Core Viewpoint - The A-share market has shown a mixed performance in the first half of 2025, with significant sector differentiation and a focus on internal demand and domestic policy catalysts [3][4][5][7][8]. Market Performance - A-shares closed higher this week, with major indices like the ChiNext and CSI 500 showing strong gains, while the Shanghai Composite Index lagged behind [3]. - The market exhibited an "N-shaped" trend in the first half of 2025, with the Shanghai Composite Index rising by 2.2% from the beginning of the year to June 27 [4]. - Sector performance varied significantly, with non-ferrous metals and banking sectors leading with gains of 18.0% and 13.5%, respectively, while coal and real estate sectors faced declines of 12.6% and 7.4% [5]. Fund Flows - The A-share market saw active trading in the first half of the year, with an average daily turnover exceeding 1.3 trillion yuan [6]. - Stock ETFs experienced a net inflow of 1.6 billion yuan, while the issuance of equity funds rebounded significantly, surpassing 250 billion units [6]. Future Outlook - The index is expected to maintain a volatile trend in the short term, with external risks potentially easing but still requiring vigilance regarding U.S. policies [7]. - Three main investment themes are highlighted: 1. Domestic consumption, driven by policy support for expanding domestic demand 2. Domestic substitution, focusing on performance certainty and thematic investments 3. Sectors currently underweight by funds, which may see long-term interest due to regulatory changes [8].

继昨日港股市场"V字"反弹后，节前下跌的A股，今天顺势迎来了自己的"开门红"。 大盘近3个交易日形成了"两阳夹一阴"走势，起伏较大，但累计涨幅不多。 在我们看来，这再次验证了一件事： 4月7日以来的反弹仍然有效，大盘出现破位下跌的可能性很小；如果未见放量，则大概率维持震荡格 局。 6月3日，市场全天震荡反弹，三大指数小幅上涨。截至收盘，沪指涨0.43%，深成指涨0.16%，创业板指 涨0.48%。 板块方面，美容护理、足球概念、创新药、宠物经济等板块涨幅居前，汽车整车、钢铁、白酒、煤炭等 板块跌幅居前。 全市场超3300只个股上涨。沪深两市全天成交额1.14万亿元，较上个交易日放量22.3亿。 结合假期消息面，以及港股昨日走势，还有一件事也得到了验证： 市场对来自关税方面消息的扰动，进一步"脱敏"。 换言之，近期可能出现的情况是——大盘横住等待破局，在回调至箱体下沿时往往值得博弈反弹；而板 块、个股另有自己的轮动节奏。 在日前发布的6月策略研究报告中，光大证券表示，当前政策整体以稳为主，经济现实或经济预期短期偏 向"强"的可能性相对较低，而当前市场点位接近4月初水平，海外扰动不确定性仍在，预计6月份市场交 易 ...