Summary of Conference Call Records Industry or Company Involved - The discussion primarily revolves around the **capital market** and its dynamics influenced by **geopolitical conflicts**, particularly in the **Middle East**. Core Points and Arguments 1. **Market Trends and Support/Resistance Levels** - The market is currently in a fluctuating upward trend, with support at **3,310 points** and resistance at **3,432 points** [1][3] - The North Securities 50 Index is showing a downward trend, negatively impacting the overall market [1][6] 2. **Impact of Geopolitical Conflicts** - Escalating geopolitical tensions in the Middle East, particularly between **Israel and Iran**, have led to a decrease in global market risk appetite, causing market volatility [1][7] - These conflicts have resulted in rising oil prices, benefiting sectors such as **oil and petrochemicals**, **non-ferrous metals**, and **defense** [1][7][8] 3. **Sector Performance** - Recent performance of the **new consumption** and **pharmaceutical** sectors has shown signs of weakness, with the innovative drug index indicating potential adjustments [1][13] - The **brokerage sector** has a significant influence on the market, with potential upward movement if it maintains its structure [1][5][19] 4. **Market Sentiment and Future Outlook** - The market is currently facing both internal adjustment pressures and external geopolitical influences, leading to a predominantly bearish outlook [1][20] - Short-term upward movement beyond **3,417 points** seems unlikely due to these pressures [1][15] 5. **Investment Recommendations** - Recommended sectors for June include **pharmaceuticals**, **military industry**, **non-bank financials**, **banking**, and **coal** [1][27] - The **brokerage sector** is highlighted as a potential area for investment despite its recent performance, as it still has room for growth [1][25] Other Important but Possibly Overlooked Content 1. **Market Complexity** - The current market complexity is reflected in the mixed performance of various sectors, with some showing resilience while others face significant challenges [2][10] 2. **Technical Analysis Insights** - The **MACD** indicators suggest potential bearish trends in the U.S. markets, which could further impact the overall market sentiment [12] 3. **Historical Context of Geopolitical Conflicts** - Historical analysis indicates that military and resource sectors typically yield excess returns during regional or global conflicts, suggesting a strategic focus on these areas [30] 4. **Stock Selection Tools** - The use of a **stock scoring card** is discussed as a method for fund managers to make informed investment decisions based on multiple performance indicators [32][34] 5. **Market Positioning Strategies** - Investors are advised to maintain their positions and consider adding to their holdings if the market dips to around **3,200 points**, as this could present a buying opportunity [21][24] This summary encapsulates the key insights and recommendations from the conference call, providing a comprehensive overview of the current market landscape and strategic investment considerations.