无风险利率下行。叠加海外预期降低、固收预期降低，股市有望逐步成为资金配置关键方向。经过多轮 调整后，A股估值具备吸引力。政策、利率、改革等多重利好因素正逐步显现。指数下行空间有限，建 议投资者保持耐心，逢低布局优质资产，同时关注政策变化和资金流向。 海外因素扰动。美联储6月利率决议成为全球资本市场的焦点时刻。若释放降息信号，可能促使外资回 流，提振A股流动性；反之则可能抑制风险偏好。此外，特朗普政府对华关税政策的90天缓冲期即将结 束，若谈判进展不顺，外贸依赖型行业可能承压。 进入六月，A股市场延续着结构性分化格局，在政策托底与经济数据边际改善的双重作用下，市场可能 迎来新一轮结构性机会。但同时，海外环境的不确定性、国内经济复苏的节奏，都给市场增添了诸多变 数。 宏观环境:政策托底, 无风险利率下行。 政策支持力度加大。政治局会议表态"持续稳定与活跃资本市场"，未来有望出台更多改革措施进一步改 善市场生态，提升市场信心。经济温和复苏。稳增长政策逐步见效，下半年企业盈利有望边际改善，将 为市场向好提供基本面支撑。 六月A股市场指数空间或有限，但结构性机会丰富，科技成长、高股息、消费复苏三条主线将轮番演 绎。投资 ...

Group 1 - The core investment philosophy of the fund manager is to adapt investment paradigms according to changing market environments, focusing on discovering the fastest-growing emerging forces in the Chinese economy [1][2] - The investment strategy has shifted from industry beta-driven growth before 2019 to macro alpha-driven approaches from 2023 to 2025, emphasizing bottom-up stock selection and focusing on high-quality companies driven by entrepreneurial spirit [2][3] - The fund manager aims to identify companies that demonstrate China's competitive advantages through innovation, channel expansion, and technological breakthroughs, rather than relying solely on natural industry growth [3][4] Group 2 - The investment style is characterized by a balanced approach that combines offensive growth opportunities in sectors like new consumption and technology with defensive strategies to mitigate volatility risks [4][5] - The fund manager employs a diversified portfolio strategy, typically spreading investments across 5-6 industries to reduce the impact of volatility from any single sector or stock [4][5] - The investment framework utilizes the "one vertical and one horizontal" approach to calibrate investment coordinates based on macroeconomic conditions and national economic policies [4][5] Group 3 - The fund manager's previous product, Wan Jia New Opportunities Leading Enterprises Mixed A, has significantly outperformed its benchmark over the past five years, ranking in the top 8% among similar funds [6] - The upcoming floating fee rate fund, Wan Jia New Opportunities Sharing, aligns with the fund manager's long-term performance and risk control strategies, aiming to enhance investor experience [6] - The fund manager expresses confidence in the resilience of the Chinese economy and anticipates a structural market rally, shifting from a conservative strategy to a more aggressive focus on technology and consumption [6][7]

