Production - In April, the industrial added value year-on-year growth rate was 6.1%, lower than the previous value but higher than the consensus expectation of 5.2%[11] - The export delivery value year-on-year growth rate was 0.9%, a significant decrease of 6.8 percentage points from the previous month[11] - Cumulative industrial added value growth for April was 6.4%, exceeding the full-year growth rate for 2024 by 0.6 percentage points[3] Investment - Fixed asset investment growth rate in April was 4.0%, down 0.2 percentage points from the first quarter but still 0.8 percentage points higher than the full-year growth for 2024[19] - Broad infrastructure cumulative growth rate was 10.9%, slightly lower than the previous month but still strong, with a year-on-year growth of 26.0% in electric heating and water projects[4] - Real estate investment growth rate in April was -11.3%, with a decline of 1.3 percentage points from the previous month, indicating a weakening trend in the sector[21] Consumption - In April, the year-on-year growth rate of social retail sales was 5.1%, down 0.8 percentage points from the previous month, reflecting a decrease in consumer willingness due to external uncertainties[35] - Essential consumption grew at a rate of 14.8%, while optional consumption saw a slight decline, with automotive consumption growth at only 0.7%[35] - Jewelry consumption surged by 19.3%, driven by gold price fluctuations, while home improvement materials benefited from the renovation season with a growth rate of 9.7%[35] Outlook - External demand may recover as the U.S. reduces tariffs on Chinese goods from 145% to 30%, potentially boosting production confidence[7] - Domestic demand is expected to remain stable, supported by recent monetary policy easing measures such as interest rate cuts and increased issuance of special bonds[7]

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoint of the Report The report presents an overview of the mid - view events, industry trends, and market pricing in April and May 2025, covering production, service, upstream, mid - stream, downstream industries, and credit spreads [1][2][3][4][5]. 3. Summary by Related Catalogs 3.1 Mid - view Events - **Production Industry**: In April, the total social electricity consumption was 772.1 billion kWh, a year - on - year increase of 4.7%. From January to April, the cumulative total social electricity consumption was 3156.6 billion kWh, a year - on - year increase of 3.1%. The power consumption of the primary, secondary, tertiary industries and urban and rural residents' living all increased year - on - year [1]. - **Service Industry**: On May 20, 2025, the 1 - year LPR was 3.00% and the 5 - year LPR was 3.50%, both down 10 basis points from the previous period [1]. 3.2 Industry Overview - **Upstream**: Egg prices decreased year - on - year, and glass prices dropped in the short term [2]. - **Mid - stream**: The PTA operating rate rebounded, while the PX operating rate declined recently. The asphalt operating rate in infrastructure has been rising [3]. - **Downstream**: The sales of commercial housing in first - and second - tier cities decreased seasonally, reaching a near - three - year low. The number of domestic flights decreased cyclically [4]. 3.3 Market Pricing - Bank credit spreads rebounded, while credit spreads in other industries declined [5]. - The table shows the credit spreads of various industries from last year to this week, with most industries showing a downward trend in credit spreads this week compared to last week [47]. 3.4 Key Industry Price Indicators - The table presents the price indicators of multiple industries, including agriculture, non - ferrous metals, energy, chemicals, and real estate. Most prices have small year - on - year changes, with some increasing and some decreasing [48].

Group 1 - CATL, the world's largest power battery supplier, is going public in Hong Kong, marking a new chapter in its international expansion narrative [2] - The company is focusing on establishing a strong presence in Europe, which is seen as a critical market for its growth strategy [3] Group 2 - Chinese electric vehicle manufacturers are making strides in Brazil, indicating a potential comfortable zone for them in the global market [4] - The recent surge in overseas orders and production capacity expansion by A-share companies highlights a trend towards international market development, particularly in energy infrastructure and high-end manufacturing [7] Group 3 - Alibaba International Station is launching a major promotional event to capitalize on a temporary reduction in tariffs for exports to the U.S., aiming to assist small and medium-sized foreign trade enterprises [8] - The logistics company Cainiao reported an 80% month-on-month increase in package volume to Brazil, reflecting growing cross-border e-commerce activity [8] Group 4 - Xingji Meizu Group has successfully increased its overseas sales proportion to over 20% within three months of launching its global strategy, with plans to reach 50% in the future [9] - The Saudi Public Investment Fund has opened an office in Paris to enhance its global expansion efforts, having invested $84.7 billion in Europe from 2017 to 2024 [9]

