Core Viewpoint - The A-share market has shown strong performance recently, with the Shanghai Composite Index reaching a new high for the year, driven by multiple factors including improved risk appetite and positive market sentiment [2][3][4]. Market Performance - On June 25, the A-share indices collectively rose, with the Shanghai Composite Index up by 1.04% to close at 3455.97 points, the Shenzhen Component Index up by 1.72% to 10393.72 points, and the ChiNext Index up by 3.11% to 2128.39 points [2]. Reasons for Market Surge - Several factors contributed to the surge in the A-share market: 1. Upgrades in Hong Kong's leading Chinese brokerage firms' trading licenses to include virtual asset trading services, boosting financial sector stocks [5]. 2. Anticipation of new fiscal policies from the Ministry of Finance to support the market [5]. 3. Easing geopolitical tensions, particularly the Israel-Palestine conflict, reducing market concerns [5]. 4. Signals from multiple Federal Reserve officials regarding potential interest rate cuts in July, supporting global risk assets [5]. Future Market Outlook - Various fund companies maintain a neutral to optimistic outlook for the second half of the year: - In light of breakthroughs in AI, military, and innovative pharmaceuticals, there is renewed confidence in China's innovation capabilities, which may attract foreign investment [7]. - The market remains attractive in terms of valuation, especially compared to the bond market [7]. - Continued policy support and liquidity are expected to provide a favorable environment for the A-share market [8]. Investment Focus - Investment strategies should focus on: 1. Dividend stocks with stable yields and technology sectors with growth potential, forming a barbell strategy [10]. 2. Financial sector stocks, which are expected to perform well amid global uncertainties [10]. 3. Attention to sectors with strong performance in Q2, such as electronics and communications [10]. 4. The importance of stable dividend returns in the current economic context, alongside active engagement in technology and domestic demand sectors [10].

Group 1 - Over 100 active equity funds have reached historical net value highs, with 93 funds showing a growth of over 50% in the past year [2][4] - Among these funds, 91 have increased by over 30% this year, with 24 funds exceeding 50% and 10 funds surpassing 60%, indicating strong excess return capabilities [4] - Notable funds achieving historical highs include popular thematic funds and some newly established funds that have managed to capture structural market trends [4][5] Group 2 - The market outlook is optimistic, with reduced concerns over tariffs and a calming Middle East situation contributing to a recovery in risk appetite [6][7] - The technology sector, particularly the AI industry chain, is expected to show significant long-term growth potential, with upcoming mid-year performance forecasts likely to provide more insights into market conditions [7] - Three favorable factors for the market include breakthroughs in AI, military, and innovative pharmaceuticals, a declining dollar benefiting RMB assets, and attractive market valuations compared to bond yields [7]

Core Insights - The China Securities Regulatory Commission (CSRC) has included Sci-Tech Innovation Board (STAR Market) ETFs in the fund advisory configuration scope, enhancing the flexibility of advisory strategies and reducing investment costs [1][5] - This policy change is seen as a significant breakthrough, allowing advisory institutions to construct more flexible and diverse strategy combinations based on ETFs, leading to improved tracking accuracy and trading efficiency [1][5] Group 1: Policy Impact - The inclusion of STAR Market ETFs is expected to attract more medium to long-term capital towards developing new productive forces [1] - The management fee for STAR Market ETFs is as low as 0.15%, and transactions are exempt from stamp duty and transfer fees, significantly improving cost efficiency [5] - The move is anticipated to enhance the liquidity of the STAR Market, as advisory funds typically have longer investment horizons and rational decision-making characteristics [6] Group 2: Implementation Challenges - Advisory institutions need to address compatibility, trading mechanisms, and risk control issues to effectively implement this policy [5] - There are significant differences between the management of onshore public funds and ETFs, necessitating adaptations in trading systems and account management [5][6] - The introduction of STAR Market ETFs into advisory strategies presents new challenges in cash management and portfolio adjustment due to the real-time price fluctuations of ETFs [5][6] Group 3: Future Opportunities - The inclusion of STAR Market ETFs is expected to enrich the product matrix available for investment and refine investment granularity [6] - If the pilot for STAR Market ETFs is successful, thematic ETFs related to artificial intelligence and biomedicine may also be included in the advisory configuration scope [7] - The anticipated influx of advisory funds could improve the liquidity structure of the STAR Market and reduce market volatility, providing more stable funding support for innovative enterprises [6]

