CCSC(SH:601375) Zhongyuan Securities·2025-06-05 01:50Key Points - The report highlights the ongoing recovery of the Chinese economy, with consumption and investment being the main drivers of growth, supported by recent monetary policy measures including interest rate cuts and liquidity injections [5][8][12] - The electronic consumption sector is leading the A-share market, indicating a positive trend in consumer spending and investment in high-tech manufacturing [5][8][12] - The report notes a significant increase in domestic photovoltaic installations, with April's new capacity reaching 45.22 GW, a year-on-year growth of 214.68%, driven by commercial and distributed solar projects [21][22] - The mechanical industry shows signs of recovery, with the first quarter of 2025 reporting a year-on-year revenue increase of 8.91% and a net profit growth of 17.21% [23][24] - The securities industry has seen a rebound in performance, with a 24.60% increase in revenue and an 83.48% increase in net profit in the first quarter of 2025 compared to the previous year [31][32] - The report emphasizes the importance of monitoring external factors such as U.S.-China trade relations and their impact on export-oriented sectors, particularly in electronics and machinery [10][19] - The new materials sector is expected to grow due to increasing demand from manufacturing and technological advancements, despite recent underperformance compared to the broader market [28][30]