Market Sentiment Tracking - As of June 30, 2025, the proportion of rising stocks in the CSI 300 has increased month-on-month, with over 60% of stocks rising, indicating high market sentiment [3] - The momentum sentiment indicator shows a fast line moving upwards and a slow line moving downwards, with the fast line above the slow line, suggesting a bullish outlook in the near term [3] - The short-term CSI 300 index is in a sentiment boom range [3] Fund Separation Degree Tracking - As of June 30, 2025, the fund separation degree has slightly increased and is currently at a low level, indicating a high degree of fund clustering [4] - The excess returns of clustered stocks have slightly increased, while the excess returns of clustered funds have slightly decreased [4] PB-ROE-50 Strategy Tracking - In June 2025, the PB-ROE-50 strategy achieved positive excess returns across various stock pools [5] - The strategy based on the CSI 500 stock pool gained an excess return of 0.92% [5] - The strategy based on the CSI 800 stock pool achieved an excess return of 3.92% [5] - The strategy based on the entire market stock pool obtained an excess return of 4.59% [5] Institutional Research Strategy Tracking - In June 2025, both public and private research selection strategies generated positive excess returns [6] - The public research selection strategy achieved an excess return of 5.55% relative to the CSI 800 [6] - The private research tracking strategy gained an excess return of 1.90% relative to the CSI 800 [6] Negative List - As of June 30, 2025, several stocks with high interest-bearing debt ratios ranked poorly, including Zhongyida, Guiding Compass, and Modern Investment, among others [7] - Stocks with high financial cost burden ratios include Liao Ning Cheng Da, Yin Bao Shan Xin, and A Shi Chuang, with all indicators exceeding 10 times [7]

Market Sentiment Tracking - As of February 28, 2025, the proportion of rising stocks in the CSI 300 index has decreased to below 60%, indicating a decline in market sentiment [2] - The momentum sentiment indicators show a downward trend in the short-term line and an upward trend in the long-term line, suggesting a cautious outlook for the near future [2] - The short-term sentiment indicators for the CSI 300 index remain in a prosperous sentiment range [2] Fund Cohesion Tracking - As of February 28, 2025, the degree of fund cohesion remains low, with a high level of fund clustering observed [3] - There has been a slight decline in the excess returns of clustered stocks and funds over the past month [3] PB-ROE-50 Strategy Tracking - In February 2025, the PB-ROE-50 strategy experienced a pullback in excess returns across various stock pools [4] - The excess return for the CSI 500 stock pool was -3.34%, for the CSI 800 stock pool was -5.32%, and for the overall market stock pool was -2.54% [4] Institutional Research Strategy Tracking - The private equity research tracking strategy showed significant excess returns in February [5] - The public fund research selection strategy underperformed the CSI 800 with an excess return of -0.57%, while the private equity research tracking strategy outperformed with an excess return of 2.88% [5] Negative List - As of February 28, 2025, several stocks with high interest-bearing debt ratios ranked poorly, including Zhongyida, Guiding Compass, and others, with rankings of 100 or lower [6] - Stocks with high financial cost burden ratios include Ningbo Fangzheng, Ganfeng Lithium, and others, all with ratios exceeding 10 times [6]