Core Viewpoint - The A-share market is experiencing a recovery after a technical adjustment around the 3400-point level, supported by recent monetary easing and trade negotiations [1][2] Market Outlook - The peak impact of the tariff events has passed, and the A-share market is expected to continue its recovery despite fluctuations. The extreme drop on April 7 was a one-time reaction to the "reciprocal tariffs" event, and the subsequent rebound in April reflects a correction of pessimistic sentiment. With the implementation of monetary easing and the first phase of trade negotiations, the market has entered a new phase of substantive recovery [2][3] Key Sectors - In May, attention should shift back to technology growth and innovative pharmaceuticals. The low valuation and high dividend sectors performed well in April, and the market style may switch back to technology growth in May. Anticipated catalysts include updates to AI large models and developments in robotics competitions. The semiconductor industry remains a key focus, particularly in domestic production, including semiconductor equipment and IC design [3][4] Market Review - The A-share market showed a gradual rebound with increased trading volume, and over 3800 stocks rose. Most of the 31 primary sectors experienced gains, particularly in growth-oriented industries such as beauty care, media, home appliances, and pharmaceuticals. In contrast, cyclical sectors like military, coal, real estate, and steel saw declines [4]

Group 1 - The peak impact of tariff events has passed, and A-shares are expected to continue their recovery amidst fluctuations. The extreme drop on April 7 was a one-time reaction to the so-called "reciprocal tariffs" event, and the rebound in April is a correction of pessimistic sentiment. With the implementation of reserve requirement ratio cuts and interest rate reductions in May, A-shares have entered a new phase of substantial recovery, although the process is not smooth due to uncertainties regarding the impact of the U.S. imposing "reciprocal tariffs" on the global economy [1][2][3] - Industries with high dependence on overseas business, such as consumer electronics and CXO, are likely to be significantly affected by "reciprocal tariffs." In contrast, domestic consumption and technological self-innovation are expected to benefit from future hedging policies [1][2] Group 2 - In May, attention can be refocused on technology growth sectors. The low valuation and high dividend direction yielded excess returns in April, and the market style may switch back to technology growth in May. Catalysts for technology sectors include updates to AI large models and developments in robotics competitions [2] - The AI development transition from model training to inference was confirmed at the NVIDIA GTC conference, with emerging AI directions such as cloud computing, AI+office, and AI+medicine to be monitored in May [2] - The trend of domestic semiconductor production continues, with a focus on semiconductor equipment, wafer manufacturing, semiconductor materials, and IC design [2] - The low-altitude economy is expected to accelerate following the announcement of six pilot cities in November 2024, with strong expectations for catch-up performance in ground takeoff and landing facilities and low-altitude aircraft [2] Group 3 - The technology growth sector showed active performance, while cyclical industries lagged. The market maintained an upward trend, with the ChiNext index leading gains. The total trading volume approached 1.3 trillion, indicating a relatively high level. Among 31 primary industry sectors, leading sectors included communication, defense, electric equipment, banking, and machinery, primarily technology growth sectors. In contrast, lagging sectors included beauty care, non-ferrous metals, steel, petrochemicals, and transportation, which are mainly cyclical sectors [3]

Core Viewpoint - The meeting emphasized the importance of developing the low-altitude economy as a strategic emerging industry, aiming to position Wuhan as a national leader in this sector [1][2]. Group 1: Development Strategy - The low-altitude economy is identified as a key area for national development, representing a new type of productivity [1]. - Wuhan is encouraged to leverage its advantages in education, talent, industrial foundation, and market scale to enhance its low-altitude economy [1][2]. - The city aims to explore new technologies, business models, and applications in the low-altitude economy to strengthen its industrial chain [1][2]. Group 2: Industry Focus - The meeting called for promoting industrial clustering and increasing investment attraction, particularly for "chain master" enterprises and specialized small and medium-sized enterprises [2]. - Key areas of focus include the development of low-altitude aircraft, critical components, new materials, and flight control systems, with an emphasis on integrating artificial intelligence [2]. Group 3: Safety and Regulation - There is a strong emphasis on enhancing safety capabilities across all stages of research, manufacturing, and operation, including the development of a comprehensive low-altitude safety monitoring and emergency response system [2]. - The need for a robust regulatory framework and safety prevention system for low-altitude operations was highlighted [2]. Group 4: Infrastructure and Support - The meeting stressed the importance of planning and constructing low-altitude infrastructure in a scientifically sound manner, along with the need for financial support to create a favorable industrial ecosystem [2][3]. - There is a call to expand application scenarios for low-altitude flight in various sectors such as logistics, emergency management, and ecological governance [2]. Group 5: Collaboration and Coordination - The need for coordinated efforts among various departments, research institutions, and enterprises was emphasized to ensure the effective implementation of low-altitude economic initiatives [3]. - The meeting highlighted the importance of creating a supportive environment to attract talent and enterprises in the low-altitude economy sector [3].