Group 1 - The A-share market is experiencing downward pressure, with multiple signals indicating a potential decline, including prolonged high-level trading and low-volume rebounds [1] - The financial sector's ability to support the market is diminishing, with traditional giants like oil and coal taking over the role of market leaders, raising concerns about their effectiveness [2][5] - The white wine and automotive industries are facing challenges due to imbalanced production capacity, which is a core issue affecting these sectors [3] Group 2 - The pharmaceutical sector, including CROs and innovative drugs, has seen significant declines, indicating a downturn for previously popular stocks in this industry [4] - There is uncertainty regarding which sectors will lead the market recovery, with traditional weight sectors being questioned for their strength [5]

A股深证成指跌超1%，创业板指跌0.96%，上证指数跌0.66%，美容护理、IP经济、互联网电商、白酒 等板块跌幅居前。 ...

6月13日，三大指数集体低开，盘中弱势。航运港口板块盘初拉升，中远海能涨超5%。消息面上，WTI 原油期货日内一度涨超9%。 相关ETF方面，持有中远海能、招商轮船、中远海控等多只航运股的A500指数ETF（159351）早盘调 整，开盘半小时成交额突破5亿元。该ETF最新流通份额为149.87亿份，最新流通规模为145.7亿元。 A500指数ETF（159351）紧密跟踪新一代标杆指数中证A500指数，该指数优选各行业市值代表性强、 表征行业龙头的500只股票，兼顾大市值的同时均衡覆盖A股各行业核心龙头资产。该ETF配备了场外 联接基金分别为（A：022453、C：022454）。 华金证券表示，A股下半年将延续震荡格局。在盈利下行、信用回升的宏观环境下，市场整体趋势偏震 荡，受信用修复力度影响较大。尽管盈利可能因关税冲击和政策节奏放缓而承压，但短期经济修复仍具 韧性，叠加财政政策支持，信用环境有望改善，支撑市场维持震荡走势。 申万宏源认为，欧美市场短期需要消化估值，而中国市场估值仍有修复空间，建议超配港股、A股，标 配欧日、低配美股，结构上继续看好全球科技股相对收益机会。从估值角度来看，目前欧美市场估值偏 ...

3. 银行业净流入20.98亿元居首 申万一级行业中，7个行业实现资金净流入，其中银行业净流入20.98亿元居首。 4.融发核电主力资金净流入8.84亿元居首 （原标题：【12日资金路线图】银行板块净流入近21亿元居首 龙虎榜机构抢筹多股） 6月12日，A股市场整体涨跌互现。 截至收盘，上证指数收报3402.66点，上涨0.01%，深证成指收报10234.33点，下跌0.11%，创业板指数 收报2067.15点，上涨0.26%，北证50指数下跌0.25%。A股市场合计成交13037.61亿元，较上一交易日增 加169亿元。 1. A股市场全天资金净流出92.69亿元 今日A股市场主力资金开盘净流出48.78亿元，尾盘净流出3.05亿元，全天净流出92.69亿元。 2. 沪深300今日主力资金净流入3.96亿元 沪深300今日主力资金净流入3.96亿元，创业板净流出33.04亿元，科创板净流出7.48亿元。 6.机构最新关注个股 责编：万健祎 校对：廖胜超 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes （注：此表为主力资金净流入统计，与上一张表及下一张表的机构净买入统计口径均不同） ...

Core Viewpoint - The A-share market is experiencing a sideways consolidation around the 3400-point level, with significant changes in market dynamics despite the seemingly stable index [1][2]. Market Analysis - The Shanghai Composite Index closed at approximately 3404 points, forming a 120-minute consolidation pattern, which will be crucial to monitor for potential upward or downward movements [1]. - The absence of daily-level consolidation is noted as a positive sign, but caution is advised regarding the 120-minute high point, which may require attention if it begins to decline [2]. Sector Differentiation - There is a notable divergence in market performance, with some sectors at low levels while others remain high, necessitating differentiated strategies for investment [2][3]. - The ChiNext board is identified as being at a low position, while the Shanghai Composite Index and the CSI 300 are at relatively higher levels, indicating a need for vigilance regarding potential high point formations [3]. Investment Strategy - Investors are advised to be cautious with continuously rising stocks, as there may be a risk of pullbacks in these areas [3]. - Low-positioned stocks may not show immediate upward potential, but their downside risk appears limited, suggesting a focus on stability in these segments [3].

