证券研究报告 高频数据弱，牛初震荡延续 ——策略周观点 [Table_ReportDate] 2025 年 6 月 2 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 策略研究 [策略周报 Table_ReportType] | 执业编号：S1500521060001 | | --- | | ] [Table_A 樊继拓 uthor策略首席 分析师 邮 箱： fanjituo@cindasc.com | 李畅 策略分析师 执业编号：S1500523070001 邮 箱： lichang@cindasc.com [高频数据弱，牛初震荡延续 Table_Title] [Table_ReportDate] 2025 年 6 月 2 日 核心结论：2022 年以来，市场出现过多次季度级别（或以上）的上涨， 2022 年 5-8 月、2022 年 11 月-2023 年 4 月、2024 年 2-5 月，股市波动 节奏都是：底部快速上涨（政策改善）->高位震荡（高频经济数据改 善）->再次下跌（高频经济数据下滑）。政策利多带来的上涨比较快， 高频数据带来的波动比较慢（高位震荡或阴 ...

泡泡玛特引领 IP 产业创新，新型烟草产业加速推新 [Table_Industry] 轻工制造 [Table_ReportDate] 2025 年 06 月 02 日 证券研究报告 [Table_ReportType] 行业周报 | [Table_StockAndRank] 轻工制造 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | [Table_Author] 姜文镪 新消费行业首席分析师 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 泡泡玛特引领 IP 产业创新，新型烟草产业加 速推新 [Table_ReportDate] 2025 年 06 月 02 日 [Table_S [➢Table_Summary 家居：楼市延续平稳，家居终端需求环比趋弱，龙头积极变革穿越周 ummary] ] 期。根据 CRIC，5 月楼市整体延续企稳走势，新房供给显著回落，但 成交环比 4 月基本持平，累计同比保持正增，京沪深等热点恒热。我 们近期密集草根调研家居 ...

高频数据弱，牛初震荡延续 ——策略周观点 [Table_ReportDate] 2025 年 6 月 2 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 证券研究报告 策略研究 [策略周报 Table_ReportType] | 执业编号：S1500521060001 | | --- | | ] [Table_A 樊继拓 uthor策略首席 分析师 邮 箱： fanjituo@cindasc.com | 李畅 策略分析师 执业编号：S1500523070001 邮 箱： lichang@cindasc.com [高频数据弱，牛初震荡延续 Table_Title] [Table_ReportDate] 2025 年 6 月 2 日 核心结论：2022 年以来，市场出现过多次季度级别（或以上）的上涨， 2022 年 5-8 月、2022 年 11 月-2023 年 4 月、2024 年 2-5 月，股市波动 节奏都是：底部快速上涨（政策改善）->高位震荡（高频经济数据改 善）->再次下跌（高频经济数据下滑）。政策利多带来的上涨比较快， 高频数据带来的波动比较慢（高位震荡或阴 ...

泡泡玛特引领 IP 产业创新，新型烟草产业加速推新 [Table_Industry] 轻工制造 [Table_ReportDate] 2025 年 06 月 02 日 [Table_ReportType] 行业周报 | [Table_StockAndRank] 轻工制造 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | [Table_Author] 姜文镪 新消费行业首席分析师 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 泡泡玛特引领 IP 产业创新，新型烟草产业加 速推新 [Table_ReportDate] 2025 年 06 月 02 日 本期内容提要: 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com [Table_S [➢Table_Summary 家居：楼市延续平稳，家居终端需求环比趋弱，龙头积极变革穿越周 ummary] ] 期。根据 CRIC，5 月楼市整体延续企稳走势，新房供给显 ...

