6月首个交易日（2025年6月3日），A股低开高走，大金融、医药医疗"两翼齐飞"，三大指数集体收涨，全市场成交1.16万亿元。 盘面上，银行率领大金融领涨全市场，渝农商行、兴业银行、中信银行等批量新高，A股规模最大银行ETF（512800）场内涨1.73%同样刷新历史新高！场 内顶流券商ETF（512000）、金融科技ETF（159851）均收涨。 "吃药"行情再度活跃，制药与医疗联袂拉涨，中证制药指数"五连涨"，医疗ETF（512170）场内涨1.22%站上半年线！值得关注的是，国内首只跟踪制药指 数的药ETF（认购代码：562053/上市代码：562050）正在发售中。 自主可控方向局部活跃，信创主题热度攀升，信创ETF基金（562030）量价齐升，单日成交额创近1年新高。消息面，近期板块频发重磅事件，如两大算力 龙头海光信息&中科曙光合并、EDA断供、稳定币草案通过等，值得持续跟踪关注。 | 图片来源：Wind | | --- | 6月伊始，A股喜提"开门红"，后市能否延续升势？综合机构分析来看，我国5月PMI制造业整体景气回暖，出口订单反弹，验证基本面韧性，这将为市场提 供底部支撑，因此6月市场调整或 ...

回顾5月市场，整体冲高回落为主，宏观冲击对市场的影响开始逐渐消退，政策资金仍在托底，市场风 险偏好与交易情绪回落。5月成交额相较4月继续回落，全月日均成交额回到了12，147亿元，上周周内 市场日均成交额约10，939亿元。风格上，整体成长优于价值，小盘跑赢大盘；行业上，环保、医药生 物、国防军工等表现靠前，汽车、电力设备、有色金属等表现靠后。 宏观展望：海外关税风险不确定性加大 市场展望：关注红利、机器人、贵金属、国防军工等 往后展望，6月市场或进入宏观事件真空期（除了可能的关税冲击之外）。在新一轮冲击来临之前，市 场基本面或难以显著改善，下行风险高于上行风险，因此短期内进行防御性配置或是更合适的选择。复 盘过去三年6-7月的市场，调整幅度普遍在7%左右，但今年的政策预期和流动性预期较往年更强，因此 本轮市场调整幅度也可能明显更窄。从6月宏观事件来看，不排除关税政策加码的可能性，因此在不考 虑去追现有热点（核电、新消费、无人驾驶、数字货币等）的情况下，自主可控与大盘防御值得重点关 注。 从更长期视角来看，海外关税政策具有较大的不确定性，更多关注国内7月政治局会议窗口期，可能会 决定下半年市场的走势。虽然短期 ...

Economic Overview - The overall economy shows strong resilience, with supply better than demand, characterized by weak domestic demand and stable exports. The manufacturing PMI for May 2025 improved to 49.5, indicating a slight recovery but still below the neutral level of 50 [7][12] - The manufacturing production index rose above 50 to 50.7, reflecting improved business conditions, while the strategic emerging industries PMI increased to 51, indicating growth in new orders and exports [12][15] Liquidity Conditions - The liquidity environment is characterized by external tightening and internal easing. The expectation for a Federal Reserve rate cut has been delayed, with the first cut potentially pushed to September 2025. Domestic liquidity is expected to remain stable and slightly loose following recent rate cuts [7][28][35] Policy Focus - The policy direction is concentrated on foreign trade, employment, and consumption. Recent measures include accelerating national bond issuance and targeted support for small and micro enterprises, technology industries, and employment stabilization [49][51] - Local governments are implementing consumption-boosting policies, including subsidies for various consumer goods and services, to stimulate domestic demand [52][56] Industry Allocation - The report suggests focusing on the technology, military, and electronics sectors for June 2025. The technology sector is expected to benefit from favorable conditions and catalysts, including significant financial policy announcements and advancements in autonomous driving technology [58] - Specific recommendations include companies in the computer sector such as Haiguang Information and Kingsoft, military firms like Aero Engine Corporation of China, and electronics companies such as Longi Green Energy [65][59][60][61] Computer Sector Insights - The computer sector is supported by strong demand for computing power, as evidenced by Nvidia's revenue growth of 69% year-on-year, reaching $44.1 billion in Q1 FY26, exceeding market expectations [59] - The supply chain for domestic computing is expected to benefit from U.S. export restrictions on certain chip series, enhancing the competitive position of local firms [59] Military Sector Insights - The military sector is anticipated to see accelerated orders as 2025 marks the conclusion of the 14th Five-Year Plan, with a focus on high-quality development in military construction [60] - The international military trade space is expected to expand, particularly following successful technology showcases at international defense exhibitions [60] Electronics Sector Insights - The electronics sector is poised for growth due to ongoing U.S. technology restrictions, which create opportunities for domestic semiconductor replacements [62] - Developments in autonomous vehicle technology and upcoming major tech events, such as Apple's Worldwide Developers Conference, are expected to provide further momentum for the electronics industry [62]

