市场策略更新：韧性犹在

Market Strategy Update - The report indicates that while domestic economic growth momentum has weakened in April, the downside risk remains limited, suggesting a short-term consolidation in A-shares with a focus on external demand and growth themes [1][2] Economic Data Analysis - April's economic data shows a decline compared to March, with external demand outperforming internal demand. Industrial value-added in April grew by 6.1% year-on-year, although this is lower than previous values, yet it remains above the five-year average [2] - Investment and consumption also saw a decline from March, with real estate and manufacturing investments weakening in April. Retail sales showed resilience in essential consumption, but the growth rate for automobiles and communication equipment has notably decreased [2] External vs Internal Demand - The report highlights that external demand has exceeded expectations, driven by robust overseas demand and export activities. In contrast, internal demand is showing signs of weakening, particularly in real estate sales growth, which has seen a marginal decline [2] Policy Expectations - The marginal weakening of internal demand data has led to increased expectations for short-term growth stabilization policies. The People's Bank of China is expected to lower the Loan Prime Rate (LPR) in May, further supporting a loose monetary policy [2] Market Outlook - The current market is characterized by a range-bound consolidation pattern. The report suggests that the market's upward potential is contingent on the strength of economic recovery, while the downside risk remains manageable under supportive policies [2] Sector Focus for Q2 - The report recommends focusing on sectors benefiting from external demand and growth themes, specifically: 1. Industries benefiting from export growth and inventory replenishment, such as chemicals and shipping 2. Growth sectors with favorable trends and improved risk appetite, including AI, robotics, semiconductors, and self-sufficiency initiatives [2]