- The report tracks the market trend by monitoring stocks, industries, and sectors that have reached new highs, using a 250-day high distance metric[11][12][13] - The 250-day high distance is calculated as: $ 250 \text{ day high distance} = 1 - \frac{Closet}{ts\_max(Close, 250)} $ where Closet is the latest closing price and ts_max(Close, 250) is the maximum closing price in the past 250 trading days[11] - As of June 27, 2025, the 250-day high distances for major indices are: Shanghai Composite Index 1.88%, Shenzhen Component Index 9.71%, CSI 300 7.86%, CSI 500 7.38%, CSI 1000 5.07%, CSI 2000 1.91%, ChiNext Index 16.70%, and STAR 50 Index 12.30%[12][13] - The report identifies 832 stocks that reached a 250-day high in the past 20 trading days, with the highest numbers in the pharmaceutical, basic chemicals, and machinery industries[19][20] - The report also tracks "stable new high stocks" based on analyst attention, relative stock strength, trend continuity, price path stability, and new high sustainability, selecting 32 stocks such as Shenghong Technology, Shijia Photon, and Giant Network[26][28][29] - The selected stable new high stocks are mainly from the technology and large financial sectors, with the technology sector having the most new highs in the electronics industry and the large financial sector having the most new highs in the banking industry[29][30][32]

Core Insights - The overall ETF market has seen significant growth in both share and asset scale in the first half of 2025, with a total non-monetary ETF share of 4.3 trillion yuan, an increase of over 500 billion yuan since the beginning of the year [2][4]. Group 1: Bond ETFs - Bond ETFs emerged as the top-selling category in the first half of the year, with 29 funds contributing nearly 160 billion yuan in sales [2][3]. - The total net inflow for bond ETFs reached approximately 159.6 billion yuan, with the Hai Fu Tong Zhong Zheng Short-term Bond ETF (511360) leading with an inflow of nearly 19 billion yuan [4][5]. - The surge in bond ETF popularity is attributed to increased demand for stable returns amid an asset shortage, with investors favoring medium-term, high-rated credit bonds [5]. Group 2: Commodity ETFs - Commodity ETFs achieved a return of 20.48%, primarily driven by gold ETFs, which significantly outperformed other commodities [6][7]. - The largest gold ETF, Hua An Gold ETF (518880), saw inflows exceeding 20 billion yuan, more than double that of the second-largest [9]. - The rise in gold prices is linked to heightened market uncertainty and increased demand for safe-haven assets due to global geopolitical tensions [10]. Group 3: Cross-Border ETFs - Cross-border ETFs experienced an 18% increase, largely due to strong performance in Hong Kong stocks, particularly in the pharmaceutical, dividend, and technology sectors [11][12]. - The top-performing cross-border ETF, Fu Guo Zhong Zheng Hong Kong Stock Connect Internet ETF (159792), recorded a net inflow of nearly 19 billion yuan [12]. - The Hong Kong stock market's daily trading volume has reached a historical high, contributing to the strong performance of cross-border ETFs [13]. Group 4: Stock ETFs - Core broad-based stock ETFs, particularly the CSI 300 ETFs, have shown robust inflows, with the top two ETFs each exceeding 20 billion yuan in net inflows [14][15]. - The overall trend indicates a stable performance in the stock ETF market, supported by government interventions and a strong demand for core assets [16].

报 告 摘 要 乘势而起：市场新高趋势追踪 触及新高的个股、行业和板块可被视为市场的风向标。越来越多的研究表明动量、趋势跟踪策略的有效性。本报告旨在定期跟踪市场中创新高的个股及其 分布，以追踪市场趋势、把握市场热点。 截至2025年6月20日，上证指数、深证成指、沪深300、中证500、中证1000、中证2000、创业板指、科创50指数250日新高距离分别为3.72%、 12.96%、9.62%、10.92%、9.26%、7.07%、21.19%、14.99%。中信一级行业指数中银行、有色金属、综合金融、农林牧渔、通信行业指数距离 250日新高较近，煤炭、房地产、食品饮料、消费者服务、建材行业指数距离250日新高较远。概念指数中，银行精选、银行、数字货币、黄金、万得微盘 股日频等权、创新药等概念指数距离250日新高较近。 见微知著：利用创新高个股进行市场监测 截至2025年6月20日，共816只股票在过去20个交易日间创出250日新高。其中创新高个股数量最多的是医药、基础化工、机械行业，创新高个股数量占 比最高的是银行、综合金融、纺织服装行业。按照板块分布来看，本周制造、周期板块创新高股票数量最多；按照指数分 ...

