Report Summary 1. Report's Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The A - share market is expected to continue its trend of oscillating upward or having a strong oscillation. Investors are advised to closely monitor market dynamics, flexibly adjust their position allocations, and reasonably control their position levels to seize market opportunities and cope with potential market fluctuations [22] 3. Summary by Relevant Catalog 3.1 Market Performance - Last week, IF2505 closed at 3840.2 points, up 88.2 points from the previous week with a decline of 2.35%. IH2505 closed at 2683.6 points, up 56.4 points with a gain of 2.15%. IC2505 closed at 5702.4 points, up 112.2 points with a gain of 2.01%. IM2505 closed at 6056.2 points, up 150.8 points with a gain of 2.55% [2] 3.2 Fundamental Analysis - In April 2025, the national consumer price index (CPI) decreased by 0.1% year - on - year. The average CPI from January to April decreased by 0.1% compared with the same period of the previous year [5] - In April 2025, the national producer price index (PPI) for industrial products decreased by 2.7% year - on - year and 0.4% month - on - month. The purchase price index for industrial producers decreased by 2.7% year - on - year and 0.6% month - on - month. From January to April, the average PPI and purchase price index for industrial producers decreased by 2.4% compared with the same period of the previous year [8] 3.3 Valuation Analysis - As of May 10, the PE of the CSI 500 index is 28.8 times, the quantile is 66.27%, and the PB is 1.77 times. The PE of the SSE 300 index is 12.44 times, the quantile is 50.2%, and the PB is 1.3 times. The PE of the SSE 50 index is 10.84 times, the quantile is 70.98%, and the PB is 1.19 times. The PE of the CSI 1000 index is 40.58 times, the quantile is 61.57%, and the PB is 2.05 times [11] 3.4 Other Data - The equity - bond yield spread is the difference between the stock market yield and the treasury bond yield. There are two formulas: Formula 1 (reciprocal of price - earnings ratio): Equity - bond yield spread=(1/Index static price - earnings ratio) - 10 - year treasury bond yield; Formula 2 (dividend yield): Equity - bond yield spread = 10 - year treasury bond yield - Index static dividend yield [19] 3.5 Comprehensive Analysis - In the previous trading cycle, the A - share market showed an oscillating upward trend. Sino - US trade negotiations were held over the weekend. Next week, attention should be paid to the impact of these negotiations on the market and investment opportunities derived from them [22]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The A-share market is expected to continue the trend of volatile upward movement after the holiday, and the gap formed on April 7 is expected to be filled. Investors are advised to closely monitor market dynamics, flexibly adjust their position allocation, and reasonably control their position levels [27][28]. 3. Summary by Relevant Catalogs (1) Market Review - Last week, IF2505 closed at 3752.0 points, down 22.8 points or 0.6% from the previous week. IH2505 closed at 2627.2 points, down 17.8 points or 0.67% from the previous week [5]. (2) Fundamental Analysis - In April, the Manufacturing Purchasing Managers' Index (PMI) was 49.0%, down 1.5 percentage points from the previous month, indicating a decline in the manufacturing prosperity level [7]. - In April, the Non-Manufacturing Business Activity Index was 50.4%, down 0.4 percentage points from the previous month, still above the critical point, indicating that the non-manufacturing sector continued to expand [9]. - In April, the Composite PMI Output Index was 50.2%, down 1.2 percentage points from the previous month, still above the critical point, indicating that China's business production and operation activities continued to expand [11]. (3) Valuation Analysis - As of May 5, the PE of the CSI 500 Index was 28.3 times, the quantile was 63.14%, and the PB was 1.74 times. The PE of the SSE 50 Index was 10.65 times, the quantile was 61.76%, and the PB was 1.17 times. The PE of the CSI 1000 Index was 40.06 times, the quantile was 59.8%, and the PB was 2.01 times [16]. (4) Other Data - The stock-bond yield spread is the difference between the stock market yield and the government bond yield. There are two formulas for calculating the stock-bond yield spread: one is based on the reciprocal of the price-earnings ratio, and the other is based on the dividend yield [23][24]. (5) Comprehensive Analysis - During the pre-holiday trading period, the A-share market showed a volatile and weak adjustment trend, and investor sentiment was relatively cautious. During the "May Day" holiday, the Hong Kong stock market performed strongly, which is expected to inject positive momentum into the A-share market after the holiday [27].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The sharp decline in the US stock market has put significant downward pressure on the A-share market. The US announced a "reciprocal tariff" policy, leading to a sharp drop in the three major US stock indexes on the 4th. The Dow Jones Industrial Average fell below the 40,000-point mark, and the Nasdaq Composite Index entered a technical bear market. Against this backdrop, the A-share market will face huge downward pressure on Monday [28][29]. 3. Summary by Relevant Catalogs 3.1 Market Review - Last week, IF2504 closed at 3,861.6 points, down 47.2 points or 1.21% from the previous week; IH2504 closed at 2,664.4 points, down 16.2 points or 0.6%; IC2504 closed at 5,822.4 points, down 47.2 points or 0.8%; IM2504 closed at 6,168.4 points, down 44.2 points or 0.71% [4]. 3.2 Fundamental Analysis - In March, the Manufacturing Purchasing Managers' Index (PMI) was 50.5%, up 0.3 percentage points from the previous month, indicating a continued recovery in the manufacturing sector's prosperity [7]. - In March, the Non-Manufacturing Business Activity Index was 50.8%, up 0.4 percentage points from the previous month, showing an accelerated expansion in the non-manufacturing sector [10]. - In March, the Composite PMI Output Index was 51.4%, up 0.3 percentage points from the previous month, indicating an overall acceleration in the expansion of Chinese enterprises' production and business activities [12]. 3.3 Valuation Analysis - As of April 7, the PE of the CSI 500 Index was 28.5 times, with a quantile of 64.1%, and the PB was 1.85 times; the PE of the SSE 300 Index was 12.42 times, with a quantile of 48.04%, and the PB was 1.33 times; the PE of the SSE 50 Index was 10.69 times, with a quantile of 63.73%, and the PB was 1.2 times; the PE of the CSI 1000 Index was 38.3 times, with a quantile of 50.39%, and the PB was 2.13 times [17]. 3.4 Other Data - The equity-bond yield spread is the difference between the stock market yield and the government bond yield. There are two formulas for calculating the equity-bond yield spread: one is based on the reciprocal of the price-earnings ratio, and the other is based on the dividend yield [25][26]. 3.5 Comprehensive Analysis - The US stock market experienced a sharp decline due to the "reciprocal tariff" policy. The Dow Jones Industrial Average fell 5.50%, the S&P 500 Index fell 5.97%, and the Nasdaq Composite Index fell 5.82%. The Nasdaq entered a technical bear market. Against this background, the A-share market will face huge downward pressure on Monday [28][29].