东莞证券财富通每周策略-20250523

Market Overview - The Shanghai Composite Index experienced a slight decline of 0.57% this week, while the Shenzhen Component and ChiNext Index fell by 0.46% and 0.88% respectively, indicating a mixed performance across major indices [1][3][5] - The market was initially buoyed by resilient economic data and the first LPR cut of the year, leading to a three-day rally, but could not maintain the upward momentum [2][3][12] Economic Indicators - In April, the industrial value-added growth was reported at 6.1%, although this represented a decrease of 1.6 percentage points from the previous month [8][18] - Fixed asset investment from January to April grew by 4.0% year-on-year, with infrastructure investment maintaining a growth rate of 5.8% [8][9] - Retail sales increased by 5.1% year-on-year in April, supported by policies like "trade-in" for home appliances, although this was a slowdown from previous growth rates [8][9] Fiscal Policy - Fiscal revenue showed signs of improvement, with total revenue for the first four months at 8.06 trillion yuan, a slight decrease of 0.4% year-on-year, but better than the previous decline of 1.1% [9] - Government spending increased by 4.6% year-on-year, with April's expenditure reaching 2.08 trillion yuan, up 5.8% from the previous year [9][10] Monetary Policy - The LPR was cut for the first time this year, with the one-year rate dropping to 3.0% and the five-year rate to 3.5%, both down by 10 basis points [10][11] - The central bank conducted significant liquidity operations, injecting a net of 1.2 trillion yuan into the market to ensure adequate liquidity [10][11] Investment Recommendations - The report suggests focusing on sectors such as finance, public utilities, TMT (Technology, Media, and Telecommunications), and non-ferrous metals for potential investment opportunities [4][12]