首先，市场关注焦点在新一期的五年规划和美联储降息预期。 国民经济和社会发展五年规划的主要目的是为国民经济与社会发展的远景设定目标、 指明方向，它会针对经济、改革、社会发展等领域制定具体规划。从五年规划经济结构主要指标的演变看，我国规划侧重点已从关注三次产业比例，逐步 转向重视科技创新与研发投入。"十五五"期间产业结构调整的首要方向是转型升级，同时"反内卷"与服务业发展也需重点关注。"十五五"规划将指引中国 经济未来的发展方向，也将为资本市场提供重要的投资线索。此外，美联储年内还有两次议息会议，市场预期两次降息仍是大概率事件，这总体有利于风 险资产价格的表现。 风险提示： 国际地缘、贸易冲突超出预期；全球金融市场风险暴露；国内上市公司业绩增速回落超预期；全球经济衰退超预期。 本周市场震荡反弹，沪指重心有所上移。 沪指先涨后跌，重心有所抬高，假期归来直接创出本轮反弹的新高，周五虽有调整，但目前的位置基本越 过了8月底以来的震荡区间。深圳成指表现略有落后，主要源于周五获利回吐的幅度较大。量能方面，本周两市较上周出现回升。本周市场热点主要集中 在上游资源品和周期性行业。投资风格方面，中小盘涨幅领先，科技股表现落后。从 ...

Group 1 - The upcoming long holiday is leading to increased investor caution, with trading activity expected to decline as investors await external market developments [1] - Post-holiday market focus will shift back to domestic economic trends, particularly on demand-side policies to stabilize economic growth and supply-side efforts to address "involution" issues, which are crucial for PPI recovery and corporate profit growth [1] - Last week, the market experienced fluctuations, with the Shanghai Composite Index testing the 30-day moving average, closing above it, while the Shenzhen Component Index showed strong performance, reaching a new high before slightly retreating [1] Group 2 - The market is currently in a consolidation phase after a period of upward movement, with the Shanghai Composite Index showing strong support above previous resistance levels from 2021 [2] - Despite the consolidation, some sector indices continue to trend upward, indicating that structural rotation remains a key characteristic of the current market [2]

Group 1 - The external environment is complex and variable, but the A-share market shows resilience. Recent geopolitical events in the Middle East have caused market fluctuations, yet A-shares managed a partial recovery, indicating strength. Domestic economic data for May is being released, and investors are focused on future policy directions and execution effects. Overall, the complex external environment and sufficient domestic policy reserves support the market [1] - The two markets experienced a rebound with decreased trading volume. On Monday, the markets opened lower but gradually rebounded, with the Shanghai Composite Index closing near its daily high, although it did not surpass the five-day moving average. The Shenzhen Component Index's short-term moving averages are converging, waiting for a breakout direction. The trading volume was around 1.2 trillion yuan, a decrease from the previous week, with more stocks rising than falling, particularly in the TMT and real estate sectors. Small and mid-cap stocks led the gains [1] Group 2 - From a market operation perspective, the Shanghai Composite Index is challenging the mid-May high, but technical resistance remains significant. After a downward adjustment in mid-May, the index found support at the 60-day moving average and began to rebound. However, it faced resistance near the mid-May high, indicating strong technical resistance in the trading volume area from last year's fourth quarter and this year's first quarter [2]