市场层面，端午节前A股三大指数全线调整。对于A股后市，多家机构认为市场调整空间有限，科技成长已到左侧关注时。中信建投称，关税担忧短期或压 制市场情绪，但市场正逐步对关税脱敏，中国基本面韧性将为市场提供底部支撑；广发证券表示，A股市场目前窄幅震荡，若国内财政和中美关系无新进 展，科技产业变化或成触发因素，6月大厂发布会成色关键；兴业证券认为，短期关税扰动或冲击市场及科技风格，但结合交易指标、日历效应等，科技成 长风格已到左侧关注时，同时可重视军工、创新药等板块配置机会。（陈十一） 同日，深交所还发布关于深港通下的港股通标的证券名单调整的公告，因富智康集团开始并行买卖合并股份、钧达股份在香港市场价格稳定期结束且相应A 股上市满10个交易日，港股通标的证券名单自2025年6月3日起调整。 【环球网财经综合报道】6月3日，深交所发布关于调整深证成指、创业板指、深证100等指数样本股的公告，调整将于2025年6月16日生效。 具体来看，深证成指调入中钨高新等20只个股，调出南玻A等20只个股；创业板指调入蓝色光标等8只个股，调出安科生物等8只个股；深证100指数调入领 益智造等3只个股，调出TCL中环等3只个股。此外， ...

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]

近期，信创ETF（159537）规模持续增长，连续5日净流入额超4.5亿元，该基金跟踪国证信息技术创新 主题指数。 为什么信创ETF（159537）受到市场高度关注？国产芯片龙头海光信息技术股份有限公司与服务器霸主 曙光信息产业股份有限公司共同发布公告，双方拟筹划进行资产重组。海光信息和中科曙光是信创ETF （159537）标的指数的权重股，合计权重超过13%。信创ETF（159537）是全市场已上市ETF跟踪指数 中持有两只合并股票权重最高的标的之一，自然受到市场高度关注。 作为算力企业，中科曙光与算力芯片核心供应商海光信息在产业链上可形成深度互补关系。若此次整合 成功，将实现"芯片-服务器-解决方案"的全栈式能力融合，有效贯通产业链关键环节。 兴业证券表示，当前轮动强度处于历史高位，未来一段时间，轮动强度有望收敛，市场或孕育出新的结 构性主线。6月市场主线有望再度偏向科技成长，其在经历调整后，或已来到性价比较高区间。 注：指数/基金短期涨跌幅及历史表现仅供分析参考，不预示未来表现。市场观点随市场环境变化而变 动，不构成任何投资建议或承诺。文中提及指数仅供参考，不构成任何投资建议，也不构成对基金业绩 的预测 ...

Core Viewpoint - The A-share market is undergoing significant adjustments, with major indices such as the Shenzhen Component Index, ChiNext Index, and Shenzhen 100 Index set to change their constituent stocks on June 16, 2025, as announced by the Shenzhen Stock Exchange [1][3]. Index Adjustments - The Shenzhen Component Index will see 20 stocks added and 20 stocks removed, while the ChiNext Index will have 8 stocks added and 8 stocks removed, and the Shenzhen 100 Index will have 3 stocks added and 3 stocks removed [3][4][5][6]. - Specific stocks being added to the Shenzhen Component Index include Zhongtung High-tech, Gansu Energy, and Sichuan Jiuzhou, while stocks such as Nanbo A and Tianmao Group will be removed [4]. - The ChiNext Index will include stocks like BlueFocus Communication Group and Changying Precision, while stocks like Anke Bio and Steel Research High-tech will be removed [5]. - The Shenzhen 100 Index will add stocks such as Lingyi Technology and Runze Technology, while removing TCL Zhonghuan and Nasda [6]. Market Outlook - Following the adjustments, the A-share market is expected to face limited adjustment space, with a focus on whether it can regain upward momentum [11]. - Multiple institutions suggest that the market is gradually desensitizing to tariff concerns, with improvements in industrial profits and consumer growth supporting the midstream manufacturing sector [11]. - The technology sector, particularly AI-related stocks, is highlighted as having potential for recovery after a three-month adjustment period, with upcoming major company announcements in June being crucial [12].

