券商中国·2025-05-05 11:08Core Viewpoint - The overall market outlook for May is optimistic, with expectations for A-shares to "catch up" post-holiday, particularly in light of the positive trends in Hong Kong stocks and the renminbi exchange rate [1][2]. Group 1: Market Trends - On May 2, Hong Kong stocks experienced a significant rise, with the Hang Seng Index up 1.74% and the Hang Seng Tech Index up 3.08% [2]. - The offshore renminbi strengthened, reaching a high of 7.24 against the US dollar, the highest level since April 4 [2]. - Analysts suggest that the trade tensions are showing signs of marginal easing, contributing to a positive market sentiment [2][3]. Group 2: Policy and Economic Signals - The Central Political Bureau's recent meeting conveyed positive signals aimed at stabilizing the capital market, emphasizing the need for a "stable and active capital market" [3]. - The easing of aggressive tariff policies by the US is expected to reduce market volatility and improve liquidity expectations [3]. Group 3: Focus on Technology - Analysts are optimistic about domestic technology-related assets, highlighting that the current monetary policy environment favors small-cap growth stocks [4]. - The Chinese government has provided substantial policy support for sectors like AI, robotics, and biomedicine, enhancing the competitive potential of domestic companies [4][5]. Group 4: Dividend Stocks as Safe Haven - Dividend assets are recognized for their stabilizing role in volatile market conditions, providing steady cash flow and additional returns [6][7]. - Research indicates that companies are improving their cash flow and dividend capabilities, with the non-financial free cash flow to equity ratio reaching historical highs [6][7]. - The dividend yield of the CSI 300 index is projected to be 3.2%, significantly higher than the ten-year government bond yield, indicating strong valuation attractiveness [7].