Group 1 - The strict delisting policy is a necessary measure for optimizing the A-share market ecosystem, ensuring that companies not meeting listing conditions are removed, thus enhancing market quality [1][3] - The presence of zombie companies and problematic firms in the A-share market has disrupted market order and distorted resource allocation, hindering healthy market development [1][2] - The implementation of strict delisting acts as a sword to eliminate poor-performing companies, freeing up space for high-quality enterprises to grow, which promotes better resource allocation [1][2] Group 2 - The strict delisting policy can restore investor confidence by demonstrating regulatory commitment to improving the quality of listed companies and protecting investor interests, which may attract more capital into the market [2] - From the perspective of listed companies, the policy compels them to enhance management and innovation capabilities, shifting focus from short-term gains to long-term development, thus driving economic growth [2][3] - There is room for further optimization of the strict delisting policy, such as improving investor protection mechanisms and enhancing regulatory enforcement to ensure smooth implementation [2]

Market Overview - The market is currently experiencing a complex and indecisive trend, with no clear directional conclusion, indicating that adjustments may not be over yet [1] - There is a possibility of the market moving upwards soon, but further observation of upcoming trading days and significant meetings is necessary [1] Technical Analysis - The A-share market is believed to be in the 3-wave 2 phase, suggesting potential downward movement, although this is not guaranteed [1] - The Shanghai Composite Index has shown a complex pattern, with fluctuations between 3040 points and 3417 points, followed by a recent drop and subsequent rise [2] - The index is currently around 3332 points, and investors should monitor short-term trends closely [2] Key Levels - A critical resistance level is identified at 3390 points, with 3370 points serving as a significant support level [2] - If the index falls below 3365 points, the likelihood of further downward movement increases [2] Sector Performance - There are mixed signals in sector performance, with positive movements in brokerage and oil sectors, while technology sectors, particularly robotics and AI, are showing weakness [1] - The lack of capital inflow into the technology sector, with funds concentrating on heavyweight sectors, is viewed as a concerning signal [1]

Group 1 - The market experienced a low opening on Monday, followed by a fluctuating upward trend, with the Shanghai Composite Index facing resistance around 3384 points [1] - Cultural media, gaming, software development, and internet services sectors performed well, while precious metals, jewelry, aviation, and aerospace sectors showed weaker performance [1] - The market anticipates that the Federal Reserve may implement its next interest rate cut as early as September, with further overseas liquidity easing still pending [1] Group 2 - Due to the escalation of geopolitical conflicts in the Middle East, the market saw significant adjustments in the previous trading day, but fear sentiment has decreased after the weekend, leading to a rebound [2] - The trading volume has decreased significantly, indicating that market sentiment still needs improvement, and the A-share market is likely to continue its fluctuating trend in the short term [2] - The A-share market is currently in a consolidation phase since the "924" rally, with a wide fluctuation trend, and future policy announcements in late July and September are critical for breaking out of this range [2]

3300 点，是大 A 近年来反复难破的关口，今年终于稳稳破掉了。 但如今，压力位似乎又来到了 3400 点。 当前市场围绕 3400 点整数关口的拉锯行情引发广泛关注。 为何这一位置成为多空博弈的焦点？主力资金持续在此区间放量震荡的意图何在？今日市场再度 呈现缩量上涨态势，投资者该如何看待这一信号？ 一系列市场疑问亟待梳理，我们今天透过盘面特征给大家讲一讲。 上周， A 股波动的轨迹大概就是 " 涨一天、跌一天 " 的脉冲式走势，让绝大部分散户难受得不 行。 这种剧烈震荡背后存在三重关键因素： 一是套牢盘压力 ， 3400 点区域临近 5 月 14 日由券商、银行板块共振形成的 3417 点阶段性 高点，该位置形成后次日市场即低开低走，随后在 5 月 23 日以中阴线完成 " 倒 V 型 " 调整， 累计了大量套牢筹码； 二是筹码结构松动 ，端午节后市场的连续上涨呈现缩量特征，这种在投资者犹豫情绪中推进的涨 势，导致持仓筹码稳定性不足，稍有震荡便易引发抛压； 三是获利回吐压力 ，前期上涨使得低位建仓的资金积累了可观收益，一旦市场出现波动，获利了 结行为将进一步加剧短期震荡。 作为市场人气的风向标，证券板块具 ...

