板块轮动月报（2025年6月）：大盘继续占优，成长价值均衡，煤炭排名提升-20250528

Core Viewpoints - The report suggests that the economic bottom line may have improved compared to the period of increased trade friction, with government investment accelerating and consumer promotion measures continuing to exert influence on demand expansion [1][5][39] - It emphasizes a balanced allocation between growth and value, with a focus on large-cap stocks due to their stronger earnings certainty in the current market environment [1][5][43] Market Style Rotation - The report indicates that large-cap stocks are outperforming small-cap stocks, with a balanced valuation style observed across growth and value indices [2][12] - It highlights that consumer, growth, and large-cap styles are expected to dominate, suggesting a preference for these sectors in the current market [2][13] Industry Allocation - The report recommends focusing on four key sectors: coal, innovative pharmaceuticals, military industry, and finance [3][5] - In the coal sector, prices are expected to stabilize due to supply contraction and the upcoming peak demand season [3][5] - The innovative pharmaceutical sector is highlighted for its potential valuation re-rating, supported by record-breaking investment and favorable policy trends [3][5] - The military industry is noted for its growth potential driven by geopolitical tensions and the need for self-sufficiency [3][5] - In finance, the report points out that both banks and non-bank financial institutions are currently underweighted, with the securities sector showing higher value compared to insurance [3][5] Calendar Effect - Historical data from June 2010 to 2024 indicates that large-cap growth styles tend to outperform during this month, with specific sectors like electronics, home appliances, and food and beverage showing strong performance [4][12] Next Month's Sector Allocation Recommendations - The report maintains a positive outlook on large-cap stocks, suggesting a balanced approach between growth and value, with an emphasis on coal, innovative pharmaceuticals, military, and financial sectors [5][39]