Group 1 - The recent surge in A-shares is primarily driven by the approval of a "virtual asset trading license" by Guotai Junan International, allowing direct trading of cryptocurrencies on their platform, which has significantly boosted market confidence [1] - The market experienced a sharp decline after the initial surge, highlighting the challenges of timing short-term market movements despite a generally positive long-term outlook for value investors [1][2] - Economic data has shown resilience despite initial pessimism following the US-China trade conflict, with export figures remaining strong and consumer policies supporting stability [4][5] Group 2 - The current economic environment is characterized by a downward trend in fundamentals, yet there are structural opportunities in certain sectors, particularly in technology, which is seen as a growth driver [6][7] - The concept of technological advancement is emphasized as a key factor in economic growth, with significant breakthroughs in areas like artificial intelligence and nuclear fusion indicating a potential for recovery and prosperity [8] - The market is experiencing a rotation phenomenon, where sector performance varies significantly, reflecting a shift from a bear market to a bull market, with indices showing upward movement amidst this rotation [9][10] Group 3 - Financial stocks have played a crucial role in driving the index above key resistance levels, supported by a macro backdrop of declining interest rates, while technology stocks are also showing signs of recovery [11] - The current market environment is described as both optimistic and challenging for investors, with the need for a disciplined approach to avoid the pitfalls of chasing trends during periods of volatility [11]

摘要 1、今天，A股三大指数冲高回落，港股国泰君安国际从上涨90%到下跌，发生了什么？ 2、 A股回调后能否再度上攻？ 陈果： 中国资产重估才刚刚开启！ 市场有调整要敢于加仓优质资产。 2、 A股3400点上方如何做好资产配置？机构看好两大主线机会！ 真话白话说财经，理财不说违心话 --这是第1374 篇白话财经- - 今天，A股冲高回落，没能延续昨天的强势表现，有超3600只个股下跌。 （图片来源：东方财富APP，统计截至2025/6/26，不作投资推荐） 两市成交额1.58万亿，盘面上，军工、旅游、银行等板块逆势上涨。 分析人士指出， A股有望呈现震荡向上行情。一方面，国内经济保持较强韧性；另一方面，中国资产的估值仍处于偏低水平，中国资产重估以及外资 流入仍有演绎的空间。 A股冲高回落，发生了什么？ 午后，A股港股出现明显回落，港股国泰君安国际从开盘一度涨近90%到最后下跌4%，到底发生了什么？ （图片来源：东方财富APP，统计截至2025/6/26，不作投资推荐） 分析人士认为，可能还是地缘方向出现了一些变数，影响了市场情绪。 1、突发变数影响。 一方面，是市场流传着伊朗最高领袖哈梅内伊之子——穆杰塔巴 ...

新股上市数量、首发募资金额，同比均有所回升，2025年上半年临近结束，A股IPO出现回暖迹象。 A股上半年新股数量及募资金额实现同比增长， Wind数据显示，截至6月26日，A股年内共有51只新股上市，首发募资总额373.55亿元，同比分别增长 约16%、15%。首发市盈率平均值也较去年同期有所下降，新股上市首日平均涨幅则高于去年同期水 平，且上半年新股零破发。 港股则掀起上市热潮 ，"A+H"热度持续攀升。市场预计，港股上半年新股上市数量将达到43只，募资 总额预计达到1067亿港元，募资总额增长超过675%，其中A股上市公司赴港上市的募资总额占比超过 七成。 上半年A股IPO同比小幅回暖 Wind数据显示，截至6月26日，A股已有51只新股上市，相较去年同期的44只，同比增长约16%。 从上市板块分布来看，创业板新股数量居前。51只新股中的20只来自创业板，18只来自沪深主板，7只 来自科创板，6只来自北交所。 相较去年同期，整体募资规模实现小幅增长。上半年已上市的新股，募资总额合计373.55亿元，同比增 长约15%。其中，9只新股募资金额超过10亿元，中策橡胶（603049.SH）首发募资金额最高，达 ...

