A股策略周报：如何理解ST板块、微盘股近期表现？

Group 1 - In May, China's exports continued to recover with a year-on-year increase of 7.6%, compared to a previous increase of 1.5%. Imports rose by 1.8%, down from 8.4% previously, resulting in a trade surplus of $82.6 billion, up from$72.35 billion [22][25]. - The performance of the ST sector and micro-cap stocks has been closely monitored, with the micro-cap index experiencing a decline, nearing its annual low, while the ST sector has been consistently hitting new lows since mid-April [9][24]. - The number of companies in the ST sector increased by 52 in May 2024, marking the highest increase since 2018, attributed to various factors including internal control issues [14][16]. Group 2 - The report highlights the correlation between the ST index and the number of companies in the ST sector, indicating a negative relationship where an increase in ST companies may suppress investor risk appetite [12][19]. - The regulatory response to the ST sector has been timely, with the introduction of risk warning systems aimed at alerting investors to potential risks, suggesting that the number of delisted companies will not significantly increase in the short term [19][20]. - The new "National Nine Articles" emphasizes the need for stricter regulation to prevent risks in the capital market, which is expected to enhance market stability and improve the quality of listed companies [20][27]. Group 3 - The report notes that the performance of various product categories in exports showed improvement, particularly in machinery and high-tech products, while resource products, except for refined oil, generally saw a recovery [69]. - The import data indicates a decline in most categories, with significant drops in agricultural products and base metals, while electronic information products showed mixed results [44][72]. - The report also tracks high-frequency indicators in transportation, noting a decrease in subway passenger volume and an increase in freight flow, reflecting changes in economic activity [53][45].