Core Viewpoint - The market shows signs of potential strength, with the index closing above key levels, indicating a possible bullish trend ahead [6][7][14]. Market Performance - The market opened at 3352, reached a low of 3344, a high of 3372, and closed at 3369, with a strong ratio of advancing stocks to declining stocks at 4112 to 1101 [1]. - The index has shown a recovery above the 60-day moving average, suggesting a return to a bullish state, although it has not yet reached a standard bull market condition [7][18]. Technical Analysis - Key resistance levels for the market are identified at 3375, with support levels at 3344, 3335, and 3327 [18]. - The market's ability to maintain above the 60-day moving average is crucial for sustaining a bullish outlook [5][18]. - The short-term technical indicators suggest a need for caution, advising against chasing high prices [5][17]. Volume and Momentum - Volume is highlighted as a critical factor for sustaining upward momentum; without sufficient volume, the market may face corrections [6][16]. - Recent trading days have shown a lack of significant volume, which could impact the market's ability to maintain its upward trajectory [2][14]. Future Outlook - There is optimism for a "red May," with potential gains of 600-800 points from the current low of 3040, and even a target of 4000 points is considered feasible [6]. - The market's performance in the coming days will be closely monitored, particularly its ability to hold above the critical levels established [4][8].

Core Viewpoint - The second-hand housing market in key cities has shown significant year-on-year growth in transaction volume in April, indicating a recovery in market confidence and a positive outlook for May [1][2][3]. Summary by Sections Transaction Volume Growth - In April, key cities experienced a notable increase in second-hand housing transactions, with Shenzhen up 37%, Shanghai up 30%, Beijing up 17%, and Guangzhou up nearly 13% [2][3]. - In second-tier cities, Chengdu, Hangzhou, and Nanning saw transaction increases of 20%, 16%, and 14%, respectively [2][3]. Market Activity and Confidence - The real estate market in Shenzhen maintained a strong performance in April, with the "Silver Four" period showing robust activity [4]. - Analysts suggest that the ongoing positive trend in transaction volume reflects effective policies and an active market environment, with Shanghai's transaction volume remaining high for seven consecutive months [4]. Future Market Outlook - The real estate industry anticipates a continued upward trend in May, driven by improved market conditions and supportive policies [5][6]. - The Guangzhou Real Estate Association reported that despite seasonal factors affecting April's market, the transaction volume remained above 10,000 units, boosting confidence for May [5]. Recent Transaction Data - During the "May Day" holiday, transaction volumes in key cities showed significant year-on-year increases, with Beijing's transactions up nearly 93% and Shanghai's up 56% compared to the same period last year [7]. Potential Market Adjustments - Analysts caution that after a phase of demand release, there may be a short-term decline in transaction volume as the market adjusts [8].

Core Insights - The market opened strong today, with a closing price of 3216, indicating a clear bullish trend and significant profit-making opportunities for investors [1][11] - The analysis suggests that May may present a strong performance, but the path is expected to be challenging [3] - The market is currently in a non-bullish, non-bearish state, with a potential for improvement as it has avoided falling into a bear market [4][13] Market Performance - The major indices showed a strong performance with a gain ratio of 4962:379, indicating a broad-based rally [1] - The index reached a high of 3316, surpassing the previous high of 3313, which is seen as a strong bullish signal [1][11] - The trading volume increased, suggesting heightened market activity and investor interest [1][9] Technical Analysis - Key resistance levels are identified at 3317 and 3342, with the expectation that these gaps will eventually be filled [4][12] - The market is currently positioned between key levels, with the upper range indicating strength and the lower range indicating weakness [5][6] - The short-term technical indicators suggest a bullish advantage, but caution is advised as the market navigates through critical resistance points [12] Small Cap Performance - Small-cap stocks are showing significant activity, with only a few capable of reaching new highs, indicating a potential divergence in performance among stocks [2] - The term "回光返照" (returning light) suggests that while some small caps may shine, the majority may struggle to maintain upward momentum [2]

Core Viewpoint - The market is currently facing a mid-term downturn, with critical levels to watch for potential recovery or further decline [1][5]. Technical Analysis - The monthly technical indicators show that the 5-month line is downward at approximately 3293, while the 10-month line is upward at around 3260, indicating mixed signals for the market [4]. - The weekly technical indicators reveal that the 5-week line is downward at about 3273, while the 10-week line is upward at around 3321, suggesting a need for stabilization above the 5-week line for a potential recovery [4]. - Key resistance levels are identified at 3394-3439, with a strong resistance gap at 3442-3461, while strong support is noted at 3193-3145 [4]. Market Predictions - The beginning of May is crucial for determining market strength; a breakthrough above 3317-3342 is necessary for a strong upward trend, while a retreat to 3233-3193 could indicate weakness [4]. - The likelihood of a drop below 3040 is considered very low, suggesting a more stable market environment [4].

Market Overview - The market reached a peak of 3311 points today but closed at 3299 points after a significant drop, indicating cautious sentiment among investors [1] - The performance of the brokerage sector was strong, while sectors like chips and robotics showed weak performance, reflecting poor sustainability of current market hotspots [1] - The market is currently in a cautious state, awaiting the outcome of an important meeting that could influence future trends [1] Mid-term Strategy - The market is expected to perform well in May, with a critical resistance level at 3320 points that needs to be solidified for further upward movement towards 3400 and eventually 3509 [3] Short-term Strategy - There is still a need for adjustments around the 3300 points level, but a drop to 3250 points seems unlikely at this stage [4] - The upcoming meeting is crucial for determining market direction, and there is a belief that the market will improve over time [4] Hotspot Strategy - Consumer concepts are expected to continue but will experience fluctuations; sectors such as food and beverage, commercial chains, cross-border e-commerce, cross-border payments, tourism, and hotels are highlighted as suitable for low-entry strategies rather than chasing highs [5] Operational Strategy for April 23 - Key resistance level is at 3320 points, with support at 3269 points; monitoring the repair of the 3320 level is essential [6] - The dynamics of the brokerage sector will significantly influence market direction, and a cautious yet optimistic approach is recommended [6] - Suggested operational strategy includes maintaining a position of around 5 layers, with the possibility of increasing to 8 layers during bullish trends, emphasizing the importance of rolling operations [6]