以静待时

Market Performance Review - In June, major stock indices all rose, with the Shanghai Composite Index increasing by 2.29%, the Shenzhen Component Index by 3.37%, and the ChiNext Index by 6.58% [13] - The financial and growth styles led the market, while the stable style declined by 0.36% [13] - The TMT and financial sectors showed significant gains, with the communication sector rising by 11.97% and non-bank financials by 8.84% [17] Market Sentiment Analysis - Since the market rally began on September 24, 2024, retail investor sentiment has played a dominant role, but this sentiment has declined since May 2025 [4][20] - The report suggests that retail sentiment will remain within a normal fluctuation range, and a rally driven by retail investors is not expected in the near term [4][20] Future Outlook and Investment Strategy - The report emphasizes the importance of waiting for the outcome of the US tariff negotiations, which will set the tone for July [5][27] - If the US does not reach an agreement with other countries, the A-share market may focus on internal fundamentals [5][27] - The recommendation is to hold dividend stocks while waiting for uncertainties to resolve, rather than making premature investments [6][28] - If the US reaches an agreement at the expense of Chinese interests, defensive dividend stocks will remain a preferred choice [6][28]