Market Overview - A-shares experienced slight fluctuations with major indices showing mixed results, as the Shanghai Composite Index and ChiNext Index slightly rose while the Shenzhen Component Index and CSI 300 slightly fell. Trading volume shrank again, just surpassing 1 trillion yuan, marking a new low since the Qingming Festival [1] Sector Performance - Real estate, hotel and catering, photolithography, and disperse dyes sectors led the gains, while gold, military electronics, cross-border payments, and diversified finance sectors saw declines. The electronic industry attracted over 5.6 billion yuan in net inflow from major funds, with basic chemicals, food and beverage, and computers each receiving over 3 billion yuan. Real estate, machinery, and defense industries also saw net inflows exceeding 1 billion yuan. In contrast, non-ferrous metals, automotive, and beauty care sectors experienced net outflows of 2.52 billion yuan, 1.269 billion yuan, and 140 million yuan respectively [3] Investment Strategy - Orient Securities indicated that market volatility is expected to increase due to tariff risks, suggesting that the current tariff impact has not been fully resolved. The market may remain in a high-volatility state with limited short-term movement. The strategy should focus on closely monitoring policy developments and company earnings reports, particularly in sectors with high earnings certainty and those that can hedge against tariff impacts, such as import substitution [3] Retail Sector Insights - A joint initiative by several associations proposed that retail enterprises establish green channels and dedicated areas for foreign trade products to facilitate domestic sales. Huaxi Securities noted that leading retail companies are aiding the transition from export to domestic sales, highlighting the value of traditional channels as offline traffic returns. The new retail sector is expected to continue outperforming expectations, with cyclical sectors likely to recover from low levels, releasing performance elasticity [6] Tourism Sector Trends - Tuniu's data indicated that domestic travel bookings for the upcoming "May Day" holiday have increased by over 100% compared to the same period last year. Popular destinations include first-tier and new first-tier cities, with Guangzhou ranking second in popularity after Beijing. Guorong Securities anticipates a peak in travel bookings as the holiday approaches, with a focus on expanding domestic demand and boosting consumption. The implementation of consumer policies is expected to further enhance growth opportunities in various service sectors, with the optimization of vacation systems continuing to drive the tourism market [8]