市场概况： 上周（5月26日至5月30日）A 股市场呈现结构性分化格局，低估值蓝筹与中小盘股表现迥 异。上证指数、深证及创业板指均有不同程度下跌，而万得微盘指数逆势上涨 2.65%，反映出权重股在 流动性边际收紧预期下的承压状态；与之形成鲜明对比的是，中证 500、中证 1000 等中小盘指数分别 上涨 0.32% 和 0.62%，市场结构性机会明显。 权益方面，美股三大指数集体上涨，科技巨头业绩超预期支撑风险偏好。欧洲市场德国DAX、法国 CAC表现较好。亚洲市场分化相对显著，新兴市场中越南、印度、巴西等涨跌互现。CBOE波动率指数 （VIX）下跌超10%，市场恐慌情绪降温。 商品方面，各品种承压明显。能源与工业金属领跌，贵金属随美元走强而回调，COMEX黄金仍收报于 3300美元/盎司上方。农产品方面，仅生猪期货上涨，BDI 干散货因中国进口需求而有所波动。 图 一周摘要 图 行业板块： 上周Wind一级平均涨幅0.17%，Wind百大概念指数上涨比例67%。板块方面，环保、医药 生物、国防军工相对表现良好，分别上涨3.42%、2.21%、2.13%，计算机、传媒、交通运输、通信等小 幅上行，而有色金属、 ...

Group 1 - The core viewpoint is that the end of Q3 to the beginning of Q4 may be a critical entry point for a potential bull market in indices [2][3] - Citic Securities anticipates a bull market for Chinese equity assets over the next year, starting from Q4 2025, with a significant shift in market style from small-cap stocks to core assets [3] - The report highlights three long-term trends for investment focus: enhancement of China's independent technology capabilities, Europe's reconstruction of autonomous defense, and China's acceleration in improving social security to stimulate domestic demand [3] Group 2 - Caixin Securities predicts that the structural market trend is likely to continue, with limited downside for A-share indices despite external market volatility [4][5] - Dongguan Securities expects the index to maintain high-level fluctuations in the short term due to external uncertainties and geopolitical risks [6][7] - Oriental Securities suggests that the market will primarily experience adjustments and fluctuations, with the Shanghai Composite Index expected to consolidate within the 3300-3400 point range [8][9]

Group 1 - The A-share market has returned to levels seen before April 2, indicating an upward adjustment in economic expectations for the second quarter, which may enhance risk appetite [1] - The market is expected to focus on structural trends, with a potential rotation between dividend and technology sectors contributing to excess returns [1] - The A500 index, designed with an "industry balance" approach, provides a natural barbell structure by evenly distributing investments between dividend and technology sectors [1] Group 2 - The A500 ETF (159339) has shown a high market activity with an average daily trading volume of 261 million yuan over the past 20 trading days [1] - In the A500 index, stocks such as Betta Pharmaceuticals and Sihuan Pharmaceutical have risen over 9%, while Huahai Pharmaceutical and Tigermed have increased over 7% [1] - The A50 ETF (159592) tracks the A50 index, which focuses on large-cap leading stocks across various industries, benefiting from increased market concentration due to supply-side reforms [2] Group 3 - Recent trade negotiations have led to a temporary recovery in market sentiment, but subsequent pullbacks indicate a return to rationality among investors, focusing more on fundamental support [2] - The previous rise in A-shares was primarily driven by event-based sentiment rather than substantial improvements in corporate earnings or macroeconomic conditions [2] - As short-term sentiment factors fade, capital pricing is expected to align more closely with actual business performance and industry development trends [2]

各位朋友好，我是帮主郑重。最近不少朋友跟我抱怨，说A股就像一潭死水，大部分板块每天都是"心电图"走势，买啥啥不动，卖啥啥起飞，简直让人抓心 挠肝。其实啊，这恰恰说明市场进入了典型的"存量博弈"阶段——场内资金在互相博弈，场外增量资金观望不前，这种时候要是还闷头乱冲，大概率要栽跟 头。 先给大家泼盆冷水：在没有大量新增资金入场的情况下，未来很长一段时间都会是结构性行情。啥意思？就是说，市场很难出现全面普涨，只有某个板块突 然被政策利好砸中，或者有主力资金悄悄布局，才会走出局部行情。比如前阵子AI算力突然爆发，固态电池概念旱地拔葱，背后都是主力资金在"点火"。这 时候如果你还抱着"躺平式炒股"的心态，盯着大盘指数等普涨，大概率会错过机会，甚至被诱多陷阱套住。 那怎么在这种僵局里找到机会？关键就三句话：看懂市场状态，看透主力意图，想清自己节奏。 先说看懂市场状态。现在的盘面就像一场"猫鼠游戏"，主力资金就像鳄鱼一样潜伏在水草里，平时不动声色，一旦发现猎物（比如政策风口、行业拐点）， 就会突然发动攻击。这时候你得学会看"水位"——也就是成交量和资金流向。如果某个板块连续几天温和放量，股价却没怎么涨，那可能是主力在悄悄 ...

