Group 1 - The market is currently influenced by expectations of liquidity easing, with high anticipation for the Federal Reserve to lower interest rates in September, leading to a strong performance in global stock markets [1] - Domestic stock markets are experiencing an upward trend due to structural interest rate reductions, such as subsidies for personal consumption loans, and policies aimed at boosting domestic demand, including "anti-involution" measures and birth subsidies [1] - The Shanghai Composite Index has reached new highs, surpassing the 2021 peak, while the Shenzhen Component Index is in a recovery phase, indicating a strong market sentiment and increased investor confidence [2] Group 2 - The trading volume in the market has exceeded 2.7 trillion yuan, showing an increase compared to the previous week, with a significant number of stocks rising, particularly in the TMT sector [1] - The Shanghai Composite Index has broken through the upper boundary of a weekly trading range, which has now turned from a resistance level to a support level, indicating a bullish trend [2] - There is a need to monitor for signs of volume stagnation as trading volume approaches 3 trillion yuan, which could indicate potential market corrections [2]

□本报记者 王宇露 上周市场表现强势，中证新华社民族品牌工程指数上涨3.64%，报1780.22点。阳光电源（300274）、东 方财富（300059）、中际旭创（300308）等成分股上周表现优异；下半年以来，中际旭创、科沃斯 （603486）、药明康德（603259）等成分股涨幅居前。 展望后市，机构认为，后续市场风险偏好和交投情绪或持续高涨，流动性充裕将成为驱动力，市场仍存 在着较多的投资机会，在流动性驱动后，基本面驱动有望接棒。 多只成分股表现强势 上周市场大幅上涨，上证指数上涨1.70%，深证成指上涨4.55%，创业板指上涨8.58%，沪深300指数上 涨2.37%，品牌工程指数上涨3.64%，报1780.22点。 下半年以来，中际旭创上涨63.20%，排在涨幅榜首位；科沃斯上涨57.31%，居次席；药明康德上涨 40.62%；阳光电源、达仁堂、泰格医药涨逾30%；我武生物（300357）和恒瑞医药（600276）分别上涨 29.22%和22.16%；智飞生物（300122）、国瓷材料、盾安环境、石头科技、东方财富、复星医药、泸 州老窖（000568）、康泰生物（300601）、步长制药（60385 ...

Market Performance - A-shares ended the first half of the year with the Shanghai Composite Index rising by 2.76%, the Shenzhen Component Index by 0.48%, the ChiNext Index by 0.53%, the Sci-Tech 50 by 1.46%, and the North Exchange 50 by 39.45% [1] ETF Growth - The ETF market has seen significant growth over the past two years, with the total ETF scale approaching 4.3 trillion yuan, and the stock-type ETF scale surpassing 3 trillion yuan as of June 27 [2] - The continuous increase in stock-type ETF scale indicates a growing demand for core asset allocation in A-shares and reflects market confidence in China's economic recovery [3] Sector Performance - The first half of the year saw various hot sectors such as innovative drugs, humanoid robots, and new consumption driving market trends, with related thematic funds performing strongly [3] - The top-performing ETFs in the first half of 2025 included the Hong Kong Stock Connect Innovative Drug ETF, which rose by 59.31%, followed closely by other innovative drug ETFs [3] Fund Flows - The top 10 ETFs by net inflow as of June 27 included the CSI 300 ETF, which attracted 30.63 billion yuan, followed by the Gold ETF and Short-term Bond ETF with inflows of 23.23 billion yuan and 20.57 billion yuan respectively [5] - There was a significant outflow of over 10 billion yuan from the Hang Seng Medical ETF and the Sci-Tech 50 ETF, indicating a shift in investor sentiment [6] Market Outlook - Looking ahead to July, the market is expected to see a breakout in indices, with technology and non-bank sectors likely to outperform [6] - The current low-interest-rate environment and the accumulation of market gains in the first half of the year create favorable conditions for potential upward movement in indices [6][7] - The market is anticipated to maintain a bullish sentiment throughout the year, supported by macroeconomic policies and emerging industry highlights [7]

Group 1 - The A-share market is likely to continue a volatile trend due to cautious investor sentiment and the impact of overseas risks, with a focus on policy signals from the Lujiazui Forum and the Federal Reserve's meetings [3][5] - There are signs of capital returning to technology stocks, indicating a potential shift towards a technology growth style in the market [5] - The A-share market is entering a period of concentrated disclosure of mid-term performance forecasts, which may enhance the effectiveness of investment in sectors with strong performance [7] Group 2 - The Federal Reserve is expected to lower interest rates in the fourth quarter, with recent meetings showing a cautious stance on inflation and economic growth forecasts [9]

Group 1 - The market is likely to shift towards a technology growth style as funds show signs of returning to tech stocks, following adjustments in previously strong sectors like new consumption and innovative pharmaceuticals [1] - The current market is characterized by stock selection within existing resources, with the index expected to continue a fluctuating trend unless significant news emerges [1] Group 2 - Regional banks have shown strong performance since the beginning of the year, but there is increasing divergence in market opinions regarding the sustainability of this trend [2] - The valuation of quality regional banks is expected to rise, driven by strong earnings resilience and growth potential, along with attractive dividend returns [2] - Some regional banks are still undervalued, presenting high cost-performance opportunities, suggesting a focus on potential rebound opportunities [2]

Core Viewpoint - A-shares experienced a strong opening in May, with all three major indices rising over 1%, driven by positive market sentiment and supportive domestic policies [1][3][18] Market Performance - On the first trading day after the May Day holiday, A-shares saw nearly 5,000 stocks rise, with over 100 stocks hitting the daily limit [1] - The total trading volume in the market reached approximately 1.34 trillion yuan, indicating a significant recovery in market activity [3] Influencing Factors - The rise in A-shares was attributed to easing tensions in US-China trade relations and strong domestic consumption data [3][5] - The performance of overseas markets during the holiday, particularly a notable 2.96% increase in the Nasdaq, provided additional momentum for A-shares [5][7] Sector Highlights - Key sectors that performed well included AI computing, rare earths, automotive parts, consumer electronics, and precious metals, benefiting from policy support and strong earnings [3][8] - Rare earth metal prices reached record highs following China's announcement of export controls on certain rare earth items [9] Institutional Insights - Institutions are optimistic about the technology sector, citing a reduction in overcrowding and a shift in focus towards long-term industry trends [11][13] - Historical data suggests that the technology sector, particularly high PE and TMT stocks, tends to perform well in May and June [13][18] Future Outlook - Analysts predict that May may see a stronger performance for A-shares compared to historical trends, with consumption and technology sectors likely to be the main focus for investment [18][21] - The market is expected to maintain a balanced allocation strategy to mitigate risks and achieve steady long-term growth [19][20]