Group 1 - The core viewpoint is that the A-share total market value has reached a historical high primarily due to the valuation recovery of quality blue-chip stocks, which continues to provide upward momentum for the market value [1][2][3] - Valuation recovery reflects a rational correction of the market towards the intrinsic value of quality enterprises, aligning stock prices more closely with their profitability and growth potential [1][2] - The influx of capital into core asset stocks has driven up their prices, significantly contributing to the overall increase in A-share market value, particularly in sectors like consumption and finance [1][2] Group 2 - Valuation recovery not only contributes to the current high of the A-share total market value but also lays a solid foundation for future market development, enhancing overall market quality [2][3] - The recovery of blue-chip stock valuations is expected to attract more long-term capital into the market, creating a virtuous cycle that optimizes resource allocation towards more competitive enterprises [2] - Future prospects indicate that if the valuation of quality blue-chip stocks continues to rise, the A-share total market value is likely to keep increasing, supported by steady economic recovery and ongoing policy support [2][3]

据悉，去年6月末，捷强装备就公告了潘峰因涉嫌职务犯罪被立案调查和实施留置。不久之后，捷强装备官宣"换帅"，潘峰之子潘淇靖上任新董事长。 捷强装备主要从事核生化安全装备的研制、生产、销售和服务。近期，在以色列与伊朗冲突的背景下，捷强装备股价一路上涨，成为A股热门概念股。6 月11日—6月25日，公司股价区间涨幅达84.12%。不过，6月26日，捷强装备股价大幅走低，截至发稿，跌幅为1.22%，每股报44.57元，总市值44.5亿元。 以下文章来源于每日经济新闻 ，作者每经记者 每日经济新闻 . 中国主流财经全媒体。互联网新闻信息服务许可证编号：51120190017 。 6月25日晚，捷强装备公告称，当日收到潘峰家属转交的检察机关出具的对潘峰的《拘留通知书》，主要内容为：公司实际控制人之一潘峰因涉嫌单位行 贿罪被刑事拘留。 该事件直接导致捷强装备2022年中标的某项目无法实际承接，涉及中标金额约为1.58亿元。此外，潘峰被刑事拘留，可能还将在一定时期内给公司带来一 些不利影响，如影响公司的品牌声誉、拓展业务等。 2022年3月，公司曾收到中标通知书，中标某个生物检验车项目，涉及金额1.58亿元。那是捷强装备自上 ...

Group 1 - The core viewpoint of the news is the introduction of the China Securities A50 Index ETF and its enhanced strategy, which provides investors with a new perspective on capturing investment opportunities in core A-share assets [1][2] - The China Securities A50 Index is composed of 50 constituent stocks selected from 98 sub-industries based on free float market capitalization, ensuring representation from each secondary industry [1] - The constituent stocks of the A50 Index account for 17.72% of total market revenue and 16.13% of net profit attributable to shareholders, highlighting the concentration effect of leading companies in the A-share market [1] Group 2 - Over the past 11 years, the A50 Index has outperformed the CSI 300 Index in 8 out of those years, with only 3 years of underperformance, indicating its strong historical performance [2] - The A50 Index has a strategic allocation that is overweight in food and beverage and power equipment sectors, while being underweight in the banking sector, which helps mitigate exposure risk in banking [2] - The A50 Index is characterized by its focus on leading companies in specific industries, balanced industry structure, and strong profit growth capabilities, making it a representative of high-quality assets in the A-share market [2] Group 3 - Ping An Fund has a total of 28 ETF products covering broad-based indices, industry thematic indices, strategy indices, and bond indices, indicating a comprehensive approach to ETF offerings [3] - The fund's broad-based ETFs cover large, medium, and small market capitalizations, while thematic ETFs span various sectors including upstream cycles, midstream manufacturing, downstream consumption, TMT, and pharmaceuticals [3] - The bond ETFs include corporate bond ETFs, national development bond ETFs, and active national treasury bond ETFs, catering to different scenarios in the bond market [3]

Group 1 - A-shares market experienced a high and then a pullback, with the ChiNext index leading the decline, while military stocks surged and bank stocks performed well, with the China Securities Banking Index reaching a new high in this round of market [1] - A500 ETF by Harvest (159351) saw a slight adjustment, with a trading volume exceeding 3.3 billion yuan, ranking second in the market for similar products and first in the Shenzhen market; the turnover rate reached 21.77%, also the highest in its category in Shenzhen [1] - A500 ETF received a net subscription of 459 million units today, attracting over 450 million yuan in capital, and its constituent stock, Xingyuan Material, rose over 10% [1] Group 2 - The A500 ETF tracks the China Securities A500 Index, which consists of 500 stocks with large market capitalization and good liquidity, providing a tool for investors to allocate to representative A-share companies [2] - Investors can access the core assets of A-shares through the Harvest China Securities A500 ETF linked funds (Class A 022453; Class C 022454) [2]

