Market Overview - The market experienced a rebound on June 4, with the ChiNext Index leading the gains, closing with a rise of 1.11%. The Shanghai Composite Index increased by 0.42%, and the Shenzhen Component Index rose by 0.87% [1] - Over 3,900 stocks in the market saw an increase, with total trading volume reaching 1.15 trillion yuan, an increase of 11.6 billion yuan compared to the previous trading day [1] Sector Performance - Key sectors that performed well included beauty care, beer concepts, and solid-state batteries, while sectors such as airports, unmanned vehicles, and military electronics faced declines [1] - The financial sector, particularly brokerage firms, showed significant movement, reinforcing the overall index performance [1] Investment Sentiment - Market sentiment improved due to the strength of several large sectors, including consumer goods and the computing power industry [1] - Analysts suggest that the market may maintain a range-bound trend until July, with a focus on sector rotation due to low trading volumes [3] Broker Activity - Everbright Securities led the movement in the brokerage sector, with a notable increase of 6.43%, marking the second-largest single-day gain since October 8 of the previous year [8] - The brokerage sector's recent activity is attributed to signals of refinancing and upcoming financial policy announcements expected to positively impact the market [6] ETF Performance - Several ETFs related to securities and brokerage firms showed leading gains, reflecting the positive sentiment in the sector [5] - The communication, rare earth, and battery-themed ETFs also recorded significant increases, indicating a shift in investment focus towards sectors with lower resistance to upward movement [12] Future Outlook - Analysts remain cautious but optimistic, noting that external risks may have peaked, and domestic policies are expected to continue supporting economic recovery [9] - The focus on consumer demand, domestic substitution, and underweight fund allocations are seen as key investment themes moving forward [9]

Market Overview - The market experienced a rebound on June 3, with the Shanghai Composite Index rising by 0.43%, the Shenzhen Component Index by 0.16%, and the ChiNext Index by 0.48% [1] - Over 3,300 stocks in the market saw gains, with a total trading volume of 1.14 trillion yuan, an increase of 22.3 billion yuan compared to the previous trading day [1] - The market's recent performance has shown a "two ups and one down" pattern over the last three trading days, indicating volatility but limited cumulative gains [2] Sector Performance - The leading sectors included beauty care (+4.04%), precious metals (+3.76%), and chemical pharmaceuticals (+3.38%), while sectors like automotive, steel, and liquor saw declines [1][4] - The banking sector showed strong performance, with bank stocks rising by 2.17%, reaching a nearly 10-year high, although still below the historical peak from June 2015 [6][5] Investment Insights - The current market sentiment indicates a low likelihood of a significant downturn, with expectations of continued oscillation unless there is a substantial increase in trading volume [2] - The market is becoming desensitized to tariff-related news, suggesting a potential for rebounds when the market approaches lower support levels [3] - According to research from Everbright Securities, the market is expected to favor defensive and undervalued sectors such as coal, public utilities, banking, and non-bank financials [3] Upcoming Economic Indicators - Key economic indicators are set to be released on June 9 (CPI and PPI) and June 16 (economic data), with the Federal Reserve's meeting on June 17-18 being a significant event for market observation [3] ETF Performance - ETFs related to gold, gaming, and banking showed leading performance, with gold stock ETFs rising by 3.38% and gaming ETFs by 3.07% [13] - The performance of certain thematic ETFs, such as those in the medical and agricultural sectors, lagged behind their respective sectors due to the absence of key stocks in their holdings [14] Strategic Focus Areas - The market is currently focusing on three main themes: domestic consumption, domestic substitution, and sectors underweighted by public funds, with recommendations to monitor industries like home goods, food processing, and financial services [15]

