Market Overview - On June 23, the A-share market opened lower but rose slightly, with the Shanghai Composite Index finding support around 3348 points and closing at 3381.58 points, up 0.65%[4][9]. - The Shenzhen Component Index closed at 10,048.39 points, up 0.43%, while the ChiNext Index rose by 0.39%[10][9]. - Total trading volume for both markets reached 11,471 billion yuan, above the median of the past three years[4][17]. Sector Performance - Strong performers included banking, software development, semiconductors, and energy metals, while sectors like liquor, aviation, engineering machinery, and electricity showed weaker performance[4][9]. - Over 80% of stocks in the two markets rose, with notable gains in energy metals, shipping ports, and software development[9]. Valuation and Investment Strategy - The average P/E ratios for the Shanghai Composite and ChiNext are 13.85 times and 36.04 times, respectively, indicating a suitable environment for medium to long-term investments[4][17]. - The report suggests focusing on investment opportunities in software development, semiconductors, banking, and chemical pharmaceuticals in the short term[4][17]. Economic Context - China's economy continues to show moderate recovery, driven by consumption and investment, with long-term capital inflows increasing and ETF sizes growing steadily[4][17]. - The Federal Reserve maintained interest rates in June, but uncertainty remains regarding future rate cuts, which could significantly boost global risk appetite[4][17]. Risks - Potential risks include unexpected overseas economic downturns, domestic policy changes, and geopolitical tensions affecting global trade and energy supplies[5][4].
市场分析:软件半导体领涨,A股震荡上行
Zhongyuan Securities·2025-06-23 11:37