川财证券研究所晨报

Core Insights - The report indicates that the profits of industrial enterprises above designated size in China reached 20,946.9 billion yuan from January to April, reflecting a year-on-year growth of 4.3% [2][10]. - The report highlights that state-owned enterprises experienced a profit decline of 2.8%, while foreign and Hong Kong-Macau-Taiwan invested enterprises saw a profit increase of 16.7% [10]. - The report suggests that the overall market valuation is reasonable, with the Shanghai Composite Index's price-to-earnings ratio at 12.28 times, which is at the 22.13% historical percentile [27]. Market Overview - The report notes that the major indices experienced a downward trend, with coal, public utilities, and agriculture sectors showing the highest weekly gains [3][29]. - It mentions that the net inflow of northbound funds was 27.48 billion yuan, indicating a positive sentiment in the market despite the overall index decline [39]. - The report discusses the impact of the U.S. Federal Reserve's recent statements on inflation and interest rates, suggesting that high rates may persist longer than the market expects [3][39]. Industry Focus - The report emphasizes the importance of the semiconductor industry, particularly following the announcement of a 26 trillion won support plan by the South Korean government [39]. - It highlights the growth in e-commerce logistics, with the index reaching 113.2 points in April, marking a significant increase and indicating a robust logistics sector [41]. - The report also points out the recent measures in Chongqing to support new energy storage development, which could impact the market dynamics in the energy sector [41].