AH股市场周度观察（6月第3周）-20250620

A-Share Market Overview - The A-share market experienced a volatile downward trend, with the Shanghai Composite Index declining by 0.10% and the CSI 2000 Index dropping by 2.22% as of June 20, 2025. The average daily trading volume was 1.21 trillion yuan, a decrease of 11.05% week-on-week [5][6]. - The international geopolitical situation, particularly the escalating conflict between Iran and Israel, negatively impacted market performance, leading to poor results for both A-shares and Hong Kong stocks on June 19 [5][6]. - Short-term market sentiment may improve due to upcoming events such as the Lujiazui Forum and the Politburo meeting, which are expected to enhance policy support for the economy and capital markets. Additionally, a report indicated that 138 billion yuan in central government funds will be allocated in the third and fourth quarters [5][6]. Hong Kong Market Overview - The Hong Kong market faced overall pressure, with major indices declining, including a 2.03% drop in the Hang Seng Tech Index and a 1.52% decrease in the Hang Seng Index [6]. - The ongoing geopolitical tensions and the slower-than-expected progress in US-China trade negotiations contributed to the market's downturn, as no significant positive news was released during the week [6]. - Despite the current trend of escalating tensions in US-China relations, there is potential for temporary easing if personal political interests of key figures are significantly impacted. The Lujiazui Financial Forum is expected to provide long-term benefits for technology companies in Hong Kong, particularly in the AI sector, which may present buying opportunities in the Hang Seng Tech Index [6].