Core Insights - HighWin Securities' Vice President and Quantitative Fund Manager Han Chao has been invited to two high-end industry forums organized by domestic financial regulatory agencies and the Shenzhen Stock Exchange, showcasing the company's expertise in financial technology and its influence in the industry [2][4][6] Group 1: Industry Engagement - HighWin Securities was the only invited institution in the quantitative field at a closed-door expert seminar hosted by domestic financial regulators in May, where Han Chao discussed "quantitative trading innovation and risk management," gaining significant attention from regulatory leaders and other financial institutions [4][6] - In June, HighWin Securities participated in a quantitative special report meeting focused on "global quantitative industry development comparisons and AI technology empowerment," where Han Chao was the sole keynote speaker, providing a detailed comparison of quantitative investment development and regulatory policies across the US, Japan, and Hong Kong [4][6] Group 2: Technological Empowerment - The discussions at both forums emphasized "technology empowerment" and "compliance development," outlining the global development trajectory of quantitative institutions and offering insights for local quantitative trading innovation [6] - HighWin Securities has consistently adhered to a development philosophy of "technology-driven and compliance-based," focusing on strategy development, intelligent risk control, and compliance operations, while actively participating in regulatory discussions and standard-setting [6] Group 3: Company Recognition and Future Plans - Han Chao noted that the invitations to participate in regulatory forums reflect recognition of the company's quantitative expertise and encouragement for its ongoing commitment to financial technology [6] - HighWin Securities aims to leverage its technological advantages and industry experience to contribute to the high-quality development of the domestic quantitative field and enhance investor protection [6] Group 4: Company Overview - Established in 2016, HighWin Securities is a licensed corporation recognized by the Hong Kong Securities and Futures Commission, holding multiple regulatory licenses and offering a diverse range of financial services [7] - The company has received numerous awards, including the 2024 Hong Kong Capital Magazine's Capital Excellence Financial Securities Firm Award and the "Outstanding Overseas Quantitative Strategy Manager" award, establishing itself as a widely recognized comprehensive financial service provider [7]

Market Overview - A-shares and Hong Kong stocks experienced a sudden drop but recovered shortly after, with the Shanghai Composite Index down 0.44%, Shenzhen Component Index down nearly 1%, and ChiNext Index down over 1% [1] - The Nikkei 225 and Nasdaq futures also saw a mysterious drop around the same time [1] Reasons for Market Movement - The first reason for the drop was portfolio rebalancing, as funds were eager to adjust their positions after a crowded phase in bank dividends and micro-cap stocks, leading to a sell-off when market volatility occurred [2] - The second reason was attributed to quantitative trading algorithms reacting to news about U.S.-China trade talks, which triggered sell signals based on keywords perceived as negative [3][4] U.S.-China Trade Negotiations - Recent U.S.-China talks lasted six hours, with both sides planning to meet again, focusing on issues like China's rare earth export controls and U.S. semiconductor restrictions [5][8] - The outcome of these negotiations is crucial for both parties, with implications for U.S. political interests and China's economic strategies [8][10] Innovation Drug Sector - The innovation drug sector has shown resilience, with stocks rising even when the broader market was down, driven by expectations of U.S. Federal Reserve rate cuts and domestic breakthroughs [14] - China is a key player in the global pharmaceutical supply chain, particularly in the API (Active Pharmaceutical Ingredient) sector, which is critical for drug manufacturing [15][16] - Chinese pharmaceutical companies are expected to see significant revenue growth by 2025, with many already integrated into national healthcare systems [18][21] - The innovation drug sector is less affected by tariffs due to the nature of clinical trials and the potential for technology transfer rather than traditional drug sales [22]

点击报名 ▲科学出海 中国5月CPI同比下降0.1% 6月9日，国家统计局公布数据显示，2025年5月份，全国居民消费价格指数（CPI）同比下降0.1%，环比下降0.2%。同比数据中，城市持平，农 村下降0.4%；食品价格下降0.4%，非食品价格持平；消费品价格下降0.5%，服务价格上涨0.5%。1—5月平均，全国居民消费价格比上年同期下 降0.1%。 2025年5月份，全国工业生产者出厂价格指数（PPI）同比下降3.3%，环比下降0.4%；工业生产者购进价格同比下降3.6%，环比下降0.6%。1— 5月平均，工业生产者出厂价格和购进价格比上年同期均下降2.6%。（国家统计局官网） ｜点评｜ 中国5月CPI继续保持低位运行，国内需求回暖的速度相对较慢。5月包括汽油、燃油等能源价格走低，与"五一"假期居民出行意愿提 升，机票、旅游价格修复相抵消。除了部分"国补"涉及的行业外，多数消费品行业需求仍有待提振。值得注意的是，由于国内居民收入端增长 有限，购买享受"国补"的家电等产品后，对其他消费品的消费意愿就会有所降低，形成此消彼长的关系。 5月国际原油价格以及国内煤炭价格双双走弱，带动PPI继续走低。国内PPI近两 ...

