产业经济周观点：重视核心资产风格-20250518

Group 1 - The report emphasizes that the recent public fund regulations are a necessary result of long-term changes in China's capital market structure and economic structure [3] - The market style is shifting from low-volatility strategies to core assets, indicating a potential long-term decline in China's capital intensity [3][24] - In the short to medium term, the core asset style needs to recover, while in the long term, it reflects the cyclical bottoming of the economy [3][24] Group 2 - The report notes that the resilience of the US economy is weakening, with inflation structures continuing to adjust; April's CPI inflation year-on-year was 2.3%, while core CPI remained at 2.8% [8][11] - The US PPI inflation showed a month-on-month decline of -0.47% in April, with service PPI contributing significantly to this decline [9][12] - Retail sales in the US also showed weak growth, with a month-on-month increase of only 0.058% in April, indicating a drag on consumption [11][12] Group 3 - The report highlights the mutual reduction of trade barriers between China and the US, with both countries agreeing to cancel 91% of tariffs and establish a mechanism for ongoing economic negotiations [13][15] - The Hong Kong stock market saw a general increase, with the Hang Seng Index rising by 2.09% [16] - The report indicates a lack of clear main lines in the Hong Kong market, with sectors like security, NFT concepts, and building energy efficiency leading the gains [19][24] Group 4 - The report suggests that the growth style may continue to adjust due to a lack of event catalysts [3][24] - In terms of industry performance, financial and real estate sectors led the gains, while technology sectors faced declines [32][24] - The report also notes a divergence in foreign capital index futures holdings, with net short positions expanding in some indices [44]