【导读】逐利停牌股套利多只信创ETF规模暴增 中国基金报记者若晖 6月4日，A股三大指数集体收涨。沪指上涨0.42%，报收于3376.20点；深成指上涨0.87%，报收于10144.58点；创业板指上涨1.11%，报收于2024.93点。沪 深两市成交额达到1.15万亿元，较上一交易日放量116亿元。 在行情回暖的背景下，股票ETF再次展现"逆市风险标"的特征，落袋为安迹象明显。据银河证券基金研究中心数据统计，6月4日，全市场股票ETF（含跨 境ETF）资金净流出12.45亿元。 从头部基金公司来看，易方达基金ETF昨日规模增加29.5亿元，最新规模为6329.6亿元。其中，信创ETF易方达净流入1.2亿元，证券保险ETF净流入1.0亿 元，军工ETF易方达净流入0.4亿元。 华夏基金旗下ETF方面，信创ETF和上证50ETF单日净流入居前，分别净流入7.8亿元和3.13亿元，最新规模分别达到16.51亿元和1639.96亿元，对应跟踪指 数近一月日均成交额分别为0.83亿元和17亿元。信用债ETF基金净流入也超1亿元。 多只信创ETF规模暴增 近期，备受市场关注的海光信息与中科曙光的战略重组，将信创ETF拉 ...

Group 1: Market Overview - The domestic market shows a slight improvement with the Shanghai Composite Index closing at 3376, up by 0.42% on the day, while the Shenzhen Component Index increased by 0.87% [1] - The overseas market also reflects positive trends, with the Dow Jones Index rising by 0.51% and the S&P 500 Index increasing by 0.58% [2] Group 2: Economic Policy and Trends - The report highlights that the Politburo meeting at the end of April clarified the direction of future economic policies, leading to a coordinated effort in financial and industrial policies [3][8] - Since May, the uncertainty in the overseas environment has gradually decreased, indicating an improvement in both internal and external market conditions [3][8] Group 3: Industry Insights - In the food and beverage sector, companies are focusing on strategic transformations and high-quality development, particularly in the high-end liquor market, which is expected to benefit from a recovering consumption environment [4][14] - The beverage industry is seeing innovation with new product launches aimed at meeting diverse consumer demands, particularly in the beer, soft drink, and snack segments as the peak season approaches [14] Group 4: Bond Market Analysis - The bond market is currently in a fluctuating state, with the yield on 10-year government bonds rising by 0.8 basis points to 1.68% [5][15] - The report suggests that the bond market remains in a range of 1.65% to 1.70%, with opportunities for investment at the upper end of this range [5][15] Group 5: Sector-Specific Opportunities - The report identifies several sectors that may benefit from policy support, including consumer goods, automotive, and renewable energy, with a focus on high-quality development and innovation [10][11][12] - The TMT sector is expected to accelerate domestic supply chain replacement due to new export controls from the U.S., while the pharmaceutical sector is witnessing a transformation with Chinese innovative drugs gaining global traction [12]

Group 1 - The core viewpoint of the article highlights that the reduction in AI inference costs is driving application prosperity, with significant potential for edge AI, particularly in devices like headphones and glasses [1] - The consumer-grade AR glasses, Thunderbird X3 Pro, equipped with full-color Micro-LED light engines, indicate a faster commercialization of display technology [1] - Financial reports from overseas companies show that AI inference has become a new growth engine, with data center business surging, leading to increased value in servers, optical modules, and other related sectors [1] Group 2 - Storage prices have bottomed out and are beginning to recover, while the utilization rate in the packaging and testing segment is gradually increasing [1] - Domestic equipment is making continuous breakthroughs in advanced processes, with the expansion of advanced processes becoming a key focus for self-control in the industry, particularly in CoWoS and HBM positioning within the AI industry trend [1] - The Consumer Electronics ETF (code: 561310) tracks the consumer electronics index (code: 931494), which includes listed companies involved in the manufacturing and sales of consumer electronics products, focusing on segments like smartphones, wearable devices, and smart home products [1]

