A股投资策略周报告：经济保持增长韧性

Economic Performance - In April, industrial added value increased by 6.1% year-on-year, maintaining a rapid growth rate[6] - Retail sales of consumer goods rose by 5.1% year-on-year in April, supported by consumption upgrade policies[6] - From January to April, fixed asset investment grew by 4.0% year-on-year, with equipment investment increasing by 18.2%[6] Financial Indicators - Social financing stock increased by 8.7% year-on-year as of April, with a net cash injection of 319.3 billion RMB in the first four months[6] - As of the end of April, M2 money supply grew by 8% year-on-year, while M1 increased by 1.5%[6] - The balance of RMB loans reached 265.7 trillion RMB, growing by 7.2% year-on-year[6] External Factors - The U.S. April CPI rose by 2.3%, below the expected 2.4%, while core CPI increased by 2.8%, meeting expectations[18] - The probability of the Federal Reserve maintaining interest rates in June is 94.4%, with a 5.6% chance of a 25 basis point cut[18] Market Outlook - The A-share market is experiencing normal fluctuations, with the Shanghai Composite Index showing a slight increase of 0.19% from May 12 to May 23[22] - Structural opportunities are expected to arise despite uncertainties from U.S.-China trade policies and tariff conflicts[22] Sector Focus - Emphasis on technology innovation and advanced manufacturing, particularly in electronics and digital economy sectors[26] - Domestic demand sectors such as home appliances, automobiles, and machinery are highlighted for investment opportunities[26] - External demand strategies focus on new production capabilities and low-altitude economy[26]