大盘指数 7000 8000 9000 10000 11000 12000 2000 3000 4000 上证指数 深证成指 1000 2000 3000 5000 6000 7000 8000 中小100 创业板指 资料来源：聚源，中邮证券研究所 研究所 分析师:黄子崟 SAC 登记编号:S1340523090002 Email:huangziyin@cnpsec.com 近期研究报告 《静水流深，谋定后动》 - 2025.05.26 策略观点 震荡仍是主旋律，等待内部政策窗口期 ⚫ 投资要点 A 股震荡微跌，政治事件增添市场波动。本周主要股指多数下跌， 其中创业板指是唯一上涨的主要指数，成分股中蓝筹白马居多的上证 指数和沪深 300 跌幅较小，科创 50 跌幅显著大于其他主要指数。本 周有色金属、石油石化大幅领先其他申万一级行业，主要系伊以冲突 爆发所致，全球市场避险情绪升温推动黄金上涨，而伊朗卷入冲突后 可能影响全球石油供给导致国际油价大幅跳涨。本周除了伊以冲突带 来的扰动外，A 股整体并未出现新的交易主线，依旧是新消费涨后回 落和创新药估值修复的格局。 发布时间：2025-06-16 A 股个人投资者 ...

Group 1 - Public fund enthusiasm for A-share market remains high, with 129 public fund institutions conducting research on 135 stocks from June 9 to June 15, resulting in a total of 780 research instances, a 17.82% increase from the previous week [1] - The telecommunications sector's Tianfu Communication (300394) was the most favored stock, attracting nearly 40% of public fund institutions with a total of 57 research instances [1] - The technology sector is notably popular among public fund institutions, with 17 industries receiving more than 10 research instances, and 2 industries exceeding 100 research instances [1] Group 2 - The electronics industry led with 160 research instances, making it the most focused area for public funds, involving 22 stocks [2] - The computer industry followed with 104 research instances, covering 13 stocks, while other industries like telecommunications, textiles, and pharmaceuticals also ranked high in research frequency [2] - The recent geopolitical tensions, particularly the Israel-Palestine conflict, have caused noticeable disturbances in equity assets, but historical analysis suggests that such events typically result in short-term market adjustments [2][3]

Market Overview - The overall trend of AH stocks in the past six months can be summarized as "gathering market sentiment amid divergence, with gradual valuation recovery amid fluctuations" [1] - Since the pandemic, the stock market has been in a long-term adjustment due to risk control and the downturn in the real estate cycle [1] - After September 24, there has been a noticeable change in market style, with effective policies boosting confidence and altering the characteristics of a shrinking market [1] Investment Opportunities - The Chinese stock market has a high allocation value globally, with the Shanghai-Shenzhen 300 dividend yield remaining above 1.5%, indicating strong appeal for large incremental funds like insurance [1][2] - The continuous decline in bank deposit interest rates is expected to drive savings into the stock market as fixed deposits mature [1] - The return of overseas funds to the Chinese market is evident, with Hong Kong stocks showing significant recovery since the beginning of the year [2] Economic Context - The controllable economic downturn risk suggests that the current dividend yield is unlikely to experience a significant decline [2] - The major reasons for the significant pullback in A-shares since 2021 include economic downturn and deflation expectations, which are less pronounced compared to developed markets [2] - The stabilization of economic expectations is seen as a major positive factor for the stock market [4] Sector Analysis - Assets with strong earnings certainty and high dividend nature are expected to yield absolute returns, attracting low-risk preference funds [3] - Industries that are likely to see opportunities before the economic bottom is confirmed include innovative pharmaceuticals, new consumption, AI-related sectors, non-bank financials, and more [3] - Many downstream industries are gradually emerging from profit troughs due to price adjustments and technological breakthroughs, despite the year-on-year PPI hitting a new low [3] Conclusion - The risk-reward ratio in the stock market has become particularly evident after years of macro risks, with the current bottom position of the market not requiring a significant economic rebound for valuation recovery [4] - Patience and bottom-up research are essential for achieving favorable results in the current market environment [4]

