Core Viewpoint - The A-share market has experienced an 8-day consecutive rise, reaching 3674 points, raising questions about potential opportunities for stocks that have not yet increased in value [1] Group 1: Market Analysis - The recent U.S. CPI data has increased the probability of the Federal Reserve lowering interest rates in September, which could provide further upward momentum for the A-share market [1] - The current market trend is characterized by a "slow bull" pattern, with daily rotations among different sectors, preventing a uniform bullish sentiment [1] - As long as short sellers do not dominate the market, the overall market remains secure, indicating that many sectors and individual stocks still have opportunities for catch-up growth [1] Group 2: Short-term Strategy - Given the rapid increase in the index and the peak sentiment among numerous stocks, a consolidation phase is expected after breaking through 3674 points to digest floating capital [1] - The company suggests maintaining a bullish outlook but advises controlling the pace of investments in the short term to secure profits, with plans to resume aggressive strategies once the market stabilizes [1]

上证指数反复利用白酒、银行、地产的波动进行小区间的洗盘，大资金不想拉升却也不想砸盘，因为大家对接下来2个月的行情有预期，特别是利好。 这种情况下，要么收集筹码，要么量化做T降成本。上证指数不涨，大资金出不了货，因为上证才是大资金的重仓资产，市值近70万亿，占总市值的三分之 二…… 今日的上证指数没有多少表现，创业板表现很好，创新药全面上涨。银行、白酒也没有表现，上证指数涨不动了。 目前的位置是创业板等待补涨，市场开始轮动了。大资金依旧很活跃，只是轮动上涨了，大家想过没有，这种结构性牛市如果持续几年，也会有人挣不到利 润。 如果，大家2月、3月份没有追涨科技题材股，而是低吸医疗、银行、新消费等等，今年的命运就不同了。 又是洗盘了 最后总结 场外的资金也只是盯着上证指数，如果它要突破前高了，肯定成交量会大幅放量，大家跑步进场，唱多的声音也让会大家异常的亢奋。 大家会发现，一旦市场洗盘结束，连续拉升大阳线的情况下，几乎听不到唱空的声音了，因为谁也不想被嘲笑踏空了！ 只是洗盘，放量1000亿的情况下，上证指数是不情不愿的上涨0.37%，最后收盘的时候都想砸盘，说明指数还有空间。 A股迎来补涨了 大概率要补涨了，明日有 ...

Overall Research - The report indicates that the A-share market has shown strong performance, with the Shanghai Composite Index reaching a year-to-date high of 3456 points as of June 25, 2025, marking three consecutive days of gains [3][4]. Key Points - The low overall valuation of A-shares presents a good investment cost-performance ratio, with the Wande All A Index's price-to-earnings ratio at 19.8x and the CSI 300 Index at 13.2x as of June 25, 2025 [3][4]. - The equity risk premium for the Wande All A Index stands at 3.4%, which is at the 70.3 percentile since 2010, indicating a historically high risk premium due to the continuous decline in risk-free interest rates [3][4]. - External risks are gradually dissipating, with positive factors accumulating, such as the resolution of tariff impacts and the implementation of more proactive fiscal and moderately loose monetary policies, which are expected to enhance domestic economic resilience [3][4]. - The quality of listed companies in China is steadily improving, with significant increases in R&D spending from CNY 585.6 billion in 2018 to CNY 1.5593 trillion in 2023, reflecting a strong commitment to high-quality development [4]. - The total dividend payout by A-share listed companies has increased from less than CNY 300 billion in 2010 to over CNY 1 trillion in 2019, and is projected to exceed CNY 1.9 trillion in 2024, indicating a positive trend in investor returns [4]. - The report suggests that sectors such as brokerage firms, the Sci-Tech Innovation Board, and the Hang Seng Tech Index may have potential for phase-wise gains following the index's new high [5]. - Brokerage firms are highlighted as "bull market leaders," likely to yield excess returns as the market strengthens, supported by active trading volumes [5]. - The report emphasizes that the technology innovation theme remains crucial in the capital market, with the Sci-Tech 50 and ChiNext Index showing relatively lagging performance since the beginning of the year, indicating potential future opportunities [5]. - The current liquidity environment in Hong Kong is favorable, with an ongoing overseas interest rate cut cycle and continuous inflow of southbound funds, making the Hang Seng Tech Index representative of emerging industry trends [5].

Core Viewpoint - Analysts from brokerage firms predict that the A-share market is likely to experience a "catch-up" rally after the holiday, following the optimistic trends observed in related assets such as Hong Kong stocks and the RMB exchange rate [1] Group 1 - During the holiday period, the overall performance of related assets, including Hong Kong stocks and the RMB exchange rate, was optimistic [1] - It is anticipated that the A-share market will repair the gap created on April 7 to a greater extent [1]