证券研究报告 2025 年 6 月 4 日 星期三 【A 股市场大势研判】 市场全天震荡反弹，三大指数小幅上涨 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 1 市场表现： | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 | 上证指数分时图 | | --- | --- | --- | --- | --- | | 上证指数 | 3361.98 | 0.43% | 14.49 | | | 深证成指 | 10057.17 | 0.16% | 16.54 | | | 沪深 300 | 3852.01 | 0.31% | 11.78 | | | 创业板 | 2002.70 | 0.48% | 9.51 | | | 科创 50 | 981.71 | 0.48% | 4.68 | | | 北证 50 | 1423.15 | 1.03% | 14.46 | | 资料来源：东莞证券研究所，iFinD 数据 板块排名： | 申万一级涨幅前五 | | | 申万一级跌幅前五 | 热点板块 n | 涨幅前五 | 热点板块跌幅前五 | ...

Core Insights - The A-share market experienced slight adjustments with the Shanghai Composite Index closing down 0.02% at 3,339.93 points, while the Shenzhen Component and ChiNext Index fell by 0.26% and 0.31% respectively. The total trading volume in the A-share market reached 1.03 trillion RMB, with over 3,400 stocks declining [2][7] - In the industry sector, textiles and apparel, as well as the environmental protection industry, led the gains, while basic chemicals and agriculture, forestry, animal husbandry, and fishery sectors saw declines. Concept sectors such as medical waste treatment and combustible ice performed well, whereas epoxy propane and genetically modified concepts faced significant losses [2][7] - The Hong Kong market also saw declines, with the Hang Seng Index down 0.53% and the Hang Seng Tech Index down 0.15%. Internationally, all three major U.S. indices closed lower, with the Dow Jones down 0.58%, S&P 500 down 0.56%, and Nasdaq down 0.51% [2][7] Important News - A seminar on the semiconductor industry was held in Beijing, attended by representatives from over 40 semiconductor companies from China and Europe. The meeting focused on enhancing economic and trade cooperation in the semiconductor sector, emphasizing the importance of mutual advantages and compliance with laws to maintain global semiconductor supply chain security [3][8] Market Analysis - As of May 26, the Shanghai Composite Index rose by 2.07% compared to the end of April, indicating a mixed performance among major A-share indices. The liquidity in the A-share market remained stable, with a slight decrease in the number of newly established equity funds and minor reductions in shareholdings by major stakeholders. However, trading volume rebounded, and the scale of locked-up shares released decreased [9] - Investor confidence has improved, with significant inflows into popular sectors such as automotive and biopharmaceuticals, driven by easing U.S.-China tariff policies and supportive financial measures. The market's overall trading activity has seen fluctuations, but sectors like specialized and innovative driving concepts continue to attract attention [9][10] Industry Outlook and Recommendations - The easing of U.S.-China trade tensions has positively impacted market sentiment, with both countries' major indices showing signs of stabilization. The domestic economy has shown resilience, with April data indicating stable growth amid macroeconomic policy support. The focus on expanding domestic demand is expected to enhance consumer spending and drive growth in the consumer sector [10][12] - The China Securities Regulatory Commission (CSRC) is set to introduce a series of financial policies aimed at stabilizing the market and enhancing liquidity. These measures include reforms in the STAR Market and ChiNext, aimed at improving institutional inclusivity and adaptability. The report suggests focusing on sectors that will benefit from domestic consumption growth and technological advancements [12]

市场全天窄幅震荡，三大指数小幅下跌 市场表现： | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 | 上证指数分时图 | | --- | --- | --- | --- | --- | | 上证指数 | 3339.93 | -0.02% | -0.76 | | | 深证成指 | 10003.27 | -0.26% | -25.85 | | | 沪深 300 | 3836.24 | -0.08% | -3.16 | | | 创业板 | 1985.38 | -0.31% | -6.26 | | | 科创 50 | 970.64 | -0.23% | -2.28 | | | 北证 50 | 1378.23 | -1.39% | -19.41 | | 资料来源：东莞证券研究所，iFinD 数据 板块排名： | 申万行业表现前五 | | | 申万行业表现后五 | 概 | 念板块表现前五 | 概念板块表现后五 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 纺织服饰 | 1.17% | 基础化工 | -0.79% | 医疗废物处理 | 2.66% | 环氧 ...

截至5月28日收盘，兵装重组概念下跌1.73%，位居概念板块跌幅榜前列，板块内，湖南天雁、长城军 工、建设工业等跌幅居前。 （文章来源：证券时报网） 今日涨跌幅居前的概念板块 兵装重组概念资金流出榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 000625 | 长安汽车 | -0.40 | 0.68 | -10974.77 | | 601606 | 长城军工 | -2.20 | 2.04 | -1648.73 | | 600698 | 湖南天雁 | -4.41 | 6.62 | -1558.92 | | 002265 | 建设工业 | -1.61 | 3.39 | -1502.83 | | 600178 | 东安动力 | -0.73 | 5.32 | -1080.75 | | 002189 | 中光学 | -1.50 | 2.14 | -868.57 | | 688151 | 华强科技 | -1.27 | 0.96 | -73.22 | | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅 ...