人民币升值有助提振“中国资产”，AI+成5月配置主线

Market Review - The global stock indices experienced a rebound after the initial drop due to the announcement of "reciprocal tariffs" by the US in early April, with major indices in Brazil, India, Australia, Japan, South Korea, and the US Nasdaq recovering to pre-tariff levels. The A-share market showed strong performance in value and stability styles, while growth styles lagged behind, with significant net subscriptions in ETFs during April [1][2] - In April, the power equipment index fell by 8%, while the communication, computer, electronics, and machinery equipment sectors saw declines exceeding 4%. In the commodities market, gold stood out with strong performance, while crude oil, copper, aluminum, and black commodities experienced declines. The US dollar index significantly decreased, and the offshore RMB appreciated against the US dollar, recovering the 7.2 level since mid-April [1][2] Market Outlook - The appreciation of the RMB is expected to boost confidence in Chinese assets, with significant gains in Hong Kong and Chinese concept stocks during the holiday period, leading to an anticipated strong opening for A-shares post-holiday. From May 1 to 2, the Nasdaq China Golden Dragon Index and the Hang Seng Tech Index rose by 3.7% and 3.1%, respectively, leading global major indices [3][4] - The Politburo meeting in April conveyed a stabilizing signal, indicating a domestic policy direction focused on "actively responding and daring to fight" externally, while internally emphasizing "managing our own affairs." This suggests a clear policy approach to expand domestic demand and stabilize expectations, which may manifest in the establishment of long-term market stabilization mechanisms and regular "support" signals in the capital market [3][4] - The domestic and international AI technology industry trends continue to evolve, with a focus on catalysts in the AI sector in May. Following the tariff impacts, the A-share AI+ industry chain has seen an overall correction, but investment opportunities in the AI+ sector are expected to become active again. High capital expenditure in the AI field is anticipated to continue, with significant developments from companies like Microsoft and Meta, as well as new model releases from Alibaba and Xiaomi [4]