Group 1 - The A-share market sentiment has improved due to increased risk appetite, with major indices rising, particularly the ChiNext Index, which increased by 2.32% over the week [1] - Analysts expect the A-share market to remain in a recovery phase in June, supported by the easing of external disturbances and the implementation of domestic growth policies [2][3] - The market is anticipated to maintain a volatile but upward trend, with rapid sector rotation, providing structural investment opportunities for investors [2][3] Group 2 - The small-cap stocks have shown strong performance recently, but there are concerns about potential volatility due to high trading congestion and valuation deviations [3] - The trading loss indicator has declined significantly, suggesting a diminishing profit effect in the small-cap sector, which may warrant a focus on fundamental investment logic [3] - Analysts recommend focusing on stocks with improving earnings growth in the upcoming semi-annual report season, particularly within the small-cap segment [3] Group 3 - Three main investment themes have emerged: domestic consumption, technology growth, and high-margin dividend assets, which are attracting institutional attention [4] - The domestic policy focus on expanding consumption is expected to catalyze further growth, with resilient performance anticipated in sectors like home goods and food processing [4] - The technology sector is viewed as a long-term investment focus, with investors advised to wait for significant catalysts to emerge from industry trends [4]

（原标题：激增！重大转变） 对于下周A股市场的潜力板块，投资者看好的科技板块环比上涨10个百分点至42%，上涨最为明显。 本周（6月3日至6日），A股成交规模继续维持在1万亿元以上。指数单边上行。沪指累计上涨1.13%， 深证成指上涨1.42%，创业板指上涨2.32%，沪深300指数上涨0.88%。 25个申万行业指数上涨。通信板块涨幅居首，为5.27%；有色金属、电子板块涨幅随后，分别为 3.74%、3.6%；另有计算机、基础化工、传媒、轻工制造、社会服务等板块涨幅在2%以上。 资金流向方面，本周主力净流出292.62亿元，医药生物净流出金额最大，为63.29亿元；国防军工、计算 机、机械设备、汽车净流出额均在30亿元以上。电力设备、煤炭、电子、通信净流入额居前，依次为 8.03亿元、8.23亿元、10.08亿元、26.32亿元。 从盈亏情况来看，本周六成以上受访者表示"赚到了钱"。其中，58%属于"盈利10%以内"，较上期大幅 增长23个百分点；盈利10%以上的占比6%左右。"亏损10%以内"的受访者占比25%，较上期减少13个百 分点；亏损10%以上的占比11%。 55%受访者认为下周大盘站上3400点 ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 通信有色行业领涨 A 股窄幅波动 ——市场分析 相关报告 《市场分析：成长行业领涨 A 股小幅波动》 2025-06-05 周五 A 股市场冲高遇阻、小幅震荡上扬，早盘股指低开后震荡上 行，盘中沪指在 3390 点附近遭遇阻力，午后股指维持震荡，盘中通 信服务、采掘、有色金属以及半导体等行业表现较好；珠宝首饰、 美容护理、食品饮料以及医疗服务等行业表现较弱，沪指全天基本 呈现小幅震荡整理的运行特征。当前上证综指与创业板指数的平均 市盈率分别为 13.86 倍、36.87 倍，处于近三年中位数平均水平， 适合中长期布局。两市周五成交金额 11774 亿元，处于近三年日均 成交量中位数区域上方。中国经济延续温和复苏态势，消费与投资 成为核心驱动力。服务消费保持强劲回升，高技术制造业投资持续 领先，共同支撑经济基本面。近期国家落地一揽子货币政策，包括 降准降息及结构性工具创新，重点支持科技创新、普惠金融和消费 领域，为市场注入流动性信心。物价指数呈现温和回升迹象，企业 盈利预期边际改善。4 月规模 ...

摘要 1、今天，A股震荡分化，沪指顽强收红，央行 首次在月初公开开展 10000亿元 买断式逆回购操作，为何利好不涨？ 2、国泰海通证券发布下半年策略报告，称下半年 上证指数大概率会冲击"9·24"的高点。这些板块被看好。 3、 上天天基金APP搜索【777】注册即可 领98元券包 ， 优选基金10元起投！限量发放！先到先得！ 真话白话说财经，理财不说违心话 --这是第1360 篇白话财经- - 今天，A股出现分化，仅有沪指收红，实现四连阳。 分析人士认为， 预计6月A股可能延续震荡偏强趋势，科技和消费仍将是市场主线，同时部分核心资产和周期板块也可能存在一定的配置机会。 央行释放万亿级利好，为何不涨反跌 昨晚，央行突然的利好让大家对今天的市场充满了期待，可为什么今天A股没能延续上涨呢？ 1、央行1万亿买断式逆回购操作 。 6月5日，央行打破月末公告操作惯例，于月初公告将在今天开展10000亿元买断式逆回购操作，期限为3个月（91天）。 简单来说，就是央行以质押形式借钱给银行，银行将债券暂时"卖"给央行换取现金，到期后再赎回债券并支付利息 。 分析人士认为，央行月初打破惯例，或与近月银行同业存单到期规模持续处于 ...

6月6日，A股开盘，上证指数高开0.01%，深证成指高开0.02%，创业板指低开0.04%。（编辑 王 俊勇） ...