Group 1 - The core point of the news is the strategic merger between Zhongke Shuguang and Haiguang Information, marking the first absorption merger between listed companies under the new merger and acquisition regulations in China [1] - The merger aims to enhance technological synergy and strengthen ecological advantages, with Zhongke Shuguang's expertise in high-end computing, storage, and cloud computing complementing Haiguang Information's focus on domestic architecture CPUs and core chip design [1] - The merger is expected to optimize the industrial layout from chips to software and systems, consolidating high-quality resources across the information industry chain and leveraging the leading role of the merged entity [1] Group 2 - During the suspension of trading, related ETFs have attracted attention, with significant capital inflow, such as over 15 million yuan into the Information Technology ETF (562560) [2] - The ETF tracks the CSI All-Share Information Index, where Haiguang Information and Zhongke Shuguang rank as the 5th and 9th largest constituent stocks, respectively, accounting for nearly 5% of the index [2] - The merger signals a substantial phase in the consolidation of China's computing power industry chain, with expectations for increased focus on technology and merger integration in the market [2]

[Table_Reportdate] 2025年06月05日 [证券分析师： Table_Authors] 张季恺 S0630521110001 zjk@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 证券分析师： 刘思佳 S0630516080002 liusj@longone.com.cn 联系人： 花雨欣 hyx@longone.com.cn [晨会纪要 Table_NewTitle] 20250605 [table_summary] 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 ➢ 1.英伟达Q1数据中心业务成绩亮眼，美限制EDA龙头对华提供服务——电子行业周报 2025/5/26-2025/6/1 ➢ 2.关注陆家嘴论坛政策发布预期带来的市场情绪催化——非银金融行业周报（20250526- 20250601） ➢ 1.四部门组织开展人力资源服务业与制造业融合发展试点工作 ➢ 2.美国ISM服务业PMI大幅回落，跌至50荣枯线以下 ...

Group 1 - The A-share market is seeing strong performance in sectors such as computers, electronics, and communications, with significant activity in concepts like virtual power plants, snow tourism, rare earths, Kimi, and digital currencies [1] - The Xinchuang ETF (562570) has attracted a net inflow of 1.191 billion yuan over the past five trading days, with a net inflow rate of nearly 270%, indicating heightened investor interest in the Xinchuang sector [1] - Key reasons for the interest in the Xinchuang ETF include its coverage of popular concepts like EDA self-control, holdings in stocks benefiting from the Hongmeng ecosystem, and a DeepSeek content ratio of 48.1%, ranking first among tracked indices [1] Group 2 - China Construction Bank announced a major procurement project involving Kunpeng and Haiguang chip servers, with a total value exceeding 4.4 billion yuan, which may set a benchmark for the financial industry [2] - The period from 2025 to 2027 is viewed as a critical window for Xinchuang upgrades, with expectations of increased domestic replacement in financial institutions as policies advance [2] Group 3 - The Xinchuang ETF (562570) is the largest ETF tracking the CSI Xinchuang Index, which has significant weight from Haiguang Information and Zhongke Shuguang, accounting for over 10% of the index [3] - The Cloud Computing 50 ETF (516630) tracks an index with high AI computing power content, covering sectors like optical modules, computing leasing, data storage, and servers, with Zhongke Shuguang being the sixth-largest weight [3]

证券研究报告 | 2025年06月05日 | 晨会纪要 | | --- | | 数据日期:2025-06-04 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3376.20 | 10144.58 | 3868.74 | 11525.47 | 2844.42 | 986.11 | | 涨跌幅度（%） | 0.42 | 0.86 | 0.43 | 1.03 | 1.00 | 0.44 | | 成交金额（亿元） | 4468.44 | 7062.02 | 2117.36 | 2689.03 | 3194.93 | 182.81 | 【重点推荐】 宏观与策略 固定收益月报:债市阿尔法追踪-5 月：债市表现分化，利率债下跌信用 债上涨 【常规内容】 行业与公司 银行理财 2025 年 6 月月报：当"存款搬家"遇到监管指引 北交所 2025 年 5 月月报：北证 50 月内创历史新高，机构对北交所关注 度持续提升 电子行业周报：中美关税博弈再反复，自主可 ...

