震荡仍是主旋律，等待内部政策窗口期

Market Performance Review - The A-share market experienced slight declines, with most major indices falling, except for the ChiNext Index, which was the only major index to rise, primarily driven by blue-chip stocks [3][12] - The performance of the A-share market was influenced by external political events, including the Israel-Iran conflict, which heightened global market risk aversion and led to significant increases in gold and oil prices [3][16] - The overall market did not establish a new trading theme, continuing the pattern of new consumption stocks rising and then retreating, alongside the valuation recovery of innovative pharmaceuticals [3][16] A-share High-Frequency Data Tracking - The personal investor sentiment index showed slight recovery, with a 7-day moving average of 4.6% as of June 14, up from -4.0% on June 7, indicating a shift from persistent pessimism to a more normalized trading phase [4][17] - The financing transaction volume in the A-share market has seen a notable decline, reflecting a decrease in investor enthusiasm, although there was a slight net inflow this week [20] - The current state of industry rotation is characterized by high speed and low intensity, suggesting a market environment prone to sideways movement [21][23] Future Market Outlook and Investment Views - The report anticipates continued market volatility, with external factors such as US tariffs and the Israel-Iran conflict potentially causing further impacts on the A-share market [4][30] - The A-share market may see upward movement during the internal policy window in July, with expectations for stimulus policies in consumption and real estate sectors [4][30] - The recommendation is to focus on dividend stocks with good value, particularly in sectors like banking, transportation, and utilities, while waiting for clearer internal demand stimulus policies to catalyze traditional consumption trades [5][30]