Economic Overview - In April, the industrial added value for large-scale enterprises increased by 6.1% year-on-year, exceeding market expectations[2] - The service industry production index also showed positive growth, rising by 6.0% year-on-year in April[2] Consumer Spending - The total retail sales of consumer goods grew by 5.1% year-on-year in April, down from 5.9% in the previous month, indicating a slight slowdown in consumer spending[3] - Major categories like home appliances and cultural office supplies saw double-digit growth, contributing significantly to retail sales performance[3][20] Investment Trends - Fixed asset investment (excluding rural households) grew by 4.0% year-on-year from January to April, slightly below market expectations[4] - Infrastructure investment increased by 5.8%, while manufacturing investment rose by 8.8%, but real estate development investment fell by 10.3%[4] Employment Situation - The urban surveyed unemployment rate in April was 5.1%, a decrease of 0.2 percentage points from the previous month, reflecting stable employment conditions[5] Policy Implications - The monetary policy is expected to remain accommodative, with potential for a 50 basis points reserve requirement ratio cut and a 20 basis points interest rate reduction[1] - The government is focusing on implementing more proactive fiscal policies to support economic recovery, particularly in infrastructure and manufacturing sectors[47]

Group 1 - In April, China's overall export growth slowed to 8.1%, with industrial export delivery value showing a nominal growth of 0.9%, down from 7.7% in March [1] - Manufacturing investment growth for January to April was 8.8%, a decrease of 0.3 percentage points from the first quarter, marking the lowest level of the year [1] - The real estate market showed signs of cooling, with some residents opting to wait, leading to declines in housing prices, sales, construction, and funding sources [1] Group 2 - The service sector demonstrated resilience against external shocks, with domestic travel during the Qingming Festival increasing by 6.3% in terms of visitor numbers and 6.7% in total spending [2] - The service production index in April grew by 6.0%, marking the second-highest monthly growth rate of the year [2] - Infrastructure investment from January to April increased by 5.8%, remaining steady compared to the first quarter, supported by easing local government debt issues and proactive fiscal policies [2] Group 3 - Despite external shocks, China's economic foundation remains stable, with strong resilience and potential, supported by coordinated macro policies [3] - A recent high-level economic meeting between China and the U.S. resulted in significant tariff reductions, with the U.S. canceling 91% of additional tariffs and China reciprocating [3] - Following the announcement, global risk aversion decreased, leading to a drop in gold prices and an increase in stock markets, with major institutions raising their growth forecasts for China's economy [3] Group 4 - Recent financial policies announced by regulatory authorities include a 0.5 percentage point reduction in reserve requirements and a 0.1 percentage point cut in policy interest rates [4] - The government emphasized strengthening domestic circulation to counter uncertainties in international circulation, aiming for enhanced economic resilience [4] - As these policies are implemented, the economic resilience of China is expected to further strengthen [4]

