<p>大和在一份研究报告中表示，与三月份的 “两会” 不同，中国大陆政策制定者在四月份的政治局会议上并未发出降息的任何信号。由于中东地区的紧张局势持续时间超出预期，而美国联邦储备委员会采取了越来越鹰派的立场，该券商进一步推迟了对中国人民银行（PBOC）降息的预期。然而，它仍然预计人民银行将通过优先使用政策工具来维持宽松环境。</p>
<p>该券商还指出，在外资推动下，中国股市在三月份表现相对优异后，四月份的关注点又转回到了美国股市。国内投资者继续提供支持。南向投资者不断增加对价值股和高股息股票（即基础化工和银行业）的配置，同时，电信、媒体和科技（TMT）行业也引起了关注，伴随成长股的关注。南向投资者在电子（包括半导体）和电信行业的增持最为积极。</p>
<p>此外，经过一段时间后，中国政策制定者再次呼吁稳定房地产市场，地方政府迅速推出新的房地产刺激措施以应对。大陆房地产股票也成为四月份南向投资者最青睐的买入目标之一。（hc/da）</p>
<p>本文由人工智能自动翻译，中文版本应视为权威版本。AASTOCKS.com Limited 不保证其准确性或完整性，并对因使用此翻译而产生的任何损害或损失不承担任何责任。</p>

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<p>大和证券在四月政治局会议后推迟了对中国人民银行（PBOC）降息的预期，该会议并未发出降息的信号。该券商预计人民银行将通过政策工具维持宽松环境。尽管外资在三月份推动了中国股市，但四月份的关注点又回到了美国股市，国内投资者则支持价值股和高股息股票。政策制定者也在关注稳定房地产市场，促使地方政府推出新的刺激措施</p>

<p>Daiwa said in a research report that, unlike the &#34;Two Sessions&#34; in March, mainland China policymakers did not send any signal of rate cuts during the April Politburo meeting. As tensions in the Middle East have lasted longer than expected and the US Federal Reserve has adopted an increasingly hawkish stance, the broker has further delayed its expectations for interest rate cuts by the People's Bank of China (PBOC). However, it still expects the PBOC to maintain an easing environment by prioritizing the use of policy tools.</p>
<div class="lb-trans"><p>大和在一份研究报告中表示，与三月份的 “两会” 不同，中国大陆政策制定者在四月份的政治局会议上并未发出降息的任何信号。由于中东地区的紧张局势持续时间超出预期，而美国联邦储备委员会采取了越来越鹰派的立场，该券商进一步推迟了对中国人民银行（PBOC）降息的预期。然而，它仍然预计人民银行将通过优先使用政策工具来维持宽松环境。</p>
</div><p>The broker also noted that after foreign capital drove Chinese equities to relatively Outperform in March, attention shifted back to US equities in April. Domestic investors continued to provide support. Southbound investors kept increasing allocations to value stocks and high-dividend stocks (namely basic chemicals and the banking sector), while TMT (telecommunications, media and technology) attracted attention, along with growth stocks. Southbound investors were most aggressive in increasing holdings in the electronics (including semiconductors) and telecommunications sectors.</p>
<div class="lb-trans"><p>该券商还指出，在外资推动下，中国股市在三月份表现相对优异后，四月份的关注点又转回到了美国股市。国内投资者继续提供支持。南向投资者不断增加对价值股和高股息股票（即基础化工和银行业）的配置，同时，电信、媒体和科技（TMT）行业也引起了关注，伴随成长股的关注。南向投资者在电子（包括半导体）和电信行业的增持最为积极。</p>
</div><p>In addition, after some time, Chinese policymakers once again called for stabilizing the property market, with local governments promptly introducing new property stimulus measures in response. Mainland property stocks also became one of the most favored buying targets of Southbound investors in April. (hc/da)</p>
<div class="lb-trans"><p>此外，经过一段时间后，中国政策制定者再次呼吁稳定房地产市场，地方政府迅速推出新的房地产刺激措施以应对。大陆房地产股票也成为四月份南向投资者最青睐的买入目标之一。（hc/da）</p>
</div><p>This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation.</p>
<div class="lb-trans"><p>本文由人工智能自动翻译，中文版本应视为权威版本。AASTOCKS.com Limited 不保证其准确性或完整性，并对因使用此翻译而产生的任何损害或损失不承担任何责任。</p>
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Daiwa Further Delays PBOC Rate Cut Expectations, Expects Priority Use of Policy Tools to Maintain Easing Environment

AASTOCKS News

Daiwa Securities Group Inc.

大和证券进一步推迟对中国人民银行降息的预期，预计将优先使用政策工具来维持宽松的环境