Market Overview - The Shanghai and Shenzhen stock markets opened lower but rebounded, with major indices closing slightly higher on June 3. The Shanghai Composite Index closed at 3363.48 points, up 0.48%, with a trading volume of approximately 306.4 billion yuan. The Shenzhen Component Index closed at 10076.01 points, up 0.35%, with a trading volume of about 444 billion yuan. The ChiNext Index closed at 2007.76 points, up 0.73%, with a trading volume of around 203.3 billion yuan [1]. Sector Performance - New consumption concept stocks surged, with several stocks such as Chuangyuan Co., Jinhong Group, Ruoyuchen, and Lehui International hitting the daily limit. Financial stocks, including banks, continued to perform well, with Shanghai Rural Commercial Bank hitting the daily limit and Hangzhou Bank and CITIC Bank reaching historical highs. Innovative drug concept stocks remained strong, with Hainan Haiyao also hitting the daily limit. Conversely, automotive stocks experienced a pullback, with Jianghuai Automobile dropping over 5% [1][2]. Institutional Insights - Galaxy Securities indicated that the market may continue to fluctuate in the short term, focusing on external tariff changes and domestic policy implementation. With a series of domestic policy supports, the adjustment space for the market is limited. The upcoming Lujiazui Forum on June 18-19 is expected to announce significant financial policies that could bolster market expectations, suggesting a focus on structural opportunities. Long-term, the A-share market is expected to reflect a self-driven narrative, supported by the Central Huijin Investment's role as a stabilizing fund and the push for long-term capital inflow [3]. - CITIC Securities noted a divergence in the humanoid robot sector, with previously high-performing stocks experiencing corrections. The market is now focusing on relatively undervalued intelligent application stocks. In the medium to long term, there is a recommendation to explore investment opportunities in "AI + robotics," including sensors, dexterous hands, robotic dogs, and exoskeleton robots. High-dividend assets continue to attract market interest amid a backdrop of interest rate cuts [3]. - Everbright Securities projected that the A-share market could experience a steady upward trend due to ongoing policy support and active inflow of medium to long-term funds. Current valuations are near the average since 2010, and with proactive policies, the influx of incremental funds may continue to support the capital market [4]. Policy Developments - Guangdong Province announced support for the development of new marine equipment, including deep submersibles, unmanned vessels, and underwater robots, as part of the "Regulations on Promoting High-Quality Development of the Marine Economy." The initiative aims to stimulate new industries and integrate technologies such as IoT, big data, and AI into the marine sector [5]. Index Adjustments - The Shenzhen Stock Exchange announced a periodic adjustment of sample stocks for the Shenzhen Component Index, ChiNext Index, and Shenzhen 100 Index, effective June 16, 2025. A total of 20 stocks, including Zhongtung High-tech and Gansu Energy, will be added to the Shenzhen Component Index, while 8 stocks, including BlueFocus and Changying Precision, will be included in the ChiNext Index [6]. Upcoming Product Launch - Huawei is set to launch the Pura 80 series and other products on June 11 at 14:30, as announced on their official WeChat account [7].

