机构：核心资产有望在本轮ROE周期回升中当“先锋手”，A500ETF基金（512050）盘中成交额超10亿元，暂居同标的产品第一

Group 1 - The A-share market showed a strong recovery after a low opening on June 3, with major indices such as the Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, and CSI A500 Index turning positive. Key sectors that performed well included online gaming, brain-computer interfaces, gold and jewelry, and rare earths [1] - The A500 ETF (512050) recorded a trading volume exceeding 1 billion yuan, ranking first among similar products. Notable stocks within this ETF included Zhangqu Technology, which rose over 13%, and Giant Network, Huahai Pharmaceutical, and Aerospace Rainbow, which all increased by over 8% [1] - The A500 ETF tracks the CSI A500 Index and employs a dual strategy of industry-balanced allocation and leading stock selection, covering all sub-industries. It emphasizes both value and growth attributes, with a higher allocation in sectors like pharmaceuticals, electronics, and power equipment compared to the CSI 300 Index, representing core assets in the current A-share market [1] Group 2 - Huatai Securities released a mid-term outlook for 2025, predicting that ROE (Return on Equity) is expected to stabilize and recover in the second half of 2025 due to improvements in net profit margins, stabilization of turnover rates, and an increase in equity multipliers, marking the end of the downward cycle for A-share ROE [1] - The broad valuation recovery of Chinese assets is still in progress, driven by three main variables: technological innovation, the end of the rapid decline in the real estate sector, and improvements in policy cycles. The trend is expected to remain unchanged in the second half of the year, with "de-dollarization" providing upward pressure on the renminbi, enhancing the attractiveness of Chinese asset allocation [1] - Core assets represented by A50, consumption, and finance have shown remarkable fundamental resilience over the past three years and are expected to play a leading role in the upcoming ROE recovery cycle. Additionally, five investment themes are highlighted: renminbi appreciation, technology cycles, capacity cycles, inventory cycles, and capital market reforms [1]