Macro and Strategy Research - In April 2025, the industrial added value increased by 6.1% year-on-year, exceeding the expected 5.2% but lower than the previous value of 7.7% [2] - The retail sales of consumer goods grew by 5.1% year-on-year, slightly below the expected 5.5% and previous 5.9% [2] - Fixed asset investment accumulated a year-on-year growth of 4.0%, which is lower than both the expected 4.2% and the previous value of 4.2% [2] - The production growth rate of nearly 80% of industries slowed down due to tariff impacts, with industrial enterprises' export delivery value growth dropping significantly by 6.8 percentage points to 0.9% [2] - The service industry production index grew by 6.0% year-on-year, with modern service sectors like information technology and finance showing relatively fast growth [2] Consumption Trends - The year-on-year growth rate of retail sales of consumer goods slowed down in April, primarily due to a decline in automobile consumption driven by price reductions [3] - The "old-for-new" policy continued to boost furniture and home appliance consumption, while rising gold prices increased jewelry consumption [3] - Service retail sales from January to April grew by 5.1% year-on-year, outpacing the growth of goods retail sales by 0.4 percentage points [3] - May is expected to see an increase in retail sales growth due to holiday consumption and the continuous refinement of national policies to expand domestic demand [3] Investment Insights - Fixed asset investment growth slightly decreased in April, with manufacturing investment dropping by 1.0 percentage points to 8.2% year-on-year [4] - Infrastructure investment growth fell by 3.0 percentage points to 9.6%, with central government-led investments in electricity, heating, and water declining [4] - Real estate investment growth saw a year-on-year decline of 1.3 percentage points to -11.3%, with sales in major cities stabilizing [4] - The central bank's further reduction of mortgage rates may not yield immediate effects, and real estate investment growth is expected to remain at a low level until urban renewal projects progress [4] Fixed Income Research - The issuance scale of credit bonds decreased, with corporate bonds seeing zero issuance and a reduction in company bonds, medium-term notes, and directed tools [6] - The net financing amount of credit bonds decreased, with corporate bonds and short-term financing bonds showing negative net financing [6] - The secondary market saw an increase in transaction amounts, with credit bond yields showing differentiation [6] - The overall conditions for a bear market in credit bonds are not sufficient, and long-term yields are expected to enter a downward channel [6] Industry Research - The Guinea government has reclaimed 51 mining licenses, impacting the mining sector [10] - The steel industry faces short-term pressure due to increased rainfall in southern regions, affecting demand [10] - The copper market is influenced by macroeconomic sentiment and export behaviors, with prices expected to fluctuate [10] - The aluminum market is supported by improved US-China trade relations, but domestic demand is entering a low season [10] - The gold market may experience fluctuations influenced by US economic data and geopolitical situations [10] - The lithium market is facing oversupply, with export behaviors impacting demand [10]

Economic Overview - In April, China's economy continued to show a recovery trend, with retail sales of consumer goods and the service production index growing by 4.7% and 5.9% respectively, both up by 0.1 percentage points compared to the first quarter [3][4] - Exports increased by 7.5%, while industrial added value maintained a stable growth rate of 6.4% [3][4] - The data indicates that despite external pressures and internal challenges, China's economy demonstrates significant resilience [1][3] Industrial Growth - The industrial production index for April showed a year-on-year growth of 6.1%, with 36 out of 41 major industries experiencing growth, indicating a broad-based recovery [6][24] - Notably, equipment manufacturing and high-tech manufacturing sectors grew by 9.8% and 10.0% respectively, with new industries becoming key growth drivers [6][7] - The production of 3D printing equipment, industrial robots, and new energy vehicles saw year-on-year increases exceeding 20% [6][24] Service Sector Performance - The national service production index rose by 6.0% year-on-year