Economic Indicators - In May, China's manufacturing Purchasing Managers' Index (PMI) increased by 0.5 percentage points, indicating an improvement in manufacturing sentiment [1] - The export container freight index has rebounded, and port cargo throughput remains at a high level, suggesting a stable economic outlook for the second quarter [1] A-Share Market Trends - After a high and subsequent pullback in May, the A-share market is expected to focus on core assets in June, with institutions suggesting a cautious approach due to potential downward pressure [2] - Institutions recommend maintaining dividend assets as a base while exploring opportunities in growth and consumption sectors, particularly in banking, computing power industry, card games, and innovative pharmaceuticals [2] Hong Kong Stock Market - The Hong Kong stock market showed a rebound after a decline, with significant strength in consumer services, durable goods, and medical equipment sectors [3] - Notable stock performances include a rise of over 7% for Mixue Group and over 4% for Pop Mart, indicating a potential upward trend in the market driven by domestic policy support [3] A-Share Company Name Changes - Over 60 A-share companies have undergone name changes since 2025, reflecting business adjustments, strategic transformations, or capital operations [4] - The trend indicates companies' proactive adaptation to market changes and the influence of industry cycles and policy environments on capital allocation [4] A-Share Market Resilience - In May, the A-share market showed resilience, with most major indices rising, supported by improved risk appetite and regulatory measures [5] - The market is expected to remain in a recovery phase in June, with a focus on technology sectors for investment opportunities [5] Fundraising in Public Funds - June is witnessing a "small peak" in new public fund launches, with 89 funds entering the market, 70% of which are equity products [6] - Major fund companies are actively launching multiple new funds, indicating strong investor interest in equity funds [6] Shenzhen Venture Capital Industry - The Shenzhen venture capital industry is experiencing a recovery, with a notable increase in investments in hard technology projects, particularly in aerospace, semiconductors, and biotechnology [8] - The number of projects in these sectors has seen significant year-on-year growth, indicating a strong focus on technological innovation [8] Innovation Drug Sector Performance - The Chinese innovative drug sector is undergoing a significant value reassessment, with several stocks experiencing over 200% increases since the beginning of the year [9] - Despite a recent pullback in the Hong Kong innovative drug sector, the medium-term outlook remains positive for continued growth [9] Chemical Industry Response to OPEC+ - The Chinese chemical industry is facing pressures from both upstream supply and downstream demand due to OPEC+'s decision to increase production [10] - Companies are employing futures hedging strategies to mitigate risks associated with price volatility [10] Risk Mitigation in Listed Companies - As of June 3, 28 listed companies have successfully "delisted" or "removed their special treatment" this year, primarily through financial improvements and internal control repairs [11] - The trend indicates potential investment opportunities in companies that demonstrate recovery characteristics [11] ETF Market Growth - The public ETF market has shown strong growth, with 104 private equity institutions heavily investing in newly listed ETFs, particularly those focused on technology and cash flow [12] - This reflects a growing interest from private equity in diversified investment strategies [12] Consumer Upgrade Policies - The "trade-in" policy has significantly boosted sales, with total sales reaching 1.1 trillion yuan and over 1.75 billion subsidies issued to consumers [13] - The policy is driving consumption growth and encouraging companies to innovate and upgrade their products [14]

Market Outlook - A-shares are expected to experience a structural market in June, with a focus on core assets despite short-term downward pressure [1][2] - Institutions suggest maintaining dividend assets as a base while exploring growth and consumption opportunities, particularly in banking, computing industry chain, card games, and innovative pharmaceuticals [1][5] Market Performance Review - In May, the three major indices saw gains, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rising by 2.09%, 1.42%, and 2.32% respectively [1] - Daily trading volume in A-shares remained above 1 trillion yuan [1] Economic and Policy Factors - Economic recovery and positive domestic policies are expected to enhance market risk appetite, leading to a potential upward trend in June [2] - The stability of the Chinese economy and policy expectations may continue to favor Chinese assets, even amid global uncertainties [2] Sector Performance - In May, 25 out of 31 Shenwan first-level industries saw gains, with environmental protection, pharmaceuticals, defense, and banking leading the way [3] - There is a divergence among institutions regarding market style and focus for June, with some favoring technology growth while others lean towards large-cap value stocks [3][4] Investment Strategies - Suggested strategies include focusing on technology growth sectors, consumer sectors benefiting from domestic policies, and banking sectors with stable earnings and high dividends [5][6] - Specific recommendations include investing in robotics, artificial intelligence, and sectors with recent thematic catalysts, such as innovative pharmaceuticals and military electronics [5][6]