Core Viewpoint - The active equity funds have shown significant performance disparity in 2023, with some funds achieving over 80% returns while others have seen declines exceeding 25% [1][2][5]. Group 1: Performance Highlights - As of May 20, 63 active equity funds have returned over 30% this year, with 11 funds exceeding 50% [1][2]. - More than 150 active equity funds have reached historical highs in their adjusted net asset values [1][2]. - The top-performing funds have capitalized on opportunities in innovative pharmaceuticals, new consumption, and robotics sectors [1][3]. Group 2: Characteristics of Top-Performing Funds - The leading fund, 华夏北交所创新中小企业精选两年定开混合基金, achieved a return of 80.79%, followed by 中信建投北交所精选两年定开混合基金 at 73.12% and 汇添富北交所创新精选两年定开混合基金 at 63.29% [3]. - Funds heavily invested in the robotics sector, such as 鹏华碳中和主题混合基金, reported returns of 61.72%, with several others exceeding 50% [3]. - Pharmaceutical-themed funds, particularly those focused on innovative drugs, have also performed well, with 长城医药产业精选混合基金 returning 55.32% [3]. - Funds focused on new consumption have seen significant rebounds, with 恒越匠心优选一年持有期混合基金 achieving a return of 51.49% [3]. Group 3: Underperforming Funds - Over 90 active equity funds have experienced declines of more than 10%, with the worst-performing fund down by 27.03%, resulting in a performance gap of 107.82 percentage points [1][5]. - Underperforming funds often exhibit concentrated holdings and frequent changes in their top stocks, indicating a trend of chasing market movements [5]. Group 4: Fund Flow and Market Outlook - Due to increased inflows into high-performing funds, several have announced purchase limits, including 中信保诚多策略混合基金 and 中欧价值回报混合基金 [5][6]. - The market is expected to shift from emotion-driven pricing to a focus on fundamentals, with attention on technology growth sectors, cyclical areas, and dividend assets [6]. - The AI sector is highlighted as a key investment theme for the year, with opportunities in AI applications and related hardware expected to exceed market expectations [6].

中原证券认为，周二A股市场高开高走、小幅震荡上行，盘中汽车、食品饮料、光学光电子以及文化传 媒等行业表现较好；航运港口、航天航空、煤炭以及房地产等行业表现较弱，沪指全天基本呈现小幅震 荡上行的运行特征。一季度GDP同比增长5.4%，经济复苏动能强劲，企业盈利增速拐点显现，现金流 改善为市场提供基本面支撑。人民币汇率企稳回升，外资流入预期增强，流动性环境整体宽松。预计短 期市场以稳步震荡上行为主，市场有望延续结构性行情，政策支持与流动性宽松为市场提供底部支撑。 仍需密切关注政策面、资金面以及外盘的变化情况。 东莞证券认为，周二，大盘高开后红盘震荡，北证50、微盘股指数均创历史新高。海外市场方面，美联 储副主席杰斐逊表示，在制定货币政策时，将把穆迪下调美国信用评级视为普通的经济数据；纽约联储 主席威廉姆斯表示，在贸易动荡的背景下，对外国投资者撤离美国资产的担忧确实存在，但他认为，美 国"避风港"地位目前并未面临紧迫风险。国内市场方面，4月经济数据顶住压力稳定增长。往后看，外 部环境不确定性仍存在，但当前A股市场具备较高的战略定力和更强的韧性，大盘在此位置也有进一步 上行的动力。短期市场或维持震荡走势，长期看市场有 ...

