Core Viewpoint - The A-share market has experienced a cooling trend since late September, influenced by profit-taking and renewed U.S.-China trade tensions, but overall valuation remains attractive compared to global standards [1][4]. Market Performance - As of Wednesday's close, the Shanghai Composite Index stood at 3913.76, down 0.1% from the previous day but up 0.8% since September 30. The index has gained 15.8% year-to-date, with a notable 25.4% increase from April 8 to September 30 [1]. Trade Tensions - The U.S.-China trade conflict has entered a new phase, with the 90-day tariff truce set to expire in November, leading to intensified negotiations and potential tariff increases from both sides [2][5]. - President Trump announced new tariffs on various imports effective October 1, and further tariffs of 100% on Chinese goods may be implemented as early as November 1, causing significant market volatility [2][6]. Investor Sentiment - Analysts suggest that investors have gained experience from previous trade conflicts, leading to a more measured response to current developments. The market's reaction is expected to be less panicked compared to earlier in the year [3][5]. Long-term Outlook - Despite short-term disruptions, analysts from China International Capital Corporation (CICC) believe that the long-term upward trend of the A-share market remains intact, supported by China's industrial advantages and domestic demand potential [4]. - The ongoing trade tensions may accelerate a shift in global supply chains from a cost-first approach to prioritizing safety and stability, impacting global trade dynamics [6]. Structural Opportunities - The current trade environment is expected to create structural investment opportunities in the A-share market, particularly in sectors focused on import substitution and domestic demand stimulation [6].

作为券商月度策略的精华，券商每月金股受到市场关注。 回望5月，最牛金股当月涨幅高达52%。刚刚出炉的6月金股中，电子、医药生物、汽车、食品饮料等板块的金 股数量居前，港股标的关注度显著抬升。 展望6月，不少券商认为，当前弱美元趋势下，人民币资产有望受益，A股中长期有望震荡上行。 医药板块金股5月收益率领先 从5月金股表现来看，由长城证券推荐的药师帮（9885.HK）以52%的月涨幅排名第一；由华西证券推荐的曼 卡龙（300945.SZ）、由天风证券推荐的潮宏基（002345.SZ）紧随其后，分居第二、第三，月涨幅均超45%。 展望6月行情，不少券商认为，当前弱美元趋势下，人民币资产有望受益，A股中长期有望震荡上行。 中国银河证券策略首席蔡芳媛认为，6月A股市场将大概率震荡上行，建议把握波动中的确定性，关注消费、 科技、红利三条主线。随着经济复苏的持续叠加国内政策保持积极态势，并且监管层多次发声表达对A股市场 的呵护，人民币资产作为美国信用的一种对冲可能受益，多因素共振将持续助力市场风险偏好提升。 东吴证券认为，新一轮"东升西落"交易可能很快来临。美元周期是"东升西落"交易的关键，从历史经验看，在 全球流动性宽 ...