点击注册小程序 截至2025年6月30日，沪深300上涨家数占比指标最近一个月环比上月上升，上涨家数占比指标高于60%， 市场情绪较高；从动量情绪指标走势来看，近一月快线向上、慢线向下，快线处于慢线上方，预计在未来 一段时间内将维持看多观点；从均线情绪指标来看，短期内沪深300指数处于情绪景气区间。 基金分离度跟踪： 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 市场情绪追踪： 机构调研策略跟踪： 2025年6月，公募调研选股策略和私募调研跟踪策略获取正超额收益。公募调研选股策略相对中证800获取 超额收益5.55%，私募调研跟踪策略相对中证800获取超额收益1.90%。 负面清单： 截至2025年6月30日，宽松有息负债率排名前30的股票中，中毅达、指南针、现代投资、春兴精工、奥飞 数 ...

Group 1: Market Strategy and Industry Outlook - The article suggests that the market style is expected to lean towards defensive and undervalued sectors, with high scores for industries such as coal, public utilities, banking, non-bank financials, construction decoration, and oil and petrochemicals, indicating potential investment opportunities [3] - The PB-ROE-50 strategy has outperformed the CSI 500, CSI 800, and the overall market by 2.39%, 1.30%, and 1.33% respectively, reflecting a strong performance in the current market environment [4] Group 2: Real Estate Sector - In May, the total sales amount of the top 100 real estate companies reached 317.8 billion, with a month-on-month increase of 2.9% but a year-on-year decrease of 10.4%. The cumulative sales from January to May showed a year-on-year decline of 8% [5] - Notable performers in May included China State Construction with a 455% increase, Sunac China with a 128% increase, and China Jinmao with a 72% increase, indicating some recovery in high-capacity cities [5] Group 3: Automotive Industry - The automotive market remained stable in May, with new forces expected to lead the industry in intelligent driving innovations. A new round of price wars is causing short-term disruptions, but the outlook for domestic sales in 2025 remains positive due to trade-in incentives [6] - The theme of intelligence in vehicles is anticipated to continue to develop, with a focus on companies capable of high-level autonomous driving and their supply chains [6] Group 4: Company-Specific Analysis - Up Beauty Co., listed in Hong Kong in 2022, has transformed from a single brand to a multi-brand, all-channel group, with its main brand, Han Shu, ranking second among domestic beauty brands in online GMV for 2024 and showing the fastest growth among leading beauty brands [7] - Peak Technology achieved a revenue of 600 million in 2024, a year-on-year increase of 45.94%, and a net profit of 222 million, up 27.18%. In Q1 2025, the company reported a revenue of 171 million, a 47.34% year-on-year increase, indicating sustained growth momentum [8]

Market Sentiment Tracking - As of February 28, 2025, the proportion of rising stocks in the CSI 300 index has decreased to below 60%, indicating a decline in market sentiment [2] - The momentum sentiment indicators show a downward trend in the short-term line and an upward trend in the long-term line, suggesting a cautious outlook for the near future [2] - The short-term sentiment indicators for the CSI 300 index remain in a prosperous sentiment range [2] Fund Cohesion Tracking - As of February 28, 2025, the degree of fund cohesion remains low, with a high level of fund clustering observed [3] - There has been a slight decline in the excess returns of clustered stocks and funds over the past month [3] PB-ROE-50 Strategy Tracking - In February 2025, the PB-ROE-50 strategy experienced a pullback in excess returns across various stock pools [4] - The excess return for the CSI 500 stock pool was -3.34%, for the CSI 800 stock pool was -5.32%, and for the overall market stock pool was -2.54% [4] Institutional Research Strategy Tracking - The private equity research tracking strategy showed significant excess returns in February [5] - The public fund research selection strategy underperformed the CSI 800 with an excess return of -0.57%, while the private equity research tracking strategy outperformed with an excess return of 2.88% [5] Negative List - As of February 28, 2025, several stocks with high interest-bearing debt ratios ranked poorly, including Zhongyida, Guiding Compass, and others, with rankings of 100 or lower [6] - Stocks with high financial cost burden ratios include Ningbo Fangzheng, Ganfeng Lithium, and others, all with ratios exceeding 10 times [6]