登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：聚源，中原证券研究所 -15% -10% -4% 1% 6% 12% 17% 22% 2024.06 2024.10 2025.02 2025.06 上证指数 深证成指 分析师：张刚 证券研究报告-晨会聚焦 发布日期：2025 年 06 月 06 日 | 国内市场表现 | | | | | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | | 3,384.10 | 0.23 | | 深证成指 | | 10,203.50 | 0.58 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 | 300 | 3,877.56 | 0.23 | | 上证 | 50 | 2,443.97 | -0.52 | | 科创 | 50 | 891.46 | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | | 中证 | 100 | 3,698.59 | 0.21 | | 中证 | 500 ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 成长行业领涨 A 股小幅波动 ——市场分析 相关报告 联系人： 李智 证券研究报告-市场分析 发布日期：2025 年 06 月 05 日 投资要点： ◼ A 股市场综述 周四（06 月 05 日）A 股市场冲高遇阻、小幅震荡上扬，早盘股指高 开后震荡上行，盘中沪指在 3381 点附近遭遇阻力，午后股指维持震 荡，盘中消费电子、互联网服务、半导体以及通信设备等行业表现 较好；珠宝首饰、美容护理、食品饮料以及化学制药等行业表现较 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 震荡上行，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 股市场冲高遇阻、小幅震荡上行，早盘股指高开后震荡上 行，盘中沪指在 3381 点附近遭遇阻力，午后股指维持震荡，盘中消 费电子、互联网服务、半导体以及通信设备等行业表现较好；珠宝 首饰、美容护理、食品饮料以及化学制药等行业表现较弱，沪指全 天基本呈现小幅震荡上行的运行特征。当前上证综指与创业板指数 的平均市盈率分别为 13.83 ...

Group 1 - The core viewpoint is that the A-share index is expected to continue rising, supported by the inflow of main funds and the current market structure not showing signs of a completed upward trend [1][2] - The Shanghai Composite Index has shown a performance above the 20-day moving average, indicating a positive momentum despite some fluctuations in fund flow [1] - The Shenzhen Component Index experienced a clear inflow of main funds during a specific time segment, although overall fund flow remains ambiguous [2] Group 2 - The analysis suggests that the market may experience a pullback before continuing to rise, with expectations of a first top divergence forming after a brief decline [2][3] - The Shanghai Composite Index is viewed as a leading indicator, and its performance will likely influence the Shenzhen Component Index [3] - Short-term strategies should focus on reducing positions during periods of stagnation in the 15-minute structure, especially after the formation of a second top divergence [3]

Group 1 - The A500 Index ETF has shown significant liquidity with an intraday turnover of 3.53% and a transaction volume of 5.22 billion yuan, ranking among the top two comparable funds in terms of average daily trading volume over the past week at 27.77 billion yuan [3] - The A500 Index ETF has experienced a notable growth in scale, increasing by 3.57 billion yuan over the past two weeks, leading among comparable funds [3] - The A500 Index ETF has added 531 million shares in the last two weeks, also ranking first among comparable funds in terms of new shares issued [3] - The latest net inflow of funds into the A500 Index ETF is 28.89 million yuan, with a total of 196 million yuan net inflow over the last four trading days, indicating strong investor interest [3] - The underlying index, the CSI A500 Index, is currently valued at a historical low with a price-to-book ratio (PB) of 1.46, which is below 81.78% of the time over the past year, highlighting its attractive valuation [3] - The top ten weighted stocks in the CSI A500 Index account for 21.21% of the index, including major companies like Kweichow Moutai and CATL [3] Group 2 - Securities firms are optimistic about the A-share market for the second half of the year, anticipating a continued valuation recovery of Chinese assets, with a focus on technology [4] - Xiangcai Securities has released a mid-term strategy report suggesting that the A-share market is likely to operate in a "slow bull" manner throughout 2025 under supportive policies [4] - CITIC Securities emphasizes three long-term trends: the enhancement of China's independent technological capabilities, the reconstruction of European defense and resource reserves, and the acceleration of social security improvements in China to stimulate domestic demand [4] - Investors without stock accounts can consider low-cost entry into A-share core assets through the CSI 300 ETF linked fund (160724) [4]

Group 1 - The core index, the CSI A500, is set to undergo a mid-term adjustment, with 21 stocks being replaced in the index, enhancing representation of emerging industries to approximately 46.5% [2] - The CSI A500 index ETF (159351) has seen significant capital inflow, with a net inflow of 28.89 million yuan as of June 4, and a total net inflow exceeding 200 million yuan over the past five trading days [1][2] - Major sectors experiencing passive inflows due to the index adjustment include electronics, banking, non-bank financials, machinery, and non-ferrous metals, while sectors like electric equipment, automotive, pharmaceuticals, food and beverage, and basic chemicals are seeing outflows [2] Group 2 - The A-share market is expected to experience a volatile upward trend due to ongoing policy support and active inflow of medium to long-term funds, with current valuations near the average since 2010 [2] - The CSI A500 index ETF closely tracks the CSI A500 index, which selects 500 stocks with strong market capitalization representation across various industries, balancing large-cap stocks while covering core leading assets in the A-share market [1]