Group 1 - The report highlights that the central bank's monetary policy in May, including interest rate cuts and reserve requirement ratio reductions, has released significant liquidity into the market, which is expected to enhance consumer spending and support the economy [5][10]. - A temporary easing of export pressures has been noted due to the recent US-China tariff adjustments, which could benefit export-oriented industries such as light manufacturing, technology, and automotive parts [5][10]. - The equity market in May showed a clear preference for value stocks over growth stocks, with the North Star 50 Index rising by 5.83%, while the large-cap growth index only saw a slight increase of 0.36% [45][51]. Group 2 - The bond market experienced fluctuations in May, with interest rates initially declining due to a favorable liquidity environment, followed by a rebound influenced by supply pressures from long-term government bonds [51]. - The report suggests that the economic data for May, particularly in industrial production, consumption, and exports, provides a solid foundation for the A-share market [6][68]. - The report recommends focusing on sectors that benefit from domestic consumption and technological innovation, such as computers, components, and telecommunications, as well as defensive sectors like banking and energy [68][69]. Group 3 - The report indicates that the real estate market has shown signs of improvement, with policies aimed at stabilizing prices and boosting demand, including interest rate cuts and reduced transaction costs [69][70]. - Data from 70 major cities shows a narrowing decline in new residential prices, suggesting a potential stabilization in the housing market [71][75]. - The report emphasizes the importance of ongoing financial support for the real estate sector, as evidenced by the positive growth in real estate loans and mortgage loans, which indicates a recovery in buyer sentiment [89][90].
月度策略:外部不确定性仍存,成长与价值均衡配置-20250604