上证指数日K线图 郭晨凯 制图 ◎记者 汪友若 6月A股或延续震荡偏强走势 对于6月市场整体表现，多数机构认同，当前政策对于资本市场的重视程度较高，或对A股形成较强支 撑。 光大证券表示，当前A股市场的估值处于2010年以来的均值附近，随着政策的积极发力，中长期资金带 来的增量资金或将持续流入市场，对资本市场形成托底，A股市场有望震荡上行。 华金证券认为，当前政策基调仍然较积极，且基本面有望持续修复，6月A股可能延续震荡偏强趋势。 该机构分析称，首先，端午假期和"6·18"消费旺季可能使得6月消费维持高增速；其次，海外补库存可 能使得6月出口增速回升；最后，稳增长政策加速落地可能使得6月制造业、基建投资维持高增速。 中国银河证券称，短期内，市场或仍维持震荡格局，但在国内一系列稳增长政策支持下，市场调整空间 有限。长期来看，A股市场走势仍将体现"以我为主"的内涵。随着中央汇金公司发挥好类"平准基金"作 用，政策大力推动中长期资金入市，A股市场平稳运行将具备更为坚实的基础。 在申万宏源证券看来，现阶段是A股市场对宏观因素变化不敏感的窗口期，各项资本市场政策构建了A 股对宏观扰动的"隔离墙"。发展资本市场是当前政策 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - In May, the A-share market rose slightly overall with a stable index but significant structural changes. The market style was biased towards micro-cap and medical sectors, with relatively average profit - making effects, decreased trading activity, and increased industry rotation speed [3][6]. - Due to the interweaving of internal and external factors, the index is expected to fluctuate in June. Although the most severe external risk disturbances may have passed, vigilance against the Trump administration's policy reversals is still needed. Domestic policies are actively implemented, and it is expected that exports will maintain high growth in the short - term, with consumption remaining an important driving force for economic recovery [3][31]. - There are three certain main investment lines: domestic demand consumption, domestic substitution, and under - weighted sectors by funds. In June, the market may tend to a defensive style, and attention should be paid to the Internet and consumption directions in the Hong Kong stock market [3]. 3. Summary According to the Directory 3.1 Three Market - Concerned Core Issues 3.1.1 Core Issue One: Stable Index Points but Significant Structural Changes - In May, the A - share market rose slightly overall, with the Shanghai Composite Index closing slightly higher. The WanDe Micro - cap Stock Index and CSI 2000 had relatively high gains, while the STAR 50 Index declined [6]. - In terms of industries, environmental protection and pharmaceutical biology led the gains, while electronics and social services led the losses. The market style was biased towards micro - cap and medical sectors. The micro - cap style outperformed in May, with the WanDe Micro - cap Stock Index rising 9.3%. The medical and healthcare sector rose 6.2%, outperforming other sectors [11][15]. - The market's profit - making effect was relatively average in May, with the net outflow of equity ETF funds exceeding 40 billion yuan. Market trading activity decreased, while industry rotation speed increased [20][26]. 3.1.2 Core Issue Two: Interweaving of Internal and External Factors, Expected Overall Index Fluctuation - The most severe short - term external risk disturbances may have passed, but vigilance against the Trump administration's policy reversals is still needed. Trump's previous trade frictions with many countries and his current short - term compromise are for a buffer for his anti - globalization policies [31][35]. - Trump's previous technology policies against China mainly restricted technology product exports and the development of Chinese enterprises. The new round of US technology policies may focus on restricting the AI industry [39][42]. - US stock enterprises may face greater profit pressure this time, and it is difficult to hedge through tax cuts. Domestic policies are actively implemented, and it is expected that the economy in the second quarter will remain resilient. Exports may maintain high growth in the short - term, consumption will still be an important driving force for economic recovery, industrial production will remain high, and investment growth is expected to remain high [44][50]. 3.1.3 Core Issue Three: What are the Certain Main Lines? - Domestic demand consumption: It has been the focus of domestic policies, and future policies are expected to continue to catalyze. The consumer industry has relatively low overseas revenue and more resilient performance. Some consumer industries, such as household products, food processing, professional services, and leisure food, are worthy of attention [73]. - Domestic substitution: In 2018, the domestic substitution direction once achieved excess returns. Two investment clues are worthy of attention: industries with high dependence on US imports and strong domestic supply capabilities, and industries with high dependence on US imports but the potential to improve domestic supply capabilities [84][85]. - Under - weighted sectors by funds: The "Action Plan for Promoting the High - Quality Development of Public Offering Funds" may have a profound impact on fund industry allocation. Some under - weighted sectors by funds are worthy of attention in the medium - to - long - term, including banks, non - bank finance, public utilities, and transportation, but short - term over - interpretation should be avoided [89]. 3.2 A - share Market: May Tend to a Defensive Style in June - Based on the combination of "economic reality" and "market sentiment", the market can be divided into four styles: balanced, pro - cyclical, defensive, and theme - growth and independent prosperity [98]. - In June, the economic reality or economic expectation is less likely to be "strong" in the short - term, and the market sentiment is expected to be weak. Therefore, the market style in June may tend to a defensive style [103][109]. - In a defensive style, attention should be paid to stable or high - dividend industries, such as public utilities, coal, and some sub - sectors [114]. - The five - dimensional industry comparison framework is used to comprehensively analyze and judge industry stock price performance. In May, under the assumption of a decline in market sentiment, the industry grouping effect was good, and the first - group industries achieved excess returns [119][123]. 3.3 Hong Kong Stock Market: Focus on Internet and Consumption Directions In May, the Hong Kong stock market rose, with a significant narrowing of the inflow of southbound funds but a relatively high trading proportion. Attention should be paid to the US restrictions on Chinese concept stocks listed in the US and investment in China. It is recommended to focus on the Internet, automobile, and service consumption directions in the Hong Kong stock market [3].

