6月5日，A股午后震荡上行，创业板指领涨，超2600只个股飘红。 截至收盘，上证指数涨0.23%，深证成指涨0.58%，创业板指涨1.17%。市场全天成交额约1.32万亿元， 较上一交易日增加1395亿元。 板块方面，兵装重组概念、共封装光学、元件、足球概念、电力物联网等板块涨幅居前，大消费概念板 块调整。 个股方面，共创草坪走出"四连板"，金时科技、金陵体育、南华期货、菲林格尔走出"三连板"，金融科 技概念股汇金股份（300368）"20CM"涨停，数字货币概念股恒宝股份、翠微股份涨停。 汇金股份"20CM"涨停 | 板块统计 | | | | | --- | --- | --- | --- | | 全部 | 行业 | 概念 | 风格 地域 | | 9区间回顾 | | 涨幅 ◆ 主力净流入 ◆ 领涨股名称 ▶ | | | 兵装重组概念 | | 8.24% 46972.65万 华强科技 | | | 886101 | | | | | 共封装光学(CPO) | | 33.80亿 生益电子 3.62% | | | 886033 | | | | | 元件 | | 3.62% 11.33亿 生益电子 | | | 8812 ...

Market Overview - The A-share market experienced a slight increase on June 5, with the Shanghai Composite Index rising by 0.08% to 3378.82 points, the Shenzhen Component Index up by 0.16%, and the ChiNext Index increasing by 0.32% [1][2] - The total market turnover for the half-day session reached 728.469 billion yuan [1] Regulatory Environment - The Shenzhen Securities Regulatory Bureau reported a decrease in illegal securities and futures activities due to strict regulations, but warned that fraud tactics are evolving and becoming more deceptive [3] - Investors are advised to remain vigilant against illegal stock recommendation scams and to practice rational investing [3] Sector Performance - The computing power industry chain showed strong performance, with sectors such as CPO and copper connections leading the gains [4] - The following sectors recorded notable increases: - Copper cable connections: +2.26% - CPO concept: +2.17% - Sports concept: +1.79% [5] Company Insights - Anke Intelligent Electric is seeing stable growth in its cable connection business, with new products like GIL and modular substations driving future growth [8] - Zeyu Intelligent is actively developing in areas such as virtual power plants and AI-powered inspection systems, with recent advancements in smart inspection model algorithms [8] - Zhongheng Electric holds a leading position in HVDC product technology and is expected to benefit from the growing demand driven by the AI technology revolution [8] - Shuangjie Electric, a veteran in the power distribution sector, is focusing on investments in renewable energy in resource-rich areas to drive business growth [8] Upcoming Developments - The National Development and Reform Commission and the National Energy Administration have issued guidelines to accelerate the development of virtual power plants, aiming for a regulation capacity of over 20 million kilowatts by 2027 and over 50 million kilowatts by 2030 [6]

Core Viewpoint - The A-share market is experiencing mixed performance with a slight increase in major indices, while individual stocks show a predominance of declines, indicating a cautious market sentiment [1][2]. Market Overview - As of the midday break, the Shanghai Composite Index rose by 0.08% to 3378.82, the Shenzhen Component Index increased by 0.16% to 10160.75, and the ChiNext Index gained 0.32% to 2031.39 [1][2]. - Overall, more than 3000 stocks in the market declined, reflecting a bearish trend despite the index gains [2]. Sector Performance - The football concept stocks are surging, with Jinling Sports achieving a three-day limit up of 20% [4][5]. - The computing power industry chain is strengthening, with sectors like CPO and copper connections leading the gains [4]. - Other active sectors include virtual power plants, circuit boards, 6G, rare earth permanent magnets, IP economy, and digital currency, while gold, innovative drugs, and new consumption concept stocks are experiencing pullbacks [4]. News Impact - The recent popularity of the Jiangsu Province's first urban football league ("Su Chao") has sparked interest in the A-share market, driving consumer sentiment and regional cultural engagement [6]. - Analyst Wu Jincao from Dongwu Securities notes that the excitement surrounding "Su Chao" reflects emotional consumption linked to regional characteristics, suggesting potential short-term performance for sports-related companies [6]. Capital Flow - Morning net inflows were observed in sectors such as electronics, communications, media, computers, and machinery, while net outflows were noted in pharmaceuticals, banking, transportation, agriculture, and retail [7]. - Specific stocks like Hengbao Co., Shenghong Technology, and Zhongji Xuchuang saw net inflows of 928 million, 700 million, and 620 million respectively [8]. - Conversely, stocks like Debang Co., Ningde Times, and BYD faced net outflows of 644 million, 312 million, and 290 million respectively [9]. Institutional Insights - Guodu Securities suggests that the market is consolidating below the 3400-point level, indicating potential opportunities for investors to enter at lower prices, particularly in new consumption sectors [11]. - Huaxi Securities highlights the market's positive pricing of improved US-China trade relations, while cautioning against the potential volatility of Trump's tariff policies [11].

