策略周报：海内外风险偏好共振提升-20250629

Core Insights - The report indicates an increase in risk appetite both domestically and internationally, leading to a rebound in the A-share market. The S&P 500 rose by 3.4%, while Brent crude oil prices fell by 11.5% [2] - The report highlights that the domestic financial policies are aimed at boosting consumption, with major indices in the A-share market showing positive performance, including a 1.9% increase in the Shanghai Composite Index and a 5.7% increase in the ChiNext Index [2] - The report suggests that the short-term market outlook is positive due to the decrease in geopolitical risks and supportive domestic policies, with a focus on sectors with higher profit certainty such as finance, technology, and consumer sectors [2] Recent Developments - Industrial profits for large-scale enterprises in China decreased by 1.1% year-on-year from January to May 2025, indicating a shift in profitability trends [3][4] - The report outlines various financial policies aimed at enhancing and expanding consumption, including a focus on supporting consumer capacity and optimizing financial services [5][6] Market Performance - The report notes that 28 out of 31 sectors in the A-share market achieved positive returns, with the computer, defense, and non-bank financial sectors leading with increases of 7.7%, 6.9%, and 6.7% respectively [15] - The average daily trading volume in the A-share market reached 1.49 trillion yuan, reflecting a 22.36% increase week-on-week [15][17] Sector Focus - The report emphasizes the importance of sectors benefiting from financial reforms and high dividend yields, as well as those experiencing positive trends in technology and consumer demand [2] - Specific sectors highlighted for potential investment include finance (stablecoins/non-bank), technology (TMT/defense/electric equipment/innovative pharmaceuticals), and consumer sectors supported by domestic demand policies [2]