资产配置日报：中美通话-20250606

Group 1 - The report highlights that on June 5, both the stock and bond markets exhibited independent trends, with the stock market supported by easing US-China tariff expectations, leading to a broad-based rally across sectors [2][5] - The performance of the stock market was characterized by the Shanghai Composite Index and CSI 300 both rising by 0.23%, while the ChiNext Index saw a decline of 0.57% [2] - The technology sector emerged as a trading hotspot, with the STAR 50 and Hang Seng Tech indices increasing by 1.04% and 1.93% respectively, indicating a rotation of market interest towards technology stocks [2][7] Group 2 - In the bond market, there were positive signals as short-term bonds continued to perform strongly, with yields on government bonds of 5 years and under generally declining by 2-3 basis points [4] - The People's Bank of China (PBOC) announced a significant operation of 1 trillion yuan in reverse repos, aimed at stabilizing market expectations and alleviating concerns over cross-quarter liquidity pressures [4] - The report notes that the recent US-China leadership call has introduced new uncertainties for the bond market, potentially impacting market risk appetite in the short term [5][6] Group 3 - The technology sector has shown signs of recovery, with the STAR 50 and STAR 100 indices rising by 2.65% and 4.90% since the end of May, indicating a potential rebound in technology stocks [7][10] - The report emphasizes that the current market conditions present opportunities for investors to engage in technology sector trades, particularly focusing on stocks that are at lower price levels [10] - Historical data suggests that the technology sector tends to perform well in June, with higher win rates and average returns compared to dividend and consumer sectors [9][10]