2025年6月A股及港股月度金股组合：继续关注三类资产-20250529

Market Overview - In May, A-shares showed mixed performance with the Wind All A Index rising by 2.2% while the Sci-Tech 50 Index fell by 3.9%[8] - The Hong Kong stock market experienced a rebound, with the Hang Seng Index and Hang Seng Technology Index increasing by 5.7% and 1.9% respectively as of May 27, 2025[10] A-share Strategy - A-shares are expected to trend upwards due to ongoing policy support and inflows of medium to long-term capital, with current valuations near the average since 2010[13] - Three asset categories are recommended for investment: - Stable assets such as high-dividend stocks and gold, which provide certainty in uncertain markets[16] - Self-sufficient industrial chains, focusing on domestic alternatives due to the dual circulation strategy[16] - Domestic consumption, which is expected to remain resilient amid uncertain overseas policies[17] Hong Kong Stock Strategy - The Hong Kong market is anticipated to continue its upward trend, supported by low valuations in the Hang Seng Index and Hang Seng Technology Index[18] - A "barbell" investment strategy is suggested, focusing on: - Self-sufficient sectors like chips and high-end manufacturing amid US-China tensions[18] - Internet technology companies with independent growth prospects[18] - High-dividend, low-volatility sectors such as telecommunications and utilities[18] Recommended Stocks - June 2025 A-share stock picks include: - ZG股份, 格力电器, 海尔智家, 中国石油, 中国海油, 中国石化, 紫金矿业, 招商积余, 鸿路钢构, 濮耐股份[22] - June 2025 Hong Kong stock picks include: - 网易-S, 腾讯控股, 香港交易所, 地平线机器人-W[25] Risk Factors - Potential risks include slower-than-expected policy implementation, significant deterioration in US-China relations, and unforeseen risk events[4]