in April, reflecting a stable recovery and expansion in the service sector [8][25] - The information transmission, software, and IT services sectors grew rapidly, with a year-on-year increase of 10.4% [10][25] - The service sector's internal structure is continuously optimizing, with modern and productive service industries maintaining strong growth [10][25] Consumer Spending - In April, the total retail sales of consumer goods reached 37,174 billion yuan, marking a year-on-year growth of 5.1% [12][11] - The increase in consumer spending is attributed to the effectiveness of government policies aimed at boosting consumption and improving consumer confidence [12][11] - Notable growth was observed in travel, communication, and other service-related consumption categories, driven by holiday travel demand [12][11] Investment Trends - From January to April, fixed asset investment grew by 4.0%, with equipment investment rising by 18.2%, contributing significantly to overall investment growth [14][13] - Infrastructure investment (excluding electricity) increased by 5.8%, while manufacturing investment maintained a stable growth rate of 8.8% [14][15] - The "two heavy" and "two new" policies have positively influenced investment stability, particularly in infrastructure and manufacturing sectors [14][15] Export Dynamics - Despite rising tariffs on exports to the U.S., China's exports remained robust, with a total export value of 22,645 billion yuan in April, reflecting a growth of 9.3% [17][16] - The total import value was 15,745 billion yuan, with a growth rate of 0.8%, indicating a potential need for further activation of domestic demand [17][16] - The share of private enterprises in total imports and exports increased to 56.9%, highlighting an improvement in trade structure [17][16] Employment Market - The average urban unemployment rate from January to April was 5.2%, consistent with the previous year, indicating a stable employment situation [19][18] - The employment market is expected to continue improving, supported by economic fundamentals and effective employment policies [19][18] - However, structural challenges and external pressures remain, necessitating attention to skill development and training [19][18]

Core Viewpoint - The April economic data indicates a mixed performance in China's economy, with strong industrial production and consumption, but a decline in investment and real estate sectors [1][13]. Demand Side - April's external demand faced challenges due to reciprocal tariffs, leading to a significant drop in exports to the US; however, transshipment trade helped maintain export resilience [1][2]. - Internal demand showed a decline in both investment and consumption, although consumption remained at a high level; investment was dragged down by the real estate and manufacturing sectors [1][7]. Production Side - Industrial production maintained a high level, with April's industrial value-added growth rate dropping to 6.1%, supported by equipment manufacturing and high-tech manufacturing [3][5]. - The service sector's production index slightly decreased, but still benefited from low base effects and consumption recovery [3]. Investment Trends - National fixed asset investment growth rate fell by 0.8 percentage points to 3.5%, with real estate investment continuing to decline significantly [7]. - High-tech industry investments performed well, particularly in information services and computer manufacturing, with year-on-year growth rates of 40.6% and 28.9% respectively [7]. Consumption Patterns - Retail sales growth rate decreased by 0.8 percentage points to 5.1%, while service retail sales showed an upward trend, particularly in tourism-related sectors [9]. - Essential consumer goods saw a decline in growth, while sectors benefiting from trade-in programs performed strongly [9]. Real Estate Market - Real estate sales area growth rate worsened to -2.1%, with new construction area also declining significantly [11]. - Despite the drop in sales volume, housing prices continued to rise, with the decline in new and second-hand housing prices narrowing [11]. Employment and External Factors - The unemployment rate remained stable at 5.1%, indicating a steady employment situation despite external challenges [13]. - Future export performance may exceed expectations due to potential European recovery, although this could lead to a more cautious domestic policy response [13].

日本央行副行长内田真一：担心近期物价上涨对消费产生负面影响。 ...

