Core Viewpoint - KPMG emphasizes that the innovative vitality of the consumer market is crucial for driving high-quality economic development in China [1] Group 1: Economic Outlook - KPMG points out that consumption will be the core driving force for high-quality economic development [1] - With policies aimed at boosting consumption and expanding domestic demand, the domestic circulation is continuously addressing bottlenecks, leading to enhanced consumer vitality [1] - The consumer economy is showing a positive trend towards normalization [1]

Group 1 - As of May 31, 2025, the "old-for-new" program in five major consumer goods categories has driven sales of 1.1 trillion yuan, with approximately 175 million subsidies issued directly to consumers, enhancing consumer welfare and stimulating the consumption market [1] - The "old-for-new" initiative reflects the stability and potential of the Chinese economy, contributing to high-quality economic development [1] - On June 3, the A-share market experienced a pullback, with the A500 index showing stable performance and the A500 ETF (159339) averaging over 100 million yuan in daily trading volume over the past 10 trading days, indicating high market activity [1] Group 2 - The A500 index, which represents core A-share assets, covers 63% of total revenue and 70% of total net profit in the market with less than 10% of the total number of A-share stocks, making it a strong tool for long-term investment in China's capital market [1] - The A50 ETF (159592) tracks the A50 index, which includes large-cap leading stocks across various industries, benefiting from increased market concentration amid supply-side reforms [2] - The investment value of A-shares is gradually becoming apparent, particularly during the recovery of ROE and profit cycles, with record high dividends and buybacks since the beginning of the year [2]

Core Viewpoint - China's foreign trade data for April exceeded expectations, with total imports and exports reaching 3.84 trillion yuan, a year-on-year increase of 5.6%, marking the second-highest monthly trade volume in history [1] Group 1: Export Performance - Exports in April amounted to 2.27 trillion yuan, growing by 9.3%, while imports were 1.57 trillion yuan, increasing by 0.8% [1] - In the first four months, exports of electromechanical products reached 5.04 trillion yuan, up 9.5%, accounting for 60.1% of total exports [2] - High-tech product exports totaled 1.52 trillion yuan, growing by 7.4%, representing 18.1% of total exports, with significant increases in sectors like industrial robots (58.3%) and wind power generators (45.5%) [2] Group 2: Market Diversification - China's trade with neighboring countries grew by 5.1% in the first four months, with notable increases in trade with ASEAN (9.2%) and Central Asian countries (9.9%) [3] - Trade with Belt and Road Initiative countries reached 7.25 trillion yuan, a growth of 3.9% [3] - China has established itself as a major trading partner with over 150 countries and regions, signing 23 free trade agreements with 30 countries, enhancing its global trade network [3] Group 3: Role of Private Enterprises - Private enterprises, as the largest foreign trade operators, contributed over 50% of China's total foreign trade, with imports and exports reaching 8.05 trillion yuan, a year-on-year increase of 6.8% [4] - The share of private enterprises in total foreign trade rose to 56.9%, up 2.3 percentage points from the previous year, highlighting their crucial role in stabilizing trade growth [4] - The strong performance of private enterprises reflects the optimization of China's economic structure and market strategies, despite facing complex external challenges [4]

Group 1: Macroeconomic Outlook - The macroeconomic environment is showing resilience amid transformation, with expectations for policy enhancements [2] - In Q1 2025, China's GDP grew by 5.4% year-on-year, indicating a continuous recovery and positive trend in the domestic economy [3] - Future policy decisions are expected to be more flexible, potentially introducing incremental reserve policies to support stable economic development [3] - The foundation for high-quality economic development and the transition between old and new growth drivers in China remains solid, supported by a large market and comprehensive industrial production system [3] - Sufficient policy reserves exist, with ample fiscal space and moderately loose monetary policy ensuring liquidity [3] Group 2: Policy Directions - Potential policy directions include targeted support for export enterprises, such as promoting export-to-domestic sales [3] - In the consumption sector, the government may introduce a package of policies to expand consumption, including trade-in programs for consumer goods and issuing service consumption vouchers [3] - In real estate, there may be increased efforts in land acquisition, urban renewal, and optimizing purchase restrictions to promote development [3] - The stock market may benefit from the continued role of China's version of a "stabilization fund" to maintain market stability [3] - Fiscal spending is expected to accelerate in pace [3] Group 3: A-share Market Strategy - The A-share market is currently in a second-phase upward trend dominated by "bottom-line thinking," with a focus on discrepancies in fundamental expectations [4][5] - The strategy emphasizes maintaining a bottom-line perspective while concentrating on fundamental differences in market expectations [5]

Group 1 - The Chinese consumer market demonstrated strong vitality during the "May Day" holiday, with an estimated total of 1.467 billion cross-regional movements and an average of 293 million daily movements, reflecting an 8.0% year-on-year increase [1] - Key retail and catering enterprises saw a sales increase of 6.3% year-on-year during the holiday period, indicating a robust holiday economy and the potential for broader economic growth [1] - The growth momentum of the Chinese economy is shifting from first and second-tier cities to third and fourth-tier cities and county markets, showcasing the effectiveness of regional coordinated development policies [1] Group 2 - The number of foreign tourists exploring smaller cities surged, with inbound travel orders increasing by 173% during the "May Day" period, driven by convenient policies such as visa exemptions and instant refunds [2] - New tourism trends, including "new silver-haired tourism" and "reverse tourism," are emerging, highlighting the significant demand and innovative vitality of the Chinese market [2] - The cultural tourism market's prosperity reflects people's pursuit of a better life and China's comprehensive progress in meeting this demand within the global consumption market [2] Group 3 - China's multi-layered economic structure provides a buffer against external risks and opens avenues for innovation and growth, supported by a large population and ongoing consumption upgrades [3] - The increasing attractiveness of the Chinese market is evident as it welcomes global consumers with a more open approach, especially amid a turbulent global trade environment [3]

央视网消息：国家统计局4月27日发布的数据显示，今年一季度，随着政策效应持续释放，带动工业企业利润由降转增，装备制造业、高 技术制造业利润支撑作用明显，工业经济发展质效持续提升。 中国民航局发布，今年一季度，民航全行业累计完成旅客运输量1.9亿人次，同比增长4.9%；累计完成运输总周转量385.9亿吨公里，同比 增长10.5%；共保障各类飞行158.1万班，日均17564班。 港珠澳大桥今年出入境客流破1000万人次 今年一季度，全国规模以上工业企业实现营业收入32.14万亿元，同比增长3.4%，增速较1—2月份加快。为企业盈利恢复创造有利条件。 一季度，规模以上工业企业实现利润总额15093.6亿元，由上年全年同比下降转为增长0.8%，扭转了自上年三季度以来企业累计利润持续下降 的态势。 装备制造业成为利润增长重要支撑。一季度，装备制造业利润同比增长6.4%，较1—2月份加快1.0个百分点。高技术制造业引领高质量发 展。一季度，航空航天器及设备制造、智能消费设备制造等行业利润分别增长23.9%和63.7%。 中国民航局：预计"五一"假期民航旅客量创同期历史新高 中国民航局27日上午发布的"五一"假期航班计划 ...