Group 1 - The core point of the article is that on May 27, the stock ETF market experienced a net inflow of nearly 3 billion yuan, with semiconductor and chip-related ETFs being the main contributors to this inflow [1][4][5] - The overall net inflow for stock ETFs, including cross-border ETFs, reached 28.70 billion yuan, bringing the total scale to 3.47 trillion yuan [4] - The ChiNext ETF, Sci-Tech 50 ETF, and other broad-based ETFs saw significant net inflows, while the CSI 500 ETF and CSI 2000 ETF experienced notable outflows [6][8] Group 2 - The market indices showed a mixed performance on May 27, with the Shanghai Composite Index down 0.18%, the Shenzhen Component down 0.61%, and the ChiNext Index down 0.68% [3] - The sectors that performed well included pesticides, beverage products, and CRO, while sectors like non-ferrous metals and consumer electronics faced declines [3] - The top-performing ETFs in terms of net inflow included the ChiNext ETF with 5.89 billion yuan, the Sci-Tech 50 ETF with 3.39 billion yuan, and the Chip ETF with 2.09 billion yuan [7]

Group 1: Market Overview - The market experienced fluctuations and a decline in trading volume, with an average daily trading volume of approximately 11,733 billion [1] - Value stocks outperformed growth stocks, and large-cap stocks outperformed small-cap stocks; sectors such as pharmaceuticals, comprehensive, and non-ferrous metals performed well, while computer, machinery, and communication sectors lagged [1] Group 2: Domestic Economic Outlook - Domestic macroeconomic indicators showed a decline in growth rates for industrial output, fixed asset investment, and retail sales compared to March, but overall economic resilience remains [1] - High-frequency data indicates weak fundamental recovery, although there is some expectation for external demand to support exports [1] - Manufacturing operating rates mostly declined, with new home sales showing weakness; however, first-tier cities performed slightly better than last year [1] Group 3: International Economic Risks - There is an increase in international risks, including the expiration of a large amount of U.S. Treasury bonds and rising tariffs in Europe and the U.S., leading to a surge in gold prices and a decline in U.S. stocks [2] - The recent poor auction of 20-year Japanese bonds caused a spike in long-term Japanese bond yields, primarily due to weak demand from domestic investors [2] - The U.S. economic data continues to weaken, raising expectations for interest rate cuts and fiscal stimulus, which may influence global markets [2] Group 4: Market Adjustment Expectations - The market is expected to undergo significant adjustments, particularly in June, with limited support from fundamentals and policies [3] - Historical market patterns suggest that after a strong first quarter, the market may trend downwards in June and July, necessitating caution [3] - The market may begin to recover after mid-July, coinciding with political meetings and potential policy stimuli [3] Group 5: Investment Strategies - In the short term, the market is likely to have downward momentum, and investors should focus on three areas: undervalued stocks in the CSI 300, industries at the bottom of their reporting cycles, and dividend assets with potential for short-term rebounds [5]

智通财经APP获悉，经历了4月间因关税谈判起伏而引发的股价剧烈震荡后，如今市场对贸易战新动向 已显疲态。例如，上周五特朗普表示因团队没时间与所有国家谈判将很快对许多国家加征关税时，股市 几乎纹丝不动。本周欧盟提交修订版贸易提案的消息同样未能掀起波澜，该提案包含多项产品关税逐步 清零计划。 市场观察人士指出，这种淡然态度源于投资者普遍认定，4月股债汇三杀的局面已让特朗普吸取教训 ——当时全面爆发的市场危机迫使其暂停了大部分关税计划。因此市场预期，最终落地关税方案将远逊 于最初威胁的力度，不足为虑。正是这种乐观情绪推动美股在过去六周稳步攀升。 Front Barnett Associates LLC首席投资官Marshall Front表示："市场已认清特朗普雷声大雨点小的行事风 格。投资者认为实际关税力度将远低于早期预期，这种判断是准确的。" 22V Research的Dennis DeBusschere表示，标普500指数对关税消息的敏感度自4月以来显著下降。 该公司采用主成分分析法测算市场波动率，这种统计方法通过解析海量指数表现数据来识别关键影响因 素。数据显示，目前仅约三分之一标普500指数日波动与关税新 ...