经济实现月度反弹但中期变量仍较弱

Group 1 - The core viewpoint indicates that while the economy shows signs of monthly rebound, mid-term variables remain weak, suggesting a cautious outlook for the market [1][2] - The market experienced divergence last week, with the CSI 300 index declining by 1.08%, the Shanghai Composite Index down by 0.03%, and the CSI 500 index increasing by 0.32%, indicating an overall downward trend despite a weak rebound in small-cap stocks [2][3] - The official manufacturing PMI for May rebounded, signaling a recovery in the Chinese economy after the April tariff disruptions, but it remains below the strong demand levels seen earlier in the year, indicating a repair phase rather than a definitive turnaround [2][3] Group 2 - The analysis of the U.S. economy reveals short-term resilience but persistent mid-term consumer confidence issues, compounded by political strife, making sustained economic recovery unlikely [2][3] - The recommendation for the main board is to maintain a low position to avoid risks, as the economic rebound indicators have already been priced in by the market [3] - For the small-cap sector, despite a relative strength in style, the recommendation remains to maintain a low position, with a focus on the mid-cap range from CSI 500 to CSI 1000 [3]