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权益ETF系列：震荡调整，等待时空条件的变化
Soochow Securities·2025-05-11 02:30

Investment Rating - The report maintains an "Overweight" rating for the financial products sector [1] Core Insights - The market is currently experiencing fluctuations and is awaiting changes in time and space conditions [19][20] - The A-share market is expected to show a slight adjustment in May, potentially forming an inverted V-shaped trend [19] - The report suggests a structured and balanced allocation in ETFs due to the anticipated market conditions [20] Summary by Sections A-share Market Overview (May 6 - May 9, 2025) - The top three broad indices were: - Wind Micro-Pan Stock Daily Frequency Equal Weight Index (5.65%) - North Securities 50 (3.62%) - CSI 2000 (3.58%) - The bottom three indices were: - Sci-Tech Innovation 100 (-0.83%) - Sci-Tech Innovation 50 (-0.60%) - Sci-Tech Comprehensive Index (0.43%) [10] Style Index Performance - The top three style indices were: - Financial (CITIC Style) (2.79%) - Large Cap Value (2.70%) - Growth (CITIC Style) (2.62%) - The bottom three were: - Small Cap Growth (1.34%) - Mid Cap Value (1.37%) - Mid Cap Growth (1.53%) [11] Industry Index Performance - The top three Shenwan first-level industry indices were: - Defense and Military Industry (6.33%) - Communication (4.96%) - Electric Equipment (4.02%) - The bottom three were: - Real Estate (0.41%) - Electronics (0.64%) - Trade and Retail (0.88%) [15] A-share Market Outlook (May 12 - May 16, 2025) - The report predicts a potential slight adjustment in the A-share market, with a focus on the impact of tariffs in the latter half of May [19] - The report indicates that the A-share market may face significant selling pressure as it approaches levels seen on April 3 [19] - The Hong Kong stock market is expected to follow a similar trend to the A-share market but may experience less selling pressure due to healthier chip structures [20] Fund Allocation Recommendations - The report recommends a structured and balanced allocation in ETFs, particularly favoring sectors that have seen significant declines and dividend-paying sectors [20]