Tianding Securities: the platform economy welcomes the policy inflection point, and relevant games and media themes are worth tracking

I. Market Review

In the three trading days before the festival, the whole market was basically dominated by general rise. In the short term, many sectors and individual stocks rebounded by about 5%, and there were many short-term profit taking.

There are only two trading days this week, and the market probability will be differentiated. The general rising market is difficult to continue, and the active funds will begin to focus gradually.

II. From the market position and industrial logic of the pre holiday sector, the direction of active capital focus will probably be to stabilize the economy (consumption and infrastructure). The logical reasoning is like this. Of course, even if it is focused by capital, there will inevitably be differentiation. After all, there are many short-term profit margins.

III. today's information

1) [Federal Reserve] last night, the Federal Reserve held a meeting. After the meeting, Powell attended a press conference. The core points are as follows: the interest rate will be increased by 50bp this time, and the interest rate will be increased by 50bp in the next two meetings; In June, the table was gradually reduced. This statement was better than the previous hawk expectations. After the news landed, the US market rose sharply.

2) [export] the United States starts the review procedure of imposing tariffs on China. Cut tariffs on Chinese goods exported to the United States. This time is mainly to cancel the tariffs imposed during the trump period, which is positive for the export industrial chain.

3) [Tesla] on May 4, Reuters announced Tesla's new Shanghai plant with a capacity of 450000; The overall news is positive for Tesla industrial chain.

Investment strategy: the high-level meeting on April 29 made it clear that the economic growth target will not be shaken, and the consumption, infrastructure and export related industries will benefit. Among them, the platform economy meets the policy inflection point, and the related games and media themes are worth tracking; In addition, the tax-free hot spot is also the outlet to benefit from consumption upgrading, which is worth noting.

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