Core Viewpoint - The recent introduction of quantitative trading regulations, the cooling of Federal Reserve rate cut expectations, and China's tariff countermeasures are the three major factors influencing the A-share market's performance, potentially leading to a low-open, high-close trend next week [1][3]. Regulatory Impact - The implementation of the "Procedural Trading Management Implementation Rules" by the three major exchanges in China will have a profound impact on the stock market ecosystem, establishing standards for high-frequency trading and introducing AI monitoring systems to address four types of abnormal trading behaviors [1]. - The new regulations may suppress the trading volume of quantitative strategies, which currently account for 25%-30% of total trading volume in A-shares, but will enhance trading fairness, benefiting retail investors in the long run [3]. Market Outlook - The Federal Reserve's recent statements have dampened global rate cut expectations, indicating that inflation may rise due to tariffs, which could lead to a cautious approach towards rate cuts [3]. - The shift in the Fed's stance from targeting a 2% inflation rate to a wait-and-see approach has resulted in a rise in the dollar index, putting pressure on risk assets, particularly interest rate-sensitive sectors like technology stocks [3]. Investment Strategy - Investors are advised to focus on two main themes: "beneficiaries of countermeasures" and "domestic demand recovery," targeting sectors and stocks that benefit from tariff countermeasures and domestic demand stimulus policies [3]. - A balanced allocation between technology growth stocks and high-dividend defensive stocks is crucial, as technology stocks may face short-term pressure from foreign capital withdrawal, while high-dividend stocks can provide protection during market volatility [3].

Group 1 - The core viewpoint of the article is the extension of tariff exemptions under Section 301 by the U.S. Trade Representative's Office, which has been extended from May 31, 2025, to August 31, 2025, for certain products related to technology transfer, intellectual property, and innovation from China [1] - The 301 tariffs were initially imposed by Trump in 2018, targeting $34 billion worth of Chinese goods with a 25% tariff, and later increased by Biden in 2024 for categories like electric vehicles and semiconductors [2][3] - The contradiction of the U.S. imposing tariffs while simultaneously granting exemptions stems from its reliance on Chinese products in key sectors such as smartphones and semiconductors, which are areas of absolute advantage for China [3] Group 2 - The current U.S.-China negotiations are stagnating, with uncertainties surrounding judicial reviews of Trump's tariffs, which could undermine the rationale for negotiations if the courts rule against the tariffs [6][7][8] - The U.S. has shown a poor negotiating attitude, with restrictions on semiconductors and Chinese students, leading to a lack of willingness from China to engage in talks [9][10] Group 3 - The article discusses the volatility in the A-share market and the acceleration of sector rotation, noting that June typically sees a convergence in market trends after a challenging May [11][12] - Most domestic brokerages predict a focus on technology growth sectors in June, as these sectors have become more attractive after adjustments, with technology's trading volume dropping to historical lows of around 22-23% [13][14][16] Group 4 - The article highlights the increasing interest in AI, with a significant report from Meeker indicating a surge in AI user penetration, usage, and capital expenditure growth [17][19] - AI user penetration is expanding, with older demographics increasingly engaging with AI technologies like ChatGPT, which has reached 800 million users in just 17 months, surpassing historical growth rates of any technology [22][23][25] - Capital expenditures by major U.S. tech companies have increased by 63% over the past decade, reaching $212 billion, with Amazon's investment in AI infrastructure being particularly notable [33] - The competitive landscape in AI is shifting, with China emerging strongly, matching the U.S. in the number of large-scale AI systems and rapidly improving the performance of its models [36][39][42] - The article concludes that the AI competition is forming a bipolar structure between the U.S. and China, with both countries significantly outpacing others in the development of AI technologies [42][45]

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]

Group 1 - The market opened with fluctuations, with the technology growth sector rebounding after a pullback, particularly the AI ETF (515070) which saw significant gains in its holdings such as Zhongji Xuchuang and notable increases in stocks like Xinyisheng and Chip Origin [1] - The Shanghai Municipal Development and Reform Commission, along with other departments, issued a three-year action plan (2025-2027) to accelerate the development of the rehabilitation assistive devices industry, emphasizing the integration of AI and other technologies in this field [1] - The plan aims to implement 10 key technology development projects and support at least 5 products in elderly care technology by 2027, encouraging enterprises to apply for national-level projects [1] Group 2 - The AI ETF (515070) tracks the CS Artificial Intelligence Theme Index (930713), focusing on companies that provide technology, resources, and applications in the AI sector, often referred to as the "brain" creators of robots and the "ground" of the Internet of Everything [2] - The top ten weighted stocks in the ETF include leading domestic technology firms such as Cambricon Technologies, Hikvision, Zhongji Xuchuang, and others [2] Group 3 - Related products include the AI ETF (515070), China Securities Artificial Intelligence Theme ETF Link A (008585), and China Securities Artificial Intelligence Theme ETF Link C (008586) [3]

