Market Overview - The Sci-Tech Innovation Board (STAR Market) index decreased by 0.48%, closing at 991.64 points, with a total trading volume of 2.486 billion shares and a turnover of 83.57 billion yuan, resulting in a weighted average turnover rate of 1.45% [1] - Among the tradable stocks on the STAR Market, 274 stocks closed higher, with 5 stocks rising over 10% and 11 stocks rising between 5% and 10%. Conversely, 304 stocks closed lower [1] Trading Activity - The distribution of turnover rates shows that 3 stocks had turnover rates exceeding 20%, 7 stocks had rates between 10% and 20%, 32 stocks had rates between 5% and 10%, 69 stocks had rates between 3% and 5%, 275 stocks had rates between 1% and 3%, and 201 stocks had rates below 1% [1] - The stock with the highest turnover rate was Qingyun Technology, which closed up 15.31% with a turnover rate of 38.58% and a transaction amount of 908 million yuan. Other notable stocks included Sailun Biology and Youke Technology, with turnover rates of 27.40% and 22.11%, respectively [1][3] Sector Performance - In terms of industry performance, the pharmaceutical and biotechnology sector had the most stocks with turnover rates exceeding 5%, totaling 11 stocks, followed by machinery and equipment with 6 stocks, and electronics with 5 stocks [2] - Among high turnover stocks, 20 stocks experienced net inflows of main funds, with Youke Technology, Shijia Optics, and Hecuan Technology seeing the largest net inflows of 161 million yuan, 46.85 million yuan, and 46.42 million yuan, respectively [2] Leverage Fund Movements - A total of 25 stocks received net purchases from leveraged funds, with notable increases in financing balances for Zhongyou Technology, Gai Lun Electronics, and Shijia Optics, which increased by 101 million yuan, 80.49 million yuan, and 78.69 million yuan, respectively [2]

Core Viewpoint - The trading volume of the Shanghai Stock Exchange Science and Technology Innovation Board 100 Index ETF reached 900 million yuan today, marking an increase of 419 million yuan from the previous trading day, with a growth rate of 87.34% [1] Trading Volume Summary - The trading volume of Bosera Science and Technology 100 ETF (588030) was 273 million yuan, an increase of 111 million yuan from the previous day, with a growth rate of 68.67% [1] - The trading volume of Science and Technology 100 (588190) was 145 million yuan, an increase of 77.17 million yuan, with a growth rate of 113.30% [1] - The trading volume of Science and Technology 100 ETF Fund (588220) was 188 million yuan, an increase of 76.47 million yuan, with a growth rate of 68.29% [1] - The trading volume of Huatai-PB Shanghai Stock Exchange Science and Technology 100 ETF (589980) and E Fund Shanghai Stock Exchange Science and Technology 100 Enhanced Strategy ETF (588500) saw significant increases of 648.67% and 254.13%, respectively [1] Market Performance Summary - As of market close, the Shanghai Stock Exchange Science and Technology Innovation Board 100 Index (000698) rose by 1.76%, while the average increase of related ETFs was 1.82% [1] - The top performers included E Fund Shanghai Stock Exchange Science and Technology 100 Enhanced Strategy ETF (588500) and Huaxia Shanghai Stock Exchange Science and Technology 100 ETF (588800), which increased by 2.47% and 1.92%, respectively [1]

科创板股换手率区间分布显示，换手率超过20%的有3只，换手率10%~20%的有12只，换手率5%~10% 的36只，换手率3%~5%的103只，换手率1%~3%的268只，换手率不足1%的有165只。 科创50指数今日上涨1.04%，报收996.41点，科创板全日成交量27.34亿股，成交额939.65亿元，加权平 均换手率为1.61%。 换手率最高的是青云科技，该股今日收盘涨停，全天换手率21.57%，成交额4.24亿元，该股今日收盘上 涨20.00%，全天换手率21.57%，成交额4.24亿元，其次是汉邦科技，该股今日收盘下跌2.27%，全天换 手率20.64%，成交额1.71亿元，换手率居前的还有中邮科技、航天南湖、德科立等，换手率分别为 20.57%、18.31%、17.35%。 证券时报·数据宝统计显示，今日可交易科创板股中，400只股收盘上涨，涨幅超过10%的有6只，其 中，生益电子、青云科技等2股涨停，涨幅在5%至10%的有30只，收盘下跌的有177只，跌幅超10%的有 1只。 市场表现看，换手率超5%的个股中，今日上涨的有39只，涨幅居前的有青云科技、瑞可达、华强科技 等，分别上涨20.00% ...

