A股节后“开门红”，银行股独跌

Market Performance - A-shares experienced a comprehensive rise after the "May Day" holiday, with the Shanghai Composite Index increasing by 1.13% to 3316.11 points, the Shenzhen Composite Index rising by 2.25%, and the ChiNext Index surging by 2.75% [1] - The total trading volume across A-shares reached 1.3644 trillion yuan, significantly higher than the 1.1931 trillion yuan recorded on the last trading day before the holiday [1] Sector Performance - Sectors such as controllable nuclear fusion, Huawei HarmonyOS concept stocks, superconductors, rare earths, precious metals, general equipment, and communication equipment showed relatively strong performance [1] - The banking sector was one of the few to experience a slight decline, while the tourism sector saw minor increases, indicating weaker performance compared to other sectors [1] Economic Indicators - During the holiday, 314 million domestic trips were made, representing a year-on-year increase of 6.4%, with total spending by domestic tourists reaching 180.269 billion yuan, up 8.0% year-on-year [1] - The April Caixin Services Purchasing Managers' Index (PMI) fell to 50.7 from 51.9 in March, below the expected 51.8, while the manufacturing PMI slightly improved to 50.4 from 51.2, exceeding the expected 49.8 [1] External Market Influences - The US stock market experienced a slight pullback after a series of gains, while the Hong Kong stock market saw minor increases upon reopening [2] - The offshore RMB exchange rate continued to show strength, fluctuating around 7.21, despite a slight decrease in the rate of appreciation [2] - The upcoming Federal Reserve meeting is anticipated to maintain current interest rates, with potential for rate cuts later in the year [2] Investment Outlook - The A-share market is expected to maintain a consolidation pattern, with sector focus likely revolving around tariff-related news [2] - There is a possibility of stronger fiscal or monetary policies from management, which could create investment opportunities in directly benefiting sectors [2] - Technology and consumer sectors are viewed as having more opportunities for investment this year, suggesting a strategic allocation towards these areas [2]