财富通每周策略-20250523

Group 1 - The report indicates that the market experienced a rebound due to resilient economic data and the first LPR cut of the year, but subsequently could not maintain the upward trend, resulting in a decline in major indices [2][6][10] - The Shanghai Composite Index fell by 0.57%, the Shenzhen Component by 0.46%, and the ChiNext Index by 0.88% during the week, with most sectors experiencing declines [4][10] - The report highlights that April's economic performance showed signs of recovery, with industrial output growing by 6.1% year-on-year, although the growth rate decreased by 1.6 percentage points compared to the previous month [5][11][24] Group 2 - The report suggests that the economic pressure in the second quarter is expected to ease, supported by the gradual implementation of various growth-stabilizing policies and a reduction in US-China trade tensions [6][10][11] - Fiscal revenue showed a positive trend in April, with total fiscal revenue for the first four months reaching 8.06 trillion yuan, a slight decrease of 0.4% year-on-year, but showing improvement compared to the previous month's decline [11][12] - The LPR was lowered for the first time this year, with the one-year LPR at 3.0% and the five-year LPR at 3.5%, signaling a continued effort to stimulate economic recovery [12][13][24] Group 3 - The report recommends focusing on sectors such as finance, public utilities, TMT (Technology, Media, and Telecommunications), and non-ferrous metals for potential investment opportunities [6][10][14] - The report notes that the A-share market is currently trading at a significant valuation discount compared to other emerging markets, which may attract global allocation funds [6][14] - The overall market risk appetite is expected to receive systematic support from the combination of policy and funding measures, enhancing investor confidence [6][14]