Southwest Securities·2025-05-09 13:42Domestic Economic Developments - The People's Bank of China implemented a comprehensive monetary policy package, including a 50 basis point reserve requirement ratio cut and a 10 basis point interest rate reduction, aimed at alleviating short-term economic downward pressure and supporting long-term structural transformation[8] - During the May Day holiday, domestic tourism saw a 6.4% year-on-year increase, with total spending reaching approximately 180.27 billion yuan, reflecting a robust domestic consumption market[6] - The China Securities Regulatory Commission introduced 25 measures to guide public funds from focusing on scale to prioritizing investor returns, which may reshape the competitive landscape of the industry[11] International Economic Developments - The U.S. ISM Services PMI for April rose to 51.6, exceeding expectations and indicating a structural divergence between a strong services sector and a weak manufacturing sector[15] - The U.S. trade deficit reached a record high of $140.5 billion in March, a 14.0% month-on-month increase, primarily due to accelerated imports ahead of tariff hikes[17] - Germany's new Chancellor, Friedrich Merz, faced a challenging political landscape, with internal party conflicts likely to intensify despite his election victory[19] Market Trends - Brent crude oil prices decreased by 1.85% week-on-week, while iron ore prices fell by 0.09%, and copper prices increased by 0.33%[23] - Real estate sales in 30 major cities dropped by 33.05% week-on-week, with first-tier cities experiencing a 42.73% decline[38] - The average daily retail sales of passenger cars increased by 52% year-on-year in April, indicating a recovery in consumer demand[38]