Group 1 - The core viewpoint emphasizes that convertible bonds with strong underlying stocks and high volatility are the most cost-effective options in the current market environment [2][17] - The market saw a significant increase in the convertible bond index, with a weekly rise of 2.08% and an average price increase of 4.54% [2][9] - The average conversion premium across different price ranges showed varied changes, indicating a shift in market sentiment and valuation [9][18] Group 2 - The report suggests that investors should avoid low-priced strategies in the convertible bond market and focus on high-volatility, strong underlying stocks for better returns [2][17] - It highlights the importance of adjusting positions based on risk tolerance, recommending a shift to lower volatility sectors for those with high withdrawal requirements [2][17] - The analysis indicates that the convertible bond market still has incremental capital inflow, benefiting from the profit-taking effect observed at the end of June [2][17]

7 月流动性会更松吗？ 2025 年 06 月 29 日 [Table_Author] 分析师：陶川 分析师：张云杰 执业证号：S0100524060005 执业证号：S0100525020002 经济动态跟踪 邮箱：taochuan@mszq.com 邮箱：zhangyunjie@mszq.com ➢ 6 月流动性进入年内"最松"状态，展望 7 月，流动性有哪些关注点？ 第一，参考近年规律，7 月市场往往会迎来"自发性"宽松。近年来，经济运行 基本遵循一季度"开门红"，随后增长动能渐趋平缓的规律，财政、金融更多靠前 发力。因此在 7 月份，政府债和信贷需求很难构成流动性"冲击"。 第二，央行对于经济的判断，虽然还不具有"紧迫性"，但已开始关注下行风险。 往后看，重点关注关税扰动下的制造业景气波折。经验表明，每当制造业 PMI 连 续 3 个月（或以上）跌入收缩区间，资金面往往会转松，有时甚至会触发总量货 币政策调整。再加上近期美联储降息预期"再起"，国内货币宽松的空间随之打 开。 第三，在工具选择上，货币政策更加注重灵活性和时效度，短期内重启国债买卖 的必要性不高。7 月并非财政"大月"，此外，5 月以来央 ...

Market Overview - The US stock market has shown positive performance recently, with all three major indices rising over 1%, and the Dow Jones reaching its highest level since early March [3] - The Nasdaq China Golden Dragon Index surged by 3.31%, marking its largest single-day gain since May 13, driven by expectations of liquidity easing following signals from Federal Reserve Chairman Jerome Powell [3] Technical Analysis - The Shanghai Composite Index broke through the 3400-point level on June 24, with a trading volume of 1.41 trillion yuan, indicating a positive market signal [3] - Technical indicators such as RSI rising above 50, narrowing MACD bars, and KDJ golden cross suggest improving market sentiment [3] - However, significant selling pressure exists around the 3400-point mark, with historical failures to break through due to insufficient volume and trapped positions [3] Capital Flow - Northbound capital recorded a net sell of 6.304 billion yuan on June 24, with significant sell-offs in electronics, utilities, and home appliances, while sectors like non-ferrous metals, pharmaceuticals, and food and beverage saw net inflows [4] - Main capital flows indicate net inflows in banking, industrial metals, and real estate development, while sectors like semiconductors and computer applications experienced net outflows, reflecting a shift in capital between high and low-performing sectors [4] Policy Support - The People's Bank of China conducted a reverse repurchase operation of 406.5 billion yuan on June 24, releasing liquidity into the market [4] - A joint initiative from six departments introduced a 500 billion yuan loan program to support service consumption and the elderly care industry, which is expected to benefit related sectors in the long term [4] - The China Securities Regulatory Commission emphasized the role of the Sci-Tech Innovation Board in supporting technological innovation, potentially boosting confidence in the tech sector [4] Geopolitical Context - High-level trade talks between China and the US have resumed, which may help ease trade tensions [4] - The ceasefire agreement in the Middle East is in effect, but ongoing conflicts warrant attention to geopolitical risks that could impact the market [4] Investment Strategy - A-shares are expected to continue an upward trend on June 25, but attention is needed around the 3400-point resistance level [5] - Long-term investors are advised to focus on sectors supported by policy, such as consumption, technology, and elderly care, which have strong growth potential [5] - Short-term investors should monitor volume changes, with a sustained increase to 1.5 trillion yuan or more indicating potential for further market breakthroughs [5]