Group 1 - The core viewpoint of the news highlights the increasing trend of fund managers investing in newly launched floating rate funds, indicating a shift in investment strategies within the mutual fund industry [1][1]. - Xingsheng Global Fund announced a plan to invest 20 million yuan in its newly launched Xingsheng Global Hexi Mixed Securities Investment Fund, which is one of the first floating rate funds [1]. - China Europe Fund also reported a 10 million yuan investment in its floating rate fund, committing to hold the investment for no less than three years [1]. Group 2 - Hong Kong-themed ETFs have seen significant inflows this year, with a total increase of 85.674 billion yuan, representing a growth rate of 27.97%, bringing the total size close to 400 billion yuan at 391.962 billion yuan as of May 30 [2]. - The number of Hong Kong-themed ETFs with over 10 billion yuan in assets has increased from 8 at the end of last year to 11 by the end of May [3]. - The number of fund managers managing Hong Kong-themed ETFs with over 10 billion yuan has risen from 7 to 10, indicating a trend towards concentration in the market [3]. Group 3 - Some off-market QDII funds have relaxed their purchase limits, with Hai Futong's USD bond fund increasing its limit from 50,000 yuan to 30 million yuan [4]. - A total of 6 new QDII funds have been approved this year, primarily focusing on the Hong Kong stock market, including several ETFs targeting the Hang Seng Technology Index [4]. Group 4 - The issuance scale of ETFs has experienced a decline for four consecutive months, with May seeing a significant drop to 11.068 billion units, down from 34.014 billion units in January [5]. - In May, public fund managers focused on launching products related to digital economy, sci-tech innovation board, and free cash flow themes [6]. Group 5 - In May, there was a notable shift in ETF fund flows, with significant inflows into technology-related ETFs, particularly in sectors like semiconductors and defense, attracting over 20 billion yuan in net inflows [7]. - The top three ETFs attracting the most net inflows in May were Huaxia Sci-Tech 50 ETF, Guolian An Semiconductor ETF, and Jiashi Sci-Tech Chip ETF, with inflows of 4.931 billion yuan, 2.364 billion yuan, and 1.874 billion yuan respectively [8]. Group 6 - Qiu Yang has left his position as the manager of the Qianhai Kaiyuan Artificial Intelligence Mixed Fund due to internal adjustments, with the fund now managed by Wei Chun [9]. - As of the end of the first quarter, the A-class share of the fund managed by Qiu Yang had a scale of 688 million yuan, achieving a return of 14.19% during his tenure [9].

科创50指数今日上涨0.45%，报收986.11点，科创板全日成交量23.15亿股，成交额769.28亿元，加权平 均换手率为1.37%。 证券时报·数据宝统计显示，今日可交易科创板股中，389只股收盘上涨，涨幅超过10%的有4只，涨幅 在5%至10%的有13只，收盘下跌的有182只。 科创板股换手率区间分布显示，换手率超过20%的有1只，换手率10%~20%的有7只，换手率5%~10%的 30只，换手率3%~5%的66只，换手率1%~3%的286只，换手率不足1%的有197只。 分行业看，今日换手率超5%的个股中，所属医药生物行业个股最多，有14只个股上榜；国防军工、通 信等紧随其后，分别有7只、5只个股上榜。 资金流向方面，高换手率个股中，有18股今日获主力资金净流入，净流入金额较多的有仕佳光子、皓元 医药、浩欧博，净流入金额分别为6732.82万元、6488.46万元、4619.98万元，净流出金额较多的有中无 人机、概伦电子、凯因科技，净流出金额分别为9402.33万元、8337.20万元、4234.02万元。 从杠杆资金动向看，高换手个股中，共23股近期获杠杆资金净买入，统计显示，截至6月3日，近5 ...