Group 1: Investment Ratings - No investment ratings for the industry are provided in the report. Group 2: Core Views - The domestic "One Bank, One Commission, One Administration" policy slightly exceeded expectations, and the Sino - US negotiation achieved significant progress, but the current tariff level remains high, which may limit market optimism. The supply of copper ore and recycled copper remains tight, while consumption shows signs of marginal weakening, making it difficult for copper prices to continue rising in the short term [1]. - The domestic aluminum ingot is approaching its production capacity limit, and the continuous decline in short - term inventory strongly supports aluminum prices. However, due to the current seasonally weak consumption, the sustainability of demand improvement may face challenges, restricting the rebound height of aluminum prices [3]. - The port inventory of lead concentrate continues to rise, the waste inventory is limited, and the downstream battery enterprises' holiday has been extended. After the Sino - US economic and trade talks, the short - term commodity sentiment is strong, and the medium - term Shanghai lead index is expected to fluctuate within a range [4]. - The port inventory of zinc concentrate continues to rise, and the zinc ore surplus expectation remains unchanged. The zinc ingot inventory has slightly increased, but the domestic warehouse receipts remain at a low level. The Russian lead - zinc mine's expected shutdown in June may boost zinc prices from an emotional perspective [6]. - The supply of tin is currently tight but is expected to ease. The impact of tariffs on the demand side remains to be observed. If downstream demand remains weak, the tin price center may shift downward [7][8]. - The cost of nickel is expected to ease, and the spot demand is weak. Nickel prices should be treated with a bearish mindset [9]. - The short - term tariff change of lithium carbonate will bring additional orders, and the peak season is expected to continue. The futures price is likely to fluctuate, and attention should be paid to the upstream and downstream operating rates and domestic inventory changes [11]. - The supply of alumina is subject to continuous disturbances, and the new production capacity has increased uncertainty. The cost support continues to decline. In the short term, it is recommended to wait and see, and the medium - to - long - term supply surplus trend is difficult to change [13]. - The stainless steel market shows a differentiated trend of narrow cost fluctuations and rising spot prices, with significantly improved steel mill profits. The short - term market is resilient, but the medium - to - long - term trend depends on the game between terminal recovery intensity and the off - season cycle [15]. Group 3: Summary by Metal Copper - Yesterday, LME copper closed down 0.34% at $9592/ton, and SHFE copper's main contract closed at 78,650 yuan/ton. LME inventory decreased by 4075 to 185,575 tons, and the cancellation warrant ratio dropped to 41.8%. In China, SHFE copper warehouse receipts increased by 21,000 to 50,000 tons. The spot in Shanghai was at a discount of 25 yuan/ton to the futures, and in Guangdong, it changed from a premium to a discount of 15 yuan/ton. The domestic copper spot import loss narrowed to about 250 yuan/ton, and the Yangshan copper premium declined. The refined - scrap copper price difference widened to 1680 yuan/ton. The expected operating range for SHFE copper's main contract today is 78,000 - 79,200 yuan/ton, and for LME copper 3M, it is $9500 - $9700/ton [1]. Aluminum - Yesterday, LME aluminum closed up 1.16% at $2522/ton, and SHFE aluminum's main contract closed at 20,255 yuan/ton. The position of the SHFE aluminum weighted contract decreased by 3000 to 545,000 lots, and the futures warehouse receipts increased by 1000 to 62,000 tons. The domestic aluminum ingot inventory in three regions decreased by 8000 to 471,000 tons, and the inventory of aluminum rods in Guangdong and Wuxi decreased by 4000 to 93,000 tons. The spot in East China was at a premium of 20 yuan/ton to the futures. The expected operating range for the domestic main contract today is 20,050 - 20,320 yuan/ton, and for LME aluminum 3M, it is $2480 - $2550/ton [3]. Lead - On Wednesday, the Shanghai lead index closed down 0.16% at 16,937 yuan/ton. LME lead 3S fell by $9 to $1984/ton. The SMM1 lead ingot average price was 16,750 yuan/ton, and the refined - scrap lead price difference was 25 yuan/ton. The SHFE lead ingot futures inventory was 48,300 tons, and the LME lead ingot inventory was 253,200 tons. The domestic social inventory increased to 47,600 tons. The medium - term Shanghai lead index is expected to fluctuate between 16,300 - 17,800 yuan/ton, and the short - term lead price shows a strong - side fluctuation [4]. Zinc - On Wednesday, the Shanghai zinc index closed up 1.69% at 22,605 yuan/ton. LME zinc 3S rose by $40 to $2732.5/ton. The SMM0 zinc ingot average price was 22,840 yuan/ton. The SHFE zinc ingot futures inventory was 1600 tons, and the LME zinc ingot inventory was 168,000 tons. The domestic social inventory slightly decreased to 83,300 tons. The Russian lead - zinc mine is expected to shut down in