“申”度解盘 | 金融与消费板块走强，科技股小幅调整

Core Viewpoint - The article suggests that after adjustments in technology stocks, AI software applications and robotics sectors are expected to stabilize first, while structural trends in consumption and domestic substitution will continue to unfold amid market index fluctuations [1][4]. Market Overview - The A-share market experienced a rise at the beginning of the week but retreated due to weak performance in technology stocks, although the financial and consumer sectors performed well [1]. - Substantial progress was made in Sino-U.S. trade negotiations, with both sides agreeing to significantly lower bilateral tariff levels, which aligns with the expectations of producers and consumers in both countries [2]. - The banking sector's market capitalization surpassed 10 trillion yuan, marking a historical high, with insurance and brokerage sectors also showing performance [2]. - China's financial data for April showed a broad money supply (M2) growth of 8% year-on-year, with new social financing of 1.16 trillion yuan and steady growth in credit scale [2]. Consumer Sector Performance - The consumer sector showed strong performance, with major e-commerce platforms like Taobao, JD.com, and Douyin launching pre-sale activities for the "618" mid-year shopping festival, increasing consumer subsidies [3]. - Various segments, including food and beverage, beauty care, pet food, and synthetic biology, saw varying degrees of growth, enhancing market confidence in consumer recovery [3]. Market Outlook - Following the release of financial reports from Tencent and Alibaba, some institutions noted that their recent capital expenditures related to AI and computing power fell short of market expectations, negatively impacting technology stocks in the A-share market [4]. - It is anticipated that after the adjustment in technology stocks, AI software applications and robotics sectors will stabilize first, while structural trends in consumption and domestic substitution will continue to evolve amid market index fluctuations [4].