万联晨会-20250421

Market Overview - The A-share market showed mixed performance last Friday, with the Shanghai Composite Index closing down 0.11%, the Shenzhen Component Index up 0.23%, and the ChiNext Index up 0.27. The total trading volume in the Shanghai and Shenzhen markets was 914.518 billion yuan [5][6] - In terms of industry performance, telecommunications, real estate, and banking sectors led the gains, while beauty care, social services, and textile and apparel sectors faced declines. Concept sectors such as 6G, terahertz, and FSG concepts saw increases, while the China-South Korea Free Trade Zone, dairy, and genetically modified sectors declined [5][6] Important News - On April 18, the State Council held a meeting to discuss measures for stabilizing employment and promoting high-quality economic development. The meeting emphasized the need to stabilize foreign trade and investment, support foreign enterprises' reinvestment in China, and promote consumption in sectors like elderly care, childbirth, culture, and tourism. It also highlighted the importance of maintaining a stable stock market and a healthy real estate market [6][7] - The State-owned Assets Supervision and Administration Commission (SASAC) held a video conference on April 18 to discuss the responsibilities of central enterprises in achieving their annual operational goals. The meeting acknowledged the challenges posed by external environmental changes and emphasized the need for central enterprises to play a stabilizing role in the economy [7] Retail Sales Data - In March, China's total retail sales of consumer goods reached 40,940 billion yuan, with a year-on-year growth of 5.9%, an increase of 1.9 percentage points compared to the growth rate in January-February 2025. Retail sales of goods and catering services both saw improvements [8][9] - By category, retail sales of goods grew by 5.9%, while catering revenue increased by 5.6%. Retail sales from large enterprises rose by 8.6%, reflecting a positive trend in consumer spending [9][10] Investment Recommendations - The report suggests that the recovery in retail sales is linked to the implementation of domestic demand expansion policies, which are expected to continue to support the consumption sector. Key areas for investment include: - Food and Beverage: The white liquor industry is anticipated to recover due to increased demand from weddings and other events, while the overall food sector is expected to benefit from recovering demand and declining costs [10] - Social Services: The tourism and hospitality sectors are projected to grow, driven by improved vacation policies and increased inbound consumption [10] - Retail Trade: The gold and jewelry sector is expected to perform well due to its appeal as a safe-haven asset, while domestic cosmetics brands are gaining market share among younger consumers [10]