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中国基金报·2025-06-25 11:14

Core Viewpoint - The A-share market has shown strong performance recently, with the Shanghai Composite Index reaching a new high for the year, driven by multiple factors including improved risk appetite and positive market sentiment [2][3][4]. Market Performance - On June 25, the A-share indices collectively rose, with the Shanghai Composite Index up by 1.04% to close at 3455.97 points, the Shenzhen Component Index up by 1.72% to 10393.72 points, and the ChiNext Index up by 3.11% to 2128.39 points [2]. Reasons for Market Surge - Several factors contributed to the surge in the A-share market: 1. Upgrades in Hong Kong's leading Chinese brokerage firms' trading licenses to include virtual asset trading services, boosting financial sector stocks [5]. 2. Anticipation of new fiscal policies from the Ministry of Finance to support the market [5]. 3. Easing geopolitical tensions, particularly the Israel-Palestine conflict, reducing market concerns [5]. 4. Signals from multiple Federal Reserve officials regarding potential interest rate cuts in July, supporting global risk assets [5]. Future Market Outlook - Various fund companies maintain a neutral to optimistic outlook for the second half of the year: - In light of breakthroughs in AI, military, and innovative pharmaceuticals, there is renewed confidence in China's innovation capabilities, which may attract foreign investment [7]. - The market remains attractive in terms of valuation, especially compared to the bond market [7]. - Continued policy support and liquidity are expected to provide a favorable environment for the A-share market [8]. Investment Focus - Investment strategies should focus on: 1. Dividend stocks with stable yields and technology sectors with growth potential, forming a barbell strategy [10]. 2. Financial sector stocks, which are expected to perform well amid global uncertainties [10]. 3. Attention to sectors with strong performance in Q2, such as electronics and communications [10]. 4. The importance of stable dividend returns in the current economic context, alongside active engagement in technology and domestic demand sectors [10].