Market Overview - On July 17, the A-share market opened lower but rose slightly, with the Shanghai Composite Index facing resistance around 3507 points[2] - The Shanghai Composite Index closed at 3516.83 points, up 0.37%, while the Shenzhen Component Index rose 1.43% to 10,873.62 points[6] - Total trading volume for both markets reached 15,605 billion yuan, above the median of the past three years[3] Sector Performance - Strong sectors included electronic components, software development, communication equipment, and aerospace, while banking, insurance, precious metals, and real estate underperformed[3] - Over 70% of stocks in the two markets rose, with notable gains in aerospace, biopharmaceuticals, and electronic components[6] Valuation Metrics - The average price-to-earnings (P/E) ratios for the Shanghai Composite and ChiNext indices are 14.44 times and 39.44 times, respectively, aligning with the median levels of the past three years[3] - The report suggests that current valuations are suitable for medium to long-term investments[3] Economic Indicators - China's economy continues to show moderate recovery, driven by consumption and investment[3] - June's Consumer Price Index (CPI) rose by 0.1% year-on-year, while the Producer Price Index (PPI) fell by 3.6%[3] Investment Strategy - The report recommends a balanced strategy to optimize portfolio structure amid market fluctuations, focusing on growth stocks with reasonable valuations and strong mid-year performance expectations[3] - Short-term investment opportunities are highlighted in software development, communication equipment, electronic components, and aerospace sectors[3]

野村东方国际证券：预计中国权益资产将在下半年跑赢海外市场 智通财经6月10日电，野村东方国际证券策略团队表示，考虑到国内强政策预期、亚太新兴市场在弱美 元及国际资金关注下更好的流动性环境，预计中国权益资产将在下半年跑赢海外市场。野村东方国际证 券认为，2025年下半年将是市场再度选择方向的重要节点。在此期间，市场的波动率可能出现放大。在 波动性上升的背景下，政策对成长行业的有力支持不容忽视，这可能促使市场将更多目光投向新兴高景 气成长领域。股息率稳定的红利股和细分科技成长行业将更适合下半年的市场环境。此外，内需消费和 科技行业可能仍有较大空间。 ...