中原证券晨会聚焦-20250506

Key Points - The report highlights the performance of various indices in the domestic market, with the Shanghai Composite Index closing at 3,279.03, down 0.23% [3] - The report indicates that the manufacturing PMI for April in China was 49, down from 50.5, while the non-manufacturing PMI was 50.4, indicating continued expansion [5][8] - The report notes that the central bank conducted a reverse repurchase operation of 1.2 trillion yuan in April, marking a reduction in operations for the first time since the tool's inception [5][8] - The report discusses the strong performance of the automotive and internet sectors in the A-share market, with significant growth in the new energy vehicle sector [10][40] - The report mentions that the nuclear power sector is experiencing an acceleration in project approvals, with 10 nuclear units approved recently, indicating a positive outlook for nuclear energy [31][32] - The report emphasizes the challenges faced by the electrical equipment sector due to tariff disruptions and fluctuating demand, while also noting strong export performance in transformers and cables [37][38] - The report highlights the growth in the semiconductor materials sector, with global semiconductor sales continuing to increase, particularly in China [17] - The report indicates that the photovoltaic industry saw a significant increase in installed capacity in March, but the sector is currently facing price declines and profitability pressures [20][21][23]