SWHY(SZ:000166) Shenwan Hongyuan Securities·2025-04-26 11:12Group 1 - The core viewpoint of the report emphasizes that the A-share market's policy expectations remain stable due to three conditions: retention of incremental policy space, acceleration of existing policy implementation, and increased issuance of government bonds to prepare resources for steady growth in the third quarter [6][7][8] - The Politburo meeting on April 25 aligns with market expectations, focusing on five key policy points: effective use of existing policies, preparation of incremental policy plans, support for export and foreign trade enterprises, commitment to opening up, and new tools for stimulating consumption [6][7][8] - The report indicates that the execution of the U.S. tariff policy has deviated significantly from the expectations outlined in Stephen Milan's "Guide to Reconstructing the Global Trade System," suggesting that the adjustment of Trump's policies may be slow and gradual, which could put pressure on U.S. stocks and limit the recovery of risk appetite in the A-share market [8][10][11] Group 2 - The report notes a gradual change in the core characteristics of the A-share market, with a decrease in the urgency for policy hedging and an increase in market self-pricing power, leading to a decline in the thematic attributes of hedging and counteracting assets [11][12] - The mid-term outlook is shifting back towards a "structural bull market," with the second quarter being a period of adjustment for structural bulls, as the A-share market digests fundamental pressures [14] - The report highlights that high-dividend investments are refocusing on Hong Kong stocks, indicating a shift in investment strategies as the market's self-pricing power increases [12][14]