EBSCN·2025-05-30 00:58Group 1: Market Strategy - The report continues to focus on three asset categories, highlighting the monthly stock selection for A-shares and Hong Kong stocks for June 2025, including companies like Gree Electric, China Petroleum, and Tencent Holdings [1] Group 2: Fiscal Policy Analysis - The evolution of fiscal policy in China is analyzed, categorizing it into three major phases and eight sub-phases, with a shift from single to multiple objectives and a deepening understanding of fiscal sustainability constraints [2] Group 3: Industry Research - The report maintains a positive outlook on the "three major oil companies" and oil service sectors, recommending stocks such as China Petroleum and China National Offshore Oil Corporation, while also favoring domestic material companies benefiting from the trend of domestic substitution [3] - It also highlights the agricultural chemicals and private refining sectors, suggesting stocks like Wanhua Chemical and Hualu Hengsheng, and expresses optimism for the vitamin and methionine sectors with recommendations for companies like Zhejiang Medicine [3] Group 4: Company Research - Xiaomi Group's Q1 2025 performance shows a return to the top of the domestic smartphone market, with record revenue and adjusted net profit, supported by advancements in self-developed chips and AI models, leading to an upward revision of profit forecasts for 2025-2027 [4] - Pinduoduo's Q1 2025 revenue increased by 10.2% year-on-year, but GAAP net profit declined by 47.3%, prompting a downward adjustment of profit forecasts for the next three years [5] - Meituan's Q1 2025 revenue grew by 18.1%, with a significant increase in net profit, although future profit forecasts were also adjusted downward due to ongoing industry competition [7]