Core Insights - The Federal Reserve's decision is under scrutiny, with implications for the US dollar index and gold prices [1] Group 1: Federal Reserve Decision - The Federal Reserve's upcoming decision is anticipated to have significant market impacts, particularly on the US dollar index [1] - Analysts are closely watching for any signals that could indicate future monetary policy changes [1] Group 2: US Dollar Index - The US dollar index is currently showing weakness, which may persist in the near term [1] - Market participants are evaluating how the Fed's decision will influence the dollar's performance against other currencies [1] Group 3: Gold Market - Gold prices are attempting to break free from current constraints, with potential upward movement depending on the Fed's actions [1] - The relationship between the dollar's strength and gold prices remains a critical focus for investors [1]

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Market Overview - The total trading volume in the Shanghai and Shenzhen markets reached 1.21 trillion yuan, with more stocks declining than rising, as over 2900 stocks fell [1][2] - The Shanghai Composite Index closed at 3387.40, down 0.04%, while the Shenzhen Component Index closed at 10151.43, down 0.12%, and the ChiNext Index fell 0.36% to 2049.94 [2] Sector Performance - The stablecoin concept stocks continued to gain traction, with sectors such as oil and gas, shipping, brain-computer interfaces, and solid-state batteries showing activity, while innovative drugs and IP economy sectors experienced significant pullbacks [4] - The brain-computer interface sector was particularly strong, with stocks like Beiyikang and Aipeng Medical hitting their daily limit up of 30% and 20% respectively [4] - The military equipment sector saw gains in the afternoon, with stocks like Jieqiang Equipment rising 16% and Pike New Materials increasing by 6% [5] Capital Flow - Main capital inflows were observed in the electric equipment, transportation, and oil and petrochemical sectors, while media, pharmaceutical, and automotive sectors experienced net outflows [6] - Specific stocks with net inflows included Rongfa Nuclear Power, Lixun Precision, and Lakala, with inflows of 523 million yuan, 455 million yuan, and 411 million yuan respectively [7] - Conversely, stocks like Light Media, Yinzhijie, and Hengrui Medicine faced significant sell-offs, with outflows of 1.143 billion yuan, 591 million yuan, and 551 million yuan respectively [7] Institutional Insights - Guodu Securities noted improvements in multiple economic indicators in May, with a significant rebound in consumption growth, suggesting structural opportunities in a market experiencing oscillation and consolidation [8] - CITIC Securities highlighted the unpredictable potential scale of the stablecoin market, emphasizing the advantages of fintech companies in the issuance end and the broad space for usage scenarios in custody, trading, and financing [8]

Group 1 - The report tracks stocks, industries, and sectors that are reaching new highs, indicating market trends and hotspots [1][4] - As of June 13, 2025, the distance to the 250-day new high for major indices is as follows: Shanghai Composite Index 3.23%, Shenzhen Component Index 11.94%, CSI 300 9.21%, CSI 500 9.33%, CSI 1000 7.65%, CSI 2000 4.96%, ChiNext Index 19.86%, and STAR Market 13.66% [5][25] - The industry indices that are closest to their 250-day new highs include non-ferrous metals, banking, pharmaceuticals, agriculture, forestry, animal husbandry, fishery, and electric power and public utilities [8][25] Group 2 - A total of 838 stocks reached a 250-day new high in the past 20 trading days, with the most significant numbers in the pharmaceutical, basic chemicals, and machinery sectors [2][13] - The highest proportion of new high stocks is found in the banking, textile and apparel, and pharmaceutical industries, with respective proportions of 71.43%, 29.29%, and 24.95% [13][16] - The manufacturing and cyclical sectors had the most new high stocks this week, with 262 and 212 stocks respectively [16] Group 3 - The report identifies 42 stocks that have shown stable new highs, with the majority coming from the manufacturing and consumer sectors, each contributing 9 stocks [22][26] - The mechanical industry had the most new highs within the manufacturing sector, while the food and beverage industry led in the consumer sector [22][26] - The selection criteria for stable new high stocks include analyst attention, relative strength of stock prices, price path stability, and continuity of new highs [19][20]