6月1 6日，三大股指集体低开，上证指数开盘报3 3 6 9 . 3 7点， 跌0 . 2 3% ，深成指开盘报 1 0 0 9 6 . 5 7点， 跌0 . 2 5% ，创业板指开盘报2 0 3 8 . 7点， 跌 0 . 2 5 % 。稀土永磁、生物育种、机 器人、算力、新型城镇化、白酒、AI应用、电商题材走弱；油气股持续走强。 今日嘉宾观点 解锁【第一财经智享会员】实时解读市场动态，把握投资先机。 【第一财经智享会员专属】 【 今 日 早 盘 】 今日券商观点 ①中国银河证券：短期内A股市场大概率维持震荡行情，重点把握结构性机会 中国银河证券指出，短期内，A股市场大概率维持震荡行情，重点把握结构性机会。长期来 看，外部不确定性加大仍将是基本面面临的一大挑战，但在政策持续发力下，国内经济有望 展现较强韧性。在权益类公募基金扩容、中长期资金入市与政策工具护航下，A 股资金面或 将延续稳中向好态势。居民财富向金融资产加速再配置的趋势愈发明确，后续可重点观察市 场情绪面的修复节奏。配置上有三大主线机会：第一，安全边际较高的资产。低估值、高股 息特性契合中长期资金配置需求，在外部不确定性与低利率环境下兼具安全边际 ...

近期，市场延续震荡，以中证A500指数ETF（563880）标的指数（中证A500指数）为例，近期整体呈现窄幅震荡。 华泰证券认为，短期或进入歇脚期，指数接近震荡区间上沿、强势品种充分演绎后性价比有所下降，但中期中国资产重估或仍处于进行时。（来源于华泰证 券20250615《华泰证券策略策略周报：当前还有哪些低拥挤高赔率方向？》） 步入6月中旬，不少券商发布了2025年下半年策略展望，大多数券商均研判2025年下半年A股市场有望延续震荡上行。 中金公司最新表示，历史"大底"及今年阶段底部或均已出现，A股韧性凸显。预计A股下半年节奏上或为"前稳后升"。（来源于中金公司《A股市场韧稳致 远》） 中信建投指出，2025年下半年，在弱美元趋势、资本市场政策支持和流动性环境整体性改善的推动下，A股市场震荡中枢有望逐渐上移，蓄势待起。（来源 于《中信建投：2025中期策略展望，变革大时代，赢在新赛道》） 在此背景下，以中证A500指数ETF（563880）为代表的核心资产盈利稳健、估值性价比高、增量资金可期，作为资产配置"压舱石"，值得关注！ 【推动因素一：美元或进入下行周期，全球资金再平衡或推动A股市场估值重塑】 美元 ...

解锁【第一财经智享会员】实时解读市场动态，把握投资先机。 今日嘉宾观点 辉相基金投资顾问蔡璟认为， * * * * * * 作为全球贸易的重要支柱，在未来仍将保持其战略资 源的稀缺性。当前，该行业已成为全球经济格局和地缘政治博弈中的关键平衡点。以波罗的 海指数为例，其近月来已实现逾5 0%的涨幅，但资本市场尚未充分反映这一趋势。基于行业 基本面分析， * * * * * * 板块在短期内仍具备显著的投资机会。 【第一财经智享会员专属】 【 今 日 早 盘 】 6月1 6日，三大股指集体低开，上证指数开盘报3 3 6 9 . 3 7点， 跌0 . 2 3% ，深成指开盘报 1 0 0 9 6 . 5 7点， 跌0 . 2 5% ，创业板指开盘报2 0 3 8 . 7点， 跌 0 . 2 5 % 。稀土永磁、生物育种、机 器人、算力、新型城镇化、白酒、AI应用、电商题材走弱；油气股持续走强。 深博基金经理邓奕超认为，从估值水平来看，当前A股市场相较于国债收益率已具备显著的 投资性价比。尽管短期市场可能受情绪面影响呈现震荡走势，但板块内部将呈现结构性分化 特征。在此环境下，投资者更应注重个股精选而非指数波动。短期来 ...