大消费，爆了

Group 1 - A-shares continued to show an upward trend with significant trading volume recovery, over 3,800 stocks rising, indicating improved market sentiment [1][2] - The recent interest rate cuts, including a 10 basis point reduction in LPR and varying cuts in deposit rates, aim to help banks manage liability costs and maintain interest margins [1][2] - The banking net interest margin reached a new low of 1.43% as of Q1 2025, with limited downward space for further reductions in deposit rates [1][2] Group 2 - The consumer sector showed strong performance, driven by favorable policies and industry recovery signals, with significant gains in pet economy and beauty care sectors [2][3] - Structural market trends indicate a focus on sectors benefiting from policy support and fundamental reversals, with a long-term bullish outlook [2][3] - The healthcare sector, particularly innovative drugs, saw heightened activity due to a major commercialization agreement and strong market performance [5][6] Group 3 - Hong Kong stocks rebounded strongly, with the Hang Seng Index rising 1.49%, supported by increased trading volume and net inflows from southbound funds [4][5] - The technology sector experienced moderate gains, with expectations of improved profitability during the e-commerce peak season [6] - The market is expected to focus on policy benefits and themes of foreign trade, consumption, and mergers and acquisitions in the near term [6]