Core Viewpoint - The A-share market is currently experiencing volatility, with over 3,400 stocks declining, while sectors like logistics, mining, and liquor are leading the gains [1][2]. Group 1: Market Overview - The trading volume in the two markets has returned to over 1 trillion yuan, with sectors such as jewelry, logistics, mining, and food and beverage showing resilience [2]. - Analysts suggest that the market is likely to maintain a volatile pattern in the short term, but domestic policy support may provide some stability [2]. - The "national team" has stepped in to purchase ETFs, indicating confidence in the long-term value of state-owned enterprises [3]. Group 2: Foreign Investment and Market Sentiment - Foreign capital continues to flow into the A-share market, with approximately $20 billion in passive funds entering from February to April [4]. - Morgan Stanley believes that the A-share and Hong Kong markets are poised for a bull market, with the third to fourth quarter being a critical entry point [4]. - Analysts recommend focusing on three long-term trends: the enhancement of China's independent technological capabilities, Europe's defense autonomy, and the acceleration of domestic demand policies in China [6]. Group 3: Historical Patterns and Sector Performance - Historical analysis shows that after rapid adjustments, the market typically forms a double bottom before rebounding to resistance levels [8][9]. - During the eight historical adjustments reviewed, the market consistently formed double bottoms before rebounding, with the ability to break previous resistance levels depending on policy and fundamental conditions [9][11]. - The low-volatility style has outperformed during adjustment phases, with defensive sectors like banking and consumer staples experiencing smaller declines [13]. Group 4: Investment Strategies - The report suggests that investors should consider a balanced allocation among low-volatility dividends, domestic consumption, and small-cap growth styles, adjusting positions based on market conditions [18]. - The analysis of past adjustments indicates that quality and low-volatility styles tend to have smaller drawdowns and greater rebound potential [16][17].

Group 1 - Xi Jinping emphasized the importance of promoting high-quality development of spiritual civilization to provide strong spiritual support for national construction and national rejuvenation [6][7] - The coordination of material and spiritual civilization is highlighted as a key feature of Chinese-style modernization, with significant improvements in national values and social civilization since the 18th National Congress of the Communist Party [6] Group 2 - The implementation of the "Two New" policies has effectively stimulated consumer vitality and further boosted domestic demand [13] - In the first four months of this year, the number of new consumer goods varieties in China reached 8.098 million, a year-on-year increase of 40.4%, with significant growth in home decoration products [18] Group 3 - The State Council approved the "Green and Low-Carbon Development Action Plan for Manufacturing (2025-2027)" to enhance ecological protection mechanisms [10] - The Ministry of Finance allocated 1.4 billion yuan for agricultural disaster relief to support local efforts in pest control and agricultural production [17]

今天《新闻联播》主要内容有： 1.习近平对精神文明建设工作作出重要指示强调 推动精神文明建设高 质量发展 为强国建设民族复兴提供强大精神力量 蔡奇出席全国精神文明建设表彰大会并讲话； 2.央视 快评：为强国建设民族复兴提供强大精神力量； 3.习近平同德国总理通电话； 4.习近平向罗马尼亚当选 总统达恩致贺电； 5.李强主持召开国务院常务会议； 6.韩正会见土库曼斯坦议长； 7."两新"政策效应显 现 有效激发内需潜力； 8.【在希望的田野上·三夏时节】各地抢抓夏收夏种 夯实粮食丰收基础； 9.国务 院新闻办举行"新征程上的奋斗者"中外记者见面会； 10."外媒看中国"首场采访活动走进渝鄂； 11.国内 联播快讯： （1）财政部下达14亿元农业防灾救灾资金； （2）今年1到4月我国消费品品种新增809.8万 种； （3）2025年"特岗计划"招聘工作启动； （4）全国妇联等11部门部署开展2025年"六一"庆祝活 动； （5）《国家网络身份认证公共服务管理办法》今日公布； （6）中老铁路货物运输量突破6000万 吨； （7）乙巳年世界华人炎帝故里寻根节在湖北随州举行； （8）2025上合组织国家媒体合作论坛在 ...