2025年5月策略月报：系列利好政策支持稳市场稳预期-20250528

Market Overview - In May, A-share major indices showed mixed performance, with the Shanghai Composite Index closing at 3,346.84 points, up 2.07% from the end of April [12] - The A-share market liquidity remained stable, with a slight decrease in the number of newly established equity funds and a small reduction in significant shareholder holdings [32] - Investor confidence improved, with notable inflows into popular sectors such as automotive and biopharmaceuticals, despite a general decline in trading activity towards the end of the month [40] Earnings Analysis - From January to April 2025, the total profit of industrial enterprises above designated size increased by 1.4% year-on-year, with a revenue growth rate of 3.2% [19] - Private and joint-stock enterprises showed a recovery in profitability, with private enterprises' profits rising by 4.3% year-on-year [19] Policy Analysis - The central bank implemented a series of monetary policy adjustments, including a 0.1 percentage point cut in the 7-day reverse repurchase rate and a 0.5 percentage point reduction in the reserve requirement ratio, expected to inject approximately 1 trillion yuan into the market [25] - The China Securities Regulatory Commission (CSRC) is set to introduce reforms to enhance the adaptability and inclusiveness of the capital market, particularly focusing on the Sci-Tech Innovation Board and the Growth Enterprise Market [3] Industry Configuration Recommendations - The report suggests focusing on sectors that will benefit from the expansion of domestic demand policies, particularly large consumer goods companies [3] - The ongoing development of new productive forces in China is expected to accelerate the process of domestic substitution, highlighting opportunities in technology growth sectors that achieve technological breakthroughs [3]