华西证券指出，整体来看，市场在短暂震荡后迎来情绪修复，风险偏好仍然是行情的关键词。往后看， 资金动向值得持续跟踪。8月15日以来，股票型ETF资金和杠杆资金均持续流入，表明资金参与意愿仍 相对积极。同时，继续关注市场隐含波动率是否会大幅上升。若大幅上升的现象出现在上涨行情中，则 需要注意规避因投机热度快速升温而导致的边际调整；若出现在下跌行情中，则可以尝试在行情企稳 时，博弈稳市预期或稳市资金推动的修复行情。此外，时至8月底，上市公司中报将陆续出炉，业绩增 长及预期可能同样成为交易线索之一。 (本文来自第一财经) ...

证券研究报告|宏观点评报告 [Table_Date] 2025 年 06 月 25 日 [Table_Title] 资产配置日报：担心踏空 | [Table_Title2] 国内市场表现 | | | | | | --- | --- | --- | --- | --- | | 指 数 | 收 盘 | 涨 跌 | 幅度（%） | 五日走势 | | 上证指数 | 3455.97 | 35.41 | 1.04% | | | 沪 深300指 数 | 3960.07 | 56.03 | 1.44% | | | 中证可转债指数 | 441.46 | 3.50 | 0.80% | | | 7-10年国开债指数 | 266.85 | -0.20 | -0.07% | | | 3-5年隐含AA+信用指数 | 189.95 | -0.03 | -0.01% | | 复盘与思考: 6 月 25 日，权益市场放量上涨，一定程度上与稳市资金的参与相关，更关键的是资金"跟注"倾向显现， 担心"踏空"的情绪有所发酵；股市情绪持续压制，叠加跨季资金面边际收敛，债市收益率进一步回调，长端品 种弱于短端。 复盘各类资产表现，股市，大盘股指中，上证 ...

Market Performance - The Shanghai Composite Index closed at 3384.82, down by 14.96 points, a decrease of 0.44%[1] - The CSI 300 Index closed at 3865.47, down by 19.78 points, a decrease of 0.51%[1] - The ChiNext Index fell by 1.17%, while the STAR 50 Index dropped by 1.47%[2] Bond Market Insights - The yield on the 10-year government bond rose by 0.2 basis points to 1.66%[2] - The 30-year government bond yield decreased by 0.4 basis points to 1.87%[2] - The central bank conducted a reverse repo of 198.6 billion yuan, with a net withdrawal of 255.9 billion yuan[4] Economic and Trade Context - The ongoing US-China trade talks have led to a cautious market sentiment, impacting stock performance negatively[2] - Gold prices increased, with London gold rising from $3300 to $3340 per ounce during the talks[3] - The market is adjusting to lower volatility expectations, which may lead to sudden shifts in asset prices[6] Sector Performance - The small-cap index (CSI 2000) fell by 0.82%, indicating a crowded market that may face increased outflows[7] - The technology sector saw significant declines, with the innovation drug index rising by 0.84%, showing resilience against broader market trends[7] Investment Outlook - The current market adjustment is viewed as a healthy correction, potentially leading to increased trading activity[8] - The technology sector's fundamentals remain intact, suggesting opportunities for recovery despite recent declines[8]