公募基金共话6月份A股：结构性行情延续 三大主线掘金

Core Viewpoint - Multiple public fund institutions express a cautiously optimistic outlook for the A-share market in June, expecting a structural market dominated by new investment opportunities amid fluctuations [1][2][6] Group 1: Market Outlook - The Chinese economy is in a critical phase of stabilization and recovery, with three positive factors supporting the A-share market: declining credit rates, improved rental yields in first-tier cities, and restored investment confidence among private enterprises [2] - The A-share market is anticipated to show a fluctuating upward trend, driven by improving macroeconomic fundamentals, potential marginal improvements in trade due to tariff adjustments, and a well-stocked policy toolbox for timely interventions [2][6] - The market is expected to experience a "bottoming out—trend upward" trajectory over the next year, following a phase of valuation recovery since September 2024 [2] Group 2: Investment Themes - Public fund institutions prioritize technology innovation as a core investment theme for June, focusing on sectors such as domestic computing power, AI applications, humanoid robots, and semiconductors [3][6] - The TMT (Technology, Media, and Telecommunications) sector is viewed as entering a "counterattack" phase, with upcoming technology conferences potentially acting as key catalysts for performance [3] - The consumption sector is also a focal point, with expectations that domestic demand policies will benefit high-quality assets in the internal circulation economy [4][6] Group 3: Defensive Strategies - Given external uncertainties, public fund institutions recommend increasing defensive allocations, suggesting attention to sectors like dividends, robotics, precious metals, and defense industries [5][6] - Specific recommendations include stable dividend-paying sectors such as banking, electricity, and highways, as well as precious metals and rare earths [5] Group 4: Overall Market Sentiment - The A-share market in June is expected to present rich structural opportunities due to policy benefits, industrial upgrades, and valuation advantages, with a recommended multi-strategy approach of "technology growth + consumption upgrade + defensive allocation" [6]