中报季如何把握投资机遇？六大机构最新研判来了

Core Viewpoint - The A-share market is expected to focus on structural opportunities as the mid-year reporting season approaches, with attention on sectors with strong performance and high safety margins, as well as policy-driven consumer sectors and core assets in innovative pharmaceuticals [1][5][8]. Market Performance - The A-share market saw a rise last week, with the Shanghai Composite Index reaching a new high for the year, while the Shenzhen Component Index and the ChiNext Index increased by 3.73% and 5.69%, respectively [1]. Economic Indicators - In the first five months of the year, China's industrial enterprises reported a total profit of 27,204.3 billion yuan, with gross profit increasing by 1.1% and operating revenue rising by 2.7% year-on-year, indicating ongoing industrial economic transformation [2]. Fundraising Trends - As of June 24, 13 out of the 26 newly approved floating rate funds have been established, raising over 12.6 billion yuan, with several funds exceeding 1 billion yuan in fundraising [4]. Investment Insights from Institutions - CITIC Securities suggests that the mid-year reporting season will primarily present structural opportunities, with active funds shifting from pharmaceuticals and consumer sectors to technology and finance [5]. - Shenwan Hongyuan emphasizes the importance of focusing on long-term positive factors, suggesting that the market may experience short-term fluctuations but will stabilize in the long run [7]. - China Galaxy Securities identifies three main investment lines: high safety margin assets, technology sectors, and policy-driven consumer sectors [8]. - HSBC Jintrust Fund expresses optimism for the second half of the year, particularly for cyclical sectors due to improved supply-demand dynamics [9]. - ICBC Credit Suisse Fund highlights the potential of core assets in innovative pharmaceuticals, anticipating significant developments in 2025 [10]. - Morgan Asset Management focuses on four key areas: AI, pharmaceuticals, consumer goods, and power batteries, indicating strong investment opportunities in these sectors [11].