市场概况： 上周（5月26日至5月30日）A 股市场呈现结构性分化格局，低估值蓝筹与中小盘股表现迥 异。上证指数、深证及创业板指均有不同程度下跌，而万得微盘指数逆势上涨 2.65%，反映出权重股在 流动性边际收紧预期下的承压状态；与之形成鲜明对比的是，中证 500、中证 1000 等中小盘指数分别 上涨 0.32% 和 0.62%，市场结构性机会明显。 权益方面，美股三大指数集体上涨，科技巨头业绩超预期支撑风险偏好。欧洲市场德国DAX、法国 CAC表现较好。亚洲市场分化相对显著，新兴市场中越南、印度、巴西等涨跌互现。CBOE波动率指数 （VIX）下跌超10%，市场恐慌情绪降温。 商品方面，各品种承压明显。能源与工业金属领跌，贵金属随美元走强而回调，COMEX黄金仍收报于 3300美元/盎司上方。农产品方面，仅生猪期货上涨，BDI 干散货因中国进口需求而有所波动。 图 一周摘要 图 行业板块： 上周Wind一级平均涨幅0.17%，Wind百大概念指数上涨比例67%。板块方面，环保、医药 生物、国防军工相对表现良好，分别上涨3.42%、2.21%、2.13%，计算机、传媒、交通运输、通信等小 幅上行，而有色金属、 ...

Group 1 - The core viewpoint is that the end of Q3 to the beginning of Q4 may be a critical entry point for a potential bull market in indices [2][3] - Citic Securities anticipates a bull market for Chinese equity assets over the next year, starting from Q4 2025, with a significant shift in market style from small-cap stocks to core assets [3] - The report highlights three long-term trends for investment focus: enhancement of China's independent technology capabilities, Europe's reconstruction of autonomous defense, and China's acceleration in improving social security to stimulate domestic demand [3] Group 2 - Caixin Securities predicts that the structural market trend is likely to continue, with limited downside for A-share indices despite external market volatility [4][5] - Dongguan Securities expects the index to maintain high-level fluctuations in the short term due to external uncertainties and geopolitical risks [6][7] - Oriental Securities suggests that the market will primarily experience adjustments and fluctuations, with the Shanghai Composite Index expected to consolidate within the 3300-3400 point range [8][9]

Group 1 - The A-share market has returned to levels seen before April 2, indicating an upward adjustment in economic expectations for the second quarter, which may enhance risk appetite [1] - The market is expected to focus on structural trends, with a potential rotation between dividend and technology sectors contributing to excess returns [1] - The A500 index, designed with an "industry balance" approach, provides a natural barbell structure by evenly distributing investments between dividend and technology sectors [1] Group 2 - The A500 ETF (159339) has shown a high market activity with an average daily trading volume of 261 million yuan over the past 20 trading days [1] - In the A500 index, stocks such as Betta Pharmaceuticals and Sihuan Pharmaceutical have risen over 9%, while Huahai Pharmaceutical and Tigermed have increased over 7% [1] - The A50 ETF (159592) tracks the A50 index, which focuses on large-cap leading stocks across various industries, benefiting from increased market concentration due to supply-side reforms [2] Group 3 - Recent trade negotiations have led to a temporary recovery in market sentiment, but subsequent pullbacks indicate a return to rationality among investors, focusing more on fundamental support [2] - The previous rise in A-shares was primarily driven by event-based sentiment rather than substantial improvements in corporate earnings or macroeconomic conditions [2] - As short-term sentiment factors fade, capital pricing is expected to align more closely with actual business performance and industry development trends [2]

各位朋友好，我是帮主郑重。最近不少朋友跟我抱怨，说A股就像一潭死水，大部分板块每天都是"心电图"走势，买啥啥不动，卖啥啥起飞，简直让人抓心 挠肝。其实啊，这恰恰说明市场进入了典型的"存量博弈"阶段——场内资金在互相博弈，场外增量资金观望不前，这种时候要是还闷头乱冲，大概率要栽跟 头。 先给大家泼盆冷水：在没有大量新增资金入场的情况下，未来很长一段时间都会是结构性行情。啥意思？就是说，市场很难出现全面普涨，只有某个板块突 然被政策利好砸中，或者有主力资金悄悄布局，才会走出局部行情。比如前阵子AI算力突然爆发，固态电池概念旱地拔葱，背后都是主力资金在"点火"。这 时候如果你还抱着"躺平式炒股"的心态，盯着大盘指数等普涨，大概率会错过机会，甚至被诱多陷阱套住。 那怎么在这种僵局里找到机会？关键就三句话：看懂市场状态，看透主力意图，想清自己节奏。 先说看懂市场状态。现在的盘面就像一场"猫鼠游戏"，主力资金就像鳄鱼一样潜伏在水草里，平时不动声色，一旦发现猎物（比如政策风口、行业拐点）， 就会突然发动攻击。这时候你得学会看"水位"——也就是成交量和资金流向。如果某个板块连续几天温和放量，股价却没怎么涨，那可能是主力在悄悄 ...