[Table_Title] 自强者胜——关税应对策略三部曲（三） %% %% %% %% research.95579.com 1 丨证券研究报告丨 联合研究丨行业深度 报告要点 [Table_Summary] 在宏观环境持续扰动的大背景下，世界"新格局"逐步显现，中国有望在各个领域得到长足发 展。在科技领域，我国明确提出自主可控发展路线，着力解决各"卡脖子"领域面临的技术和 产业化难题。在本篇报告中，长江策略联合金属、化工、机械、军工、电子、计算机、通信和 医药组，构建自上而下的自主可控行业研究框架，再结合自下而上视角梳理自主可控领域的核 心细分赛道和核心标的，以期得到较为完整的自主可控领域的投资图谱。 分析师及联系人 [Table_Author] 戴清 王鹤涛 马太 SAC：S0490524010002 SAC：S0490512070002 SAC：S0490516100002 SFC：BTR264 SFC：BQT626 SFC：BUT911 赵智勇 王贺嘉 杨洋 SAC：S0490517110001 SAC：S0490520110004 SAC：S0490517070012 SFC：BRP550 SFC ...

调研纪要：未来几年，中国海油国内外产量将持续增长，主要来自渤海、圭亚那和巴西。公司追求相对 成本优势，不追求绝对成本下降。资本支出计划基于中长期油价假设，保持稳定预算和合理结构。公司 坚持油气并举、向气倾斜，推进天然气勘探，提高国内天然气产量。天然气项目稳产周期长、采收率 高、作业成本低，国内海气销售价格稳定。公司已建立完整技术体系，突破1500米超深水开发关键技 术，科技自主可控水平不断提高。 机构简介： 根据市场公开信息及6月4日披露的机构调研信息，知名私募久期投资近期对1家上市公司进行了调研， 相关名单如下： 1）中国海油 （上海久期投资有限公司参与公司现场参观） 上海久期投资有限公司（简称"久期投资"）是一家专注于固定收益类投资的阳光私募资产管理机构，成 立于2013年12月，2014年4月获得中国基金业协会颁发的私募基金管理人资质。公司产品条线分为固定 收益类、固收增强类和宏观策略类，通过债券、股票和黑色大宗商品市场的大类资产配置和价值发掘， 为投资者创造长期可持续的稳健回报。"固收+"产品以利率趋势判断下的信用策略为基础策略，根据宏 观资产轮动判断，选择合适的资产种类如利率、可转债、权益资产等，分 ...

每周一景： 云南玉龙雪山 点击右上角菜单，收听朗读版 【策略 】 6 月金股策略：风格不会切换，主线持续强化 中国股市"转型牛"的格局越来越清晰，战略看多 2025 ： 1 ）遍历冲击和出清调整后，投资人对经济形 势的认识已然充分，其对估值收缩的边际影响减小； 2 ）股票价格反应的是投资者对未来的预期，而预 期变动的主要矛盾，已经从经济周期的波动，转变为贴现率的下降，尤其是无风险利率与风险认识的系统 性降低； 3 ）以化解债务、提振需求与稳定资产价格的中国政策"三支箭"，以"投资者为本"的资本市场 改革，以新技术新消费的商业机会涌现，有助于重新提振投资者对长期的假设，中国股市迈向"转型牛"。 行情的关键动力来自无风险利率下降与风险认识的系统性降低。 过去三年内外部过高的机会成本阻碍了 投资人的入市意愿，央行互换便利与回购再贷款扫清了股市流动性改善的障碍，长期国债收益破 2 与存 款利率破 1 ，中国股市的无风险利率出现实质性下降。此外，及时、得当与合理的经济政策，查漏补缺 更重视投资者回报的资本市场基础制度改革，以及决策者扭转形势与支持资本市场的决心，对于推动经济 社会风险评价的降低与改变投资人面对风险的保守 ...