国泰海通 · 晨报0701｜金工、建筑工程

Group 1 - The core viewpoint is that the upward trend of the stock index is not yet over, with recent geopolitical issues causing only a slight pullback in mid-June, followed by a notable increase in A-shares as geopolitical tensions eased [3] - As of June 27, 2025, the best-performing sectors include banking and telecommunications, while food and beverage and coal industries show weaker performance [3] - The market's observation sentiment has improved with the index rebound, as evidenced by the annualized basis of IM stock index futures decreasing from a previous high of 17% to around 11% [3] Group 2 - The report recommends investing in dividend-paying construction state-owned enterprises at valuation bottoms, driven by market capitalization management and state-owned enterprise reform policies [7] - The report highlights the growth of China's foreign contracting business, with a revenue of 445.08 billion RMB from January to May 2025, marking a 6.6% year-on-year increase, and a new contract amount of 709.08 billion RMB, up 14.4% [8] - The report suggests investing in companies within the new productivity construction industry chain, which combines dividends and growth potential, particularly in areas like low-altitude economy and AI [8]