量能不足，高位股抱团持续性或难以维系

Group 1 - The market experienced a rebound driven by financial stocks, with the Shanghai Composite Index returning above 3400 points and a trading volume of 1.32 trillion yuan, an increase of 25.2 billion yuan compared to the previous trading day [1] - The People's Bank of China reported that from January to April, the incremental social financing scale reached 16.34 trillion yuan, which is 3.61 trillion yuan more than the same period last year; the M2 money supply in April grew by 8% year-on-year, exceeding market expectations [1] - The Ministry of Commerce announced a suspension of export control measures on 28 U.S. entities for 90 days starting May 14, along with the suspension of unreliable entity list measures on 17 U.S. entities [1] Group 2 - Citic Securities noted significant volatility in the Philadelphia Semiconductor Index (SOX) due to tariff impacts, with a divergence in performance among companies in Q1 and Q2 2025 earnings guidance; consumer electronics and semiconductor equipment companies are more affected, while semiconductor software, AI chips, and network equipment are less impacted [2] - The report emphasized the ongoing uncertainty surrounding U.S. tariff policies and trade negotiations, suggesting that future focus should be on tariff and trade policies, macroeconomic and inflation data, and the development of generative AI technology [2] - Citic Securities recommended tracking semiconductor stocks over the next 6-12 months, particularly those with low valuations and potential earnings recovery if tariff policies reverse, as well as defensive stocks in the AI and semiconductor software sectors [2] Group 3 - Changjiang Securities highlighted a strong performance in the financial sector following the release of the CSRC's action plan to promote high-quality development of public funds, which aims to enhance equity investment scale and proportion [3] - The report indicated that the financial sector has a strong influence on market indices, and sustained strength in this sector could attract more incremental capital [3] - Despite the overall rise in major indices, there were still a significant number of declining stocks, and the recent high of the micro盘 stock index has seen consecutive declines, suggesting potential challenges in maintaining high valuations amid profit-taking pressures [3]