泓德基金：上周权益市场窄幅震荡，创新药板块表现亮眼

Group 1 - The domestic equity market experienced a narrow fluctuation pattern before the Dragon Boat Festival, with major indices showing around 1% change and the Wind All A index having a weekly amplitude of 1.4%, closing nearly flat with an average daily trading volume of approximately 1.1 trillion [1] - The recent resurgence of Sino-U.S. trade tensions has impacted the domestic equity market, with the Hong Kong market already reflecting this on June 2. However, investors are advised not to overreact, as short-term disturbances are more emotional, and the market is gradually becoming desensitized to fluctuating tariffs, returning to fundamentals [1] - The current price-to-earnings ratio of major domestic indices is in the low teens, significantly lower than that of major global indices, enhancing the allocation value and attractiveness of Chinese assets amid increasing instability in global markets [1] Group 2 - In the bond market, the last week of May saw amplified month-end funding disturbances, with the central bank increasing open market operations to maintain a "tight balance" in the funding environment. Bond fund redemptions combined with external fluctuations led to a general decline in bond yields, with the 10-year government bond yield decreasing by 1.4 basis points to 1.6750% [1]