一季报落地后市场或如何演绎？

Policy Measures - The central bank introduced ten monetary policy measures categorized into quantity, price, and structure, aimed at enhancing market liquidity and reducing financing costs[11] - The Financial Regulatory Bureau proposed eight measures to support economic recovery, focusing on real estate, secondary markets, and financing for the real economy[12] Market Performance - In Q1 2025, A-share net profit for non-financial sectors grew by 5.13% year-on-year, an increase of 19% compared to the full year of 2024[15] - Among 30 industries, 17 saw a year-on-year increase in net profit growth, with TMT and non-ferrous metals sectors performing particularly well[17] Investment Recommendations - Three main investment themes are highlighted: TMT sector's sustained growth, low-cycle stocks showing signs of recovery, and stable sectors like public utilities and transportation with strong safety margins[24] - The TMT sector is expected to maintain its performance throughout the year, with Hong Kong stocks potentially offering better value[24] Risks - Potential risks include unexpected tightening of global liquidity, increased market complexity, and unpredictable policy changes[5]