Summary of Key Points from Conference Call Records Industry or Company Involved - **Construction Industry**: Focus on Sichuan Road and Bridge, China Chemical, Honglu Steel Structure - **Building Materials Industry**: Emphasis on consumer building materials and specific companies - **Environmental Industry**: Highlighting water and waste incineration sectors - **Pork Industry**: Analysis of pig prices and leading companies - **Agriculture Sector**: Focus on Haida Group - **Banking Sector**: Analysis of Ningbo Bank - **Media Sector**: Overview of the media industry and specific companies - **Steel Industry**: Insights on major steel companies - **Sportswear Industry**: Analysis of Anta Sports - **Liquor Industry**: Overview of the liquor market and key players Core Points and Arguments Construction Industry - **Sichuan Road and Bridge**: Expected to benefit from the Chengdu-Chongqing economic circle strategy, with a projected dividend yield of 6.2% in 2025 and a 25% upside potential in market value [1][3][4] - **China Chemical**: Strong overseas order growth, particularly benefiting from Xinjiang coal chemical construction, with a projected order volume of 400-500 billion [1][3][4] - **Honglu Steel Structure**: Anticipated 30%+ growth in performance due to improved export expectations and smart production efficiencies [1][4] Building Materials Industry - **Consumer Building Materials**: 2025 is expected to be a bottom year, with 2026 as a turning point due to resilient second-hand housing market demand [1][6][7][8] - **Key Companies**: Focus on Beixin Building Materials and Yilong Co., with projected growth rates of over 30% [1][9] Environmental Industry - **Water and Waste Incineration**: High dividend yield sectors, with water pricing reforms expected to enhance profitability [1][10][11][12] - **Specific Companies**: Hongcheng Environment and Hanlan Environment recommended for their stable growth and high dividend rates [1][12][13] Pork Industry - **Price Trends**: Pig prices are expected to remain above the breakeven point, with leading companies like Muyuan and Wens becoming attractive investment targets [1][16] Agriculture Sector - **Haida Group**: Projected significant growth in overseas markets, with a focus on expanding production capacity [1][17] Banking Sector - **Ningbo Bank**: Strong long-term investment value with a projected PB of 0.7x and a net interest income growth of over 15% [1][18][20] Media Sector - **Overall Performance**: The media sector has shown significant recovery, with recommended stocks including Mango Super Media and Kaiying Network [1][25][26][28] Steel Industry - **Current Trends**: High capacity utilization and stable smelting profits, with recommended stocks including Baosteel, Nanjing Steel, and Hualing [1][36][40][41][42][43] Sportswear Industry - **Anta Sports**: Expected to achieve double-digit revenue growth over the next three years, with a stable dividend policy [1][32][33] Liquor Industry - **Market Recovery**: Major liquor companies like Moutai and Wuliangye are expected to maintain stable growth, with a focus on dividend policies [1][34][35] Other Important but Possibly Overlooked Content - **Market Environment**: Current market conditions are characterized by unpredictable external changes, making long-term value investment strategies more favorable [2] - **Investment Opportunities**: Emphasis on identifying undervalued stocks across various sectors, particularly in the context of changing economic conditions and consumer demand [1][31]

房地产市场在 4 月份表现如何？ 4 月份房地产市场表现逊于预期，基本面较为疲软。房地产市场需求指数从去 年（2024 年）4 月到今年（2025 年）首次出现回落。房地产投资增速也在下 降，二手房市场销售总额和房价均有所下修，各城市的新房和二手房价格走弱。 在销售走弱背景下，市场警戒度自去年（2024 年）以来首次回落。预计下一 步更多的增量政策将聚焦房地产领域，以应对内部政策预期和外部关税冲击压 力。 银河总量之声 经济的韧性 20250519 摘要 • 4 月房地产市场表现疲软，需求指数首次回落，投资增速下降，新房和二 手房价格走弱，市场警戒度降低。预计更多增量政策将聚焦房地产领域， 以应对内外部压力。 • 4 月消费整体表现良好，同比增长 5.1%，得益于以旧换新政策的拉动，尤 其是家电类消费增速显著。全年消费预计保持平稳增长，但能否进一步提 升需关注政策支持。 • 投资整体同比增速为 4%，低于经济增速。制造业投资虽放缓但仍处高位， 基建投资累计增速持平。预计后续地方政府专项债提升空间大，基建投资 将保持稳定并小幅上升。 • 面对外部关税冲击，逆周期调控将聚焦房地产，落实存量政策。地方政府 专项债提 ...

Consumption Trends - In April, the year-on-year growth of social retail sales was 5.1%, down 0.8 percentage points from the previous month, while retail sales of above-limit goods were 6.6%, down 2.0 percentage points[3] - Automobile consumption saw a significant decline, with a year-on-year growth rate dropping 4.8 percentage points to 0.7%, indicating instability in consumer confidence amid the ongoing real estate cycle[3] - Essential goods and services showed resilience, with food and oil prices rising 14.0% year-on-year, a slight increase of 0.2 percentage points from the previous month[3] Investment and Real Estate - Fixed asset investment growth fell to 3.5% year-on-year in April, a decrease of 0.8 percentage points from the previous month, with real estate development investment down 11.3%, deepening by 1.3 percentage points[4] - The residential sales area saw a year-on-year decline of 2.4%, worsening by 1.9 percentage points, while new construction area dropped 17.8% year-on-year[5] - The construction completion area experienced a significant decline of 25.8% year-on-year, marking the steepest drop since the beginning of the year[5] Industrial Production - Industrial value-added growth fell to 6.1% year-on-year in April, down 1.6 percentage points from the previous month, with mining industry value-added dropping 3.6 percentage points to 5.7%[6] - Manufacturing value-added decreased by 1.3 percentage points to 6.6% year-on-year, primarily affected by fluctuations in investment and consumer demand[6] - The second wave of export growth began, with electrical machinery and equipment, and computer communication equipment increasing by 13.4% and 10.8% year-on-year, respectively[6] Economic Outlook - The overall economic data for April indicates a simultaneous cooling in consumption and investment, primarily driven by the real estate cycle's downturn affecting domestic demand[6] - The central bank's recent actions, including a 50 basis point reserve requirement ratio cut and a 10 basis point interest rate reduction, aim to stabilize the real estate market and consumer confidence[6] - There is a possibility of further interest rate cuts in June to enhance support for the real estate market and consumer spending[6]