Investment Rating - The report maintains a "Buy" rating for Lianchuang Optoelectronics (600363.SH) and an "Increase" rating for Chip Origin Technology (688521.SH) [15][33]. Core Insights - The report highlights the recent achievement of China's new generation artificial sun, "China Circulation No. 3," which reached a plasma current of 1 million amperes and an ion temperature of 100 million degrees, marking significant progress in controlled nuclear fusion [4][13]. - Concerns are raised regarding the potential suspension of EDA (Electronic Design Automation) services to China by Siemens, which could impact the domestic semiconductor industry, emphasizing the need for self-sufficiency in EDA and IP services [5][14][6]. Market Performance - The electronic industry experienced a slight increase of 0.17% from May 26 to May 30, ranking 24th among the primary industries [23][26]. - The electronic industry's price-to-earnings (P/E) ratio stands at 57.64, with the highest valuations found in the computer, defense, and media sectors [23][26]. Industry Dynamics - The report notes that the EDA market is dominated by three major players: Synopsys, Cadence, and Siemens EDA, which collectively hold a 70% market share in mainland China [6][14]. - The report suggests focusing on domestic EDA and IP service providers such as Huada Jiutian, Guangliwei, and others due to the increasing importance of self-sufficiency in the industry [6][14]. Company Performance and Forecasts - Key companies in the report include: - Lianchuang Optoelectronics (600363.SH) with a projected EPS of 1.37 for 2025 and a P/E of 44.50 [15][33]. - Chip Origin Technology (688521.SH) with a projected EPS of 0.02 for 2025 and a P/E of 4365.50, rated as "Increase" [15][33]. - Other companies such as Guangliwei and Huada Jiutian are mentioned but remain unrated [15][33]. Sector Analysis - The report indicates that the passive components, printed circuit boards, and integrated circuit manufacturing sectors saw the highest growth during the review period [26][30]. - The semiconductor materials and optical components sectors ranked fourth and fifth in terms of valuation [26].

Investment Rating - The report maintains a "Buy" rating for Lianchuang Optoelectronics (600363.SH) and an "Increase" rating for Xinyuan Technology (688521.SH) [15][33]. Core Insights - China's new generation artificial sun, "China Circulation No. 3," has achieved a record of one million amperes and one billion degrees H mode, indicating significant progress in controlled nuclear fusion technology [4][13]. - Siemens' EDA division may suspend support for mainland China, which highlights the increasing importance of domestic EDA and IP service providers in the face of geopolitical tensions [5][14][6]. Market Performance - From May 26 to May 30, the electronic industry rose by 0.17%, ranking 24th among the primary industries, with a P/E ratio of 57.64 [23][26]. - The semiconductor sector is experiencing a mixed performance, with passive components, printed circuit boards, and integrated circuit manufacturing showing the highest gains [26][30]. Company Focus - Key companies to watch in the controlled nuclear fusion equipment and components supply chain include Lianchuang Optoelectronics, Yongding Co., Hefei BEST, Guoguang Electric, and others [4][13]. - In the EDA sector, domestic companies such as Huada Jiutian, Guangliwei, and others are recommended for attention due to the potential supply disruptions from major EDA providers [5][6][14]. Valuation and Earnings Forecast - The report provides earnings per share (EPS) and price-to-earnings (P/E) ratios for various companies, indicating significant variations in valuation across the sector [15][33]. - For instance, Lianchuang Optoelectronics is projected to have an EPS of 1.37 in 2025 with a P/E of 44.50, while Xinyuan Technology is expected to have an EPS of 0.02 with a P/E of 4365.50 [15][33].

Group 1 - The A-share market experienced a range-bound fluctuation near the 20-day moving average, with a decline in average daily trading volume to 1.14 trillion yuan [1] - Market performance was characterized by a hierarchy: consumption > growth > finance > cyclical [1] - Economic indicators such as the May PMI showed signs of recovery, but the overall economic situation remains weak due to trade friction uncertainties [1] Group 2 - Short-term risk appetite is limited, but declining interest rates favor safe-haven assets like gold and new consumption sectors with inherent growth support [2] - The long-term trade landscape has been disrupted by tariff impacts, benefiting safe-haven assets despite short-term fluctuations in gold prices [2] - The technology growth sector, particularly in AI, robotics, innovative pharmaceuticals, and military industries, may see renewed performance as earnings reports are released [2]

Group 1 - The core point of the news is the strategic restructuring announcement between Haiguang Information and Zhongke Shuguang, where Haiguang will absorb and merge Zhongke through a share exchange and raise supporting funds by issuing A-shares [1] - Zhongke Shuguang is a leading enterprise in China's server and computing infrastructure sector, listed on the Shanghai Stock Exchange since November 6, 2014 [1] - Haiguang Information is a leading company in China's CPU and GPU (AI chip) market, having been listed on the Sci-Tech Innovation Board on August 12, 2022 [1] Group 2 - The suspension period for trading is set to be no more than 10 trading days, with the latest resumption date being June 9, indicating a potential resumption of trading this week [1] - According to Minsheng Securities, the merger will enhance Haiguang's system integration capabilities, promoting the large-scale application of domestic chips in key industries such as government, finance, telecommunications, and energy [1] - The news suggests investment opportunities in technology mergers and acquisitions, particularly in the computing power industry, with a recommendation to pay attention to the Information Technology ETF (562560), which tracks the CSI All-Share Information Index [1]