Group 1: Consumer Sector Performance - The consumer sector in A-shares is actively leading the market, with companies like Pop Mart and Mixue Group reaching historical highs in stock prices, with Pop Mart's stock price at 231.60 HKD and a market cap exceeding 310 billion HKD, while Mixue Group's stock price is at 571 HKD with a market cap surpassing 210 billion HKD [1][1] - The report highlights the strong performance of various segments within the consumer sector, including dairy, cultivated diamonds, beer, liquor, and millet economy [1] Group 2: Banking and Internship Opportunities - A recent initiative by Industrial Bank allows clients with over 10 million CNY in new deposits to secure internship opportunities for their children at prestigious companies like JPMorgan, CICC, Google, and Microsoft, with confirmation from bank staff that the program exists but is currently closed for applications [1][1] Group 3: Salary Trends in Industries - The National Bureau of Statistics reported that the highest average annual salaries in 2024 are in the information transmission, software and IT services, and financial sectors, with the information transmission and IT services sector having a 34.60% increase in average salary over the past five years [1][1] Group 4: A-share Market Dynamics - The A-share market is experiencing increased volatility and accelerated sector rotation, with a focus on technology growth opportunities as the technology sector's crowdedness has decreased, making it more attractive for investment [2][2] - The TMT sector's trading volume has dropped to about 23%, lower than levels seen in 2023 and 2024 during previous adjustments, indicating potential for recovery [2][2] Group 5: Beverage Market Trends - The market for traditional Chinese herbal drinks has seen significant growth, with the market size increasing from 0.1 million CNY in 2018 to 4.5 million CNY in 2023, and projected to exceed 10 billion CNY by 2028, driven by younger consumers [2][2] Group 6: Education and Training Industry - The competitive landscape in the education and training sector for exams like graduate school entrance and civil service has led to a proliferation of training institutions, which are increasingly focusing on marketing their teaching staff as "famous teachers" to attract students [3][3] Group 7: Robotics Market Growth - The domestic market for robotic vacuum cleaners is expected to experience explosive growth by 2025, with online sales increasing by 67.0% and offline sales by 100.5% in the first four months of the year, indicating strong market vitality [3][3] - Major brands like Roborock and Ecovacs have reported significant revenue increases of 86.2% and 11.1% respectively in the first quarter, showcasing robust performance in the sector [3][3]

Core Viewpoint - The A-share growth sector is experiencing a rapid correction, with adjustments seen in popular areas such as telecommunications, electronics, military industry, and chips, while the artificial intelligence sector shows continued differentiation and a surge in domestic software stocks [1] Group 1: Market Performance - The AI ETF (515070) saw its holdings, including China Software, rise over 2%, while stocks like Hengxuan Technology, Chipone, and 360 also performed positively [1] - The AI ETF (515070) opened lower and experienced a decline of over 1% during trading, with a transaction volume exceeding 30 million yuan [1] Group 2: Investment Insights - Industrial Securities suggests that the main market line in June may shift back towards technology growth, as the sector has reached a more favorable valuation range after adjustments [1] - The previous theme-based trading that aligned with public fund benchmarks has suppressed the relative allocation towards technology growth, but this trend is loosening [1] - Indicators such as rolling return differences, crowding degree, and transaction share suggest that it is now time to seek specific directions for investment in technology [1] Group 3: AI ETF Composition - The AI ETF (515070) tracks the CS Artificial Intelligence Theme Index (930713), selecting component stocks that provide technology, basic resources, and applications in the AI sector, focusing on the midstream and upstream of the AI industry chain [1] - The top ten weighted stocks in the ETF include leading domestic technology firms such as Cambricon Technologies, Hikvision, Zhongji Xuchuang, Inspur, iFlytek, Will Semiconductor, Newray, Lianqi Technology, Kingsoft, and Unisplendour [1]