Economic Growth - In April, the industrial added value of large-scale enterprises in China grew by 6.1% year-on-year, while the service production index increased by 6.0%, indicating a stable economic growth despite external pressures [1][2] - The overall economic growth in April reflects a recovery trend, supported by domestic demand policies and a diversified export strategy, despite a 21% year-on-year decline in exports to the US [1][3] Export Performance - China's exports in April, measured in US dollars, increased by 8.1% year-on-year, surpassing the 5.7% growth rate in the first quarter, demonstrating resilience against external challenges [3][4] - The nominal growth rate of export delivery value from industrial enterprises in April was only 0.9%, a significant drop from the 6.7% growth in the first quarter, indicating pressure from US tariffs [4] Consumer Market - The retail sales of household appliances and audio-visual equipment, cultural office supplies, furniture, and communication equipment saw significant year-on-year growth rates of 38.8%, 33.5%, 26.9%, and 19.9% respectively, contributing to the overall retail sales growth [5] - The fixed asset investment growth rate remained at 4% for the first four months, supported by infrastructure investment, while manufacturing investment grew by 8.8% [5] Policy Measures - The government is expected to implement more proactive macroeconomic policies to stabilize employment, businesses, and market expectations, aiming for sustained economic development [2][9] - The expansion of domestic demand policies, including the "old-for-new" consumption policy, is anticipated to continue supporting economic recovery [5][10] Real Estate Market - The real estate market remains under pressure, with weak demand and a slowdown in project starts affecting investment, despite recent monetary easing measures [10][11] - Future policies are expected to focus on stabilizing the real estate market, enhancing supply of quality housing, and promoting urban renewal initiatives [11][12]

Core Viewpoint - The article presents an index map that includes various commonly used stock indices, their codes, selection rules, industry distribution, average and median market capitalization of constituent stocks, and the number of constituent stocks, which will be regularly updated for easy reference [1][4]. Group 1: Index Overview - The index map includes several categories of stock indices such as broad-based indices, strategy indices, industry indices, thematic indices, and overseas indices [4]. - Key broad-based indices in the A-share market include the CSI series indices like CSI 300, CSI 500, CSI 800, and CSI All Share, which are selected based on the market capitalization of listed companies and cover stocks from various industries [8]. Group 2: Index Details - The CSI 300 index consists of the 300 largest and most liquid A-shares listed on the Shanghai and Shenzhen stock exchanges, with an average market capitalization of 177,899 million and a median of 851.80 million [3]. - The CSI 500 index includes 500 stocks ranked from 301 to 800 in terms of market capitalization, with an average market capitalization of 263.02 million and a median of 241.01 million [3]. - The CSI 800 index covers 800 stocks, while the CSI 1000 index includes 1000 stocks, with respective average market capitalizations of 831.51 million and 121.62 million [3]. - The Shanghai Stock Exchange 50 index is composed of the 50 most representative stocks from the Shanghai market, reflecting the performance of leading companies, with an average market capitalization of 5,084.82 million [3]. - The Shenzhen Component Index selects 500 large and liquid companies from the Shenzhen market, with an average market capitalization of 430.20 million [3]. Group 3: Industry and Thematic Indices - The article lists various thematic indices such as the Consumption Index, which selects major consumer industry stocks from the CSI 800 index, with an average market capitalization of 1,255.44 million [6]. - The Healthcare Index includes 100 large-cap stocks in the healthcare sector, with an average market capitalization of 399.02 million [6]. - The Technology Index reflects the performance of 50 leading technology companies, with an average market capitalization of 439.71 million [6].