浙商早知道-20250626

Market Overview - On June 25, the Shanghai Composite Index rose by 1.04%, the CSI 300 increased by 1.44%, the STAR 50 gained 1.73%, the CSI 1000 was up by 1.32%, the ChiNext Index surged by 3.11%, and the Hang Seng Index climbed by 1.23% [5] - The best-performing sectors on June 25 were non-bank financials (+4.46%), defense and military industry (+3.36%), computer sector (+2.99%), electric equipment (+1.66%), and retail (+1.57%). The worst-performing sectors included coal (-1%), oil and petrochemicals (-0.57%), transportation (-0.21%), beauty and personal care (+0.18%), and food and beverage (+0.25%) [5] - The total trading volume for the A-share market on June 25 was 16,395.06 billion, with a net inflow of 9.573 billion HKD from southbound funds [5] Key Insights Real Estate Sector - The core viewpoint emphasizes selecting the best quality real estate companies at the bottom of the cycle, highlighting the anti-cyclical nature of commercial operations and property management [6] - Market perception indicates ongoing downward risks in the real estate sector, with concerns over the growth potential of commercial operations and property management companies [6] - The report suggests that the continuous increase in second-hand housing transactions and the initial recovery of new housing prices indicate a potential market rebound, maintaining the stance of selecting high-quality real estate firms [6] - Key driving factors include the introduction of real estate stimulus policies such as interest rate cuts and support for urban village projects, alongside an unexpected recovery in market volume and prices [6] Precious Metals Sector - The main narrative for the long-term bull market in gold is driven by the decline of the US dollar's credit [7] - Historical analysis suggests that as long as crises persist, bull markets will continue [7] - Investment opportunities are identified in high-cost gold mines entering a profit release cycle, with recommendations to focus on companies like Shandong Gold (H+A shares), Chifeng Jilong Gold, and Tongguan Gold [8] - Catalysts for this sector include the ongoing decline of the US dollar's credit [8]