<div id="readability-page-1" class="page"><div><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><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><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><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>

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<p>Daiwa has delayed its expectations for interest rate cuts by the People's Bank of China (PBOC) following the April Politburo meeting, which did not signal any rate cuts. The broker anticipates the PBOC will maintain an easing environment through policy tools. Despite foreign capital driving Chinese equities in March, attention has shifted back to US equities in April, with domestic investors supporting value and high-dividend stocks. Policymakers are also focusing on stabilizing the property market, prompting local governments to introduce new stimulus measures.</p>

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Daiwa Further Delays PBOC Rate Cut Expectations, Expects Priority Use of Policy Tools to Maintain Easing Environment