宏观与大类资产周报：4月经济平稳增长，城市更新行动持续推进

证券研究报告宏观周报《顶住外部压力，经济实现平稳增长》《降准降息落地，支持稳市场稳预期》《应对新一轮关税冲击，逆周期政策组合《提振消费政策密集出台，消费板块热度《受外部环境影响，资产价格波动加大》《民营企业座谈会召开，科技股大幅上《受春节因素影响，物价涨幅有所扩大》《春节期间国内文旅消费旺盛，海外市场《特朗普上任临近，市场情绪有所回升》 邢曙光（分析师）xingshuguang@cctgsc.com.cn登记编号：S0280520050003钟山（研究助理）zhongshan01@cctgsc.com.cn登记编号：S0280123070001段雅超（研究助理）duanyachao@cctgsc.com.cn登记编号：S0280123070002窦凯（研究助理）doukai@cctgsc.com.cn登记编号：S0280124090001相关报告2025-05-202025-05-07拳正当时》2025-04-11上升》2025-03-172025-03-02涨》2025-02-232025-02-10波动较大》2025-02-042025-01-19 -2-目录1、大类资产及行业表现 .......................................................................................................................................................41.1、大类资产：股市震荡下跌，债市小幅走弱.......................................................................................................41.2、行业表现：中信一级行业收益分化...................................................................................................................51.3、财经日历...............................................................................................................................................................82、宏观经济及政策动态.....................................................................................................................................................102.1、4月经济平稳增长..............................................................................................................................................102.2、工业、服务业生产均维持较高增速.................................................................................................................112.3、政策动态.............................................................................................................................................................123、行业中观监测................................................................................................................................................................143.1、生产：钢铁产业链开工率高于上年同期.........................................................................................................143.2、需求：新房销售持平前周，二手房销售回落.................................................................................................153.3、物价：贵金属价格上涨，猪肉、蔬菜、原油、黑色系价格下跌..................................................................164、资金面跟踪....................................................................................................................................................................174.1、央行流动性：上周货币净投放4600亿元，LPR调降10BP.........................................................................174.2、股票资金：上周A股主要股东资金净减持减少，换手率下降.....................................................................18图表目录图1：股市震荡下跌，债市小幅走弱..................................................................................................................................4图2：A股行业指数表现......................................................................................................................................................6图3：恒生指数行业表现......................................................................................................................................................6图4：中国经济数据............................................................................................................................................................10图5：4月经济整体稳定.....................................................................................................................................................11图6：工业生产同比增速较高............................................................................................................................................12图7：4月出口韧性.............................................................................................................................................................12图8：服务业生产增速平稳................................................................................................................................................12图9：消费性服务业生产增速仍较低................................................................................................................................12图10：高炉开工率下降......................................................................................................................................................14图11：电炉开工率上升......................................................................................................................................................14图12：日均铁水产量下降..................................................................................................................................................14图13：电厂日耗煤量上升..................................................................................................................................................14图14：PTA平均开工率下降 ..............................................................................................................................................14图15：汽车轮胎开工率持平前周......................................................................................................................................14图16：30大中城