performance - The domestic equity market continued a slight rebound last week, with an average daily trading volume around 1.1 trillion yuan, and the Wind All A index rose by 1.15% [1] - Among major domestic stock indices, small-cap indices performed well, with the CSI 1000 up by 1.8% and the CSI 2000 up by 2.7% [1] - The Shanghai Composite Index and CSI 300 increased by 0.6% and 0.4%, respectively, while the SSE 50 and STAR 50 declined by 0.3% and 0.4% [1] - Hong Kong stocks also saw gains, with the Hang Seng Technology Index and Hang Seng Index rising by 2.0% and 2.7%, respectively [1] Sector Performance - The financial sector (+5.1%), automotive sector (+5.0%), and power equipment & new energy sector (+3.1%) experienced significant increases [1] - Conversely, the real estate sector (-1.2%), consumer services sector (-1.3%), and food & beverage sector (-1.4%) faced notable declines [1] Future Outlook - The upcoming week is the last trading week before the May Day holiday, with annual and quarterly reports from listed companies expected to be fully disclosed [1] - According to Hongde Fund, the market will enter a performance vacuum period over the next three months, with potential external environmental changes impacting the domestic capital market [1] - The fund expresses confidence in China's economic stability and growth, emphasizing the importance of high-quality development in response to external uncertainties [1] Policy and Market Sentiment - Current policies are primarily focused on "preparation" and "accumulating flexibility," with structural adjustments and localized support being the main themes [2] - The market is closely watching the progress of US-China negotiations and potential tariff reduction expectations [2] - In the bond market, interest rates for government bonds generally rose last week, with credit bond yields also increasing [2] - The market remains cautious, awaiting potential reserve requirement ratio (RRR) cuts and interest rate reductions from the central bank [2]