资产配置日报：满心期待-20250617

Market Performance - The domestic market showed mixed performance with major indices experiencing slight declines, such as the Shanghai Composite Index down by 0.04% and the CSI 300 down by 0.09% [1][2] - The bond market is anticipating a resumption of central bank bond purchases, leading to a bullish sentiment among investors [4][5] Geopolitical Impact - Recent easing of tensions between Israel and Iran has led to a stabilization in market sentiment, although localized conflicts continue to pose risks [3][10] - Oil prices have seen fluctuations, with Brent crude rising by 2.06% amid concerns over potential disruptions in the Strait of Hormuz, a critical oil transport route [3] Monetary Policy Expectations - The central bank's recent actions indicate a trend towards increased liquidity, with expectations of bond purchases and potential adjustments to reserve requirements for government bonds [4][6] - The market is speculating on the implications of these policies, which could lead to a steepening yield curve and improved supply-demand dynamics in the bond market [6][10] Sector Performance - The equity market remains in a consolidation phase, with defensive sectors such as coal, utilities, and oil & gas showing resilience, while technology sectors are experiencing a shift in focus towards AI wearable devices and brain-computer interface concepts [7][9] - There is a notable shift in capital flow from small-cap stocks to mid-cap stocks, indicating a potential change in investor sentiment and strategy [8] Investment Opportunities - The report highlights potential investment opportunities in mid-cap stocks as they may attract interest due to their relative undervaluation compared to small-cap stocks [8] - The technology sector continues to be a focal point for investment, particularly in areas related to AI and stablecoins, driven by recent regulatory developments [9][10]