June, which may boost zinc prices emotionally. The zinc price has rebounded slightly [6]. Tin - On May 14, 2025, the closing price of the SHFE tin main contract was 262,070 yuan/ton, down 0.43%. The SHFE registered warehouse receipts decreased by 60 to 8179 tons, and the LME inventory decreased by 15 to 2775 tons. The domestic tin ore is gradually resuming production, and the demand is affected by tariffs. The expected operating range for the domestic main contract is 250,000 - 270,000 yuan/ton, and for overseas LME tin, it is $30,000 - $33,000/ton [7][8]. Nickel - On Wednesday, the nickel price fluctuated upward. The closing price of the SHFE nickel main contract was 125,230 yuan/ton, up 1.11%, and the LME main contract closed at $15,800/ton, up 0.35%. The price of nickel ore from the Philippines remained stable, and the price of high - nickel pig iron in the market continued to weaken. The expected operating range for the SHFE nickel main contract today is 120,000 - 130,000 yuan/ton, and for LME nickel 3M, it is $15,000 - $16,300/ton [9]. Lithium Carbonate - The MMLC spot index of lithium carbonate closed at 64,727 yuan, down 0.13%. The LC2507 contract closed at 65,200 yuan, up 3.13%. The main contract's closing price was at a premium of 250 yuan to the MMLC average price of battery - grade lithium carbonate. The short - term tariff change will bring additional orders, and the futures price is likely to fluctuate. The expected operating range for the Guangzhou Futures Exchange's lithium carbonate 2507 contract today is 64,200 - 66,000 yuan/ton [11]. Alumina - On May 14, 2025, the alumina index rose 3.54% to 2941 yuan/ton. The spot prices in various regions increased. The Shandong spot price was at a discount of 60 yuan/ton to the 07 contract. The overseas price also increased. The futures warehouse receipts decreased to 209,800 tons. In the short term, it is recommended to wait and see, and the expected operating range for the domestic main contract AO2509 is 2700 - 3050 yuan/ton [13]. Stainless Steel - On Wednesday, the stainless steel main contract closed at 13,080 yuan/ton, up 1.16%. The spot prices in Foshan and Wuxi markets increased. The raw material prices were mostly stable. The futures inventory decreased to 158,809 tons, and the social inventory increased to 1.113 million tons. The short - term market is resilient, and the medium - to - long - term trend depends on terminal recovery and the off - season [15].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The weekly economic index declined, with the China Weekly Economic Index (WEI) at 5.2%, down 0.2 percentage points from the previous value. The production sub - index decreased while the demand sub - index increased, and the supply - demand gap widened [1]. - Production showed a downward trend, with a decline in the 4 - week moving average year - on - year of rebar production and a significant drop in the automobile semi - steel tire operating rate [1]. - Infrastructure high - frequency indicators remained flat, with a slight decline in cement shipping and grinding rates and a slight increase in the petroleum asphalt plant operating rate [1]. - The growth rate of commercial housing sales slowed down, and the floor area of land transactions in 100 large and medium - sized cities decreased significantly [2]. - Consumption increased, with improvements in movie box office and domestic flight execution numbers, but a slight decline in the subway passenger volume in Beijing, Shanghai, Guangzhou, and Shenzhen [2]. - Exports decreased, as indicated by the sharp decline in South Korea's export year - on - year in early May and the drop in shipping freight rate indices [2]. - The price of pork increased, while the overall agricultural product wholesale price index decreased slightly. Industrial product prices generally declined [3]. 3. Summary by Directory 3.1 Weekly Economic Index - The WEI was 5.2%, down 0.2 percentage points from the previous value. The production sub - index was 5.0%, down 0.6 percentage points, and the demand sub - index was 5.8%, up 0.3 percentage points. The supply - demand gap was 0.8%, up 0.9 percentage points [1]. 3.2 Production - The 4 - week moving average year - on - year of rebar production was 2.4%, down 3.4 percentage points. The blast furnace operating rate was 84.6%, up 0.2 percentage points. The automobile semi - steel tire operating rate was 58.4%, down 14.0 percentage points. The 4 - week moving average year - on - year of the average daily coal consumption of coastal power plants was 1.1%, down 0.9 percentage points [1]. 3.3 Infrastructure - The cement shipping rate was 39.3%, down 1.2 percentage points. The cement mill operating rate was 41.7%, down 1.8 percentage points. The petroleum asphalt plant operating rate was 28.8%, up 0.5 percentage points [1]. 3.4 Real Estate - The 4 - week moving average year - on - year of the commercial housing sales area in 30 large and medium - sized cities was - 8.1%, up 4.3 percentage points. The 4 - week moving average year - on - year of the floor area of land transactions in 100 large and medium - sized cities was - 17.4%, down 15.8 percentage points [2]. 