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoints of the Report - The OECD has downgraded the economic growth forecasts for the US and the world. The US growth rate in 2025 is expected to drop from 2.2% to 1.6%, and 1.5% in 2026. The global growth forecast for 2025 is reduced to 2.9%, and inflation is expected to rise to 3.2%, with the US possibly approaching 4%. The Fed may keep interest rates unchanged this year, and trade barriers and policy risks will significantly impact the growth outlook [3][16]. - Multiple research institutions have provided outlooks for the bond market. They generally believe that the bond market will continue to show a volatile trend in the second half of the year, with various influencing factors and difficult rhythm judgments. They also suggest different investment strategies, such as band - trading, duration adjustment, and variety selection [24][25]. - The A - share and Hong Kong stock markets have shown certain trends. The A - share market has a structural market, and institutions are optimistic about its structural opportunities. The Hong Kong stock market has seen some IPO activities, and the market has shown certain trading volume and sector performance [28][29]. 3. Summary by Relevant Catalogs 3.1 Macro Data - GDP in Q1 2025 grew by 5.40% year - on - year, the same as the previous quarter and slightly higher than the same period last year. The manufacturing PMI in May 2025 was 49.50%, up from the previous month but the same as the same period last year. The non - manufacturing PMI business activity index was 50.30%, down from the previous month and the same period last year. The Caixin manufacturing PMI in May was 48.30%, down significantly from the previous month and the same period last year [1]. - In April 2025, the year - on - year growth rates of M0, M1, and M2 were 12.00%, 1.50%, and 8.00% respectively. The new RMB loans of financial institutions in April were 2800 billion yuan, a significant decrease from the previous month and the same period last year. The CPI in April was - 0.10% year - on - year, the same as the previous month but lower than the same period last year. The PPI was - 2.70% year - on - year, down from the previous month and the same period last year [1]. 3.2 Commodity Investment Reference 3.2.1 Comprehensive - The US has accused China of violating the Geneva talks consensus, but China firmly opposes this and has made solemn representations. The US has taken a series of extreme measures that damage China's legitimate rights and interests [2][13]. - On June 3, 2025, 48 domestic commodity varieties had positive basis, and 14 had negative basis. Among them, Shanghai nickel, Zhengzhou cotton, and cotton yarn had the largest basis, while butadiene rubber, strong wheat, and common wheat had the smallest basis [2]. - Due to the international oil price fluctuations, domestic gasoline and diesel prices were raised on June 3, 24:00. Gasoline and diesel were increased by 65 yuan and 60 yuan per ton respectively, and the average price of 92 - octane gasoline, 95 - octane gasoline, and 0 - diesel increased by 0.05 yuan per liter [3]. 3.2.2 Metals - The president of the American Chamber of Commerce in China said that China has not blocked rare - earth exports, but the export approval speed is slower than expected. In mid - May, China suspended export control bans on 28 US entities, which may include some rare - earths [4]. - On June 2, copper, aluminum, zinc, lead inventories in the London Metal Exchange decreased, while nickel inventory increased. Tin, aluminum alloy, and cobalt inventories remained stable [5]. - Peru expects its copper production to reach 2.8 million tons in 2025 [6][7]. 3.2.3 Coal, Coking, Steel, and Minerals - Since April, China's coal production has continued to increase, imports have decreased, consumption has been weak, and the market has been in a state of relatively loose supply and demand, with prices falling and industry profits declining [7]. - US President Trump announced that the tariffs on imported steel, aluminum, and their derivatives will be raised from 25% to 50% starting from June 4, 2025, except for those from the UK, which will remain at 25% [7][13]. - The UK is trying to persuade the US to cancel the tariffs on its steel exports according to the agreement reached last month [7]. 