宏观市场周报

Economic Policy and Market Trends - President Xi Jinping emphasized the need for comprehensive reform to advance Chinese-style modernization, aiming to eliminate systemic barriers and enhance economic dynamism[1] - The recent real estate policies are expected to stimulate high-quality development in the sector, boosting domestic consumption and aiding economic recovery[8] Market Performance - Last week, the main indices in the Shanghai and Shenzhen markets experienced declines, with the Shanghai Composite Index falling by 2.07% to 3088.87 points[13] - The net outflow of major funds reached 112.34 billion yuan, a significant increase from the previous week's outflow of 66.39 billion yuan[3] Sector Analysis - Only the utilities sector saw a net inflow of funds, while sectors like electronics, computers, and real estate faced substantial outflows[3] - The coal sector recorded a modest gain of 2.19%, while the real estate sector dropped by 5.26%[20] Investment Climate - The net inflow of northbound funds decreased to 8.35 million yuan, indicating a tightening liquidity environment[13] - The recent introduction of stringent regulations on shareholder share reductions aims to maintain market order and protect investor interests[8] International Context - U.S. inflation and employment pressures have eased, reducing the likelihood of immediate impacts on the domestic market from U.S. monetary policy changes[8] - China's foreign non-financial direct investment grew by 18.7% year-on-year in the first four months, indicating a stable investment environment[28]