3.5 Consumption - The 4 - week moving average year - on - year of movie box office was - 43.0%, up 0.8 percentage points. The 4 - week moving average year - on - year of domestic flight execution numbers was 4.2%, up 1.0 percentage points. The 4 - week moving average year - on - year of subway passenger volume in Beijing, Shanghai, Guangzhou, and Shenzhen was 2.6%, down 0.2 percentage points [2]. 3.6 Exports - South Korea's export year - on - year in early May was - 23.8%, down 43.1 percentage points from late April. The 4 - week moving average year - on - year of the Shanghai Export Containerized Freight Index (SCFI) was - 33.6%, down 5.5 percentage points. The 4 - week moving average year - on - year of the Baltic Dry Index (BDI) was - 28.9%, down 4.6 percentage points [2]. 3.7 CPI - The 4 - week moving average year - on - year of the agricultural product wholesale price 200 index was - 2.6%, down 0.3 percentage points. The 4 - week moving average year - on - year of the average wholesale price of pork was 1.5%, up 0.3 percentage points. The 4 - week moving average year - on - year of the average wholesale price of 28 key monitored vegetables was - 5.9%, down 2.3 percentage points [3]. 3.8 PPI - The 4 - week moving average year - on - year of the Nanhua Composite Index was - 9.4%, down 0.3 percentage points. The 4 - week moving average year - on - year of the Brent crude oil spot price was - 24.8%, up 1.1 percentage points. The 4 - week moving average year - on - year of the rebar price was - 12.7%, down 0.9 percentage points. The 4 - week moving average year - on - year of the Qinhuangdao Port steam coal closing price was - 21.3%, down 2.0 percentage points. The 4 - week moving average year - on - year of the cement price index was 15.8%, down 1.9 percentage points [3].

Market Overview - The military equipment, genetically modified organisms, seed industry, chemical raw materials, and PEEK materials sectors experienced gains, while the film and television, gaming, and Nvidia concept stocks declined [2][3]. - On May 7, all three major stock indices closed higher, with the Shanghai Composite Index at 3342.67 points, up 0.8%; the Shenzhen Component Index at 10104.13 points, up 0.22%; and the ChiNext Index at 1996.51 points, up 0.51% [2]. Sector Performance - The military equipment sector rose by 5.33%, with notable stocks like Morningstar Aviation hitting the daily limit and Tongyi Aerospace increasing by over 25% [4]. - The genetically modified organism sector also saw significant gains, with Qiu Le Seed Industry rising by 17% and Kangnong Seed Industry increasing by over 10% [5]. - Conversely, the film and television sector saw widespread declines, with companies like Shanghai Film and Light Media experiencing varying degrees of drop [5]. Capital Flow - Main capital flows showed a net inflow into defense, military, basic chemicals, and banking sectors, while there was a net outflow from computer, electronics, and non-bank financial sectors [6]. - Specific stocks that attracted net inflows included Zongshen Power, AVIC Chengfei, and Chifeng Gold, with inflows of 727 million, 454 million, and 391 million respectively [6]. Institutional Insights - Dongfang Securities noted that significant policy easing is expected, with monetary policy rates accelerating to catch up with actual rates, indicating a stable economic outlook [7]. - Huatai Securities highlighted a recovery in consumer spending during the May Day holiday, with robust growth in various provinces and cities, particularly in tourism and hospitality sectors [7].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - In April, due to the US tariff policy, business production and operation activities slowed down significantly. Although the three major indices (manufacturing PMI, non - manufacturing business activity index, and composite PMI output index) slowed down, China's economy generally remained in an expansionary phase [3]. - On the demand side, external demand slowed down rapidly in the short term, while domestic demand rebounded. Policy support increased, but overall demand was still slowing. In production, industrial production decreased due to the slowdown in domestic and foreign demand, but it was expected to continue growing at a relatively high speed with the support of domestic demand policies. In terms of prices, domestic - demand - type commodity prices were weak, and external - demand - type commodity prices fluctuated [3]. Summary by Relevant Content Overall Economic Situation - In April, the manufacturing PMI was 49% (expected 49.8%, previous value 50.5%), the non - manufacturing business activity index was 50.4% (expected 50.6%, previous value 50.8%), and the composite PMI was 50.2% (previous value 51.4%). All three indices decreased compared to the previous month, but the economy remained in an expansionary range [1][3][4]. - In domestic investment, real - estate sales improved, but investment recovery was slow; infrastructure investment accelerated due to the rapid issuance of special bonds; manufacturing investment maintained high - speed growth, but short - term restocking motivation weakened [3]. - Consumption growth accelerated significantly, strongly driving the economy. Exports decreased significantly due to tariff impacts on overseas demand, and future export growth was expected