| CTE HERE | | | 日度策略参考 | | --- | --- | --- | --- | | 行业板块 | 品种 | 趋势研判 | 逻辑观点精粹及策略参考 | | | | | 短期内,a股市场流动性尚可,加上地缘政治冲突大幅缓解,海外 | | | | | 扰动减弱,股指预计偏强震荡。 | | 宏观金融 | 国债) | | 资产需和弱经济利好债期。但短期央行提示利率风险,压制上涨 空间。 | | | | | 市场风险偏好改善,金价短期或承压;但地缘和关税等不确定性 | | | | 農汤 | 仍高企,金价或难持续下挫,料震荡运行。 | | | 白银 | 震荡 | 银价短期震荡为主。 | | | 37 | | 近期美联储多位官员发表鸽派言论。再出口窗口打开情况下,铜 库存有望进一步下滑，铜价短期震荡偏强运行。 | | | | | 近期国内电解铝库存水平偏低,而下游需求进入淡季,铝价震荡 | | | | 農汤 | 运行。 | | | | | 氧化铝现货价格持续回调,但盘面价格更弱,期货维持贴水,限 | | | 氢化铝 | 黑汤 | 制下方空间。另一方面,冶炼端(现货)利润尚可,产量提升, | | | | ...

总量研究 2025. 06. 26 策略速评报告 指数年内新高后可能的补涨方向 正 证 券 研 究 所 证 券 究 报 研 方 告 分析师 | 燕翔 | 登记编号：S1220525030001 | | --- | --- | | 沈重衡 | 登记编号：S1220525030002 | 近期 A 股走势较强、截至 6 月 25 日上证指数三连阳收于 3456 点,创年内 新高。我们认为,A 股近日走强的主要逻辑有以下三点: 一是 A 股整体估值较低, 权益资产目前具有较好的投资性价比。截至 6 月 25 日,万得全 A 指数的市盈率为 19.8x, 沪深 300 指数的市盈率为 13.2x。 另外随着近年来无风险利率持续下降,权益资产的风险溢价也处于历史高 位:截至６月 25日,万得全 A 指数的股权风险溢价为 3.4%,处于 2010 年以来的 70.3%分位数(参见图表 1）。 二是外部风险逐渐消散,利好因素不断累积。前期对 A 股形成一定扰动的 关税冲击已逐渐落地,负面风险得到释放;利好因素方面,随着更加积极的 财政政策和适度宽松的货币政策逐步落地,存量政策和增量政策协同效应 不断增强,国内经济的韧性有望 ...

Core Viewpoint - The market outlook for the second half of 2025 suggests a potential upward trend for A-shares, driven by strong domestic economic resilience and low asset valuations, alongside expected foreign capital inflows [4][5]. Group 1: Market Performance - As of June 26, 2025, the CSI Small Cap 500 Index increased by 0.07%, with notable stocks like Guosheng Jinkong and Beifang Navigation hitting the 10% daily limit up [1]. - The CSI 500 ETF (159922) has achieved a four-day consecutive increase, with a weekly gain of 2.16% as of June 25, 2025 [1][4]. Group 2: Trading and Liquidity - The CSI 500 ETF recorded a trading volume of 83.47 million yuan during the session, with an average daily trading volume of 423 million yuan over the past year [4]. - The latest scale of the CSI 500 ETF reached 11.72 billion yuan, marking a three-month high, with a total of 4.963 billion shares outstanding [4]. Group 3: Fund Flows and Returns - The CSI 500 ETF has seen continuous net inflows over the past four days, with a peak single-day net inflow of 88.77 million yuan, totaling 190 million yuan [4]. - Over the past five years, the net value of the CSI 500 ETF has increased by 12.15%, with the highest monthly return recorded at 23.90% and the longest consecutive monthly gain lasting 13 months [4]. Group 4: Economic and Policy Outlook - The market is expected to benefit from a weaker dollar trend, supportive capital market policies, and an overall improvement in liquidity conditions in the second half of 2025 [4]. - Several brokerages anticipate that the domestic economy will maintain strong resilience, and the valuation of Chinese assets remains low, providing room for revaluation and foreign capital inflows [5]. Group 5: Key Stocks in the Index - As of May 30, 2025, the top ten weighted stocks in the CSI Small Cap 500 Index include Jianghuai Automobile, Guangqi Technology, and Shenghong Technology, collectively accounting for 6.59% of the index [5].