Newsletter summary
The A-share market was volatile in April and the export sector was boosted by the rebound in global manufacturing PMI. At the end of the month, northward capital inflows, technology growth plate rebounded sharply. Expected changes in US interest rate cuts affect gold prices and related sectors. In May, it was recommended to focus on sectors with high dividends and low valuations. Risk tips include the enterprise inventory cycle, external risk events and real estate decline than expected.
Text of news flash
[the A-share market fluctuated slightly in mid-April, with northbound funds pouring in at the end of the month]
In mid-April, the A-share market presentedTyrantkingmegawaysslotThe trend of small fluctuations. The market is affected by macroeconomic and performance fundamentals, and the release of CPI, export, infrastructure and other data is gradually adjusted.TyrantkingmegawaysslotInvestors' expectations for the long-term main line. According to analysis, although the US interest rate cut is expected to weaken, it has not significantly affected the A-share market.
At the end of April, as US GDP growth in the first quarter was lower than expected, northbound funds poured into A shares and Hong Kong stocks, driving them higher. In addition, the disclosure of annual reports and quarterly reports of listed companies is coming to an end, and the release of performance risk has also played a certain role in boosting the market.
The increase in US non-farm payrolls in March supported gold prices and helped gold-related sectors. However, gold prices fell as expectations of interest rate cuts fell on the impact of PCE price data in late April.
The global manufacturing PMI data in March 2024 showed that the global manufacturing sector returned to the range of expansion, and the rebound in export data attracted market attention and boosted related sectors such as construction machinery.
On April 12, 2024, the State Council issued "some opinions on strengthening Supervision and preventing risks to promote the High-quality Development of the Capital Market". The new "National Nine articles" proposes to increase the dividend yield and enhance the stability, sustainability and predictability of dividends, which puts forward higher requirements for the dividend ability and potential of listed companies.
In terms of investment advice, it is recommended to focus on the high dividend spillover and undervalued make-up sectors in May. The concept of high dividend is still the direction of strong certainty in investment, so it is suggested to find the diffusion direction of the theme of high dividend. At the same time, it is recommended to pay attention to the low-valued premium sectors, as they may have a certain repair value.
Risk tips include the uncertainty of the enterprise inventory cycle, external higher-than-expected risk events, and the decline of real estate than expected.