citic securities·2025-04-28 10:05Group 1: A-Share Market Focus - The impact of tariffs on PMI is gradually becoming evident, with manufacturing PMI for March showing a slight recovery but remaining below the five-year average, indicating a decline in manufacturing sentiment [12][15][16] - The government is expected to introduce policies to counteract economic slowdown pressures, with significant fiscal tools planned for implementation [16] - Key stocks to watch include ShouLiu Hotel and China Telecom, with the former expected to open 1,500 new hotels in 2025 and the latter anticipating steady growth in revenue and dividends [20][23] Group 2: US Market Focus - The US market is experiencing volatility due to Trump's policies, with tariffs expected to continue impacting stock performance, particularly in semiconductor companies like Broadcom and Analog Devices [35][39][47] - The Federal Reserve is likely to maintain a passive approach, with expectations of limited rate cuts in the near term, despite inflation concerns [40][42] - The SPDR Utilities Select Sector ETF is highlighted as a stable investment option amid market uncertainties, benefiting from high dividend yields [50] Group 3: Thai Market Focus - The Thai central bank is expected to lower interest rates by 25 basis points, influenced by declining energy prices and lower inflation forecasts [66][68] - Key stocks in the Thai market include CP All, which is projected to see a 14% increase in net profit in Q1 2025, and Osotspa, which aims to regain market share in the energy drink sector [74][75] - The overall economic outlook for Thailand is cautiously optimistic, with potential benefits from lower oil prices and anticipated interest rate cuts [71][72]