智通财经网·2025-05-05 13:42Core Viewpoint - The market is expected to show a pattern of "weight index rebound and active technology growth" in May, with a focus on investing in industries with improved performance after the earnings disclosure period [1][2]. Market Outlook - After the earnings disclosure period, the market will actively invest in industries with improved performance, and as it enters a performance vacuum, new industry trends are emerging, making thematic investments likely to return [2][3]. - The market's downward adjustment space is limited due to the stabilizing effect of the central bank, which is expected to enhance risk appetite and lead to a return of financing balances [2][4]. Style and Industry Configuration - A-shares are expected to shift towards small-cap growth styles as seasonal effects weaken, driven by improved earnings growth and easing trade tensions [3]. - Key industries to focus on include computing, automotive, machinery (automation and general equipment), non-ferrous metals, social services, and agriculture, with an emphasis on sectors recovering from tariff impacts and those experiencing local economic improvements [3][6]. Liquidity and Capital Supply-Demand - The market's risk appetite is anticipated to recover in May, with financing funds likely to flow back into the market [4]. - The stock market saw net inflows in April, with ETFs becoming the main source of incremental capital, while financing funds experienced net outflows due to decreased risk appetite [4]. Mid-Cycle Prosperity and Industry Recommendations - The focus is on sectors that are recovering from tariff impacts and showing signs of economic improvement, particularly in consumer services, high-tech manufacturing, and real estate [5][6]. - Recommended sectors include consumer services (home appliances, furniture, jewelry), new energy vehicles, and high-tech manufacturing, with a focus on areas with high or improving prosperity [6]. Track and Industry Trend Investment - The 2025 Shanghai Auto Show highlighted the debut of humanoid robots, showcasing advancements in automotive technology and AI applications [7].