3.2.4 Energy and Chemicals - OPEC's crude oil production in May increased by 200,000 barrels per day to 2.754 million barrels per day [8]. - Kazakhstan supplied 230,000 tons of crude oil to Germany through the Friendship Pipeline in May [8]. - Russia's Gazprom gave up the idea of entering the European natural gas market through Turkey [9]. - In the four - week period ending on June 1, Russia's crude oil export volume decreased, and its export revenue also declined [9]. - Moody's expects the oil price to remain at around $65 per barrel, about $10 lower than the previous forecast, which will limit the income of African exporters [9]. - On June 3, the API crude oil inventory in the US last week decreased by 3.28 million barrels [9]. 3.2.5 Agricultural Products - India's edible oil imports in May increased by 37% month - on - month to 1.18 million tons. Sunflower oil, soybean oil, and palm oil imports also increased [10]. - Ukraine's agricultural minister said that the country's grain harvest in 2025 may decrease by 10% to about 51 million tons [10]. - In Malaysia, palm oil production from May 1 - 31 increased by 3.53%, with an increase in yield per unit area and oil extraction rate [10]. 3.3 Financial News Compilation 3.3.1 Open Market - On June 3, the central bank conducted 454.5 billion yuan of 7 - day reverse repurchase operations, with an operating rate of 1.40%. With 830 billion yuan of reverse repurchases maturing on the same day, the net withdrawal was 375.5 billion yuan [12]. 3.3.2 Key News - The Caixin China Manufacturing PMI in May was 48.3, down 2.1 percentage points from the previous month, falling below the boom - bust line for the first time in eight months [13]. - In May, the central bank carried out 14.01 billion yuan of standing lending facility operations for financial institutions, with a balance of 14 billion yuan at the end of May. The interest rates of overnight, 7 - day, and 1 - month standing lending facilities decreased by 0.1 percentage points compared with the end of the previous month [14]. - In May, policy - based banks net repaid 270 billion yuan of pledged supplementary loans, and the balance at the end of May was 1.7939 trillion yuan [14]. - The Standard Chartered Renminbi Global Index in April 2025 rose for the fifth consecutive month to 5167, an 8.3% increase since the beginning of the year [14]. - In May, the bond - type funds dominated the public fund issuance market, while the ETF issuance scale hit a five - month low. The issuance of hybrid funds faced difficulties, reflecting the shrinking market risk appetite [15]. - Since the beginning of this year, the bond issuance and financing scale of listed companies has exceeded 2.41 trillion yuan, a year - on - year increase of 11.79%. The bond issuance of listed companies has been warming up since April [15]. - As of June 3, the number and scale of secondary - tier perpetual bonds issued by commercial banks this year have decreased year - on - year, but the issuance in the second quarter has increased significantly compared with the first quarter [16]. - Fujian Province's provincial budget adjustment plan for 2025 involves 72.2 billion yuan of new government debt quotas [16]. - Japan's 10 - year government bond auction had strong demand, and the yield of 10 - year government bonds fell [17]. - Japan's central bank governor said that the bank may further slow down the pace of government bond purchases in the next fiscal year and may raise interest rates if the economic outlook is achieved [18]. - Multiple bond - related events occurred, including the approval of CITIC Securities to issue up to 15 billion yuan of science and technology innovation corporate bonds, and the resumption of trading of some corporate bonds [18]. - Multiple overseas credit rating adjustments were made, including Fitch's upgrade of Shandong Hi - Speed Group and Shandong Hi - Speed Holding Group's credit ratings [18]. 3.3.3 Bond Market Summary - On the first trading day of June, the bond market fluctuated narrowly, with most yields of major interest - rate bonds in the inter - bank market rising slightly, and most treasury bond futures closing down. The inter - bank market liquidity was balanced and loose, and the weighted average interest rates of major repurchase transactions decreased [19]. - The CSI Convertible Bond Index rose 0.29% to 430.56 points, and the trading volume was 55.238 billion yuan. The Wind Convertible Bond Equal - Weighted Index rose 0.33% to 204.87 points [19]. - The short - term Shibor rates mostly declined, and the inter - bank, silver - silver inter - bank repurchase fixed - rate bonds all fell [19][20][21]. - The winning bid yields of Agricultural Development Bank's 2 - year and 7 - year financial bonds were announced, along with the full - market multiples and marginal multiples [21]. - European bond yields showed mixed trends, and US bond yields rose across the board [21][22]. 