Group 1 - The market sentiment is stabilizing with the Shanghai Composite Index approaching 3400 points, indicating a shift in market dynamics [1] - There is a divergence in the banking sector, with some stocks experiencing declines while others show potential for growth, particularly in the liquor, securities, and real estate sectors [1][7] - The current market environment suggests that individual investors face difficult choices, with the potential for profit often linked to periods of discomfort [1] Group 2 - Continuous improvement in consumer spending mechanisms is essential, as income growth is the foundation for sustainable consumption [3] - Short-term stimulus can boost consumption, but long-term growth relies on increasing household income and financial stability [3] - The recovery of the real estate and stock markets is seen as a quicker way to enhance wealth compared to wage increases, with significant gains possible in a short time frame [3] Group 3 - Large funds remain locked in, and the CSI 300 index has reached bear market levels, suggesting a potential for upward movement as market sentiment shifts [5] - The stock market tends to reward those who are skeptical about its growth, indicating that a lack of belief in a bull market could lead to unexpected gains [5] - The current market is characterized by a potential upward trend, with both weekly and monthly rebounds likely, although it is still in a phase of accumulating shares [5] Group 4 - The likelihood of the A-share market returning to 3400 points is high, with attention needed on which sectors will drive the index upward [7] - Sectors such as liquor, securities, and real estate are expected to lead the rally, while banks and insurance also show potential for growth despite recent declines [7] - The recent pullback in major stocks may set the stage for a stronger upward movement in the index, as limited downside suggests a rebound is imminent [7]

什么意思？就是要边分歧，然后再转修复再调整，然后再继续上攻的这种节奏。所以说走势上偏反包跟 走趋势。而且我之前跟大家提过，你们可以去看看数字货币的题材指数，5日线稳稳上行，有一点之前 机器人的打法，外加上因为现在量化主导，所以走势上波动确实非常大，这个持股体验不是特别好，但 是资金愿意进攻，像北郊的路桥本身还是对题材的认可，因为乐乐之前跟大家说过，如果资金不看好题 材情绪的，是不会去北交所做情绪溢出的。那何先生仍然是观察现在走势尚好的恒宝，还有中军四方， 而且市场明明是处在缩量的环境下，资金有往低位AI方向去做切换，也并未对数字货币币造成非常大 的影响。所以如果后续像会议啊仍有关于这个金融方向的这个内容，外加上指数向上反弹，这一块也是 离不开数字货币的。那具体锚定核心个股表现这块不能出现非常大幅的补跌就好。 虽然从走势上来说，中亿达目前已经走到了第五波，而且第四波的修复力度明显减弱了，但是中易达目 前仍在良性分歧，因为行情走不出来，资金还是会去化工或者医药做避险的。那接下来该怎么看情绪肯 定还是锚定中亿达。指数修复这块就要看数字货币。其实还是很想跟大家仔细去拆解一下数字货币这个 题材，其实第一点是因为它正好卡 ...

