多重利好刺激A股上涨，轮动交易期市场看好科技与出口链

Core Viewpoint - A-shares have shown positive performance recently, driven by a combination of financial policies, tariff adjustments, and better-than-expected foreign trade data for April [1][2][3]. Market Performance - The Shanghai Composite Index reached a high of 3403.95 points during the week of May 12-16, with a weekly increase of 0.76%. The Shenzhen Component and ChiNext Index rose by 0.52% and 1.38%, respectively [1][2]. - The financial sector, particularly large financial stocks, played a significant role in the market rebound, with notable gains in bank stocks [2]. Influencing Factors - Multiple factors contributed to the recent market performance, including positive outcomes from US-China trade talks, easing of tariff tensions, and strong performance in April's export data [2][3]. - A package of financial policies, including interest rate cuts and reserve requirement ratio reductions, has also been a key stimulus for the market [3]. Sector Performance - Among various sectors, beauty care, non-bank financials, and automotive industries showed strong performance, each exceeding a 2% increase [2][3]. - The non-bank financial sector is noted for having a lower valuation percentile, indicating potential for valuation improvement [3]. Market Sentiment - Institutional investor sentiment has shown signs of recovery, while individual investor sentiment has been declining [4][5]. - The market is currently in a rotation trading phase, with rapid shifts in sector focus and a lack of sustained momentum in any single sector [7]. Future Outlook - Analysts suggest that the market may continue to experience a period of adjustment and consolidation, with recommendations to shift focus from high-performing sectors to those with lower recent gains [8][10]. - The overall domestic economic fundamentals remain weak, with April's social financing and loan data reflecting seasonal declines [11].