3.3.4 Foreign Exchange Market - The on - shore RMB against the US dollar closed at 7.1895 on June 3, up 58 points from the previous trading day. The central parity rate of the RMB against the US dollar was 7.1869, down 21 points from the previous trading day [23]. - In the New York market, the US dollar index rose 0.60% to 99.28, and most non - US currencies fell [23]. 3.3.5 Research Report Highlights - Huatai Securities believes that in the second half of 2025, the bond market will continue to be volatile, with the 10 - year treasury bond interest rate expected to fluctuate between 1.5% - 1.8%. It recommends band - trading strategies [24][25]. - CICC Fixed Income believes that the weak performance of interest - rate bonds and strong performance of credit bonds are related to two "vicious circles." It expects the central bank to increase monetary policy easing in the second and third quarters, and suggests investors actively allocate Chinese bonds [25]. - Guosheng Fixed Income believes that there are opportunities in the market, and interest rates are expected to decline after mid - June. The 10 - year treasury bond may reach 1.4% - 1.5% this year [25]. - Hongze Fixed Income Ye Qing points out that bank wealth management's equity allocation is seriously under - allocated. If the allocation ratio increases to 5 - 10%, it can bring trillions of incremental funds [26]. 3.3.6 Today's Reminder - On June 4, 96 bonds will be listed, 93 bonds will be issued, 43 bonds will be paid, and 59 bonds will have principal and interest repaid [27]. 3.4 Stock Market Key News - The sample adjustment plans for Shenzhen Component Index, ChiNext Index, etc. were announced, with multiple stocks being adjusted in and out, and the adjustment will take effect on June 16 [28]. - Regulatory authorities are increasing their attention to "small essays" in the capital market, and some local securities regulatory bureaus have taken the lead in collecting clues and suggestions [28]. - On June 3, the three major A - share indexes opened lower and closed higher, with the large - finance sector leading the rise. The turnover was 1.16 trillion yuan, the same as the previous day [29]. - The Hong Kong Hang Seng Index rose 1.53%, and the market turnover was 203.7 billion Hong Kong dollars. South - bound funds had a net purchase of 3.905 billion Hong Kong dollars [29]. - As of now, 28 companies have completed IPOs in the Hong Kong stock market in 2025, raising a total of 77.68 billion Hong Kong dollars. Deloitte predicts that about 80 new stocks will be listed in Hong Kong this year, raising 130 - 150 billion Hong Kong dollars [29][30]. - In May, private equity institutions actively investigated semiconductor, medical device, and general equipment industries in the A - share market. Many private equity firms are optimistic about the A - share's structural opportunities [30]. - Stable - coin is a focus of attention among securities analysts, with many related research reports and phone conferences [30]. - Insurance funds and other long - term funds are increasing their equity investment and market entry. The stock market value held by the life insurance industry has increased, and some insurance companies have confirmed their buying operations [30]. - NIO's Q1 2025 revenue was 12.035 billion yuan, with a net loss of 6.279 billion yuan after adjustment. The company delivered 42,094 new cars in Q1, and expects to deliver 72,000 - 75,000 cars in Q2, with an expected revenue of 19.51 - 20.07 billion yuan [31].

（原标题：科创板平均股价29.68元，10股股价超200元） 以最新收盘价计算，科创板平均股价为29.68元，其中股价超100元的有36只，股价最高的是寒武纪。 证券时报•数据宝统计显示，科创板股今日上涨的有393只，下跌的有184只，以收盘价为基准测算，科创板平均股价为29.68元，其中，收盘价超 过100元的有36只，股价在50元至100元之间的有100只，股价在30元至50元的有150只。 科创板股中，收盘价最高的是寒武纪，今日报收595.86元，下跌1.29%，其次是恒玄科技、惠泰医疗等，最新收盘价分别为396.03元、392.12元。 科创板百元股中，今日平均上涨1.30%，具体来看，今日上涨的有25只，涨幅居前的有热景生物、泽璟制药、思瑞浦等。下跌的有10只，跌幅居 前的有源杰科技、经纬恒润、百利天恒等。 向前追溯发现，科创板百元股最新收盘价相对发行价平均溢价311.11%，溢价幅度居前的有百利天恒、安集科技、寒武纪等，溢价幅度分别为 1084.41%、984.18%、825.39%。 以申万一级行业分类，科创板百元股较为集中的行业有电子、医药生物、计算机等，分别有16只、8只、6只股票上榜。 资 ...