相关ETF中，高股息ETF（563180）翻红涨0.09%，溢折率0.03%，盘中频现溢价交易。 值得一提的是，Wind数据显示，高股息ETF（563180）近期"吸金"不断，已连续20个交易日获资金净流 入，累计获净流入额超1.46亿元。 高股息ETF（563180）紧密跟踪中证高股息策略指数，该指数选取了80只股息率和股利支付率较高、分 红较为稳定，并具有一定规模及流动性的上市公司证券作为指数样本，以反映高股息上市公司证券的整 体表现。 光大证券在6月策略报告中提到，政策的持续支持以及中长期资金积极流入背景下，A股市场有望震荡 上行。当前A股市场的估值处于2010年以来的均值附近，而随着政策的积极发力，中长期资金带来的增 量资金或将持续流入市场，对资本市场形成托底，A股市场有望震荡上行。配置方向上，关注三类资 产。方向一：稳定类资产，如高股息、黄金。稳定类资产能够在市场面临不确定时提供确定性。方向 二：产业链自主可控。在"双循环"新发展格局和全球产业链重构的双重驱动下，国产创新相关机会也值 得关注。方向三：内需消费。海外政策可能长期处于不确定性的背景下，内需板块值得长期关注。 5月最后一个交易日，A股三大 ...

渤海证券指出，指数持续在合理水平震荡。未来，市场的机会将取决于市场的增量性变化，市场如因外 部风险、基本面、投资者情绪等因素导致意外下行，则从"稳定"的维度看，维稳资金的呵护将有助于市 场阶段性底部的形成，市场也将由此呈现下有底的特征。如果市场延续震荡特征，则应结合高质量发展 的内涵，进行结构性布局，等待板块层面的增量性催化。行业方面，延续哑铃型配置策略，一方面可关 注管理层多措并举推动险资入市以及公募新规长期影响尚待明朗下，股息率较高且属于相对低配板块的 银行行业；另一方面，可关注短期迎来增量信息催化下新消费领域的主题性投资机会。 光大证券认为，政策的持续支持以及中长期资金积极流入背景下，A股市场有望震荡上行。当前A股市 场的估值处于2010年以来的均值附近，而随着政策的积极发力，中长期资金带来的增量资金或将持续流 入市场，对资本市场形成托底，A股市场有望震荡上行。配置方向上，关注三类资产。方向一：稳定类 资产，如高股息、黄金。稳定类资产能够在市场面临不确定时提供确定性。方向二：产业链自主可控。 在"双循环"新发展格局和全球产业链重构的双重驱动下，国产替代相关机会也值得关注。方向三：内需 消费。海外政策可能 ...

