东莞证券财富通每周策略-20250613

Market Overview - The market experienced a pullback after an initial rise, with the Shanghai Composite Index and Shenzhen Component Index closing down, while the ChiNext Index saw a slight increase. The Shanghai Composite Index fluctuated around the 3400 point mark, ultimately losing it again [1][3] - The Shanghai Composite Index fell by 0.25%, the Shenzhen Component Index by 0.60%, while the ChiNext Index rose by 0.22%. The STAR 50 Index and the Beijing Stock Exchange 50 Index dropped by 1.89% and 3.11% respectively [5][12] Economic Indicators - In May, the Consumer Price Index (CPI) slightly decreased, with a month-on-month decline of 0.2% and a year-on-year decrease of 0.1%. The Producer Price Index (PPI) also saw a month-on-month decline of 0.4% and a year-on-year drop of 3.3% [8][9] - Exports in May showed a year-on-year increase of 6.30%, although this was a 3 percentage point decline compared to April. Notably, exports to the US fell significantly, with a year-on-year decrease of 33.6%, marking the lowest level in five years [9][10] Monetary Policy - The central bank has been conducting net withdrawals in the open market, maintaining a generally loose monetary environment. From June 9 to 13, the central bank executed reverse repos totaling 858.2 billion yuan, resulting in a net withdrawal of 72.7 billion yuan [11][12] - The central bank's focus will be on implementing appropriate monetary policies to promote reasonable price recovery, especially in light of the anticipated interest rate cuts by the Federal Reserve [11] Sector Recommendations - The report suggests focusing on sectors such as finance, non-ferrous metals, basic chemicals, food and beverage, machinery, and technology, media, and telecommunications (TMT) for potential investment opportunities [13][12]