Core Viewpoint - The A-share market shows volatility with the Sci-Tech Chip Index experiencing a slight increase, indicating ongoing interest and investment in the semiconductor sector [1] Group 1: Market Performance - The Sci-Tech Chip Index rose by 0.54% as of the report, reflecting positive market sentiment [1] - The Sci-Tech Chip ETF (588200) also increased by 0.54%, with a trading volume exceeding 310 million yuan [1] Group 2: Fund Flows - The Sci-Tech Chip ETF (588200) saw a net inflow of over 760 million yuan yesterday, indicating strong investor interest [2] - The latest circulation size of the Sci-Tech Chip ETF is 25.664 billion yuan, with a total of 17.215 billion shares in circulation [2] Group 3: Industry Insights - Continuous investment in AI infrastructure by major companies is driving growth in the computing power industry chain [2] - The demand for semiconductors is expected to rise as companies like Tesla and xAI continue to purchase chips from major suppliers such as Nvidia and AMD [2] - The introduction of new products in the AI sector and ongoing chip development in consumer electronics are anticipated to benefit the industry [2] Group 4: Technological Developments - Broadcom's new Tomahawk6 switch chip has started delivery, with strong customer demand noted [3] - The Tomahawk6 chip significantly enhances performance, supporting the deployment of million-XPU clusters, which aligns with long-term trends in network speed upgrades and computing cluster expansion [3] - The launch of the co-packaged optical technology (CPO) version of Tomahawk6 is expected to accelerate the maturity of CPO solutions, benefiting manufacturers involved in high-speed data communication modules and DCI interconnects [3]

公司官方微信 1 中原期货研究所 晨会纪要 2025 第（99）期 发布日期：2025-06-05 | 投资咨询业务资格 | | | --- | --- | | 证监发【2014】217 | 号 | | 中原期货研究所 | 0371-58620081 | | 0371-58620083 | | | 公司官方微信 | | 中原期货研究所 | 化工 | 主力合约 | 2025/6/5 | 2025/6/4 | 涨跌 | 涨跌幅/% | | --- | --- | --- | --- | --- | --- | | | | 8:00 | 15:00 | | | | | 焦煤 | 757.00 | 768.00 | -11.0 | -1.432 | | | 焦炭 | 1,342.50 | 1,367.50 | -25.0 | -1.828 | | | 天然橡胶 | 13,530.00 | 13,655.00 | -125.0 | -0.915 | | | 20号胶 | 11,830.00 | 12,020.00 | -190.0 | -1.581 | | | 朝彩 | 7,026.00 | 7,049.00 | -2 ...

4、韩国股市迈入牛市， 李在明赢得总统大选提振改革预期。韩国综合指数周三收涨2.66%，创去年8月1日以来新高， 且较4月低点反弹超过20%，投资 者纷纷涌入可能受益于李在明改革与增长议程的股票。控股公司、金融机构及券商股推动指数走高，市场预期李在明最早将于本月推动实施一项旨在提升 股东回报的关键立法改革。 1、 商务部部长王文涛出席巴黎世贸组织小型部长会议。 他表示，贸易战没有赢家，团结才能共赢，携手方可共进。各方要妥善应对单边关税措施 引发的全球贸易失序，坚持运用世贸组织规则通过平等对话和磋商化解贸易纠纷。 中方已向世贸组织提交《关于当前形势下支持多边贸易体制的声 明》， 愿与各方一道维护国际经贸秩序和全球贸易稳定，为世界经济注入更多确定性。 2、 上海合作组织成员国财长和央行行长会议在北京举行。 与会各方支持采取行动深化区域财金合作，在推进成立上合组织开发银行方面取得实质性进 展， 同意建立上合组织财金智库网络， 并探讨了完善本币结算安排和深化数字普惠金融合作等议题。 3、 财政部公示2025年城市更新行动评审结果， 北京、天津、唐山、包头、大连、哈尔滨、苏州、温州、芜湖、厦门、济南、郑州、宜昌、长沙、 ...

The provided content does not contain any specific quantitative models or factors, nor does it include their construction processes, formulas, evaluations, or backtesting results. The documents primarily focus on market performance, sector analysis, ETF premiums/discounts, institutional activity, and other market-related data. There are no references to quantitative models or factors in the provided text.

