2025年4月策略月报：政治局会议强调持续稳定和活跃资本市场-20250430

Market Overview - In April, A-share indices initially declined due to the impact of US tariffs but later rebounded following a series of supportive policies from China, with the Shanghai Composite Index closing at 3,295.06 points, down 1.22% from the end of March [2][11] - The ChiNext Index experienced the largest decline, falling 7.44%, while the CSI 500 Index decreased by 3.94% [11] - The agricultural, forestry, animal husbandry, and fishery sector saw the highest increase at 3.97%, while the power equipment and communication sectors faced significant declines [12] Economic Analysis - China's economy showed a strong start in Q1 2025, with retail sales and fixed asset investment growth rebounding, and trade structure continuing to optimize [9] - The government is expected to implement more aggressive policies to support economic growth, particularly in expanding domestic demand and stabilizing foreign trade [2][3] Industry Insights - The "Two New and Two Heavy" policies are anticipated to benefit leading companies in machinery and consumer sectors [3] - The technology growth sector, particularly in AI hardware and consumer electronics, is expected to gain from the accelerated domestic substitution process [3] Policy Analysis - The State Council emphasized the need for proactive macro policies to address new changes in domestic and international situations, aiming to implement effective measures to counter external uncertainties [50] - A joint action plan was released to enhance service consumption, focusing on various sectors including dining, accommodation, health, and entertainment [50]