Report Summary 1. Report Industry Investment Rating There is no information about the industry investment rating in the report. 2. Core Views - **Stock Index Futures**: The market focuses on local large - consumption hotspots. The Shanghai Composite Index rose slightly on Wednesday, but the trading volume was hard to expand effectively, lacking a sustainable main line. The big - consumption sector was active, but the trading volume limited the market's upside. With potential tariff event fluctuations, it's recommended to maintain an empty - position and wait and see [2][8]. - **Stock Index Options**: The volatility reduction continues, and it's advisable to be cautious with the covered strategy. The underlying market rose across the board, but the options market turnover was lackluster. The positions of some varieties changed significantly, and the volatility of each variety continued to decline. The overall market sentiment was somewhat inconsistent with the underlying market, and the covered strategy should be continued for now [3][8]. - **Treasury Bond Futures**: Treasury bond futures rose collectively. The central bank's reverse - repurchase led to a net withdrawal of 600 million yuan, and the capital market remained loose. The market was affected by tariff events and expectations of central - bank operations. In the short term, the long - end bonds are expected to maintain a narrow - range oscillation [4][8][9]. 3. Summary by Directory 行情观点 - **Stock Index Futures**: IF, IH, IC, and IM had changes in basis, inter - period spreads, and positions. The market focused on large - consumption stocks in Hong Kong, but faced challenges such as limited trading volume and potential tariff impacts. The recommended operation is to wait and see [8]. - **Stock Index Options**: The underlying market rose, with the CSI 1000 up 0.88%. The options market turnover decreased by 7.67% to 2.814 billion yuan. Some varieties' positions reached short - term highs, and the MO volatility index dropped to around 21%. The covered strategy should be continued [3][8]. - **Treasury Bond Futures**: The trading volume, positions, inter - period spreads, cross - variety spreads, and basis of T, TF, TS, and TL had corresponding changes. The central bank's reverse - repurchase led to a net withdrawal of 600 million yuan. The T contract was affected by tariff events and stock - market movements. The recommended strategies include maintaining an oscillating trend, paying attention to short - hedging at low basis levels, watching for basis widening, and steepening the yield curve in the medium term [8][9]. 经济日历 - Economic data such as the EU's April unemployment rate, May CPI, and core CPI, as well as the US's May ADP employment data are presented, along with predicted and actual values where available [10]. 重要信息资讯跟踪 - In 2025, 25,000 urban old - community renovation projects are planned nationwide, with 5,679 started from January to April. Six regions have a start - up rate of over 50%. - The SCO member states' finance ministers and central bank governors' meeting discussed economic and financial issues and supported actions to deepen regional financial cooperation. - The estimated wholesale sales of new - energy passenger vehicles in May were 12.4 million, a 38% year - on - year increase and a 9% month - on - month increase. The cumulative wholesale from January to May was estimated at 52.2 million, a 41% year - on - year increase [11]. 衍生品市场监测 - **Stock Index Futures Data**: The report does not provide specific data details. - **Stock Index Options Data**: The report does not provide specific data details. - **Treasury Bond Futures Data**: The report does not provide specific data details.

Group 1 - The core viewpoint of the article is that quantitative trading is increasingly accessible to retail investors, with over 20 brokerage firms launching T0 algorithm services this year [3][5][9] - T0 trading allows investors to execute intraday trades using pre-set rules, aiming to reduce holding costs or enhance returns by capitalizing on daily stock price fluctuations [3][5][9] - The annualized return for personal investors using T0 algorithm services is reported to be around 8%, but actual returns can vary significantly based on individual stock holdings [3][11] Group 2 - Major brokerage firms like Zhongtai Securities and CMB Securities have introduced T0 algorithm services through their apps, indicating a trend towards automated trading solutions [4][5] - The T0 algorithm trading service typically incurs higher commissions than standard trading due to the costs associated with algorithm providers [5][6][7] - Different brokerages have varying thresholds for accessing T0 services, with some requiring a minimum asset level of 1 million yuan or higher [8] Group 3 - According to research from Huabao Securities, T0 strategy indices have consistently outperformed market-neutral strategy indices since 2018, with lower maximum drawdowns [9] - High liquidity and volatility stocks are deemed more suitable for T0 algorithm services, while low liquidity or small-cap stocks may not perform well [11] - Some investors have reported significant losses when using T0 services, highlighting the risks associated with automated trading strategies [12][13]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - In the stock index futures market, tariff fluctuations have resurfaced, and the trading of micro - cap stocks is becoming more crowded. The market lacks a clear main line, and it is recommended to maintain an empty position and wait and see [1][6]. - In the stock index options market, the sentiment direction is unclear. The current covered - call strategy can still be the main position, but attention should be paid to tail risks [2][6]. - In the treasury bond futures market, the bond market sentiment is weak. In the short term, the bond market lacks a clear direction, and the long - end is expected to oscillate with caution [2][7][8]. 3. Summaries According to the Directory 3.1 Market Views 3.1.1 Stock Index Futures - **Current Situation**: On Tuesday, the Shanghai Composite Index opened lower and closed higher with the trading volume remaining flat. During the Dragon Boat Festival, tariff issues resurfaced. Trump announced on May 30 that the import steel tariff would be raised from 25% to 50% starting from June 4, causing the A - share market to open lower after the holiday. The adjustment of index components led to the inflow of incremental funds into rural commercial banks, and the bank sector led the rise. The micro - cap stock index reached a new high, and the trading congestion continued to increase [1][6]. - **Operation Suggestion**: Maintain an empty position and wait and see [6]. 3.1.2 Stock Index Options - **Current Situation**: The underlying market generally rose yesterday, with only the Shanghai - Shenzhen 300 ETF and Shanghai Stock Exchange 50 ETF slightly falling. The option market turnover decreased by 11.62% compared with the last trading day before the holiday. Indicators of each variety are neutral, and the trading and position - holding structures have small daily changes. The skewness of each variety remains at a high level, and the pricing of out - of - the - money puts is relatively high. Volatility has generally declined and is at the lowest level since the September 2024 market [2][6]. - **Operation Suggestion**: Continue to hold the covered - call strategy [6]. 3.1.3 Treasury Bond Futures - **Current Situation**: Yesterday, the central bank's reverse repurchase resulted in a net withdrawal of 37.55 billion yuan. Although the funds at the beginning of the month were generally loose and the fund interest rate declined, the T main contract oscillated weakly. The May Caixin Manufacturing PMI was 48.3, lower than the expected 50.7 and the previous value of 50.4, but its impact on the market was limited. The possible phone call between the Chinese and US presidents this week has attracted market attention, and the trading volume of treasury bond futures has declined. The stock - bond seesaw effect is also obvious [2][7][8]. - **Operation Suggestion**: For trend strategies, maintain the view of oscillation; for hedging strategies, pay attention to short - selling hedging at low basis levels; for basis strategies, appropriately pay attention to basis widening; for curve strategies, the odds of steepening the curve in the medium term are higher [8]. 3.2 Economic Calendar - Provides economic data such as the unemployment rate, CPI, and GDP of the Eurozone, as well as employment data in the US for the current week, including previous values, predicted values, and some announced values [9]. 3.3 Important Information and News Tracking - The Ministry of Industry and Information Technology and other departments are organizing the 2025 new - energy vehicle campaign in rural areas, aiming to promote new - energy vehicles in rural areas and integrate with related pilot projects [10]. - During the Dragon Boat Festival from May 31 to June 2, the cross - regional population mobility was 653.7 million person - times, with a daily average of 217.9 million person - times, a year - on - year increase of 2.5% [10]. 3.4 Derivatives Market Monitoring - The content only mentions the headings of stock index futures data, stock index options data, and treasury bond futures data, but specific data is not provided [11][15][27]

