市场延续存量博弈格局 如何把握板块轮动节奏?

Market Overview - On June 9, the Shanghai Composite Index rose by 0.10%, the Shenzhen Component Index increased by 0.16%, and the ChiNext Index gained 0.34%. The leading sectors included securities, rare earth permanent magnets, and digital currency, while gold, AI applications, agriculture, and photovoltaic themes weakened [1]. Guest Insights - Yang Shoujun, Chief Investment Advisor at Huizheng Finance, noted that in June, undervalued targets in the financial sector and certain consumer categories became the main drivers of the market. He anticipates that after several months of adjustment, specific sectors are entering a value zone, making them attractive for low-cost acquisition [2]. - Deng Yichao, a fund manager at Shenbo, emphasized the importance of focusing on sectors with long-term growth prospects, significant prior adjustments, solid fundamental performance, and recent capital interest. He highlighted the pharmaceutical sector, particularly certain tracks benefiting from technological breakthroughs and policy support, as well as consumer sectors showing resilience due to domestic demand [2]. Brokerage Perspectives - According to CICC, the historical "big bottom" and this year's phase bottom may have already appeared, showcasing the resilience of A-shares. They suggest a return to growth stock selection and sector layout, with structural opportunities increasing and a higher frequency of rhythm changes expected [5]. - CICC recommends focusing on three main lines for industry allocation: 1) Opportunities from the capacity cycle, including industrial metals, lithium batteries, innovative drugs, commercial vehicles, and rail transport; 2) High-growth opportunities less correlated with economic cycles and external risks, such as the AI industry chain; 3) Strong dividend certainty in dividend stocks, suggesting investment in leading consumer companies, public utilities, telecommunications, and banks [6]. - Tianfeng Securities advocates for a defensive approach in June, categorizing investment lines into three directions: 1) Technology AI+ breakthroughs; 2) Valuation recovery in consumer stocks; 3) Continued rise of undervalued dividends, which depend on the progress of the AI industry trend [7].