券商中国记者梳理发现，债券型基金以占比55.07%的发行份额强势主导市场，利率债、高信用等级产品成机构资金"避风港"，而ETF发行规模则遭遇年内"四连 降"，单月仅发行110.68亿份，创5个月内新低。 5月，公募基金发行市场上演"冰与火之歌"。 与此同时，权益类产品科创板、数字经济等主题基金逆势吸金，但混合型基金发行面临"两头不讨好"的困境，折射出市场风险偏好持续收缩的现状。华南某公募 业内人士认为，5月的公募发行市场是"求稳"与"求变"的角力场。当债券基金用稳健收益筑起"安全垫"，ETF权益类产品则在细分赛道中寻找规模增长破局点。 机构资金扎堆债基等稳健品种 Wind数据显示，5月份95只基金合计发行657.59亿份，债券型基金成为该月当之无愧的主角，发行份额不仅在各类基金中遥遥领先，而且平均发行份额也远超整体 平均水平，充分显示出债券型基金在5月受到了投资者的热烈追捧。 20只新发债券型基金合计募集362.11亿份，占总发行份额的55.07%，单只平均规模达18.11亿份。其中，利率债、政策性金融债、中高等级信用债等低风险品种占 比超八成。 从产品募集情况来看，汇安裕宏利率债A以60亿份的发行份额拔得头 ...

Core Insights - The public fund issuance market in May showcased a stark contrast, with bond funds dominating the market at 55.07% of total issuance, while ETF issuance faced a decline for the fourth consecutive month, raising only 11.068 billion units [1][2][4] - The market reflects a struggle between stability and change, as bond funds provide a safety net while equity products seek growth in niche segments [1][2] Bond Fund Market - In May, 95 funds collectively issued 657.59 billion units, with bond funds leading the way, accounting for 362.11 billion units from 20 newly launched bond funds, representing 55.07% of total issuance [2] - The average issuance size for bond funds was 18.11 billion units, with low-risk products like interest rate bonds and high-grade credit bonds making up over 80% of the offerings [2] - The top-performing bond fund, Huian Yuhong Interest Rate Bond A, raised 60 billion units, indicating strong investor demand for stable returns in a volatile market [2] Equity Fund Market - Equity products showed a mixed performance, with 63 stock funds raising 265.87 billion units, accounting for 40.43% of total issuance, but with an average size below the overall average [3] - The leading stock fund, Jianxin Shanghai Stock Exchange Sci-Tech Innovation Board Comprehensive Link A, raised 19.55 billion units, while over 70% of funds in the dividend strategy and AI themes had scales below 5 billion units, reflecting cautious investor sentiment [3] - Mixed funds struggled with only 11 products raising 29.52 billion units, as institutional investors favored pure bond products while individual investors leaned towards thematic funds [3] ETF Market - The ETF market saw a significant drop in issuance, with only 11.068 billion units raised in May, down from 340.14 billion units in January [4][5] - Despite the decline, fund managers focused on themes like digital economy and Sci-Tech Innovation Board, with notable launches from companies like ICBC Credit Suisse and Harvest Fund [4][5] - The leading digital economy ETF from ICBC Credit Suisse raised 9.82 billion units, while other thematic ETFs faced varying degrees of success, indicating a fragmented market [5]

以最新收盘价计算，科创板平均股价为29.47元，其中股价超100元的有36只，股价最高的是寒武纪。 | 688012 | 中微公司 | 175.01 | -0.96 | 0.67 | 电子 | | --- | --- | --- | --- | --- | --- | | 688019 | 安集科技 | 170.44 | -1.91 | 1.22 | 电子 | | 688615 | 合合信息 | 153.46 | -2.57 | 2.42 | 计算机 | | 688120 | 华海清科 | 147.82 | -2.83 | 1.02 | 电子 | | 688072 | 拓荆科技 | 147.41 | -2.76 | 0.60 | 电子 | | 688536 | 思瑞浦 | 145.01 | -4.54 | 2.28 | 电子 | | 688271 | 联影医疗 | 137.43 | -0.59 | 0.58 | 医药生物 | | 688041 | 海光信息 | 136.13 | 0.00 | 0.00 | 电子 | | 688200 | 华峰测控 | 135.50 | -2.19 | 0.55 | 电子 | ...