to slow further [3]. Manufacturing Sector - The manufacturing PMI fell to the contraction range and was lower than market expectations. The new order index was 49.2%, down 2.6 percentage points from the previous month, indicating a decline in market demand. The production index was 49.8%, down 2.8 percentage points, showing a slight slowdown in production [3]. - The new export order index and import index were 44.7% and 43.4% respectively, down 4.3% and 4.1% from the previous month, indicating a significant decline in external demand due to tariffs and a decrease in import demand due to external shocks [3]. - The price index continued to decline. The main raw material purchase price index and the ex - factory price index were 47% and 44.8% respectively, down 2.8 and 3.1 percentage points from the previous month, mainly due to the US tariff policy and global economic uncertainties [3][4]. - Both the finished - product inventory index and the raw - material inventory index decreased. The finished - product inventory index dropped 0.7 percentage points to 47.3%, and the raw - material inventory index decreased 0.2 percentage points to 47% [4]. Non - manufacturing Sector - The non - manufacturing business activity index was 50.4%, down 0.4 percentage points from the previous month, remaining above the critical point. The service industry business activity index was 50.1%, down 0.2 percentage points, and the construction industry business activity index was 51.9%, down 1.5 percentage points [4]. - In the service industry, sectors such as air transportation, telecommunications, and IT services were in a high - prosperity range, while sectors like water transportation and capital market services were below the critical point. In the construction industry, the civil engineering construction business activity index was 60.9%, up 6.4 percentage points [4]. - The service industry business activity expectation index was 56.4%, and the construction industry business activity expectation index was 53.8%, indicating that most enterprises in these two industries were confident about market development [4]. Composite PMI - The composite PMI output index was 50.2%, down 1.2 percentage points from the previous month, remaining above the critical point, indicating that overall business production and operation activities remained in an expansionary phase, although at a slower pace [4].

Group 1 - The core viewpoint of the news is that the market is expected to stabilize and gradually rise, with a focus on high-quality development and technology sectors amidst external uncertainties and internal economic transitions [2] - The recent performance of the CSI 500 Quality Growth Index shows a mixed trend among constituent stocks, with notable gainers and losers, indicating volatility in the market [1][3] - The CSI 500 Quality Growth ETF has seen significant growth in both scale and shares over the past two weeks, ranking in the top third among comparable funds [1][2] Group 2 - The political bureau meeting emphasized the importance of maintaining strategic focus and adapting to external uncertainties while promoting high-quality development [2] - The top ten weighted stocks in the CSI 500 Quality Growth Index account for 24.26% of the index, highlighting the concentration of performance among a few key companies [3][5] - The ETF closely tracks the CSI 500 Quality Growth Index, which selects 100 companies with strong profitability and growth potential, providing diverse investment options for investors [2]

Group 1 - The April Politburo meeting emphasized the importance of maintaining stability in the capital market, indicating a commitment to controlling downward risks in the A-share market [1][4][7] - The meeting highlighted the need for proactive fiscal policies, focusing on the effective implementation of existing funds and the issuance of special government bonds to support economic stability [6][8] - Monetary policy will introduce new structural tools to support the real economy, particularly in technology innovation, consumption expansion, and stabilizing foreign trade [8][9] Group 2 - The meeting underscored the significance of expanding domestic demand, with a focus on consumer spending and support for low-income groups, indicating a long-term policy direction towards consumption [5][12] - The industrial policy aims to alleviate pressures on enterprises and support the integration of domestic and foreign trade, with a focus on financing support and regulatory improvements [9][10] - The real estate policy aims to stabilize the market through urban renewal initiatives and optimizing existing housing supply, indicating a cautious approach to new land supply [9][10] Group 3 - The report suggests focusing on artificial intelligence and self-sufficiency in technology as key investment areas, particularly in high-end chips and foundational software [12] - The consumption sector is expected to remain a primary focus of policy, with potential expansions in areas like service consumption and trade-in programs [12] - The overall market sentiment is anticipated to improve due to a combination of stable economic conditions and increased liquidity, which may enhance risk appetite among investors [1][4][13]