周度策略：财政支出加力，市场区间震荡

Group 1 - Fiscal revenue decreased by 2.7% year-on-year in the first four months of 2024, with tax revenue down by 4.9%, while non-tax revenue increased by 9.4% [13][17][45] - Real estate sales showed signs of stabilization after the introduction of policies on May 17, with daily sales exceeding 300,000 square meters from May 20 to May 24, reducing the year-on-year decline to 22% [17][18][27] - The automotive market saw a slight decline in sales, with an estimated 1.65 million vehicles sold in May, down 5.3% year-on-year but up 7.5% month-on-month, while the new energy vehicle market remained robust with a projected 770,000 units sold [17][18][27] Group 2 - The report emphasizes the need for comprehensive reform to overcome systemic barriers and enhance the socialist market economy, aligning production relations with productivity [38][47] - The U.S. Federal Reserve's hawkish stance is noted, with indications that high interest rates will be maintained longer than previously expected, impacting market risk appetite [30][49] - Investment recommendations focus on sectors such as technology (computers, communications, electronics, media), non-ferrous metals, and non-bank financials [18][49]