中国基金报记者 张燕北 孙晓辉 2021年6月15日，首批9只跟踪中证科创创业50指数（简称双创50指数）的中证科创创业 50ETF（简称双创50ETF）获批，至今已有4年。由于产品获批时，指数成份股多处于估值高 位，首批双创50ETF产品成立以来净值跌幅较大，但在"越跌越买"效应下，基金份额获得显 著增长。 在业内人士看来，双创50指数涵盖科创板和创业板的优质企业，相较于单一市场指数更具代 表性，中长期仍具配置价值。 首批双创ETF业绩不佳 【导读】 首批双创50ETF获批4年份额翻倍 Wind数据显示，截至6月20日，全市场15只双创50ETF自成立以来累计收益悉数告负，其 中，首批产品净值跌幅均在40%以上。 对此，沪上一家中型公募认为，首批双创50ETF表现欠佳，主要是市场环境所致。该双创50 指数聚焦科创板、创业板中的科技和新兴成长企业，具有成长属性，但也伴随着高波动和高 风险。首批产品获批于2021年，当时较多成份股处于估值高位。随后4年，地缘政治冲突、 国内经济增速放缓等诸多因素对成长股形成压制。 北京一家大型公募基金公司表示，双创50指数成份股多为高估值、高波动的科技成长企业， 在市场调整中回 ...

6月23日，A股早盘震荡分化，三大指数涨跌不一，半日成交额6706亿，较上个交易日缩量4.92亿。截至 午间收盘，沪指涨0.15%，深成指跌0.16%，创业板指跌0.33%。 消息面上，地缘局势继续升级，美国轰炸伊核设施，伊朗议会赞成关闭霍尔木兹海峡，原油一度涨近 6%。东方证券认为，整体来看，近期市场明显受到外部地缘政治利空扰动，但下跌幅度有限，显示场 内护盘力量实力不俗，预计短期市场仍将维持类似局面，市场或将转向科技成长风格。 盘面上，市场热点聚焦中东局势相关概念，其中，港口航运股卷土重来，宁波海运、连云港等多股涨 停；军工板块表现亮眼，长城军工斩获4连板；油气股持续走强，带动化工板块大面积补涨，兴化股份 走出7天3板，中毅达等多股涨停；核污染防治概念走高，中电环保涨超10%。其他热点方面，银行板块 探底回升，工行、农行、建行等多股续创历史新高；芯片股强势，大为股份等涨停；跨境支付概念拉 升，吉大正元涨停；此外，有色钴、固态电池等板块均有所表现。下跌方面，大消费、地产、汽车等方 向跌幅居前。 展望后市，国泰海通认为，短期风险释放后，中国股市的核心矛盾仍在内而不在外，对行情的看法仍比 共识更乐观。 热门板块 ...

【导读】股票ETF资金净流入超37亿元 6月17日（本周二），A股三大指数集体调整，两市成交额为1.24万亿元。部分资金继续选择逢低入场。 统计显示，资金净流入前20大股票ETF中，科创板ETF有2只，包含港股创新药在内的医药板块ETF有6只，其中港股创新药ETF有3只；券商板块ETF有5 只。从5日角度观测，近期资金流入科创50指数超41亿元，港股通创新药超20亿元。 头部基金公司中，6月17日，易方达基金旗下科创板50ETF净流入3.7亿元，创业板ETF净流入0.2亿元，证券ETF易方达净流入1.6亿元，恒生红利低波ETF 净流入0.6亿元。 值得一提的是，债券ETF也在继续"吸金"。数据显示，6月17日，公司债ETF易方达单日净流入额为6.6亿元，在债券ETF中居前，该ETF年内净流入额超 130亿元，最新规模站上160亿元，在8只基准做市公司债ETF中继续领先。 华夏基金ETF中，6月17日，科创50ETF和信用债ETF基金单日净流入居前，分别净流入13.33亿元和6.52亿元，最新规模分别达812.7亿元和142.38亿元，对 应跟踪指数近一月日均成交额分别为18.96亿元和58.66亿元。上证50 ...

Group 1 - The escalation of geopolitical conflicts in the Middle East, particularly Israel's attacks on Iran, has led to a significant increase in oil prices and a rise in the global energy sector, along with a boost in gold prices [1] - In the U.S., May inflation was lower than expected, resulting in the dollar hitting a three-year low, while U.S. Treasury yields continued to fluctuate [1] - Domestic social financing in May showed a year-on-year growth of 8.7%, remaining stable compared to the previous month, primarily supported by government bonds, although credit remains weak, particularly in medium to long-term corporate loans, potentially impacted by U.S. tariff escalations [1] Group 2 - The bond market experienced fluctuations but leaned towards strength, with the central bank's active liquidity provision alleviating concerns over tight funding due to upcoming maturities [1] - The market's focus has shifted towards fundamentals as U.S.-China tariff negotiations reached a temporary resolution, with short-term geopolitical tensions in the Middle East affecting market risk appetite but expected to have a diminishing mid-term impact [1] - The continued weakness of the dollar is likely to attract funds into emerging markets, benefiting equity markets [1] Group 3 - In the Hong Kong stock market, multiple domestic and international factors have collectively strengthened risk appetite, with a potential continuation of this trend in the short term [2] - The escalation of geopolitical conflicts in the Middle East has temporarily boosted oil sentiment, although global oil demand may still be affected by tariffs in the medium term [2] - Economic policy uncertainties stemming from tariffs and doubts about the dollar's credibility are expected to maintain a long-term bullish trend for gold prices, despite short-term price volatility [2]