证券研究报告·固定收益·固收周报 固收周报 20250609 央行提前预告买断式逆回购，关注流动性宽 松对于短端利率下行的支撑 [Table_Tag] [Table_Summary] 观点 我们在延续上周观点的基础上，结合增量数据，思考如下： （1）Markit 制造业与服务业 PMI 终值同步扩张，通胀压力增加，新增 2025 年 06 月 09 日 证券分析师 徐沐阳 证券分析师 李勇 执业证书：S0600519040001 010-66573671 liyong@dwzq.com.cn 执业证书：S0600523060003 证券分析师 陈伯铭 xumy@dwzq.com.cn 执业证书：S0600523020002 chenbm@dwzq.com.cn 证券分析师 徐津晶 执业证书：S0600523110001 xujj@dwzq.com.cn 相关研究 《建议关注核心科技题材转债》 2025-06-08 《绿色债券周度数据跟踪（20250602- 20250606）》 2025-06-07 东吴证券研究所 1 / 37 请务必阅读正文之后的免责声明部分 ◼ 央行提前预告买断式逆回购，重启买入国债讨论 ...

智通财经C50风向指数调查：6月流动性宽松延续 买卖国债能否重启市场预期分化 智通财经6月7日电，新一期智通财经"C50风向指数"结果显示，6月存单到期量将大幅提升至4.2万亿 元，面对密集到期压力，市场普遍预期银行将加大同业存单发行力度，以对冲潜在流动性缺口，但对整 体资金面扰动有限，尤其在央行开展万亿元买断式逆回购操作背景下，市场机构预计流动性延续宽松。 在20家参与调查的市场机构中，19家预计6月流动性合理充裕，16家认为2025年货币政策维持宽松基 调。对于央行买卖国债能否重启，12家市场机构预计有望适时重启，8家认为还需根据债券市场供需等 综合研判。（智通财经记者 夏淑媛） ...

Group 1 - The A-share and Hong Kong stock markets are currently seen as having more opportunities than risks, with trading volume returning to 1.3 trillion [1] - The People's Bank of China will conduct a 1 trillion yuan reverse repurchase operation to maintain liquidity in the banking system, which is expected to lead to a rise in core assets and a revaluation of the market [3] - Large funds are anticipated to drive the Shanghai Composite Index above 3400 points, with expectations of a quick rally in key sectors such as liquor, pharmaceuticals, and financial real estate [5] Group 2 - The A-share market is expected to catch up with the significant rebound seen in the Hong Kong market, with predictions of increased trading volume potentially reaching 1.5 trillion or even 2 trillion [6] - The market is poised for a broad-based rally, with expectations that both large-cap and mid-cap stocks will rise, benefiting from the overall market sentiment [8]

Core Viewpoint - The report from China International Capital Corporation (CICC) indicates that while the micro-cap style has shown strong performance, its advantages may weaken over time, although there are still structural opportunities available [1] Policy Support - The China Securities Regulatory Commission (CSRC) released guidelines on May 16 to optimize the regulation of mergers and acquisitions, which encourages the integration of small and micro enterprises, providing additional funding sources and reducing liquidity pressure for micro-cap stocks [2] - The impact of the new restructuring guidelines on micro-cap stocks is expected to be marginally weaker compared to previous policies, but it still offers long-term support to the market [2] Market Environment - The current financial market in China is characterized by a relatively loose liquidity environment, supported by synchronized expansion in social financing and M2 growth, along with comprehensive reserve requirement ratio cuts by the central bank [2] - This loose liquidity environment provides systematic support for the performance of high-elasticity styles, including micro-cap stocks [2] Predictive Indicators - The report indicates that the current low concentration of institutional holdings and the lower popularity of large-cap styles are favorable for micro-cap styles [2] - The decreasing PB ratio of large-cap to small-cap stocks since the second half of 2024 suggests a gradual shift of funds towards small-cap styles, enhancing the funding support and popularity for micro-cap styles [2] Funding Types - As of May 27, 2025, among the 400 stocks in the Wind Micro-Cap Index, 72 stocks have a financing participation ratio of 3% or more, and 19 stocks have a financing participation ratio of 5% or more, indicating a high level of participation from high-risk preference funds [3] - Institutional investors have shown increased interest in micro-cap stocks, although they remain cautious in their investment strategies due to risk considerations [3] Calendar Effect - Historical data shows a higher probability of price increases for micro-cap stocks in May, with specific months exhibiting distinct calendar effects [3] - The performance of micro-cap stocks is significantly influenced by the timing of earnings announcements due to their smaller size and initial growth stage [3] Crowding Risk - Currently, the micro-cap style has not triggered any crowding signals, indicating a lower risk of short-term pullbacks due to excessive crowding [3]