登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 通信传媒行业领涨 A 股窄幅波动 ——市场分析 相关报告 分析师：张刚 《市场分析：成长行业走强 A 股震荡上行》 2025-06-11 《市场分析：银行电力行业领涨 A 股震荡整 固》 2025-06-10 《市场分析：传媒有色行业领涨 A 股震荡上 行》 2025-06-09 联系人： 李智 电话： 0371-65585629 证券研究报告-市场分析 发布日期：2025 年 06 月 12 日 投资要点： ◼ A 股市场综述 周四（06 月 12 日）A 股市场低开高走、小幅震荡上行，早盘股指低 开后震荡回落，盘中沪指在 3389 点附近获得支撑，午后股指震荡回 升，盘中通信设备、文化传媒、电源设备以及银行等行业表现较 好；航运港口、酿酒、农牧饲渔以及旅游酒店等行业表现较弱，沪 指全天基本呈现小幅震荡上行的运行特征。创业板市场周四震荡上 扬，创业板成分指数全天表现强于主板市场。 ◼ 后市研判及投资建议 周四 A 股市场低开高走、小幅震荡上行，早盘股指低开后震荡回 落，盘中沪指在 3389 点附近获得支 ...

当前中美关税问题释放积极信号，市场风险偏好改善，叠加稳增长政策持续出台，A股市场有望延续积 极行情。外资在5月也大举押注亚洲股市，华尔街结构对于亚洲市场未来展望愈发乐观。 感兴趣的投资者可以关注中证A500ETF（159338），一键布局A股核心资产，把握A股未来行情。 当地时间6月9日至10日，中美在伦敦举行中美经贸磋商机制首次会议。何立峰表示，本次会议是在两国 元首今年6月5日战略共识指引下开展的一次重要磋商。下一步，双方要按照两国元首通话达成的重要共 识和要求，进一步发挥好中美经贸磋商机制作用，不断增进共识、减少误解、加强合作。美方表示，本 次会议取得积极成果，进一步稳定了双边经贸关系，将按照两国元首通话要求，与中方相向而行。 随着中长线资金持续加码，市场向下空间或有限，当前阶段可以考虑定投、网格等方式逢低布局，投资 者可关注中证A500ETF（159338）。 中证A500指数以国际通用的"行业均衡"方式编制，被誉为A股市场的"尖子班"， 本土"标普500"。它挑 选了各行业市值较大、流动性较好的500只证券作为指数样本，涵盖了A股市场的核心资产。 中证A500指数覆盖100%中证二级行业和97%中证 ...

Group 1 - The A-share market has shown a continuous recovery, with over 90% of billion-yuan private equity firms achieving positive returns this year [1] - As of May 31, the average return of 50 billion-yuan private equity firms was 7.07% year-to-date, with 46 firms (92%) reporting positive returns [1] - Among the billion-yuan private equity firms, 13 firms achieved returns of 10% or more, with notable performers including Jinhua Lun, Xinhong Tianhe, Abama Private Equity, and Longqi Technology [1] Group 2 - Quantitative private equity firms have significantly outperformed, with an average return of 9.23% year-to-date, and all 32 firms reporting positive returns [1] - In the high-return category, 9 out of 13 billion-yuan private equity firms with returns of 10% or more are quantitative firms [1] - The subjective billion-yuan private equity firms have an average return of 3.25% this year, with 12 out of 14 firms (85.71%) achieving positive returns [2] Group 3 - The mixed subjective and quantitative billion-yuan private equity firms have an average return of 3.12%, with only 2 out of 4 firms (50%) reporting positive returns [2] - The ongoing US-China trade negotiations are seen as a major factor affecting the A-share market, with potential easing of uncertainties regarding US tariff policies [2] - The market is expected to experience high-frequency fluctuations within a narrow range, with growth, consumption, and cyclical sectors showing potential [3]

Group 1 - The market experienced a rapid decline on Tuesday, leading many investors to sell at low points, but the company chose to reduce positions in two stocks that fell below their holding lines [1] - On Wednesday, the market saw a quick surge driven by sectors like brokerage, rare earths, and batteries, but there was a critical issue of insufficient trading volume, with only a 100 billion increase compared to the previous day [1] - By the end of Wednesday, the trading volume decreased significantly, with a drop of 164.7 billion compared to the previous day, and the total trading volume fell below 1.3 trillion [1] Group 2 - The market has been in a state of oscillation, with the recent decline not breaking below the average price box, indicating a relatively stable range [2] - The current market oscillation has lasted for 41 days, suggesting a potential for a breakout, either upwards for a significant rally or downwards to trigger profit-taking [2] - There is an anticipation for a substantial market movement as 2025 approaches its midpoint, with expectations for a notable market trend [2]

A股开盘，上证指数跌0.13%，深证成指跌0.37%，创业板指跌0.23%；贵金属、油气开采服务等板块涨 幅居前。 ...