Group 1 - A-shares continued their recent rebound on June 4, with all three major indices opening lower and closing higher, reflecting a broad-based market rally driven by technology and new consumption sectors [1][3] - The surge in Nvidia's stock price, which rose nearly 3% and surpassed Microsoft's market capitalization, strengthened market confidence in the computing power industry chain, leading to significant rebounds in related sectors such as CPO and copper connections [1][3] - The nuclear power sector gained attention following Meta's 20-year nuclear power purchase agreement and Goldman Sachs' prediction of a structural shortage of 130 million pounds of uranium, with stocks like Baile Electric experiencing a seven-day consecutive rise [1][3] Group 2 - The funding landscape showed a structural preference for sectors related to consumer electronics, small metals, and batteries, indicating a market inclination towards high-growth areas benefiting from technological iteration and energy transition [2] - Traditional industries such as chemical pharmaceuticals and banking experienced significant capital outflows, influenced by industry fundamentals and market style shifts, while the securities sector saw a net inflow of 722 million yuan, suggesting increased investor expectations for market activity [2] - Despite the U.S. increasing steel and aluminum tariffs to 50%, A-share related sectors reacted mildly, reflecting enhanced domestic policy countermeasures and improved market risk appetite [2] Group 3 - The overall market is progressing steadily along the lines of industrial upgrading and consumption recovery, with the ChiNext Index leading gains at 1.22% on June 4, while the Shanghai and Shenzhen indices rose by 0.43% and 0.91%, respectively [3] - The main market themes revolve around event-driven and policy expectations, with strong rebounds in the computing power industry chain and nuclear power sector, driven by Nvidia's market performance and Meta's procurement agreement [3] - Consumer sectors, particularly leisure food and tourism, are becoming active due to the Business Ministry's launch of the "Service Consumption Season" and the popularity of the "Su Super" event, which has seen average attendance exceeding 8,798 [3] Group 4 - The Hong Kong stock market also continued its upward trend on June 4, with the Hang Seng Index rising 0.72% to 23,680.73 points, supported by a dual drive from technology and consumption sectors [4][5] - The healthcare sector led the market with a 3.09% increase, benefiting from advancements in innovative drug research and international conference data disclosures [4] - The technology sector showed strength, driven by major internet companies, while the real estate trust and telecommunications services sectors experienced slight pullbacks [5]

