Group 1: Market Overview - The Shanghai Composite Index experienced slight fluctuations, closing down 0.07% at 3295.06 points, while the Shenzhen Component Index rose 0.39% to 9917.05 points, and the ChiNext Index increased by 0.59% to 1947.19 points, with a total trading volume of 1.1371 trillion yuan across the three markets [1] - Sectors such as pharmaceuticals, food and beverage, insurance, and agriculture saw declines, while the power sector surged. Other sectors like tourism, home appliances, automotive, textiles, and liquor showed gains, with active themes including CPO concepts, smart healthcare, and AI [1] Group 2: Nuclear Power Projects - The State Council approved several nuclear power projects, including the third phase of the Zhejiang Sanmen project and others in Guangxi, Guangdong, Shandong, and Fujian, totaling five projects and ten new units, all planned to use domestically developed third-generation nuclear technology [2][3] - The approval marks a significant milestone, with an average of over ten nuclear units approved annually since 2022, indicating a normalization of nuclear power construction in China [3] - The total investment for the newly approved ten third-generation nuclear units is expected to reach approximately 200 billion yuan, with equipment investment accounting for over 40% of the total [3] Group 3: Pharmaceutical Industry - The Ministry of Industry and Information Technology, along with six other departments, issued a plan for the digital transformation of the pharmaceutical industry from 2025 to 2030, aiming to establish a comprehensive data system and innovation ecosystem by 2030 [4] - The policy is expected to enhance the value of pharmaceutical data and benefit various segments of the pharmaceutical industry, including research, production, and AI tools [4] Group 4: Aviation Industry - The Civil Aviation Administration of China projected that the passenger transport volume during the upcoming May Day holiday would reach 10.75 million, a year-on-year increase of 8%, marking a historical high for the same period [9] - Major passenger flows are expected to concentrate on key routes among the Beijing-Tianjin-Hebei, Yangtze River Delta, Guangdong-Hong Kong-Macau, and Chengdu-Chongqing city clusters [9]

文 ｜ 秦培景 刘易 王冠然 侯苏洋 白弘伟 任恒毅 卿施典 田鹏 王涛 王子昂 贸易战僵持阶段，资金风险偏好不高，政策预期明确叠加财报披露收官，当前市场更关注确定性高和可兑现的方向，建议紧扣 政策主线，在主题上参与广义内循环和新科技主题，包括地产基建、旅游、消费电子、机器人等。从外部环境上看，特朗普关 税政策依然有较大不确定性，贸易战处于僵持阶段，市场焦点仍集中于美联储政策路径与地缘政治风险。从内部看，政治局会 议强调以我为主和底线思维，国内持续推动内循环的稳楼市、促消费政策。从主题环境来看，综合流动性指标和市场风格特 征，市场或在低位内需板块及新科技主题持续轮动。从催化因素分析上看，重点关注国内对内循环的稳楼市/促消费刺激政策、 中美关税谈判进展、科技领域催化事件。结合市场环境、催化因素以及综合量化指标研判，建议关注地产基建、旅游、消费电 子、机器人主题。我们在报告中还梳理了1 0个标的构成的主题推荐组合供投资者参考。 ▍ A股大势：内循环为主，新概念科技主题轮动。 2 0 2 5年4月政治局会议指出，虽然一季度经济开局良好，但外部冲击影响加大，下行风险显著上升；需要"强化底线思维"，对 外部压力从最坏处 ...