Core Viewpoint - The active equity funds have shown significant performance disparity in 2023, with some funds achieving over 80% returns while others have seen declines exceeding 25% [1][2][5]. Group 1: Performance Highlights - As of May 20, 63 active equity funds have returned over 30% this year, with 11 funds exceeding 50% [1][2]. - More than 150 active equity funds have reached historical highs in their adjusted net asset values [1][2]. - The top-performing funds have capitalized on opportunities in innovative pharmaceuticals, new consumption, and robotics sectors [1][3]. Group 2: Characteristics of Top-Performing Funds - The leading fund, 华夏北交所创新中小企业精选两年定开混合基金, achieved a return of 80.79%, followed by 中信建投北交所精选两年定开混合基金 at 73.12% and 汇添富北交所创新精选两年定开混合基金 at 63.29% [3]. - Funds heavily invested in the robotics sector, such as 鹏华碳中和主题混合基金, reported returns of 61.72%, with several others exceeding 50% [3]. - Pharmaceutical-themed funds, particularly those focused on innovative drugs, have also performed well, with 长城医药产业精选混合基金 returning 55.32% [3]. - Funds focused on new consumption have seen significant rebounds, with 恒越匠心优选一年持有期混合基金 achieving a return of 51.49% [3]. Group 3: Underperforming Funds - Over 90 active equity funds have experienced declines of more than 10%, with the worst-performing fund down by 27.03%, resulting in a performance gap of 107.82 percentage points [1][5]. - Underperforming funds often exhibit concentrated holdings and frequent changes in their top stocks, indicating a trend of chasing market movements [5]. Group 4: Fund Flow and Market Outlook - Due to increased inflows into high-performing funds, several have announced purchase limits, including 中信保诚多策略混合基金 and 中欧价值回报混合基金 [5][6]. - The market is expected to shift from emotion-driven pricing to a focus on fundamentals, with attention on technology growth sectors, cyclical areas, and dividend assets [6]. - The AI sector is highlighted as a key investment theme for the year, with opportunities in AI applications and related hardware expected to exceed market expectations [6].

中原证券认为，周二A股市场高开高走、小幅震荡上行，盘中汽车、食品饮料、光学光电子以及文化传 媒等行业表现较好；航运港口、航天航空、煤炭以及房地产等行业表现较弱，沪指全天基本呈现小幅震 荡上行的运行特征。一季度GDP同比增长5.4%，经济复苏动能强劲，企业盈利增速拐点显现，现金流 改善为市场提供基本面支撑。人民币汇率企稳回升，外资流入预期增强，流动性环境整体宽松。预计短 期市场以稳步震荡上行为主，市场有望延续结构性行情，政策支持与流动性宽松为市场提供底部支撑。 仍需密切关注政策面、资金面以及外盘的变化情况。 东莞证券认为，周二，大盘高开后红盘震荡，北证50、微盘股指数均创历史新高。海外市场方面，美联 储副主席杰斐逊表示，在制定货币政策时，将把穆迪下调美国信用评级视为普通的经济数据；纽约联储 主席威廉姆斯表示，在贸易动荡的背景下，对外国投资者撤离美国资产的担忧确实存在，但他认为，美 国"避风港"地位目前并未面临紧迫风险。国内市场方面，4月经济数据顶住压力稳定增长。往后看，外 部环境不确定性仍存在，但当前A股市场具备较高的战略定力和更强的韧性，大盘在此位置也有进一步 上行的动力。短期市场或维持震荡走势，长期看市场有 ...