博时市场点评5月20日：LPR年内首降，沪深两市上涨

Core Viewpoint - The overall economic resilience is highlighted despite external challenges, with various sectors showing positive trends in investment and consumption [1] Economic Data Summary - April macroeconomic data shows industrial added value growth slowing but still above market expectations, driven by export challenges [1] - From January to April, manufacturing investment growth slightly decreased compared to Q1, while infrastructure investment growth remained stable [1] - High-tech manufacturing investment continues to lead in growth rates [1] - Social retail sales increased by 4.7% year-on-year, supported by "trade-in" policies, with service consumption showing steady growth [1] - Overall, despite year-on-year data showing a decline due to base effects, month-on-month data remains positive, indicating a recovery trend [1] Monetary Policy Summary - The People's Bank of China announced a reduction in the Loan Prime Rate (LPR) by 0.1 percentage points, with the one-year LPR now at 3.0% and the five-year LPR at 3.5% [2] - This LPR adjustment is expected to lower financing costs for the real economy and improve corporate profit expectations [2] - Major banks are also reducing deposit rates, with the adjustment aimed at alleviating net interest margin pressure and enhancing profitability [2] - The reduction in deposit rates provides more flexibility for future monetary policy easing [2] Urban Renewal Initiatives - The National Development and Reform Commission (NDRC) plans to introduce a loan management approach for urban renewal projects, clarifying loan conditions and standards [3] - A special central budget investment plan for urban renewal is expected to be issued by the end of June 2025 [3] - The collaboration between financial regulators and the NDRC indicates strong government support for urban renewal, aiming for stable and efficient financial backing [3] Market Performance Summary - On May 20, A-share indices rose, with the Shanghai Composite Index up 0.38% and the Shenzhen Component Index up 0.77% [4] - The top-performing sectors included beauty care, comprehensive, and media, while defense, coal, and steel sectors saw declines [4] - A total of 3,641 stocks rose, while 1,377 stocks fell [4] Capital Tracking Summary - Market turnover reached 12,113.96 billion, showing an increase from the previous trading day [5] - The margin trading balance reported at 18,103.31 billion, also reflecting an increase [5]