估值方面，科创人工智能ETF华夏（589010）跟踪的科创人工智能指数最新市盈率TTM为115.64倍，仅 位于15.22%分位点，低于近一年84.78%的时间，处于估值低位点。 科创人工智能ETF华夏（589010）紧密跟踪上证科创板人工智能指数，覆盖全产业链优质企业，兼具高 研发投入与政策红利支持，20%涨跌幅与中小盘弹性助力捕捉AI产业"奇点时刻"。 （文章来源：每日经济新闻） 今日截至14点13分，科创人工智能ETF华夏（589010）现涨0.51%。持仓股方面，优刻得上涨5.01%领 涨，奥比中光上涨4.47%、新点软件上涨2.43%涨幅靠前。资金流入方面，科创人工智能ETF华夏最新资 金净流入396万元。拉长时间看，近4个交易日内"吸金"共599万元。 消息面上，近日，微软已开始在Windows 11设置中测试其AI智能体。用户可以在"设置"中描述需求，例 如"我的鼠标指针太小"。然后，AI智能体将提供解决问题的建议，如果用户允许，甚至可以直接为他们 解决问题。目前该功能仅适用于基于Snapdragon的Copilot Plus PC。 兴业证券表示，复盘2020年初美伊冲突及2023年10月巴以 ...

Core Viewpoint - The article highlights the current performance of various sectors in the stock market, with a focus on the oil and gas sector showing strong gains amidst geopolitical uncertainties and a supportive long-term outlook for oil supply and demand [1][5]. Sector Performance Summary - The oil and gas extraction and service sector has seen a significant increase of 4.42%, with major stocks like Zhen Oil and Beiken Energy hitting the daily limit [2][4]. - Other sectors showing positive performance include gaming (+3.50%), film and cinema (+3.09%), and wind power equipment (+2.96%), while sectors like precious metals (-1.79%) and traditional liquor (-0.79%) experienced declines [2]. - The overall market saw over 3,300 stocks rising, indicating a broad-based rally [1]. Institutional Insights - Everbright Securities maintains a positive long-term outlook on the "Big Three" oil companies and the oil service sector, citing a favorable supply-demand balance in the oil market [5]. - Minsheng Securities suggests monitoring geopolitical developments and OPEC+ production levels, recommending investments in resilient oil companies with strong resource advantages [5]. - Fund manager Wang Zhangliang notes that while the A-share market is currently in a weak technical phase, it is supported by fundamentals, with a focus on oil and gas as a leading sector [7]. - Guotai Junan Securities emphasizes the importance of technology and new production capabilities, suggesting a "dumbbell strategy" for investment, balancing between technology growth and stable consumer sectors [7].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 海外局部地缘冲突扰动之下，A股近期将作何表现？ 智通财经搜集了10家券商的观点，大部分券商认为，中东冲突对中国资产的实际影响有限，内因才是市 场走势的主要矛盾。中国的确定性是当下中国股市稳定和阶梯式上升的重要基础，短期海外事件性冲击 引发的下跌反而提供布局机会。 国泰海通证券表示，外部疑云并不足以趋势性阻断中国股市，相反中国的确定性是当下中国股市稳定和 阶梯式上升的重要基础。股市预期和微观流动性均进入上升的趋势，继续看多A股，行情升势"未完待 续"。 "短期海外事件性冲击引发的下跌反而提供布局机会。情绪修复过后，内因仍是决定市场走势的主要矛 盾。国内经济平稳运行，在新的宏观变化出现之前，具备产业趋势支撑、有基本面改善预期的科技成长 板块依然有望是支撑行情的结构性亮点。"兴业证券指出。 华西证券进一步指出，虽然近期中东地缘局势再次扰动全球风险偏好，A股短期跟随震荡调整。不过地 缘事件对国内而言更多是情绪上的短期冲击，影响A股的核心因素还是自身结构问题。6月18日陆家嘴 论坛期间中央金融管理部门将发布若干重大金融政策，投资者对此抱有积极预期 ...