韧性强！中国资产重估趋势延续

Group 1 - The A-share market demonstrated resilience in April despite increasing external uncertainties, with a total of 15 out of 21 trading days showing gains, and the Shanghai Composite Index only declining by 1.70% for the month [1] - The average daily trading volume in April was 1.24 trillion yuan, indicating active market participation [1] - The narrative of asset revaluation in China is driven by technological breakthroughs and changes in the geopolitical landscape, with AI technology acting as a catalyst [1] Group 2 - The resilience of RMB assets in April was attributed to rapid market stabilization policies that prevented negative feedback loops [3] - As of May 4, the price-to-earnings (PE) ratio for the CSI 300 was 12.3, significantly lower than major global indices like the S&P 500, indicating a valuation advantage for A-shares [3] - Approximately 3,648 listed companies in A-shares announced cash dividend plans totaling 1.6 trillion yuan for 2025, with expected dividends exceeding 2.3 trillion yuan for 2024, marking a historical high [3] Group 3 - Compared to 2018, the current A-share market is viewed more optimistically across five dimensions: microstructure, policy environment, economic strength, liquidity, and technological innovation [4] - The profits of high-tech manufacturing industries grew by 14.3% in March, indicating a positive trend in the technology sector [4] - The first quarter of 2025 is projected to see a 3.5% year-on-year growth in A-share earnings, with significant growth in the TMT sector, particularly in electronics and semiconductors [4]