A股投资策略周报告：4月政治局会议：以“确定性”应对外部“不确定性”-20250428

Core Insights - The report emphasizes the need for a "certain" approach to counter external "uncertainties" in the economic environment, highlighting the importance of stabilizing domestic demand and preparing for international trade challenges [5][12][13] - The first quarter of 2025 showed a GDP growth of 5.4%, surpassing the national target of 5% for 2024, indicating a positive economic trend [12][18] - The report outlines a collaborative effort between fiscal and monetary policies, with an emphasis on timely implementation and the introduction of new structural monetary policy tools [14][15] Market Analysis - The report notes that the A-share market has shown stability, with major indices experiencing slight increases during the observation period [21] - The industrial sector has seen a turnaround in profits, with Q1 2025 industrial profits increasing by 0.8% compared to a decline of 3.3% in 2024 [18][19] - The manufacturing sector, particularly high-tech manufacturing, has demonstrated significant profit growth, with high-tech manufacturing profits turning from a decline of 5.8% to an increase of 3.5% in Q1 2025 [19] Policy Recommendations - The report suggests focusing on sectors related to technological innovation and advanced manufacturing, particularly in electronics and digital economy [25] - It highlights the importance of expanding domestic demand, particularly in consumer goods such as home appliances and automobiles [25] - The report also emphasizes the need for risk mitigation in key areas such as real estate and capital markets, advocating for policies that stabilize these sectors [15][16]