Economic Indicators - In May, China's manufacturing Purchasing Managers' Index (PMI) increased by 0.5 percentage points, indicating an improvement in manufacturing sentiment [1] - The export container freight index has rebounded, and port cargo throughput remains at a high level, suggesting a stable economic outlook for the second quarter [1] A-Share Market Trends - After a high and subsequent pullback in May, the A-share market is expected to focus on core assets in June, with institutions suggesting a cautious approach due to potential downward pressure [2] - Institutions recommend maintaining dividend assets as a base while exploring opportunities in growth and consumption sectors, particularly in banking, computing power industry, card games, and innovative pharmaceuticals [2] Hong Kong Stock Market - The Hong Kong stock market showed a rebound after a decline, with significant strength in consumer services, durable goods, and medical equipment sectors [3] - Notable stock performances include a rise of over 7% for Mixue Group and over 4% for Pop Mart, indicating a potential upward trend in the market driven by domestic policy support [3] A-Share Company Name Changes - Over 60 A-share companies have undergone name changes since 2025, reflecting business adjustments, strategic transformations, or capital operations [4] - The trend indicates companies' proactive adaptation to market changes and the influence of industry cycles and policy environments on capital allocation [4] A-Share Market Resilience - In May, the A-share market showed resilience, with most major indices rising, supported by improved risk appetite and regulatory measures [5] - The market is expected to remain in a recovery phase in June, with a focus on technology sectors for investment opportunities [5] Fundraising in Public Funds - June is witnessing a "small peak" in new public fund launches, with 89 funds entering the market, 70% of which are equity products [6] - Major fund companies are actively launching multiple new funds, indicating strong investor interest in equity funds [6] Shenzhen Venture Capital Industry - The Shenzhen venture capital industry is experiencing a recovery, with a notable increase in investments in hard technology projects, particularly in aerospace, semiconductors, and biotechnology [8] - The number of projects in these sectors has seen significant year-on-year growth, indicating a strong focus on technological innovation [8] Innovation Drug Sector Performance - The Chinese innovative drug sector is undergoing a significant value reassessment, with several stocks experiencing over 200% increases since the beginning of the year [9] - Despite a recent pullback in the Hong Kong innovative drug sector, the medium-term outlook remains positive for continued growth [9] Chemical Industry Response to OPEC+ - The Chinese chemical industry is facing pressures from both upstream supply and downstream demand due to OPEC+'s decision to increase production [10] - Companies are employing futures hedging strategies to mitigate risks associated with price volatility [10] Risk Mitigation in Listed Companies - As of June 3, 28 listed companies have successfully "delisted" or "removed their special treatment" this year, primarily through financial improvements and internal control repairs [11] - The trend indicates potential investment opportunities in companies that demonstrate recovery characteristics [11] ETF Market Growth - The public ETF market has shown strong growth, with 104 private equity institutions heavily investing in newly listed ETFs, particularly those focused on technology and cash flow [12] - This reflects a growing interest from private equity in diversified investment strategies [12] Consumer Upgrade Policies - The "trade-in" policy has significantly boosted sales, with total sales reaching 1.1 trillion yuan and over 1.75 billion subsidies issued to consumers [13] - The policy is driving consumption growth and encouraging companies to innovate and upgrade their products [14]