证券研究报告 | 策略专题报告 2025 年 6 月 3 日 增量资金相对均衡，大盘风格为主 ❑大类资产表现复盘：股票市场方面，全球股市普涨，美欧>港股＞A 股。外汇方面， 美元兑人民币汇率震荡下行，英镑兑美元大幅升值。大宗商品方面，原油、白银 价格上涨，黄金价格基本持平。原油价格快速上涨主要受益于 OPEC+增产节奏放 缓和美国库存超预期下降，以及地缘风险支撑。债市方面，美债利率持续上行， 中债利率震荡。 ——A 股流动性与风格跟踪月报（202506） ❑流动性与资金供需：6 月增量资金或有望温和净流入，各类资金或相对均衡。5 月 央行降准降息落地，MLF 加量续作，资金利率低位波动，资金面整体宽松，展望 6 月随着关税对经济的影响逐渐显现，资金面有望维持宽松。关税对美国通胀的影 响在 4 月的数据中仍不明显，市场对美联储降息预期整体降温，全年降息预期收 敛至 1-2 次，首次降息时点推迟至 9 月。5 月股票市场可跟踪资金紧平衡，各类增 量资金相对均衡。资金供给端，新发偏股基金规模有所收窄；市场冲高回落，ETF 转为净赎回；市场风险偏好有所改善，但融资资金仅小幅净流入。资金需求端， 重要股东净减持规模扩大 ...

Core Viewpoint - The Sichuan Securities Regulatory Bureau reveals nine common scams related to illegal stock recommendations and provides guidance on how investors can protect themselves from such frauds [2][5]. Group 1: Types of Illegal Stock Recommendations - Nine typical cases of illegal stock recommendations include: 1. Using short videos to lure investors 2. Exploiting the identity of financial influencers 3. Pretending to be professors teaching stock trading 4. Selling packaged stock trading software 5. Utilizing paid reward functions 6. Claiming to be professional investment institutions 7. Impersonating employees of securities institutions 8. Disguising as financial charities 9. Fabricating positive news [3][4]. Group 2: Common Tactics - Common tactics used by fraudsters include: 1. Social media stock recommendations through platforms like WeChat, Weibo, Douyin, and others to share financial information and lure investors [3]. 2. Phone and SMS recommendations by obtaining investors' contact information and enticing them to download illegal apps or join investment groups [3]. 3. Online live streaming stock recommendations by creating stock trading rooms under various titles to attract investors [4]. Group 3: Prevention Guidelines - Investors should follow these guidelines to avoid illegal stock recommendations: 1. Identify the nature of the service; any entity or individual providing paid stock analysis without a license from the China Securities Regulatory Commission is illegal [5]. 2. Verify qualifications by checking the legitimacy of institutions and individuals on official regulatory websites [6]. 3. Validate information by confirming the identity and legitimacy of anyone claiming to represent financial institutions through official channels [6].