点击注册小程序 查看完整报告 报告摘要 5月A股港股市场有所回暖 5月A股主要指数涨跌分化，行业端涨多跌少。受风险偏好波动等因素影响，5月（截至27日），A股主要指数 涨跌出现分化，其中万得全A涨幅最大，而科创50跌幅最大。行业端涨多跌少，轻工制造、综合、纺织服饰等 行业表现较好，而电子、计算机、房地产、社会服务等行业表现相对较差。 5月港股市场震荡上行。5月受海外扰动缓和、国内风险偏好回暖等因素影响，港股市场整体走势震荡上行。截 至2025年5月27日，恒生香港35、恒生指数、恒生综合指数、恒生中国企业指数、恒生科技的涨幅分别为 7.6%、5.7%、5.3%、4.9%、1.9%。 A股观点：继续关注三类资产 政策的持续支持以及中长期资金积极流入背景下， A股市场有望震荡上行。当前A股市场的估值处于2010年以 来的均值附近，而随着政策的积极发力，中长期资金带来的增量资金或将持续流入市场，对资本市场形成托 底，A股市场有望震荡上行。 配置方向上，关注三类资产。方向一：稳定类资产，如高股息、黄金。稳定类资产能够在市场面临不确定时提 供确定性。方向二：产业链自主可控。在"双循环"新发展格局和全球产业链重构的双重驱 ...

Core Viewpoint - The A-share market is experiencing a continued volume contraction and slight adjustments, with the A500 Index ETF showing resilience and attracting significant investment interest [1] Market Performance - The Shanghai Composite Index closed at 3339.93 points, down 0.02% - The A500 Index ETF (159351) saw a minor decline of 0.21% but recorded a trading volume of 2.533 billion yuan, ranking second in the market for similar products and first in the Shenzhen market [1][1] - The turnover rate for the A500 Index ETF reached 17.46%, the highest among its peers [1] Sector Performance - Consumer and technology sectors showed strong performance, with Dongpeng Beverage rising by 6.30% to reach a historical high - In the technology sector, stocks such as Newyeason and Yanshan Technology increased by over 6%, while Huace Navigation rose by over 5% [1][1] Investment Trends - The A500 Index ETF has demonstrated significant value, with a net subscription for six consecutive trading days and a year-to-date share growth of 15.48%, leading its category [1][1] - Brokerage firms suggest that the market's short-term volatility will continue, with a shift in preference towards more certain investment options, particularly in technology innovation and domestic consumption [1][1] Index Composition - The A500 Index ETF tracks the CSI A500 Index, comprising 500 stocks with large market capitalization and good liquidity, offering a balanced industry distribution and a focus on mid-to-large cap stocks [1][1] - The index includes a high proportion of new productive forces, providing investors with a tool to access representative A-share companies [1][1] Investment Opportunities - Investors can access quality core asset opportunities through the A500 Index ETF linked funds (Class A 022453; Class C 022454) [1][1]

Group 1 - In 2025, over 2000 listed companies have been surveyed by brokers, with more than 700 in May alone [1][2] - The electronic, machinery equipment, and pharmaceutical industries are favored by institutions, with over 30% of surveyed companies in these sectors [2][3] - The electronic industry has the highest survey activity, with over 90 companies surveyed in May, focusing on electronic components, integrated circuits, and semiconductor materials and equipment [2][3] Group 2 - Companies like Anji Technology (688019.SH) have been heavily surveyed, with 56 brokers participating in its research [2] - The pharmaceutical industry has also seen significant interest, with over 230 companies surveyed this year, and more than 60 in May [2] - Recent interest has also risen in the non-ferrous metals and defense industries, with around 20 companies surveyed in May [3] Group 3 - Brokers are optimistic about low-valuation defensive sectors and high-growth tracks, with over 130 companies being increased or newly held in Q1 2025 [3] - The focus for the second half of the year includes dividend sectors, domestic consumption, and technology tracks, driven by policy dividends and industrial upgrades [4][5] - Analysts suggest that investment strategies should consider geopolitical risk premiums and domestic demand activation, with a focus on sectors like military and gold as new safe-haven assets [4][6]