Focus Review - The article discusses the potential impact of Trump's decision to raise steel tariffs to 50%, which may lead to retaliatory measures from the EU, indicating ongoing uncertainty in global trade policies [1] - The article highlights that the core asset pricing power is gradually shifting towards Hong Kong, with the potential for more quality leading companies to list in Hong Kong, catalyzing a shift in A-share market style towards core assets [2][3] Equity Market - Hong Kong's structural changes and cyclical improvements are expected to attract global allocation funds, which may spill over into A-shares, benefiting core assets with high and stable ROE [2] - The article notes that the demand for convertible bonds may increase due to a mismatch in supply and demand, potentially leading to a bull market in this sector [3] Industry Research - The article mentions that the consumer, cyclical, and self-controlled sectors are likely to gain more attention as A-share earnings improve despite external tariff disturbances [8] - It also points out that the Hong Kong innovative drug sector is entering a "harvest period," with most valuations still within a reasonable range, indicating long-term growth potential [9] - The defense and military sector is highlighted as leading in performance, driven by expectations of accelerated domestic engine development due to potential U.S. export restrictions [10] Macro and Fixed Income - The article discusses the downward shift in the central rate of funding, which is expected to benefit short-term assets, as the bond market returns to a fundamental pricing logic [16] - It emphasizes that the convertible bond market may experience a bull market due to supply-demand mismatches, with a gradual upward trend expected in the coming years [18] Asset Allocation - The article suggests a balanced and defensive asset allocation strategy in response to external risks, highlighting the importance of dividend assets and technology innovation investments in the A-share market [20] - It notes that the Hong Kong market is stabilizing due to low valuations and policy support, with increasing domestic pricing power as southbound capital flows continue [20]

Market Outlook - A-shares are expected to experience a structural market in June, with a focus on core assets despite short-term downward pressure [1][2] - Institutions suggest maintaining dividend assets as a base while exploring growth and consumption opportunities, particularly in banking, computing industry chain, card games, and innovative pharmaceuticals [1][5] Market Performance Review - In May, the three major indices saw gains, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rising by 2.09%, 1.42%, and 2.32% respectively [1] - Daily trading volume in A-shares remained above 1 trillion yuan [1] Economic and Policy Factors - Economic recovery and positive domestic policies are expected to enhance market risk appetite, leading to a potential upward trend in June [2] - The stability of the Chinese economy and policy expectations may continue to favor Chinese assets, even amid global uncertainties [2] Sector Performance - In May, 25 out of 31 Shenwan first-level industries saw gains, with environmental protection, pharmaceuticals, defense, and banking leading the way [3] - There is a divergence among institutions regarding market style and focus for June, with some favoring technology growth while others lean towards large-cap value stocks [3][4] Investment Strategies - Suggested strategies include focusing on technology growth sectors, consumer sectors benefiting from domestic policies, and banking sectors with stable earnings and high dividends [5][6] - Specific recommendations include investing in robotics, artificial intelligence, and sectors with recent thematic catalysts, such as innovative pharmaceuticals and military electronics [5][6]

Group 1 - The domestic equity market has established a policy bottom, but short-term economic resilience expectations are limited due to external demand uncertainties, leading to a structural rotation in the market with a temporary preference for dividend stocks [1] - In June, the market is expected to maintain a range-bound structure, influenced by external shocks and policy support for economic recovery, with a focus on dividend assets and new consumption sectors, as well as low-position opportunities in technology growth [1] - The consumption sector is expected to benefit from a shift in policy focus from supply-side to demand-side, with strong expectations for consumption policies and stable performance in essential consumer industries during the earnings season [1] Group 2 - The pharmaceutical industry is currently undervalued, with an anticipated surge in innovative drugs due to a significant policy shift in centralized procurement, which may open up valuation ceilings and improve performance expectations for domestic innovative drugs [2] - Dividend assets are likely to benefit from a stable fundamental environment and low interest rates, with strong policy support expected to accelerate long-term capital inflows into high-yield assets [2] - The geopolitical uncertainties and potential risks from the "America First" policy have increased the allocation value of defensive assets, suggesting continued interest in defense, food security, security, and gold assets [2]