证券研究报告 主动权益基金仓位回落至年内低点 —— 量化市场追踪周报（2025W22） 2025 年 6 月 2 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 于明明 金融工程与金融产品 首席分析师 执业编号：S1500521070001 联系电话：+86 18616021459 邮 箱：yumingming@cindasc.com 吴彦锦 金融工程与金融产品 分析师 执业编号：S1500523090002 联系电话：+86 18616819227 邮 箱：wuyanjin@cindasc.com 周君睿 金融工程与金融产品 分析师 执业编号：S1500523110005 联系电话：+86 19821223545 邮 箱：zhoujunrui@cindasc.com 量化市场追踪周报(2025W22)：主动权益基金仓位 回落至年内低点 2025 年 6 月 2 日 主动权益基金仓位回落至年内低点：截至 2025/5/30，主动权益型基金的 平均仓位约为 85.98%。其中，普通股票型基金的平均仓位约为 89.13%（较 上周下降 0.52pct），偏股混合型基金的平均 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - As of May 30, 2025, the average position of active equity funds dropped to a low point this year [2]. - In the short - term, one should be cautious about the sustainability of the excess returns of micro - cap stocks and control the allocation risk of micro - cap style related assets [3]. - It is recommended to focus on high - quality targets with improved profitability and solid fundamentals [3]. - The service innovation of the public fund industry is expected to enhance its comprehensive competitiveness [3]. Summary According to Relevant Catalogs 1. Weekly Market Review - From May 26 to May 30, 2025, the overall trading in the A - share market became dull, with the average daily trading volume falling to a relatively low level near one trillion yuan, and risk appetite declined [3][11]. - The previous strong Beizheng 50 index continued to lead the gains, but one should be cautious about the sustainability of the excess returns of micro - cap stocks [3][11]. - The net outflows of domestic Hong Kong - related ETFs have occurred in recent weeks, and the net buying strength of southbound funds has also weakened [3]. - The public fund industry is accelerating the optimization of products and services, and many fund companies have opened the conversion business between different shares of the same fund [3][12]. - The performance of major broad - based indexes was differentiated. The Beizheng 50 performed relatively strongly, while the Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, and CSI 300 all declined [12]. - The performance of primary industries was also differentiated. The automobile sector had the largest decline, while the top - performing industries included comprehensive finance, national defense and military industry, medicine, agriculture, forestry, animal husbandry, and fishery, and communication [15]. 2. Public Funds 2.1 Public Fund Position Calculation - As of May 30, 2025, the average position of active equity funds was about 85.98%. The average positions of common stock funds, partial - stock hybrid funds, and allocation funds decreased, and the average position of "fixed - income +" funds also decreased [2][20]. 2.2 Style Trends of Active Equity Products - As of May 30, 2025, the exposure of the mid - cap style of active partial - stock funds increased relatively. The positions of large - cap growth and small - cap value increased, while the positions of large - cap value, small - cap growth decreased [3][28]. 2.3 Industry Trends of Active Equity Products - From May 26 to May 30, 2025, the allocation ratios of active equity funds in industries such as food and beverage, machinery, and commercial retail increased, while the ratios in industries such as computer and electronics decreased [3][31]. 2.4 ETF Market Tracking - From May 26 to May 30, 2025, the funds of broad - based ETFs flowed back, exchange - traded credit bond ETFs continued to attract capital, and some medical theme ETFs had obvious profit - taking [33]. - The net inflow of broad - based ETFs was about 6.171 billion yuan, the net outflow of industry ETFs was about 121 million yuan, the net inflow of style and theme ETFs was 1.403 billion yuan, the net outflow of cross - border ETFs was about 2.049 billion yuan, the net inflow of bond ETFs was about 15.106 billion yuan, and the net outflow of commodity ETFs was 106 million yuan [33]. 2.5 Newly Established Funds - From May 26 to May 30, 2025, there were 30 newly established domestic funds, including 4 active equity funds. The total newly issued shares of active equity funds were about 1.735 billion shares, at the 78.4% quantile in the past year [38]. 3. Main/Active Fund Flows - From May 26 to May 30, 2025, the main and active funds had a net inflow into the banking sector and a net outflow from sectors such as electronics, computers, automobiles, and power equipment and new energy [5][51]. - In terms of individual stocks and industries, there were differences in the net inflow and outflow directions of main funds and active funds [5][51].

证券研究报告 行业研究——周报 [Table_ReportType] [Table_StockAndRank] 石油加工行业 [Table_Author] 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮箱：zuoqianming@cindasc.com 刘奕麟 石化行业分析师 执业编号：S1500524040001 联系电话：13261695353 邮箱：liuyilin@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.，LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 大炼化周报：节前备货需求偏弱，炼化产品价格有所下跌 [Table_ReportDate0] 2025 年 6 月 2 日 截至 5 月 30 日当周，国内重点大炼化项目价差为 2492.60 元/吨，环比变化+49.93 元/吨（+2.04%）；国外重点大炼 化项目价差为 1088.33 元/吨，环比变化+17.94 元/吨（+1.68%）。截至 5 月 30 日当周，布伦特原油周均价为 64. ...

IC、IM 基差为何持续低位？ [Table_ReportTime] 2025 年 6 月 2 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 [Table_FirstAuthor] 于明明 金融工程与金融产品首席分析师 执业编号：S1500521070001 联系电话：+86 18616021459 邮 箱：yumingming@cindasc.com 证券研究报告 金工研究 [T金工ableReportType] 点评报告 于明明 金融工程与金融产品 首席分析师 执业编号：S1500521070001 联系电话：+86 18616021459 邮 箱：yumingming@cindasc.com 崔诗笛 金融工程与金融产品 金融工程分析师 执业编号：S1500523080001 联系电话：+86 18516560686 邮 箱：cuishidi@cindasc.com 孙石 金融工程与金融产品 金融工程分析师 执业编号：S1500523080010 联系电话：+86 18817366228 邮 箱：sunshi@cindasc.com 信达证券股份有限公司 CIND ...

结构性行情中剩余期限 2 年以内转债性价比提升 —— 6 月转债投资策略与关注个券 [Table_ReportTime] 2025 年 06 月 02 日 [李一爽 Table_ First固定Author 收益]首席分析师 执业编号：S1500520050002 联系电话：+86 18817583889 邮 箱：liyishuang@cindasc.com 张 弛 固定收益分析师 执业编号：S1500524090002 联系电话：+86 18817872149 邮 箱：zhangchi3@cindasc.com 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 [T债券able_ReportType] 专题 [Table_A 李一爽 uthor固定收益 ] 首席分析师 执业编号：S1500520050002 联系电话：+86 18817583889 邮 箱： liyishuang@cindasc.com 张 弛 固定收益分析师 执业编号：S1500524090002 联系电话：+86 18817872149 邮 箱：zhangchi3@cindasc.com 信达证券股份有 ...

证券研究报告 行业研究-周报 [Table_ReportType] 行业周报 重视需求旺季的规律性，把握板块底部配置 [Table_ReportTime] 2025 年 6 月 2 日 [Table_StockAndRank] 煤炭开采 投资评级 看好 上次评级 看好 左前明：能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮箱：zuoqianming@cindasc.com 高升：煤炭钢铁行业首席分析师 执业编号：S1500524100002 邮箱：gaosheng@cindasc.com 李睿：煤炭行业分析师 执业编号：S1500525040002 邮箱：lirui@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.,LTD 北京市西城区宣武门西大街甲 127 号 金隅大厦 B 座 邮编：100031 [Table_Title] 重视需求旺季的规律性，把握板块底部配置 [Table_ReportDate] 2025 年 6 月 2 日 本期内容提要: [Table_Summary] 请阅读最后一页免责声明及信息披露 http: ...