Market Performance - A-shares experienced a volatile rise, with the ChiNext Index increasing by over 1% [1] - As of the morning close, the Shanghai Composite Index rose by 0.43% to 3376.58 points, while the Shenzhen Component Index increased by 0.91% [1] - The total trading volume for A-shares reached 742.505 billion yuan [1] Sector Performance - The consumer sector showed renewed activity, with solid-state battery concept stocks leading the gains [4] - The computing power industry chain experienced a collective rebound, with CPO and copper connection sectors leading the rise [4] Key Stocks - Taicheng Light (300570) is expected to benefit from the growth in the optical communication industry driven by 5G, 6G, AI, cloud computing, and IoT, leading to improved sales revenue [9] - Dingtong Technology (688668) anticipates high-quality growth from 2025 to 2027, driven by sustained demand in its communication business and expansion in the automotive sector [9] - Ruikeda (688800) is actively expanding into emerging fields such as AI servers and humanoid robots, with multiple production bases set up to support growth [9] - Zhaolong Interconnect (300913) is positioned to benefit from the rapid growth in downstream demand for high-speed copper cables [9] Investment Insights - The copper cable high-speed connection sector is highlighted for its advantages in data transmission speed, reliability, and cost efficiency, making it a potential optimal solution for data center connectivity [5]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The A-share market in June is expected to have a certain downward pressure in the short term due to disturbing factors, but the bottom is relatively solid, and subsequent market trends will likely be mainly structural. Institutions suggest using dividend assets as the base position and also considering growth and consumption sectors. They are optimistic about banks, the computing power industry chain, card-based collectibles, and innovative drugs [6]. - The Chinese economy in the second quarter is expected to continue a stable trend under the continuous efforts of growth-stabilizing policies, but the foundation for economic recovery needs to be consolidated, and policies need to be further strengthened [7]. 3. Summary by Related Catalogs 3.1 Macro News - The US accused China of violating the consensus of the Geneva economic and trade talks. The Chinese Ministry of Commerce firmly rejected the unreasonable accusation, urging the US to correct its wrong actions and jointly maintain the consensus [6]. - The EU expressed regret over the US decision to raise steel and aluminum tariffs from 25% to 50% starting from June 4th, which increases economic uncertainty across the Atlantic. Negotiations between the two sides are ongoing [6]. - China's manufacturing PMI in May increased by 0.5 percentage points month-on-month, and the export container freight rate index rebounded. Experts believe that the Chinese economy in the second quarter is expected to maintain a stable trend, but policy support is still needed [7]. - The Chinese logistics industry showed strong resilience in the first four months of the year, with the total social logistics volume reaching 115.3 trillion yuan from January to April, a year-on-year increase of 5.6% [7]. - During the Dragon Boat Festival, the estimated cross-regional passenger flow in China reached 6.57 billion person-times, with an average daily flow of 2.19 billion person-times, a year-on-year increase of 3.0% [7]. - The "involutionary" competition in the automotive industry has led to a continuous decline in the profit margin of the industry, from 4.3% in 2024 to 3.9% in the first quarter of this year, and may also affect the quality of parts [8]. 3.2 Morning Meeting Views on Major Varieties 3.2.1 Agricultural Products - Peanuts: The peanut spot market has stabilized after a rise. The demand from traders and oil mills is weakening. The spot market has strong bottom support, but the futures market is expected to be weak and volatile [11]. - Oils: The trading volume of oils decreased on May 30th. The palm oil export from Malaysia in May increased by 17.9% compared to the same period last month, and about 17% of the US soybean planting areas were affected by drought. The oil market lacks new positive drivers and is expected to be weak and volatile [11]. - Sugar: On May 30th, the sugar futures main contract showed a narrow and weak trend. The supply in Brazil has improved, and the international raw sugar has rebounded. The domestic spot price is stable, but the increase in imports is suppressing market sentiment. It is recommended to maintain a short-term bearish view [11]. - Corn: On May 30th, the corn main contract showed a trend of increasing prices with decreasing positions. The supply in the northern ports is still high, and the demand is affected by wheat substitution. Technically, it is necessary to pay attention to the resistance level at 2340 yuan. It is recommended to try long positions lightly with support at 2330 yuan [11]. - Hogs: During the Dragon Boat Festival, the hog price in China remained stable. The price in the north may weaken due to the recovery of supply, and the price in the south has limited room for decline or increase. The futures main contract is oscillating around 13,500 [11][13]. - Eggs: During the Dragon Boat Festival, the egg spot price remained stable. After the festival, the demand is expected to weaken, and the price will be under pressure. The futures market still faces mid - term capacity pressure [13]. 3.2.2 Energy and Chemicals - Urea: The domestic urea market price is stable. The daily production is high, and the inventory of upstream enterprises is increasing. The demand for summer fertilizers is approaching the end, but there is still replenishment demand. The price is under short - term pressure but supported by export expectations [13]. - Caustic Soda: The spot price of caustic soda in Shandong and the warehouse receipts in Zhengzhou Commodity Exchange remained unchanged on May 30th. The supply in Shandong is expected to decrease in June, and the market in East China is expected to be firm. The caustic soda 2509 contract continues to operate at a low level [13]. - Coking Coal: The supply of coking coal and coke is sufficient, and the terminal demand is seasonally weakening. The price of coking coal auctions is falling, and the price of coke is expected to decline further. The prices of coking coal and coke are expected to be under pressure and weaken [13][15]. 3.2.3 Industrial Metals - Copper and Aluminum: On May 30th, the spot prices of copper and aluminum decreased. The copper and aluminum inventories are decreasing, but the overseas tariff risk still exists, and the prices are expected to continue to oscillate and consolidate [15]. - Alumina: On May 30th, the spot price of alumina increased slightly. The production capacity is recovering, and the supply pressure is easing. The domestic import window is gradually opening. The spot price is firm, but there is an expectation of medium - term oversupply. The alumina 2509 contract rebounds from a low level and may fluctuate around 3000 [15]. - Steel: During the holiday, the tariff risk continued, and the market sentiment was affected. The trading volume of steel decreased, and the supply - demand structure may weaken. The steel price is expected to be under pressure and weaken after the festival [15]. - Ferroalloys: The fundamentals of ferroalloys changed little last week, but the prices were weak. The supply - demand of ferrosilicon is not strong, and it is recommended not to chase short positions. The cost of silicomanganese is falling, and the supply - demand of alloys is weak. It is necessary to pay attention to the overall trend of the black series [15]. - Lithium Carbonate: On May 30th, the lithium carbonate futures main contract showed an oscillating upward trend, but the trading volume decreased. The market is in a situation of weak supply and demand. The price is close to the low - level range this year, and the volatility is increasing. It is recommended to operate within the range of 59,000 - 60,500 yuan/ton [17]. 3.2.4 Options and Finance - Stock Index: On May 30th, the A - share market adjusted, and the trading volume exceeded 1.1 trillion yuan. The European and American stock markets had mixed performances on Monday. The impact of the previous tariff friction on the market has been digested, and the market may have short - term structural fluctuations. The large - cap stocks may be relatively dominant in the future. The technology sector is worth attention. It is recommended to participate in long positions around the gap on May 7th and consider selling straddle options [19][20][21]. - Options: On May 29th, the A - share market rose, and the trading volume increased. The basis of stock index futures decreased, and the implied volatility of options changed. Trend investors are advised to defend, and volatility investors can buy wide - straddle options after the volatility decreases [21].