策略周报：物来顺应-20250506

Group 1 - The report indicates that the A-share market experienced weak fluctuations during the week of April 28 to May 2, with the Shanghai Composite Index and CSI 300 declining by 0.49% and 0.43% respectively, while the ChiNext Index saw a slight increase of 0.04% [7] - The manufacturing PMI for April was reported at 49.0%, a decrease of 1.5 percentage points from the previous month, indicating a contraction, while the non-manufacturing PMI remained in the expansion zone at 50.4% [7] - The report highlights that sectors such as media, computing, and beauty care showed strong performance, while real estate and social services faced significant declines [7] Group 2 - The report notes that the current PE (TTM) for CSI 300 is 12.21 times, with a risk premium of 6.57%, which is above one standard deviation, while the ChiNext Index's PE (TTM) is 29.18, below one negative standard deviation [7] - It is observed that the overall A-share market's PE has increased, while the PB has decreased, indicating a mixed valuation trend across different sectors [9][14] - The report emphasizes that sectors like food and beverage, public utilities are at historical low valuations, while real estate and computing are at historical highs [28] Group 3 - The report discusses the impact of external factors such as tariff tensions on the domestic economy, with a focus on the need for stable policies to support economic recovery [7] - The report mentions that the U.S. economy contracted by 0.3% in the first quarter, significantly lower than the average growth rate of about 3% over the past two years, primarily due to a slowdown in consumer spending [7] - The report suggests that the market's risk appetite has improved due to a potential easing of tariff frictions, which may positively influence the A-share market's performance in the near term [7]