智通财经APP获悉，医药股持续走高，截至发稿，君实生物(01877)涨5.53%，报20.05港元；康诺亚- B(01877)涨5.51%，报44.05港元；泰格医药(06127)涨5.24%，报33.15港元；荣昌生物(09995)涨4.4%，报 49.8港元。 消息面上，近日，在芝加哥召开的美国临床肿瘤学会(ASCO)年会上，来自中国的创新药企集中亮相， 超过70项研究入选口头报告，其中双抗药和ADC药物研究进展备受关注。 国金证券发布研报称，国家药监局批准11款全新创新药的上市申请，另外还有2款创新药拟纳入优先审 评，新品种密集获批有望赶上今年医保谈判放量，为相关企业业绩增长提供助力。同时政策端对创新药 的支持持续，叠加海外授权重磅交易不断落地，创新药景气度有望持续。当前环境下，建议重点关注仿 创药板块重估机会。同时，后期可能的国家医保谈判和集采进程也是投资把握的重要节点。 中信证券此前指出，医药板块2025年上半年表现出过去三年以来最好的市场收益，得益于集采等政策趋 势优化、商业医疗保险推动、AI产业催化赋能等医药外部环境的向好，以及在医药创新进入收获期和 关税扰动背景下自主可控趋势的驱动下，2025 ...

Summary of Key Points from the Conference Call Industry or Company Involved - The document discusses various sectors including EDA (Electronic Design Automation), stablecoins, automotive industry, robotics, and innovative pharmaceuticals. Core Points and Arguments 1. **EDA Supply Chain Disruption**: U.S. EDA manufacturers have been ordered to stop supplying to China, leading to a complete supply halt from three major chip design EDA companies. This affects companies such as Guangli Micro, Yibo Technology, Taiji Co., Huada Jiutian, and others [1] 2. **Stablecoins as Key to Application**: A roundtable on decoding crypto payments is set to discuss stablecoins, which are crucial for the practical application of cryptocurrency. The cross-border interbank payment clearing company CIPS has signed a memorandum of cooperation with the Central Bank of the UAE, involving companies like Yuyin Co., Huibo Yuntong, and others [1] 3. **Automotive Industry Growth**: The "new automotive" sector saw a significant increase in delivery volumes in May. Notable developments include Hongmeng Zhixing reaching new highs and Xiaomi's YU7 set for mass production in July. Tesla plans to launch Robotaxi in Austin on June 12 [1] 4. **Advancements in Robotics**: The Zhiyuan Expedition A2 has become the first humanoid robot to receive certifications from China, the U.S., and Europe. Honor has confirmed its entry into the robotics business [1] 5. **Innovative Pharmaceuticals Recognition**: At the upcoming ASCO annual meeting in Chicago, over 70 research results from Chinese pharmaceutical companies will be showcased, highlighting the global impact of domestic innovative drugs [1] Other Important but Possibly Overlooked Content - The document emphasizes the importance of stablecoins in the context of cross-border payments and the strategic partnerships being formed to enhance this sector [1] - The automotive sector's growth is linked to broader transportation policy developments, indicating potential regulatory support for innovation in this area [1] - The recognition of Chinese pharmaceutical companies at an international conference underscores the increasing global competitiveness of domestic innovation in healthcare [1]

Group 1 - A-shares opened lower with the Shanghai Composite Index down 0.22% and the ChiNext Index down 0.33%, while the precious metals sector showed strong performance [1] - Concerns over tariffs are resurfacing, which may suppress market sentiment in the short term, but the market is gradually becoming desensitized to tariff issues [1] - The improvement in industrial profits in April and the effective implementation of consumption incentive policies are expected to boost downstream consumption and support the midstream equipment manufacturing sector [1] Group 2 - Huaxi Securities indicates that the A-share market is currently in a repair phase, with a focus on precious metals, public utilities, and new consumption [2] - The slow pace of US-China trade negotiations is a key factor affecting market risk appetite, while the domestic long-term capital is gaining strength [2] - The recommendation includes a balanced allocation strategy, emphasizing sectors such as military industry, self-controllable technologies, and mergers and acquisitions [2] Group 3 - Dongfang Securities notes that the market remains in a sideways trend, facing pressure from mid-year performance verification, making a broad market rally unlikely [3] - The focus for June will be on policy developments, with expectations for national enterprise reform and new productivity policies to create investment opportunities [3] - The market is expected to receive liquidity support from the entry of medium to long-term funds, while thematic stocks and those with better-than-expected performance will continue to attract attention [3]