Core Viewpoint - The recent strong performance of the micro-cap style is attributed to multiple factors, including macro policies, market environment, and event effects, with the Wind Micro-Cap Index leading the market with a monthly increase of 9.31% and a year-to-date return of 24.37% as of May 27, 2025 [1][6]. Group 1: Policy Benefits - The release of policies aimed at invigorating small and micro enterprises has positively impacted the micro-cap style, particularly following the China Securities Regulatory Commission's guidance on optimizing mergers and acquisitions [2][7]. - The new policies have streamlined approval processes and reduced funding pressures for micro-cap companies, encouraging private equity participation and enhancing support for technology innovation [7][8]. Group 2: Market Environment - A relatively loose liquidity environment, characterized by synchronized growth in social financing and M2, has provided systemic support for high-elasticity styles like micro-cap stocks [2][9]. - The M2 growth rate reached 8.0% in April 2025, the highest in nearly a year, indicating a favorable liquidity backdrop for micro-cap performance [9][11]. Group 3: Predictive Indicators - The current low concentration of institutional holdings and declining large-cap to small-cap PB ratio are favorable for micro-cap style, suggesting increased attention to potential investment opportunities [3][12]. - As of May 2025, institutional holdings remain at a historically low concentration, indicating a broader market focus on smaller companies [12][13]. Group 4: Funding Types - High-risk preference funds have shown significant participation in micro-cap stocks, with 72 out of 400 index constituents having a financing participation ratio of 3% or more [3][16]. - Institutional investors are cautiously increasing their allocation to micro-cap stocks, seeking opportunities while remaining mindful of risk [16][24]. Group 5: Calendar Effects - Historical data indicates a higher probability of micro-cap style gains in May, following a downturn in April, attributed to the resolution of earnings-related concerns [3][25]. - The analysis shows that micro-cap stocks tend to perform well in May due to reduced market anxiety over potential delistings and improved valuation recovery [25][26]. Group 6: Crowding Risk - Current indicators suggest that the micro-cap style has not triggered crowding signals, indicating a lower risk of short-term pullbacks due to excessive crowding [4][30]. - The micro-cap index's crowding score remains low, suggesting minimal risk of significant downturns from overexposure [30][32]. Group 7: Future Outlook - The micro-cap style may experience diminishing advantages, but structural opportunities are likely to persist, supported by ongoing policy backing for small and micro enterprises [5][33]. - Investors are expected to focus more on high-growth quality small and micro enterprises, with potential volatility in the market as liquidity conditions evolve [33][34].

Group 1 - The insurance securities ETF (515630.SH) increased by 0.41%, while its associated index 800 Securities Insurance (399966.SZ) rose by 0.55% [1] - Major constituent stocks such as China Ping An, China Pacific Insurance, and China Life saw increases of 1.58%, 2.27%, and 1.74% respectively [1] - CITIC Securities' latest research report indicates that the brokerage sector's valuation is expected to stabilize and rebound due to liquidity benefits from interest rate cuts, strong year-on-year growth in semi-annual reports, and the implementation of a package of financial policies [1] Group 2 - The brokerage sector's valuation has adjusted to a reasonable level, with positive catalysts from fundamentals, policies, and liquidity benefits, as well as merger and acquisition themes stimulating the sector's elasticity [1] - Shenwan Hongyuan's research highlights that value-style active equity funds have a structure more aligned with broad-based indices like CSI 300 and CSI 800, indicating a high overlap with the constituent stocks of the 800 Securities Insurance index [1] - Guotai Junan Futures emphasizes that the financial sector's performance is closely related to macroeconomic recovery expectations, and attention should be paid to the marginal impact of policies on the insurance securities industry [1]

Investment Rating - The industry is rated as "stronger than the market," indicating an expected increase of over 10% in the industry index relative to the CSI 300 index over the next six months [18]. Core Viewpoints - The A-share market experienced slight fluctuations with a small upward trend, supported by strong performances in the automotive, battery, shipping, and chemical pharmaceutical sectors [3][7]. - The average price-to-earnings ratios for the Shanghai Composite Index and the ChiNext Index are 13.84 times and 36.88 times, respectively, which are at the median levels over the past three years, suggesting a favorable environment for medium to long-term investments [3][17]. - The first quarter GDP growth was reported at 5.4%, indicating strong economic recovery momentum, with improvements in corporate profit growth and cash flow providing fundamental support for the market [3][17]. Summary by Sections A-share Market Overview - On May 21, the A-share market opened flat and experienced slight upward movement, with the Shanghai Composite Index facing resistance around 3394 points. The market showed a general upward trend throughout the day, with significant performances in the automotive and battery sectors [2][7]. - The total trading volume for both markets reached 12,146 billion, which is above the median of the past three years [3][17]. Future Market Outlook and Investment Recommendations - The market is expected to maintain a steady upward trend in the short term, with structural market conditions likely to continue. Policy support and a loose liquidity environment are anticipated to provide a bottom support for the market [3][17]. - Short-term investment opportunities are recommended in the automotive, battery, shipping, and chemical pharmaceutical sectors [3][17].