每经记者｜郑步春 每经编辑｜肖芮冬 周二A股温和上涨，截至收盘，上证综指涨0.38%至3380.48点；深综指涨0.84%，创业板综指涨1.04%， 科创50指数涨0.24%，北证50指数涨1.22%。全A总成交额为12112亿元，较周一的11189亿元有所放大。 部分大消费类个股领涨，如盲盒经济、宠物经济、美容等。此外，文教、日用化工、仓储物流、互联 网、医药等表现也相对较强。下跌个股较少，交通设施、化纤、航空等板块稍有下跌。 预计A股未来仍维持震荡格局，降息所带来的利好可能较难持续推升A股上涨。当物价低迷时，实质利 率就有可能上升，故名义利率的下调所带来的利好效应就会被对冲掉一部分。 在可预见的未来，个人觉得A股短期内大概率会有些结构性行情，系统性大涨的概率暂时比较低，除非 外围环境大幅改善或国内分配制度、医疗保障、教育等诸多限制消费方面的改革力度大幅增加。 操作方面，建议投资者继续观望或调仓，偏好短期操作的投资者不妨暂关注出口型个股机会，偏好中线 的投资者不妨更加重视科技股、消费类个股的潜在机会。 封面图片来源：视觉中国-VCG211478322341 汇市方面，上周冲高回落的美元于本周进一步下滑，周一 ...

微盘股能在今年再创新高，恐怕在很多人的意料之外。 参考中邮证券金工团队的统计，近一季万得微盘股指数上涨17.15%，在38个宽基指数当中排名第1；近一年万得微盘股指数上涨64.6%，在38个宽基 指数当中排名第2。不仅如此，万得微盘股指数还连续5个月出现月度级别的K线上涨。 那么，该如何理解当下再创新高的微盘股呢？ 有人觉得微盘股再创新高的背后，是 流动性充裕 的结构性行情。华创证券的报告中提到，小盘成长风格（科创50、北证50、国证2000、微盘股）有 望受益于更快落地的货币宽松。4月剩余流动性【M2同比-社融存量（剔除股权融资和政府债券）同比】从0.98%升至1.86%。叠加央行优化两项支持 资本市场的货币政策工具、支持中央汇金公司发挥好类"平准基金"两项政策支持股市流动性，当下的小盘成长行情得到进一步加强。 参与人多的地方，关注点就得聚焦到资金面上。事实上，这不是小编第一次涉足微盘股话题，在过去的内容中，我们曾和大家探讨过 （请戳这里） ，微盘股策略赚的不是基本面的钱，而是估值的提升。此前国海证券的报告中通过分解股票收益为PE（市盈率）乘以EPS（每股收益），发现小微 也有人将此归因为 资金属性 所致。 ...

Group 1 - The core viewpoint of the articles indicates that the market is expected to experience a steady upward trend supported by policy measures and liquidity easing, with a focus on technology growth and consumer recovery as the main driving forces [1][2] - The Central Political Bureau meeting emphasized timely interest rate cuts and reserve requirement ratio reductions, which are expected to release liquidity through structural tools, thereby solidifying the market bottom [1] - In Q1 2025, the net profit attributable to shareholders of A-shares turned positive year-on-year, with significant recovery in the profitability of small and medium-sized stocks, particularly in the TMT and consumer sectors [1] Group 2 - The CSI 500 Quality Growth Index consists of 100 listed companies selected for their high profitability, sustainable earnings, and strong cash flow, providing diverse investment options for investors [2] - As of April 30, 2025, the top ten weighted stocks in the CSI 500 Quality Growth Index accounted for 24.07% of the index, with notable companies including Chifeng Jilong Gold Mining and Ninebot [2][4] - The 500 Quality Growth ETF closely tracks the CSI 500 Quality Growth Index, offering investors a way to invest in these high-quality growth companies [2][4]

上证指数站稳5日线，MACD红柱放大，短期趋势确实强。但30分钟级别顶背离已经出现三次，就像开车遇到急转弯，得踩踩刹车。历史经验告诉我们，快 速突破后如果量能跟不上，5%-8%的回撤很正常。所以咱们得盯紧量能——今天要是早盘半小时成交量破3000亿，指数冲3400点才有戏；要是缩量冲高，该 减仓就得减。 第三，聪明钱在悄悄换赛道 老铁们好，这里是帮主郑重每天的盘前策略时间。老规矩，咱们不整虚的，直接上干货，拆解这波行情里的机会和门道。 先说个大实话：昨天A股这根放量长阳，成交额1.3万亿，北向资金狂买118亿，确实够劲爆！但别急着喊牛市，咱们得看清楚这波行情的底层逻辑。 军工板块集体爆发不是偶然，成飞概念股涨停潮背后，是政策对高端制造的持续加码。科技这边更热闹，人形机器人、AI算力、低空经济这些赛道全线开 花，消费电子更是被中美关税松绑的消息点燃。但别光看热闹，得看资金往哪流——北向资金昨天118亿真金白银砸向科技成长股，说明外资对中国产业升 级的信心回来了。 第二，技术面强但别贪杯 2. 死磕主线：科技成长（AI算力、机器人）、新能源（固态电池）、消费电子（关税松绑受益股）这三个方向，重点看有技术突破的龙头 ...