消费板块连续领涨，股指上涨

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The US service sector activity unexpectedly contracted, ADP employment data was significantly lower than expected, and Trump pressured the Fed Chair Powell to cut interest rates immediately, resulting in mixed performance of the three major US stock indexes. Domestic stock indexes have been rising slightly but remain range - bound, with the consumer sector leading. In the short term, the stock indexes will continue the trend of shrinking trading volume [1][2][3] Summary by Directory 1. Market Analysis - Domestic: Four departments including the Ministry of Human Resources and Social Security issued a notice to carry out a pilot project on the integrated development of the human resources service industry and the manufacturing industry in about 30 eligible cities, aiming to achieve certain results in about 3 years [1] - Overseas: The US ADP employment in May increased by 37,000, far lower than the expected 110,000, and the recruitment speed reached the lowest level since March 2023. The US ISM non - manufacturing PMI in May was 49.9, contracting for the first time in nearly a year, lower than the expected 52.0 [1] 2. Stock Market Performance - Domestic Spot Market: A - share indexes rose, with the Shanghai Composite Index up 0.42% to 3376.2 points and the ChiNext Index up 1.11%. Most sectors rose, except for transportation, national defense and military industry, public utilities, and the banking industry. The trading volume of the Shanghai and Shenzhen stock markets was 1.1 trillion yuan [2] - Overseas Spot Market: The three major US stock indexes closed mixed, with the Dow down 0.22% to 42427.74 points and the Nasdaq up 0.32% to 19460.49 points [2] - Futures Market: The basis of stock index futures rebounded slightly. The trading volume and open interest of the four major stock index futures decreased simultaneously [2] 3. Strategy - The US service industry contraction and low ADP employment data, along with Trump's pressure on the Fed, led to mixed performance of US stocks. Domestic stock indexes rose slightly but remained range - bound, with the consumer sector leading. In the short term, the stock indexes will continue the shrinking volume trend [3] 4. Chart Summary - Macro - economic Charts: Include charts on the US dollar index and A - share trends, US Treasury yields and A - share trends, RMB exchange rate and A - share trends, and US Treasury yields and A - share style trends [5][6] - Spot Market Tracking Charts: Present the daily performance of domestic major stock indexes, including the Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, etc., on June 4, 2025 [12] - Stock Index Futures Tracking Charts: Provide data on the open interest, trading volume, basis, and inter - delivery spread of stock index futures [5][6]