6月市场或延续震荡，“双龙头”构建“稳中求进”组合

Core Viewpoint - The A-share market is exhibiting significant structural characteristics, with increased volatility and accelerated sector rotation, while the focus is expected to gradually shift towards core assets in June [1][2]. Group 1: Market Overview - The three major stock indices in May showed an overall increase, but market volatility has intensified [1]. - Analysts suggest that the market may continue to experience fluctuations, and a core-satellite strategy is recommended for investors to balance stability and growth [1]. Group 2: Investment Strategy - The recommended strategy involves focusing on two leading ETFs: the CSI A500 ETF (563800) as the "core" and the Sci-Tech 50 ETF (588060) as the "satellite," which allows for risk diversification while enhancing return potential [1][2]. - This strategy is suitable for three types of investors: long-term investors seeking core asset opportunities, those wanting to reduce single-style exposure risks, and ordinary investors looking for efficient market beta exposure [1]. Group 3: ETF Performance - The CSI A500 ETF tracks the CSI A500 Index, which includes leading companies across various industries, achieving a one-year annualized return of 7.53% as of the end of May, outperforming the CSI 300 Index by 0.45% [2]. - The Sci-Tech 50 ETF focuses on "hard technology" leaders, with significant R&D investment among its constituents, benefiting from domestic substitution and policy support, indicating long-term growth potential [2]. Group 4: Operational Recommendations - Investors are advised to adopt a systematic investment approach, such as dollar-cost averaging, and to periodically rebalance their portfolios [2]. - It is recommended to hold investments for at least one year and adjust asset allocation based on individual risk tolerance and expected returns [2].