Zheng Quan Shi Bao Wang·2025-05-12 02:16Market Overview - Major stock indices experienced fluctuations, with the ChiNext Index dropping over 1% and the Sci-Tech 50 Index declining approximately 2% [1] - As of the close, the Shanghai Composite Index fell 0.3% to 3342 points, the Shenzhen Component Index decreased 0.69% to 10126.83 points, and the ChiNext Index dropped 0.87% to 2011.77 points [1] - The total trading volume in the Shanghai and Shenzhen markets was 12,225 billion yuan, a decrease of nearly 1,000 billion yuan from the previous day [1] Sector Performance - Sectors such as semiconductors, retail, media, automotive, brokerage, real estate, and oil saw declines, while textiles, banking, electricity, and liquor sectors experienced gains [1] - The ST sector was notably active despite the overall market downturn [1] Investment Strategy - CITIC Securities suggests that with the recovery of risk appetite, investors should focus on high-performance sectors from the first quarter reports [1] - The market sentiment regarding U.S. tariffs has stabilized, and ongoing negotiations are expected to further improve risk appetite [1] - Continuous policy support for the real estate and stock markets is expected to bolster market expectations, leading to a period of thematic investment focus [1] Strategic Metals - The National Export Control Coordination Mechanism emphasized the importance of controlling strategic mineral exports for national security [2] - CITIC Securities believes that strategic metals like rare earths, tungsten, and antimony may see price increases due to enhanced supply rigidity from anti-smuggling efforts [2] - The strategic metals sector is anticipated to undergo a value reassessment, with continued recommendations for investment in the strategic metals industry chain [2] Liquor Industry Outlook - The liquor industry has entered a deep adjustment period since the second half of 2024, with notable supply-demand imbalances and declining consumption in business and gifting scenarios [3] - Despite these challenges, leading liquor companies are strengthening their market positions through brand and operational advantages, showing resilience in growth [3] - In Q1 2025, the liquor sector's total revenue and net profit are projected to grow by 1.76% and 2.27%, respectively [3] Policy Developments - The People's Bank of China announced a new loan program aimed at boosting service consumption and the elderly care industry, with a total quota of 500 billion yuan at a 1.5% interest rate [4] - The State Council's meeting highlighted the need to enhance free trade zones by aligning with international standards and promoting institutional innovation [5] - A draft regulation on government data sharing was approved, aiming to break down data barriers and enhance public service accessibility [6] Apple Inc. Developments - Reports indicate that Apple is preparing to launch its first foldable iPhone, with key components already sent for testing [7] - The expected release date for this foldable device is set for the second half of 2026, pending supplier approval [7]