Market Overview - On June 12, A-shares showed mixed performance with the ChiNext index being relatively strong, closing at 2067.15 points, up 0.26% [1] - The total market turnover reached 1.3035 trillion yuan, an increase of 16.9 billion yuan compared to the previous trading day [1] - Over 2300 stocks in the market rose, with new consumption concept stocks becoming active again, particularly in the IP economy and beauty care sectors [1] IP Economy - The IP economy concept remains hot, with LABUBU creating a global phenomenon, and the stock price of Pop Mart, the "first stock of trendy toys" in Hong Kong, reaching a historical high of 283.4 HKD per share [2] - A-share IP economy stocks saw significant gains, with stocks like Baixinglong and Aoya shares hitting the daily limit of 30% and 20% respectively [2] - Companies like Yidian Tianxia and Qingmu Technology reported business cooperation with Pop Mart, indicating a growing relationship within the IP economy [2] Computing Power Industry - The computing power industry chain showed strong performance, particularly in the optical module sector, with Tianfu Communication rising over 10% and Mingpu Optical Magnet hitting the daily limit [4] - Zhongji Xuchuang's stock price increased by 7.43%, with a trading volume of 10.021 billion yuan, indicating strong market interest [4] - The demand for 800G optical modules is expected to grow significantly next year, driven by AI infrastructure and traditional cloud data center upgrades [4][5] Future Market Trends - The technology sector is expected to remain stable, with potential upward momentum driven by dividends, consumption, and technology [6] - The market is anticipated to maintain a steady upward trend following recent monetary policy adjustments, with a focus on sectors like automotive, consumer electronics, and software development [6] - The "technology + consumption" theme is suggested as a potential main rotation line for the second half of the year, with emphasis on AI, humanoid robots, and new consumption opportunities [6]

Market Overview - The A-share market experienced a mixed performance today, with the Shanghai Composite Index and the ChiNext Index rising by 0.01% and 0.26% respectively, while the Shenzhen Component Index fell by 0.11% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 12,718 billion yuan, an increase of 163 billion yuan compared to the previous day [1] - A total of 2,327 stocks rose, while 2,868 stocks fell, with a median decline of 0.14% in stock prices [1] Innovation Drug Sector - The innovation drug sector continued to rise, with the sector index reaching a new high not seen in over two years [3] - The CSI Hong Kong Innovation Drug Index (931787) saw a nearly 5% increase today, following a less than 1% decline yesterday, and has risen over 60% since April 9 [3][6] - Ten ETFs focused on Hong Kong pharmaceutical and innovation drugs have seen gains exceeding 60% year-to-date, indicating strong investor interest in this sector [3] ETF Performance - The top-performing ETFs related to Hong Kong innovation drugs have shown significant returns, with the leading ETF, 汇添富国证港股通创新药ETF, achieving a return of 71.59% [4] - Other notable ETFs include 华泰柏瑞恒生创新药ETF and 银华国证港股通创新药ETF, with returns of 71.27% and 70.79% respectively [4] Market Sentiment and Trends - The recent surge in the innovation drug sector is attributed to several factors, including a boom in BD transactions, low valuations, and supportive policies [8] - Increased interest in the pharmaceutical and innovation drug sectors has led to crowded events, such as a recent mid-term strategy report meeting that was heavily attended [8] - Industry news indicates that China Biopharmaceutical (01177.HK) has received multiple cooperation intentions since the beginning of the year, with at least one significant out-license transaction expected to materialize [8] Other Sector Movements - The non-ferrous metals sector saw continued gains, with cobalt, gold, rare resources, and nickel indices all rising over 1% [9] - The recent performance of rare and strategic metals is linked to supply factors and geopolitical dynamics, with the Ministry of Commerce indicating ongoing approvals for compliant export applications [9]

Core Viewpoint - In May, A-shares saw collective gains across major indices, with the Shanghai Composite Index, ChiNext Index, and Shenzhen Component Index rising by 2.09%, 2.32%, and 1.42% respectively, indicating a market recovery despite a lack of clear leading sectors [2][3] Fund Managers - Lin Yuan and Dan Bin maintained their positions as the top two popular fund managers, with Lin Yuan's average return over the past year being ***% and Dan Bin's being ***% [7][9] - Dan Bin's overseas fund, Oriental Harbor Investment Fund, had a total holding value of approximately 62 billion RMB, with several U.S. stocks achieving over 10% gains in May [9][10] - Dong Chengfei, ranked 12th, announced a suspension of new client subscriptions for his managed products starting June 8, marking his first "closure" action after three years of private management [11][12] Popular Private Equity Firms - The top five popular private equity firms include Liangpai Investment, Ningbo Huansheng Quantitative, Honghu Private Equity, Guoyuan Xinda, and Hainan Shengfeng Private Equity, with several firms seeing a rise in popularity compared to April [13][14] Popular Private Equity Products - The top private equity products include "Luyuan Ruicheng Hui Zeng" managed by Luyuan Private Equity, with a product scale of approximately *** billion and average returns of ***% over the past year [24][26] - "Zeyuan Zhicheng Beite Quantitative No. 1 A Class" managed by Shenzhen Zeyuan achieved the highest performance among the listed products, with a scale of approximately *** billion and returns of ***% [26][28]