Group 1 - Multiple QDII funds have adjusted their subscription limits since August, primarily due to urgent investment quotas and significant international market volatility impacting fund holders' interests [1][2] - Specific funds such as Bosera Nasdaq 100 ETF and Wanji Nasdaq 100 Index have announced suspension of subscriptions to protect the interests of fund holders [2] - The recent adjustments in QDII quotas are aimed at meeting the reasonable demand for overseas investments while ensuring the stability of fund operations [3] Group 2 - The total net asset value of QDII funds has increased from 533.768 billion to 621.829 billion yuan since the beginning of the year, with the number of products rising from 307 to 313 [4] - The growth in QDII fund scale and quantity is attributed to investors' preference for diversified asset allocation and increased demand for international assets [4] - Performance among QDII funds has varied significantly, with some funds achieving over 100% net value growth, while others have reported negative growth [4][5] Group 3 - Gold-themed QDII funds have performed well this year, with net value growth rates exceeding 30%, while energy-related funds have faced declines due to international oil price fluctuations [5] - Bond QDII funds have shown relative stability, maintaining certain defensive characteristics and stable returns despite short-term policy impacts [5] - Overall, QDII funds have maintained stability in product quantity and asset scale, with notable performance in high-growth sectors like pharmaceuticals and artificial intelligence [5]

Market Overview - During the week of June 9-13, the A-share market showed a weak fluctuation, with the Shanghai Composite Index, CSI 300, and CSI 500 declining by 0.25%, 0.25%, and 0.38% respectively, while the ChiNext Index increased by 0.22% [6] - The performance of various sectors was mixed, with non-ferrous metals (+3.79%), oil and petrochemicals (+3.50%), and agriculture, forestry, animal husbandry, and fishery (+1.62%) leading the gains, while food and beverage (-4.37%), home appliances (-3.26%), and building materials (-2.77%) faced the largest declines [6] - The current PE (TTM) for CSI 300 is 12.72 times, with a risk premium of 6.22%, which is above one standard deviation, while the ChiNext Index's PE (TTM) is 30.99, below one negative standard deviation [6] Economic Indicators - As of the end of May, the total social financing scale increased by 8.7% year-on-year, with M2 balance growing by 7.9% and M1 balance by 2.3% [6] - In the first five months, the incremental social financing reached 18.63 trillion yuan, which is 3.83 trillion yuan more than the same period last year, with RMB loans increasing by 10.68 trillion yuan [6] - The CPI in May decreased by 0.2% month-on-month and 0.1% year-on-year, while the core CPI, excluding food and energy prices, rose by 0.6% year-on-year, indicating a need for continued monetary and fiscal policy support [6] Geopolitical Events - On June 13, Israel launched airstrikes against Iran, targeting nuclear facilities and military capabilities, which escalated geopolitical tensions and caused volatility in global financial markets [6] - The conflict between Israel and Iran has led to a rise in geopolitical risk premiums, with global markets experiencing turmoil, and commodities like oil and gold seeing price increases [6] Investment Strategy - The report maintains a view of continued wide fluctuations and structural trends in the A-share market, emphasizing the importance of domestic fundamental factors for market direction [6] - It is recommended to focus on value dividend sectors and domestically supported technology industries, including artificial intelligence, semiconductors, pharmaceuticals, and defense industries [6] - The report highlights that the impact of the Israel-Iran conflict on the A-share market is primarily emotional, with sustained impacts expected to be limited [6] Valuation Analysis - In terms of PE valuation, sectors such as food and beverage, agriculture, forestry, and fishery are at historical lows, while real estate and computer sectors are at historical highs [26] - The report provides percentile rankings for PE (TTM) and PB (LF) across various sectors, indicating where current valuations stand relative to historical data [27][29]

Market Performance - The A-share market experienced a rebound with the Shanghai Composite Index, CSI 300, CSI 500, and ChiNext Index rising by 1.13%, 0.88%, 1.60%, and 2.32% respectively during the week of June 2-6[5] - The PE (TTM) for CSI 300 is currently at 12.56 times, with a risk premium of 6.31%, which is above one standard deviation[5] - The PE (TTM) for ChiNext is at 30.92, below one negative standard deviation[5] Economic Indicators - The OECD has downgraded the U.S. economic growth forecast for 2025 from 2.2% to 1.6% and for 2026 to 1.5% due to tariff policies and increased uncertainty[5] - The global growth forecast for 2025 has been reduced from 3.10% to 2.9%[5] - The U.S. non-farm payrolls increased by 139,000 in May, above the market expectation of 130,000, while the unemployment rate remained at 4.2% for the third consecutive month[5] Policy Developments - The People's Bank of China conducted a 100 billion yuan reverse repo operation to maintain liquidity in the banking system[5] - The Shanghai Stock Exchange plans to encourage listed companies to increase dividend payouts and enhance market value management tools[5] Investment Strategy - The report suggests focusing on value dividend sectors and domestically supported technology industries such as AI, semiconductors, and defense[5] - The market is expected to maintain a wide fluctuation and structural trend, with short-term upward momentum lacking due to weak domestic economic fundamentals[5]

Market Overview - During the week of June 2 to June 6, the A-share market experienced a rebound, with the Shanghai Composite Index, CSI 300, CSI 500, and ChiNext Index rising by 1.13%, 0.88%, 1.60%, and 2.32% respectively [5] - The sectors that performed well included telecommunications (+5.27%), non-ferrous metals (+3.74%), and electronics (+3.60%), while household appliances (-1.79%), food and beverage (-1.06%), and transportation (-0.54%) lagged behind [5] - The current PE (TTM) for CSI 300 is 12.56 times, with a risk premium of 6.31%, which is above one standard deviation, while the ChiNext Index's PE (TTM) is 30.92, below negative one standard deviation [5] Economic and Policy Insights - The Chinese President Xi Jinping and U.S. President Trump had a phone conversation, agreeing to continue implementing the Geneva consensus and hold new talks soon, which may reduce uncertainties regarding U.S.-China tariff tensions [5] - The People's Bank of China conducted a 1 trillion yuan reverse repo operation to maintain liquidity in the banking system, which is expected to stabilize market expectations [5] - The OECD has downgraded the U.S. and global economic growth forecasts, with the U.S. growth rate for 2025 revised down from 2.2% to 1.6% due to tariff policies and increased uncertainties [5] Sector Valuation Analysis - The report indicates that in terms of PE valuation, sectors such as food and beverage, and agriculture are at historical lows, while real estate and computer sectors are at historical highs [27] - The current PB valuation for non-ferrous metals is at 27.50, while coal is at 27.17, indicating a relatively low valuation compared to historical levels [29] - The report suggests that the A-share market is likely to maintain a wide fluctuation and structural market trend in the short term, with a focus on value dividend sectors and domestically supported technology industries such as AI, semiconductors, and pharmaceuticals [5][27]