Market Performance - The bond market showed a more subdued performance on May 29, with government bond futures closing lower across the board, and interbank bond yields generally rising by 1-2 basis points [1][2] - The 30-year main contract fell by 0.65% to 118.690, while the 10-year main contract decreased by 0.26% to 108.475 [2] Yield Movements - The yield on the 10-year government bond "25附息国债11" rose by 1.25 basis points to 1.695%, and the yield on the 10-year policy bank bond "25国开10" increased by 2.5 basis points to 1.7385% [2] - In the North American market, U.S. Treasury yields collectively rose, with the 10-year yield increasing by 3.37 basis points to 4.477% [3] Monetary Policy Insights - Institutions believe that monetary policy will maintain a moderately loose orientation and flexible operations, with room for both reserve requirement ratio cuts and interest rate reductions [1][7] - The 10-year government bond yield is expected to fluctuate within the range of 1.5%-1.8% in the second half of the year [1][7] Market Activity - The central bank conducted a 7-day reverse repurchase operation with a fixed rate of 1.40%, resulting in a net injection of 111.5 billion yuan on that day [5] - The Shibor short-term rates mostly increased, with the overnight rate remaining flat at 1.411% and the 7-day rate rising by 2.4 basis points to 1.602% [5] Investment Strategies - Xiangcai Securities recommends a dual-low strategy focusing on dividend assets and technology sectors, particularly in robotics, to achieve higher risk-adjusted returns [6][7] - CITIC Securities anticipates a GDP growth target of around 5.0% for the year, but expects marginal slowing of economic growth momentum in the second half [7]

Group 1 - The core viewpoint of the articles highlights the significant decline in deposit interest rates among major national banks, leading to a new era where one-year fixed deposit rates have dropped below 1%, prompting increased attractiveness of dividend assets [1] - The Wind data indicates that the dividend low volatility ETF (512890) has seen its dividend yield rise to 6.4% as of May 27, which is substantially higher than the current 10-year government bond yield of 1.73% and exceeds its own yield for 92.71% of the past decade [1] - There is a growing demand for dividend assets as long-term capital from insurance and pension funds enters the market, with the dividend low volatility ETF (512890) attracting significant investment, accumulating 2.448 billion yuan in 2023 and reaching a historical high of 16.705 billion yuan in total assets [1] Group 2 - Huatai-PineBridge Fund, as one of the first ETF managers in China, has over 18 years of experience in managing dividend index investments and has developed a comprehensive range of dividend-themed ETFs, including the first dividend ETF and the first QDII mode ETF for high-dividend Hong Kong stocks [2] - As of May 28, the total management scale of Huatai-PineBridge's dividend-themed ETFs exceeds 39.3 billion yuan, reflecting its strong position in the market [2]

Core Viewpoint - Major brokerages are optimistic about the A-share market in the second half of 2025, anticipating a structural bull market driven by multiple policy benefits and industrial upgrades [1][2]. Market Outlook - Brokerages such as Industrial Securities, CITIC Securities, and Everbright Securities predict a "structural bull" market for the capital market in the second half of 2025 [2]. - Industrial Securities' chief strategist Zhang Yidong believes that A-shares will exhibit characteristics of "stable index, structural bull" in the long term, highlighting the attractive valuation of Chinese assets [2]. - CITIC Securities' chief A-share strategist Qiu Xiang expects a bull market for equity assets starting from Q4 2025, with a significant shift in market style towards core assets [2]. - Everbright Securities' chief strategist Zhang Yusheng notes that the gradual recovery of fundamentals, along with macro and micro liquidity, will drive market growth, leading to a structural bull market [2][3]. Sector Preferences - Investment opportunities in the second half of the year should focus on four key areas according to Industrial Securities' chief strategist Zhang Qiyao: technology trends marked by DeepSeek, domestic service consumption, dividend assets, and sectors like gold and military [4]. - Qiu Xiang emphasizes the importance of increasing allocations to Hong Kong stocks and focusing on leading companies in emerging and traditional industries [4]. - Open Source Securities' chief strategist Wei Jixing suggests five focus areas: domestic consumption, technology growth in AI and robotics, industries with improved costs, sectors benefiting from overseas opportunities, and stable dividend stocks [4]. - Li Chao from Zheshang Securities advocates for a focus on dividend-related sectors and technology, anticipating adjustments in institutional allocation due to new public fund regulations [4].

