Core Viewpoint - The article emphasizes the importance of tracking institutional fund behavior rather than merely focusing on profit and loss figures or strategic statements from companies, suggesting that true market movements are driven by underlying fund participation rather than just event-driven narratives [1]. Group 1: Event-Driven Market Characteristics - The energy market in 2025, influenced by geopolitical conflicts, is identified as a classic event-driven case, with the market attributing price movements solely to these events [3]. - Prior to the conflict, institutional fund activity indicated a sustained engagement, which did not immediately affect stock prices, highlighting a divergence between fund behavior and price movements [5]. Group 2: Cross-Sector Fund Behavior - Observations across different sectors reveal a consistent pattern where institutional fund activity precedes market attention, indicating that price movements often lag behind fund participation [7]. - In the sports sector during the summer of 2025, stock prices began to rise as market interest grew, but key fund signals had already emerged earlier in the market cycle [7]. Group 3: Signals During Market Fluctuations - Institutional fund participation can lead to prolonged price stagnation, which may be overlooked by average investors, as seen in the dye sector at the beginning of 2026 [8]. - The commercial space sector saw active fund participation before it became a market focus, with price stability contrasting with active fund engagement [10]. Group 4: Challenges of Fundless Themes - Not all thematic concepts lead to upward price movements; a commercial space sector stock experienced a decline despite rising sector interest due to a lack of sustained fund participation [12]. - The absence of active institutional engagement in a stock, even during periods of low price, indicates a lack of foundational support for price increases, reinforcing that themes alone cannot drive market performance [12]. Group 5: Data-Driven Investment Insights - The article advocates for a data-driven approach to understanding market dynamics, focusing on fund behavior rather than subjective interpretations of events or themes [12]. - Establishing a data-driven investment perspective is crucial for investors to navigate the complexities of the market and identify reliable investment signals [12].

Group 1 - A-shares experienced a significant rebound on Thursday, ending a period of low trading volume, driven by news of a U.S. court ruling that suspended the implementation of new tariffs announced by the Trump administration [1][3] - The market sentiment improved notably due to the court's decision, leading to a rise in U.S. stock index futures and a general increase in Asia-Pacific markets [1][3] - The future direction of tariff-related events remains uncertain, with potential implications for market performance depending on whether the Trump administration will appeal the ruling and how ongoing tariffs will be managed [1] Group 2 - June is expected to continue being driven by event-based thematic trading, with low-position sectors such as consumption and pharmaceuticals showing promise, alongside well-adjusted technology growth sectors [2] - The focus on expanding domestic consumption is a key task for 2025, with expectations for policy support to boost sectors like dairy products, IP consumption, leisure tourism, and medical aesthetics [2] - The trend towards domestic production of robotics is anticipated to grow, with opportunities arising in sensor, controller, and dexterous hand sectors as robots become more integrated into daily life [2] - The semiconductor industry is expected to continue its domestic production trend, with attention on semiconductor equipment, wafer manufacturing, materials, and IC design [2] - The military industry is projected to see a rebound in orders by 2025, with signs of recovery already visible in various sub-sectors [2] - The innovative pharmaceutical sector is entering a recovery phase after nearly four years of adjustment, with positive net profit growth expected to continue into 2025 [2]