Group 1 - The article highlights that June marks a peak period for high dividend assets, with nearly 40% of dividends from the CSI Dividend Index constituents occurring in this month [1][2] - Historical data shows that since 2009, the CSI Dividend Index has only outperformed the CSI 300 and Wind All A-share indices 25% and 12.5% of the time, respectively, with a 37.5% probability of price increases, indicating a significant decline compared to May [1][2] - The article notes that in years like 2014, 2015, 2016, and 2021, the CSI Dividend Index outperformed the CSI 300, particularly during volatile market conditions, raising questions about the market's defensive or offensive nature this June [3] Group 2 - The article suggests that if a new main line is established post-Duanwu Festival, the dividend direction may face headwinds in June, presenting a good entry point for long-term investors [5] - It emphasizes that in a low-interest-rate environment, long-term funds, particularly from insurance capital, continue to enter the market, making dividend stocks an attractive alternative to bank deposits and pure bonds [5] - The CSI Dividend ETF has seen significant inflows, with a net inflow of 86.45 million in the last five trading days, and the CSI Dividend Index boasts a dividend yield of 6.35%, making it appealing [5][7] Group 3 - The Hang Seng High Dividend Low Volatility Index offers an even higher dividend yield of 6.66%, with its tracking ETF experiencing a net inflow of nearly 20 million recently and a year-to-date growth of 113.81% [7] - The article concludes that both A-shares and H-shares are highly attractive for dividend investments, as evidenced by the continuous net inflows and rising net asset values [7]

红利低波ETF长城拟任基金经理陶曙斌表示，在全球宏观不确定性增加、市场利率持续下台阶、市场分 红生态改善等多重因素共振下，红利投资行情值得持续期待。 为了助力投资者更高效捕捉红利行情，继推出长城中证红利低波100指数基金后，长城基金在5月26日再 度发行同款场内产品——红利低波ETF长城（代码：159228），为投资者提供更多样化的配置选择，满 足场内红利投资需求。 据介绍，该基金以中证红利低波100指数为跟踪标的，与其它红利指数相比，中证红利低波100指数对样 本股的选择更为严格，从流动性、高分红、低波动三方面层层筛选，在着眼于企业分红质量的同时，尽 量过滤高波动股票的尾部风险，有望兼具长期收益和风险控制。 近期，为支持稳市场稳预期，央行正式宣布降准0.5个百分点、降息0.1个百分点。随着市场利率中枢进 一步下行，稳健类理财产品的预期回报也随之走低，红利资产再受关注——5月7日国新办新闻发布会 后，红利低波100指数（指数代码：930955）连续多个交易日上涨。 事实上，在近年来经济温和复苏、利率持续低位的宏观环境下，红利资产股息率与市场无风险收益率之 间的差值持续扩大，红利资产变得"越来越香"。Wind数 ...

Company Insights - Nvidia's Q1 revenue increased by 69% year-on-year, reaching $44.1 billion, surpassing market expectations of $43.1 billion. The company anticipates Q2 revenue of $45 billion, factoring in an $8 billion reduction in H20 revenue due to export restrictions. CEO Jensen Huang noted strong global demand for Nvidia's AI infrastructure, leading to a 5% increase in stock price after hours [2] - Honor has confirmed its entry into the robotics business, having previously established a company to focus on this area. The humanoid robot production is expected to begin in the second half of 2024, marking a significant turning point for commercialization. The humanoid robot industry is anticipated to enter a high-growth phase with increased production waves this year [11] Industry Insights - The Ministry of Commerce has strengthened communication regarding rare earth export control policies with semiconductor companies in China and Europe, indicating a potential easing of export restrictions for European chip manufacturers. This move aims to maintain global supply chain stability [3] - The eVTOL (electric Vertical Take-Off and Landing) industry is gaining attention as flying car stocks surged over 30% following a $250 million investment from Toyota. The focus is on the necessary infrastructure and regulatory frameworks to support this emerging market [9] - DeepSeek has released an open-source version of its R1 model, which performs comparably to OpenAI's top models. This development is seen as a significant step in the open-source trend, with implications for AI integration in major internet companies and content production firms [10]